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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
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, |  |  | (transition period) Three Months Ended December 31, |  |  | Year Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2021 |
Domestic |  | $ | 705.9 |  |  | $ | 243.1 |  |  | $ | 16.8 |  |  | $ | 489.0 |
Foreign |  |  | 91.7 |  |  |  | 32.5 |  |  |  | 7.4 |  |  |  | 56.3 |
|  | $ | 797.6 |  |  | $ | 275.6 |  |  | $ | 24.2 |  |  | $ | 545.3 |
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, |  |  | (transition period) Three Months Ended December 31, |  |  | Year Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2021 |
Allocated to Income Before Losses of Unconsolidated Affiliates |  |  |  |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 268.4 |  |  | $ | 98.1 |  |  | $ | 168.3 |  |  | $ | (94.7 | )
Foreign |  |  | 29.9 |  |  |  | 42.0 |  |  |  | 1.0 |  |  |  | 8.5 |
State |  |  | 52.1 |  |  |  | 10.9 |  |  |  | 11.4 |  |  |  | 22.8 |
Total current |  |  | 350.4 |  |  |  | 151.0 |  |  |  | 180.7 |  |  |  | (63.4 | )
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (126.0 | ) |  |  | (53.3 | ) |  |  | (166.4 | ) |  |  | 119.3 |
Foreign |  |  | (8.0 | ) |  |  | (1.4 | ) |  |  | (0.5 | ) |  |  | (5.6 | )
State |  |  | (26.4 | ) |  |  | 1.2 |  |  |  | (12.6 | ) |  |  | (13.9 | )
Total deferred |  |  | (160.4 | ) |  |  | (53.5 | ) |  |  | (179.5 | ) |  |  | 99.8 |
|  | $ | 190.0 |  |  | $ | 97.5 |  |  | $ | 1.2 |  |  | $ | 36.4 |
Allocated to Other Comprehensive Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |
Deferred federal, state and foreign |  | $ | 1.8 |  |  | $ | (19.2 | ) |  | $ | (2.8 | ) |  | $ | (20.0 | )
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, |  |  | (transition period) Three Months Ended December 31, |  |  | Year Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2021 |
Effective Rate Reconciliation |  |  |  |  |  |  |  |  |  |  |  |
U.S. federal tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State income taxes, net |  |  | 2.5 | % |  |  | 3.9 | % |  |  | 2.7 | % |  |  | 2.2 | %
Foreign taxes |  |  | 1.0 | % |  |  | 13.7 | % |  |  | 5.0 | % |  |  | 1.6 | %
Tax audit settlements |  |  | — | % |  |  | 0.1 | % |  |  | — | % |  |  | -0.9 | %
Valuation allowance |  |  | 0.7 | % |  |  | -0.1 | % |  |  | 3.0 | % |  |  | -1.2 | %
Domestic tax credits |  |  | -1.8 | % |  |  | -3.0 | % |  |  | -15.8 | % |  |  | -2.3 | %
Foreign-derived intangible income deduction |  |  | -0.2 | % |  |  | -0.9 | % |  |  | -8.9 | % |  |  | — | %
Global intangible low-taxed income, net |  |  | — | % |  |  | 0.6 | % |  |  | -1.6 | % |  |  | 0.2 | %
Share-based compensation |  |  | 0.4 | % |  |  | 0.3 | % |  |  | -5.2 | % |  |  | — | %
CARES Act net operating loss carryback |  |  | 0.3 | % |  |  | -0.9 | % |  |  | — | % |  |  | -13.8 | %
Other, net |  |  | -0.1 | % |  |  | 0.7 | % |  |  | 4.8 | % |  |  | -0.1 | %
|  |  | 23.8 | % |  |  | 35.4 | % |  |  | 5.0 | % |  |  | 6.7 | %
Components of Deferred Income Tax Assets and Liabilities | Deferred income tax assets and liabilities were comprised of the following (in millions):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |
Other long-term liabilities |  | $ | 35.0 |  |  | $ | 41.3 |
Research & Development |  |  | 87.8 |  |  |  | 84.5 |
Losses and credits |  |  | 37.6 |  |  |  | 44.5 |
Accrued warranty |  |  | 14.3 |  |  |  | 13.4 |
Other current liabilities |  |  | 26.8 |  |  |  | 21.6 |
Customer advances |  |  | 182.0 |  |  |  | 75.3 |
Payroll-related obligations |  |  | 21.2 |  |  |  | 13.1 |
Other |  |  | 28.4 |  |  |  | 15.8 |
Gross deferred tax assets |  |  | 433.1 |  |  |  | 309.5 |
Less valuation allowance |  |  | (12.0 | ) |  |  | (6.2 | )
Deferred tax assets, net |  |  | 421.1 |  |  |  | 303.3 |
Deferred tax liabilities: |  |  |  |  |  |
Intangible assets |  |  | (81.7 | ) |  |  | (55.6 | )
Property, plant and equipment |  |  | (30.6 | ) |  |  | (30.9 | )
Inventories |  |  | (6.1 | ) |  |  | (35.0 | )
Other |  | $ | (67.5 | ) |  |  | (47.0 | )
Deferred tax liabilities |  |  | (185.9 | ) |  |  | (168.5 | )
Net deferred tax asset (liability) |  | $ | 235.2 |  |  | $ | 134.8 |
The increase in deferred tax assets for customer advances relates to customer advances remaining in the Company's possession for a longer period of time. For tax purposes, the Company generally can only defer income on customer advances until the year after receipt. As the Company's backlog extends beyond one year, a greater number of customer advances have been recognized in income for tax purposes prior to recognition of revenue for book purposes.
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, |
|  | 2023 |  |  | 2022 |
Long-term net deferred tax asset |  | $ | 262.0 |  |  | $ | 134.8 |
Long-term net deferred tax liability |  |  | (26.8 | ) |  |  | — |
Net deferred tax asset (liability) |  | $ | 235.2 |  |  | $ | 134.8 |
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, |  |  | (transition period) Three Months Ended December 31, |  |  | Year Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2021 |
Balance at beginning of period |  | $ | 98.8 |  |  | $ | 41.5 |  |  | $ | 46.0 |  |  | $ | 79.8 |
Additions for tax positions related to current year |  |  | 5.0 |  |  |  | 50.2 |  |  |  | 0.5 |  |  |  | 15.8 |
Additions for tax positions related to prior years |  |  | 0.7 |  |  |  | 20.9 |  |  |  | — |  |  |  | 0.6 |
Reductions for tax positions related to prior years |  |  | (36.5 | ) |  |  | (10.0 | ) |  |  | (5.0 | ) |  |  | (46.0 | )
Foreign currency translation |  |  | 0.3 |  |  |  | (1.9 | ) |  |  | — |  |  |  | — |
Lapse of statutes of limitations |  |  | (4.0 | ) |  |  | (1.9 | ) |  |  | — |  |  |  | (4.2 | )
Balance at end of period |  | $ | 64.3 |  |  | $ | 98.8 |  |  | $ | 41.5 |  |  | $ | 46.0 |
Schedule of Tax Years Open for Examination Under Applicable Statutes | As of December 31, 2023, tax years open for examination under applicable statutes were as follows:
Tax Jurisdiction |  | Open Tax Years
Australia |  | 2019 - 2023
Belgium |  | 2020 - 2023
Brazil |  | 2019 - 2023
Canada |  | 2019 - 2023
China |  | 2018 - 2023
Mexico |  | 2019 - 2023
Netherlands |  | 2018 - 2023
United Kingdom |  | 2022 - 2023
Other Non-U.S. Countries |  | 2017 - 2023
United States (federal general) |  | 2016 - 2023
United States (state and local) |  | 2013 - 2023

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
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