Leases

9 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

Leases

The Company leases certain offices and manufacturing facilities, warehouses, employee vehicles and certain manufacturing related equipment and determines if an arrangement is or contains a lease at inception. Leases may include options to extend or terminate the lease, and those options are recorded on the Condensed Consolidated Balance Sheet when it is reasonably certain that the Company will exercise one of those options. All recorded leases are classified as operating leases, and lease expense is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheet.

A summary of the Company's lease information is as follows:

		June 30, 2023			September 30, 2022
Assets	Classification
Right of use assets	Other assets	$	49.1		$	50.1
Liabilities
Current lease liabilities	Other current liabilities	$	8.6		$	8.8
Long-term lease liabilities	Other liabilities	41.0			41.5
Total lease liabilities		$	49.6		$	50.3
Other information
Weighted-average remaining lease term (years)		11			10
Weighted-average incremental borrowing rate		7.0		%	6.6		%

	Three Months Ended June 30,				Nine Months Ended June 30,
	2023		2022		2023		2022
Statement of Earnings
Lease expense (1)	$	3.0	$	3.7	$	9.1	$	10.5
Other information
Leased assets obtained in exchange for new lease liabilities	$	0.5	$	1.0	$	2.0	$	3.9
Cash paid for amounts included in the measurement of lease liabilities	$	3.0	$	3.7	$	9.0	$	10.7

(1)Lease expense is included in Cost of products sold or SG&A expense based on the nature of the lease. Short-term lease expense is not considered material and is, therefore, excluded from this amount.

The Company's future lease payments, including reasonably assured renewal options under leases, are as follows:

Lease liability repayments	June 30, 2023
Remainder of fiscal 2023	$	2.7
2024	10.3
2025	9.4
2026	8.0
2027	6.2
2028 and thereafter	40.4
Total future minimum lease commitments	77.0
Less: Imputed interest	(27.4)
Present value of lease liabilities	$	49.6