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EMPLOYEE BENEFIT PLANS
 12 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
Defined Benefit Plans
The Company has various defined benefit pension plans covering some of its employees. Plans generally provide benefits of stated amounts for each year of service. The Company funds its pension plans in accordance with the requirements of the defined benefit pension plans and, where applicable, in amounts sufficient to satisfy the minimum funding requirements of applicable laws. Additionally, in compliance with the Company’s funding policy, annual contributions to defined benefit plans are equal to the actuarial recommendations or statutory requirements in the respective countries. The Company sponsors or participates in a number of other non-U.S. pension arrangements, including various retirement and termination benefit plans, some of which are covered by local law or coordinated with government-sponsored plans, which are not significant in the aggregate.
The following tables provide additional information on the defined benefit plans as of September 30, 2025 and 2024.
U.S. PlansNon U.S. Plans
(in millions)2025202420252024
Changes in benefit obligation
Benefit obligation, beginning of year$54.0 $50.9 $112.7 $106.5 
Service cost0.4 0.7 0.8 0.7 
Interest cost2.4 2.8 4.4 5.0 
Actuarial loss(2.2)4.4 (8.5)8.0 
Curtailments— — — (11.1)
Benefits paid(4.5)(4.8)(4.4)(4.5)
Foreign currency exchange rate changes— — 3.2 8.1 
Benefit obligation, end of year50.1 54.0 108.2 112.7 
Changes in plan assets
Fair value of plan assets, beginning of year53.2 49.0 109.4 102.7 
Actual return on plan assets2.3 8.9 (0.1)7.9 
Employer contributions0.1 0.1 2.7 6.4 
Curtailments— — — (11.1)
Benefits paid(4.5)(4.8)(4.4)(4.5)
Foreign currency exchange rate changes— — 2.8 8.0 
Fair value of plan assets, end of year51.1 53.2 110.4 109.4 
Funded Status$1.0 $(0.8)$2.2 $(3.3)
Amounts recognized in statement of financial position
Deferred charges and other$1.2 $— $13.0 $12.4 
Other accrued expenses— 0.1 — — 
Other long-term liabilities0.2 0.7 10.8 15.7 
Accumulated other comprehensive loss4.5 7.7 24.8 29.5 
Weighted average assumptions
Discount rate
4.79%- 5.10%
4.39%- 4.74%
3.90% - 5.90%
3.40% - 5.10%
Rate of compensation increaseN/AN/A2.75%
2.75%
The following table summarizes the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for defined benefit plans with projected benefit obligations in excess of plan assets.
U.S. PlansNon U.S. Plans
(in millions)2025202420252024
Projected benefit obligation$0.3 $54.0 $66.8 $66.8 
Accumulated benefit obligation0.3 54.0 64.4 64.0 
Fair value of plan assets— 53.2 56.0 51.1 
NOTE 14 - EMPLOYEE BENEFIT PLANS (continued)
The following table contains the components of net periodic benefit cost from defined benefit plans for the years ended September 30, 2025, 2024 and 2023.
U.S. PlansNon U.S. Plans
(in millions)202520242023202520242023
Service cost$0.4 $0.7 $0.6 $0.8 $0.7 $0.8 
Interest cost2.4 2.8 2.8 4.4 5.0 4.6 
Expected return on assets(2.4)(2.9)(3.1)(4.5)(4.5)(3.9)
Recognized net actuarial loss1.1 — — 0.9 0.9 0.8 
Recognized net prior service cost— — — — 0.1 — 
Net periodic benefit cost$1.5 $0.6 $0.3 $1.6 $2.2 $2.3 
Weighted average assumptions
Discount rate
4.39% - 4.74%
5.56% - 5.72%
5.37%
3.40% - 5.10%
4.00% - 5.60%
3.70% - 5.20%
Expected return on plan assets5.25%5.50%5.25%
2.54% - 4.80%
2.54% - 5.00%
2.54% - 5.58%
Rate of compensation increaseN/AN/AN/A2.75%2.75%2.75%
The discount rate is used to calculate the projected benefit obligation. The discount rate used is based on the rate of return on government bonds as well as current market conditions of the respective countries where the plans are established. The expected return on plan assets is based on the expectation of the long-term average rate of return of the capital market in which the plans invest. The expected return reflects the target asset allocations and considers the historical returns earned for each asset category. The components of net periodic benefit cost other than the service cost component are recognized as Other Non-Operating Expense, Net on the Consolidated Statements of Income. See Note 18 - Accumulated Other Comprehensive Income for further detail on recognition of the net actuarial loss recognized in other comprehensive income attributable to defined benefit plans.
The following benefit payments are expected to be paid.
(in millions)US PlansNon US Plans
2026$4.8 $5.1 
20274.2 5.9 
20284.1 6.4 
20294.1 5.9 
20304.0 6.9 
2031-203518.9 33.5 
NOTE 14 - EMPLOYEE BENEFIT PLANS (continued)
Plan Assets
The Company established formal investment policies for the assets associated with these plans. Policy objectives include maximizing long-term return at acceptable risk levels, diversifying among asset classes, if appropriate, and among investment managers, as well as establishing relevant risk parameters within each asset class. Specific asset class targets are based on the results of periodic asset/liability studies. The investment policies permit variances from the targets within certain parameters. The plan assets currently do not include holdings of the Company’s common stock.
Below is a summary allocation of defined benefit plan assets as of September 30, 2025 and 2024.
U.S. PlansNon U.S. Plans
Asset Type2025202420252024
Cash— %— %6 %— %
Equity Securities20 %20 %— %— %
Fixed Income Securities80 %80 %46 %55 %
Other— %— %48 %45 %
Total100 %100 %100 %100 %
The fair value of defined benefit plan assets by asset category as of September 30, 2025 and 2024 are as follows.
20252024
(in millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash & cash equivalents$6.3 $— $— $6.3 $1.3 $— $— $1.3 
Equity4.2 3.4 — 7.6 3.5 4.4 — 7.9 
Fixed income securities31.8 6.6 — 38.4 33.3 7.1 — 40.4 
Foreign equity2.8 — — 2.8 3.0 — — 3.0 
Foreign fixed income securities— 51.3 — 51.3 — 60.5 — 60.5 
Life insurance contracts— 51.5 — 51.5 — 47.0 — 47.0 
Other— 3.6 — 3.6 — 2.5 — 2.5 
Total plan assets$45.1 $116.4 $— $161.5 $41.1 $121.5 $— $162.6 
Defined Contribution Plans
The Company sponsored defined contribution plans in which eligible participants may defer a fixed amount or a percentage of their eligible compensation, subject to limitations, pursuant to Section 401(k) of the Internal Revenue Code. The Company made discretionary matching contributions of eligible compensation. The Company also sponsors defined contribution plans for eligible employees of certain foreign subsidiaries. Contributions are discretionary and evaluated annually. Aggregate contributions charged to operations, including discretionary amounts, for the years ended September 30, 2025, 2024 and 2023, were $8.4 million, $7.4 million, and $7.5 million, respectively.