RETIREMENT PLANS (Tables)

12 Months Ended

Sep. 30, 2025

The defined benefit pension plans are valued using a September 30 measurement date.


	U.S. Defined Benefit Pension Plans				International Defined Benefit Pension Plans
	2025		2024		2025		2024

Change in projected benefit obligation:
Benefit obligation at beginning of year	$	74.2	$	71.8	$	123.2	$	108.5

Interest cost	3.1		3.7		5.5		5.9
Actuarial (gain) loss	(1.7)		5.5		(7.7)		5.1
Benefits paid	(6.7)		(6.8)		(7.1)		(6.6)





Foreign currency translation	—		—		0.9		10.3
Projected benefit obligation (“PBO”) at end of year	$	68.9	$	74.2	$	114.8	$	123.2
Accumulated benefit obligation (“ABO”) at end of year	$	68.9	$	74.2	$	114.8	$	123.2
Change in plan assets:
Fair value of plan assets at beginning of year	$	57.3	$	54.1	$	141.4	$	124.8
Actual return on plan assets	0.6		7.1		(8.5)		10.0
Employer contribution	8.2		2.9		0.9		0.9

Benefits paid	(6.7)		(6.8)		(7.1)		(6.6)

Foreign currency translation	—		—		0.3		12.3

Fair value of plan assets at end of year	$	59.4	$	57.3	$	127.0	$	141.4
Overfunded (underfunded) status at end of year	$	(9.5)	$	(16.9)	$	12.2	$	18.2


	U.S. Defined Benefit Pension Plans				International Defined Benefit Pension Plans
	2025		2024		2025		2024

Information for pension plans with an ABO in excess of plan assets:

Accumulated benefit obligation	$	68.9	$	74.2	$	11.5	$	12.0
Fair value of plan assets	59.4		57.3		—		—
Information for pension plans with a PBO in excess of plan assets:
Projected benefit obligation	$	68.9	$	74.2	$	11.5	$	12.0
Fair value of plan assets	59.4		57.3		—		—
Amounts recognized in the Consolidated Balance Sheets consist of:

Non-current assets	$	—	$	—	$	23.8	$	30.2
Current liabilities	(0.2)		(0.2)		(1.0)		(0.9)
Non-current liabilities	(9.3)		(16.7)		(10.6)		(11.1)
Total amount accrued	$	(9.5)	$	(16.9)	$	12.2	$	18.2
Amounts recognized in AOCL consist of:
Actuarial loss	$	32.4	$	34.1	$	68.8	$	64.1
Prior service cost	—		—		2.2		2.3
Total amount recognized	$	32.4	$	34.1	$	71.0	$	66.4


	U.S. Defined Benefit Pension Plans						International Defined Benefit Pension Plans
	2025			2024			2025			2024

Total change in other comprehensive loss attributable to:
Net loss during the period	$	—		$	(0.5)		$	(6.5)		$	(0.7)
Reclassification to net earnings	1.7			1.7			2.5			2.3



Foreign currency translation	—			—			(0.6)			(5.9)
Total change in other comprehensive loss	$	1.7		$	1.2		$	(4.6)		$	(4.3)




Weighted average assumptions used in development of projected benefit obligation:
Discount rate	4.94		%	4.62		%	5.50		%	4.86		%


	U.S. Defined Benefit Pension Plans									International Defined Benefit Pension Plans
	2025			2024			2023			2025			2024			2023

Components of net periodic benefit cost:

Interest cost	$	3.1		$	3.7		$	3.6		$	5.5		$	5.9		$	6.2
Expected return on plan assets	(2.3)			(2.2)			(2.5)			(5.8)			(5.7)			(5.5)
Net amortization	1.7			1.7			1.8			2.5			2.3			2.0
Net periodic benefit cost	$	2.5		$	3.2		$	2.9		$	2.2		$	2.5		$	2.7




Weighted average assumptions used in development of net periodic benefit cost:


Weighted average discount rate - interest cost	4.37		%	5.46		%	4.87		%	4.70		%	5.38		%	5.29		%
Expected return on plan assets	4.25		%	4.25		%	4.50		%	4.25		%	4.42		%	3.91		%


	U.S. Defined Benefit Pension Plans			International Defined Benefit Pension Plans

Other information:
Plan asset allocations:
Target for September 30, 2026:
Equity securities	17		%	—		%
Debt securities	78		%	—		%
Real estate securities	3		%	—		%
Cash and cash equivalents	2		%	15		%
Insurance contracts	—		%	85		%
September 30, 2025
Equity securities	17		%	—		%
Debt securities	69		%	—		%
Real estate securities	3		%	—		%
Cash and cash equivalents	11		%	15		%
Insurance contracts	—		%	85		%
September 30, 2024
Equity securities	19		%	—		%
Debt securities	74		%	—		%
Real estate securities	2		%	—		%
Cash and cash equivalents	5		%	15		%
Insurance contracts	—		%	85		%

Expected company contributions in fiscal 2026	$	2.6		$	1.0
Expected future benefit payments:
2026	$	7.3		$	7.6
2027	6.8			7.6
2028	6.6			7.7
2029	6.4			8.0
2030	6.2			8.2
2031 – 2035	27.0			41.1

The following tables set forth the fair value of the Company’s pension plan assets, segregated by level within the fair value hierarchy:


	Fair Value Hierarchy Level	U.S. Defined Benefit Pension Plans				International Defined Benefit Pension Plans
		2025		2024		2025		2024
Cash and cash equivalents	Level 1	$	6.5	$	2.6	$	19.0	$	21.9
Insurance contracts	Level 3	—		—		108.0		119.5
Total assets in the fair value hierarchy		$	6.5	$	2.6	$	127.0	$	141.4
Common collective trusts measured at net asset value
Real estate		$	1.6	$	1.4	$	—	$	—
Equities		10.1		10.9		—		—
Fixed income		41.2		42.4		—		—

Total common collective trusts measured at net asset value		52.9		54.7		—		—
Total assets at fair value		$	59.4	$	57.3	$	127.0	$	141.4

SCOTTS MIRACLE-GRO CO 10-K