Income Taxes (Tables)

12 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) for the years ended September 30, 2020, 2019, and 2018 was allocated as follows:

	Year Ended September 30,
(in millions)	2020		2019		2018
Income tax expense attributable to income from operations	$	37.1	$	25.9	$	46.0
Taxes allocated to stockholders’ equity, related to pension liabilities	—		(0.2)		0.1
Total income tax expense	$	37.1	$	25.7	$	46.1

The components of income tax expense (benefit) attributable to income from operations were as follows:

	Year Ended September 30,
(in millions)	2020		2019		2018
Current taxes:
U.S. federal	$	(0.6)	$	(1.9)	$	0.8
U.S. State and local	2.3		(0.8)		0.5
International	31.3		24.9		22.4
Total current taxes	33.0		22.2		23.7
Deferred taxes	4.1		3.7		22.3
Income tax expense	$	37.1	$	25.9	$	46.0

Schedule of Income before Income Tax, Domestic and Foreign

U.S. and international components of income (loss) from operations, before tax, was as follows:

	Year Ended September 30,
(in millions)	2020		2019		2018
U.S.	$	88.8	$	(2.6)	$	9.9
International	117.9		113.6		91.6
Income from operations, before tax	$	206.7	$	111.0	$	101.5

Schedule of Effective Income Tax Rate Reconciliation

Items accounting for the difference between income taxes computed at the federal statutory rate and income tax expense were as follows:

	Year Ended September 30,
	2020		2019		2018
Federal statutory rate effect of:	21.0	%	21.0	%	24.5	%
U.S. State and local income taxes	1.0	%	(1.5)	%	0.8	%
Foreign earnings and losses taxed at different rates	0.1	%	0.7	%	(0.8)	%
Change in foreign valuation allowance	1.0	%	1.0	%	(0.8)	%
Change in state valuation allowance	0.2	%	0.5	%	—	%
U.S. permanent items	0.9	%	0.1	%	(0.2)	%
Foreign permanent items	0.5	%	0.7	%	2.1	%
U.S. bargain purchase gain	(8.3)	%	(1.0)	%	—	%
Remeasurement of deferred tax	—	%	—	%	8.5	%
Repatriation Transition tax	—	%	—	%	11.0	%
GILTI	0.7	%	2.2	%	—	%
Other reconciling items	0.9	%	(0.4)	%	0.2	%
Effective rate	18.0	%	23.3	%	45.3	%

Schedule of Deferred Tax Assets and Liabilities

The components of deferred income tax assets and liabilities were as follows:

(in millions)	September 30, 2020		September 30, 2019
Deferred tax assets:
Share-based compensation	$	3.1	$	3.3
Deferred compensation	4.1		3.6
Foreign net operating loss carryforwards	5.4		2.6
U.S. State and local net operating loss carryforwards	9.0		9.2
U.S. federal net operating loss carryforwards	1.8		1.1
Intangible assets	9.9		4.8
Bad debt reserve	4.4		1.3
Tax credit carryforwards	0.2		0.5
Foreign tax credit carryforwards	2.4		5.0
Other compensation	5.8		2.2
Property and equipment	7.3		—
Other	1.9		1.1
Total gross deferred tax assets	55.3		34.7
Less valuation allowance	(12.4)		(8.5)
Deferred tax assets	42.9		26.2
Deferred income tax liabilities:
Unrealized gain on securities	2.4		3.2
Prepaid expenses	3.4		2.2
Property and equipment	—		2.6
Pension liability	0.2		0.2
Deferred income tax liabilities	6.0		8.2
Deferred income taxes, net	$	36.9	$	18.0