Discontinued Operations, Assets Held for Sale and Divestitures

12 Months Ended

Sep. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations, Assets Held for Sale and Divestitures

Divestiture

On January 6, 2017, we sold Anvil to affiliates of One Equity Partners for cash proceeds of $305.7 million and the agreement by the purchaser to reimburse us for expenditures to settle certain previously existing liabilities.

The table below presents a summary of the sale of Anvil, in millions.

Gross cash proceeds	$	305.7
Noncash proceeds	1.9
Total proceeds	307.6
Transaction expenses	(8.3		)
Net proceeds	299.3
Assets and liabilities disposed	(189.8		)
Gain on sale, pre-tax	109.5
Income tax	(41.6		)
Gain on sale, net of tax	$	67.9

The table below presents a summary of the operating results for the Anvil discontinued operations. These operating results do not reflect what they would have been had Anvil not been classified as discontinued operations.

	2017		2016
	(in millions)
Net sales	$	83.1	$	338.3
Cost of sales	62.8		241.9
Gross profit	20.3		96.4
Operating expenses:
Selling, general and administrative	17.2		67.6
Other charges	0.2		1.1
Total operating expenses	17.4		68.7
Operating income	2.9		27.7
Interest expense, net	—		—
Income before income taxes	2.9		27.7
Income tax expense	1.8		8.9
	1.1		18.8
Gain on sale, net of tax	67.9		—
Income from discontinued operations	$	69.0	$	18.8