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COMBINED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (Condensed) (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2020
Mar. 31, 2019
Income Statement [Abstract]        
Net sales $ 587.0 $ 556.4 $ 1,323.8 $ 1,128.3
Cost of products sold 351.4 362.2 786.9 658.6
Gross profit 235.6 194.2 536.9 469.7
Selling, general and administrative expense 116.1 141.3 238.2 245.9
Advertising and sales promotion expense 22.8 24.7 69.6 65.6
Research and development expense 8.3 8.7 17.2 14.2
Amortization of intangible assets 14.2 12.5 28.0 15.7
Interest expense 47.2 77.2 98.2 125.4
Total Other items, net 5.1 3.8 5.1 (13.1)
Earnings before income taxes 21.9 (74.0) 80.6 16.0
Income tax provision/(benefit) 8.2 (11.7) 21.1 7.5
Net earnings/(loss) from continuing operations 13.7 (62.3) 59.5 8.5
Net loss from discontinued operations, net of income tax benefit of $13.7 and $6.2 for the quarter and six months ended March 31, 2020, respectively, and a benefit of $2.9 for the quarter and six months ended March 31, 2019 (131.4) (11.0) (131.1) (11.0)
Net loss (117.7) (73.3) (71.6) (2.5)
Mandatory convertible preferred stock dividends (4.1) (3.3) (8.1) (3.3)
Net loss attributable to common shareholders $ (121.8) $ (76.6) $ (79.7) $ (5.8)
Basic net (loss)/earnings per common share- continuing operations (in dollars per share) $ 0.14 $ (0.97) $ 0.74 $ 0.08
Basic net loss per common share- discontinued operations (in dollars per share) (1.90) (0.17) (1.89) (0.17)
Basic net (loss)/earnings per common share (in dollars per share) (1.76) (1.14) (1.15) (0.09)
Diluted net (loss)/earnings per common share- continuing operations (in dollars per share) 0.14 (0.97) 0.74 0.08
Diluted net loss per common share- discontinued operations (in dollars per share) (1.89) (0.17) (1.88) (0.17)
Diluted net (loss)/earnings per common share (in dollars per share) $ (1.75) $ (1.14) $ (1.14) $ (0.09)
Weighted average shares of common stock - Basic (shares) 69.1 67.3 69.1 63.5
Weighted average shares of common stock - Diluted (shares) 69.5 67.3 69.8 64.6
Statements of Comprehensive Income:        
Net loss $ (117.7) $ (73.3) $ (71.6) $ (2.5)
Other comprehensive (loss)/income, net of tax expense/(benefit)        
Foreign currency translation adjustments (35.2) 20.3 (5.2) 16.6
Pension activity, net of tax of $1.2 and $1.7 for the quarter and six months ended March 31, 2020, and $0.3 and $0.6, for the quarter and six months ended March 31, 2019 respectively. 5.4 1.0 5.2 2.1
Deferred loss on hedging activity, net of tax of ($1.2) and ($2.2) for the quarter and six months ended March 31, 2020, respectively, and ($0.8) and ($1.8) for the quarter and six months ended March 31, 2019, respectively. (4.2) (1.1) (8.8) (4.4)
Total comprehensive (loss)/gain $ (151.7) $ (53.1) $ (80.4) $ 11.8