Discontinued Operations (Notes)

9 Months Ended

Jun. 30, 2014

Discontinued Operations [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Discontinued Operations

Exit of Physical Base Metals Business

During the second quarter of fiscal 2013, as a result of a change in management strategy in the Company’s base metals product line, the Company elected to pursue an exit of its physical base metals business through the sale and orderly liquidation of current open positions. During the following months, the Company completed a sale of a portion of the physical base metals open contract positions, and the liquidation of the majority of the remaining physical base metals open contract positions and inventory. The exit of the physical base metals business was substantially completed by the end of fiscal 2013, including the termination of the physical base metals trading team and certain operational support personnel. The remaining open contract positions were fulfilled during the second fiscal quarter of 2014.Under existing accounting guidance, before the implementation of ASU 2014-08, the Company has reclassified the physical base metals activities in the financial statements as discontinued operations for all periods presented. The physical base metals business was previously included in the Commodity and Risk Management Services segment (see Note 19 – Segment Analysis). The Company continues to operate the portion of its base metals business related to non-physical assets, conducted primarily through the London Metals Exchange.

Summarized below are the components of the Company’s income (loss) from discontinued operations for the three and nine months ended June 30, 2014 and 2013:

	Three Months Ended June 30,						Nine Months Ended June 30,
(in millions)	2014			2013			2014			2013
Total revenues from discontinued operations	$	—		$	337.5		$	40.9		$	1,172.0
Total cost of sales of physical commodities from discontinued operations	—			337.7			40.2			1,162.5
Operating revenues	$	—		$	(0.2	)	$	0.7		$	9.5
(Loss) income from discontinued operations before income taxes	$	(0.3	)	$	(2.2	)	$	(0.4	)	$	2.3
Income tax benefit (expense)	0.1			0.4			0.1			(1.1		)
(Loss) income from discontinued operations, net of tax	$	(0.2	)	$	(1.8	)	$	(0.3	)	$	1.2