Divestitures Disposal Groups, Including Discontinued Operations, Disclosure (Tables)

6 Months Ended

Mar. 31, 2018

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Disposal Groups, Including Discontinued Operations [Table Text Block]

The following table summarizes the assets and liabilities of Spectrum Brands’ GBA segment classified as held for sale as of March 31, 2018 and September 30, 2017:

	March 31, 2018		September 30, 2017
Assets
Trade receivables, net	$	214.6	$	260.1
Other receivables, net	25.2		24.0
Inventories, net	324.7		279.2
Prepaid expenses and other current assets	41.9		39.7
Property, plant and equipment, net	198.1		196.8
Deferred charges and other assets	17.8		19.3
Goodwill	351.3		348.9
Intangibles, net	802.4		811.9
Total assets of businesses held for sale	$	1,976.0	$	1,979.9
Liabilities
Current portion of long-term debt	$	28.3	$	17.3
Accounts payable	250.8		355.9
Accrued wages and salaries	31.9		37.6
Other current liabilities	90.4		89.8
Long-term debt, net of current portion	52.6		51.7
Deferred income taxes	38.7		38.2
Other long-term liabilities	65.9		66.2
Total liabilities of businesses held for sale	$	558.6	$	656.7

The following table summarizes the components of “Net income (loss) from discontinued operations” in the accompanying Condensed Consolidated Statements of Operations for the three and six months ended March 31, 2018 and 2017:

	Three months ended March 31,						Six months ended March 31,
	2018			2017			2018		2017
Revenues:
Net sales	$	427.8		$	413.5		$	1,031.1	$	1,023.0
Operating costs and expenses:
Cost of goods sold	280.7			265.1			684.1		663.7
Selling, acquisition, operating and general expenses	134.4			109.2			266.1		230.5
Total operating costs and expenses	415.1			374.3			950.2		894.2
Operating income	12.7			39.2			80.9		128.8
Interest expense	12.4			11.7			26.1		24.5
Other income (expense), net	0.1			(0.2		)	0.4		(0.2		)
Income from discontinued operations before income taxes	0.2			27.7			54.4		104.5
Income tax (benefit) expense	(0.5		)	8.6			12.8		33.0
Net income from discontinued operations	0.7			19.1			41.6		71.5
Net income from discontinued operation attributable to noncontrolling interest	0.3			7.7			17.1		30.0
Net income from discontinued operations attributable to controlling interest	$	0.4		$	11.4		$	24.5	$	41.5

The following table summarizes the major categories of assets and liabilities of the Insurance Operations classified as held for sale in the accompanying Condensed Consolidated Balance Sheets at September 30, 2017:

	September 30, 2017
Assets
Investments, including loans and receivables from affiliates	$	23,211.1
Funds withheld receivables	742.7
Cash and cash equivalents	914.5
Accrued investment income	231.3
Reinsurance recoverable	2,358.8
Deferred acquisition costs and value of business acquired, net	1,163.6
Other assets	125.4
Write-down of assets of businesses held for sale to fair value less cost to sell	(421.2		)
Total assets of businesses held for sale	$	28,326.2
Liabilities
Insurance reserves	$	24,989.6
Debt	405.0
Accounts payable and other current liabilities	56.2
Deferred tax liabilities	68.0
Other liabilities	831.9
Total liabilities of businesses held for sale	$	26,350.7

The following table summarizes the components of “Net income (loss) from discontinued operations” in the accompanying Condensed Consolidated Statements of Operations for the two months ended November 30, 2017 and the three and six months ended March 31, 2017:

	Two months ended November 30, 2017			Three months ended March 31, 2017			Six months ended March, 31 2017
Revenues:
Insurance premiums	$	6.8		$	3.1		$	14.3
Net investment income	181.9			258.7			509.2
Net investment gains	154.8			112.0			134.6
Insurance and investment product fees and other	35.1			44.6			83.6
Total revenues	378.6			418.4			741.7
Operating costs and expenses:
Benefits and other changes in policy reserves	241.3			301.1			309.4
Selling, acquisition, operating and general expenses	52.8			35.7			66.4
Amortization of intangibles	35.8			36.5			156.5
Total operating costs and expenses	329.9			373.3			532.3
Operating income	48.7			45.1			209.4
Interest expense	(3.9		)	(6.0		)	(12.1		)
Other (expense) income	(0.1		)	0.1			0.1
(Write-down) write-up of assets of businesses held for sale to fair value	(14.2		)	(72.8		)	71.7
Reclassification of accumulated other comprehensive income	445.9			—			—
Income (loss) from discontinued operations before income taxes	476.4			(33.6		)	269.1
Income tax expense	16.5			29.1			81.4
Net income (loss) from discontinued operations	459.9			(62.7		)	187.7
Net income from discontinued operation attributable to noncontrolling interest	5.4			6.4			27.5
Net income (loss) from discontinued operations attributable to controlling interest	$	454.5		$	(69.1	)	$	160.2