XML 38 R27.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Fair Value Measurements (Tables) | 3 Months Ended
--- | ---
Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of Fair Value of Assets and Liabilities |
Table 7.1: Fair Value Measurements
| As of December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Balance
| (in thousands)
Assets: |  |  |  |  |  |  |
Deferred compensation assets - Rabbi Trust | $ | 29,126 |  |  | $ | — |  |  | $ | — |  |  | $ | 29,126 |
Interest rate swap - $450 million notional value | — |  |  | 21,185 |  |  | — |  |  | 21,185 |
Total assets | $ | 29,126 |  |  | $ | 21,185 |  |  | $ | — |  |  | $ | 50,311 |
Liabilities: |  |  |  |  |  |  |
Interest rate swap - $200 million notional value | $ | — |  |  | $ | 2,212 |  |  | $ | — |  |  | $ | 2,212 |
Contingent consideration | — |  |  | — |  |  | 8,166 |  |  | 8,166 |
Total liabilities | $ | — |  |  | $ | 2,212 |  |  | $ | 8,166 |  |  | $ | 10,378 |
The fair values of receivables, prepaids, other assets, accounts payable, accrued costs, and other current liabilities approximate the carrying values as a result of the short-term nature of these instruments. The carrying value of our debt is consistent with the fair value as the stated interest rates in the agreements are consistent with the current market rates used in notes with similar terms in the markets (Level 2 inputs). Accumulated Other Comprehensive Loss All amounts recorded in accumulated other comprehensive loss are related to our foreign currency translations and interest rate swaps, net of tax. The following table shows changes in accumulated other comprehensive loss. Amounts reclassified from other comprehensive income were recorded within our selling, general and administrative expenses (for foreign currency translation adjustments) and within interest expense (for gains on derivatives).
Table 7.2: Details of Changes in Accumulated Other Comprehensive Loss by Category
| Foreign currency translation adjustment |  | Net unrealized gain on derivatives, net of tax |  | Total
| (in thousands)
Balance as of September 30, 2023 | $ | (50,484) |  |  | $ | 22,869 |  |  | $ | (27,615) |
Other comprehensive income before reclassifications | 5,779 |  |  | (5,801) |  |  | (22) |
Amounts reclassified from accumulated other comprehensive loss | 133 |  |  | (3,084) |  |  | (2,951) |
Net current period other comprehensive losses | 5,912 |  |  | (8,885) |  |  | (2,973) |
Balance as of December 31, 2023 | $ | (44,572) |  |  | $ | 13,984 |  |  | $ | (30,588) |
Contingent Consideration The fair value of our contingent consideration is based upon estimates of the likely payments, which are based upon assumptions over future performance. The liabilities are reviewed on a quarterly basis and, where changes in estimates arise, these are recorded to selling and general administrative expenses. Our contingent consideration relates to the businesses below: •In October 2021, we acquired the student loan servicing business from Navient, rebranded as Aidvantage. Future payments are based upon volumes, up to a maximum payment of $65.0 million. At December 31, 2023, and September 30, 2023, the Aidvantage contingent consideration was $5.6 million and $7.5 million, respectively. •In January 2022, we acquired BZ Bodies Limited. Future payments are based upon the performance of the business through December 2023, up to a maximum payment of $2.5 million (£2.0 million British Pounds). At December 31, 2023, and September 30, 2023, we recorded a contingent consideration liability for the maximum payment, which we anticipate making in fiscal year 2024. Movement in our contingent consideration balance is as follows:
Table 7.3: Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
| Contingent Consideration
| (in thousands)
Opening contingent consideration as of September 30, 2023 | $ | 9,903 |
Adjustments to fair value recorded in the period | 977 |
Cash payments | (2,819) |
Foreign currency translations | 105 |
Closing contingent consideration as of December 31, 2023 | $ | 8,166 |

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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