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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Pre-tax Income (Loss) from Continuing Operations | Pre-tax income was taxed in the following jurisdictions (in millions):
|  | Year Ended December 31, |  |  | Three Months Ended December 31, (transition period) |  |  | Year Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2021 |  |  | 2020 |
Domestic |  | $ | 243.1 |  |  | $ | 16.8 |  |  | $ | 489.0 |  |  | $ | 425.8 |
Foreign |  |  | 32.5 |  |  |  | 7.4 |  |  |  | 56.3 |  |  |  | 9.4 |
|  | $ | 275.6 |  |  | $ | 24.2 |  |  | $ | 545.3 |  |  | $ | 435.2 |
Schedule of Components of Provision for (Benefit from) Income Taxes | Significant components of the provision for income taxes were as follows (in millions):
|  | Year Ended December 31, |  |  | Three Months Ended December 31, (transition period) |  |  | Year Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2021 |  |  | 2020 |
Allocated to Income Before Losses of Unconsolidated Affiliates |  |  |  |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 98.1 |  |  | $ | 168.3 |  |  | $ | (94.7 | ) |  | $ | 70.1 |
Foreign |  |  | 42.0 |  |  |  | 1.0 |  |  |  | 8.5 |  |  |  | 8.2 |
State |  |  | 10.9 |  |  |  | 11.4 |  |  |  | 22.8 |  |  |  | 12.1 |
Total current |  |  | 151.0 |  |  |  | 180.7 |  |  |  | (63.4 | ) |  |  | 90.4 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (53.3 | ) |  |  | (166.4 | ) |  |  | 119.3 |  |  |  | 13.4 |
Foreign |  |  | (1.4 | ) |  |  | (0.5 | ) |  |  | (5.6 | ) |  |  | 9.7 |
State |  |  | 1.2 |  |  |  | (12.6 | ) |  |  | (13.9 | ) |  |  | (1.6 | )
Total deferred |  |  | (53.5 | ) |  |  | (179.5 | ) |  |  | 99.8 |  |  |  | 21.5 |
|  | $ | 97.5 |  |  | $ | 1.2 |  |  | $ | 36.4 |  |  | $ | 111.9 |
Allocated to Other Comprehensive Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |
Deferred federal, state and foreign |  | $ | (19.2 | ) |  | $ | (2.8 | ) |  | $ | (20.0 | ) |  | $ | 8.8 |
Schedule of Reconciliation of Income Tax Computed at U.S. Federal Statutory Tax Rates to Income Tax Expense | The reconciliation of income tax computed at the U.S. federal statutory tax rates to income tax expense was:
|  | Year Ended December 31, |  |  | Three Months Ended December 31, (transition period) |  |  | Year Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2021 |  |  | 2020 |
Effective Rate Reconciliation |  |  |  |  |  |  |  |  |  |  |  |
U.S. federal tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State income taxes, net |  |  | 3.9 | % |  |  | 2.7 | % |  |  | 2.2 | % |  |  | 2.8 | %
Foreign taxes |  |  | 13.7 | % |  |  | 5.0 | % |  |  | 1.6 | % |  |  | 0.8 | %
Tax audit settlements |  |  | 0.1 | % |  |  | — | % |  |  | -0.9 | % |  |  | — | %
Valuation allowance |  |  | -0.1 | % |  |  | 3.0 | % |  |  | -1.2 | % |  |  | 3.3 | %
Domestic tax credits |  |  | -3.0 | % |  |  | -15.8 | % |  |  | -2.3 | % |  |  | -3.2 | %
Foreign-derived intangible income deduction |  |  | -0.9 | % |  |  | -8.9 | % |  |  | — | % |  |  | -0.4 | %
Global intangible low-taxed income, net |  |  | 0.6 | % |  |  | -1.6 | % |  |  | 0.2 | % |  |  | — | %
Share-based compensation |  |  | 0.3 | % |  |  | -5.2 | % |  |  | — | % |  |  | — | %
CARES Act net operating loss carryback |  |  | -0.9 | % |  |  | — | % |  |  | -13.8 | % |  |  | — | %
Other, net |  |  | 0.7 | % |  |  | 4.8 | % |  |  | -0.1 | % |  |  | 1.4 | %
|  |  | 35.4 | % |  |  | 5.0 | % |  |  | 6.7 | % |  |  | 25.7 | %
Components of Deferred Income Tax Assets and Liabilities | Deferred income tax assets and liabilities were comprised of the following (in millions):
|  | December 31, |  |  | September 30, |
|  | 2022 |  |  | 2021 |  |  | 2021 |
Deferred tax assets: |  |  |  |  |  |  |  |  |
Other long-term liabilities |  | $ | 41.3 |  |  | $ | 50.3 |  |  | $ | 57.3 |
Research & Development |  |  | 84.5 |  |  |  | — |  |  |  | — |
Losses and credits |  |  | 44.5 |  |  |  | 44.0 |  |  |  | 61.5 |
Accrued warranty |  |  | 13.4 |  |  |  | 15.5 |  |  |  | 16.3 |
Other current liabilities |  |  | 21.6 |  |  |  | 21.8 |  |  |  | 24.5 |
Customer advances |  |  | 75.3 |  |  |  | 140.6 |  |  |  | — |
Payroll-related obligations |  |  | 13.1 |  |  |  | 14.8 |  |  |  | 26.2 |
Other |  |  | 15.8 |  |  |  | 9.3 |  |  |  | 8.9 |
Gross deferred tax assets |  |  | 309.5 |  |  |  | 296.3 |  |  |  | 194.7 |
Less valuation allowance |  |  | (6.2 | ) |  |  | (6.7 | ) |  |  | (6.2 | )
Deferred tax assets, net |  |  | 303.3 |  |  |  | 289.6 |  |  |  | 188.5 |
Deferred tax liabilities: |  |  |  |  |  |  |  |  |
Intangible assets |  |  | (55.6 | ) |  |  | (52.8 | ) |  |  | (51.6 | )
Property, plant and equipment |  |  | (30.9 | ) |  |  | (94.1 | ) |  |  | (143.9 | )
Inventories |  |  | (35.0 | ) |  |  | (59.3 | ) |  |  | (52.2 | )
Other |  |  | (47.0 | ) |  |  | (11.7 | ) |  |  | (40.6 | )
Deferred tax liabilities |  |  | (168.5 | ) |  |  | (217.9 | ) |  |  | (288.3 | )
Net deferred tax asset (liability) |  | $ | 134.8 |  |  | $ | 71.7 |  |  | $ | (99.8 | )
Schedule of Classification of Deferred Tax Asset in Consolidated Balance Sheets | The net deferred tax asset is classified in the Consolidated Balance Sheets as follows (in millions):
|  | December 31, |  |  | September 30, |
|  | 2022 |  |  | 2021 |  |  | 2021 |
Long-term net deferred tax asset |  | $ | 134.8 |  |  | $ | 71.7 |  |  | $ | 8.3 |
Long-term net deferred tax liability |  |  | — |  |  |  | — |  |  |  | (108.1 | )
Net deferred tax asset (liability) |  | $ | 134.8 |  |  | $ | 71.7 |  |  | $ | (99.8 | )
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of gross unrecognized tax benefits, excluding interest and penalties, was as follows (in millions):
|  | Year Ended December 31, |  |  | Three Months Ended December 31, (transition period) |  |  | Year Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2021 |  |  | 2020 |
Balance at beginning of period |  | $ | 41.5 |  |  | $ | 46.0 |  |  | $ | 79.8 |  |  | $ | 97.3 |
Additions for tax positions related to current year |  |  | 50.2 |  |  |  | 0.5 |  |  |  | 15.8 |  |  |  | 46.2 |
Additions for tax positions related to prior years |  |  | 20.9 |  |  |  | — |  |  |  | 0.6 |  |  |  | 1.4 |
Reductions for tax positions related to prior years |  |  | (10.0 | ) |  |  | (5.0 | ) |  |  | (46.0 | ) |  |  | (61.8 | )
Settlements |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1.3 | )
Foreign currency translation |  |  | (1.9 | ) |  |  | — |  |  |  | — |  |  |  | — |
Lapse of statutes of limitations |  |  | (1.9 | ) |  |  | — |  |  |  | (4.2 | ) |  |  | (2.0 | )
Balance at end of period |  | $ | 98.8 |  |  | $ | 41.5 |  |  | $ | 46.0 |  |  | $ | 79.8 |
Schedule of Tax Years Open for Examination Under Applicable Statutes | As of December 31, 2022, tax years open for examination under applicable statutes were as follows:
Tax Jurisdiction |  | Open Tax Years
Australia |  | 2018 - 2022
Belgium |  | 2019 - 2022
Brazil |  | 2018 - 2022
Canada |  | 2018 - 2022
China |  | 2017 - 2022
Mexico |  | 2018 - 2022
Netherlands |  | 2017 - 2022
United Kingdom |  | 2020 - 2022
Other Non-U.S. Countries |  | 2016 - 2022
United States (federal general) |  | 2016 - 2022
United States (state and local) |  | 2007 - 2022

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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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