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DIVESTITURES (Tables)
 9 Months Ended
Jul. 03, 2022
Discontinued Operations and Disposal Groups [Abstract]  
Summary of Components of Income from Discontinued Operations, Net of Tax
The following table summarizes the components of Income from Discontinued Operations, Net of Tax in the accompanying Condensed Consolidated Statements of Income for the three and nine month periods ended July 3, 2022 and July 4, 2021:
Three Month Periods EndedNine Month Periods Ended
(in millions)July 3, 2022July 4, 2021July 3, 2022July 4, 2021
Income from discontinued operations before income taxes – HHI$57.9 $65.7 $188.9 $229.4 
Loss from discontinued operations before income taxes – Other(0.2)(5.2)(3.6)(6.5)
Interest on corporate debt allocated to discontinued operations11.9 10.2 33.3 34.8 
Income from discontinued operations before income taxes45.8 50.3 152.0 188.1 
Income tax expense from discontinued operations15.9 17.7 42.2 58.0 
Income from discontinued operations, net of tax29.9 32.6 109.8 130.1 
Income (loss) from discontinued operations, net of tax attributable to noncontrolling interest0.2 — 0.7 (0.2)
Income from discontinued operations, net of tax attributable to controlling interest$29.7 $32.6 $109.1 $130.3 
Summary of Assets and Liabilities Held for Sale
The following table summarizes the assets and liabilities of the HHI disposal group classified as held for sale as of July 3, 2022 and September 30, 2021:
(in millions)
July 3, 2022September 30, 2021
Assets
Trade receivables, net$144.7 $130.2 
Other receivables5.5 12.1 
Inventories395.1 332.2 
Prepaid expenses and other current assets39.2 39.1 
Property, plant and equipment, net162.6 143.5 
Operating lease assets64.7 55.5 
Deferred charges and other6.8 11.7 
Goodwill706.7 710.9 
Intangible assets, net374.5 374.8 
Total assets of business held for sale$1,899.8 $1,810.0 
Liabilities
Current portion of long-term debt$1.5 $1.5 
Accounts payable233.9 206.6 
Accrued wages and salaries27.7 41.7 
Other current liabilities69.2 75.9 
Long-term debt, net of current portion54.9 54.4 
Long-term operating lease liabilities49.9 48.6 
Deferred income taxes8.3 7.8 
Other long-term liabilities14.9 17.8 
Total liabilities of business held for sale$460.3 $454.3 
Summary of Components of Income from Discontinued Operations Before Income Taxes
The following table summarizes the components of income from discontinued operations before income taxes associated with the HHI divestiture in the accompanying Condensed Consolidated Statements of Operations for the three and nine month periods ended July 3, 2022 and July 4, 2021:
Three Month Periods EndedNine Month Periods Ended
(in millions)
July 3, 2022July 4, 2021July 3, 2022July 4, 2021
Net sales$417.0 $418.9 $1,212.4 $1,217.2 
Cost of goods sold284.0 275.7 797.4 764.6 
Gross profit133.0 143.2 415.0 452.6 
Operating expenses75.1 75.2 221.6 215.5 
Operating income57.9 68.0 193.4 237.1 
Interest expense0.9 0.8 2.5 2.5 
Other non-operating (income) expense, net(0.9)1.5 2.0 5.2 
Income from discontinued operations before income taxes$57.9 $65.7 $188.9 $229.4 
Summary of Significant Non-cash Items and Capital Expenditures of Discontinued Operations The following table presents significant non-cash items and capital expenditures of discontinued operations from the HHI divestiture for the three and nine month periods ended July 3, 2022 and July 4, 2021:
Three Month Periods EndedNine Month Periods Ended
(in millions)
July 3, 2022July 4, 2021July 3, 2022July 4, 2021
Depreciation and amortization$— $8.4 $— $25.5 
Share based compensation$(0.1)$(0.2)$3.9 $2.2 
Purchases of property, plant and equipment$5.6 $5.5 $18.1 $17.0