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v3.23.1

DIVESTITURES (Tables) | 6 Months Ended
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Apr. 02, 2023
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 six month periods ended April 2, 2023 and April 3, 2022:
|  | Three Month Periods Ended |  | Six Month Periods Ended
(in millions) |  | April 2, 2023 |  | April 3, 2022 |  | April 2, 2023 |  | April 3, 2022
Income from discontinued operations before income taxes – HHI |  | $ | 59.5 |  |  | $ | 71.0 |  |  | $ | 104.4 |  |  | $ | 130.9 |
Loss from discontinued operations before income taxes – Other |  | (1.4) |  |  | (3.1) |  |  | (2.0) |  |  | (3.4) |
Interest on corporate debt allocated to discontinued operations |  | 17.8 |  |  | 11.0 |  |  | 34.0 |  |  | 21.4 |
Income from discontinued operations before income taxes |  | 40.3 |  |  | 56.9 |  |  | 68.4 |  |  | 106.1 |
Income tax expense from discontinued operations |  | 18.9 |  |  | 15.8 |  |  | 27.5 |  |  | 26.2 |
Income from discontinued operations, net of tax |  | 21.4 |  |  | 41.1 |  |  | 40.9 |  |  | 79.9 |
Net income from discontinued operations attributable to noncontrolling interest |  | — |  |  | 0.1 |  |  | 0.2 |  |  | 0.5 |
Net income from discontinued operations attributable to controlling interest |  | $ | 21.4 |  |  | $ | 41.0 |  |  | $ | 40.7 |  |  | $ | 79.4 |
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 April 2, 2023 and September 30, 2022:
(in millions) |  | April 2, 2023 |  | September 30, 2022
Assets |  |  |  |
Trade receivables, net |  | $ | 143.4 |  |  | $ | 135.5 |
Other receivables |  | 3.9 |  |  | 6.7 |
Inventories |  | 286.9 |  |  | 327.1 |
Prepaid expenses and other current assets |  | 34.2 |  |  | 33.1 |
Property, plant and equipment, net |  | 176.2 |  |  | 166.6 |
Operating lease assets |  | 64.2 |  |  | 63.6 |
Deferred charges and other |  | 14.4 |  |  | 11.7 |
Goodwill |  | 701.6 |  |  | 698.6 |
Intangible assets, net |  | 374.8 |  |  | 373.8 |
Total assets of business held for sale |  | $ | 1,799.6 |  |  | $ | 1,816.7 |
Liabilities |  |  |  |
Current portion of long-term debt |  | $ | 1.4 |  |  | $ | 1.4 |
Accounts payable |  | 190.0 |  |  | 224.7 |
Accrued wages and salaries |  | 22.4 |  |  | 32.7 |
Other current liabilities |  | 67.1 |  |  | 79.9 |
Long-term debt, net of current portion |  | 53.9 |  |  | 54.6 |
Long-term operating lease liabilities |  | 42.7 |  |  | 46.9 |
Deferred income taxes |  | 10.4 |  |  | 10.1 |
Other long-term liabilities |  | 13.9 |  |  | 13.4 |
Total liabilities of business held for sale |  | $ | 401.8 |  |  | $ | 463.7 |
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 six month periods ended April 2, 2023 and April 3, 2022:
|  | Three Month Periods Ended |  | Six Month Periods Ended
(in millions) |  | April 2, 2023 |  | April 3, 2022 |  | April 2, 2023 |  | April 3, 2022
Net sales |  | $ | 383.3 |  |  | $ | 420.8 |  |  | $ | 746.1 |  |  | $ | 795.4 |
Cost of goods sold |  | 253.3 |  |  | 275.4 |  |  | 498.0 |  |  | 520.4 |
Gross profit |  | 130.0 |  |  | 145.4 |  |  | 248.1 |  |  | 275.0 |
Operating expenses |  | 68.9 |  |  | 72.3 |  |  | 140.0 |  |  | 139.5 |
Operating income |  | 61.1 |  |  | 73.1 |  |  | 108.1 |  |  | 135.5 |
Interest expense |  | 0.8 |  |  | 0.8 |  |  | 1.7 |  |  | 1.7 |
Other non-operating expense, net |  | 0.8 |  |  | 1.3 |  |  | 2.0 |  |  | 2.9 |
Income from discontinued operations before income taxes |  | $ | 59.5 |  |  | $ | 71.0 |  |  | $ | 104.4 |  |  | $ | 130.9 |
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 six month periods ended April 2, 2023 and April 3, 2022:
|  | Three Month Periods Ended |  | Six Month Periods Ended
(in millions) |  | April 2, 2023 |  | April 3, 2022 |  | April 2, 2023 |  | April 3, 2022
Share based compensation |  | $ | 0.3 |  |  | $ | 1.2 |  |  | $ | 1.1 |  |  | $ | 4.1 |
Purchases of property, plant and equipment |  | 4.4 |  |  | 7.5 |  |  | 8.0 |  |  | 12.4 |

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