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ASSOCIATE MEDICAL BENEFITS | 12 Months Ended
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Sep. 30, 2024
Defined Benefit Plan, Postretirement Medical Plan with Prescription Drug Benefits [Abstract] |
ASSOCIATE MEDICAL BENEFITS | ASSOCIATE MEDICAL BENEFITS The Company provides comprehensive major medical benefits to its associates. The Company is self-insured for certain health benefits up to $1.0 per occurrence per individual. The cost of such benefits is recognized as expense in the period the claim is incurred and was $42.5, $40.1 and $46.6 in fiscal 2024, fiscal 2023 and fiscal 2022, respectively. The Company also provides comprehensive major medical benefits to certain retired associates and their dependents. Substantially all of the Company’s domestic associates who were hired before January 1, 1998 become eligible for these benefits if they retire at age 55 or older with more than ten years of service. The retiree medical plan requires certain minimum contributions from retired associates and includes provisions to limit the overall cost increases the Company is required to cover. The Company funds its portion of retiree medical benefits as claims are paid. The following tables set forth information about the retiree medical plan for domestic associates. The retiree medical plan is valued using a September 30 measurement date.
| 2024 |  | 2023
Change in Accumulated Plan Benefit Obligation (“APBO”): |  |  |
Benefit obligation at beginning of year | $ | 13.3 |  |  | $ | 15.7 |
Service cost | 0.1 |  |  | 0.1 |
Interest cost | 0.8 |  |  | 0.8 |
Plan participants’ contributions | 0.3 |  |  | 0.4 |
Actuarial (gain) loss | 1.5 |  |  | (2.2) |
Benefits paid | (2.2) |  |  | (1.5) |
Benefit obligation at end of year | $ | 13.8 |  |  | $ | 13.3 |
Change in plan assets: |  |  |
Fair value of plan assets at beginning of year | $ | — |  |  | $ | — |
Employer contribution | 1.9 |  |  | 1.1 |
Plan participants’ contributions | 0.3 |  |  | 0.4 |
Gross benefits paid | (2.2) |  |  | (1.5) |
Fair value of plan assets at end of year | $ | — |  |  | $ | — |
Unfunded status at end of year | $ | (13.8) |  |  | $ | (13.3) |
| 2024 |  | 2023
Amounts recognized in the Consolidated Balance Sheets consist of: |  |  |
Current liabilities | $ | (1.3) |  |  | $ | (1.4) |
Non-current liabilities | (12.5) |  |  | (11.9) |
Total amount accrued | $ | (13.8) |  |  | $ | (13.3) |
Amounts recognized in accumulated other comprehensive (income) loss consist of: |  |  |
Actuarial gain | $ | (1.3) |  |  | $ | (3.4) |
Total accumulated other comprehensive income | $ | (1.3) |  |  | $ | (3.4) |
Total change in other comprehensive income attributable to: |  |  |
Gain (loss) during the period | $ | (1.5) |  |  | $ | 2.2 |
Reclassification to net earnings | (0.6) |  |  | (0.2) |
Total change in other comprehensive income | $ | (2.1) |  |  | $ | 2.0 |
Discount rate used in development of APBO | 4.86 | % |  | 5.98 | %
Net periodic benefit cost (income) was $0.3, $0.7 and $(0.2) during fiscal 2024, fiscal 2023 and fiscal 2022, respectively. For measurement as of September 30, 2024, management has assumed that health care costs will increase at an annual rate of 6.50%, and thereafter decrease to an ultimate trend rate of 4.50% in 2033. The following benefit payments under the plan are expected to be paid by the Company and the retirees for the fiscal years indicated:
| Gross Benefit Payments |  | Retiree Contributions |  |  |  | Net Company Payments
2025 | $ | 1.6 |  |  | $ | (0.3) |  |  |  |  | $ | 1.3 |
2026 | 1.8 |  |  | (0.4) |  |  |  |  | 1.3 |
2027 | 1.9 |  |  | (0.6) |  |  |  |  | 1.4 |
2028 | 2.0 |  |  | (0.7) |  |  |  |  | 1.3 |
2029 | 2.1 |  |  | (0.7) |  |  |  |  | 1.3 |
2030 – 2034 | 9.5 |  |  | (3.7) |  |  |  |  | 5.7 |

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- Definition Entire disclosure for postretirement medical plans that contain prescription drug coverage. + References No definition available. + Details
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- References No definition available. + Details
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