ASSOCIATE MEDICAL BENEFITS

12 Months Ended

Sep. 30, 2025

Defined Benefit Plan, Postretirement Medical Plan with Prescription Drug Benefits [Abstract]

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 $45.4, $42.5 and $40.1 in fiscal 2025, fiscal 2024 and fiscal 2023, 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.


	2025		2024

Change in Accumulated Plan Benefit Obligation (“APBO”):
Benefit obligation at beginning of year	$	13.8	$	13.3
Service cost	0.1		0.1
Interest cost	0.5		0.8
Plan participants’ contributions	0.2		0.3
Actuarial loss	0.1		1.5


Benefits paid	(1.9)		(2.2)

Benefit obligation at end of year	$	12.8	$	13.8
Change in plan assets:
Fair value of plan assets at beginning of year	$	—	$	—
Employer contribution	1.7		1.9
Plan participants’ contributions	0.2		0.3
Gross benefits paid	(1.9)		(2.2)
Fair value of plan assets at end of year	$	—	$	—
Unfunded status at end of year	$	(12.8)	$	(13.8)


	2025			2024

Amounts recognized in the Consolidated Balance Sheets consist of:
Current liabilities	$	(1.3)		$	(1.3)
Non-current liabilities	(11.5)			(12.5)
Total amount accrued	$	(12.8)		$	(13.8)
Amounts recognized in accumulated other comprehensive (income) loss consist of:
Actuarial gain	$	(1.2)		$	(1.3)

Total accumulated other comprehensive income	$	(1.2)		$	(1.3)
Total change in other comprehensive income attributable to:
Loss during the period	$	(0.1)		$	(1.5)

Reclassification to net earnings	—			(0.6)
Total change in other comprehensive income	$	(0.1)		$	(2.1)

Discount rate used in development of APBO	5.04		%	4.86		%

Net periodic benefit cost was $0.7, $0.3 and $0.7 during fiscal 2025, fiscal 2024 and fiscal 2023, respectively. For measurement as of September 30, 2025, management has assumed that health care costs will increase at an annual rate of 7.50%, and thereafter decrease to an ultimate trend rate of 4.50% in 2032.

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

2026	$	1.6	$	(0.3)	$	1.3
2027	1.7		(0.4)		1.3
2028	1.8		(0.5)		1.3
2029	1.9		(0.6)		1.3
2030	1.9		(0.6)		1.3
2031 – 2035	8.6		(3.2)		5.4