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Income Taxes (Tables) | 12 Months Ended
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Sep. 30, 2023
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense/(benefit) for the years ended September 30, 2023, 2022, and 2021 was allocated as follows:
| Year Ended September 30,
(in millions) | 2023 |  | 2022 |  | 2021
Income tax expense attributable to income from operations | $ | 84.5 |  |  | $ | 70.1 |  |  | $ | 37.8 |
Taxes allocated to stockholders’ equity, related to pension liabilities | 0.2 |  |  | (0.1) |  |  | 0.5 |
Taxes allocated to stockholders’ equity, related to hedge accounting | 11.1 |  |  | (17.0) |  |  | — |
Total income tax expense | $ | 95.8 |  |  | $ | 53.0 |  |  | $ | 38.3 |
The components of income tax expense/(benefit) attributable to income from operations were as follows:
| Year Ended September 30,
(in millions) | 2023 |  | 2022 |  | 2021
Current taxes: |  |  |  |  |
U.S. federal | $ | 15.8 |  |  | $ | 8.2 |  |  | $ | 6.7 |
U.S. state and local | 3.9 |  |  | 3.6 |  |  | (0.1) |
Australia | 2.2 |  |  | 2.8 |  |  | 1.8 |
Brazil | 16.0 |  |  | 12.6 |  |  | 8.0 |
Germany | 4.5 |  |  | 8.9 |  |  | 6.0 |
Singapore | 4.9 |  |  | 2.0 |  |  | 1.9 |
Switzerland | 2.6 |  |  | — |  |  | — |
United Kingdom | 30.9 |  |  | 29.2 |  |  | 6.6 |
Other international | 6.1 |  |  | 3.1 |  |  | 3.7 |
Total current taxes | 86.9 |  |  | 70.4 |  |  | 34.6 |
Deferred taxes: |  |  |  |  |
U.S. federal | (1.1) |  |  | 3.4 |  |  | 1.4 |
U.S. state and local | — |  |  | (0.1) |  |  | 2.7 |
Australia | 0.1 |  |  | (0.2) |  |  | 0.3 |
Brazil | — |  |  | (0.8) |  |  | (1.3) |
Singapore | — |  |  | — |  |  | 0.4 |
Switzerland | 0.4 |  |  | — |  |  | — |
United Kingdom | (1.4) |  |  | (2.7) |  |  | 0.1 |
Other international | (0.4) |  |  | 0.1 |  |  | (0.4) |
Total deferred taxes | (2.4) |  |  | (0.3) |  |  | 3.2 |
Income tax expense | $ | 84.5 |  |  | $ | 70.1 |  |  | $ | 37.8 |
Schedule of Income before Income Tax, Domestic and Foreign | U.S. and international components of income from operations, before tax, were as follows:
| Year Ended September 30,
(in millions) | 2023 |  | 2022 |  | 2021
U.S. | $ | 135.1 |  |  | $ | 50.0 |  |  | $ | 37.3 |
Australia | 7.4 |  |  | 8.7 |  |  | 7.8 |
Brazil | 35.3 |  |  | 25.3 |  |  | 13.7 |
Germany | 13.3 |  |  | 27.8 |  |  | 17.2 |
Singapore | 38.1 |  |  | 19.4 |  |  | 16.0 |
Switzerland | 22.5 |  |  | — |  |  | — |
United Kingdom | 77.7 |  |  | 104.8 |  |  | 41.4 |
Other international | (6.4) |  |  | 41.2 |  |  | 20.7 |
Income from operations, before tax | $ | 323.0 |  |  | $ | 277.2 |  |  | $ | 154.1 |
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,
| 2023 |  | 2022 |  | 2021
Federal statutory rate effect of: | 21.0 | % |  | 21.0 | % |  | 21.0 | %
U.S. State and local income taxes | 1.0 | % |  | 1.0 | % |  | 1.8 | %
Foreign earnings and losses taxed at different rates | 1.1 | % |  | 1.1 | % |  | 1.0 | %
Change in valuation allowance | (0.4) | % |  | 0.9 | % |  | 1.9 | %
U.K. bank tax | 0.3 | % |  | 2.6 | % |  | 0.4 | %
U.S. permanent items | 0.2 | % |  | 0.2 | % |  | (1.2) | %
Non-deductible compensation | 2.0 | % |  | 0.7 | % |  | 1.9 | %
Foreign permanent items | 0.4 | % |  | (2.8) | % |  | (2.3) | %
U.S. bargain purchase gain | (1.4) | % |  | — | % |  | (0.5) | %
GILTI | 2.0 | % |  | 0.6 | % |  | 0.6 | %
Effective rate | 26.2 | % |  | 25.3 | % |  | 24.6 | %
Schedule of Deferred Tax Assets and Liabilities | The components of deferred income tax assets and liabilities were as follows:
(in millions) | September 30, 2023 |  | September 30, 2022
Deferred tax assets: |  |  |
Share-based compensation | $ | 7.4 |  |  | $ | 4.8 |
Deferred compensation | 5.4 |  |  | 5.1 |
Net operating loss carryforwards | 17.2 |  |  | 18.7 |
Intangible assets | 3.8 |  |  | 6.4 |
Bad debt reserve | 9.6 |  |  | 7.8 |
Hedging | 5.9 |  |  | 17.0 |
Foreign tax credit carryforwards | 0.6 |  |  | 1.6 |
Other compensation | 7.8 |  |  | 8.0 |
Pension | 3.6 |  |  | 2.1 |
Right of use assets | 20.1 |  |  | 23.8 |
Other | 1.1 |  |  | 2.0 |
Total gross deferred tax assets | 82.5 |  |  | 97.3 |
Less valuation allowance | (12.4) |  |  | (15.8) |
Deferred tax assets | 70.1 |  |  | 81.5 |
Deferred income tax liabilities: |  |  |
Unrealized gain on securities | 2.8 |  |  | 2.5 |
Prepaid expenses | 5.0 |  |  | 3.8 |
Property and equipment | 1.6 |  |  | 2.0 |
Right of use liabilities | 17.2 |  |  | 20.8 |
Mark to market on inventory | 4.8 |  |  | — |
Other deferred liabilities | 1.4 |  |  | 0.4 |
Deferred income tax liabilities | 32.8 |  |  | 29.5 |
Deferred income taxes, net | $ | 37.3 |  |  | $ | 52.0 |

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