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Income Taxes (Tables)

12 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense/(Benefit) and Components of Income Tax Expense/(Benefit) Attributable to Income from Operations

Income tax expense/(benefit) for the years ended September 30, 2024, 2023, and 2022 was allocated as follows:

			Year Ended September 30,
(in millions)			2024						2023						2022
Income tax expense attributable to income from operations			$	93.3					$	84.5					$	70.1
Taxes allocated to stockholders’ equity, related to pension liabilities			0.3						0.2						(0.1)
Taxes allocated to stockholders’ equity, related to hedge accounting			8.1						11.1						(17.0)
Total income tax expense			$	101.7					$	95.8					$	53.0

The components of income tax expense/(benefit) attributable to income from operations were as follows:

			Year Ended September 30,
(in millions)			2024						2023						2022
Current taxes:
U.S. federal			$	26.4					$	15.8					$	8.2
U.S. state and local			5.9						3.9						3.6
Australia			0.2						2.2						2.8
Brazil			18.2						16.0						12.6
Germany			4.2						4.5						8.9
Singapore			7.7						4.9						2.0
Switzerland			—						2.6						—
United Kingdom			34.5						30.9						29.2
Other international			6.7						6.1						3.1
Total current taxes			103.8						86.9						70.4
Deferred taxes:
U.S. federal			1.7						(1.1)						3.4
U.S. state and local			0.5						—						(0.1)
Australia			(0.1)						0.1						(0.2)
Brazil			(3.6)						—						(0.8)
Germany			(0.4)						—						—
Switzerland			(1.2)						0.4						—
United Kingdom			(7.2)						(1.4)						(2.7)
Other international			(0.2)						(0.4)						0.1
Total deferred taxes			(10.5)						(2.4)						(0.3)
Income tax expense			$	93.3					$	84.5					$	70.1

Schedule of Components of Income from Operations, Before Tax

U.S. and international components of income from operations, before tax, were as follows:

			Year Ended September 30,
(in millions)			2024						2023						2022
U.S.			$	97.8					$	135.1					$	50.0
Australia			0.5						7.4						8.7
Brazil			37.8						35.3						25.3
Germany			12.1						13.3						27.8
Singapore			55.1						38.1						19.4
Switzerland			(2.3)						22.5						—
United Kingdom			121.3						77.7						104.8
Other international			31.8						(6.4)						41.2
Income from operations, before tax			$	354.1					$	323.0					$	277.2

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,
			2024						2023						2022
Federal statutory rate effect of:			21.0		%				21.0		%				21.0		%
U.S. State and local income taxes			1.4		%				1.0		%				1.0		%
Foreign earnings and losses taxed at different rates			2.6		%				1.1		%				1.1		%
Change in valuation allowance			—		%				(0.4)		%				0.9		%
U.K. bank tax			0.2		%				0.3		%				2.6		%
U.S. permanent items			(0.4)		%				0.2		%				0.2		%
Non-deductible compensation			0.8		%				2.0		%				0.7		%
Foreign permanent items			(1.4)		%				0.4		%				(2.8)		%
U.S. bargain purchase gain			—		%				(1.4)		%				—		%
GILTI			2.0		%				2.0		%				0.6		%
Unrecognized tax benefits			0.1		%				—		%				—		%
Effective rate			26.3		%				26.2		%				25.3		%

Schedule of Components of Deferred Income Tax Assets and Liabilities

The components of deferred income tax assets and liabilities were as follows:

(in millions)			September 30, 2024						September 30, 2023
Deferred tax assets:
Share-based compensation			$	12.2					$	7.4
Deferred compensation			5.4						5.4
Net operating loss carryforwards			19.6						17.2
Intangible assets			1.3						3.8
Bad debt reserve			7.2						9.6
Hedging			—						5.9
Foreign tax credit carryforwards			1.2						0.6
Other compensation			7.5						7.8
Pension			2.5						3.6
Right of use assets			30.1						20.1
Property and equipment			3.4						—
Other			1.6						1.1
Total gross deferred tax assets			92.0						82.5
Less valuation allowance			(15.5)						(12.4)
Deferred tax assets			76.5						70.1
Deferred income tax liabilities:
Unrealized gain on securities			3.1						2.8
Prepaid expenses			2.5						5.0
Property and equipment			—						1.6
Right of use liabilities			26.7						17.2
Mark to market on inventory			3.8						4.8
Other deferred liabilities			0.5						1.4
Hedging			2.2						—
Deferred income tax liabilities			38.8						32.8
Deferred income taxes, net			$	37.7					$	37.3

Schedule of Roll Forward of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

			Year Ended September 30,
(in millions)			2024						2023						2022
Balance, beginning of year			$	—					$	—					$	—
Gross increases for tax positions related to current year			—						—						—
Gross increases for tax positions related to prior years			0.3						—						—
Gross decreases for tax positions of prior years			—						—						—
Settlements			—						—						—
Lapse of statute of limitations			—						—						—
Balance, end of year			$	0.3					$	—					$	—

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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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.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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