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Retirement Plans
 12 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Disclosure Retirement Plans
Defined Benefit Plans. We have a defined benefit plan (“Pension Plan”) that we fund in accordance with its requirements and, where applicable, in amounts sufficient to satisfy the minimum funding requirements of applicable laws. The Pension Plan provides benefits based on years of service and compensation or at stated amounts for each year of service with an annual measurement date of September 30.
A summary of key assumptions for the valuations of the Pension Plan is as follows:
September 30,
 202520242023
Weighted average used to determine benefit obligations:
Discount rate
5.47 %5.07 %6.29 %
Weighted average used to determine net periodic cost:
Discount rate
5.07 %6.29 %5.79 %
Expected return on plan assets
5.75 %5.75 %5.75 %

The discount rate for determining the present value of pension obligations was selected using a “bond settlement” approach, which constructs a hypothetical bond portfolio that could be purchased such that the coupon payments and maturity values could be used to satisfy the projected benefit payments.  The discount rate is the equivalent rate that results in the present value of the projected benefit payments equaling the market value of this bond portfolio. The bond portfolio includes only high-quality corporate bonds (AA graded or higher) that are either non-callable or callable within one year of maturity.  We rely on the Pension Plan’s actuaries to assist in the development of the discount rate model.
The expected return on plan assets is determined with the assistance of the Pension Plan’s actuaries and investment consultants. Expected return on plan assets was developed using forward-looking returns over a time horizon of approximately 20 years for major asset classes along with projected risk and historical correlations.
Amounts recognized for the Pension Plan are presented below:
September 30,
 20252024
 (in millions)
Projected benefit obligations:
Beginning of year$247.9 $233.2 
Service cost0.7 0.6 
Interest cost12.0 13.9 
Actuarial (gain)/loss(7.7)22.2 
Benefits paid(21.5)(22.0)
Accumulated benefit obligations at end of year$231.4 $247.9 
Plan assets:
Beginning of year$261.4 $239.8 
Actual return on plan assets11.0 43.6 
Benefits paid(21.5)(22.0)
Fair value of plan assets at end of year$250.9 $261.4 
Prepaid benefit cost at end of year:
Funded status$19.5 $13.5 
Recognized on balance sheet:
Other noncurrent assets$19.5 $13.5 
Recognized in accumulated other comprehensive loss, before tax:
Net actuarial loss$50.2 $56.6 

The components of net periodic cost for the Pension Plan are presented below:

 202520242023
 (in millions)
Service cost$0.7 $0.6 $0.8 
Components of net periodic cost excluded from operating income:
Interest cost12.0 13.9 13.9 
Expected return on plan assets(14.4)(13.0)(13.9)
Amortization of actuarial net loss2.2 3.1 3.7 
Pension (benefit) expense other than service(0.2)4.0 3.7 
Net periodic cost$0.5 $4.6 $4.5 

Pension Plan activity in accumulated other comprehensive loss, before tax, in 2025 is presented below (in millions):

Balance at beginning of year$56.6 
Actuarial gain(4.2)
Prior year actuarial loss amortization to net periodic cost(2.2)
Balance at end of year$50.2 
We amortize amounts in accumulated other comprehensive loss representing unrecognized prior year service cost and unrecognized loss related to the Pension Plan over the weighted average life expectancy of the inactive participants. Actuarial gains and losses are amortized using a corridor approach. The gain/loss corridor is equal to 10% of the greater of the benefit obligation and the market-related value of assets.  Gains and losses in excess of the corridor are generally amortized over the average remaining lifetime of the plan participants.
We expect to amortize $0.7 million of unrecognized loss into net periodic expense from accumulated other comprehensive loss in 2026.
Strategic asset allocations, tactical range as of September 30, 2025 and actual asset allocations are as follows:

Strategic asset allocationActual asset allocations at
 September 30,
 Tactical range202520242023
Fixed income investments70 %67 %-73 %69 %69 %70 %
Equity investments30 27 %-33 %30 30 29 
Cash— 0 %-5 %1 1 1 
100 %100 %100 %100 %

Assets of the Pension Plan are allocated to various investments to attain diversification and reasonable risk-adjusted returns while also managing the exposure to asset and liability volatility. These ranges are targets and deviations may occur from time to time as a result of market fluctuations. Portfolio assets are typically rebalanced to the allocation targets at least annually.
The assets of the Pension Plan are primarily invested in mutual funds and investment trusts valued at net asset value, which in turn hold fixed income and equity investments. The valuation methodologies used to measure the assets of the Pension Plan at fair value are:
•Mutual funds are valued at the closing price reported on the active market;
•Fixed income fund investments held by the investment trusts are valued using the closing price reported in the active market in which the investment is traded. When market quotations are not readily available, these assets are valued by a method the trustees believe accurately reflects fair value.
The assets of the Pension Plan by level within the fair value hierarchy are as follows:

September 30, 2025
Level 1Level 2Total
 (in millions)
Fixed income$131.2 $41.9 $173.1 
Equity:
Large cap index funds38.0 — 38.0 
International stocks:
International funds37.7 — 37.7 
      Total equity75.7 — 75.7 
Cash and cash equivalents2.1 — 2.1 
Total Plan assets
$209.0 $41.9 $250.9 

September 30, 2024
Level 1Level 2Total
 (in millions)
Fixed income$131.8 $49.8 $181.6 
Equity:
Large cap index funds39.1 — 39.1 
International stocks:
International funds38.9 — 38.9 
       Total equity78.0 — 78.0 
Cash and cash equivalents1.8 — 1.8 
Total Plan assets
$211.6 $49.8 $261.4 

Our estimated future pension benefit payments as of September 30, 2025 are presented below (in millions):

2026$22.3 
202722.0 
202821.5 
202920.9 
203020.3 
2031-203590.7 
Total
$197.7 

Defined Contribution Retirement Plans. Certain of our employees participate in a defined contribution 401(k) plan or similar plan outside of the United States. We make matching contributions as a function of employee contributions. We expensed our matching contributions of $10.0 million, $9.1 million and $8.2 million during 2025, 2024 and 2023, respectively.