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Taxes on Income (Tables)
 12 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of taxes on income
Taxes on income were as follows:
(in millions)
for the fiscal years ended September 30,202520242023
Current expense
Federal$140.6 $212.0 $148.1 
State51.5 54.0 55.6 
Non-U.S.93.0 73.9 67.1 
Deferred (benefit) expense(47.2)(124.6)41.5 
Total$237.9 $215.3 $312.3 
Schedule of income before taxes
Income before taxes consisted of the following:
(in millions)
for the fiscal years ended September 30,202520242023
U.S.$538.2 $286.3 $819.2 
Non-U.S. and other1
248.6 536.9 518.8 
Total$786.8 $823.2 $1,338.0 
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1    Other includes income (loss) from consolidated investment products and amounts not subject to tax.
Components of deferred tax assets and liabilities
The significant components of deferred tax assets and deferred tax liabilities were as follows:
(in millions)
as of September 30,20252024
Deferred Tax Assets
Capitalized mixed service costs$127.5 $162.6 
Net operating loss and state credit carry-forwards328.3 325.8 
Deferred compensation and benefits209.3 210.5 
Foreign tax credit carry-forwards70.4 81.6 
Operating lease liability
199.1 186.4 
Debt premium43.7 48.6 
Other118.9 116.1 
Total deferred tax assets1,097.2 1,131.6 
Valuation allowance(297.1)(290.5)
Deferred tax assets, net of valuation allowance800.1 841.1 
Deferred Tax Liabilities
Goodwill and other purchased intangibles697.7 800.8 
Right of use asset
151.0 160.3 
Other129.7 88.8 
Total deferred tax liabilities978.4 1,049.9 
Net Deferred Tax Liability$178.3 $208.8 
Components of net deferred tax liability as classified in the consolidated balance sheets The components of the net deferred tax liability were classified in the consolidated balance sheets as follows:
(in millions)
as of September 30,20252024
Other assets$83.3 $76.1 
Deferred tax liabilities261.6 284.9 
Net Deferred Tax Liability$178.3 $208.8 
Reconciliation of the amount of tax expense at the federal statutory rate and taxes on income
A reconciliation of the amount of tax expense at the federal statutory rate and taxes on income as reflected in the consolidated statements of income is as follows:
(in millions)
for the fiscal years ended September 30,202520242023
Federal taxes at statutory rate$165.2 21.0%$172.9 21.0%$281.0 21.0%
State taxes, net of federal tax effect
25.5 3.2%42.8 5.2%71.3 5.3%
Tax reserve (release) for audit settlements, net of valuation allowance
(4.8)(0.6%)0.5 0.1%(11.4)(0.9%)
Effect of net income attributable to noncontrolling interests(5.0)(0.6%)(29.7)(3.6%)(22.0)(1.6%)
Effect of non-U.S. operations44.5 5.7%4.0 0.5%(14.7)(1.1%)
Capital loss on investments, net of valuation allowance
7.5 1.0%7.4 0.9%(8.8)(0.7%)
Foreign tax credit valuation allowance release
(12.6)(1.6)%5.1 0.6%7.2 0.5%
Other
17.6 2.2 %12.3 1.5%9.7 0.8%
Tax Provision
$237.9 30.2%$215.3 26.2%$312.3 23.3%
Schedule of transition tax payable The remaining payment for the Company’s federal portion of the transition tax liability of $231.6 million will be made in fiscal year 2026.
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending balances of gross unrecognized tax benefits is as follows:
(in millions)
for the fiscal years ended September 30,202520242023
Balance at beginning of year$133.5 $138.8 $168.7 
Additions for tax positions of prior years2.5 1.2 6.1 
Reductions for tax positions of prior years(1.2)(4.9)(14.9)
Tax positions related to the current year11.1 12.1 13.3 
Settlements with taxing authorities(17.5)(6.6)(19.9)
Expirations of statute of limitations(16.5)(7.1)(14.5)
Balance at End of Year$111.9 $133.5 $138.8