DIVESTITURES (Tables)

6 Months Ended

Apr. 03, 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 and six month periods ended April 3, 2022 and April 4, 2021:

	Three Month Periods Ended				Six Month Periods Ended
(in millions)	April 3, 2022		April 4, 2021		April 3, 2022		April 4, 2021
Income from discontinued operations before income taxes – HHI	$	71.0	$	69.6	$	130.9	$	163.7
Loss from discontinued operations before income taxes – Other	(3.1)		(1.0)		(3.4)		(1.3)
Interest on corporate debt allocated to discontinued operations	11.0		11.8		21.4		24.5
Income from discontinued operations before income taxes	56.9		56.8		106.1		137.9
Income tax expense from discontinued operations	15.8		16.5		26.2		40.4
Income from discontinued operations, net of tax	41.1		40.3		79.9		97.5
Income (loss) from discontinued operations, net of tax attributable to noncontrolling interest	0.1		—		0.5		(0.2)
Income from discontinued operations, net of tax attributable to controlling interest	$	41.0	$	40.3	$	79.4	$	97.7

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 April 3, 2022 and September 30, 2021:

(in millions)	April 3, 2022		September 30, 2021
Assets
Trade receivables, net	$	152.0	$	130.2
Other receivables	7.8		12.1
Inventories	401.1		332.2
Prepaid expenses and other current assets	41.2		39.1
Property, plant and equipment, net	157.3		143.5
Operating lease assets	65.8		55.5
Deferred charges and other	8.4		11.7
Goodwill	711.3		710.9
Intangible assets, net	374.9		374.8
Total assets of business held for sale	$	1,919.8	$	1,810.0
Liabilities
Current portion of long-term debt	$	1.3	$	1.5
Accounts payable	242.6		206.6
Accrued wages and salaries	28.0		41.7
Other current liabilities	74.3		75.9
Long-term debt, net of current portion	54.0		54.4
Long-term operating lease liabilities	52.7		48.6
Deferred income taxes	8.2		7.8
Other long-term liabilities	14.6		17.8
Total liabilities of business held for sale	$	475.7	$	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 and six month periods ended April 3, 2022 and April 4, 2021:

	Three Month Periods Ended				Six Month Periods Ended
(in millions)	April 3, 2022		April 4, 2021		April 3, 2022		April 4, 2021
Net sales	$	420.8	$	389.5	$	795.4	$	798.2
Cost of goods sold	275.4		248.1		520.4		488.8
Gross profit	145.4		141.4		275.0		309.4
Operating expenses	72.3		69.9		139.5		140.3
Operating income	73.1		71.5		135.5		169.1
Interest expense	0.8		0.9		1.7		1.7
Other non-operating expense, net	1.3		1.0		2.9		3.7
Income from discontinued operations before income taxes	$	71.0	$	69.6	$	130.9	$	163.7

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 for the three and six month periods ended April 3, 2022 and April 4, 2021:

	Three Month Periods Ended				Six Month Periods Ended
(in millions)	April 3, 2022		April 4, 2021		April 3, 2022		April 4, 2021
Depreciation and amortization	$	—	$	8.5	$	—	$	17.1
Share based compensation	$	1.2	$	1.2	$	4.1	$	2.4
Purchases of property, plant and equipment	$	7.5	$	7.3	$	12.4	$	11.5