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DIVESTITURES (Tables)
 9 Months Ended
Jul. 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 Condensed Consolidated Statements of Income for the three and nine month periods ended July 2, 2023 and July 3, 2022:
Three Month Periods EndedNine Month Periods Ended
(in millions)July 2, 2023July 3, 2022July 2, 2023July 3, 2022
Income from discontinued operations before income taxes – HHI$32.5 $57.9 $136.9 $188.9 
Gain on sale of discontinued operations before income taxes – HHI2,824.9 — 2,824.9 — 
Loss from discontinued operations before income taxes – Other(0.2)(0.2)(2.2)(3.6)
Interest expense on corporate debt allocated to discontinued operations15.4 11.9 49.4 33.3 
Income from discontinued operations before income taxes2,841.8 45.8 2,910.2 152.0 
Income tax expense from discontinued operations810.0 15.9 837.5 42.2 
Income from discontinued operations, net of tax2,031.8 29.9 2,072.7 109.8 
Net income from discontinued operations attributable to noncontrolling interest0.2 0.2 0.3 0.7 
Net income from discontinued operations attributable to controlling interest$2,031.6 $29.7 $2,072.4 $109.1 
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 September 30, 2022:
(in millions)
September 30, 2022
Assets
Trade Receivables$135.5 
Other receivables6.7 
Inventories327.1 
Prepaid expenses and other current assets33.1 
Property, plant and equipment, net166.6 
Operating lease assets63.6 
Deferred charges and other11.7 
Goodwill698.6 
Intangible assets, net373.8 
Total assets of business held for sale$1,816.7 
Liabilities
Current portion of long-term debt$1.4 
Accounts payable224.7 
Accrued wages and salaries32.7 
Other current liabilities79.9 
Long-term debt, net of current portion54.6 
Long-term operating lease liabilities46.9 
Deferred income taxes10.1 
Other long-term liabilities13.4 
Total liabilities of business held for sale$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 for the three and nine month periods ended July 2, 2023 and July 3, 2022, through the transaction close date:
Three Month Periods EndedNine Month Periods Ended
(in millions)
July 2, 2023July 3, 2022July 2, 2023July 3, 2022
Net sales$296.4 $417.0 $1,042.5 $1,212.4 
Cost of goods sold203.6 284.0 701.6 797.4 
Gross profit92.8 133.0 340.9 415.0 
Operating expenses59.4 75.1 199.4 221.6 
Operating income33.4 57.9 141.5 193.4 
Interest expense0.7 0.9 2.4 2.5 
Other non-operating expense (income), net0.2 (0.9)2.2 2.0 
Income from discontinued operations before income taxes$32.5 $57.9 $136.9 $188.9 
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 nine month periods ended July 2, 2023 and July 3, 2022, through the transaction close date:
Three Month Periods EndedNine Month Periods Ended
(in millions)
July 2, 2023July 3, 2022July 2, 2023July 3, 2022
Share based compensation$0.4 $(0.1)$1.5 $3.9 
Purchases of property, plant and equipment3.9 5.6 11.9 18.1