Leases (Note)

6 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases of lessee disclosure

LEASES

The Company leases office space, certain warehouses and equipment primarily through operating lease agreements. The Company has no material finance lease agreements. Leases have remaining terms which range from less than 1 year to 6 years and most leases provide the Company with the option to exercise one or more renewal terms.

Operating lease expense is recognized on a straight-line basis over the lease term and is included in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Operations. Costs associated with finance leases and lease income do not have a material impact on the Company’s financial statements.

The following table presents the balance sheet location of the Company’s operating leases.

	March 31, 2021		September 30, 2020
Right-of-use assets:
Other assets	$	10.5	$	11.9
Lease liabilities:
Other current liabilities	$	2.1	$	2.2
Other liabilities	9.7		11.0
Total liabilities	$	11.8	$	13.2

The following table presents maturities of the Company’s operating lease liabilities.

	March 31, 2021
Remaining Fiscal 2021	$	1.4
Fiscal 2022	2.8
Fiscal 2023	2.5
Fiscal 2024	1.9
Fiscal 2025	2.0
Thereafter	2.7
Total future minimum payments	13.3
Less: Implied interest	(1.5)
Total lease liabilities	$	11.8

The following table presents supplemental operations statement information related to the Company’s operating leases.

	Three Months Ended March 31,				Six Months Ended March 31,
	2021		2020		2021		2020
Operating lease expense	$	1.0	$	0.9	$	2.0	$	2.0
Variable lease expense	0.2		0.2		0.3		0.3

Short-term lease expense during each of the three and six months ended March 31, 2021 and 2020 was immaterial. Operating cash flows for amounts included in the measurement of the Company’s operating lease liabilities were $1.6 and $1.8 for the six months ended March 31, 2021 and 2020, respectively. Right-of-use assets obtained in exchange for operating lease liabilities during the six months ended March 31, 2021 and 2020 were immaterial.

The weighted average remaining lease term of the Company’s operating leases was approximately 5 years and 6 years as of March 31, 2021 and September 30, 2020, respectively. The weighted average incremental borrowing rate was 4.3% and 4.2% as of March 31, 2021 and September 30, 2020, respectively.