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Income Taxes (Tables) | 12 Months Ended
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Sep. 30, 2020
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) for the years ended September 30, 2020, 2019, and 2018 was allocated as follows:
| Year Ended September 30,
(in millions) | 2020 |  | 2019 |  | 2018
Income tax expense attributable to income from operations | $ | 37.1 |  |  | $ | 25.9 |  |  | $ | 46.0 |
Taxes allocated to stockholders’ equity, related to pension liabilities | — |  |  | (0.2) |  |  | 0.1 |
Total income tax expense | $ | 37.1 |  |  | $ | 25.7 |  |  | $ | 46.1 |
The components of income tax expense (benefit) attributable to income from operations were as follows:
| Year Ended September 30,
(in millions) | 2020 |  | 2019 |  | 2018
Current taxes: |  |  |  |  |
U.S. federal | $ | (0.6) |  |  | $ | (1.9) |  |  | $ | 0.8 |
U.S. State and local | 2.3 |  |  | (0.8) |  |  | 0.5 |
International | 31.3 |  |  | 24.9 |  |  | 22.4 |
Total current taxes | 33.0 |  |  | 22.2 |  |  | 23.7 |
Deferred taxes | 4.1 |  |  | 3.7 |  |  | 22.3 |
Income tax expense | $ | 37.1 |  |  | $ | 25.9 |  |  | $ | 46.0 |
Schedule of Income before Income Tax, Domestic and Foreign | U.S. and international components of income (loss) from operations, before tax, was as follows:
| Year Ended September 30,
(in millions) | 2020 |  | 2019 |  | 2018
U.S. | $ | 88.8 |  |  | $ | (2.6) |  |  | $ | 9.9 |
International | 117.9 |  |  | 113.6 |  |  | 91.6 |
Income from operations, before tax | $ | 206.7 |  |  | $ | 111.0 |  |  | $ | 101.5 |
Schedule of Effective Income Tax Rate Reconciliation | Items accounting for the difference between income taxes computed at the federal statutory rate and income tax expense were as follows:
| Year Ended September 30,
| 2020 |  | 2019 |  | 2018
Federal statutory rate effect of: | 21.0 | % |  | 21.0 | % |  | 24.5 | %
U.S. State and local income taxes | 1.0 | % |  | (1.5) | % |  | 0.8 | %
Foreign earnings and losses taxed at different rates | 0.1 | % |  | 0.7 | % |  | (0.8) | %
Change in foreign valuation allowance | 1.0 | % |  | 1.0 | % |  | (0.8) | %
Change in state valuation allowance | 0.2 | % |  | 0.5 | % |  | — | %
U.S. permanent items | 0.9 | % |  | 0.1 | % |  | (0.2) | %
Foreign permanent items | 0.5 | % |  | 0.7 | % |  | 2.1 | %
U.S. bargain purchase gain | (8.3) | % |  | (1.0) | % |  | — | %
Remeasurement of deferred tax | — | % |  | — | % |  | 8.5 | %
Repatriation Transition tax | — | % |  | — | % |  | 11.0 | %
GILTI | 0.7 | % |  | 2.2 | % |  | — | %
Other reconciling items | 0.9 | % |  | (0.4) | % |  | 0.2 | %
Effective rate | 18.0 | % |  | 23.3 | % |  | 45.3 | %
Schedule of Deferred Tax Assets and Liabilities | The components of deferred income tax assets and liabilities were as follows:
(in millions) | September 30, 2020 |  | September 30, 2019
Deferred tax assets: |  |  |
Share-based compensation | $ | 3.1 |  |  | $ | 3.3 |
Deferred compensation | 4.1 |  |  | 3.6 |
Foreign net operating loss carryforwards | 5.4 |  |  | 2.6 |
U.S. State and local net operating loss carryforwards | 9.0 |  |  | 9.2 |
U.S. federal net operating loss carryforwards | 1.8 |  |  | 1.1 |
Intangible assets | 9.9 |  |  | 4.8 |
Bad debt reserve | 4.4 |  |  | 1.3 |
Tax credit carryforwards | 0.2 |  |  | 0.5 |
Foreign tax credit carryforwards | 2.4 |  |  | 5.0 |
Other compensation | 5.8 |  |  | 2.2 |
Property and equipment | 7.3 |  |  | — |
Other | 1.9 |  |  | 1.1 |
Total gross deferred tax assets | 55.3 |  |  | 34.7 |
Less valuation allowance | (12.4) |  |  | (8.5) |
Deferred tax assets | 42.9 |  |  | 26.2 |
Deferred income tax liabilities: |  |  |
Unrealized gain on securities | 2.4 |  |  | 3.2 |
Prepaid expenses | 3.4 |  |  | 2.2 |
Property and equipment | — |  |  | 2.6 |
Pension liability | 0.2 |  |  | 0.2 |
Deferred income tax liabilities | 6.0 |  |  | 8.2 |
Deferred income taxes, net | $ | 36.9 |  |  | $ | 18.0 |

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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 http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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