Income Taxes (Tables)

12 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense/(benefit) for the years ended September 30, 2023, 2022, and 2021 was allocated as follows:

	Year Ended September 30,
(in millions)	2023		2022		2021
Income tax expense attributable to income from operations	$	84.5	$	70.1	$	37.8
Taxes allocated to stockholders’ equity, related to pension liabilities	0.2		(0.1)		0.5
Taxes allocated to stockholders’ equity, related to hedge accounting	11.1		(17.0)		—
Total income tax expense	$	95.8	$	53.0	$	38.3

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

	Year Ended September 30,
(in millions)	2023		2022		2021
Current taxes:
U.S. federal	$	15.8	$	8.2	$	6.7
U.S. state and local	3.9		3.6		(0.1)
Australia	2.2		2.8		1.8
Brazil	16.0		12.6		8.0
Germany	4.5		8.9		6.0
Singapore	4.9		2.0		1.9
Switzerland	2.6		—		—
United Kingdom	30.9		29.2		6.6
Other international	6.1		3.1		3.7
Total current taxes	86.9		70.4		34.6
Deferred taxes:
U.S. federal	(1.1)		3.4		1.4
U.S. state and local	—		(0.1)		2.7
Australia	0.1		(0.2)		0.3
Brazil	—		(0.8)		(1.3)
Singapore	—		—		0.4
Switzerland	0.4		—		—
United Kingdom	(1.4)		(2.7)		0.1
Other international	(0.4)		0.1		(0.4)
Total deferred taxes	(2.4)		(0.3)		3.2
Income tax expense	$	84.5	$	70.1	$	37.8

Schedule of Income before Income Tax, Domestic and Foreign

U.S. and international components of income from operations, before tax, were as follows:

	Year Ended September 30,
(in millions)	2023		2022		2021
U.S.	$	135.1	$	50.0	$	37.3
Australia	7.4		8.7		7.8
Brazil	35.3		25.3		13.7
Germany	13.3		27.8		17.2
Singapore	38.1		19.4		16.0
Switzerland	22.5		—		—
United Kingdom	77.7		104.8		41.4
Other international	(6.4)		41.2		20.7
Income from operations, before tax	$	323.0	$	277.2	$	154.1

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,
	2023		2022		2021
Federal statutory rate effect of:	21.0	%	21.0	%	21.0	%
U.S. State and local income taxes	1.0	%	1.0	%	1.8	%
Foreign earnings and losses taxed at different rates	1.1	%	1.1	%	1.0	%
Change in valuation allowance	(0.4)	%	0.9	%	1.9	%
U.K. bank tax	0.3	%	2.6	%	0.4	%
U.S. permanent items	0.2	%	0.2	%	(1.2)	%
Non-deductible compensation	2.0	%	0.7	%	1.9	%
Foreign permanent items	0.4	%	(2.8)	%	(2.3)	%
U.S. bargain purchase gain	(1.4)	%	—	%	(0.5)	%
GILTI	2.0	%	0.6	%	0.6	%
Effective rate	26.2	%	25.3	%	24.6	%

Schedule of Deferred Tax Assets and Liabilities

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

(in millions)	September 30, 2023		September 30, 2022
Deferred tax assets:
Share-based compensation	$	7.4	$	4.8
Deferred compensation	5.4		5.1
Net operating loss carryforwards	17.2		18.7
Intangible assets	3.8		6.4
Bad debt reserve	9.6		7.8
Hedging	5.9		17.0
Foreign tax credit carryforwards	0.6		1.6
Other compensation	7.8		8.0
Pension	3.6		2.1
Right of use assets	20.1		23.8
Other	1.1		2.0
Total gross deferred tax assets	82.5		97.3
Less valuation allowance	(12.4)		(15.8)
Deferred tax assets	70.1		81.5
Deferred income tax liabilities:
Unrealized gain on securities	2.8		2.5
Prepaid expenses	5.0		3.8
Property and equipment	1.6		2.0
Right of use liabilities	17.2		20.8
Mark to market on inventory	4.8		—
Other deferred liabilities	1.4		0.4
Deferred income tax liabilities	32.8		29.5
Deferred income taxes, net	$	37.3	$	52.0