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QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
 12 Months Ended
Sep. 30, 2016
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
The following is a summary of the unaudited quarterly results of operations: 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
Full Year
 
(In millions, except per share data)
FISCAL 2016
 
 
 
 
 
 
 
 
 
Net sales
$
194.5

 
$
1,245.2

 
$
994.1

 
$
402.3

 
$
2,836.1

Gross profit
16.7

 
521.6

 
357.4

 
99.7

 
995.4

Income (loss) from continuing operations
(79.3
)
 
225.8

 
127.0

 
(20.2
)
 
253.3

Income (loss) from discontinued operations, net of tax
(1.5
)
 
(16.0
)
 
85.7

 
(6.7
)
 
61.5

Net income (loss)
(80.8
)
 
209.8

 
212.7

 
(26.9
)
 
314.8

Income (loss) attributable to controlling interest
(81.3
)
 
210.1

 
213.1

 
(26.6
)
 
315.3

Basic income (loss) per Common Share:
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(1.30
)
 
$
3.68

 
$
2.09

 
$
(0.33
)
 
$
4.15

Income (loss) from discontinued operations, net of tax
(0.02
)
 
(0.26
)
 
1.40

 
(0.11
)
 
1.01

Basic net income (loss) per Common Share
$
(1.32
)
 
$
3.42

 
$
3.49

 
$
(0.44
)
 
$
5.16

Common Shares used in basic EPS calculation
61.5

 
61.4

 
61.1

 
60.6

 
61.1

Diluted income (loss) per Common Share:
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(1.30
)
 
$
3.64

 
$
2.06

 
$
(0.33
)
 
$
4.09

Income (loss) from discontinued operations, net of tax
(0.02
)
 
(0.26
)
 
1.38

 
(0.11
)
 
1.00

Diluted net income (loss) per Common Share
$
(1.32
)
 
$
3.38

 
$
3.44

 
$
(0.44
)
 
$
5.09

Common Shares and dilutive potential Common Shares used in diluted EPS calculation
61.5

 
62.2

 
61.9

 
60.6

 
62.0

FISCAL 2015
 
 
 
 
 
 
 
 
 
Net sales
$
169.5

 
$
1,071.8

 
$
1,111.3

 
$
375.4

 
$
2,728.0

Gross profit
6.6

 
424.8

 
385.8

 
90.8

 
908.0

Income (loss) from continuing operations
(74.6
)
 
138.6

 
115.1

 
(41.3
)
 
137.8

Income (loss) from discontinued operations, net of tax
0.6

 
(14.3
)
 
17.9

 
16.7

 
20.9

Net income (loss)
(74.0
)
 
124.3

 
133.0

 
(24.6
)
 
158.7

Income (loss) attributable to controlling interest
(74.6
)
 
124.6

 
133.4

 
(23.6
)
 
159.8

Basic income (loss) per Common Share:
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(1.24
)
 
$
2.28

 
$
1.89

 
$
(0.65
)
 
$
2.27

Income (loss) from discontinued operations
0.01

 
(0.23
)
 
0.29

 
0.27

 
0.35

Basic net income (loss) per Common Share
$
(1.23
)
 
$
2.05

 
$
2.18

 
$
(0.38
)
 
$
2.62

Common Shares used in basic EPS calculation
60.8

 
60.9

 
61.3

 
61.4

 
61.1

Diluted income (loss) per Common Share:
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(1.24
)
 
$
2.24

 
$
1.85

 
$
(0.65
)
 
$
2.23

Income (loss) from discontinued operations
0.01

 
(0.23
)
 
0.29

 
0.27

 
0.34

Diluted net income (loss) per Common Share
$
(1.23
)
 
$
2.01

 
$
2.14

 
$
(0.38
)
 
$
2.57

Common Shares and dilutive potential Common Shares used in diluted EPS calculation
60.8

 
62.1

 
62.3

 
61.4

 
62.2



Common share equivalents, such as share-based awards, are excluded from the diluted loss per Common Share calculation in periods where there is a loss from continuing operations because the effect of their inclusion would be anti-dilutive. The Company’s business is highly seasonal, with approximately 75% of net sales occurring in the second and third fiscal quarters.
Significant impairment, restructuring and other charges / recoveries reflected in the quarterly financial information during fiscal 2016 are as follows: first quarter restructuring costs of $9.3 million including $5.4 million in costs related to consumer complaints and claims related to the reformulated Bonus® S fertilizer product sold in the southeastern United States during fiscal 2015, $2.8 million in transaction related costs associated with the divestiture of the SLS Business and costs of $0.9 million related to other transaction activity associated with Project Focus; second quarter net recoveries of $36.5 million including insurance reimbursement recoveries of $50.0 million related to Bonus® S insurance reimbursements, a charge of $9.0 million for the resolution of a prior SLS Business litigation matter, $1.6 million in transaction related costs associated with the divestiture of the SLS Business and costs of $1.7 million related to other transaction activity associated with Project Focus; third quarter net recoveries of $5.4 million related to Bonus® S insurance reimbursements; and fourth quarter restructuring costs of $6.7 million associated with Project Focus including costs of $5.4 million related to termination benefits for U.S. and international employees and costs of $2.3 million related to other transaction activity.
Significant impairment, restructuring and other charges reflected in the quarterly financial information during fiscal 2015 are as follows: first quarter restructuring costs of $9.6 million related to termination benefits for U.S. and international employees; second quarter restructuring costs of $5.1 million related to termination benefits for U.S. and international employees; third quarter restructuring costs of $6.6 million related to termination benefits for U.S. and international employees and the liquidation and exit from the U.K. Solus business, and $37.7 million in costs related to consumer complaints and claims related to the reformulated Bonus® S fertilizer product sold in the southeastern United States during fiscal 2015; and fourth quarter restructuring costs of $0.9 million related to termination benefits for U.S. and international employees, and $24.7 million in charges related to Bonus® S insurance reimbursements.