Acquisition (Tables)

6 Months Ended

Mar. 31, 2019

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table outlines the preliminary purchase price allocation as of the date of acquisition:

Cash and cash equivalents	$	3.3
Trade receivables	49.7
Inventories	97.8
Other current assets	1.3
Property, plant and equipment, net	66.5
Goodwill	268.4
Other intangible assets, net	972.5
Deferred tax assets	12.1
Other assets	3.2
Current portion of capital leases	(0.4		)
Accounts payable	(27.5		)
Other current liabilities	(14.7		)
Long-term debt	(31.9		)
Other liabilities (deferred tax liabilities)	(221.1		)
Net assets acquired	$	1,179.2

The following table outlines the preliminary purchase price allocation as of the date of acquisition:

Cash and cash equivalents	$	37.8
Trade receivables	60.6
Inventories	81.0
Other current assets	21.0
Assets held for sale	855.0
Property, plant and equipment, net	138.5
Goodwill	498.6
Other intangible assets, net	747.5
Other assets	14.1
Current portion of capital leases	(1.2		)
Accounts payable	(40.8		)
Other current liabilities	(22.8		)
Long-term debt	(14.7		)
Liabilities held for sale	(405.0		)
Other liabilities	(13.4		)
Net assets acquired	$	1,956.2

The purchase price allocation is as follows:

Trade receivables	$	2.4
Inventories	0.9
Goodwill	14.7
Other intangible assets, net	21.8
Accounts payable	(1.7		)
Net assets acquired	$	38.1

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

The table below outlines the purchased identifiable intangible assets of $972.5:

	Total		Weighted Average Useful Lives
Trade names	$	702.9	Indefinite
Trade names	16.7		15.0
Proprietary technology	113.5		9.8
Customer relationships	139.4		15.0
Total Other intangible assets, net	$	972.5

$21.8:

	Total		Weighted Average Useful Lives
Customer relationships	$	15.2	15.0
Trade names	4.2		14.0
Proprietary formula	2.4		11.0
Total Other intangible assets, net	$	21.8	14.4

The table below outlines the purchased identifiable intangible assets of $747.5:

	Total		Weighted Average Useful Lives
Trade names	$	513.0	Indefinite
Proprietary technology	61.0		5.9
Customer relationships	173.5		15.0
Total Other intangible assets, net	$	747.5

Schedule of Pro Forma Information and Significant Adjustments

The Loss before income taxes includes the inventory fair value adjustment recorded for the acquisitions, but excludes all acquisition and integration costs as well as any additional interest incurred by the Company for the debt issuances to complete the acquisitions:

	For the Quarter and Six Months Ended March 31, 2019
	Battery Acquisition			Auto Care Acquisition
Net sales	$	99.9		$	84.5
Inventory fair value adjustment	14.2			13.0
Loss before income taxes	(1.1		)	(0.8		)

	For the Quarter Ended March 31,				For the Six Months Ended March 31,
	2019		2018		2019		2018
Pro forma net sales	$	578.5	$	607.5	$	1,353.2	$	1,393.2
Pro forma net earnings/(loss) from continuing operations	16.1		15.2		103.2		(25.1		)
Pro forma mandatory preferred stock dividends	4.1		4.1		8.1		8.1
Pro forma net earnings/(loss) from continuing operations attributable to common shareholders	$	12.0	$	11.1	$	95.1	$	(33.2	)
Pro forma diluted net earnings/(loss) per common share - continuing operations	$	0.17	$	0.16	$	1.34	$	(0.47	)
Pro forma weighted average shares of common stock - Diluted	71.0		71.1		71.0		71.3

The following expenses, which are net of the applicable tax rates, were added to or removed from the net earnings amounts for each respective period:

	For the Quarter Ended March 31,				For the Six Months Ended March 31,
(Additional expense)/Expense removed	2019		2018		2019			2018
Inventory step up (1)	$	22.5	$	—	$	22.0		$	(26.5	)
Acquisition and integration costs (2)	30.1		16.7		50.3			(48.9		)
Interest and ticking fees on escrowed debt (3)	27.5		2.8		53.0			2.2
Gains on escrowed funds (4)	—		—		(12.0		)	—