LEASES (Tables)

12 Months Ended

Sep. 30, 2023

Leases [Abstract]

Schedule of Leases Recognized in Statement of Financial Position

The following is a summary of the Company’s leases recognized on the Company’s Consolidated Statement of Financial Position as of September 30, 2023 and 2022:

(in millions)	Line Item	2023		2022
Assets
Operating	Operating lease assets	$	110.8	$	82.5
Finance	Property, plant and equipment, net	66.2		73.4
Total leased assets		$	177.0	$	155.9
Liabilities
Current
Operating	Other current liabilities	$	26.9	$	25.8
Finance	Current portion of long-term debt	8.6		8.3
Long-term
Operating	Long-term operating lease liabilities	95.6		56.0
Finance	Long-term debt, net of current portion	77.8		84.4
Total lease liabilities		$	208.9	$	174.5

Schedule of Components of Lease Costs, Cash Flow Disclosures, Lease Terms and Discount Rate

The components of lease costs recognized in the Consolidated Statement of Income for the year ended September 30, 2023, 2022, and 2021 are as follows:

(in millions)	2023		2022		2021
Operating lease cost	$	37.0	$	26.3	$	19.8
Finance lease cost
Amortization of leased assets	10.2		10.5		11.3
Interest on lease liability	4.8		5.2		5.3
Variable lease cost	12.4		10.8		9.8
Total lease cost	$	64.4	$	52.8	$	46.2

The following is a summary of the Company’s cash paid for amounts included in the measurement of lease liabilities recognized in the Consolidated Statement of Cash Flow, including supplemental non-cash activity related to operating leases, for the year ended September 30, 2023, 2022, and 2021:

(in millions)	2023		2022		2021
Operating cash flow from operating leases	$	30.3	$	25.3	$	20.7
Operating cash flows from finance leases	4.8		5.1		5.4
Financing cash flows from finance leases	9.5		8.9		12.0
Supplemental non-cash flow disclosure
Acquisition of operating lease asset through lease obligations	66.9		30.4		15.3

The following is a summary of weighted-average lease term and discount rate at September 30, 2023 and 2022:

	2023		2022
Weighted average remaining lease term
Operating leases	4.6 years		4.5 years
Finance leases	8.7 years		9.7 years
Weighted average discount rate
Operating leases	5.5	%	3.8	%
Finance leases	5.3	%	5.1	%

Schedule of Future Lease Payments Under Finance Leases

At September 30, 2023, future lease payments under operating and finance leases were as follows:

(in millions)	Finance Leases		Operating Leases
2024	$	12.6	$	33.3
2025	12.7		30.5
2026	12.3		26.4
2027	12.3		23.3
2028	12.2		19.3
Thereafter	46.3		7.6
Total lease payments	108.4		140.4
Amount representing interest	(22.0)		(17.9)
Total minimum lease payments	$	86.4	$	122.5

Schedule of Future Lease Payments Under Operating Leases

At September 30, 2023, future lease payments under operating and finance leases were as follows:

(in millions)	Finance Leases		Operating Leases
2024	$	12.6	$	33.3
2025	12.7		30.5
2026	12.3		26.4
2027	12.3		23.3
2028	12.2		19.3
Thereafter	46.3		7.6
Total lease payments	108.4		140.4
Amount representing interest	(22.0)		(17.9)
Total minimum lease payments	$	86.4	$	122.5