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Stock-Based Compensation (Tables) | 9 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule and Location of Compensation Cost | Total stock-based compensation expense for the three and nine months ended June 30, 2025 and 2024 and the respective income tax benefits recognized by the Company in the Condensed Consolidated Statements of Income are as follows:
| Three months ended June 30, |  | Nine months ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Cost of products sold | $ | 0.7 |  |  | $ | 0.6 |  |  | $ | 1.9 |  |  | $ | 2.6 |
Selling and administrative expense | 5.1 |  |  | 5.3 |  |  | 17.2 |  |  | 16.1 |
Research and development expense | 0.1 |  |  | 0.6 |  |  | 0.3 |  |  | 1.7 |
Other operating expense | — |  |  | — |  |  | 2.8 |  |  | — |
Total Stock-Based Compensation Expense | $ | 5.9 |  |  | $ | 6.5 |  |  | $ | 22.2 |  |  | $ | 20.4 |
Tax benefit associated with stock-based compensation costs recognized | $ | 0.9 |  |  | $ | 0.6 |  |  | $ | 3.1 |  |  | $ | 1.8 |
The following table summarizes the Company's total stock-based compensation expense by classification of award for the three and nine months ended June 30, 2025 and 2024:
| Three months ended June 30, |  | Nine Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Equity Awards | $ | 5.9 |  |  | $ | 6.3 |  |  | $ | 22.1 |  |  | $ | 20.1 |
Liability Awards | — |  |  | 0.2 |  |  | 0.1 |  |  | 0.3 |
Total | $ | 5.9 |  |  | $ | 6.5 |  |  | $ | 22.2 |  |  | $ | 20.4 |
The following table summarizes the Company's total stock-based compensation expense by award type for the three and nine months ended June 30, 2025 and 2024:
| Three months ended June 30, |  | Nine Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Time-Vested Restricted Stock Units (TVUs) | $ | 5.1 |  |  | $ | 4.8 |  |  | $ | 16.9 |  |  | $ | 15.4 |
Performance-Based Restricted Stock Units (PSUs) | 0.5 |  |  | 0.7 |  |  | 3.8 |  |  | 2.0 |
Stock Appreciation Rights (SARs) | 0.3 |  |  | 1.0 |  |  | 1.5 |  |  | 3.0 |
Total | $ | 5.9 |  |  | $ | 6.5 |  |  | $ | 22.2 |  |  | $ | 20.4 |
Schedule of Restricted Stock Units Outstanding and Changes | A summary of TVUs outstanding as of June 30, 2025 and changes during the nine months ended June 30, 2025 are as follows:
| TVUs (in thousands) |  | Weighted Average Grant Date Fair Value
Nonvested at October 1 | 1,918.0 |  |  | $ | 21.34 |
Granted* | 1,576.5 |  |  | 18.53 |
Distributed** | (1,085.4) |  |  | 22.48 |
Forfeited, canceled or expired | (326.0) |  |  | 18.86 |
Nonvested at June 30 | 2,083.1 |  |  | $ | 18.93 |
Expected to vest at June 30 | 1,974.9 |  |  | $ | 18.98 |
*Includes accumulated nonvested dividend equivalents
**The TVUs distributed include shares withheld for taxes that are not formally issued to the market.
A summary of PSUs outstanding as of June 30, 2025 and changes during the nine months ended June 30, 2025 are as follows:
| Stock Units (in thousands) |  | Weighted Average Grant Date Fair Value
Nonvested at October 1 | 56.7 |  |  | $ | 30.24 |
Granted* | 216.1 |  |  | 18.17 |
Distributed | (47.6) |  |  | 18.76 |
Forfeited, canceled or expired | (6.2) |  |  | 18.96 |
Nonvested at June 30 | 219.0 |  |  | $ | 21.52 |
Expected to vest at June 30 | 219.0 |  |  | $ | 21.52 |
*Includes accumulated nonvested dividend equivalents
Schedule of SARs Outstanding | A summary of stock appreciation rights ("SARs") outstanding as of June 30, 2025 and changes during the nine months ended June 30, 2025 are as follows:
| SARs (in thousands) |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Balance at October 1 | 1,760.4 |  |  | $ | 29.11 |  |  |  |  |
Exercised* | (3.4) |  |  | 13.30 |  |  |  |  |
Forfeited, canceled or expired | (250.0) |  |  | 29.19 |  |  |  |  |
Balance at June 30 | 1,507.0 |  |  | $ | 29.14 |  |  | 6.0 |  | $ | — |
Vested and expected to vest at June 30 | 1,497.9 |  |  | 29.14 |  |  | 6.0 |  | $ | — |
Exercisable at June 30 | 1,341.6 |  |  | $ | 29.16 |  |  | 5.9 |  | $ | — |
*The amounts exercised include shares withheld for taxes that are not formally issued to the market.

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