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Allowance for Doubtful Accounts
 12 Months Ended
Sep. 30, 2025
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 Company had no allowance for doubtful accounts related to deposits with and receivables from broker-dealers, clearing organizations, and counterparties and no allowance for doubtful accounts related to notes receivable as of September 30, 2025 and 2024. The allowance for doubtful accounts related to receivables from clients was $53.9 million and $51.9 million as of September 30, 2025 and 2024, respectively.
Activity in the allowance for doubtful accounts for the years ended September 30, 2025, 2024, and 2023 was as follows:
(in millions)202520242023
Balance, beginning of year$51.9 $59.9 $47.8 
Provision (recovery) for bad debts(1)
2.3 (2.4)12.5 
Allowance charge-offs(0.3)(6.2)(0.5)
Other— 0.6 0.1 
Balance, end of year$53.9 $51.9 $59.9 
(1) An additional $0.8 million, $3.0 million, and $4.0 million is included in bad debt expense for the years ended September 30, 2025, 2024, and 2023, respectively, on the consolidated income statement, which is not included in the allowance.