Divestment

6 Months Ended

Mar. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

As discussed in Note 1, the Divestment Business was classified as held for sale in the accompanying Consolidated (Condensed) Balance Sheets and as discontinued operations in the accompanying Consolidated (Condensed) Statement of Earnings and Comprehensive Income. The Divestment Business is expected to be sold at the beginning of the fourth quarter of the current fiscal year.

The following table summarizes the assets and liabilities of the Divestment Business classified as held for sale as of March 31, 2019. As the Company did not own the business as of September 30, 2018, there are no Divestment Business assets or liabilities as of that period:



	March 31, 2019
Assets
Trade receivables	$	63.7
Inventories	47.6
Other current assets	18.4
Property, plant and equipment, net	73.8
Goodwill	63.8
Other intangible assets, net	564.9
Other assets	16.0
Assets held for sale	$	848.2

Liabilities
Current portion of capital leases	$	5.2
Accounts payable	38.8
Other current liabilities	79.7
Long-term debt	27.1
Other liabilities (1)	238.8
Liabilities held for sale	$	389.6

(1) Included in other liabilities is deferred tax liabilities of $198.3 and pension liabilities of $40.5 related to the Divestment Business.

The following table summarizes the components of Loss from discontinued operations in the accompanying Consolidated (Condensed) Statement of Earnings and Comprehensive Income for the quarter and six months ended March 31, 2019. As the Company acquired the business on January 2, 2019, there is no activity on the Consolidated (Condensed) Statement of Earnings and Comprehensive Income for the three and six months ended March 31, 2018:



	For the Quarter and Six Months Ended
	March 31, 2019
Net sales	$	80.2
Cost of products sold	69.8
Gross profit	10.4
Selling, general and administrative expense	21.1
Advertising and sales promotion expense	0.3
Interest expense	6.7
Other items, net	(3.8		)
Loss before income taxes from discontinued operations	(13.9		)
Income tax benefit	(2.9		)
Net loss from discontinued operations	$	(11.0	)

Included in the loss from discontinued operations are the inventory fair value pre-tax adjustment of $11.2, divestment related pre-tax costs of $5.7 and allocated pre-tax interest expense of $6.2.