XML 30 R13.htm IDEA: XBRL DOCUMENT
v3.23.3

Allowance for Doubtful Accounts | 12 Months Ended
--- | ---
Sep. 30, 2023
Receivables [Abstract] |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net; receivable from clients, net; and notes receivable, net include allowances for doubtful accounts, which reflect the Company’s best estimates of probable losses inherent in the accounts. In determining expected credit losses and establishing its allowance for doubtful accounts, the Company considers a number of factors including, but not limited to, historical collection experience, current and forecasted economic and business conditions, internal and external credit risk ratings, collateral terms, payment terms and aging of the financial asset, as well as specific-identification in certain circumstances. The Company continually reviews its allowance for doubtful accounts. The allowance for doubtful accounts related to deposits with and receivables from broker-dealers, clearing organizations, and counterparties was $0.1 million and $1.4 million as of September 30, 2023 and 2022. The allowance for doubtful accounts related to receivable from clients was $59.8 million and $46.4 million as of September 30, 2023 and 2022, respectively. The Company had no allowance for doubtful accounts related to notes receivable as of September 30, 2023 and 2022. Activity in the allowance for doubtful accounts for the years ended September 30, 2023, 2022, and 2021 was as follows:
(in millions) | 2023 |  | 2022 |  | 2021
Balance, beginning of year | $ | 47.8 |  |  | $ | 39.8 |  |  | $ | 27.1 |
ASU 2016-13 cumulative transition adjustment | — |  |  | — |  |  | 8.2 |
Adjusted balance, beginning of year | 47.8 |  |  | 39.8 |  |  | 35.3 |
Provision for bad debts(1) | 12.5 |  |  | 12.4 |  |  | 10.4 |
Allowance charge-offs | (0.5) |  |  | (5.6) |  |  | (5.9) |
Other(2) | 0.1 |  |  | 1.2 |  |  | — |
Balance, end of year | $ | 59.9 |  |  | $ | 47.8 |  |  | $ | 39.8 |
(1) An additional $4.0 million is included in bad debt expense for the year ended September 30, 2023 on the consolidated income statement, which is not included in the allowance at the year then ended.
(2) Allowance increase is related to a recoverable amount due from an affiliated party and recorded in Other assets on the Consolidated Balance Sheets.

X
- Definition The entire disclosure for allowance for credit losses. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -Publisher FASB -URI https://asc.fasb.org//310/tableOfContent + Details
Name: | us-gaap_AllowanceForCreditLossesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_ReceivablesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration