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Income Taxes (Tables)

12 Months Ended

Sep. 30, 2017

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The components of income before income taxes from continuing operations are presented below.

	2017				2016				2015
	(in millions)
U.S.	$	82.7			$	69.7			$	25.2
Non-U.S.	(4.2		)		(0.4		)		(4.4		)
Income before income taxes	$	78.5			$	69.3			$	20.8

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The components of income tax expense from continuing operations are presented below.

	2017				2016				2015
	(in millions)
Current:
U.S. federal	$	25.4			$	28.9			$	3.1
U.S. state and local	4.0				2.0				0.2
Non-U.S.	0.5				(0.1		)		—
	29.9				30.8				3.3
Deferred:
U.S. federal	(4.3		)		(9.8		)		2.8
U.S. state and local	(0.2		)		3.4				2.7
Non-U.S.	(1.2		)		(0.2		)		(0.5		)
	(5.7		)		(6.6		)		5.0
Income tax expense	$	24.2			$	24.2			$	8.3

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The reconciliation between income tax expense at the U.S. federal statutory income tax rate and reported income tax expense from continuing operations is presented below.

	2017				2016				2015
	(in millions)
Expense at U.S. federal statutory income tax rate of 35%	$	27.5			$	24.3			$	7.3
Adjustments to reconcile to income tax expense:
State income taxes, net of federal benefit	2.7				3.1				2.0
Domestic production activities deduction	(4.5		)		(3.0		)		(0.5		)
Tax credits	(1.4		)		(2.0		)		(1.4		)
Nondeductible expenses, other than compensation	0.6				0.7				0.6
Federal valuation allowance	0.4				—				0.5
Foreign income taxes	0.3				0.2				0.4
Nondeductible compensation	0.5				0.4				0.3
State tax rate change	(0.4		)		0.4				—
Excess tax benefits related to stock compensation	(2.1		)		(0.5		)		—
Other	0.6				0.6				(0.9		)
Income tax expense	$	24.2			$	24.2			$	8.3

Schedule of Deferred Tax Assets and Liabilities

Deferred income tax balances are presented below.

	September 30,
	2017				2016
	(in millions)
Deferred income tax assets:
Inventory reserves	$	12.0			$	14.8
Accrued expenses	14.9				15.0
Pension and other postretirement benefits	6.0				25.0
Stock-based compensation	6.2				7.7
State net operating losses	3.2				5.0
Federal credit carryovers	0.9				0.6
Other	2.7				4.8
	45.9				72.9
Valuation allowance	(1.5		)		(0.9		)
Total deferred income tax assets, net of valuation allowance	44.4				72.0
Deferred income tax liabilities:
Intangible assets	151.2				177.0
Other	7.2				3.8
Total deferred income tax liabilities	158.4				180.8
Net deferred income tax liabilities	$	114.0			$	108.8
Balance sheet presentation:
Deferred income taxes	$	115.1			$	109.9
Less deferred tax assets included in other noncurrent assets	1.1				1.1
Net deferred income tax liabilities	$	114.0			$	108.8

Summary of Unrecognized Tax Benefits

The following table summarizes information concerning our gross unrecognized tax benefits.

	2017				2016
	(in millions)
Balance at beginning of year	$	2.8			$	2.6
Increases related to prior year positions	0.1				0.3
Increases related to current year positions	0.2				0.2
Decreases due to lapse in statute of limitations	(0.1		)		(0.3		)
Balance at end of year	$	3.0			$	2.8

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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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Tabular disclosure of the change in unrecognized tax benefits.

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