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INCOME TAXES (Tables) | 12 Months Ended
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Sep. 30, 2023
Income Tax Disclosure [Abstract] |
Provision (Benefit) For Income Taxes Allocated to Continuing Operations | The provision (benefit) for income taxes allocated to continuing operations consisted of the following:
| Year Ended September 30,
| 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | 3.7 |  |  | $ | 22.8 |  |  | $ | 113.7 |
State | 0.6 |  |  | 9.3 |  |  | 31.6 |
Foreign | 1.6 |  |  | 8.7 |  |  | 2.7 |
Total current | 5.9 |  |  | 40.8 |  |  | 148.0 |
Deferred: |  |  |  |  |
Federal | (62.1) |  |  | (125.5) |  |  | 9.1 |
State | (5.2) |  |  | (23.3) |  |  | 1.5 |
Foreign | (11.8) |  |  | (12.6) |  |  | 1.2 |
Total deferred | (79.1) |  |  | (161.4) |  |  | 11.8 |
Income tax expense (benefit) from continuing operations | $ | (73.2) |  |  | $ | (120.6) |  |  | $ | 159.8 |
The Domestic and Foreign Components of Income From Continuing Operations Before Income Taxes | The domestic and foreign components of income (loss) from continuing operations before income taxes were as follows:
| Year Ended September 30,
| 2023 |  | 2022 |  | 2021
Domestic | $ | (376.2) |  |  | $ | (427.3) |  |  | $ | 670.2 |
Foreign | (77.1) |  |  | (130.8) |  |  | 6.9 |
Income (loss) from continuing operations before income taxes | $ | (453.3) |  |  | $ | (558.1) |  |  | $ | 677.1 |
Reconciliation of the Federal Corporate Income Tax Rate and the Effective Tax Rate | A reconciliation of the federal corporate income tax rate and the effective tax rate on income (loss) from continuing operations before income taxes is summarized below:
| Year Ended September 30,
| 2023 |  | 2022 |  | 2021
Statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Effect of foreign operations | 0.2 |  |  | (1.6) |  |  | (0.2) |
State taxes, net of federal benefit | 3.2 |  |  | 2.6 |  |  | 3.9 |
Effect of other permanent differences | (0.8) |  |  | 2.8 |  |  | (1.1) |
Research and Experimentation and other federal tax credits | 0.2 |  |  | 0.2 |  |  | (0.2) |
Effect of tax contingencies | 0.1 |  |  | (1.8) |  |  | — |
Change in valuation allowances | (8.7) |  |  | (0.9) |  |  | 0.1 |
Other | 1.0 |  |  | (0.7) |  |  | 0.1 |
Effective income tax rate | 16.2 | % |  | 21.6 | % |  | 23.6 | %
Components of Deferred Income Tax Assets and Liabilities | Deferred income taxes arise from temporary differences between financial reporting and tax reporting bases of assets and liabilities, and operating loss and tax credit carryforwards for tax purposes. The components of the deferred income tax assets and liabilities were as follows:
| September 30,
| 2023 |  | 2022
DEFERRED TAX ASSETS |  |  |
Intangible assets | $ | 79.2 |  |  | $ | 60.8 |
Lease liabilities | 70.0 |  |  | 70.7 |
Net operating loss carryovers | 67.3 |  |  | 21.7 |
Accrued liabilities | 48.7 |  |  | 80.8 |
Interest limitation carryforward | 35.9 |  |  | — |
Convertible debt investments | 33.4 |  |  | 25.3 |
Inventories | 26.1 |  |  | 43.2 |
Foreign tax credit carryovers | 16.3 |  |  | 15.0 |
Outside basis difference in equity investments | 10.4 |  |  | — |
Accounts receivable | 8.9 |  |  | 8.7 |
Other | 14.9 |  |  | 12.5 |
Gross deferred tax assets | 411.1 |  |  | 338.7 |
Valuation allowance | (87.7) |  |  | (40.7) |
Total deferred tax assets | 323.4 |  |  | 298.0 |
DEFERRED TAX LIABILITIES |  |  |
Property, plant and equipment | (62.7) |  |  | (65.8) |
Lease right-of-use assets | (62.1) |  |  | (68.6) |
Derivative contracts | (5.8) |  |  | (10.5) |
Outside basis difference in equity investments | — |  |  | (14.8) |
Other | (4.1) |  |  | (3.3) |
Total deferred tax liabilities | (134.7) |  |  | (163.0) |
Net deferred tax asset | $ | 188.7 |  |  | $ | 135.0 |
Reconciliation of the Unrecognized Tax Benefits | A reconciliation of the unrecognized tax benefits is as follows:
| Year Ended September 30,
| 2023 |  | 2022 |  | 2021
Balance at beginning of year | $ | 35.8 |  |  | $ | 24.1 |  |  | $ | 30.2 |
Additions for tax positions of the current year | 0.2 |  |  | 11.3 |  |  | 0.3 |
Additions for tax positions of prior years | 3.8 |  |  | 2.2 |  |  | 6.1 |
Reductions for tax positions of prior years | (0.2) |  |  | (2.5) |  |  | (5.9) |
Settlements with tax authorities | (0.1) |  |  | 1.3 |  |  | 0.2 |
Expiration of statutes of limitation | (4.9) |  |  | (0.6) |  |  | (6.8) |
Balance at end of year | $ | 34.6 |  |  | $ | 35.8 |  |  | $ | 24.1 |

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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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