Embecta (EMBC) 10-Q 14 Feb 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Dec. 31, 2022	Feb. 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2022
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	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		57,273,185
Entity Central Index Key	0001872789
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--09-30
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Millions		3 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenues		$ 275.7	$ 289.3
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]		Product [Member]	Product [Member]
Cost of products sold	[1]	$ 86.9	$ 85.4
Cost, Product and Service [Extensible Enumeration]		Product [Member]	Product [Member]
Gross Profit		$ 188.8	$ 203.9
Operating expenses:
Selling and administrative expense		72.8	62.2
Research and development expense		16.9	16.7
Other operating expenses		10.3	8.4
Total Operating Expenses		100	87.3
Operating Income		88.8	116.6
Interest expense, net		(25.6)	0
Other income (expense), net		(7.1)	0
Income Before Income Taxes		56.1	116.6
Income tax provision		20.9	17.8
Net Income		$ 35.2	$ 98.8
Net Income per common share:
Basic (in dollars per share)		$ 0.62	$ 1.73
Diluted (in dollars per share)		$ 0.61	$ 1.73
[1]For periods prior to the Separation, this income statement line includes cost of products sold from related party inventory purchases. For the three month period ended December 31, 2021, cost of products sold from related party inventory purchases was $11.5 million.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Income (Parenthetical) $ in Millions	3 Months Ended
	Dec. 31, 2021 USD ($)
Income Statement [Abstract]
Cost of products sold from related party inventory purchases	$ 11.5

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net Income	$ 35.2	$ 98.8
Other Comprehensive Income (Loss), net of tax
Foreign currency translation adjustments	26	(8.8)
Other Comprehensive Income (Loss)	26	(8.8)
Comprehensive Income	$ 61.2	$ 90

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2022	Sep. 30, 2022
Current Assets
Cash and cash equivalents	$ 385.2	$ 330.9
Trade receivables, net (net of allowance for doubtful accounts of $1.3 million as of December 31, 2022 and September 30, 2022, respectively)	19.9	22.2
Inventories:
Materials	27.8	23.4
Work in process	6.6	5.6
Finished products	109	93.8
Total Inventories	143.4	122.8
Amounts due from Becton, Dickinson and Company	123.4	110.9
Prepaid expenses and other	89.8	77.9
Total Current Assets	761.7	664.7
Property, Plant and Equipment, Net	314.3	301.6
Goodwill and Other Intangible Assets	24.3	24.6
Deferred Income Taxes and Other Assets	96.6	95.5
Total Assets	1,196.9	1,086.4
Current Liabilities
Accounts payable	37.2	41.4
Accrued expenses	156.8	104.3
Amounts due to Becton, Dickinson and Company	69.7	66.5
Salaries, wages and related items	48.6	48.5
Current debt obligations	9.5	9.5
Current finance lease liabilities	3.6	3.6
Income taxes	44.9	27.2
Total Current Liabilities	370.3	301
Deferred Income Taxes and Other Liabilities	33.3	46.1
Long-Term Debt	1,597.1	1,598.1
Non Current Finance Lease Liabilities	32.3	32.6
Commitments and Contingencies
Embecta Corp. Equity
Common stock, $0.01 par value Authorized - 250,000,000 Issued and outstanding - 57,213,757 as of December 31, 2022 and 57,055,327 as of September 30, 2022	0.6	0.6
Additional paid-in capital	12.7	10
Accumulated deficit	(550.5)	(577.1)
Accumulated other comprehensive loss	(298.9)	(324.9)
Total Equity	(836.1)	(891.4)
Total Liabilities and Equity	$ 1,196.9	$ 1,086.4

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2022	Sep. 30, 2022
Statement of Financial Position [Abstract]
Trade receivables, allowance for for doubtful accounts	$ 1.3	$ 1.3
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)	57,213,757	57,055,327
Common stock, outstanding (in shares)	57,213,757	57,055,327

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Net Investment from Becton, Dickinson and Company	Accumulated Other Comprehensive (Loss) Income
Beginning balance at Sep. 30, 2021	$ 594.3				$ 864.8	$ (270.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Diabetes Care Business/ Embecta Corp.	98.8				98.8
Other comprehensive income (loss), net of taxes	(8.8)					(8.8)
Net transfers to Becton, Dickinson and Company	(133.8)				(133.8)
Ending balance at Dec. 31, 2021	$ 550.5				$ 829.8	(279.3)
Beginning balance (in shares) at Sep. 30, 2022	57,055,327	57,055,327
Beginning balance at Sep. 30, 2022	$ (891.4)	$ 0.6	$ 10	$ (577.1)		(324.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Diabetes Care Business/ Embecta Corp.	35.2			35.2
Other comprehensive income (loss), net of taxes	26					26
Stock-based compensation plans	5.5		5.5
Common dividends ($0.15 per share)	(8.6)			(8.6)
Issuance of shares related to share-based compensation plans (in shares)		158,430
Issuance of shares related to stock-based compensation plans	$ (2.8)		(2.8)
Ending balance (in shares) at Dec. 31, 2022	57,213,757	57,213,757
Ending balance at Dec. 31, 2022	$ (836.1)	$ 0.6	$ 12.7	$ (550.5)		$ (298.9)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Equity (Parenthetical)	3 Months Ended
	Dec. 31, 2022 $ / shares
Statement of Stockholders' Equity [Abstract]
Dividend declared (in dollars per share)	$ 0.15

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating Activities
Net Income	$ 35.2	$ 98.8
Adjustments to net income to derive net cash provided by operating activities:
Depreciation and amortization	7.2	8.4
Amortization of debt issuance costs	1.6	0
Stock-based compensation	5.5	4.6
Net periodic pension benefit and other postretirement costs	1.2	2.2
Deferred income taxes	1.4	0
Change in operating assets and liabilities:
Trade receivables, net	3	30.7
Inventories	(14.7)	(4.3)
Due from/due to Becton, Dickinson and Company	(9.5)	0
Prepaid expenses and other	(6.6)	0.9
Accounts payable, accrued expenses and other current liabilities	19.4	(2.5)
Income and other net taxes payable	18.2	0
Other assets and liabilities, net	(1.5)	0
Net Cash Provided by Operating Activities	60.4	138.8
Investing Activities
Capital expenditures	(4.7)	(4.3)
Net Cash Used for Investing Activities	(4.7)	(4.3)
Financing Activities
Payments on long-term debt	(2.4)	0
Payments related to tax withholding for stock-based compensation	(2.8)	0
Payments on finance lease	(0.9)	0
Net transfers to Becton, Dickinson and Company	0	(134.5)
Net Cash Used for Financing Activities	(6.1)	(134.5)
Effect of exchange rate changes on cash and cash equivalents	4.7	0
Net Change in Cash and cash equivalents	54.3	0
Opening Cash and cash equivalents	330.9	0
Closing Cash and cash equivalents	385.2	0
Schedule of non-cash Financing Activities:
Dividends Payable	$ 8.6	$ 0

Background

Background	3 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background	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, which are complemented by a proprietary digital application designed to assist people with managing their diabetes. The Company primarily sells products to wholesalers and distributors that sell to retail and institutional channels who in turn sell to patients. 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 ("Diabetes Care Business") into Embecta, a new, publicly traded company (the "Separation"). The Separation occurred by means of a pro-rata distribution of all of Embecta’s issued and outstanding shares of common stock on the basis of one share of Embecta common stock, par value $0.01 per share, for every five shares of BD common stock, par value $1.00 per share, held as of the close of business on March 22, 2022, the record date for the distribution. Embecta is now a standalone publicly traded company and, on April 1, 2022, regular-way trading of Embecta common stock commenced on the Nasdaq Global Select Market under the ticker symbol "EMBC". In connection with the Separation, BD and Embecta entered into various agreements to provide a framework for the relationship between BD and Embecta after the Separation, including, but not limited to, a separation and distribution agreement, a transition services agreement, a tax matters agreement, an employee matters agreement, a cannula supply agreement, contract manufacturing agreements, an intellectual property matters agreement, a logistics services agreement, distribution agreements, factoring and receivables agreements, local support and service agreements and other transaction documents.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation On April 1, 2022, the Company became a standalone publicly traded company, and its financial statements are now presented on a consolidated basis. Prior to the Separation on April 1, 2022, the Company’s historical combined financial statements were prepared on a standalone basis and were derived from BD's Consolidated Financial Statements and accounting records. The unaudited financial statements for all periods presented, including the historical results of the Company prior to April 1, 2022, are now referred to as "Condensed Consolidated Financial Statements", and have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, certain information and disclosures required by United States generally accepted accounting principles ("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. 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, 2022 filed with the Securities and Exchange Commission on December 22, 2022 (the "2022 Form 10-K"). Prior to the Separation, the Company was referred to as the Diabetes Care Business. The assets, liabilities, revenue and expenses of the Diabetes Care Business were reflected in the Condensed Combined Financial Statements on a historical cost basis, as included in the consolidated financial statements of BD, using the historical accounting policies applied by BD. The Condensed Combined Financial Statements did not purport to reflect what the Company’s results of operations, comprehensive income, financial position, equity or cash flows would have been had the Company operated as a standalone public company during the periods presented. The Diabetes Care Business had historically functioned together with the other businesses controlled by BD. Accordingly, the Diabetes Care Business relied on BD’s corporate and other support functions for its business. Therefore, for the period prior to the Separation, certain corporate and shared costs were allocated to the Diabetes Care Business based on a specific identification basis or, when specific identification was not practicable, a proportional cost allocation method. Refer to Note 2 of the audited Consolidated Financial Statements in the 2022 Form 10-K for additional details on Embecta's basis of presentation during periods prior to the Separation, at Separation and post Separation. As the separate legal entities that made up the Diabetes Care Business were not historically held by a single legal entity, Net Investment from Becton, Dickinson and Company was shown in lieu of stockholders’ equity in these Condensed Consolidated Financial Statements. Net Investment from Becton, Dickinson and Company represented BD’s interest in the recorded assets of the Diabetes Care Business and the cumulative investment by BD through the date of the Separation, inclusive of operating results. For periods prior to the Separation, income tax expense and tax balances in the Condensed Combined Financial Statements were calculated on a separate tax return basis. The separate tax return method applies the accounting guidance for income taxes to the standalone financial statements as if we were a separate taxpayer and a standalone enterprise. Management believes the assumptions supporting the allocation and presentation of income taxes on a separate return basis are reasonable. As part of the Separation, Net Investment from Becton, Dickinson and Company was reclassified as Common Stock and Accumulated Deficit . 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, including determining the allocation of shared costs and expenses from BD, 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 our "Summary of Significant Accounting Policies" as disclosed in the Form 10-K. Cloud Computing Arrangements The Company capitalizes costs incurred to implement cloud computing arrangements that are service contracts within Prepaid expenses and other and Deferred Income Taxes and Other Assets in the Company's Condensed Consolidated Balance Sheets. Implementation costs associated with cloud computing arrangements are capitalized when incurred during the application development phase. The Company amortizes the costs over the expected term of the hosting arrangement using the straight-line method to the same income statement line as the associated cloud operating expenses. The total balance of capitalized costs associated with these arrangements as of December 31, 2022 is $10.9 million which primarily relates to the implementation of the Company's new enterprise resource planning system ("ERP"). Once the implementation of the new ERP is complete and ready for its intended use, the capitalized costs are expected to be amortized over the term of the hosting arrangement which is expected to be five years. Recently Adopted Accounting Standards In October 2021, the Financial Accounting Standards Board issued Accounting Standards Update 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The new guidance requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with Accounting Standards Codification 606, Revenue from Contracts with Customers, as if it had originated the contracts. The Company adopted this guidance at the beginning of fiscal year 2023 and it did not materially impact the Company's condensed consolidated financial statements.

Third Party Arrangements and Re

Third Party Arrangements and Related Party Disclosures	3 Months Ended
	Dec. 31, 2022
Third Party and Related Party Transactions [Abstract]
Third Party Arrangements and Related Party Disclosure	Third Party Arrangements and Related Party Disclosures Pursuant to the Separation, BD ceased to be a related party to Embecta and accordingly, no related party transactions or balances are reported subsequent to April 1, 2022. 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. Agreements that Embecta entered into with BD that govern aspects of Embecta's relationship with BD following the Separation 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, 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. For details on the rights and responsibilities of the parties under these agreements refer to Note 4 to the audited Consolidated Financial Statements in the 2022 Form 10-K. The amount due from BD under the above agreements was $123.4 million at December 31, 2022 and is reflected in Amounts due from Becton, Dickinson and Company . The amount due to BD under these agreements was $69.7 million at December 31, 2022 and is included in Amounts due to Becton, Dickinson and Company . The closing of the transfers of certain assets and liabilities related to the Diabetes Care Business in certain jurisdictions, including China, Mexico, and Italy, as contemplated by the Separation and Distribution Agreement did not occur at Separation. The transfers of the relevant local assets and liabilities for these deferred countries are expected to close at a future date. As of December 31, 2022, the Company estimates that amounts due to BD related to certain assets and liabilities in deferred close jurisdictions is $29.9 million and are reflected in Accrued expenses . As of December 31, 2022, the Company estimates that amounts due from BD related to certain assets and liabilities in deferred close jurisdictions are $4.9 million and is reflected in Prepaid expenses and other . Prior to the Separation, the Company did not operate as a standalone business and the Condensed Combined Financial Statements were derived from the consolidated financial statements and accounting records of BD. The following disclosure summarizes activity between the Company and BD up to the Separation, including the affiliates of BD that were not part of the Separation. Corporate and Medical Segment Allocations from BD Prior to the Separation, BD provided significant corporate, finance, human resources, information technology, facilities, and legal services, among others (collectively, “General Corporate Expenses”) to the Company. Some of these services continue to be provided by BD to the Company on a temporary basis under the Transition Services Agreement. For purposes of these Condensed Consolidated Financial Statements for the periods prior to the Separation, the General Corporate Expenses have been allocated to the Company. The allocations of General Corporate Expenses are reflected in the Condensed Consolidated Statements of Income as follows: Three months ended December 31, 2021 Cost of products sold $ 1.6 Selling and administrative expense 24.4 Research and development expense 1.7 Other (income) expense, net (1.0) Total General Corporate Expenses $ 26.7 These expenses were allocated to the Company on a pro rata basis of global and regional revenues, headcount, research and development spend and other drivers. Management believes the assumptions underlying the Condensed Consolidated Financial Statements, including the assumptions regarding allocating General Corporate Expenses from BD, are reasonable. Nevertheless, the Condensed Consolidated Financial Statements for periods prior to the Separation may not include all of the actual expenses that would have been incurred and may not reflect the Company’s consolidated results of operations, financial position and cash flows had it been a standalone public company during the periods presented. Actual costs that would have been incurred if the Company had been a standalone public company would depend on multiple factors, including organizational structure and strategic decisions made in various areas, including information technology and infrastructure. Related party transactions The following transactions represent activity in the ordinary course of business between the Company and BD prior to the Separation for certain materials for use in production of certain medical products that were not at arm’s length. The following table summarizes related party purchases for the three month period ended December 31, 2021: Three months ended December 31, 2021 Purchases from BD $ 14.4 All significant intercompany transactions between the Company and BD prior to the Separation have been included in the Condensed Consolidated Financial Statements and are considered to be effectively settled for cash at the time the transaction is recorded. For the period prior to the Separation, the total net effect of the settlement of these intercompany transactions is reflected in the Condensed Consolidated Statements of Cash Flows as a financing activity and in the Condensed Consolidated Balance Sheets as Net Investment from Becton, Dickinson and Company. Prior to the Separation, net transfers to BD were included within Net Investment from Becton, Dickinson and Company . in the Condensed Consolidated Statements of Equity and represent the net effect of transactions between the Company and BD. The following table summarizes the components of net transfers to BD for the three months ended December 31, 2021: Cash pooling and general financing activities (1) $ 170.3 Corporate and segment allocations, excluding non-cash stock-based compensation (25.1) Taxes deemed settled with BD (10.7) Net transfers to BD as reflected in the Condensed Consolidated Statements of Cash Flows 134.5 Stock-based compensation expense (4.6) Pension expense (2.2) Other transfers to (from) BD, net 6.1 Net transfers to BD $ 133.8

Other Operating Expenses

Other Operating Expenses	3 Months Ended
	Dec. 31, 2022
Other Income and Expenses [Abstract]
Other Operating Expenses	Other Operating Expenses In connection with the Separation, the Company incurred separation and stand-up costs of approximately $9.9 million and restructuring related costs of approximately $0.4 million during the three months ended December 31, 2022. There were $8.4 million of separation and stand-up costs incurred during the three months ended December 31, 2021. The costs incurred primarily consist of costs associated with accounting, auditing, legal services, supply chain, employee retention, and certain other costs to establish certain stand-alone functions to assist with the transition to being a stand-alone entity.

Contingencies

Contingencies	3 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies The Company was not a party to any material legal proceedings at December 31, 2022 or September 30, 2022, nor is it a party to any material legal proceedings as of the date of issuance of these Condensed Consolidated Financial Statements.

Revenues

Revenues	3 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The Company’s policies for recognizing sales have not changed from those described in the 2022 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. 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 results. The Company’s gross revenues are subject to a variety of 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 December 31, 2022 and September 30, 2022 was $43.1 million and $43.8 million, respectively. Sales deductions recorded as a reduction of gross revenues for the three months ended December 31, 2022 and 2021 were $92.6 million and $85.8 million, respectively. Disaggregation of Revenues Disaggregation of revenue by geographic region is provided within Note 7. 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.

Segment and Geographical Data

Segment and Geographical Data	3 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Segment and Geographical Data	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 Greater 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 as management believes this category best depicts 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 December 31, 2022 2021 United States $ 149.3 $ 150.9 International (1) 126.4 138.4 Total $ 275.7 $ 289.3

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Time Vested Restricted Stock Units ("TVUs") During the three months ended December 31, 2022 , Embecta granted 572,884 of restricted stock units ("RSUs") in the form of TVUs to employees which vest ratably over three years, subject to continued employment of the recipients. Performance Based Restricted Stock Units ("PSUs") During the three months ended December 31, 2022 , Embecta awarded 244,192 of RSUs in the form of PSUs to certain executive officers and employees which 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. Stock-based compensation expense for these awards for the three months ended December 31, 2022 was $0.1 million. Stock-Based Compensation Expense Total direct and allocated stock-based compensation expense for the three months ended December 31, 2022 and 2021 and the respective income tax benefits recognized by the Company in the Condensed Consolidated Statements of Income are as follows: Three months ended December 31, 2022 2021 Cost of products sold $ 0.6 $ 1.0 Selling and administrative expense 4.6 2.9 Research and development expense 0.3 0.7 Total Stock-Based Compensation Expense $ 5.5 $ 4.6 Tax benefit associated with stock-based compensation costs recognized $ 0.8 $ 1.0 A summary of stock appreciation rights ("SARs") outstanding as of December 31, 2022 and changes during the three months ended December 31, 2022 are as follows: SARs (in thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Balance at October 1 1,916.7 $ 28.98 Balance at December 31 1,916.7 $ 28.98 8.4 $ 0.4 Vested and expected to vest at December 31 1,840.2 $ 28.95 8.4 $ 0.4 Exercisable at December 31 524.0 $ 27.06 7.2 $ 0.4 *The amounts exercised include shares withheld for taxes that are not formally issued to the market. There were no SARs granted, exercised or forfeited during the three months ended December 31, 2022. A summary of time-vested RSUs outstanding as of December 31, 2022 and changes during the three months ended December 31, 2022 are as follows: RSUs (in thousands) Weighted Average Grant Date Fair Value Nonvested at October 1 977.5 $ 28.34 Granted 572.9 33.01 Distributed* (237.2) 27.37 Forfeited, canceled or expired (15.3) 27.31 Nonvested at December 31 1,297.9 30.72 Expected to vest at December 31 1,229.9 $ 30.60 *The RSUs distributed include shares withheld for taxes that are not formally issued to the market. At December 31, 2022, the weighted average remaining vesting term of time vested restricted stock units is 2.2 years.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets consisted of: December 31, 2022 September 30, 2022 Amortized intangible assets Patents – gross $ 9.4 $ 9.4 Less: accumulated amortization (4.0) (3.9) Patents – net $ 5.4 $ 5.5 Customer Relationships and Other – gross $ 5.2 $ 5.2 Less: accumulated amortization (2.0) (1.8) Customer Relationships and Other – net $ 3.2 $ 3.4 Total amortized intangible assets $ 8.6 $ 8.9 Goodwill 15.7 15.7 Total Goodwill and Other Intangible Assets $ 24.3 $ 24.6

Long-Term Debt

Long-Term Debt	3 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Long-Term Debt	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 December 31, 2022, 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. The following is a summary of Embecta's total debt outstanding as of December 31, 2022: Term Loan due March 2029 $ 942.9 5.00% Notes due February 2030 500.0 6.75% Notes due February 2030 $ 200.0 Total principal debt issued $ 1,642.9 Less: current debt obligations (9.5) Less: debt issuance costs and discounts (36.3) Long-term debt $ 1,597.1 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. The schedule of principal payments required on long-term debt for the next five fiscal years and thereafter is as follows: 2023 $ 7.1 2024 $ 9.5 2025 $ 9.5 2026 $ 9.5 2027 $ 9.5 Thereafter $ 1,597.8 The estimated fair value of long-term debt (including current portion) at December 31, 2022 was $1,497.7 million compared with a carrying value (which includes a reduction for unamortized debt issuance costs and discounts) of $1,606.6 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. As the Term Loan, 5.00% Notes and 6.75% Notes were issued subsequent to the three months ended December 31, 2021, there was no comparable interest expense recognized in the Condensed Consolidated Income Statement for the three months ended December 31, 2021.

Earnings per Share

Earnings per Share	3 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share On April 1, 2022, the date of the Separation, 57,012,925 shares of Embecta's common stock, par value $0.01 per share, were distributed to BD shareholders of record as of March 22, 2022, the record date of the distribution. This share amount is utilized for the calculation of basic and diluted earnings per share for all periods presented prior to the Separation. The calculation of basic and diluted earnings per common share for the three months ended December 31, 2022 and 2022 was as follows: Three Months Ended ($ in millions and shares in thousands, except per share amounts) 2022 2021 Net Income attributable to Embecta $ 35.2 $ 98.8 Basic weighted average number of shares outstanding 57,113 57,013 Stock awards and equity units (share equivalent) 371 — Diluted weighted average shares outstanding 57,484 57,013 Earnings per common share - Basic $ 0.62 $ 1.73 Earnings per common share - Diluted $ 0.61 $ 1.73 For periods prior to the Separation, it is assumed that there were no dilutive equity instruments as there were no equity awards of Embecta outstanding prior to the Separation. For periods subsequent to the Separation, diluted earnings per share is computed by giving effect to all potentially dilutive stock awards that are outstanding. The computation of diluted earnings per share excludes the effect of the potential exercise of stock-based awards, when the effect of the potential exercise would be anti-dilutive. For the three months ended December 31, 2022 , 2.0 million of dilutive share equivalents issuable under stock-based compensation plans were excluded from the diluted shares outstanding calculation because the result would have been antidilutive.

Income Taxes

Income Taxes	3 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe 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 vary from quarter to quarter because of changes in the 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 37.3% and 15.3% for the three months ended December 31, 2022 and 2021, respectively. The increase in the Company’s effective tax rate from the prior comparative period is primarily due to the establishment of a valuation allowance against the utilization of interest expense carryforwards generated during the current period resulting from U.S. interest deduction limitation rules, increased tax expense on undistributed earnings of foreign subsidiaries and increased U.S. taxes on the earnings of foreign subsidiaries, partially offset by tax benefits from non-taxable permanent differences.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	3 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurements	Financial Instruments and Fair Value Measurements The following reconciles Cash and cash equivalents reported within the Condensed Consolidated Balance Sheets as of December 31, 2022 and September 30, 2022, to the total amounts shown in the Condensed Consolidated Statements of Cash Flows: December 31, 2022 September 30, 2022 Cash and cash equivalents $ 385.2 $ 330.9 Cash and cash equivalents as of December 31, 2022 includes cash held in money market funds and other cash equivalents. All cash and cash equivalents are Level 1 in the fair value hierarchy. Foreign Currency Risks and Related Strategies The Company has foreign currency exposures throughout Europe, Greater 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: Hedge Designation December 31, 2022 September 30, 2022 Foreign exchange contracts (a) Undesignated $ 26.7 $ 5.1 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. 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. Concentration of Credit Risk Historically and prior to the Separation, the Company’s operations formed part of BD’s monitoring of concentrations of credit risk associated with financial institutions for which BD conducted business. As of December 31, 2022, the Company had transferred the majority of its trade receivables to BD under the Factoring Agreements (see Note 3). As a result, the Company is no longer exposed to credit risk associated with those transferred

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment Property, Plant and Equipment, Net consisted of: December 31, 2022 September 30, 2022 Land $ 2.4 $ 1.4 Buildings 127.9 123.7 Machinery, equipment and fixtures 550.6 505.1 Leasehold improvements 6.5 6.5 Construction in progress 50.7 64.9 $ 738.1 $ 701.6 Less: accumulated depreciation (423.8) (400.0) Total Property, Plant and Equipment, Net $ 314.3 $ 301.6

Leases

Leases	3 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases	Leases Finance Leases Our finance lease assets and liabilities are attributed to our 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 Our operating leases primarily relate to our real estate leases that are not classified as finance leases. Aggregate Lease Information Our leases are included in our Condensed Consolidated Balance Sheets as follows: December 31, 2022 September 30, 2022 Finance Leases Property, Plant, and Equipment, Net $ 34.9 $ 35.5 Total Finance Lease Assets $ 34.9 $ 35.5 Current finance lease liabilities $ 3.6 $ 3.6 Non Current Finance Lease Liabilities 32.3 32.6 Total Finance Lease Liabilities $ 35.9 $ 36.2 Weighted-average remaining lease term (years) 14.3 14.5 Weighted-average discount rate 6.8 % 6.8 % Operating Leases Other Assets $ 7.3 $ 6.3 Total Operating Lease Assets $ 7.3 $ 6.3 Accrued expenses $ 2.7 $ 2.0 Deferred Income Taxes and Other Liabilities 4.6 4.3 Total Operating Lease Liabilities $ 7.3 $ 6.3 Weighted-average remaining lease term (years) 3.0 3.2 Weighted-average discount rate 6.1 % 5.9 % Supplemental cash flow information related to leases for the three months ended December 31, 2022 and 2021 were as follows: December 31, 2022 December 31, 2021 Right of use assets obtained in exchange for lease liabilities Operating Leases 1.0 — Maturities of our finance and operating lease liabilities as of December 31, 2022 by fiscal year are as follows: Finance Leases Operating Leases Total 2023 $ 2.7 $ 2.2 $ 4.9 2024 3.6 2.6 6.2 2025 3.7 1.3 5.0 2026 3.7 1.1 4.8 2027 3.8 0.2 4.0 Thereafter 40.1 — 40.1 Total lease payments $ 57.6 $ 7.4 $ 65.0 Less: amount representing interest 21.7 0.1 21.8 Present value of lease liabilities $ 35.9 $ 7.3 $ 43.2 On April 1, 2022, the Company entered into a real estate lease for a new Corporate Headquarters located in Parsippany, NJ. The lease commenced during the second quarter of fiscal year 2023 and is in existence for an initial term of ten years. The Company has an option to extend the lease for additional periods of six years and four years, respectively.
Leases	Leases Finance Leases Our finance lease assets and liabilities are attributed to our 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 Our operating leases primarily relate to our real estate leases that are not classified as finance leases. Aggregate Lease Information Our leases are included in our Condensed Consolidated Balance Sheets as follows: December 31, 2022 September 30, 2022 Finance Leases Property, Plant, and Equipment, Net $ 34.9 $ 35.5 Total Finance Lease Assets $ 34.9 $ 35.5 Current finance lease liabilities $ 3.6 $ 3.6 Non Current Finance Lease Liabilities 32.3 32.6 Total Finance Lease Liabilities $ 35.9 $ 36.2 Weighted-average remaining lease term (years) 14.3 14.5 Weighted-average discount rate 6.8 % 6.8 % Operating Leases Other Assets $ 7.3 $ 6.3 Total Operating Lease Assets $ 7.3 $ 6.3 Accrued expenses $ 2.7 $ 2.0 Deferred Income Taxes and Other Liabilities 4.6 4.3 Total Operating Lease Liabilities $ 7.3 $ 6.3 Weighted-average remaining lease term (years) 3.0 3.2 Weighted-average discount rate 6.1 % 5.9 % Supplemental cash flow information related to leases for the three months ended December 31, 2022 and 2021 were as follows: December 31, 2022 December 31, 2021 Right of use assets obtained in exchange for lease liabilities Operating Leases 1.0 — Maturities of our finance and operating lease liabilities as of December 31, 2022 by fiscal year are as follows: Finance Leases Operating Leases Total 2023 $ 2.7 $ 2.2 $ 4.9 2024 3.6 2.6 6.2 2025 3.7 1.3 5.0 2026 3.7 1.1 4.8 2027 3.8 0.2 4.0 Thereafter 40.1 — 40.1 Total lease payments $ 57.6 $ 7.4 $ 65.0 Less: amount representing interest 21.7 0.1 21.8 Present value of lease liabilities $ 35.9 $ 7.3 $ 43.2 On April 1, 2022, the Company entered into a real estate lease for a new Corporate Headquarters located in Parsippany, NJ. The lease commenced during the second quarter of fiscal year 2023 and is in existence for an initial term of ten years. The Company has an option to extend the lease for additional periods of six years and four years, respectively.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	On April 1, 2022, the Company became a standalone publicly traded company, and its financial statements are now presented on a consolidated basis. Prior to the Separation on April 1, 2022, the Company’s historical combined financial statements were prepared on a standalone basis and were derived from BD's Consolidated Financial Statements and accounting records. The unaudited financial statements for all periods presented, including the historical results of the Company prior to April 1, 2022, are now referred to as "Condensed Consolidated Financial Statements", and have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, certain information and disclosures required by United States generally accepted accounting principles ("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. 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, 2022 filed with the Securities and Exchange Commission on December 22, 2022 (the "2022 Form 10-K"). Prior to the Separation, the Company was referred to as the Diabetes Care Business. The assets, liabilities, revenue and expenses of the Diabetes Care Business were reflected in the Condensed Combined Financial Statements on a historical cost basis, as included in the consolidated financial statements of BD, using the historical accounting policies applied by BD. The Condensed Combined Financial Statements did not purport to reflect what the Company’s results of operations, comprehensive income, financial position, equity or cash flows would have been had the Company operated as a standalone public company during the periods presented. The Diabetes Care Business had historically functioned together with the other businesses controlled by BD. Accordingly, the Diabetes Care Business relied on BD’s corporate and other support functions for its business. Therefore, for the period prior to the Separation, certain corporate and shared costs were allocated to the Diabetes Care Business based on a specific identification basis or, when specific identification was not practicable, a proportional cost allocation method. Refer to Note 2 of the audited Consolidated Financial Statements in the 2022 Form 10-K for additional details on Embecta's basis of presentation during periods prior to the Separation, at Separation and post Separation. As the separate legal entities that made up the Diabetes Care Business were not historically held by a single legal entity, Net Investment from Becton, Dickinson and Company was shown in lieu of stockholders’ equity in these Condensed Consolidated Financial Statements. Net Investment from Becton, Dickinson and Company represented BD’s interest in the recorded assets of the Diabetes Care Business and the cumulative investment by BD through the date of the Separation, inclusive of operating results. As part of the Separation, Net Investment from Becton, Dickinson and Company was reclassified as Common Stock and Accumulated Deficit
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, including determining the allocation of shared costs and expenses from BD, 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.
Cloud Computing Arrangements	The Company capitalizes costs incurred to implement cloud computing arrangements that are service contracts within Prepaid expenses and other and Deferred Income Taxes and Other Assets in the Company's Condensed Consolidated Balance Sheets. Implementation costs associated with cloud computing arrangements are capitalized when incurred during the application development phase. The Company amortizes the costs over the expected term of the hosting arrangement using the straight-line method to the same income statement line as the associated cloud operating expenses. The total balance of capitalized costs associated with these arrangements as of December 31, 2022 is $10.9 million which primarily relates to the implementation of the Company's new enterprise resource planning system ("ERP"). Once the implementation of the new ERP is complete and ready for its intended use, the capitalized costs are expected to be amortized over the term of the hosting arrangement which is expected to be five years.
Recently Adopted Accounting Standards	In October 2021, the Financial Accounting Standards Board issued Accounting Standards Update 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The new guidance requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with Accounting Standards Codification 606, Revenue from Contracts with Customers, as if it had originated the contracts. The Company adopted this guidance at the beginning of fiscal year 2023 and it did not materially impact the Company's condensed consolidated financial statements.

Third Party Arrangements and _2

Third Party Arrangements and Related Party Disclosures (Tables)	3 Months Ended
	Dec. 31, 2022
Third Party and Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The allocations of General Corporate Expenses are reflected in the Condensed Consolidated Statements of Income as follows: Three months ended December 31, 2021 Cost of products sold $ 1.6 Selling and administrative expense 24.4 Research and development expense 1.7 Other (income) expense, net (1.0) Total General Corporate Expenses $ 26.7 Three months ended December 31, 2021 Purchases from BD $ 14.4 The following table summarizes the components of net transfers to BD for the three months ended December 31, 2021: Cash pooling and general financing activities (1) $ 170.3 Corporate and segment allocations, excluding non-cash stock-based compensation (25.1) Taxes deemed settled with BD (10.7) Net transfers to BD as reflected in the Condensed Consolidated Statements of Cash Flows 134.5 Stock-based compensation expense (4.6) Pension expense (2.2) Other transfers to (from) BD, net 6.1 Net transfers to BD $ 133.8

Segment and Geographical Data (

Segment and Geographical Data (Tables)	3 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Schedule of Revenues by Geographical Region	Revenues by geographic region are as follows: Three months ended December 31, 2022 2021 United States $ 149.3 $ 150.9 International (1) 126.4 138.4 Total $ 275.7 $ 289.3

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Schedule and Location of Compensation Cost	Total direct and allocated stock-based compensation expense for the three months ended December 31, 2022 and 2021 and the respective income tax benefits recognized by the Company in the Condensed Consolidated Statements of Income are as follows: Three months ended December 31, 2022 2021 Cost of products sold $ 0.6 $ 1.0 Selling and administrative expense 4.6 2.9 Research and development expense 0.3 0.7 Total Stock-Based Compensation Expense $ 5.5 $ 4.6 Tax benefit associated with stock-based compensation costs recognized $ 0.8 $ 1.0
Schedule of SAR's Outstanding	A summary of stock appreciation rights ("SARs") outstanding as of December 31, 2022 and changes during the three months ended December 31, 2022 are as follows: SARs (in thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Balance at October 1 1,916.7 $ 28.98 Balance at December 31 1,916.7 $ 28.98 8.4 $ 0.4 Vested and expected to vest at December 31 1,840.2 $ 28.95 8.4 $ 0.4 Exercisable at December 31 524.0 $ 27.06 7.2 $ 0.4 *The amounts exercised include shares withheld for taxes that are not formally issued to the market.
Schedule of Restricted Stock Units Outstanding and Changes	A summary of time-vested RSUs outstanding as of December 31, 2022 and changes during the three months ended December 31, 2022 are as follows: RSUs (in thousands) Weighted Average Grant Date Fair Value Nonvested at October 1 977.5 $ 28.34 Granted 572.9 33.01 Distributed* (237.2) 27.37 Forfeited, canceled or expired (15.3) 27.31 Nonvested at December 31 1,297.9 30.72 Expected to vest at December 31 1,229.9 $ 30.60 *The RSUs distributed include shares withheld for taxes that are not formally issued to the market.

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets consisted of: December 31, 2022 September 30, 2022 Amortized intangible assets Patents – gross $ 9.4 $ 9.4 Less: accumulated amortization (4.0) (3.9) Patents – net $ 5.4 $ 5.5 Customer Relationships and Other – gross $ 5.2 $ 5.2 Less: accumulated amortization (2.0) (1.8) Customer Relationships and Other – net $ 3.2 $ 3.4 Total amortized intangible assets $ 8.6 $ 8.9 Goodwill 15.7 15.7 Total Goodwill and Other Intangible Assets $ 24.3 $ 24.6

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt Outstanding	The following is a summary of Embecta's total debt outstanding as of December 31, 2022: Term Loan due March 2029 $ 942.9 5.00% Notes due February 2030 500.0 6.75% Notes due February 2030 $ 200.0 Total principal debt issued $ 1,642.9 Less: current debt obligations (9.5) Less: debt issuance costs and discounts (36.3) Long-term debt $ 1,597.1
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: 2023 $ 7.1 2024 $ 9.5 2025 $ 9.5 2026 $ 9.5 2027 $ 9.5 Thereafter $ 1,597.8

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings per Share	The calculation of basic and diluted earnings per common share for the three months ended December 31, 2022 and 2022 was as follows: Three Months Ended ($ in millions and shares in thousands, except per share amounts) 2022 2021 Net Income attributable to Embecta $ 35.2 $ 98.8 Basic weighted average number of shares outstanding 57,113 57,013 Stock awards and equity units (share equivalent) 371 — Diluted weighted average shares outstanding 57,484 57,013 Earnings per common share - Basic $ 0.62 $ 1.73 Earnings per common share - Diluted $ 0.61 $ 1.73

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	3 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Cash and Cash Equivalents	The following reconciles Cash and cash equivalents reported within the Condensed Consolidated Balance Sheets as of December 31, 2022 and September 30, 2022, to the total amounts shown in the Condensed Consolidated Statements of Cash Flows: December 31, 2022 September 30, 2022 Cash and cash equivalents $ 385.2 $ 330.9
Schedule of Notional Amounts of Derivative Instruments	The notional amounts of the Company’s foreign currency-related derivative instruments were as follows: Hedge Designation December 31, 2022 September 30, 2022 Foreign exchange contracts (a) Undesignated $ 26.7 $ 5.1 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.

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, Plant and Equipment, Net consisted of: December 31, 2022 September 30, 2022 Land $ 2.4 $ 1.4 Buildings 127.9 123.7 Machinery, equipment and fixtures 550.6 505.1 Leasehold improvements 6.5 6.5 Construction in progress 50.7 64.9 $ 738.1 $ 701.6 Less: accumulated depreciation (423.8) (400.0) Total Property, Plant and Equipment, Net $ 314.3 $ 301.6

Leases (Tables)

Leases (Tables)	3 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Schedule of Balance Sheet Information	Our leases are included in our Condensed Consolidated Balance Sheets as follows: December 31, 2022 September 30, 2022 Finance Leases Property, Plant, and Equipment, Net $ 34.9 $ 35.5 Total Finance Lease Assets $ 34.9 $ 35.5 Current finance lease liabilities $ 3.6 $ 3.6 Non Current Finance Lease Liabilities 32.3 32.6 Total Finance Lease Liabilities $ 35.9 $ 36.2 Weighted-average remaining lease term (years) 14.3 14.5 Weighted-average discount rate 6.8 % 6.8 % Operating Leases Other Assets $ 7.3 $ 6.3 Total Operating Lease Assets $ 7.3 $ 6.3 Accrued expenses $ 2.7 $ 2.0 Deferred Income Taxes and Other Liabilities 4.6 4.3 Total Operating Lease Liabilities $ 7.3 $ 6.3 Weighted-average remaining lease term (years) 3.0 3.2 Weighted-average discount rate 6.1 % 5.9 %
Schedule of Supplemental Cash Flow Information	Supplemental cash flow information related to leases for the three months ended December 31, 2022 and 2021 were as follows: December 31, 2022 December 31, 2021 Right of use assets obtained in exchange for lease liabilities Operating Leases 1.0 —
Schedule of Maturities of Finance Lease Liabilities	Maturities of our finance and operating lease liabilities as of December 31, 2022 by fiscal year are as follows: Finance Leases Operating Leases Total 2023 $ 2.7 $ 2.2 $ 4.9 2024 3.6 2.6 6.2 2025 3.7 1.3 5.0 2026 3.7 1.1 4.8 2027 3.8 0.2 4.0 Thereafter 40.1 — 40.1 Total lease payments $ 57.6 $ 7.4 $ 65.0 Less: amount representing interest 21.7 0.1 21.8 Present value of lease liabilities $ 35.9 $ 7.3 $ 43.2
Schedule of Maturities of Operating Lease Liabilities	Maturities of our finance and operating lease liabilities as of December 31, 2022 by fiscal year are as follows: Finance Leases Operating Leases Total 2023 $ 2.7 $ 2.2 $ 4.9 2024 3.6 2.6 6.2 2025 3.7 1.3 5.0 2026 3.7 1.1 4.8 2027 3.8 0.2 4.0 Thereafter 40.1 — 40.1 Total lease payments $ 57.6 $ 7.4 $ 65.0 Less: amount representing interest 21.7 0.1 21.8 Present value of lease liabilities $ 35.9 $ 7.3 $ 43.2

Background (Details)

Background (Details)	Apr. 01, 2022 $ / shares	Dec. 31, 2022 $ / shares	Sep. 30, 2022 $ / shares
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Common stock, distribution ratio	0.2
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Becton, Dickinson and Company
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Common stock, par value (in dollars per share)	$ 1

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Millions	3 Months Ended
	Dec. 31, 2022 USD ($)
Accounting Policies [Abstract]
Costs capitalized for cloud computing arrangements	$ 10.9
Expected term of the hosting arrangement	5 years

Third Party Arrangements and _3

Third Party Arrangements and Related Party Disclosures - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2022	Sep. 30, 2022
Related Party Transaction [Line Items]
Amounts due from Becton, Dickinson and Company	$ 123.4	$ 110.9
Amounts due to Becton, Dickinson and Company	69.7	66.5
Accrued expenses	156.8	104.3
Prepaid expenses and other	89.8	$ 77.9
Becton, Dickinson and Company
Related Party Transaction [Line Items]
Amounts due from Becton, Dickinson and Company	123.4
Amounts due to Becton, Dickinson and Company	69.7
Accrued expenses	29.9
Prepaid expenses and other	$ 4.9

Third Party Arrangements and _4

Third Party Arrangements and Related Party Disclosures - Allocation of General Corporate Expenses (Details) $ in Millions	3 Months Ended
	Dec. 31, 2021 USD ($)
Related Party Transaction [Line Items]
General Corporate Expenses	$ 26.7
Cost of products sold
Related Party Transaction [Line Items]
General Corporate Expenses	1.6
Selling and administrative expense
Related Party Transaction [Line Items]
General Corporate Expenses	24.4
Research and development expense
Related Party Transaction [Line Items]
General Corporate Expenses	1.7
Other (income) expense, net
Related Party Transaction [Line Items]
General Corporate Expenses	$ (1)

Third Party Arrangements and _5

Third Party Arrangements and Related Party Disclosures - Purchases from Parent (Details) $ in Millions	3 Months Ended
	Dec. 31, 2021 USD ($)
Parent
Related Party Transaction [Line Items]
Purchases from BD	$ 14.4

Third Party Arrangements and _6

Third Party Arrangements and Related Party Disclosures - Net Transfers to Parent (Details) $ in Millions	3 Months Ended
	Dec. 31, 2021 USD ($)
Third Party and Related Party Transactions [Abstract]
Cash pooling and general financing activities	$ 170.3
Corporate and segment allocations, excluding non-cash stock-based compensation	(25.1)
Taxes deemed settled with BD	(10.7)
Net transfers to BD as reflected in the Condensed Consolidated Statements of Cash Flows	134.5
Stock-based compensation expense	(4.6)
Pension expense	(2.2)
Other transfers to (from) BD, net	6.1
Net transfers to BD	$ 133.8

Other Operating Expenses (Detai

Other Operating Expenses (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Other Income and Expenses [Abstract]
Separation and stand-up costs	$ 9.9	$ 8.4
Restructuring related costs	$ 0.4

Revenues (Details)

Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Customer rebate liability	$ 43.1		$ 43.8
Rebates recorded	92.6	$ 85.8
Contract asset	$ 1.2		$ 1.2

Segment and Geographical Data_2

Segment and Geographical Data (Details) $ in Millions	3 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment	1
Segment Reporting Information [Line Items]
Revenues	$ 275.7	$ 289.3
United States
Segment Reporting Information [Line Items]
Revenues	149.3	150.9
International
Segment Reporting Information [Line Items]
Revenues	$ 126.4	$ 138.4

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation expense	$ 5.5	$ 4.6
Awards forfeited (in shares)	0
Weighted average remaining term of awards	8 years 4 months 24 days
Unrecognized compensation expense	$ 38.9
Period for recognition for unrecognized compensation expense	2 years 4 months 24 days
Number of shares authorized for future grant (in shares)	3,600,000
RSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Awards granted (in shares)	572,884
Vesting period	3 years
Weighted average remaining term of awards	2 years 2 months 12 days
PSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Awards granted (in shares)	244,192
Vesting period	3 years
Share based compensation expense	$ 0.1
SARs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Awards granted (in shares)	0
Awards exercised (in shares)	0

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-Based Compensation Expense	$ 5.5	$ 4.6
Tax benefit associated with stock-based compensation costs recognized	0.8	1
Cost of products sold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-Based Compensation Expense	0.6	1
Selling and administrative expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-Based Compensation Expense	4.6	2.9
Research and development expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-Based Compensation Expense	$ 0.3	$ 0.7

Stock-Based Compensation - SARs

Stock-Based Compensation - SARs Outstanding (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Additional Disclosures
Outstanding, Weighted Average Remaining Contractual Term (Years)	8 years 4 months 24 days
Outstanding, Aggregate Intrinsic Value | $	$ 0.4
Vested and expected to vest, Weighted Average Remaining Contractual Term (Years)	8 years 4 months 24 days
Vested and expected to vest, Aggregate Intrinsic Value | $	$ 0.4
Exercisable, Weighted Average Remaining Contractual Term (Years)	7 years 2 months 12 days
Exercisable, Aggregate Intrinsic Value | $	$ 0.4
SARs
SARs (in thousands)
Outstanding, Beginning Balance (in shares) | shares	1,916,700
Outstanding, Ending Balance (in shares) | shares	1,916,700
Weighted Average Exercise Price
Outstanding, Beginning Balance (in dollars per share) | $ / shares	$ 28.98
Outstanding, Ending Balance (in dollars per share) | $ / shares	$ 28.98
Additional Disclosures
Vested and expected to vest (in shares) | shares	1,840,200
Vested and expected to vest, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 28.95
Exercisable (in shares) | shares	524,000
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 27.06

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units Outstanding and Changes (Details) - RSUs	3 Months Ended
	Dec. 31, 2022 $ / shares shares
Stock Units (in thousands)
Nonvested, Beginning Balance (in shares) | shares	977,500
Granted (in shares) | shares	572,884
Distributed (in shares) | shares	(237,200)
Forfeited, canceled or expired (in shares) | shares	(15,300)
Nonvested, Ending Balance (in shares) | shares	1,297,900
Expected to vest (in shares) | shares	1,229,900
Weighted Average Grant Date Fair Value
Nonvested, Beginning Balance (in dollars per share) | $ / shares	$ 28,340,000
Granted (in dollars per share) | $ / shares	33,010,000
Distributed (in dollars per share) | $ / shares	27,370,000
Forfeited, canceled or expired (in dollars per share) | $ / shares	27,310,000
Nonvested, Ending Balance (in dollars per share) | $ / shares	30,720,000
Expected to vest (in dollars per share) | $ / shares	$ 30,600,000

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Sep. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Amortized intangible assets - net	$ 8.6	$ 8.9
Goodwill	15.7	15.7
Total Goodwill and Other Intangible Assets	24.3	24.6
Patents
Finite-Lived Intangible Assets [Line Items]
Amortized intangible assets - gross	9.4	9.4
Amortized intangible assets - accumulated amortization	(4)	(3.9)
Amortized intangible assets - net	5.4	5.5
Customer Relationship and Other
Finite-Lived Intangible Assets [Line Items]
Amortized intangible assets - gross	5.2	5.2
Amortized intangible assets - accumulated amortization	(2)	(1.8)
Amortized intangible assets - net	$ 3.2	$ 3.4

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2022
Level 2 | Fair Value
Debt Instrument [Line Items]
Long-term debt		$ 1,497,700,000
Level 2 | Reported Value Measurement
Debt Instrument [Line Items]
Long-term debt		1,606,600,000
Term Loan due March 2029 | Secured Debt
Debt Instrument [Line Items]
Face amount	$ 950,000,000
Term	7 years
Discount percentage	0.50%
Quarterly payment as a percentage of principal	0.25%
Term Loan due March 2029 | Secured Debt | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	3%
Variable rate floor	0.50%
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%
6.75% Senior Secured Notes due 2030 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate		6.75%

Long-Term Debt - Debt Outstandi

Long-Term Debt - Debt Outstanding (Details) - USD ($) $ in Millions	Dec. 31, 2022	Sep. 30, 2022
Debt Instrument [Line Items]
Total principal debt issued	$ 1,642.9
Less: current debt obligations	(9.5)	$ (9.5)
Less: debt issuance costs and discounts	(36.3)
Long-term debt	1,597.1	$ 1,598.1
Secured Debt | Term Loan due March 2029
Debt Instrument [Line Items]
Total principal debt issued	$ 942.9
Senior Notes | 5.00% Notes due February 2030
Debt Instrument [Line Items]
Stated interest rate	5%
Total principal debt issued	$ 500
Senior Notes | 6.75% Notes due February 2030
Debt Instrument [Line Items]
Stated interest rate	6.75%
Total principal debt issued	$ 200

Long-Term Debt - Principal Paym

Long-Term Debt - Principal Payments Required on Long-Term Debt (Details) $ in Millions	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2023	$ 7.1
2024	9.5
2025	9.5
2026	9.5
2027	9.5
Thereafter	$ 1,597.8

Earnings per Share - Additional

Earnings per Share - Additional Information (Details) - $ / shares		3 Months Ended
	Apr. 01, 2022	Dec. 31, 2022	Sep. 30, 2022
Earnings Per Share [Abstract]
Shares distributed (in shares)	57,012,925
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Antidilutive securities excluded from computation of earnings per share (in shares)		2,000,000

Earnings per Share - Computatio

Earnings per Share - Computation of Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net Income attributable to Embecta	$ 35.2	$ 98.8
Basic weighted average number of shares outstanding (in shares)	57,113	57,013
Stock awards and equity units (share equivalent) (in shares)	371	0
Diluted weighted average shares outstanding (in shares)	57,484	57,013
Earnings per common share - Basic (in dollars per share)	$ 0.62	$ 1.73
Earnings per common share - Diluted (in dollars per share)	$ 0.61	$ 1.73

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	37.30%	15.30%

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements - Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Cash and cash equivalents - condensed combined balance sheets	$ 385.2	$ 330.9
Cash and cash equivalents - condensed combined statements of cash flows	$ 385.2	$ 330.9	$ 0	$ 0

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements - Notional Amounts of Derivative Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Sep. 30, 2022
Foreign exchange contracts | Undesignated
Derivative [Line Items]
Notional amount	$ 26.7	$ 5.1

Financial Instruments and Fai_5

Financial Instruments and Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Concentration Risk [Line Items]
Trade receivables	$ 19.9	$ 22.2
Customer Concentration Risk | Revenues | Three customers in aggregate
Concentration Risk [Line Items]
Concentration risk percentage	40.50%

Property, Plant and Equipment -

Property, Plant and Equipment - Components of Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	Dec. 31, 2022	Sep. 30, 2022
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 738.1	$ 701.6
Less: accumulated depreciation	(423.8)	(400)
Total Property, Plant and Equipment, Net	314.3	301.6
Land
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	2.4	1.4
Buildings
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	127.9	123.7
Machinery, equipment and fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	550.6	505.1
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	6.5	6.5
Construction in progress
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 50.7	$ 64.9

Leases - Additional Information

Leases - Additional Information (Details)	Dec. 31, 2022	Apr. 01, 2022
Lessee, Lease, Description [Line Items]
Term of finance lease	10 years
Finance lease renewal term	5 years
Term of contract for lease not yet commenced		10 years
Building Lease, Six Year Extension Option
Lessee, Lease, Description [Line Items]
Extension term for lease not yet commenced		6 years
Building Lease, Four Year Extension Option
Lessee, Lease, Description [Line Items]
Extension term for lease not yet commenced		4 years

Leases - Balance Sheet Informat

Leases - Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2022	Sep. 30, 2022
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	$ 34.9	$ 35.5
Current finance lease liabilities	3.6	3.6
Non Current Finance Lease Liabilities	32.3	32.6
Total Finance Lease Liabilities	$ 35.9	$ 36.2
Weighted-average remaining lease term (years)	14 years 3 months 18 days	14 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	$ 7.3	$ 6.3
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses	Accrued expenses
Current operating lease liabilities	$ 2.7	$ 2
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Deferred Income Taxes and Other Liabilities	Deferred Income Taxes and Other Liabilities
Non Current operating lease liabilities	$ 4.6	$ 4.3
Total Operating Lease Liabilities	$ 7.3	$ 6.3
Weighted-average remaining lease term (years)	3 years	3 years 2 months 12 days
Weighted-average discount rate	6.10%	5.90%

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Right of use assets obtained in exchange for lease liabilities
Operating Leases	$ 1	$ 0

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Sep. 30, 2022
Finance Leases
2023	$ 2.7
2024	3.6
2025	3.7
2026	3.7
2027	3.8
Thereafter	40.1
Total lease payments	57.6
Less: amount representing interest	21.7
Present value of lease liabilities	35.9	$ 36.2
Operating Leases
2023	2.2
2024	2.6
2025	1.3
2026	1.1
2027	0.2
Thereafter	0
Total lease payments	7.4
Less: amount representing interest	0.1
Present value of lease liabilities	7.3	$ 6.3
Total
2023	4.9
2024	6.2
2025	5
2026	4.8
2027	4
Thereafter	40.1
Total lease payments	65
Lessee, Operating Lease and Finance Lease, Liability, Undiscounted Excess Amount	21.8
Present value of lease liabilities	$ 43.2