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v3.22.2.2

Income Taxes (Tables) | 12 Months Ended
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Sep. 30, 2022
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | The components of income before income taxes are presented below.
| 2022 |  | 2021 |  | 2020
| (in millions)
U.S. | $ | 81.6 |  |  | $ | 94.0 |  |  | $ | 89.7 |
Non-U.S. | 17.0 |  |  | 0.9 |  |  | 4.4 |
Income before income taxes | $ | 98.6 |  |  | $ | 94.9 |  |  | $ | 94.1 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of income tax expense are as follows:
| 2022 |  | 2021 |  | 2020
| (in millions)
Current: |  |  |  |  |
U.S. federal | $ | 19.5 |  |  | $ | 21.9 |  |  | $ | 10.9 |
U.S. state and local | 4.3 |  |  | 6.3 |  |  | 2.7 |
Non-U.S. | 1.7 |  |  | 1.6 |  |  | 1.3 |
Total current income tax expense | 25.5 |  |  | 29.8 |  |  | 14.9 |
Deferred: |  |  |  |  |
U.S. federal | (3.4) |  |  | (4.7) |  |  | 5.6 |
U.S. state and local | (0.9) |  |  | (1.3) |  |  | 2.0 |
Non-U.S. | 0.8 |  |  | 0.7 |  |  | (0.4) |
Total deferred income tax (benefit) expense | (3.5) |  |  | (5.3) |  |  | 7.2 |
Income tax expense | $ | 22.0 |  |  | $ | 24.5 |  |  | $ | 22.1 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The reconciliation between income tax expense at the United States federal statutory income tax rate and reported income tax expense is presented below.
| 2022 |  | 2021 |  | 2020
| (in millions)
Expense at U.S. federal statutory income tax rate | $ | 20.7 |  |  | $ | 19.9 |  |  | $ | 19.8 |
Adjustments to reconcile to income tax expense: |  |  |  |  |
State income taxes, net of federal benefit | 2.6 |  |  | 3.1 |  |  | 3.3 |
Uncertain tax positions | — |  |  | 0.3 |  |  | 1.0 |
Nondeductible compensation | 0.9 |  |  | 0.6 |  |  | 0.6 |
Nondeductible expenses, other than compensation | 0.8 |  |  | 0.5 |  |  | 0.4 |
Valuation allowances | 1.0 |  |  | (0.4) |  |  | 0.1 |
Basis difference in foreign investment | 0.1 |  |  | 1.5 |  |  | 0.1 |
Foreign income taxes | (1.5) |  |  | (1.7) |  |  | (0.5) |
Excess tax benefits related to stock compensation | (0.1) |  |  | (0.2) |  |  | (0.5) |
Tax credits | (2.3) |  |  | (1.6) |  |  | (1.8) |
Other | (0.2) |  |  | 2.5 |  |  | (0.4) |
Income tax expense | $ | 22.0 |  |  | $ | 24.5 |  |  | $ | 22.1 |
Schedule of Deferred Tax Assets and Liabilities | Deferred income tax balances are presented below.
| September 30,
| 2022 |  | 2021
| (in millions)
Deferred income tax assets: |  |  |
Accrued expenses | $ | 10.5 |  |  | $ | 12.7 |
Lease liabilities | 8.1 |  |  | 8.2 |
Inventories | 7.0 |  |  | 6.1 |
State net operating losses | 2.1 |  |  | 2.8 |
Net operating losses and credit carryovers | 12.9 |  |  | 14.8 |
Stock-based compensation | 4.1 |  |  | 3.8 |
Pension | 0.1 |  |  | — |
Other | 2.3 |  |  | 2.9 |
Total deferred income tax assets | 47.1 |  |  | 51.3 |
Valuation allowance | (13.2) |  |  | (13.6) |
Total deferred income tax assets, net of valuation allowance | 33.9 |  |  | 37.7 |
Deferred income tax liabilities: |  |  |
Intangible assets | 77.7 |  |  | 86.3 |
Lease assets | 7.4 |  |  | 7.6 |
Basis difference in foreign investment | 6.2 |  |  | 6.8 |
Pension | — |  |  | 3.9 |
Property, plant and equipment | 28.4 |  |  | 27.4 |
Other | 0.5 |  |  | 0.5 |
Total deferred income tax liabilities | 120.2 |  |  | 132.5 |
Net deferred income tax liabilities | $ | 86.3 |  |  | $ | 94.8 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes information concerning our gross unrecognized tax benefits.
| 2022 |  | 2021
| (in millions)
Balance at beginning of year | $ | 4.8 |  |  | $ | 4.5 |
Increase related to current year positions | 0.7 |  |  | 0.6 |
Decrease related to current year positions | (0.4) |  |  | — |
Decrease as a result of statute of limitations lapse | (0.3) |  |  | (0.3) |
Foreign currency exchange losses | (0.1) |  |  | — |
Balance at end of year | $ | 4.7 |  |  | $ | 4.8 |

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