Discontinued Operations

12 Months Ended

Sep. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

DISCONTINUED OPERATIONS

Our consolidated income statements include income from discontinued operations, net of tax, of $7.4, $12.6, and $70.3 in fiscal years 2023, 2022, and 2021, respectively, primarily from the release of unrecognized tax benefits on uncertain tax positions for which the statute of limitations expired.

In fiscal year 2023, income from discontinued operations, net of tax, of $7.4 primarily resulted from a net tax benefit recorded in the fourth quarter upon release of tax liabilities for uncertain tax positions taken with respect to the sale of our former Performance Materials Division ("PMD"), which was completed in 2017. Additionally, our consolidated statement of cash flows for the fiscal year ended 30 September 2023 reflects cash provided by operating activities of discontinued operations of $0.6 from income tax refunds associated with the sale.

In fiscal year 2022, income from discontinued operations, net of tax, of $12.6 primarily resulted from a net tax benefit recorded in the fourth quarter upon release of tax liabilities for uncertain tax positions taken with respect to the sale of PMD. Additionally, our consolidated statement of cash flows for the fiscal year ended 30 September 2022 reflects cash provided by operating activities of discontinued operations of $59.6 primarily from income tax refunds associated with the sale.

In fiscal year 2021, income from discontinued operations, net of tax, of $70.3 included net tax benefits of $60.0 recorded upon release of tax liabilities for uncertain tax positions. Of this amount, we recorded $51.8 in the fourth quarter for liabilities associated with PMD and $8.2 in the third quarter for liabilities associated with our former Energy-from-Waste ("EfW") business. Additionally, we recorded a tax benefit of $10.3 in the first quarter of fiscal year 2021 primarily from the settlement of a state tax appeal related to the gain on the sale of PMD. Our consolidated statement of cash flows for the fiscal year ended 30 September 2021 reflects cash provided by operating activities of discontinued operations of $6.7 from cash received as part of the settlement.