v3.25.4
Pension Plans
 3 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Pension Plans Pension Plans
The Company has several defined benefit pension plans covering many of its employees in the U.S. and certain employees in other countries. The plans provide retirement benefits based on various factors including years of service and in certain circumstances, earnings. Most plans are now frozen to new entrants and for additional service.

During fiscal 2024, the Trustees of the U.K. pension plan entered into a buy-in agreement with a third party insurance company. The buy-in arrangement is an insurance contract providing substantially all future benefit plan payments to the U.K. pension plan participants. However, the primary benefit obligation remains with the Company. All of the U.K. pension plan assets were transferred to the insurer in exchange for the insurance contract at the effective date of the buy-in agreement. The insurance contract remains an asset of the U.K. pension plan and is considered a Level 3 investment.

The buy-in arrangement also allows for the conversion into a buy-out arrangement where the insurance company assumes full responsibility for the U.K. pension plan pension obligations, at which time the Company will derecognize the assets and liabilities of the pension plan and realize a non-cash settlement loss as a component of the net periodic pension cost. As of December 31, 2025, the buy-out arrangement had not occurred and the U.K. primary pension benefit obligation and related pension plan assets were held by the Company. Subsequent to the quarter end, the buy out process was completed in January 2026.
The Company’s net periodic pension cost for these plans are as follows:
For the Quarters Ended December 31,
U.S.International
2025202420252024
Service cost$— $— $0.1 $0.1 
Interest cost3.0 3.1 0.9 0.8 
Expected return on plan assets(3.7)(4.0)(1.0)(0.9)
Amortization of unrecognized net losses0.7 0.5 0.6 0.5 
Net periodic (benefit)/cost$— $(0.4)$0.6 $0.5 

The service cost component of the net periodic cost above is recorded in SG&A expense on the Consolidated (Condensed) Statement of Earnings and Comprehensive Income, while the remaining components are recorded to Other items, net.
The Company also sponsors or participates in a number of other non-U.S. pension arrangements, including various retirement and termination benefit plans, some of which are required by local law or coordinated with government-sponsored plans, which are not significant in the aggregate and, therefore, are not included in the information presented above.