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Income Taxes (Tables) | 12 Months Ended
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Sep. 30, 2022
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense/(benefit) for the years ended September 30, 2022, 2021, and 2020 was allocated as follows:
| Year Ended September 30,
(in millions) | 2022 |  | 2021 |  | 2020
Income tax expense attributable to income from operations | $ | 70.1 |  |  | $ | 37.8 |  |  | $ | 37.1 |
Taxes allocated to stockholders’ equity, related to pension liabilities | (0.1) |  |  | 0.5 |  |  | — |
Taxes allocated to stockholders’ equity, related to hedge accounting | (17.0) |  |  | — |  |  | — |
Total income tax expense | $ | 53.0 |  |  | $ | 38.3 |  |  | $ | 37.1 |
The components of income tax expense/(benefit) attributable to income from operations were as follows:
| Year Ended September 30,
(in millions) | 2022 |  | 2021 |  | 2020
Current taxes: |  |  |  |  |
U.S. federal | $ | 8.2 |  |  | $ | 6.7 |  |  | $ | (0.6) |
U.S. state and local | 3.6 |  |  | (0.1) |  |  | 2.3 |
Australia | 2.8 |  |  | 1.8 |  |  | 0.5 |
Brazil | 12.6 |  |  | 8.0 |  |  | 6.5 |
Germany | 8.9 |  |  | 6.0 |  |  | 3.4 |
Singapore | 2.0 |  |  | 1.9 |  |  | 2.8 |
United Kingdom | 29.2 |  |  | 6.6 |  |  | 13.9 |
Other international | 3.1 |  |  | 3.7 |  |  | 4.2 |
Total current taxes | 70.4 |  |  | 34.6 |  |  | 33.0 |
Deferred taxes: |  |  |  |  |
U.S. federal | 3.4 |  |  | 1.4 |  |  | 4.9 |
U.S. state and local | (0.1) |  |  | 2.7 |  |  | 0.6 |
Australia | (0.2) |  |  | 0.3 |  |  | (0.1) |
Brazil | (0.8) |  |  | (1.3) |  |  | (1.3) |
Singapore | — |  |  | 0.4 |  |  | 0.8 |
United Kingdom | (2.7) |  |  | 0.1 |  |  | (0.3) |
Other international | 0.1 |  |  | (0.4) |  |  | (0.5) |
Total deferred taxes | (0.3) |  |  | 3.2 |  |  | 4.1 |
Income tax expense | $ | 70.1 |  |  | $ | 37.8 |  |  | $ | 37.1 |
Schedule of Income before Income Tax, Domestic and Foreign | U.S. and international components of income from operations, before tax, was as follows:
| Year Ended September 30,
(in millions) | 2022 |  | 2021 |  | 2020
U.S. | $ | 50.0 |  |  | $ | 37.3 |  |  | $ | 88.8 |
Australia | 8.7 |  |  | 7.8 |  |  | 1.4 |
Brazil | 25.3 |  |  | 13.7 |  |  | 7.6 |
Germany | 27.8 |  |  | 17.2 |  |  | 10.4 |
Singapore | 19.4 |  |  | 16.0 |  |  | 20.5 |
United Kingdom | 104.8 |  |  | 41.4 |  |  | 58.5 |
Other international | 41.2 |  |  | 20.7 |  |  | 19.5 |
Income from operations, before tax | $ | 277.2 |  |  | $ | 154.1 |  |  | $ | 206.7 |
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,
| 2022 |  | 2021 |  | 2020
Federal statutory rate effect of: | 21.0 | % |  | 21.0 | % |  | 21.0 | %
U.S. State and local income taxes | 1.0 | % |  | 1.8 | % |  | 1.2 | %
Foreign earnings and losses taxed at different rates | 1.1 | % |  | 1.0 | % |  | 0.9 | %
Change in valuation allowance | 0.9 | % |  | 1.9 | % |  | 1.0 | %
U.K. bank tax | 2.6 | % |  | 0.4 | % |  | — | %
U.S. permanent items | 0.2 | % |  | (1.2) | % |  | 0.6 | %
Non-deductible compensation | 0.7 | % |  | 1.9 | % |  | 0.6 | %
Foreign permanent items | (2.8) | % |  | (2.3) | % |  | 0.3 | %
U.S. bargain purchase gain | — | % |  | (0.5) | % |  | (8.3) | %
GILTI | 0.6 | % |  | 0.6 | % |  | 0.7 | %
Effective rate | 25.3 | % |  | 24.6 | % |  | 18.0 | %
Schedule of Deferred Tax Assets and Liabilities | The components of deferred income tax assets and liabilities were as follows:
(in millions) | September 30, 2022 |  | September 30, 2021
Deferred tax assets: |  |  |
Share-based compensation | $ | 4.8 |  |  | $ | 1.7 |
Deferred compensation | 5.1 |  |  | 4.7 |
Net operating loss carryforwards | 18.7 |  |  | 17.7 |
Intangible assets | 6.4 |  |  | 6.5 |
Bad debt reserve | 7.8 |  |  | 7.3 |
Hedging | 17.0 |  |  | — |
Foreign tax credit carryforwards | 1.6 |  |  | 2.0 |
Other compensation | 8.0 |  |  | 7.0 |
Property and equipment | — |  |  | 6.3 |
Pension | 2.1 |  |  | 1.2 |
Right of use assets | 23.8 |  |  | 22.9 |
Other | 2.0 |  |  | 1.8 |
Total gross deferred tax assets | 97.3 |  |  | 79.1 |
Less valuation allowance | (15.8) |  |  | (15.0) |
Deferred tax assets | 81.5 |  |  | 64.1 |
Deferred income tax liabilities: |  |  |
Unrealized gain on securities | 2.5 |  |  | 2.8 |
Prepaid expenses | 3.8 |  |  | 4.2 |
Property and equipment | 2.0 |  |  | — |
Right of use liabilities | 20.8 |  |  | 21.6 |
Other deferred liabilities | 0.4 |  |  | 0.4 |
Deferred income tax liabilities | 29.5 |  |  | 29.0 |
Deferred income taxes, net | $ | 52.0 |  |  | $ | 35.1 |

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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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