Divestitures (Tables)

12 Months Ended

Sep. 30, 2018


(in millions)	2018		2017		2016
Income from discontinued operations before income taxes - GBL	$	21.8	$	84.5	$	71.2
(Loss) income from discontinued operations before income taxes - GAC		(31.9)		94.5		112.5
Income (loss) from discontinued operations before income taxes - HRG Insurance Operations		476.4		287.1		(164.7)
Income from discontinued operations before income taxes - Compass		—		—		40.8
Income from discontinued operations before income taxes		466.3		466.1		59.8
Income tax expense from discontinued operations		21.3		176.8		138.6
Income (loss) from discontinued operations, net of tax		445.0		289.3		(78.8)
Income from discontinued operations, net of tax attributable to noncontrolling interest		33.2		92.7		60.9
Income (loss) from discontinued operations, net of tax attributable to controlling interest	$	411.8	$	196.6	$	(139.7)


(in millions)	2018		2017
Assets
Trade receivables, net	$	99.3	$	108.4
Other receivables		17.9		11.3
Inventories		127.8		119.7
Prepaid expenses and other current assets		23.0		26.1
Property, plant and equipment, net		160.5		143.9
Deferred charges and other		13.4		13.5
Goodwill		226.6		229.4
Intangible assets, net		304.0		309.3
Total assets of business held for sale	$	972.5	$	961.6
Liabilities
Current portion of long-term debt		6.3		8.7
Accounts payable		124.1		130.8
Accrued wages and salaries		25.0		22.4
Other current liabilities		82.6		36.0
Long-term debt, net of current portion		45.0		41.0
Deferred income taxes		20.9		17.6
Other long-term liabilities		60.6		56.7
Total liabilities of business held for sale	$	364.5	$	313.2



(in millions)	2018		2017		2016
Net sales	$	870.5	$	865.6	$	840.7
Cost of goods sold		553.2		539.3		524.7
Gross profit		317.3		326.3		316.0
Operating expenses		241.0		193.6		178.5
Operating income		76.3		132.7		137.5
Interest expense		53.5		48.3		65.5
Other non-operating expense (income), net		1.0		(0.1)		0.8
Income from discontinued operations before income taxes	$	21.8	$	84.5	$	71.2


(in millions)	2018		2017
Assets
Trade receivables, net	$	55.2	$	52.3
Other receivables		4.1		3.6
Inventories		72.8		68.0
Prepaid expenses and other current assets		2.9		6.0
Property, plant and equipment, net		58.2		57.8
Deferred charges and other		10.7		17.9
Goodwill		841.8		934.8
Intangible assets, net		384.4		395.1
Total assets of business held for sale	$	1,430.1	$	1,535.5
Liabilities
Current portion of long-term debt		0.4		0.2
Accounts payable		50.6		40.0
Accrued wages and salaries		3.2		4.5
Other current liabilities		13.3		6.3
Long-term debt, net of current portion		31.5		31.7
Deferred income taxes		71.6		111.5
Other long-term liabilities		2.5		3.3
Total liabilities of business held for sale	$	173.1	$	197.5



(in millions)	2018		2017		2016
Net sales	$	465.6	$	446.9	$	453.7
Cost of goods sold		284.9		233.7		213.9
Gross profit		180.7		213.2		239.8
Operating expenses		117.8		117.2		125.6
Operating income		62.9		96.0		114.2
Interest expense		2.1		1.4		0.1
Other non-operating expense, net		0.2		0.1		1.6
Write-down of assets of business held for sale to fair value less cost to sell		92.5		—		—
(Loss) income from discontinued operations before income taxes	$	(31.9)	$	94.5	$	112.5


(in millions)	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 business 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 long-term liabilities		831.9
Total liabilities of business held for sale	$	26,350.7


(in millions)	2018		2017		2016
Revenues:
Insurance premiums	$	6.8	$	43.9	$	72.5
Net investment income		181.9		1,050.7		985.9
Net investment gains		154.8		377.4		131.6
Other		35.1		169.5		130.5
Total revenues		378.6		1,641.5		1,320.5
Operating costs and expenses:
Benefits and other changes in policy reserves		241.3		925.9		893.9
Selling, acquisition, operating and general expenses		52.8		148.2		127.9
Amortization of intangibles		35.8		197.5		78.6
Total operating costs and expenses		329.9		1,271.6		1,100.4
Operating income		48.7		369.9		220.1
Interest expense and other		4.0		24.4		22.0
Write-down of assets of business held for sale to fair value less cost to sell		(14.2)		(58.4)		(362.8)
Reclassification of accumulated other comprehensive income		445.9		—		—
Income from discontinued operations before income taxes	$	476.4	$	287.1	$	(164.7)


	September 30, 2018
(in millions)	As Previously Reported		Effect of HPC Reclassification From Held For Sale to Held and Used		After HPC Reclassification		Effect of GAC Reclassification From Held and Used to Held For Sale		After GAC Reclassification
Net sales	$	3,145.9	$	1,110.5	$	4,256.4	$	447.7	$	3,808.7
Cost of goods sold		1,992.3		749.1		2,741.4		267.0		2,474.4
Gross profit		1,153.6		361.4		1,515.0		180.7		1,334.3
Operating expenses		1,051.6		268.8		1,320.4		210.3		1,110.1
Operating income		102.0		92.6		194.6		(29.6)		224.2
Interest expense		264.6		1.5		266.1		2.1		264.0
Other non-operating (income) expense, net		(6.3)		2.4		(3.9)		0.2		(4.1)
(Loss) income from operations before income taxes	$	(156.3)	$	88.7	$	(67.6)	$	(31.9)	$	(35.7)


	September 30, 2017
(in millions)	As Previously Reported		Effect of HPC Reclassification From Held For Sale to Held and Used		After HPC Reclassification		Effect of GAC Reclassification From Held and Used to Held For Sale		After GAC Reclassification
Net sales	$	3,010.6	$	1,132.3	$	4,142.9	$	436.4	$	3,706.5
Cost of goods sold		1,833.5		759.9		2,593.4		223.3		2,370.1
Gross profit		1,177.1		372.4		1,549.5		213.1		1,336.4
Operating expenses		894.1		271.9		1,166.0		117.1		1,048.9
Operating income		283.0		100.5		383.5		96.0		287.5
Interest expense		309.9		1.9		311.8		1.4		310.4
Other non-operating (income) expense, net		4.2		0.9		5.1		0.1		5.0
(Loss) income from operations before income taxes	$	(31.1)	$	97.7	$	66.6	$	94.5	$	(27.9)


	September 30, 2016
(in millions)	As Previously Reported		Effect of HPC Reclassification From Held For Sale to Held and Used		After HPC Reclassification		Effect of GAC Reclassification From Held and Used to Held For Sale		After GAC Reclassification
Net sales	$	3,038.3	$	1,169.6	$	4,207.9	$	453.7	$	3,754.2
Cost of goods sold		1,791.7		803.4		2,595.1		213.9		2,381.2
Gross profit		1,246.6		366.2		1,612.8		239.8		1,373.0
Operating expenses		911.7		265.1		1,176.8		125.6		1,051.2
Operating income		334.9		101.1		436.0		114.2		321.8
Interest expense		334.5		2.5		337.0		0.1		336.9
Other non-operating (income) expense, net		(8.8)		3.2		(5.6)		1.6		(7.2)
(Loss) income from operations before income taxes	$	9.2	$	95.4	$	104.6	$	112.5	$	(7.9)


(in millions)	2016
Revenues:
Oil and natural gas revenues	$	40.2
Operating costs and expenses:
Oil and natural gas direct operating costs		38.2
Selling, acquisitions, operating and general expenses		22.8
Impairment and bad debt expense		93.2
Total operating costs and expenses		154.2
Operating loss		(114.0)
Interest expense		(5.9)
Gain upon gaining control of equity method investment		—
Gain on sale of oil and gas properties		105.6
Other income, net		1.5
Gain on disposal		53.6
Net income		40.8
Net income attributable to noncontrolling interest		0.1
Net income attributable to common and participating preferred stockholders	$	40.7