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Leases | 12 Months Ended
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Sep. 30, 2023
Leases [Abstract] |
Leases | Leases The Company leases office space under non-cancelable operating leases with third parties as of September 30, 2023. Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets and the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Certain office space leases include one or more options to renew, with renewal terms that can extend the lease term from three to ten years, and some of which include the Company’s option to terminate the leases within two years of the balance sheet date. In determining the term of certain office space leases, the Company has not considered any renewal options in the lease terms of its office space leases as the Company does not believe it is reasonably certain that any of the rights will be exercised. Further, the Company has not included periods after termination date, if the Company holds a termination option and believes it is reasonably certain to exercise. As the office space leases do not provide an implicit rate, the Company applies a collateralized incremental borrowing rate based on information available at lease commencement date in determining the present value of lease payments. For office space leases executed by subsidiaries, including foreign subsidiaries, the Company has applied its incremental borrowing rate. The Company believes this is a reasonable approach as its subsidiaries either do not have their own treasury functions or the credit facilities available to its subsidiaries do not permit financing of right-of-use assets. Additionally, in certain instances, the parent company provides a guaranty of the lease payments to the lessor under office space leases executed by its subsidiaries. The Company believes that pricing subsidiary leases is more significantly influenced by the credit standing of the parent company than that of its subsidiaries. Certain office space leases contain variable lease payments related to fair market rent adjustments and local inflation index measures. The Company estimates variable lease payments based upon information available at lease commencement date in determining the present value of lease payments. The Company has elected to not separate lease components from nonlease components for all office space leases. The Company does not have any financing leases as of September 30, 2023. Operating lease expense is recognized on a straight-line basis over the lease term and is reported within Occupancy and equipment rental on the Consolidated Income Statements. As of September 30, 2023 and 2022, the Company recorded operating lease right-of-use assets of $122.1 million and $121.8 million, respectively, and operating lease liabilities of $149.3 million and $143.0 million, respectively. The following table presents operating lease costs and other related information as of and for the fiscal years ended September 30, 2023 and 2022 (in millions, except as stated):
| Year Ended September 30,
| 2023 | 2022
Operating lease costs (1) | $ | 28.0 |  | $ | 25.7 |
Supplemental cash flow information and non-cash activity: |  |
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 18.4 |  | $ | 16.4 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ | 14.3 |  | $ | 12.4 |
Lease term and discount rate information: |  |
Weighted average remaining lease term (years) | 9.8 | 10.9
Weighted average discount rate | 4.5 | % | 4.3 | %
(1) Includes short-term leases and variable lease costs, which are immaterial. The maturities of the lease liabilities are as follows as of September 30, 2023 (in millions):
2024 | $ | 19.9 |
2025 | 19.7 |
2026 | 20.2 |
2027 | 19.8 |
2028 | 17.8 |
After 2028 | 85.9 |
Total lease payments | 183.3 |
Less: interest | 34.0 |
Present value of lease liabilities | $ | 149.3 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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