DIVESTITURES (Tables)

3 Months Ended

Jan. 02, 2022

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 accompanying Condensed Consolidated Statements of Income for the three month periods ended January 2, 2022 and January 3, 2021:

	Three Month Periods Ended
(in millions)	January 2, 2022		January 3, 2021
Income from discontinued operations before income taxes - HHI	$	60.0	$	94.1
Loss from discontinued operations before income taxes - Other	(0.3)		(0.3)
Interest on corporate debt allocated to discontinued operations	10.4		12.7
Income from discontinued operations before income taxes	49.3		81.1
Income tax expense from discontinued operations	10.5		23.9
Income from discontinued operations, net of tax	38.8		57.2
Income (loss) from discontinued operations, net of tax attributable to noncontrolling interest	0.4		(0.2)
Income from discontinued operations, net of tax attributable to controlling interest	$	38.4	$	57.4

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 of January 2, 2022 and September 30, 2021:

(in millions)	January 2, 2022		September 30, 2021
Assets
Trade receivables, net	$	84.7	$	130.2
Other receivables	9.3		12.1
Inventories	399.5		332.2
Prepaid expenses and other current assets	38.2		39.1
Property, plant and equipment, net	150.1		143.5
Operating lease assets	66.1		55.5
Deferred charges and other	8.7		11.7
Goodwill	711.1		710.9
Intangible assets, net	374.9		374.8
Total assets of business held for sale	$	1,842.6	$	1,810.0
Liabilities
Current portion of long-term debt	$	1.4	$	1.5
Accounts payable	203.2		206.6
Accrued wages and salaries	24.0		41.7
Other current liabilities	70.3		75.9
Long-term debt, net of current portion	54.3		54.4
Long-term operating lease liabilities	54.8		48.6
Deferred income taxes	7.9		7.8
Other long-term liabilities	15.4		17.8
Total liabilities of business held for sale	$	431.3	$	454.3

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 in the accompanying Condensed Consolidated Statements of Operations for the three month periods ended January 2, 2022 and January 3, 2021:

(in millions)	January 2, 2022		January 3, 2021
Net sales	$	374.7	$	408.7
Cost of goods sold	245.0		240.8
Gross profit	129.7		167.9
Operating expenses	67.2		70.2
Operating income	62.5		97.7
Interest expense	0.9		0.8
Other non-operating expense, net	1.6		2.8
Income from discontinued operations before income taxes	$	60.0	$	94.1

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:

(in millions)	January 2, 2022		January 3, 2021
Depreciation and amortization	$	—	$	8.6
Share and incentive based compensation	$	2.8	$	1.1
Purchases of property, plant and equipment	$	5.0	$	4.2