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Background and Basis of Presentation (Policies)
 12 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of accounting The accompanying Consolidated Financial Statements include the accounts of the Company and its controlled subsidiaries and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) under the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”).
Use of estimates The preparation of the Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Actual results may differ materially from those estimates.
Consolidation All intercompany balances and transactions have been eliminated in consolidation and, in the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included.
Comparability of Prior Year Financial Data, Policy
Revision of Previously Issued Consolidated Financial Statements
During the fourth quarter of 2023, the Company evaluated aged accrued expenditures related to goods received but not yet invoiced by certain of its vendors (“GRNI”). Based upon an assessment, including evaluating the expiry of the applicable statute of limitations of the accrued expenditures, the Company concluded that $8.5 of aged accrued GRNI originating in years 2014 through 2018 were no longer required to be reflected as accounts payable on the Consolidated Balance Sheet as of September 30, 2023 and should have been reversed in prior fiscal years. The Company concluded that the misstatements were not material, either individually or in the aggregate, to its previously issued consolidated financial statements. To correct the immaterial misstatements, the Company has revised its previously issued consolidated financial statements as of and for the year ended September 30, 2022, as well as for the year ended September 30, 2021.
The Company has revised the Consolidated Statements of Earnings and Comprehensive Income, Consolidated Statements of Cash Flows, and Consolidated Statements of Changes in Shareholders' Equity for the periods ended September 30, 2022 and September 30, 2021 and Consolidated Balance Sheet as of September 30, 2022 as well as the associated Notes to the Consolidated Financial Statements to reflect the corrections of these immaterial misstatements in this Annual Report on Form 10-K for the period ended September 30, 2023. Due to these GRNI misstatements, which originated prior to fiscal 2023, net income for the years ended September 30, 2022, and 2021 and the opening retained earnings balance as of October 1, 2021, were understated by $0.9, $0.8, and $5.7, respectively, with a corresponding overstatement of total liabilities. There were no changes to previously issued total cash flows generated from (used by) operating, investing, or financing activities for any of the impacted periods. Additionally, the Company will further present the revisions of its previously issued 2023 interim financial statements and relevant notes to the consolidated financial statements in connection with the future filings of its 2024
interim reporting on Form 10-Q for the periods ended December 31, 2023, March 31, 2024, and June 30, 2024. Refer to Note 19 of Notes to Consolidated Financial Statements for further discussion on the unaudited quarterly financial information.
The following table reflects the revisions to the previously issued Consolidated Statements of Earnings and Comprehensive Income for the fiscal years ended September 30, 2022 and September 30, 2021:
Fiscal Year
20222021
As Previously ReportedAdjustmentAs RevisedAs Previously ReportedAdjustmentAs Revised
Cost of products sold$1,292.3 $(1.1)$1,291.2 $1,137.2 $(1.1)$1,136.1 
Gross profit879.4 1.1 880.5 950.1 1.1 951.2 
Operating income181.2 1.1 182.3 238.8 1.1 239.9 
Earnings before income taxes123.0 1.1 124.1 146.0 1.1 147.1 
Income tax provision24.4 0.2 24.6 29.0 0.3 29.3 
Net earnings98.6 0.9 99.5 117.0 0.8 117.8 
Earnings per share:
Basic net earnings per share$1.86 $0.01 $1.87 $2.15 $0.02 $2.17 
Dilutive net earnings per share1.84 0.01 1.85 2.12 0.01 2.13 
Total comprehensive income19.4 0.9 20.3 171.7 0.8 172.5 
The following table reflects the revisions to the previously issued Consolidated Statements of Cash Flows for the fiscal years ended September 30, 2022 and September 30, 2021:
Fiscal Year
20222021
As Previously ReportedAdjustmentAs RevisedAs Previously ReportedAdjustmentAs Revised
Net earnings$98.6 $0.9 $99.5 $117.0 $0.8 $117.8 
Other, net(9.8)0.2 (9.6)(2.8)0.3 (2.5)
Accounts payable30.4 (1.1)29.3 25.4 (1.1)24.3 
The following table reflects the revisions to the previously issued Consolidated Balance Sheet as of September 30, 2022:
As of September 30, 2022
As Previously ReportedAdjustmentAs Revised
Accounts payable$237.3 $(8.5)$228.8 
Total current liabilities548.0 (8.5)539.5 
Other liabilities173.6 1.1 174.7 
Total liabilities2,253.4 (7.4)2,246.0 
Retained earnings931.7 7.4 939.1 
Total shareholders’ equity1,459.7 7.4 1,467.1