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Divestitures (Tables)

9 Months Ended

Jun. 30, 2019


	Three Month Periods Ended				Nine Month Periods Ended
(in millions)	June 30, 2019		June 30, 2018		June 30, 2019		June 30, 2018
(Loss) income from discontinued operations before income taxes - GBL	$	(5.7)	$	(9.7)	$	975.7	$	17.9
Income (loss) from discontinued operations before income taxes - GAC		0.8		37.5		(114.7)		55.2
Income from discontinued operations before income taxes - HRG Insurance Operations		—		—		—		476.4
(Loss) income from discontinued operations before income taxes		(4.9)		27.8		861.0		549.5
Income tax (benefit) expense from discontinued operations		(3.7)		(6.0)		161.9		23.0
(Loss) income from discontinued operations, net of tax		(1.2)		33.8		699.1		526.5
Income from discontinued operations, net of tax attributable to noncontrolling interest		—		11.1		—		32.8
(Loss) income from discontinued operations, net of tax attributable to controlling interest	$	(1.2)	$	22.7	$	699.1	$	493.7


	Three Months Period Ended June 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	$	945.5	$	254.4	$	1,199.9	$	170.5	$	1,029.4
Cost of goods sold		590.9		172.4		763.3		96.6		666.7
Gross profit		354.6		82.0		436.6		73.9		362.7
Operating expenses		228.3		63.1		291.4		35.5		255.9
Operating income		126.3		18.9		145.2		38.4		106.8
Interest expense		63.5		0.3		63.8		0.5		63.3
Other non-operating (income) expense, net		(2.3)		1.5		(0.8)		0.4		(1.2)
Income from operations before income taxes	$	65.1	$	17.1	$	82.2	$	37.5	$	44.7


	Nine Months Period Ended June 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	$	2,358.1	$	827.5	$	3,185.6	$	351.3	$	2,834.3
Cost of goods sold		1,494.4		559.2		2,053.6		206.7		1,846.9
Gross profit		863.7		268.3		1,132.0		144.6		987.4
Operating expenses		682.9		202.7		885.6		87.8		797.8
Operating income		180.8		65.6		246.4		56.8		189.6
Interest expense		206.6		1.3		207.9		1.5		206.4
Other non-operating (income) expense, net		(4.6)		2.7		(1.9)		0.1		(2.0)
(Loss) income from operations before income taxes	$	(21.2)	$	61.6	$	40.4	$	55.2	$	(14.8)


(in millions)	September 30, 2018
Assets
Trade receivables, net	$	99.3
Other receivables		17.9
Inventories		127.8
Prepaid expenses and other current assets		23.0
Property, plant and equipment, net		160.5
Deferred charges and other		13.4
Goodwill		226.6
Intangible assets, net		304.0
Total assets of business held for sale	$	972.5
Liabilities
Current portion of long-term debt		6.3
Accounts payable		124.1
Accrued wages and salaries		25.0
Other current liabilities		82.6
Long-term debt, net of current portion		45.0
Deferred income taxes		20.9
Other long-term liabilities		60.6
Total liabilities of business held for sale	$	364.5



	Three Month Period Ended				Nine Month Period Ended
(in millions)	June 30, 2019		June 30, 2018		June 30, 2019		June 30, 2018
Net sales	$	—	$	187.6	$	249.0	$	645.7
Cost of goods sold		—		118.7		164.6		410.0
Gross profit		—		68.9		84.4		235.7
Operating expenses		—		63.6		57.0		177.4
Operating income		—		5.3		27.4		58.3
Interest expense		—		13.8		23.3		39.0
Other non-operating expense, net		—		1.2		0.5		1.4
Loss (Gain) on sale		5.7		—		(990.6)		—
Reclassification of accumulated other comprehensive income		—		—		18.5		—
(Loss) income from discontinued operations before income taxes	$	(5.7)	$	(9.7)	$	975.7	$	17.9


(in millions)	September 30, 2018
Assets
Trade receivables, net	$	55.2
Other receivables		4.1
Inventories		72.8
Prepaid expenses and other current assets		2.9
Property, plant and equipment, net		58.2
Deferred charges and other		10.7
Goodwill		841.8
Intangible assets, net		384.4
Total assets of business held for sale	$	1,430.1
Liabilities
Current portion of long-term debt		0.4
Accounts payable		50.6
Accrued wages and salaries		3.2
Other current liabilities		13.3
Long-term debt, net of current portion		31.5
Deferred income taxes		71.6
Other long-term liabilities		2.5
Total liabilities of business held for sale	$	173.1



	Three Month Period Ended				Nine Month Period Ended
(in millions)	June 30, 2019		June 30, 2018		June 30, 2019		June 30, 2018
Net sales	$	—	$	175.2	$	87.7	$	362.4
Cost of goods sold		—		101.3		52.5		217.8
Gross profit		—		73.9		35.2		144.6
Operating expenses		—		35.5		35.7		87.8
Operating income (loss)		—		38.4		(0.5)		56.8
Interest expense		—		0.5		0.7		1.5
Other non-operating expense, net		—		0.4		0.2		0.1
Write-down of assets of business held for sale to fair value less cost to sell		(0.8)		—		110.0		—
Reclassification of accumulated other comprehensive income		—		—		3.3		—
Income (loss) from discontinued operations before income taxes	$	0.8	$	37.5	$	(114.7)	$	55.2



(in millions)	Two Months Ended November 30, 2017
Revenues
Insurance premiums	$	6.8
Net investment income		181.9
Net investment gains		154.8
Other		35.1
Total revenues		378.6
Operating costs and expenses
Benefits and other changes in policy reserves		241.3
Selling, acquisition, operating and general expenses		52.8
Amortization of intangibles		35.8
Total operating costs and expenses		329.9
Operating income		48.7
Interest expense and other		4.0
Write-down of assets of business held for sale to fair value less cost to sell		(14.2)
Reclassification of accumulated other comprehensive income		445.9
Income from discontinued operations before income taxes	$	476.4