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INCOME TAXES (Tables) | 12 Months Ended
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Sep. 30, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Expense | Income tax expense (benefit) was calculated based upon the following components of income (loss) from continuing operations before income taxes for the years ended September 30, 2024, 2023 and 2022:
(in millions) |  | 2024 |  | 2023 |  | 2022
United States |  | $ | 8.0 |  |  | $ | (399.8) |  |  | $ | (263.0) |
Outside the United States |  | 155.6 |  |  | 109.6 |  |  | 172.7 |
Income (loss) from continuing operations before income taxes |  | $ | 163.6 |  |  | $ | (290.2) |  |  | $ | (90.3) |
Schedule of Components of Income Tax Expense | The components of income tax expense (benefit) for the years ended September 30, 2024, 2023 and 2022 are as follows:
(in millions) |  | 2024 |  | 2023 |  | 2022
Current tax expense: |  |  |  |  |  |
U.S. Federal |  | $ | 27.4 |  |  | $ | 81.8 |  |  | $ | 7.7 |
Foreign |  | 31.9 |  |  | 44.9 |  |  | 24.7 |
State and local |  | 1.3 |  |  | (0.4) |  |  | (1.1) |
Total current tax expense |  | 60.6 |  |  | 126.3 |  |  | 31.3 |
Deferred tax expense (benefit): |  |  |  |  |  |
U.S. Federal |  | 6.2 |  |  | (197.7) |  |  | (26.5) |
Foreign |  | 1.2 |  |  | 5.0 |  |  | (1.2) |
State and local |  | (3.7) |  |  | 9.9 |  |  | (16.9) |
Total deferred tax expense (benefit) |  | 3.7 |  |  | (182.8) |  |  | (44.6) |
Income tax expense (benefit) |  | $ | 64.3 |  |  | $ | (56.5) |  |  | $ | (13.3) |
Schedule of Reconciliation of Income Tax Expense (Benefit) | The following reconciles the total income tax expense (benefit), based on the U.S. Federal statutory income tax rate of 21% with the Company’s recognized income tax expense (benefit):
(in millions) |  | 2024 |  | 2023 |  | 2022
U.S. Statutory federal income tax expense (benefit) |  | $ | 34.4 |  |  | $ | (60.9) |  |  | $ | (19.0) |
Permanent items |  | 8.1 |  |  | 5.0 |  |  | (1.7) |
Goodwill impairment |  | — |  |  | 2.8 |  |  | — |
Foreign statutory rate vs. U.S. statutory rate |  | (3.7) |  |  | (1.6) |  |  | (4.7) |
State income taxes, net of federal effect |  | (3.2) |  |  | (14.5) |  |  | (8.3) |
State effective rate change |  | 1.0 |  |  | (4.0) |  |  | 1.2 |
GILTI |  | 5.0 |  |  | 2.1 |  |  | 16.5 |
GILTI impact of retroactive law changes |  | — |  |  | — |  |  | (3.2) |
Residual tax on foreign earnings |  | 1.9 |  |  | 1.5 |  |  | 4.8 |
Change in valuation allowance |  | 1.9 |  |  | 0.2 |  |  | 3.6 |
Unrecognized tax expense |  | 7.3 |  |  | 3.8 |  |  | 2.2 |
Share based compensation adjustments |  | 0.3 |  |  | 0.3 |  |  | (5.6) |
Research and development tax credits |  | (2.3) |  |  | (1.8) |  |  | (1.9) |
Partnership outside basis adjustment |  | 7.7 |  |  | 7.0 |  |  | 1.2 |
Return to provision adjustments and other, net |  | 5.9 |  |  | 3.6 |  |  | 1.6 |
Income tax expense (benefit) |  | $ | 64.3 |  |  | $ | (56.5) |  |  | $ | (13.3) |
Schedule of Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities as of September 30, 2024 and 2023 are as follows:
(in millions) |  | 2024 |  | 2023
Deferred tax assets |  |  |  |
Employee benefits |  | $ | 27.4 |  |  | $ | 22.9 |
Inventories and receivables |  | 28.0 |  |  | 31.9 |
Marketing and promotional accruals |  | 5.1 |  |  | 5.3 |
Property, plant and equipment |  | 2.3 |  |  | 2.8 |
Unrealized losses |  | 22.2 |  |  | 30.5 |
Intangibles |  | 9.6 |  |  | 9.3 |
Operating lease liabilities |  | 27.7 |  |  | 27.6 |
Net operating loss and other carry forwards |  | 322.2 |  |  | 331.6 |
Other |  | 21.1 |  |  | 17.0 |
Total deferred tax assets |  | 465.6 |  |  | 478.9 |
Deferred tax liabilities |  |  |  |
Property, plant and equipment |  | 4.4 |  |  | 7.9 |
Unrealized gains |  | 6.8 |  |  | 11.1 |
Intangibles |  | 171.8 |  |  | 167.2 |
Operating lease assets |  | 23.4 |  |  | 24.6 |
Investment in partnership |  | 78.3 |  |  | 80.3 |
Taxes on unremitted foreign earnings |  | 1.7 |  |  | 1.2 |
Other |  | 13.7 |  |  | 13.0 |
Total deferred tax liabilities |  | 300.1 |  |  | 305.3 |
Net deferred tax liabilities |  | 165.5 |  |  | 173.6 |
Valuation allowance |  | (321.4) |  |  | (333.4) |
Net deferred tax liabilities, net valuation allowance |  | $ | (155.9) |  |  | $ | (159.8) |
Reported as: |  |  |  |
Deferred charges and other |  | $ | 14.9 |  |  | $ | 15.0 |
Deferred income taxes (noncurrent liability) |  | 170.8 |  |  | 174.8 |
Schedule of Unrecognized Tax Benefits | The following table summarizes the changes to the amount of unrecognized tax benefits for the years ended September 30, 2024, 2023 and 2022:
(in millions) |  | 2024 |  | 2023 |  | 2022
Unrecognized tax benefits, beginning of year |  | $ | 121.1 |  |  | $ | 100.9 |  |  | $ | 18.0 |
Gross increase – tax positions in prior period |  | 77.5 |  |  | 21.5 |  |  | 84.4 |
Gross decrease – tax positions in prior period |  | (9.2) |  |  | (34.4) |  |  | (2.9) |
Gross increase – tax positions in current period |  | 1.7 |  |  | 33.4 |  |  | 1.7 |
Settlements |  | (0.6) |  |  | — |  |  | — |
Lapse of statutes of limitations |  | (0.3) |  |  | (0.3) |  |  | (0.3) |
Unrecognized tax benefits, end of year |  | $ | 190.2 |  |  | $ | 121.1 |  |  | $ | 100.9 |

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