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DIVESTITURES (Tables)
 6 Months Ended
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 EndedSix Month Periods Ended
(in millions)April 2, 2023April 3, 2022April 2, 2023April 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 operations17.8 11.0 34.0 21.4 
Income from discontinued operations before income taxes40.3 56.9 68.4 106.1 
Income tax expense from discontinued operations18.9 15.8 27.5 26.2 
Income from discontinued operations, net of tax21.4 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, 2023September 30, 2022
Assets
Trade receivables, net$143.4 $135.5 
Other receivables3.9 6.7 
Inventories286.9 327.1 
Prepaid expenses and other current assets34.2 33.1 
Property, plant and equipment, net176.2 166.6 
Operating lease assets64.2 63.6 
Deferred charges and other14.4 11.7 
Goodwill701.6 698.6 
Intangible assets, net374.8 373.8 
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 payable190.0 224.7 
Accrued wages and salaries22.4 32.7 
Other current liabilities67.1 79.9 
Long-term debt, net of current portion53.9 54.6 
Long-term operating lease liabilities42.7 46.9 
Deferred income taxes10.4 10.1 
Other long-term liabilities13.9 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 EndedSix Month Periods Ended
(in millions)
April 2, 2023April 3, 2022April 2, 2023April 3, 2022
Net sales$383.3 $420.8 $746.1 $795.4 
Cost of goods sold253.3 275.4 498.0 520.4 
Gross profit130.0 145.4 248.1 275.0 
Operating expenses68.9 72.3 140.0 139.5 
Operating income61.1 73.1 108.1 135.5 
Interest expense0.8 0.8 1.7 1.7 
Other non-operating expense, net0.8 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 EndedSix Month Periods Ended
(in millions)
April 2, 2023April 3, 2022April 2, 2023April 3, 2022
Share based compensation$0.3 $1.2 $1.1 $4.1 
Purchases of property, plant and equipment4.4 7.5 8.0 12.4