Leases

12 Months Ended

Sep. 30, 2025

Leases [Abstract]

Leases

Note 18 — Leases

Finance Lease

In conjunction with the Separation, we entered into a lease agreement with BD pursuant to which the Company would lease approximately 278,000 square feet of manufacturing space and equipment at BD's manufacturing facility in Holdrege, Nebraska for 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.

Operating Leases

The Company's operating leases primarily relate to its real estate leases that are not classified as finance leases. The Company entered into a real estate lease for a new Corporate Headquarters located in Parsippany, NJ which commenced during the second quarter of fiscal year 2023 for an initial term of ten years. The Company has options to extend the lease for additional period of six years and to extend for a subsequent additional period of four years, after the expiration of the first extension period.

Aggregate Lease Information

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

	As of September 30, 2025			As of September 30, 2024
Finance Lease
Property, Plant, and Equipment, Net	$	28.3		$	30.8
Total Finance Lease Assets	$	28.3		$	30.8
Current finance lease liabilities	$	3.4		$	3.4
Non Current Finance Lease Liabilities	28.7			30.2
Total Finance Lease Liabilities	$	32.1		$	33.6
Weighted-average remaining lease term (years)	11.5			12.5
Weighted-average discount rate	6.8		%	6.8		%
Operating Leases
Deferred Income Taxes and Other Assets	$	20.2		$	22.6
Total Operating Lease Assets	$	20.2		$	22.6
Accrued expenses	$	6.9		$	6.0
Deferred Income Taxes and Other Liabilities	10.2			11.9
Total Operating Lease Liabilities	$	17.1		$	17.9
Weighted-average remaining lease term (years)	5.6			6.3
Weighted-average discount rate	6.6		%	6.5		%

Lease costs incurred are as follows:

(in millions)	Classification	2025		2024		2023
Operating lease expense	Selling and administrative and Research and Development expense	$	6.3	$	7.5	$	4.5
Finance lease cost:
Depreciation of lease assets	Cost of products sold	2.5		2.5		2.4
Interest on lease liabilities	Interest expense, net	2.3		2.4		2.4
Total lease cost		$	11.1	$	12.4	$	9.3

Supplemental cash flow information related to leases was as follows as of September 30, 2025, 2024 and 2023:

	September 30, 2025		September 30, 2024		September 30, 2023
Right of use assets obtained in exchange for lease liabilities
Finance Lease	$	—	$	—	$	—
Operating Leases	2.2		3.0		19.0

	September 30, 2025		September 30, 2024		September 30, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from Operating Leases	$	5.8	$	6.4	$	2.9
Financing cash flows from Finance Lease	1.4		1.3		1.2
Operating cash flows from Finance Lease	2.3		2.4		2.4

Maturities of the Company's finance and operating lease liabilities as of September 30, 2025 by fiscal year are as follows:

	Finance Leases		Operating Leases		Total
2026	$	3.7	$	5.9	$	9.6
2027	3.8		2.6		6.4
2028	3.9		2.0		5.9
2029	3.9		2.1		6.0
2030	4.0		1.8		5.8
Thereafter	28.3		5.7		34.0
Total lease payments	$	47.6	$	20.1	$	67.7
Less: amount representing interest	15.5		3.0		18.5
Present value of lease liabilities	$	32.1	$	17.1	$	49.2

Leases

Note 18 — Leases

Finance Lease

In conjunction with the Separation, we entered into a lease agreement with BD pursuant to which the Company would lease approximately 278,000 square feet of manufacturing space and equipment at BD's manufacturing facility in Holdrege, Nebraska for 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.

Operating Leases

The Company's operating leases primarily relate to its real estate leases that are not classified as finance leases. The Company entered into a real estate lease for a new Corporate Headquarters located in Parsippany, NJ which commenced during the second quarter of fiscal year 2023 for an initial term of ten years. The Company has options to extend the lease for additional period of six years and to extend for a subsequent additional period of four years, after the expiration of the first extension period.

Aggregate Lease Information

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

	As of September 30, 2025			As of September 30, 2024
Finance Lease
Property, Plant, and Equipment, Net	$	28.3		$	30.8
Total Finance Lease Assets	$	28.3		$	30.8
Current finance lease liabilities	$	3.4		$	3.4
Non Current Finance Lease Liabilities	28.7			30.2
Total Finance Lease Liabilities	$	32.1		$	33.6
Weighted-average remaining lease term (years)	11.5			12.5
Weighted-average discount rate	6.8		%	6.8		%
Operating Leases
Deferred Income Taxes and Other Assets	$	20.2		$	22.6
Total Operating Lease Assets	$	20.2		$	22.6
Accrued expenses	$	6.9		$	6.0
Deferred Income Taxes and Other Liabilities	10.2			11.9
Total Operating Lease Liabilities	$	17.1		$	17.9
Weighted-average remaining lease term (years)	5.6			6.3
Weighted-average discount rate	6.6		%	6.5		%

Lease costs incurred are as follows:

(in millions)	Classification	2025		2024		2023
Operating lease expense	Selling and administrative and Research and Development expense	$	6.3	$	7.5	$	4.5
Finance lease cost:
Depreciation of lease assets	Cost of products sold	2.5		2.5		2.4
Interest on lease liabilities	Interest expense, net	2.3		2.4		2.4
Total lease cost		$	11.1	$	12.4	$	9.3

Supplemental cash flow information related to leases was as follows as of September 30, 2025, 2024 and 2023:

	September 30, 2025		September 30, 2024		September 30, 2023
Right of use assets obtained in exchange for lease liabilities
Finance Lease	$	—	$	—	$	—
Operating Leases	2.2		3.0		19.0

	September 30, 2025		September 30, 2024		September 30, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from Operating Leases	$	5.8	$	6.4	$	2.9
Financing cash flows from Finance Lease	1.4		1.3		1.2
Operating cash flows from Finance Lease	2.3		2.4		2.4

Maturities of the Company's finance and operating lease liabilities as of September 30, 2025 by fiscal year are as follows:

	Finance Leases		Operating Leases		Total
2026	$	3.7	$	5.9	$	9.6
2027	3.8		2.6		6.4
2028	3.9		2.0		5.9
2029	3.9		2.1		6.0
2030	4.0		1.8		5.8
Thereafter	28.3		5.7		34.0
Total lease payments	$	47.6	$	20.1	$	67.7
Less: amount representing interest	15.5		3.0		18.5
Present value of lease liabilities	$	32.1	$	17.1	$	49.2