FAIR VALUE MEASUREMENTS

12 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

15. FAIR VALUE MEASUREMENTS

Certain assets and liabilities are required to be recorded at fair value on a recurring basis.

The Company periodically uses forward currency contracts to hedge the effects of foreign exchange relating to intercompany balances denominated in a foreign currency. These derivative instruments are not formally designated as hedges by the Company. Short-term forward currency contracts are recorded in prepaid expenses and other current assets or other current liabilities and long-term forward currency contracts are recorded in other long-term assets or other long-term liabilities in the consolidated balance sheets for the applicable period. The fair value gains and losses are included in other income, net within the consolidated statements of operations. See Note 7, “Other Expense, net” for further detail.

The Company had no active forward currency contracts or other derivative instruments as of September 30, 2025 or September 30, 2024, with the last such contract having expired in the third quarter of fiscal 2022.

Cash flows associated with derivative financial instruments are recognized in the operating section of the consolidated statements of cash flows. The fair value of forward currency contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles.

The following table presents the recurring assets and liabilities measured at fair value as of September 30, 2025 and September 30, 2024 in accordance with the fair value hierarchy:

	September 30, 2025						September 30, 2024
(in thousands)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Cash equivalents	$	422,292	$	—	$	—	$	265,077	$	—	$	—

The Company’s remaining financial instruments consist primarily of cash, accounts receivable and accounts payable whose carrying value approximate their fair value due to their short-term nature.

The estimated fair value of financial instruments not carried at fair value in the consolidated balance sheets were as follows:

	September 30, 2025				September 30, 2024
(in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
New Senior Secured Term Loan Facility due September 29, 2032	$	373,000	$	371,135	$	373,000	$	373,000
Senior Notes due June 2031	400,000		373,164		400,000		364,456
Total debt	$	773,000	$	744,299	$	773,000	$	737,456

In determining the approximate fair value of its long-term debt, the Company used the trading value among financial institutions, which were classified within Level 2 of the fair value hierarchy. The carrying value of the ABL Credit Facility approximates fair value due to it being market-linked variable rate debt.

Impairment Charge Related to HDPE Assets

During the second quarter of fiscal 2025, the Company recorded non-cash impairment charges of $127,733 against the long-lived assets of the HDPE business, primarily the fixed assets, right-of-use assets and definite-lived intangibles. This was the result of the identification of indicators of impairment related to the Company’s HDPE business. The indicators of impairment were triggered by the emergence in the second quarter of competing technology for federal stimulus funding, an acceleration of constraints on public spending, and adverse market-related conditions during the second quarter, which include delays in the deployment of government stimulus funding for

nationwide broadband infrastructure investments, in combination with the Company’s forward-looking cash flow projections.

The impairments were measured as the amount by which the carrying values of the assets, $250,966, exceeded their estimated fair value, $123,233, determined using the discounted cash flow method and industry-based data where available. This measurement resulted in the impairment value of $127,733. The assets of the HDPE business are a part of the Electrical segment.

Of the $127,733 impairment value, $92,397 was recorded in definite lived intangible assets, $31,766 was recorded in fixed assets and $3,570 was recorded in right-of-use assets on the Company’s condensed consolidated statements of operations.

During the fourth quarter of fiscal 2025, the Company recorded an additional non-cash impairment charge of $66,717 against the long-lived assets of the HDPE business. On September 29, 2025, the Company announced a potential sale of the HDPE business. While the HDPE business did not meet the criteria to be recognized as held-for-sale at September 30, 2025, the announcement was identified as an indicator of impairment. The Company used the discounted cash flow method to estimate the fair value of the asset group as $50,800, which was below the carrying value of the assets.

Of the $66,717 impairment recorded in the fourth quarter, $37,510 was recorded in definite lived intangible assets, $27,829 was recorded in fixed assets and $1,378 was recorded in right-of-use assets on the Company’s condensed consolidated statements of operations.