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DIVESTITURES
 12 Months Ended
Sep. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
DIVESTITURES DIVESTITURES
The following table summarizes the components of Income from Discontinued Operations, Net of Tax in the Consolidated Statements of Income for the years ended September 30, 2025, 2024, and 2023:
(in millions)
202520242023
Income from HHI discontinued operations before income taxes
$— $— $136.9 
Gain on sale of HHI discontinued operations before income taxes
— 14.9 2,824.2 
Other income (loss) from discontinued operations before income taxes
4.5 10.2 (2.4)
Interest expense on corporate debt allocated to discontinued operations— — 49.4 
Income from discontinued operations before income taxes
4.5 25.1 2,909.3 
Income tax expense (benefit) from discontinued operations
4.3 (0.4)873.7 
Income from discontinued operations, net of tax
0.2 25.5 2,035.6 
Income from discontinued operations attributable to noncontrolling interest, net of tax— — 0.3 
Income from discontinued operations attributable to controlling interest, net of tax$0.2 $25.5 $2,035.3 
Hardware and Home Improvement (“HHI”)
On September 8, 2021, the Company entered into a definitive Asset and Stock Purchase Agreement with ASSA ABLOY AB (“ASSA”) to sell its HHI segment for cash proceeds of $4.3 billion, which was completed on June 20, 2023 resulting in the recognition of a pre-tax gain on sale of $2.8 billion, recognized as income from discontinued operations during the year ended September 30, 2023. The following summarizes income from the HHI segment for the year ended September 30, 2023, prior to the close of the divestiture, recognized as income from discontinued operations before income taxes.
(in millions)
2023
Net sales$1,042.5 
Cost of goods sold701.6 
Gross profit340.9 
Operating expenses199.4 
Operating income141.5 
Interest expense2.4 
Other non-operating expense, net2.2 
Income from discontinued operations before income taxes$136.9 
The following presents significant non-cash items and capital expenditures from the HHI separation for the year ended September 30, 2023, through the close date of the separation.
(in millions)
2023
Share based compensation
$1.5 
Purchases of property, plant and equipment11.9 
Income from discontinued operations associated with HHI includes only direct costs associated with the disposal group and excludes indirect costs for allocations from enabling functions and shared operations of the Company which supported HHI during the periods of ownership. These costs were included as part of previous segment reporting of HHI, but excluded from discounted operations as they are not a direct cost of the disposal group. Such indirect costs for the year ended September 30, 2023, through the close date of the divestiture was $18.0 million. Subsequently, indirect costs were mitigated by income from Transition Services Agreements ("TSAs") entered into upon the consummation of the transaction for various shared administrative functions. TSAs charges were under a fixed fee structure and settled periodically on a net basis. All TSAs had expired effective June 20, 2025 and there is no continuing involvement with the divested business. The following summarizes the net gain recognized from TSA charges for the years ended September 30, 2025, 2024 and 2023, recognized as Selling, General and Administrative Expenses in the Consolidated Statements of Income.
(in millions)202520242023
Net gain from Transaction Service Agreements
$21.9 $31.8 $9.2 
Indemnifications and Other
Other income from discontinued operations include incremental pre-tax income or charges from changes in tax and legal indemnifications and other agreed-upon funding with divested businesses. During the year ended September 30, 2024, the Company recognized $10.2 million in income from discontinued operations before income taxes primarily related to the settlement on outstanding tax audits that were previously recognized as uncertain tax benefit obligations at the time of sale and indemnified in accordance with the acquisition agreement. Additionally, during the year ended September 30, 2024, the Company recognized a income of $14.9 million related to a gain realized by a subsequently agreed reduction on accrued fees associated with the transaction that was previously recognized as a component of the gain on sale. As of September 30, 2025, there are no significant or material outstanding indemnification payables.