Restructuring Charges

12 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

As of September 30, 2024, we recorded restructuring charges of $97.4 million ($73.1 million, net of tax or $0.64 per diluted share) related to actions in conjunction with an enterprise-wide comprehensive program to optimize cost structure and expand margins. The charges include $92.3 million for severance benefits and $5.1 million for strategic advisory services related to the targeted severance actions. In the Consolidated Statement of Operations for the year ended September 30, 2024, $31.5 million of the charges were recorded in Cost of sales, while $65.9 million was recorded in Selling, general and administrative expenses. We expect the total cash expenditures associated with these restructuring actions to be $97.4 million of which we paid $27.7 million for the year ended September 30, 2024.

The following is a reconciliation of the accrued liabilities related to these restructuring actions at September 30, 2024 (in millions):


	Severance Benefits		Strategic Advisory Services		Total
Balance at September 30, 2023	$	—	$	—	$	—
Restructuring charges	92.3		5.1		97.4
Payments	(22.6)		(5.1)		(27.7)
Balance at September 30, 2024	$	69.7	$	—	$	69.7