XML 60 R42.htm IDEA: XBRL DOCUMENT v3.24.3

Income Taxes (Tables)

12 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

			Year Ended September 30,
			2024						2023						2022
Domestic			$	436.4					$	397.2					$	799.9
Foreign			35.7						15.7						95.4
Earnings before Income Taxes and Equity Method Loss			$	472.1					$	412.9					$	895.3
Income tax expense			$	105.1					$	99.7					$	85.7
Effective income tax rate			22.3		%				24.1		%				9.6		%

Reconciliation of expense (benefit) for Income Taxes

			Year Ended September 30,
			2024						2023						2022
Current:
Federal			$	111.2					$	96.4					$	71.1
State			22.9						21.0						11.1
Foreign			6.5						5.2						13.2
			140.6						122.6						95.4
Deferred:
Federal			(22.8)						(10.7)						(9.7)
State			(12.6)						(11.8)						—
Foreign			(0.1)						(0.4)						—
			(35.5)						(22.9)						(9.7)
Income tax expense			$	105.1					$	99.7					$	85.7

Reconciliation of Income Tax expense (benefit)

			Year Ended September 30,
			2024						2023						2022
Computed tax at federal statutory rate (21%)			$	99.1					$	86.7					$	188.0
State income tax, net of effect on federal tax			12.9						12.2						10.3
Non-deductible compensation			7.9						7.0						5.9
Rate differential on foreign income			1.9						(0.2)						(10.2)
Return-to-provision			1.3						(0.1)						(0.5)
Enacted tax law and changes in deferred tax rates			0.9						(5.8)						0.9
Valuation allowances			(8.4)						1.0						1.4
Excess tax benefits for share-based payments			(5.6)						(5.7)						(3.6)
Income tax credits			(2.9)						(2.4)						(1.9)
Enhanced deduction for food donations			(1.6)						(1.6)						(1.0)
Non-deductible goodwill impairment charge			—						8.9						—
Gain on investment in BellRing (a)			—						(1.1)						(91.8)
Net losses and basis difference attributable to equity method investment			—						—						(14.1)
Other, net (none in excess of 5% of statutory tax)			(0.4)						0.8						2.3
Income tax expense			$	105.1					$	99.7					$	85.7

(a)No income taxes were recorded with respect to the non-cash realized and unrealized book gains on the Company’s Investment in BellRing during the years ended September 30, 2023 or 2022, as the Company fully divested its Investment in BellRing within 12 months of the BellRing Spin-off in a manner intended to qualify as tax-free for U.S. federal income tax purposes. For additional information on the Investment in BellRing, refer to Notes 5 and 17.

Deferred tax assets (liabilities)

			September 30, 2024																		September 30, 2023
			Assets						Liabilities						Net						Assets						Liabilities						Net
Lease liabilities			$	61.9					$	—					$	61.9					$	49.1					$	—					$	49.1
Disallowed interest carryforwards			56.0						—						56.0						53.9						—						53.9
Derivative, equity securities and investment adjustments			40.6						—						40.6						41.0						—						41.0
Net operating loss and credit carryforwards			27.6						—						27.6						20.9						—						20.9
Inventory			26.8						—						26.8						16.0						—						16.0
Accrued vacation, incentive and severance			24.6						—						24.6						10.3						—						10.3
Stock-based and deferred compensation			23.7						—						23.7						20.6						—						20.6
Capitalized research and development			18.3						—						18.3						11.2						—						11.2
Accrued liabilities			10.9						—						10.9						10.8						—						10.8
Basis difference attributable to equity method investment			4.7						—						4.7						4.7						—						4.7
Intangible assets			—						(585.5)						(585.5)						—						(592.2)						(592.2)
Property			—						(239.9)						(239.9)						—						(226.1)						(226.1)
ROU assets			—						(58.9)						(58.9)						—						(46.2)						(46.2)
Pension and other postretirement benefits			—						(23.8)						(23.8)						—						(16.2)						(16.2)
Other items			6.5						(2.8)						3.7						6.9						(2.7)						4.2
Total gross deferred income taxes			301.6						(910.9)						(609.3)						245.4						(883.4)						(638.0)
Valuation allowance			(43.7)						—						(43.7)						(36.4)						—						(36.4)
Total deferred income taxes			$	257.9					$	(910.9)					$	(653.0)					$	209.0					$	(883.4)					$	(674.4)

Summary of Valuation Allowance

			As of and for the Year Ended September 30,
			2024						2023						2022
Balance, beginning of year			$	36.4					$	35.5					$	41.6
Deeside acquisition			20.4						—						—
State carryforwards, including NOLs, Section 163(j) and credits			(11.8)						(0.1)						(7.6)
Other foreign-related changes			(1.3)						1.0						1.5
Balance, end of year			$	43.7					$	36.4					$	35.5

Income Tax Contingency [Line Items]

Schedule of Unrecognized Tax Benefits Roll Forward

			As of and for the Year Ended September 30,
			2024						2023						2022
Balance, beginning of year			$	12.8					$	11.7					$	12.5
Additions for tax positions taken in current year and acquisitions			1.5						0.8						0.1
Additions for tax positions taken in prior years			0.7						0.4						—
Settlements with tax authorities/statute expirations			(5.2)						(0.1)						(0.9)
Balance, end of year			$	9.8					$	12.8					$	11.7

X

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxContingencyLineItems
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration