v3.25.4

Leases

3 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

Note 18 — Leases

Finance Leases

The Company's finance lease assets and liabilities are attributed to its manufacturing site in Holdrege, Nebraska, which has an initial term of ten years and an option for the Company to extend the lease term for an additional period of up to five years. This lease is classified as a finance lease because the present value of the sum of the lease payments associated with the lease exceeds substantially all of the fair value of the manufacturing site.

Operating Leases

The Company's operating leases primarily relate to its real estate leases that are not classified as finance leases.

Aggregate Lease Information

The Company's leases are included in its Condensed Consolidated Balance Sheets as follows:

			December 31, 2025						September 30, 2025
Finance Leases
Property, Plant, and Equipment, Net			$	27.7					$	28.3
Total Finance Lease Assets			$	27.7					$	28.3
Current finance lease liabilities			$	3.5					$	3.4
Non Current Finance Lease Liabilities			28.2						28.7
Total Finance Lease Liabilities			$	31.7					$	32.1
Weighted-average remaining lease term (years)			11.3						11.5
Weighted-average discount rate			6.8		%				6.8		%
Operating Leases
Other Assets			$	19.1					$	20.2
Total Operating Lease Assets			$	19.1					$	20.2
Accrued expenses			$	6.7					$	6.9
Deferred Income Taxes and Other Liabilities			9.5						10.2
Total Operating Lease Liabilities			$	16.2					$	17.1
Weighted-average remaining lease term (years)			5.6						5.6
Weighted-average discount rate			6.7		%				6.6		%

Lease costs incurred are as follows:

						Three months ended December 31,
(in millions)			Classification			2025						2024
Operating lease expense			Selling and administrative and Research and Development expense			$	1.7					$	2.0
Finance lease cost:
Depreciation of lease assets			Cost of products sold			0.6						0.6
Interest on lease liabilities			Interest expense, net			0.5						0.6
Total lease cost						$	2.8					$	3.2

Supplemental cash flow information related to leases for the three months ended December 31, 2025 and 2024 were as follows:

For both the three months ended December 31, 2025 and 2024, right of use assets obtained in exchange for lease liabilities were not material.

			December 31, 2025						December 31, 2024
Cash used for amounts included in the measurement of lease liabilities
Operating cash flows from Operating Leases			$	1.6					$	1.9
Financing cash flows from Finance Lease			0.4						0.3
Operating cash flows from Finance Lease			0.5						0.6

Maturities of the Company's finance and operating lease liabilities as of December 31, 2025 by fiscal year are as follows:

			Finance Leases						Operating Leases						Total
2026			$	2.8					$	4.5					$	7.3
2027			3.8						2.7						6.5
2028			3.9						2.1						6.0
2029			3.9						2.2						6.1
2030			4.0						1.8						5.8
Thereafter			28.3						5.7						34.0
Total lease payments			$	46.7					$	19.0					$	65.7
Less: amount representing interest			15.0						2.8						17.8
Present value of lease liabilities			$	31.7					$	16.2					$	47.9

Leases

Note 18 — Leases

Finance Leases

The Company's finance lease assets and liabilities are attributed to its manufacturing site in Holdrege, Nebraska, which has an initial term of ten years and an option for the Company to extend the lease term for an additional period of up to five years. This lease is classified as a finance lease because the present value of the sum of the lease payments associated with the lease exceeds substantially all of the fair value of the manufacturing site.

Operating Leases

The Company's operating leases primarily relate to its real estate leases that are not classified as finance leases.

Aggregate Lease Information

The Company's leases are included in its Condensed Consolidated Balance Sheets as follows:

			December 31, 2025						September 30, 2025
Finance Leases
Property, Plant, and Equipment, Net			$	27.7					$	28.3
Total Finance Lease Assets			$	27.7					$	28.3
Current finance lease liabilities			$	3.5					$	3.4
Non Current Finance Lease Liabilities			28.2						28.7
Total Finance Lease Liabilities			$	31.7					$	32.1
Weighted-average remaining lease term (years)			11.3						11.5
Weighted-average discount rate			6.8		%				6.8		%
Operating Leases
Other Assets			$	19.1					$	20.2
Total Operating Lease Assets			$	19.1					$	20.2
Accrued expenses			$	6.7					$	6.9
Deferred Income Taxes and Other Liabilities			9.5						10.2
Total Operating Lease Liabilities			$	16.2					$	17.1
Weighted-average remaining lease term (years)			5.6						5.6
Weighted-average discount rate			6.7		%				6.6		%

Lease costs incurred are as follows:

						Three months ended December 31,
(in millions)			Classification			2025						2024
Operating lease expense			Selling and administrative and Research and Development expense			$	1.7					$	2.0
Finance lease cost:
Depreciation of lease assets			Cost of products sold			0.6						0.6
Interest on lease liabilities			Interest expense, net			0.5						0.6
Total lease cost						$	2.8					$	3.2

Supplemental cash flow information related to leases for the three months ended December 31, 2025 and 2024 were as follows:

For both the three months ended December 31, 2025 and 2024, right of use assets obtained in exchange for lease liabilities were not material.

			December 31, 2025						December 31, 2024
Cash used for amounts included in the measurement of lease liabilities
Operating cash flows from Operating Leases			$	1.6					$	1.9
Financing cash flows from Finance Lease			0.4						0.3
Operating cash flows from Finance Lease			0.5						0.6

Maturities of the Company's finance and operating lease liabilities as of December 31, 2025 by fiscal year are as follows:

			Finance Leases						Operating Leases						Total
2026			$	2.8					$	4.5					$	7.3
2027			3.8						2.7						6.5
2028			3.9						2.1						6.0
2029			3.9						2.2						6.1
2030			4.0						1.8						5.8
Thereafter			28.3						5.7						34.0
Total lease payments			$	46.7					$	19.0					$	65.7
Less: amount representing interest			15.0						2.8						17.8
Present value of lease liabilities			$	31.7					$	16.2					$	47.9

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- Definition

The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability.

+ References

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The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

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-URI https://asc.fasb.org/842-20/tableOfContent

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