Acquisition (Tables)

9 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

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

Cash and cash equivalents	$	37.8
Trade receivables	54.2
Inventories	80.8
Other current assets	28.2
Assets held for sale	794.6
Property, plant and equipment, net	133.2
Goodwill	496.0
Other intangible assets, net	805.8
Other assets	10.3
Current portion of capital leases	(1.2)
Accounts payable	(39.2)
Other current liabilities	(19.3)
Long-term debt	(14.7)
Liabilities held for sale	(394.6)
Other liabilities	(9.5)
Net assets acquired	$	1,962.4

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

Cash and cash equivalents	$	3.3
Trade receivables	39.7
Inventories	98.6
Other current assets	8.9
Property, plant and equipment, net	70.8
Goodwill	274.0
Other intangible assets, net	965.3
Deferred tax assets	4.2
Other assets	1.7
Current portion of capital leases	(0.4)
Accounts payable	(28.6)
Other current liabilities	(10.9)
Long-term debt	(31.9)
Other liabilities (deferred tax liabilities)	(211.9)
Net assets acquired	$	1,182.8

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

The table below outlines the purchased identifiable intangible assets of $805.8:

	Total		Weighted Average Useful Lives
Trade names	$	587.0	Indefinite
Proprietary technology	59.0		6.2
Customer relationships	159.8		15.0
Total Other intangible assets, net	$	805.8

The table below outlines the purchased identifiable intangible assets of $965.3:

	Total		Weighted Average Useful Lives
Trade names	$	701.6	Indefinite
Trade names	15.4		15.0
Proprietary technology	113.5		9.8
Customer relationships	134.8		15.0
Total Other intangible assets, net	$	965.3

Schedule of Pro Forma Information and Significant Adjustments

	For the Quarter Ended June 30, 2019		For the Nine Months Ended June 30, 2019
Pro forma net sales	$	647.2	$	2,000.4
Pro forma net earnings from continuing operations	14.2		113.6
Pro forma mandatory preferred stock dividends	4.1		12.2
Pro forma net earnings from continuing operations attributable to common shareholders	$	10.1	$	101.4
Pro forma diluted net earnings per common share - continuing operations	$	0.14	$	1.43
Pro forma weighted average shares of common stock - Diluted	70.6		71.0

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

Expense removed/(Additional expense)	For the Quarter Ended June 30, 2019		For the Nine Months Ended June 30, 2019
Inventory step up (1)	$	5.0	$	27.5
Acquisition and integration costs (2)	—		30.1
Interest and ticking fees on escrowed debt (3)	—		27.5
Gains on escrowed funds (4)	—		(12.0)

(1) The inventory step up was removed from the quarter and nine months ended June 30, 2019 pro forma results as the inventory turn would have occurred in the first quarter of fiscal 2018.

(2) Acquisition and integration costs incurred to obtain legal approval, investment banking fees and other transaction related expenses that occurred prior to closing of the acquisitions, were removed from the various periods as those costs would have occurred in fiscal 2018 when the transaction is assumed to have occurred.

(3) Interest and ticking fees from the acquisition related debt were accrued over the periods prior to the acquisition occurring. These fees were removed as they would not have been incurred if the acquisition occurred October 1, 2017. The interest from the new capital structure was included in the results and the pre-tax interest expense amounts of $50.0 and $150.0 for the three and nine month periods, respectively, were included in the results above.

(4) The escrowed debt funds earned interest income and had gains on the non-functional currency balances. These gains would not have been realized if the transaction had occurred as of October 1, 2017.