0001872789-25-000012 | 10-Q | XBRL Viewer

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Business Restructuring Charges - Narrative (Details) $ in Millions	Mar. 31, 2025 USD ($)
Minimum \| Patch Pump Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Cumulative pretax costs to be incurred	$ 30.0
Minimum \| 2025 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Cumulative pretax costs to be incurred	4.0
Maximum \| Patch Pump Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Cumulative pretax costs to be incurred	40.0
Maximum \| 2025 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Cumulative pretax costs to be incurred	$ 5.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Cloud Computing Arrangements

6 Months Ended

Mar. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Cloud Computing Arrangements

Note 11 — Cloud Computing Arrangements

The Company capitalizes costs associated with the development of cloud computing arrangements in a manner consistent with internally developed software. Capitalized costs are included in Prepaid expenses and other and Deferred Income Taxes and Other Assets. Capitalized costs to implement cloud computing arrangements at cost and accumulated amortization were as follows:


	March 31, 2025		September 30, 2024
Short-term portion	$	10.5	$	10.2
Long-term portion	61.1		60.6
Total Capitalized implementation costs	$	71.6	$	70.8
Less: accumulated amortization	(11.6)		(6.3)
Total Capitalized implementation costs, net	$	60.0	$	64.5

Costs amortized during the three and six months ended March 31, 2025 and 2024 are included in Other operating expenses and were as follows:


	Three months ended March 31,		Six months ended March 31,
	2025	2024	2025	2024

Amortization of cloud computing arrangements	2.7	1.2	5.2	1.6

As of March 31, 2025, cloud computing arrangement assets in-service have remaining useful lives which range from approximately two to eight years.

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2025	Sep. 30, 2024
Finance Leases
2025	$ 1.9
2026	3.7
2027	3.8
2028	3.9
2029	3.9
Thereafter	32.3
Total lease payments	49.5
Less: amount representing interest	16.6
Present value of lease liabilities	32.9	$ 33.6
Operating Leases
2025	3.4
2026	3.5
2027	1.9
2028	1.9
2029	1.7
Thereafter	7.3
Total lease payments	19.7
Less: amount representing interest	2.6
Present value of lease liabilities	17.1	$ 17.9
Total
2025	5.3
2026	7.2
2027	5.7
2028	5.8
2029	5.6
Thereafter	39.6
Total lease payments	69.2
Less: amount representing interest	19.2
Present value of lease liabilities	$ 50.0

Revenues	6 Months Ended
Revenues	Mar. 31, 2025
Revenue from Contract with Customer [Abstract]
Revenues	Note 7 — Revenues The Company’s policies for recognizing revenue have not changed from those described in the 2024 Form 10-K. The Company sells syringes, pen needles and other products used in the management of diabetes which are primarily sold to wholesalers and distributors that sell to retail and institutional channels who in turn sell to patients or use the products to deliver insulin injections to patients. End-users of the Company’s products include healthcare institutions, physicians, life science researchers, clinical laboratories, the pharmaceutical industry, and the general public. Measurement of Revenues Payment terms extended to the Company’s customers are based upon commercially reasonable terms for the markets in which the Company’s products are sold. Because the Company generally expects to receive payment within one year or less from when control of a product is transferred to the customer, the Company does not generally adjust its revenues for the effects of a financing component. The Company’s allowance for doubtful accounts reflects the current estimate of credit losses expected to be incurred over the life of its trade receivables. Such estimated credit losses are determined based on historical loss experiences, customer specific credit risk, and reasonable and supportable forward-looking information, such as country or regional risks that are not captured in the historical loss information. Amounts are written off against the allowances for doubtful accounts when the Company determines that a customer account is uncollectible. The allowance for doubtful accounts for trade receivables is not material to the Company’s Condensed Consolidated Financial Statements. The Company’s gross revenues are subject to a variety of gross-to-net deductions which are recorded in the same period that the underlying revenues are recognized. Such variable consideration includes rebates, sales discounts, and sales returns. Because these deductions represent estimates of the related obligations, judgment is required when determining the impact of these revenue deductions on gross revenues for a reporting period. Rebates provided by the Company are based upon prices determined under the Company’s agreements primarily with its end-user customers. Additional factors considered in the estimate of the Company’s rebate liability include the quantification of inventory that is either in stock at or in transit to the Company’s distributors, as well as the estimated lag time between the sale of product and the payment of corresponding rebates. The Company’s liability attributed to variable consideration at March 31, 2025 and September 30, 2024 was $128.4 million and $149.6 million, respectively. Sales deductions recorded as a reduction of gross revenues for the three months ended March 31, 2025 and 2024 were $143.2 million and $138.5 million, respectively. Sales deductions recorded as a reduction of gross revenues for the six months ended March 31, 2025 and 2024 were $293.3 million and $265.2 million, respectively. Disaggregation of Revenues Disaggregation of revenue by geographic region and product line is provided within Note 8. Contract Assets and Liabilities The Company does not have contract liabilities. Contract assets consist of the Company’s right to consideration that is conditional upon its future performance pursuant to private label agreements and are presented within Prepaid expenses and other in the Condensed Consolidated Balance Sheets. The Company’s contract asset balance was $1.2 million as of both March 31, 2025 and September 30, 2024.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Long-Term Debt

6 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Long-Term Debt

Note 12 — Long-Term Debt

Credit Agreement

On March 31, 2022, Embecta entered into a credit agreement (the “Credit Agreement”), providing for:

•a Term Loan B Facility (the "Term Loan") in the amount of $950.0 million, with a seven-year term that matures in March 2029. The interest rate is 300 basis points over the secured overnight financing rate (“SOFR”), with a 0.50% SOFR floor. The Term Loan was issued at a discount of 0.50%. Principal and interest payments on the Term Loan commenced on June 30, 2022. Such quarterly principal payments are calculated as 0.25% of the initial principal amount, with the remaining balance payable upon maturity; and

•a Revolving Credit Facility (the "Revolving Credit Facility") in an aggregate principal amount of up to $500.0 million, with a five-year term that matures in 2027. Borrowings under the Revolving Credit Facility bear interest, at Embecta’s option, at an annual rate equal to (a) in the case of loans denominated in United States dollars (i) the SOFR or (ii) the alternate base rate or (b) in the case of loans denominated in Euros, the EURIBOR rate, in each case plus an applicable margin specified in the credit agreement. A commitment fee applies to the unused portion of the Revolving Credit Facility, equal to 0.25% per annum. As of March 31, 2025, no amount has been drawn on the Revolving Credit Facility.

The Credit Agreement and the indentures for Embecta's outstanding 5.00% senior secured notes due February 2030 (the "5.00% Notes") and 6.75% senior secured notes due February 2030 (the "6.75% Notes") contain customary financial covenants, including a total net leverage ratio covenant, which measures the ratio of (i) consolidated total net debt to (ii) consolidated earnings before interest, taxes, depreciation and amortization, and subject to other adjustments, must meet certain defined limits which are tested on a quarterly basis in accordance with the terms of the Credit Agreement and the 5.00% Notes and 6.75% Notes. In addition, the Credit Agreement contains covenants that will limit, among other things, Embecta’s ability to prepay, redeem or repurchase its subordinated and junior lien debt, incur additional debt, make acquisitions, merge with other entities, pay dividends or distributions, redeem or repurchase equity interests, and create or become subject to liens. As of March 31, 2025, we were in compliance with all of such covenants. The credit agreement and the senior secured notes are secured by substantially all assets of Embecta and each subsidiary guarantor, subject to certain exceptions.

The following is a summary of Embecta's total debt outstanding as of March 31, 2025:


Term Loan due March 2029	$	841.5
5.00% Notes due February 2030	500.0
6.75% Notes due February 2030	200.0
Total principal debt issued	$	1,541.5
Less: current debt obligations	(9.5)
Less: debt issuance costs and discounts	(22.9)
Long-term debt	$	1,509.1

The debt issuance costs on the Term Loan, 5.00% Notes, 6.75% Notes and the discount on the Term Loan are reported in the Condensed Consolidated Balance Sheets as a reduction of debt and are amortized as a component of Interest expense, net over the term of the related debt using the effective interest method. During the six months ended March 31, 2025, the Company recorded approximately $4.1 million of amortization on deferred debt issuance costs and discounts.

During the six months ended March 31, 2025, the Company made interest payments of $52.5 million on debt outstanding. The weighted-average interest rate on total borrowings as of March 31, 2025 is 6.5%.

During the six months ended March 31, 2025, the Company paid an aggregate principal amount of approximately $59.8 million on the Term Loan, of which $55.0 million was discretionary. Debt extinguishment charges as a result of this discretionary prepayment were not material to the Company's Condensed Consolidated Statements of Income.

The schedule of principal payments required on long-term debt for the next five fiscal years and thereafter is as follows:


2025	$	4.8
2026	9.5
2027	9.5
2028	9.5
2029	833.3
Thereafter	674.9

The estimated fair value of long-term debt (including current portion) at March 31, 2025 was $1,477.4 million compared with a carrying value (which includes a reduction for unamortized debt issuance costs and discounts) of $1,518.6 million. Fair value was estimated using inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability and would be considered Level 2 in the fair value hierarchy.

Goodwill and Other Intangible Assets - Schedule of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2025	Sep. 30, 2024
Finite-Lived Intangible Assets [Line Items]
Amortized intangible assets - net	$ 7.6	$ 8.1
Goodwill	15.5	15.6
Total Goodwill and Other Intangible Assets	23.1	23.7
Patents
Finite-Lived Intangible Assets [Line Items]
Amortized intangible assets - gross	10.8	10.8
Amortized intangible assets - accumulated amortization	(5.4)	(5.1)
Amortized intangible assets - net	5.4	5.7
Customer Relationship and Other
Finite-Lived Intangible Assets [Line Items]
Amortized intangible assets - gross	5.2	5.2
Amortized intangible assets - accumulated amortization	(3.0)	(2.8)
Amortized intangible assets - net	$ 2.2	$ 2.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Leases - Balance Sheet Information (Details) - USD ($) $ in Millions	Mar. 31, 2025	Sep. 30, 2024
Finance Leases
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Total Finance Lease Assets	$ 29.5	$ 30.8
Current finance lease liabilities	3.4	3.4
Non Current Finance Lease Liabilities	29.5	30.2
Total Finance Lease Liabilities	$ 32.9	$ 33.6
Weighted-average remaining lease term (years)	12 years	12 years 6 months
Weighted-average discount rate	6.80%	6.80%
Operating Leases
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Deferred Income Taxes and Other Assets	Deferred Income Taxes and Other Assets
Total Operating Lease Assets	$ 21.1	$ 22.6
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses	Accrued expenses
Accrued expenses	$ 6.3	$ 6.0
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Deferred Income Taxes and Other Liabilities	Deferred Income Taxes and Other Liabilities
Deferred Income Taxes and Other Liabilities	$ 10.8	$ 11.9
Total Operating Lease Liabilities	$ 17.1	$ 17.9
Weighted-average remaining lease term (years)	6 years 1 month 6 days	6 years 3 months 18 days
Weighted-average discount rate	7.00%	6.50%

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets consisted of:


	March 31, 2025		September 30, 2024
Amortized intangible assets
Patents – gross	$	10.8	$	10.8
Less: accumulated amortization	(5.4)		(5.1)
Patents – net	$	5.4	$	5.7
Customer Relationships and Other – gross	$	5.2	$	5.2
Less: accumulated amortization	(3.0)		(2.8)
Customer Relationships and Other – net	$	2.2	$	2.4
Total amortized intangible assets	$	7.6	$	8.1
Goodwill	15.5		15.6
Total Goodwill and Other Intangible Assets	$	23.1	$	23.7

Financial Instruments and Fair Value Measurements - Notional Amounts of Derivative Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2025	Sep. 30, 2024
Foreign exchange contracts \| Undesignated
Derivative [Line Items]
Notional amount	$ 3.3	$ 4.5

Business Restructuring Charges - Schedule of Restructuring and Related Costs (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2025	Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]
Charged to expense	$ 9.5	$ 36.8
Employee Termination
Restructuring Cost and Reserve [Line Items]
Charged to expense	10.1	21.7
Non-Employee Related
Restructuring Cost and Reserve [Line Items]
Charged to expense	(0.6)	15.1
Cost of products sold
Restructuring Cost and Reserve [Line Items]
Charged to expense	0.1	6.4
Cost of products sold \| Employee Termination
Restructuring Cost and Reserve [Line Items]
Charged to expense	0.1	0.3
Cost of products sold \| Non-Employee Related
Restructuring Cost and Reserve [Line Items]
Charged to expense	0.0	6.1
Selling and administrative expense
Restructuring Cost and Reserve [Line Items]
Charged to expense	0.4	0.6
Selling and administrative expense \| Employee Termination
Restructuring Cost and Reserve [Line Items]
Charged to expense	0.4	0.6
Selling and administrative expense \| Non-Employee Related
Restructuring Cost and Reserve [Line Items]
Charged to expense	0.0	0.0
Research and development expense
Restructuring Cost and Reserve [Line Items]
Charged to expense	4.3	10.9
Research and development expense \| Employee Termination
Restructuring Cost and Reserve [Line Items]
Charged to expense	4.3	6.6
Research and development expense \| Non-Employee Related
Restructuring Cost and Reserve [Line Items]
Charged to expense	0.0	4.3
Other operating expense
Restructuring Cost and Reserve [Line Items]
Charged to expense	4.7	18.9
Other operating expense \| Employee Termination
Restructuring Cost and Reserve [Line Items]
Charged to expense	5.3	14.2
Other operating expense \| Non-Employee Related
Restructuring Cost and Reserve [Line Items]
Charged to expense	$ (0.6)	$ 4.7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net Income	$ 23.5	$ 28.9	$ 23.5	$ 49.0

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Third Party Arrangements and Related Party Disclosures	6 Months Ended
Third Party Arrangements and Related Party Disclosures	Mar. 31, 2025
Third Party and Related Party Transactions [Abstract]
Third Party Arrangements and Related Party Disclosures	Note 3 — Third Party Arrangements and Related Party Disclosures On April 1, 2022, Embecta and Becton, Dickinson and Company ("BD") entered into a Separation and Distribution Agreement (the "Separation and Distribution Agreement"). Pursuant to the Separation and Distribution Agreement, BD agreed to spin off its diabetes care business (the "Diabetes Care Business") into Embecta, a new, publicly traded company (the "Separation"). In connection with the Separation, the Company entered into the Separation and Distribution Agreement, which contains provisions that, among other things, relate to (i) assets, liabilities and contracts to be transferred, assumed and assigned to each of Embecta and BD (including certain deferred assets and liabilities) as part of the Separation, (ii) cross-indemnities principally designed to place financial responsibility for the obligations and liabilities of Embecta's business with Embecta and financial responsibility for the obligations and liabilities of BD’s remaining businesses with BD, (iii) procedures with respect to claims subject to indemnification and related matters, (iv) the allocation among Embecta and BD of rights and obligations under existing insurance policies with respect to occurrences prior to completion of the Separation, as well as the right to proceeds and the obligation to incur certain deductibles under certain insurance policies, and (v) procedures governing Embecta’s and BD’s obligations and allocations of liabilities with respect to ongoing litigation matters that may implicate each of BD’s business and Embecta’s business. In addition, the Company entered into a series of agreements with BD that govern aspects of Embecta's relationship with BD following the Separation which include, but are not limited to the Transition Services Agreements ("TSA"), Trade Receivables Factoring Agreements ("Factoring Agreements"), Distribution Agreements, Cannula Supply Agreement, Tax Matters Agreement, Logistics Services Agreement ("LSA"), employee matters agreement, an intellectual property matters agreement, local support services agreements, certain other manufacturing arrangements and a process services agreement and lease agreement for a manufacturing facility located in Holdrege, Nebraska. Certain of these agreements have expired or terminated as disclosed in the 2024 Form 10-K. For details on the rights and responsibilities of the parties under these agreements refer to Note 4 to the Consolidated Financial Statements in the 2024 Form 10-K. The amounts due from BD under the above agreements were $17.0 million and $7.5 million at March 31, 2025 and are included in Amounts due from Becton, Dickinson and Company and Trade receivables, net, respectively. The amounts due to BD under these agreements were $20.7 million and $4.3 million at March 31, 2025 and are included in Amounts due to Becton, Dickinson and Company and Accounts payable, respectively. The closing of the transfers of certain assets and liabilities related to the Diabetes Care Business in certain jurisdictions, including India, as contemplated by the Separation and Distribution Agreement did not occur at Separation. The transfer of the relevant local assets and liabilities in India are expected to close at a future date. As of March 31, 2025, the amounts related to certain assets and liabilities in these jurisdictions are not material to the Company’s Condensed Consolidated Financial Statements.

Financial Instruments and Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Mar. 31, 2025	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Concentration Risk [Line Items]
Interest income		$ 1.3	$ 2.9	$ 3.1	$ 6.3
Impairment of property, plant and equipment				10.4	$ 0.0
Cost of products sold
Concentration Risk [Line Items]
Impairment of property, plant and equipment				6.1
Research and development expense
Concentration Risk [Line Items]
Impairment of property, plant and equipment				$ 4.3
Customer Concentration Risk \| Revenues \| Three Customers In Aggregate
Concentration Risk [Line Items]
Concentration risk percentage		40.80%		41.40%
Customer Concentration Risk \| Trade Receivables \| Two Customers In Aggregate
Concentration Risk [Line Items]
Concentration risk percentage	32.30%

Business Restructuring Charges - Schedule of Restructuring Liability Activity (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2025	Mar. 31, 2025
Restructuring Reserve [Roll Forward]
Beginning balance		$ 0.0
Charged to expense	$ 9.5	36.8
Cash payments		(16.7)
Non-cash adjustments		(13.4)
Ending balance	6.7	6.7
Salaries, wages and related items
Restructuring Reserve [Roll Forward]
Ending balance	5.6	5.6
Accrued expenses
Restructuring Reserve [Roll Forward]
Ending balance	1.1	1.1
Employee Termination
Restructuring Reserve [Roll Forward]
Beginning balance		0.0
Charged to expense	10.1	21.7
Cash payments		(13.1)
Non-cash adjustments		(3.0)
Ending balance	5.6	5.6
Non-Employee Related
Restructuring Reserve [Roll Forward]
Beginning balance		0.0
Charged to expense	(0.6)	15.1
Cash payments		(3.6)
Non-cash adjustments		(10.4)
Ending balance	$ 1.1	$ 1.1

Cloud Computing Arrangements (Tables)

6 Months Ended

Mar. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Capitalized Computer Software, Net

Capitalized costs to implement cloud computing arrangements at cost and accumulated amortization were as follows:


	March 31, 2025		September 30, 2024
Short-term portion	$	10.5	$	10.2
Long-term portion	61.1		60.6
Total Capitalized implementation costs	$	71.6	$	70.8
Less: accumulated amortization	(11.6)		(6.3)
Total Capitalized implementation costs, net	$	60.0	$	64.5

Costs amortized during the three and six months ended March 31, 2025 and 2024 are included in Other operating expenses and were as follows:


	Three months ended March 31,		Six months ended March 31,
	2025	2024	2025	2024

Amortization of cloud computing arrangements	2.7	1.2	5.2	1.6

Financial Instruments and Fair Value Measurements - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Mar. 31, 2025	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Cash and equivalents	$ 209.3	$ 267.5
Restricted cash	3.0	6.7
Cash and equivalents and restricted cash	$ 212.3	$ 274.2	$ 306.5	$ 326.5

Segment and Geographical Data (Tables)

6 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Revenues by Geographical Region

Revenues by geographic region are as follows:


	Three months ended March 31,				Six months ended March 31,
	2025		2024		2025		2024
United States	$	135.2	$	147.6	$	276.9	$	296.2
International(1)	123.8		139.6		244.0		268.3
Total	$	259.0	$	287.2	$	520.9	$	564.5

(1)For the three and six months ended March 31, 2025 and 2024, no individual country outside of the United States generated net revenues that represented more than 10.0% of total revenues.

Schedule of Revenue By Product Line

Revenues by product line are as follows:


	Three months ended March 31,				Six months ended March 31,
	2025		2024		2025		2024
Pen Needles	$	188.3	$	218.2	$	379.4	$	428.0
Syringes	28.8		30.0		57.2		60.8
Safety	34.2		33.3		68.4		64.1
Other(2)	3.3		3.1		6.7		7.1
Contract Manufacturing	4.4		2.6		9.2		4.5
Total	$	259.0	$	287.2	$	520.9	$	564.5

(2)Other includes product sales for swabs and other accessories.

Cover Page - shares	3 Months Ended	6 Months Ended
Cover Page - shares	Mar. 31, 2025	Mar. 31, 2025	May 02, 2025
Cover [Abstract]
Document Type		10-Q
Document Quarterly Report		true
Document Period End Date		Mar. 31, 2025
Document Transition Report		false
Entity File Number		001-41186
Entity Registrant Name		EMBECTA CORP.
Entity Incorporation, State or Country Code		DE
Entity Tax Identification Number		87-1583942
Entity Address, Address Line One		300 Kimball Drive, Suite 300
Entity Address, City or Town		Parsippany
Entity Address, State or Province		NJ
Entity Address, Postal Zip Code		07054
City Area Code		862
Local Phone Number		401-0000
Title of 12(b) Security		Common Stock, par value $0.01 per share
Trading Symbol		EMBC
Security Exchange Name		NASDAQ
Entity Current Reporting Status		Yes
Entity Interactive Data Current		Yes
Entity Filer Category		Large Accelerated Filer
Entity Emerging Growth Company		false
Entity Small Business		false
Entity Shell Company		false
Entity Common Stock, Shares Outstanding			58,442,508
Central Index Key		0001872789
Period Focus		Q2
Fiscal Year Focus		2025
Current Fiscal Year End		--09-30
Amendment Flag		false
Non-Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Adopted	false

Earnings per Share (Tables)

6 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings per Share

The calculation of earnings per basic and diluted common share for the three and six months ended March 31, 2025 and 2024 was as follows:


	Three Months Ended March 31,				Six Months Ended March 31,
($ in millions and shares in thousands, except per share amounts)	2025		2024		2025		2024
Net Income	$	23.5	$	28.9	$	23.5	$	49.0

Basic weighted average number of shares outstanding	58,290		57,687		58,119		57,580
Stock awards and equity units (share equivalent)	257		120		537		396
Diluted weighted average shares outstanding	58,547		57,807		58,656		57,976

Earnings per common share - Basic	$	0.40	$	0.50	$	0.40	$	0.85
Earnings per common share - Diluted	$	0.40	$	0.50	$	0.40	$	0.85

Antidilutive Shares (millions)	3.9		4.2		2.5		2.8

Background	6 Months Ended
Background	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background	Note 1 — Background Embecta Corp. ("Embecta" or the "Company") is a leading global medical device company focused on providing solutions to improve the health and well-being of people living with diabetes. The Company has a broad portfolio of marketed products, including a variety of pen needles, syringes and safety devices. The Company primarily sells products to wholesalers and distributors that sell to retail and institutional channels who in turn sell to patients or use the products to deliver insulin injections to patients.

Other Operating Expenses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Other Operating Expenses (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Other Income and Expenses [Abstract]
Costs related to the Separation	$ 6.2	$ 32.6	$ 16.6	$ 59.0
Amortization of cloud computing arrangements	2.7	1.2	5.2	1.6
Costs associated with the discontinued patch pump program	1.0	0.0	15.3	0.0
Business optimization and severance related costs	3.6	1.0	3.6	2.9
Other	0.1	0.7	(0.1)	1.9
Total	$ 13.6	$ 35.5	$ 40.6	$ 65.4

Long-Term Debt - Debt Outstanding (Details) - USD ($) $ in Millions	Mar. 31, 2025	Sep. 30, 2024
Debt Instrument [Line Items]
Total principal debt issued	$ 1,541.5
Less: current debt obligations	(9.5)	$ (9.5)
Less: debt issuance costs and discounts	(22.9)
Long-term debt	1,509.1	$ 1,565.3
Secured Debt \| Term Loan due March 2029
Debt Instrument [Line Items]
Total principal debt issued	$ 841.5
Senior Notes \| 5.00% Notes due February 2030
Debt Instrument [Line Items]
Stated interest rate	5.00%
Total principal debt issued	$ 500.0
Senior Notes \| 6.75% Notes due February 2030
Debt Instrument [Line Items]
Stated interest rate	6.75%
Total principal debt issued	$ 200.0

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Effective income tax rate	34.40%	(191.90%)	33.00%	(102.50%)

Business Restructuring Charges (Tables)

6 Months Ended

Mar. 31, 2025

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

The following table summarizes the charges related to the restructuring programs by type of cost for the periods ended:


	Three months ended March 31, 2025						Six months ended March 31, 2025
	Employee Termination		Non-Employee Related		Total		Employee Termination		Non-Employee Related		Total
Cost of products sold	$	0.1	$	—	$	0.1	$	0.3	$	6.1	$	6.4
Selling and administrative expense	0.4		—		0.4		0.6		—		0.6
Research and development expense	4.3		—		4.3		6.6		4.3		10.9
Other operating expenses	5.3		(0.6)		4.7		14.2		4.7		18.9
	$	10.1	$	(0.6)	$	9.5	$	21.7	$	15.1	$	36.8

Schedule of Restructuring Liability Activity

The following table summarizes the charges and spending relating to restructuring program activities for the six months ended March 31, 2025:


	Employee Termination		Non-Employee Related		Total
Balance at September 30, 2024	$	—	$	—	$	—
Charged to expense	21.7		15.1		36.8
Cash payments	(13.1)		(3.6)		(16.7)
Non-cash adjustments	(3.0)		(10.4)		(13.4)
Balance at March 31, 2025 (a)	$	5.6	$	1.1	$	6.7

(a) As of March 31, 2025, $5.6 million is recorded in Salaries, wages and related items and $1.1 million is recorded in Accrued expenses.

Long-Term Debt (Tables)

6 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt Outstanding

The following is a summary of Embecta's total debt outstanding as of March 31, 2025:


Term Loan due March 2029	$	841.5
5.00% Notes due February 2030	500.0
6.75% Notes due February 2030	200.0
Total principal debt issued	$	1,541.5
Less: current debt obligations	(9.5)
Less: debt issuance costs and discounts	(22.9)
Long-term debt	$	1,509.1

Schedule of Principal Payments Required on Long-Term Debt

The schedule of principal payments required on long-term debt for the next five fiscal years and thereafter is as follows:


2025	$	4.8
2026	9.5
2027	9.5
2028	9.5
2029	833.3
Thereafter	674.9

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Property, Plant and Equipment (Tables)

6 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, Plant and Equipment, Net consisted of:


	March 31, 2025		September 30, 2024
Land	$	3.0	$	3.1
Buildings	117.4		121.7
Machinery, equipment and fixtures	566.2		607.3
Leasehold improvements	11.2		11.9
Construction in progress	56.2		35.1
	$	754.0	$	779.1
Less: accumulated depreciation	(496.6)		(488.7)
Total Property, Plant and Equipment, Net	$	257.4	$	290.4

Other Operating Expenses (Tables)

6 Months Ended

Mar. 31, 2025

Other Income and Expenses [Abstract]

Schedule of Other Operating Expenses

Other operating expenses are as follows:


	Three months ended March 31,				Six months ended March 31,
	2025		2024		2025		2024
Costs related to the Separation	$	6.2	$	32.6	$	16.6	$	59.0
Amortization of cloud computing arrangements	2.7		1.2		5.2		1.6
Costs associated with the discontinued patch pump program	1.0		—		15.3		—
Business optimization and severance related costs	3.6		1.0		3.6		2.9
Other	0.1		0.7		(0.1)		1.9
Total	$	13.6	$	35.5	$	40.6	$	65.4

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Net Income	$ 23.5	$ 28.9	$ 23.5	$ 49.0
Other Comprehensive Income (Loss), net of tax
Foreign currency translation adjustments	11.4	(2.4)	(15.5)	9.2
Other Comprehensive Income (Loss), net of tax	11.4	(2.4)	(15.5)	9.2
Comprehensive Income	$ 34.9	$ 26.5	$ 8.0	$ 58.2

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Cloud Computing Arrangements - Schedule of Capitalized Computer Software, Net (Details) - USD ($) $ in Millions	Mar. 31, 2025	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Short-term portion	$ 10.5	$ 10.2
Long-term portion	61.1	60.6
Total Capitalized implementation costs	71.6	70.8
Less: accumulated amortization	(11.6)	(6.3)
Total Capitalized implementation costs, net	$ 60.0	$ 64.5

Business Restructuring Charges

6 Months Ended

Mar. 31, 2025

Restructuring and Related Activities [Abstract]

Business Restructuring Charges

Note 4 — Business Restructuring Charges

On November 22, 2024, the Company’s Board of Directors approved a plan to discontinue internal and external investment in the research and development of the Company's patch pump program. As a result, the Company incurred organizational restructuring plan (the "Patch Pump Restructuring Plan") costs during the three and six months ended March 31, 2025. This Patch Pump Restructuring Plan is substantially complete as of March 31, 2025, with the cumulative pretax costs to be incurred by the Company to implement the Patch Pump Restructuring Plan estimated to be $30.0 million to $40.0 million. The Company plans to refocus its investment on its core business while looking to optimize free cash flow and strengthen its balance sheet by paying down debt.

During the second quarter of fiscal year 2025, the Company initiated a restructuring plan (the "2025 Restructuring Plan") to streamline the organization and optimize resources. As a result, the Company incurred organizational restructuring plan costs during the three and six months ended March 31, 2025. The Company expects these restructuring actions to be substantially completed by the end of fiscal year 2025, with the cumulative pretax costs to be incurred by the Company to implement the 2025 Restructuring Plan estimated to be $4.0 million to $5.0 million.

The following table summarizes the charges related to the restructuring programs by type of cost for the periods ended:


	Three months ended March 31, 2025						Six months ended March 31, 2025
	Employee Termination		Non-Employee Related		Total		Employee Termination		Non-Employee Related		Total
Cost of products sold	$	0.1	$	—	$	0.1	$	0.3	$	6.1	$	6.4
Selling and administrative expense	0.4		—		0.4		0.6		—		0.6
Research and development expense	4.3		—		4.3		6.6		4.3		10.9
Other operating expenses	5.3		(0.6)		4.7		14.2		4.7		18.9
	$	10.1	$	(0.6)	$	9.5	$	21.7	$	15.1	$	36.8

Employee termination costs are associated with actual headcount reductions, including involuntary headcount reductions which were probable and could be reasonably estimated.

Non-employee related costs are associated with termination of contracts and long-lived asset impairments which are discussed further in Note 15 and Note 16.

The following table summarizes the charges and spending relating to restructuring program activities for the six months ended March 31, 2025:


	Employee Termination		Non-Employee Related		Total
Balance at September 30, 2024	$	—	$	—	$	—
Charged to expense	21.7		15.1		36.8
Cash payments	(13.1)		(3.6)		(16.7)
Non-cash adjustments	(3.0)		(10.4)		(13.4)
Balance at March 31, 2025 (a)	$	5.6	$	1.1	$	6.7

(a) As of March 31, 2025, $5.6 million is recorded in Salaries, wages and related items and $1.1 million is recorded in Accrued expenses

Revenues (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Revenues (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Customer rebate liability	$ 128.4		$ 128.4		$ 149.6
Rebates recorded	143.2	$ 138.5	293.3	$ 265.2
Contract asset	$ 1.2		$ 1.2		$ 1.2

Stock-Based Compensation - SARs Outstanding and the Changes (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Mar. 31, 2025 USD ($) $ / shares shares
Additional Disclosures
Weighted Average Remaining Contractual Term	2 years 1 month 6 days
SARs
SARs (in thousands)
Outstanding, Beginning Balance (in shares) \| shares	1,760,400
Exercised (in shares) \| shares	(3,400)
Forfeited, canceled or expired (in shares) \| shares	(159,600)
Outstanding, Ending Balance (in shares) \| shares	1,597,400
Vested and expected to vest (in shares) \| shares	1,563,100
Exercisable (in shares) \| shares	973,200
Weighted Average Exercise Price
Outstanding, Beginning Balance (in dollars per share) \| $ / shares	$ 29.11
Exercised (in dollars per share) \| $ / shares	13.30
Forfeited, canceled or expired (in dollars per share) \| $ / shares	29.42
Outstanding, Ending Balance (in dollars per share) \| $ / shares	29.12
Vested and expected to vest, Weighted Average Exercise Price (in dollars per share) \| $ / shares	29.08
Exercisable, Weighted Average Exercise Price (in dollars per share) \| $ / shares	$ 28.09
Additional Disclosures
Weighted Average Remaining Contractual Term	6 years 2 months 12 days
Vested and expected to vest, Weighted Average Remaining Contractual Term	6 years 2 months 12 days
Exercisable, Weighted Average Remaining Contractual Term	5 years 9 months 18 days
Outstanding, Aggregate Intrinsic Value \| $	$ 0.0
Vested and expected to vest, Aggregate Intrinsic Value \| $	0.0
Exercisable, Aggregate Intrinsic Value \| $	$ 0.0

Income Taxes	6 Months Ended
Income Taxes	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Note 14 — Income Taxes The Company is subject to income tax in the various jurisdictions in which it operates. A significant portion of the Company's earnings are taxed in jurisdictions with tax rates that are lower than the statutory tax rate of the United States. The effective tax rate can change from quarter to quarter because of variability in global pretax income or geographical mix of the Company's earnings, changes in tax laws and matters related to tax audits. The effective tax rates were 34.4% and (191.9)% for the three months ended March 31, 2025 and 2024, respectively. The increase in the Company's effective tax rate compared to the prior period is primarily due to the absence of non-recurring tax benefits recognized in the prior period related to withholding taxes on undistributed foreign earnings and tax reserves, partially offset by favorable tax impacts primarily resulting from overall higher earnings reflected in the current period. The effective tax rates were 33.0% and (102.5)% for the six months ended March 31, 2025 and 2024, respectively. The increase in the Company's effective tax rate compared to the prior period is primarily due to the absence of non-recurring tax benefits recognized in the prior period related to withholding taxes on undistributed foreign earnings, Swiss tax law changes and tax reserves, partially offset by favorable tax impacts primarily resulting from overall higher earnings reflected in the current period.

- Definition

The entire disclosure for income tax.

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Property, Plant and Equipment (Details) - USD ($) $ in Millions	Mar. 31, 2025	Sep. 30, 2024
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 754.0	$ 779.1
Less: accumulated depreciation	(496.6)	(488.7)
Total Property, Plant and Equipment, Net	257.4	290.4
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment	3.0	3.1
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment	117.4	121.7
Machinery, equipment and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment	566.2	607.3
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment	11.2	11.9
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 56.2	$ 35.1

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2025	Sep. 30, 2024
Statement of Financial Position [Abstract]
Trade receivables, allowance for doubtful accounts	$ 2.6	$ 2.8
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	250,000,000	250,000,000
Common stock, issued (in shares)	58,327,015	57,707,285
Common stock, outstanding (in shares)	58,327,015	57,707,285

Third Party Arrangements and Related Party Disclosures (Details) - USD ($) $ in Millions	Mar. 31, 2025	Sep. 30, 2024
Related Party Transaction [Line Items]
Amounts due from Becton, Dickinson and Company	$ 17.0	$ 53.8
Amounts due to Becton, Dickinson and Company	20.7	$ 42.5
Becton, Dickinson and Company \| Amounts due from Becton, Dickinson and Company
Related Party Transaction [Line Items]
Amounts due from Becton, Dickinson and Company	17.0
Becton, Dickinson and Company \| Trade receivables
Related Party Transaction [Line Items]
Amounts due from Becton, Dickinson and Company	7.5
Becton, Dickinson and Company \| Amounts due to Becton, Dickinson and Company
Related Party Transaction [Line Items]
Amounts due to Becton, Dickinson and Company	20.7
Becton, Dickinson and Company \| Accounts payable
Related Party Transaction [Line Items]
Amounts due to Becton, Dickinson and Company	$ 4.3

Property, Plant and Equipment

6 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 16 — Property, Plant and Equipment

Property, Plant and Equipment, Net consisted of:


	March 31, 2025		September 30, 2024
Land	$	3.0	$	3.1
Buildings	117.4		121.7
Machinery, equipment and fixtures	566.2		607.3
Leasehold improvements	11.2		11.9
Construction in progress	56.2		35.1
	$	754.0	$	779.1
Less: accumulated depreciation	(496.6)		(488.7)
Total Property, Plant and Equipment, Net	$	257.4	$	290.4

Long-Term Debt - Principal Payments Required on Long-Term Debt (Details) $ in Millions	Mar. 31, 2025 USD ($)
Debt Disclosure [Abstract]
2025	$ 4.8
2026	9.5
2027	9.5
2028	9.5
2029	833.3
Thereafter	$ 674.9

Cloud Computing Arrangements - Schedule of Cost Amortization (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Amortization of cloud computing arrangements	$ 2.7	$ 1.2	$ 5.2	$ 1.6

Basis of Presentation	6 Months Ended
Basis of Presentation	Mar. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Note 2 — Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and disclosures required by GAAP for complete consolidated financial statements are not included herein. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year. In the Company's opinion, all adjustments necessary for a fair statement of these interim statements have been included and are of a normal and recurring nature. All intercompany transactions and accounts within Embecta have been eliminated. These interim statements should be read in conjunction with the audited financial statements and notes thereto included in Embecta's Annual Report on Form 10-K for the year ended September 30, 2024, filed with the Securities and Exchange Commission on December 11, 2024 (the “2024 Form 10-K”). Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates or assumptions affect reported assets, liabilities, revenues and expenses, depreciable and amortizable lives, sales returns and allowances, rebate accruals, inventory reserves and taxes on income as reflected in the Condensed Consolidated Financial Statements. Actual results could differ from these estimates. The following provides updates to the Company's "Summary of Significant Accounting Policies" as disclosed in the 2024 Form 10-K. Restructuring Costs The Company records liabilities for costs associated with exit or disposal activities in the period in which the liability is incurred. In accordance with existing benefit arrangements, future employee termination costs to be incurred in conjunction with involuntary separations are accrued when such separations are probable and estimable. When accruing these costs, the Company will recognize the amount that is the best estimate. Costs for one-time termination benefits are recognized at the date the employee is notified, unless the employee is required to render services beyond a minimum retention period, in which case the benefits are expensed ratably over the service period. Liabilities for other costs associated with a restructuring activity are measured at fair value and are recognized when the liability is incurred. Other costs primarily consist of contract termination fees and other costs related to restructuring activities and are expensed when incurred. In connection with exit and disposal activities, the Company also assesses the recoverability of long-lived assets employed in the business. Additional disclosures regarding the Company’s accounting for restructuring costs are provided in Note 4. Recently Adopted Accounting Standards There were no new material accounting standards adopted in the second quarter of fiscal year 2025. Recently Issued Accounting Standards Not Yet Adopted In November 2023, the Financial Accounting Standard Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which modifies the disclosure and presentation requirements of reportable segments. This update is effective for the Company beginning with its fiscal year 2025 reporting and for interim reporting beginning with its fiscal year 2026. While this accounting standard will increase disclosures, it will not have a material impact on the Company’s Consolidated Financial Statement results. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures. This update is effective for the Company beginning with its fiscal year 2026 reporting. While this accounting standard will increase disclosures, it will not have a material impact on the Company’s Consolidated Financial Statement results. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40), to improve disclosures about an entity's expenses including more detailed information about the components of expenses in commonly presented expense captions. This update is effective for the Company beginning with its fiscal year 2028 reporting and for interim reporting beginning with its fiscal year 2029. While this accounting standard will increase disclosures, it is not expected to have a material impact on the Company’s Consolidated Financial Statement results.

Leases - Additional Information (Details)	Mar. 31, 2025
Leases [Abstract]
Term of finance lease	10 years
Finance lease renewal term	5 years

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Leases

6 Months Ended

Mar. 31, 2025

Leases [Abstract]

Leases

Note 17 — Leases

Finance Leases

The Company's finance lease assets and liabilities are attributed to its manufacturing site in Holdrege, Nebraska, which has 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 because the present value of the sum of the lease payments associated with the lease exceeds substantially all of the fair value of the manufacturing site.

Operating Leases

The Company's operating leases primarily relate to its real estate leases that are not classified as finance leases.

Aggregate Lease Information

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


	March 31, 2025			September 30, 2024
Finance Leases
Property, Plant, and Equipment, Net	$	29.5		$	30.8
Total Finance Lease Assets	$	29.5		$	30.8

Current finance lease liabilities	$	3.4		$	3.4
Non Current Finance Lease Liabilities	29.5			30.2
Total Finance Lease Liabilities	$	32.9		$	33.6

Weighted-average remaining lease term (years)	12.0			12.5
Weighted-average discount rate	6.8		%	6.8		%

Operating Leases
Other Assets	$	21.1		$	22.6
Total Operating Lease Assets	$	21.1		$	22.6

Accrued expenses	$	6.3		$	6.0
Deferred Income Taxes and Other Liabilities	10.8			11.9
Total Operating Lease Liabilities	$	17.1		$	17.9

Weighted-average remaining lease term (years)	6.1			6.3
Weighted-average discount rate	7.0		%	6.5		%

Supplemental cash flow information related to leases for the six months ended March 31, 2025 and 2024 were as follows:


	March 31, 2025	March 31, 2024
Right of use assets obtained in exchange for lease liabilities

Operating Leases	2.2	1.5


	March 31, 2025		March 31, 2024
Cash used for amounts included in the measurement of lease liabilities
Operating cash flows from Operating Leases	$	2.9	$	2.9
Financing cash flows from Finance Lease	0.6		0.6
Operating cash flows from Finance Lease	1.1		1.2

Maturities of the Company's finance and operating lease liabilities as of March 31, 2025 by fiscal year are as follows:


	Finance Leases		Operating Leases		Total
2025	$	1.9	$	3.4	$	5.3
2026	3.7		3.5		7.2
2027	3.8		1.9		5.7
2028	3.9		1.9		5.8
2029	3.9		1.7		5.6
Thereafter	32.3		7.3		39.6
Total lease payments	$	49.5	$	19.7	$	69.2
Less: amount representing interest	16.6		2.6		19.2
Present value of lease liabilities	$	32.9	$	17.1	$	50.0

Leases

Note 17 — Leases

Finance Leases

Operating Leases

The Company's operating leases primarily relate to its real estate leases that are not classified as finance leases.

Aggregate Lease Information

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


	March 31, 2025			September 30, 2024
Finance Leases
Property, Plant, and Equipment, Net	$	29.5		$	30.8
Total Finance Lease Assets	$	29.5		$	30.8

Current finance lease liabilities	$	3.4		$	3.4
Non Current Finance Lease Liabilities	29.5			30.2
Total Finance Lease Liabilities	$	32.9		$	33.6

Weighted-average remaining lease term (years)	12.0			12.5
Weighted-average discount rate	6.8		%	6.8		%

Operating Leases
Other Assets	$	21.1		$	22.6
Total Operating Lease Assets	$	21.1		$	22.6

Accrued expenses	$	6.3		$	6.0
Deferred Income Taxes and Other Liabilities	10.8			11.9
Total Operating Lease Liabilities	$	17.1		$	17.9

Weighted-average remaining lease term (years)	6.1			6.3
Weighted-average discount rate	7.0		%	6.5		%

Supplemental cash flow information related to leases for the six months ended March 31, 2025 and 2024 were as follows:


	March 31, 2025	March 31, 2024
Right of use assets obtained in exchange for lease liabilities

Operating Leases	2.2	1.5


	March 31, 2025		March 31, 2024
Cash used for amounts included in the measurement of lease liabilities
Operating cash flows from Operating Leases	$	2.9	$	2.9
Financing cash flows from Finance Lease	0.6		0.6
Operating cash flows from Finance Lease	1.1		1.2

Maturities of the Company's finance and operating lease liabilities as of March 31, 2025 by fiscal year are as follows:


	Finance Leases		Operating Leases		Total
2025	$	1.9	$	3.4	$	5.3
2026	3.7		3.5		7.2
2027	3.8		1.9		5.7
2028	3.9		1.9		5.8
2029	3.9		1.7		5.6
Thereafter	32.3		7.3		39.6
Total lease payments	$	49.5	$	19.7	$	69.2
Less: amount representing interest	16.6		2.6		19.2
Present value of lease liabilities	$	32.9	$	17.1	$	50.0

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Right of use assets obtained in exchange for lease liabilities
Operating Leases	$ 2.2	$ 1.5
Cash used for amounts included in the measurement of lease liabilities
Operating cash flows from Operating Leases	2.9	2.9
Financing cash flows from Finance Lease	0.6	0.6
Operating cash flows from Finance Lease	$ 1.1	$ 1.2

Other Operating Expenses

6 Months Ended

Mar. 31, 2025

Other Income and Expenses [Abstract]

Other Operating Expenses

Note 5 — Other Operating Expenses

Other operating expenses are as follows:


	Three months ended March 31,				Six months ended March 31,
	2025		2024		2025		2024
Costs related to the Separation	$	6.2	$	32.6	$	16.6	$	59.0
Amortization of cloud computing arrangements	2.7		1.2		5.2		1.6
Costs associated with the discontinued patch pump program	1.0		—		15.3		—
Business optimization and severance related costs	3.6		1.0		3.6		2.9
Other	0.1		0.7		(0.1)		1.9
Total	$	13.6	$	35.5	$	40.6	$	65.4

In connection with the Separation, the Company incurred separation and stand-up costs. The costs incurred primarily consist of costs associated with accounting, auditing, legal services, marketing, supply chain, employee retention, brand transition, and certain other costs to establish certain systems and services, including but not limited to, information technology, procurement, quality and regulatory affairs, medical affairs, tax and treasury services, distribution logistics, and shared services infrastructure support for order-to-cash, source-to-pay, and record-to-report, which, for clarity, includes enterprise resource plan ("ERP") system (“Business Continuity Processes”) and stand-alone functions to assist with the transition to being a stand-alone entity.

For both the three and six months ended March 31, 2025 and 2024, the Company recognized costs associated with the amortization of cloud computing arrangements which is further discussed in Note 11.

For the three and six months ended March 31, 2025, the Company recognized costs associated with the discontinuation of the patch pump program which is further discussed in Note 4.

For both the three and six months ended March 31, 2025 and 2024, the Company incurred restructuring, business optimization, and severance related costs associated with standing up and optimizing the organization.

Leases (Tables)

6 Months Ended

Mar. 31, 2025

Leases [Abstract]

Schedule of Balance Sheet Information

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


	March 31, 2025			September 30, 2024
Finance Leases
Property, Plant, and Equipment, Net	$	29.5		$	30.8
Total Finance Lease Assets	$	29.5		$	30.8

Current finance lease liabilities	$	3.4		$	3.4
Non Current Finance Lease Liabilities	29.5			30.2
Total Finance Lease Liabilities	$	32.9		$	33.6

Weighted-average remaining lease term (years)	12.0			12.5
Weighted-average discount rate	6.8		%	6.8		%

Operating Leases
Other Assets	$	21.1		$	22.6
Total Operating Lease Assets	$	21.1		$	22.6

Accrued expenses	$	6.3		$	6.0
Deferred Income Taxes and Other Liabilities	10.8			11.9
Total Operating Lease Liabilities	$	17.1		$	17.9

Weighted-average remaining lease term (years)	6.1			6.3
Weighted-average discount rate	7.0		%	6.5		%

Schedule of Supplemental Cash Flow Information

Supplemental cash flow information related to leases for the six months ended March 31, 2025 and 2024 were as follows:


	March 31, 2025	March 31, 2024
Right of use assets obtained in exchange for lease liabilities

Operating Leases	2.2	1.5


	March 31, 2025		March 31, 2024
Cash used for amounts included in the measurement of lease liabilities
Operating cash flows from Operating Leases	$	2.9	$	2.9
Financing cash flows from Finance Lease	0.6		0.6
Operating cash flows from Finance Lease	1.1		1.2

Schedule of Maturities of Finance Lease Liabilities

Maturities of the Company's finance and operating lease liabilities as of March 31, 2025 by fiscal year are as follows:


	Finance Leases		Operating Leases		Total
2025	$	1.9	$	3.4	$	5.3
2026	3.7		3.5		7.2
2027	3.8		1.9		5.7
2028	3.9		1.9		5.8
2029	3.9		1.7		5.6
Thereafter	32.3		7.3		39.6
Total lease payments	$	49.5	$	19.7	$	69.2
Less: amount representing interest	16.6		2.6		19.2
Present value of lease liabilities	$	32.9	$	17.1	$	50.0

Schedule of Maturities of Operating Lease Liabilities

Maturities of the Company's finance and operating lease liabilities as of March 31, 2025 by fiscal year are as follows:


	Finance Leases		Operating Leases		Total
2025	$	1.9	$	3.4	$	5.3
2026	3.7		3.5		7.2
2027	3.8		1.9		5.7
2028	3.9		1.9		5.8
2029	3.9		1.7		5.6
Thereafter	32.3		7.3		39.6
Total lease payments	$	49.5	$	19.7	$	69.2
Less: amount representing interest	16.6		2.6		19.2
Present value of lease liabilities	$	32.9	$	17.1	$	50.0

Stock-Based Compensation - Restricted Stock Units Activity (Details)	6 Months Ended
	Mar. 31, 2025 $ / shares shares
Time Vested Restricted Stock Units
Stock Units (in thousands)
Nonvested, Beginning Balance (in shares) \| shares	1,918,000
Granted (in shares) \| shares	1,541,980
Distributed (in shares) \| shares	(865,500)
Forfeited, canceled or expired (in shares) \| shares	(222,200)
Nonvested, Ending Balance (in shares) \| shares	2,372,300
Expected to vest (in shares) \| shares	2,256,200
Weighted Average Grant Date Fair Value
Nonvested, Beginning Balance (in dollars per share) \| $ / shares	$ 21.34
Granted (in dollars per share) \| $ / shares	18.55
Distributed (in dollars per share) \| $ / shares	21.63
Forfeited, canceled or expired (in dollars per share) \| $ / shares	19.08
Nonvested, Ending Balance (in dollars per share) \| $ / shares	19.60
Expected to vest (in dollars per share) \| $ / shares	$ 19.66
Performance Stock Units (PSUs)
Stock Units (in thousands)
Nonvested, Beginning Balance (in shares) \| shares	56,700
Granted (in shares) \| shares	216,100
Distributed (in shares) \| shares	(37,400)
Forfeited, canceled or expired (in shares) \| shares	(6,200)
Nonvested, Ending Balance (in shares) \| shares	229,200
Expected to vest (in shares) \| shares	218,100
Weighted Average Grant Date Fair Value
Nonvested, Beginning Balance (in dollars per share) \| $ / shares	$ 30.24
Granted (in dollars per share) \| $ / shares	18.17
Distributed (in dollars per share) \| $ / shares	18.70
Forfeited, canceled or expired (in dollars per share) \| $ / shares	18.96
Nonvested, Ending Balance (in dollars per share) \| $ / shares	21.39
Expected to vest (in dollars per share) \| $ / shares	$ 21.38

Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive (Loss) Income
Beginning balance (in shares) at Sep. 30, 2023		57,333,353
Beginning balance at Sep. 30, 2023	$ (821.7)	$ 0.6	$ 27.9	$ (541.1)	$ (309.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	49.0			49.0
Other comprehensive (loss) income, net of taxes	9.2				9.2
Stock-based compensation plans	13.8		13.8
Dividends and dividend equivalents declared	(17.2)		0.7	(17.9)
Issuance of shares related to share-based compensation plans (in shares)		328,080
Issuance of shares related to stock-based compensation plans	(2.7)		(2.7)
Ending balance (in shares) at Mar. 31, 2024		57,661,433
Ending balance at Mar. 31, 2024	(769.6)	$ 0.6	39.7	(510.0)	(299.9)
Beginning balance (in shares) at Dec. 31, 2023		57,573,497
Beginning balance at Dec. 31, 2023	(793.5)	$ 0.6	33.4	(530.0)	(297.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	28.9			28.9
Other comprehensive (loss) income, net of taxes	(2.4)				(2.4)
Stock-based compensation plans	6.5		6.5
Dividends and dividend equivalents declared	(8.6)		0.3	(8.9)
Issuance of shares related to share-based compensation plans (in shares)		87,936
Issuance of shares related to stock-based compensation plans	(0.5)		(0.5)
Ending balance (in shares) at Mar. 31, 2024		57,661,433
Ending balance at Mar. 31, 2024	$ (769.6)	$ 0.6	39.7	(510.0)	(299.9)
Beginning balance (in shares) at Sep. 30, 2024	57,707,285	57,707,285
Beginning balance at Sep. 30, 2024	$ (738.3)	$ 0.6	52.5	(498.6)	(292.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	23.5			23.5
Other comprehensive (loss) income, net of taxes	(15.5)				(15.5)
Stock-based compensation plans	16.2		16.2
Dividends and dividend equivalents declared	(17.5)		0.9	(18.4)
Issuance of shares related to share-based compensation plans (in shares)		619,730
Issuance of shares related to stock-based compensation plans	$ (4.6)		(4.6)
Ending balance (in shares) at Mar. 31, 2025	58,327,015	58,327,015
Ending balance at Mar. 31, 2025	$ (736.2)	$ 0.6	65.0	(493.5)	(308.3)
Beginning balance (in shares) at Dec. 31, 2024		58,131,759
Beginning balance at Dec. 31, 2024	(768.8)	$ 0.6	58.2	(507.9)	(319.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	23.5			23.5
Other comprehensive (loss) income, net of taxes	11.4				11.4
Stock-based compensation plans	7.3		7.3
Dividends and dividend equivalents declared	(8.7)		0.4	(9.1)
Issuance of shares related to share-based compensation plans (in shares)		195,256
Issuance of shares related to stock-based compensation plans	$ (0.9)		(0.9)
Ending balance (in shares) at Mar. 31, 2025	58,327,015	58,327,015
Ending balance at Mar. 31, 2025	$ (736.2)	$ 0.6	$ 65.0	$ (493.5)	$ (308.3)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Goodwill and Other Intangible Assets

6 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Note 10 — Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets consisted of:


	March 31, 2025		September 30, 2024
Amortized intangible assets
Patents – gross	$	10.8	$	10.8
Less: accumulated amortization	(5.4)		(5.1)
Patents – net	$	5.4	$	5.7
Customer Relationships and Other – gross	$	5.2	$	5.2
Less: accumulated amortization	(3.0)		(2.8)
Customer Relationships and Other – net	$	2.2	$	2.4
Total amortized intangible assets	$	7.6	$	8.1
Goodwill	15.5		15.6
Total Goodwill and Other Intangible Assets	$	23.1	$	23.7

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Income Statement [Abstract]
Revenues	$ 259.0	$ 287.2	$ 520.9	$ 564.5
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Product [Member]	Product [Member]	Product [Member]	Product [Member]
Cost of products sold	$ 94.9	$ 101.8	$ 199.7	$ 193.2
Cost, Product and Service [Extensible Enumeration]	Product [Member]	Product [Member]	Product [Member]	Product [Member]
Gross Profit	$ 164.1	$ 185.4	$ 321.2	$ 371.3
Operating expenses:
Selling and administrative expense	79.6	92.3	160.7	182.6
Research and development expense	8.0	18.4	28.3	38.6
Other operating expenses	13.6	35.5	40.6	65.4
Total Operating Expenses	101.2	146.2	229.6	286.6
Operating Income	62.9	39.2	91.6	84.7
Interest expense, net	(26.7)	(27.8)	(54.6)	(55.5)
Other income (expense), net	(0.4)	(1.5)	(1.9)	(5.0)
Income Before Income Taxes	35.8	9.9	35.1	24.2
Income tax provision (benefit)	12.3	(19.0)	11.6	(24.8)
Net Income	$ 23.5	$ 28.9	$ 23.5	$ 49.0
Net Income per common share:
Basic (in dollars per share)	$ 0.40	$ 0.50	$ 0.40	$ 0.85
Diluted (in dollars per share)	$ 0.40	$ 0.50	$ 0.40	$ 0.85

Stock-Based Compensation (Tables)

6 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule and Location of Compensation Cost

Total stock-based compensation expense for the three and six months ended March 31, 2025 and 2024 and the respective income tax benefits recognized by the Company in the Condensed Consolidated Statements of Income are as follows:


	Three months ended March 31,				Six months ended March 31,
	2025		2024		2025		2024
Cost of products sold	$	0.6	$	1.1	$	1.2	$	2.0
Selling and administrative expense	4.7		4.9		12.1		10.8
Research and development expense	0.1		0.5		0.2		1.1
Other operating expense	1.9		—		2.8		—
Total Stock-Based Compensation Expense	$	7.3	$	6.5	$	16.3	$	13.9
Tax benefit associated with stock-based compensation costs recognized	$	1.0	$	0.5	$	2.0	$	1.2

The following table summarizes the Company's total stock-based compensation expense by classification of award for the three and six months ended March 31, 2025 and 2024:


	Three months ended March 31,				Six Months Ended March 31,
	2025		2024		2025		2024
Equity Awards	$	7.3	$	6.5	$	16.2	$	13.8
Liability Awards	—		—		0.1		0.1
Total	$	7.3	$	6.5	$	16.3	$	13.9

The following table summarizes the Company's total stock-based compensation expense by award type for the three and six months ended March 31, 2025 and 2024:


	Three months ended March 31,				Six Months Ended March 31,
	2025		2024		2025		2024
Time-Vested Restricted Stock Units (TVUs)	$	6.2	$	5.2	$	11.8	$	10.6
Performance-Based Restricted Stock Units (PSUs)	0.4		0.4		3.3		1.3
Stock Appreciation Rights (SARs)	0.7		0.9		1.2		2.0
Total	$	7.3	$	6.5	$	16.3	$	13.9

Schedule of Restricted Stock Units Outstanding and Changes

A summary of TVUs outstanding as of March 31, 2025 and changes during the six months ended March 31, 2025 are as follows:


	TVUs (in thousands)	Weighted Average Grant Date Fair Value
Nonvested at October 1	1,918.0	$	21.34
Granted*	1,542.0	18.55
Distributed**	(865.5)	21.63
Forfeited, canceled or expired	(222.2)	19.08
Nonvested at March 31	2,372.3	$	19.60
Expected to vest at March 31	2,256.2	$	19.66

*Includes accumulated nonvested dividend equivalents
**The TVUs distributed include shares withheld for taxes that are not formally issued to the market.

A summary of PSUs outstanding as of March 31, 2025 and changes during the six months ended March 31, 2025 are as follows:


	Stock Units (in thousands)	Weighted Average Grant Date Fair Value
Nonvested at October 1	56.7	$	30.24
Granted*	216.1	18.17
Distributed	(37.4)	18.70
Forfeited, canceled or expired	(6.2)	18.96
Nonvested at March 31	229.2	$	21.39
Expected to vest at March 31	218.1	$	21.38

*Includes accumulated nonvested dividend equivalents

Schedule of SARs Outstanding

A summary of stock appreciation rights ("SARs") outstanding as of March 31, 2025 and changes during the six months ended March 31, 2025 are as follows:


	SARs (in thousands)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Balance at October 1	1,760.4	$	29.11

Exercised*	(3.4)	13.30
Forfeited, canceled or expired	(159.6)	29.42
Balance at March 31	1,597.4	$	29.12	6.2	$	—
Vested and expected to vest at March 31	1,563.1	29.08		6.2	$	—
Exercisable at March 31	973.2	$	28.09	5.8	$	—

*The amounts exercised include shares withheld for taxes that are not formally issued to the market.

Segment, Geographical Data - Schedule of Revenues by Product Family (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Revenues	$ 259.0	$ 287.2	$ 520.9	$ 564.5
Pen Needles
Segment Reporting Information [Line Items]
Revenues	188.3	218.2	379.4	428.0
Syringes
Segment Reporting Information [Line Items]
Revenues	28.8	30.0	57.2	60.8
Safety
Segment Reporting Information [Line Items]
Revenues	34.2	33.3	68.4	64.1
Other
Segment Reporting Information [Line Items]
Revenues	3.3	3.1	6.7	7.1
Contract Manufacturing
Segment Reporting Information [Line Items]
Revenues	$ 4.4	$ 2.6	$ 9.2	$ 4.5

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]
Common dividends (in dollars per share)	$ 0.15	$ 0.15	$ 0.30	$ 0.30

Stock-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Mar. 31, 2025 USD ($) $ / shares shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Remaining vesting term	2 years 1 month 6 days
Unrecognized compensation expense \| $	$ 39.6
2022 Employee and Director Equity Based Compensation Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Authorized for future grant ( in shares )	3,100,000
Time Vested Restricted Stock Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Awards granted (in shares)	1,541,980
Vesting period	3 years
Granted (in dollars per share) \| $ / shares	$ 18.55
Fair value of awards vested \| $	$ 18.8
Remaining vesting term	1 year 10 months 24 days
Performance Stock Units (PSUs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Awards granted (in shares)	216,100
Granted (in dollars per share) \| $ / shares	$ 18.17
Remaining vesting term	7 months 6 days
Shares awarded (in shares)	975,546
Performance Stock Units (PSUs) \| Executive Officers and Employees
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Awards granted (in shares)	538,031
Vesting period	3 years
SARs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Remaining vesting term	6 years 2 months 12 days
Awards exercised (in shares)	3,400

Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Cash and Equivalents

The following reconciles Cash and equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets as of March 31, 2025 and September 30, 2024, to the total amounts shown in the Condensed Consolidated Statements of Cash Flows:


	March 31, 2025		September 30, 2024
Cash and equivalents	$	209.3	$	267.5
Restricted cash	3.0		6.7
Cash and equivalents and restricted cash	$	212.3	$	274.2

Schedule of Restricted Cash


	March 31, 2025		September 30, 2024
Cash and equivalents	$	209.3	$	267.5
Restricted cash	3.0		6.7
Cash and equivalents and restricted cash	$	212.3	$	274.2

Schedule of Notional Amounts of Derivative Instruments

The notional amounts of the Company’s foreign currency-related derivative instruments were as follows as of March 31, 2025 and September 30, 2024:


	Hedge Designation	March 31, 2025		September 30, 2024
Foreign exchange contracts(a)	Undesignated	$	3.3	$	4.5

(a)Represent hedges of transactional foreign exchange exposures resulting primarily from intercompany payables and receivables. Gains and losses on these instruments are recognized immediately in Other income (expense), net. These gains and losses are largely offset by gains and losses on the underlying hedged items, as well as the hedging costs associated with the derivative instruments. Gains and losses recognized to date on these instruments were not material to the Company's Condensed Consolidated Financial Statements.

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and disclosures required by GAAP for complete consolidated financial statements are not included herein. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year. In the Company's opinion, all adjustments necessary for a fair statement of these interim statements have been included and are of a normal and recurring nature. All intercompany transactions and accounts within Embecta have been eliminated. These interim statements should be read in conjunction with the audited financial statements and notes thereto included in Embecta's Annual Report on Form 10-K for the year ended September 30, 2024, filed with the Securities and Exchange Commission on December 11, 2024 (the “2024 Form 10-K”).
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates or assumptions affect reported assets, liabilities, revenues and expenses, depreciable and amortizable lives, sales returns and allowances, rebate accruals, inventory reserves and taxes on income as reflected in the Condensed Consolidated Financial Statements. Actual results could differ from these estimates.
Restructuring Costs	Restructuring Costs The Company records liabilities for costs associated with exit or disposal activities in the period in which the liability is incurred. In accordance with existing benefit arrangements, future employee termination costs to be incurred in conjunction with involuntary separations are accrued when such separations are probable and estimable. When accruing these costs, the Company will recognize the amount that is the best estimate. Costs for one-time termination benefits are recognized at the date the employee is notified, unless the employee is required to render services beyond a minimum retention period, in which case the benefits are expensed ratably over the service period. Liabilities for other costs associated with a restructuring activity are measured at fair value and are recognized when the liability is incurred. Other costs primarily consist of contract termination fees and other costs related to restructuring activities and are expensed when incurred. In connection with exit and disposal activities, the Company also assesses the recoverability of long-lived assets employed in the business. Additional disclosures regarding the Company’s accounting for restructuring costs are provided in Note 4.
Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted	Recently Adopted Accounting Standards There were no new material accounting standards adopted in the second quarter of fiscal year 2025. Recently Issued Accounting Standards Not Yet Adopted In November 2023, the Financial Accounting Standard Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which modifies the disclosure and presentation requirements of reportable segments. This update is effective for the Company beginning with its fiscal year 2025 reporting and for interim reporting beginning with its fiscal year 2026. While this accounting standard will increase disclosures, it will not have a material impact on the Company’s Consolidated Financial Statement results. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures. This update is effective for the Company beginning with its fiscal year 2026 reporting. While this accounting standard will increase disclosures, it will not have a material impact on the Company’s Consolidated Financial Statement results. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40), to improve disclosures about an entity's expenses including more detailed information about the components of expenses in commonly presented expense captions. This update is effective for the Company beginning with its fiscal year 2028 reporting and for interim reporting beginning with its fiscal year 2029. While this accounting standard will increase disclosures, it is not expected to have a material impact on the Company’s Consolidated Financial Statement results.

Stock-Based Compensation

6 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 9 — Stock-Based Compensation

Stock-Based Compensation Expense


	Three months ended March 31,				Six months ended March 31,
	2025		2024		2025		2024
Cost of products sold	$	0.6	$	1.1	$	1.2	$	2.0
Selling and administrative expense	4.7		4.9		12.1		10.8
Research and development expense	0.1		0.5		0.2		1.1
Other operating expense	1.9		—		2.8		—
Total Stock-Based Compensation Expense	$	7.3	$	6.5	$	16.3	$	13.9
Tax benefit associated with stock-based compensation costs recognized	$	1.0	$	0.5	$	2.0	$	1.2

The following table summarizes the Company's total stock-based compensation expense by classification of award for the three and six months ended March 31, 2025 and 2024:


	Three months ended March 31,				Six Months Ended March 31,
	2025		2024		2025		2024
Equity Awards	$	7.3	$	6.5	$	16.2	$	13.8
Liability Awards	—		—		0.1		0.1
Total	$	7.3	$	6.5	$	16.3	$	13.9

The following table summarizes the Company's total stock-based compensation expense by award type for the three and six months ended March 31, 2025 and 2024:


	Three months ended March 31,				Six Months Ended March 31,
	2025		2024		2025		2024
Time-Vested Restricted Stock Units (TVUs)	$	6.2	$	5.2	$	11.8	$	10.6
Performance-Based Restricted Stock Units (PSUs)	0.4		0.4		3.3		1.3
Stock Appreciation Rights (SARs)	0.7		0.9		1.2		2.0
Total	$	7.3	$	6.5	$	16.3	$	13.9

Time Vested Restricted Stock Units ("TVUs")

During the six months ended March 31, 2025, Embecta granted 1,541,980 restricted stock units ("RSUs") in the form of TVUs to employees. TVUs vest on a graded basis over a period of three years. The related stock-based compensation

expense is recorded over the requisite service period, which is the vesting period or is based on retirement eligibility. These awards accumulate dividend equivalents, which are provided as additional units and are subject to the same vesting requirements as the underlying grant.

A summary of TVUs outstanding as of March 31, 2025 and changes during the six months ended March 31, 2025 are as follows:


	TVUs (in thousands)	Weighted Average Grant Date Fair Value
Nonvested at October 1	1,918.0	$	21.34
Granted*	1,542.0	18.55
Distributed**	(865.5)	21.63
Forfeited, canceled or expired	(222.2)	19.08
Nonvested at March 31	2,372.3	$	19.60
Expected to vest at March 31	2,256.2	$	19.66

*Includes accumulated nonvested dividend equivalents
**The TVUs distributed include shares withheld for taxes that are not formally issued to the market.

The weighted average grant date fair value of TVUs granted during the six months ended March 31, 2025 is $18.55 and the total fair value of TVUs vested during the six months ended March 31, 2025 is $18.8 million.

At March 31, 2025, the weighted average remaining vesting term of TVUs is 1.9 years.

Performance Based Restricted Stock Units ("PSUs")

During the six months ended March 31, 2025, Embecta awarded 538,031 RSUs in the form of PSUs to certain executive officers and employees which cliff vest after three years, subject to continued employment of the recipients and the achievement of certain performance metric targets. The Company has identified certain performance metrics associated with these awards and certain targets will be fully established at a future date. The Company has determined that the service inception date precedes the grant date for these awards as (a) the awards were authorized prior to establishing an accounting grant date, (b) the recipients began providing services prior to the grant date, and (c) there are performance conditions that, if not met by the accounting grant date, will result in the forfeiture of the awards. As the service inception date precedes the accounting grant date, the Company recognizes stock-based compensation expense for each separately-vesting tranche over the requisite service period based on the fair value at each reporting date. The requisite service period is equal to the vesting period or is based on retirement eligibility. These awards accumulate dividend equivalents, which are provided as additional units and are subject to the same vesting requirements as the underlying grant. As of March 31, 2025, there were 975,546 RSUs in the form of PSUs that have been awarded, inclusive of accumulated dividend equivalents, for which a grant date has not yet been established.

A summary of PSUs outstanding as of March 31, 2025 and changes during the six months ended March 31, 2025 are as follows:


	Stock Units (in thousands)	Weighted Average Grant Date Fair Value
Nonvested at October 1	56.7	$	30.24
Granted*	216.1	18.17
Distributed	(37.4)	18.70
Forfeited, canceled or expired	(6.2)	18.96
Nonvested at March 31	229.2	$	21.39
Expected to vest at March 31	218.1	$	21.38

*Includes accumulated nonvested dividend equivalents

At March 31, 2025, the weighted average remaining vesting term of PSUs is 0.6 years.

Stock Appreciation Rights

A summary of stock appreciation rights ("SARs") outstanding as of March 31, 2025 and changes during the six months ended March 31, 2025 are as follows:


	SARs (in thousands)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Balance at October 1	1,760.4	$	29.11

Exercised*	(3.4)	13.30
Forfeited, canceled or expired	(159.6)	29.42
Balance at March 31	1,597.4	$	29.12	6.2	$	—
Vested and expected to vest at March 31	1,563.1	29.08		6.2	$	—
Exercisable at March 31	973.2	$	28.09	5.8	$	—

*The amounts exercised include shares withheld for taxes that are not formally issued to the market.

3,400 SARs were exercised during the six months ended March 31, 2025. The intrinsic value and grant date fair value of SARs exercised was immaterial.

Unrecognized Stock-Based Compensation Expense and Other Stock Plans

The amount of unrecognized compensation expense for all non-vested stock-based awards granted as of March 31, 2025, is approximately $39.6 million which is expected to be recognized over a weighted-average remaining life of approximately 2.1 years. At March 31, 2025, 3.1 million shares were authorized for future grants under the Company's 2022 Employee and Director Equity Based Compensation Plan, as amended.

Segment and Geographical Data

6 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment and Geographical Data

Note 8 — Segment and Geographical Data

Operating segments are identified as components of an enterprise in which discrete financial information is available for evaluation by the chief operating decision-maker (“CODM”) in making decisions regarding assessing business performance and allocating resources and capital. Management has concluded that the Company operates in one segment based upon the information used by the CODM in evaluating the performance of the Company’s business and allocating resources and capital.

Disaggregation of Revenues

The Company has distribution agreements with regional or national distributors (including wholesalers and medical suppliers) to ensure broad availability of its products as well as a direct sales force in certain countries and regions around the world. In the United States and Canada, the Company utilizes its large and small key account managers that call on payers, retailers, wholesalers and institutional customers, and field-based territory managers that call on health care providers and pharmacies. In certain markets within Europe, the Company has dedicated sales representatives and in certain regions of the Middle East and Africa, the Company has distribution agreements. In Asia, the Company has distribution agreements, and in China the Company relies on its own commercial team to support sales execution. In Latin America, the Company maintains distribution agreements and direct sales representatives.

The Company disaggregates its revenue by geography and product line as management believes these categories best depict how the nature, amount, and timing of revenues and cash flows are affected by economic factors.

Revenues by geographic region are as follows:


	Three months ended March 31,				Six months ended March 31,
	2025		2024		2025		2024
United States	$	135.2	$	147.6	$	276.9	$	296.2
International(1)	123.8		139.6		244.0		268.3
Total	$	259.0	$	287.2	$	520.9	$	564.5

(1)For the three and six months ended March 31, 2025 and 2024, no individual country outside of the United States generated net revenues that represented more than 10.0% of total revenues.

Revenues by product line are as follows:


	Three months ended March 31,				Six months ended March 31,
	2025		2024		2025		2024
Pen Needles	$	188.3	$	218.2	$	379.4	$	428.0
Syringes	28.8		30.0		57.2		60.8
Safety	34.2		33.3		68.4		64.1
Other(2)	3.3		3.1		6.7		7.1
Contract Manufacturing	4.4		2.6		9.2		4.5
Total	$	259.0	$	287.2	$	520.9	$	564.5

(2)Other includes product sales for swabs and other accessories.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2025	Sep. 30, 2024
Current Assets
Cash and equivalents	$ 209.3	$ 267.5
Restricted cash	3.0	6.7
Trade receivables, net (net of allowance for doubtful accounts of $2.6 million and $2.8 million as of March 31, 2025 and September 30, 2024, respectively)	185.6	193.0
Inventories:
Materials	42.4	40.4
Work in process	8.8	4.8
Finished products	118.0	126.3
Total Inventories	169.2	171.5
Amounts due from Becton, Dickinson and Company	17.0	53.8
Prepaid expenses and other	59.3	68.5
Total Current Assets	643.4	761.0
Property, Plant and Equipment, Net	257.4	290.4
Goodwill and Intangible Assets	23.1	23.7
Deferred Income Taxes and Other Assets	196.3	210.2
Total Assets	1,120.2	1,285.3
Current Liabilities
Accounts payable	58.8	91.0
Accrued expenses	123.1	134.2
Amounts due to Becton, Dickinson and Company	20.7	42.5
Salaries, wages and related items	43.8	66.7
Current debt obligations	9.5	9.5
Current finance lease liabilities	3.4	3.4
Income taxes	0.0	26.7
Total Current Liabilities	259.3	374.0
Deferred Income Taxes and Other Liabilities	58.5	54.1
Long-Term Debt	1,509.1	1,565.3
Non Current Finance Lease Liabilities	29.5	30.2
Contingencies (Note 6)
Embecta Corp. Equity
Common stock, $0.01 par value Authorized - 250,000,000 Issued and outstanding - 58,327,015 as of March 31, 2025 and 57,707,285 as of September 30, 2024	0.6	0.6
Additional paid-in capital	65.0	52.5
Accumulated deficit	(493.5)	(498.6)
Accumulated other comprehensive loss	(308.3)	(292.8)
Total Equity	(736.2)	(738.3)
Total Liabilities and Equity	$ 1,120.2	$ 1,285.3

Segment and Geographical Data - Schedule of Revenues by Geographical Region (Details) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2025 USD ($) segment	Mar. 31, 2024 USD ($)
Segment Reporting [Abstract]
Number of operating segments \| segment			1
Segment Reporting Information [Line Items]
Revenues	$ 259.0	$ 287.2	$ 520.9	$ 564.5
United States
Segment Reporting Information [Line Items]
Revenues	135.2	147.6	276.9	296.2
International
Segment Reporting Information [Line Items]
Revenues	$ 123.8	$ 139.6	$ 244.0	$ 268.3

- Definition

+ References

+ Details

Cloud Computing Arrangements - Additional Information (Details)	Mar. 31, 2025
Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cloud computing arrangement assets in-service useful lives	2 years
Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cloud computing arrangement assets in-service useful lives	8 years

Earnings per Share - Computation of Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Income	$ 23.5	$ 28.9	$ 23.5	$ 49.0
Basic weighted average number of shares outstanding (in shares)	58,290	57,687	58,119	57,580
Stock awards and equity units (share equivalent) (in shares)	257	120	537	396
Diluted weighted average shares outstanding (in shares)	58,547	57,807	58,656	57,976
Earnings per common share - Basic (in dollars per share)	$ 0.40	$ 0.50	$ 0.40	$ 0.85
Earnings per common share - Diluted (in dollars per share)	$ 0.40	$ 0.50	$ 0.40	$ 0.85
Antidilutive shares (in shares)	3,900	4,200	2,500	2,800

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Long-Term Debt - Additional Information (Details) - USD ($)		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2025	Mar. 31, 2024
Debt Instrument [Line Items]
Amortization of debt issuance costs		$ 4,100,000	$ 3,200,000
Interest paid		$ 52,500,000
Weighted-average interest rate		6.50%
Level 2 \| Fair Value
Debt Instrument [Line Items]
Long-term debt		$ 1,477,400,000
Level 2 \| Reported Value Measurement
Debt Instrument [Line Items]
Long-term debt		1,518,600,000
Term Loan due March 2029 \| Secured Debt
Debt Instrument [Line Items]
Face amount	$ 950,000,000
Term	7 years
Basis spread on variable rate	3.00%
Variable rate floor	0.50%
Discount percentage	0.50%
Quarterly payment as a percentage of principal	0.25%
Repayment of debt		59,800,000
Repayment of secured debt, discretionary		55,000,000.0
Revolving Credit Facility \| Secured Debt \| Revolving Credit Facility
Debt Instrument [Line Items]
Term	5 years
Maximum borrowing capacity	$ 500,000,000
Commitment fee percentage	0.25%
Amount drawn		$ 0
5.00% Senior Secured Notes due 2030 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate		5.00%
6.75% Senior Secured Notes due 2030 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate		6.75%

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Property, Plant and Equipment [Line Items]
Impairment of property, plant and equipment	$ 10.4	$ 0.0
Cost of products sold
Property, Plant and Equipment [Line Items]
Impairment of property, plant and equipment	6.1
Research and development expense
Property, Plant and Equipment [Line Items]
Impairment of property, plant and equipment	$ 4.3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Operating Activities
Net Income	$ 23.5	$ 49.0
Adjustments to net income to derive net cash provided by operating activities:
Depreciation and amortization	18.4	17.8
Amortization of debt issuance costs	4.1	3.2
Impairment of property, plant and equipment	10.4	0.0
Amortization of cloud computing arrangements	5.2	1.6
Stock-based compensation	16.2	13.8
Deferred income taxes	5.6	(39.6)
Change in operating assets and liabilities:
Trade receivables, net	3.7	(106.7)
Inventories	(2.0)	2.0
Due from/due to Becton, Dickinson and Company	15.3	64.3
Prepaid expenses and other	13.5	36.5
Accounts payable, accrued expenses and other current liabilities	(60.5)	0.4
Income and other net taxes payable	(26.8)	(7.0)
Other assets and liabilities, net	(0.1)	(24.1)
Net cash provided by operating activities	26.5	11.2
Investing Activities
Capital expenditures	(1.6)	(6.1)
Net cash used for investing activities	(1.6)	(6.1)
Financing Activities
Payments on long-term debt	(59.8)	(4.8)
Payments related to tax withholding for stock-based compensation	(4.6)	(2.7)
Payments on finance lease	(0.6)	(0.6)
Dividend payments	(17.5)	(17.2)
Net cash used for financing activities	(82.5)	(25.3)
Effect of exchange rate changes on cash and equivalents and restricted cash	(4.3)	0.2
Net Change in Cash and equivalents and restricted cash	(61.9)	(20.0)
Opening Cash and equivalents and restricted cash	274.2	326.5
Closing Cash and equivalents and restricted cash	$ 212.3	$ 306.5

Financial Instruments and Fair Value Measurements

6 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

Note 15 — Financial Instruments and Fair Value Measurements


	March 31, 2025		September 30, 2024
Cash and equivalents	$	209.3	$	267.5
Restricted cash	3.0		6.7
Cash and equivalents and restricted cash	$	212.3	$	274.2

Cash and equivalents as of March 31, 2025 includes cash held in money market funds and other cash equivalents. All cash and equivalents are Level 1 in the fair value hierarchy. Interest income on Cash and equivalents was $1.3 million and $2.9 million for the three months ended March 31, 2025 and 2024, respectively, and $3.1 million and $6.3 million for the six months ended March 31, 2025 and 2024, respectively, and is included as a component of Interest expense, net. Restricted cash consists of cash not readily available for use in the Company's operating activities. The Company's restricted cash balance is primarily pledged as collateral for bank guarantees related to certain customer performance guarantees and property leases internationally.

Foreign Currency Risks and Related Strategies

The Company has foreign currency exposures throughout Europe, Asia, Canada and Latin America. Transactional currency exposures that arise from entering into transactions, generally on an intercompany basis, in non-hyperinflationary countries that are denominated in currencies other than the functional currency are mitigated primarily through the use of forward contracts.

The notional amounts of the Company’s foreign currency-related derivative instruments were as follows as of March 31, 2025 and September 30, 2024:


	Hedge Designation	March 31, 2025		September 30, 2024
Foreign exchange contracts(a)	Undesignated	$	3.3	$	4.5

Nonrecurring Fair Value Measurements

Non-financial assets, including property, plant and equipment as well as intangible assets, are measured at fair value when there are indicators of impairment and these assets are recorded at fair value only when an impairment is recognized. These measurements of fair value are generally based upon Level 3 inputs, including values estimated using the income approach.

In the first half of fiscal year 2025, the Company recorded a non-cash asset impairment charge of $10.4 million to write down the carrying value of certain property and equipment as a result of the Company's plan to discontinue the patch pump program. $6.1 million was recorded to Cost of products sold and $4.3 million was recorded to Research and development expense. The amount recognized was recorded to adjust the carrying amount of assets to the assets' fair values, which were estimated, based upon a market participant's perspective, using Level 3 measurements, including values estimated using the income approach.

Concentration of Credit Risk

Three of the Company’s customers represented at least 10.0% of total gross revenues individually and, in the aggregate, represented approximately 40.8% for the three months ended March 31, 2025, and three of the Company's customers represented at least 10.0% of total gross revenues individually and, in the aggregate, represented approximately 41.4% of total revenues for the six months ended March 31, 2025.

Two of the Company's customers represented at least 10.0% of total gross trade receivables individually and, in the aggregate, represented approximately 32.3% as of March 31, 2025.

Substantially all of the Company’s trade receivables are due from public and private entities involved in the healthcare industry. The Company does not normally require collateral from its customers.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

Contingencies	6 Months Ended
Contingencies	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Note 6 — Contingencies The Company was not a party to any material legal proceedings at March 31, 2025 or September 30, 2024, nor is it a party to any material legal proceedings as of the date of issuance of these Condensed Consolidated Financial Statements.

- Definition

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

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+ Details

Earnings per Share

6 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Earnings per Share

Note 13 — Earnings per Share

The calculation of earnings per basic and diluted common share for the three and six months ended March 31, 2025 and 2024 was as follows:


	Three Months Ended March 31,				Six Months Ended March 31,
($ in millions and shares in thousands, except per share amounts)	2025		2024		2025		2024
Net Income	$	23.5	$	28.9	$	23.5	$	49.0

Basic weighted average number of shares outstanding	58,290		57,687		58,119		57,580
Stock awards and equity units (share equivalent)	257		120		537		396
Diluted weighted average shares outstanding	58,547		57,807		58,656		57,976

Earnings per common share - Basic	$	0.40	$	0.50	$	0.40	$	0.85
Earnings per common share - Diluted	$	0.40	$	0.50	$	0.40	$	0.85

Antidilutive Shares (millions)	3.9		4.2		2.5		2.8

Earnings per diluted share is computed by giving effect to all potentially dilutive stock awards that are outstanding. The computation of earnings per diluted share excludes the effect of the potential exercise of stock-based awards, when the effect of the potential exercise would be anti-dilutive.

Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-Based Compensation Expense	$ 7.3	$ 6.5	$ 16.3	$ 13.9
Tax benefit associated with stock-based compensation costs recognized	1.0	0.5	2.0	1.2
Equity Awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-Based Compensation Expense	7.3	6.5	16.2	13.8
Liability Awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-Based Compensation Expense	0.0	0.0	0.1	0.1
Time-Vested Restricted Stock Units (TVUs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-Based Compensation Expense	6.2	5.2	11.8	10.6
Performance-Based Restricted Stock Units (PSUs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-Based Compensation Expense	0.4	0.4	3.3	1.3
Stock Appreciation Rights (SARs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-Based Compensation Expense	0.7	0.9	1.2	2.0
Cost of products sold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-Based Compensation Expense	0.6	1.1	1.2	2.0
Selling and administrative expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-Based Compensation Expense	4.7	4.9	12.1	10.8
Research and development expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-Based Compensation Expense	0.1	0.5	0.2	1.1
Other operating expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-Based Compensation Expense	$ 1.9	$ 0.0	$ 2.8	$ 0.0