Discontinued Operations (Tables)

12 Months Ended

Sep. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The following table summarizes Income from discontinued operations, net of tax included in the Consolidated Statements of Comprehensive Income for the years ended September 30:

(In millions)	2023		2022		2021
Net revenues	$	1,174.4	$	2,695.2	$	2,086.7
Cost of sales	924.2		2,134.7		1,540.9
Gross profit	250.2		560.5		545.8
Selling, general and administrative expenses	124.9		304.3		294.7
Net legacy and separation-related expenses	53.7		7.0		—
Equity and other income, net	(14.2)		(33.4)		(36.3)
Operating income from discontinued operations	85.8		282.6		287.4
Net pension and other postretirement plan expense (income)	0.1		(3.4)		1.9
Net interest and other financing expenses	4.4		4.6		2.5
Gain on sale of discontinued operations (a)	(1,571.6)		—		—
Income before income taxes - discontinued operations	1,652.9		281.4		283.0
Income tax expense (benefit) (b)	432.6		(33.5)		62.8
Income from discontinued operations, net of tax	$	1,220.3	$	314.9	$	220.2

(a)The gain on sale realized in fiscal 2023 includes the release of Accumulated other comprehensive income of $30.7 million associated with the realization of cumulative translation losses attributed to the Global Products business.

(b)Includes the income tax effects of the gain on sale, which were $424.3 million comprised of current and deferred expense of $335.6 million and $88.7 million, respectively.

A summary of the held for sale assets and liabilities included in the Consolidated Balance Sheet follows as of September 30:

(In millions)	2022
Current assets
Cash and cash equivalents	$	59.0
Receivables, net	524.3
Inventories, net	290.1
Prepaid expenses and other current assets	35.0
Property, plant and equipment, net	257.4
Goodwill and intangibles, net	139.8
Other noncurrent assets	158.6
Current assets held for sale	$	1,464.2
Current liabilities
Trade and other payables	$	264.9
Accrued expenses and other liabilities	166.9
Long-term debt	30.7
Other current liabilities	76.8
Current liabilities held for sale	$	539.3

These transactions total the following for the years ended September 30:

(In millions)	2023		2022		2021
Net revenues	$	89.7	$	218.1	$	143.1

A summary of the held for sale assets and liabilities included in the Consolidated Balance Sheet follows as of September 30:

(In millions)	2023
Current assets
Cash	$	4.0
Prepaid expenses and other current assets	0.2
Reserve on assets held for sale	(4.2)
Current assets held for sale	$	—
Current liabilities
Accrued expenses and other liabilities	$	3.9
Current liabilities held for sale	$	3.9