Divestitures

9 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Divestitures

Divestiture

As previously described, on February 1, 2023, the Company completed the divestiture of Batesville to BL Memorial Partners, LLC, a Delaware limited liability company owned by funds affiliated with LongRange Capital, L.P., for $761.5, including an $11.5 subordinated note. At closing, after the applicable adjustments, the Company received $698.0 in pre-tax cash proceeds, including an adjustment for cash on hand acquired from the Company, and the previously mentioned subordinated note.

Certain indirect corporate costs included within operating expenses in the Consolidated Statements of Operations that were previously allocated to Batesville do not qualify for classification within discontinued operations and are now reported as operating expenses in continuing operations within corporate expenses. In addition, costs directly attributable to the Batesville reportable operating segment divestiture have been reflected in discontinued operations. As a result, income before income taxes of the historical Batesville reportable operating segment decreased $17.5 for the nine months ended June 30, 2023, from amounts previously reported.

Discontinued operations

Components of amounts reflected in the Consolidated Statements of Operations related to discontinued operations are presented in the table, as follows:

	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Net revenue	$	—	$	—	$	—	$	213.7
Cost of goods sold	—		—		—		142.2
Gross profit	—		—		—		71.5
Operating (income) expenses	—		(0.4)		0.3		43.6
Income (loss) from discontinued operations before income taxes	—		0.4		(0.3)		27.9
Income tax (benefit) expense	—		(0.2)		—		7.8
Income (loss) from discontinued operations (net of income tax (benefit) expense)	—		0.6		(0.3)		20.1
Gain on divestiture of discontinued operations (1)	—		0.4		—		441.3
Total income (loss) from discontinued operations	$	—	$	1.0	$	(0.3)	$	461.4

(1)Net of income tax benefit of $0.4 during the three months ended June 30, 2023, and net of income tax expense of $144.7 during the nine months ended June 30, 2023.