Accounts Receivable Facility |
3 Months Ended |
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Dec. 31, 2022 | |
| Transfers and Servicing [Abstract] | |
| Accounts receivable facility | Accounts Receivable Facility The Company participates in multiple accounts receivable purchase agreements both in the United States and Japan. These receivable agreements are between the Company and MUFG Bank, LTD, and the subsidiaries of both parties. Transfers under accounts receivable repurchase agreements are accounted for as sales of receivables, resulting in the receivables being de-recognized from the Consolidated Balance Sheet. The purchaser assumes the credit risk at the time of sale and has the right at any time to assign, transfer, or participate any of its rights under the purchased receivables to another bank or financial institution. The purchase and sale of receivables under accounts receivable repurchase agreements is intended to be an absolute and irrevocable transfer without recourse by the purchaser to the Company for the creditworthiness of any obligor. The Company continues to have collection and servicing responsibilities for the receivables sold and receives separate compensation for their servicing. The compensation received is considered acceptable servicing compensation and, as such, the Company does not recognize a servicing asset or liability. As of December 31, 2022, the discount rate used to determine the purchase price for the subject receivables shall be based upon Bloomberg Short Term Bank Yield Index plus a margin applicable to the specified obligor. Accounts receivables sold were $212.1 and $155.3 for the three months ended December 31, 2022 and 2021, respectively. The trade receivables sold that remained outstanding as of December 31, 2022 and September 30, 2022 were $85.4 and $78.7, respectively. The net proceeds received were included in both Cash used by operating activities and Cash used by investing activities on the Condensed Consolidated Statements of Cash Flows. The difference between the carrying amount of the trade receivables sold and the sum of the cash received is recorded as a loss on sale of receivables in Other income, net in the Condensed Consolidated Statements of Earnings and Comprehensive Income. The loss on sale of trade receivables was $0.9 and $0.2 for the three months ended December 31, 2022 and 2021, respectively.
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