Retirement Plans

9 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Retirement and Profit Sharing Plans

Retirement Plans

Most of the Company’s U.S. and non-U.S. employees participate in defined contribution plans, including 401(k), profit sharing, and other savings plans that provide retirement benefits. In the United States, the Company maintains a defined contribution retirement plan under Section 401(k) of the Internal Revenue Code (IRC) covering all eligible employees, as defined. Under the plan, a participant may elect to defer receipt of a stated percentage of his or her compensation, subject to limitation under the IRC, which would otherwise be payable to the participant for any plan year. The Company may make discretionary contributions to this plan, including making matching contributions of 50%, up to a maximum of 6% of an employee’s pretax contribution. The Company made matching contributions of approximately $4.7 million, $1.9 million and $2.0 million in fiscal 2023, 2022 and 2021, respectively. Additionally, the Company participates in certain government mandated defined contribution plans throughout the world for which the Company complies with all funding requirements. The total expenses related to employees participating in these plans were $2.7 million, $2.0 million, and $5.1 million for fiscal 2023, 2022 and 2021, respectively.

Certain non-U.S. employees participate in Company-specific or statutorily required defined benefit plans. In general, the Company’s policy is to fund these plans based on legal requirements, required benefit payments, and other factors. Defined benefit plan expense, benefits paid, and benefit plan contributions made by the Company were not material for all periods presented.

The non-U.S. defined benefit liability was $8.7 million and $7.0 million as of June 30, 2023 and 2022, respectively, as the projected benefit obligation and fair value of plan assets were $13.6 million and $4.8 million as of June 30, 2023 and $11.6 million and $4.6 million as of June 30, 2022, while the deferred actuarial gain in accumulated other comprehensive income was $0.1 million as of June 30, 2023 and a gain of $0.8 million as of June 30, 2022.