ACQUISITIONS (Tables)

6 Months Ended

Apr. 03, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Purchase Price Allocation

The calculation of preliminary purchase price is as follows:

(in millions)	Amount
Cash paid	$	314.6
Estimated purchase price settlement	(39.1)
Contingent consideration	30.0
Total purchase price	$	305.5

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as of the date of acquisition:

(in millions)	Purchase Price Allocation
Cash and cash equivalents	$	0.3
Trade receivables, net	58.4
Other receivables	0.4
Inventories	102.0
Prepaid expenses and other current assets	4.4
Property, plant and equipment, net	0.4
Operating lease assets	23.3
Goodwill	103.7
Intangible assets, net	95.0
Accounts payable	(51.7)
Accrued wages and salaries	(0.6)
Other current liabilities	(19.0)
Long-term operating lease liabilities	(11.1)
Net assets acquired	$	305.5

Schedule of Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

The values allocated to intangible assets and the weighted average useful lives are as follows:

(in millions)	Carrying Amount		Weighted Average Useful Life (Years)
Tradenames	$	66.0	Indefinite
Customer relationships	29.0		13 years
Total intangibles acquired	$	95.0

Schedule of Pro Forma Information

The following pro forma financial information summarizes the combined results of operations for the Company and the acquired Tristar Business, as though the companies were combined as of the beginning of the Company’s fiscal 2021. The unaudited pro forma financial information was as follows:

	Three Month Period Ended				Six Month Period Ended
(in millions)	April 3, 2022		April 4, 2021		April 3, 2022		April 4, 2021
Proforma net sales	$	853.7	$	902.8	$	1,765.1	$	1,848.0
Proforma net (loss) income from continuing operations	(26.0)		6.1		(33.3)		21.2
Proforma net income	15.1		45.5		46.1		118.8
Proforma diluted earnings from continuing operations per share	$	(0.64)	$	0.14	$	(0.77)	$	0.49
Proforma diluted earnings per share	0.37		1.07		1.07		2.77