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Retirement Benefits (Tables) | 12 Months Ended
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Sep. 30, 2024
Retirement Benefits [Abstract] |
Schedule of Net Periodic Benefit Cost (Income) | The components of net periodic benefit cost were (in millions):
|  | Pension Benefits |  | Other Postretirement Benefits
|  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Service cost |  | $ | 37.2 |  |  | $ | 42.0 |  |  | $ | 70.9 |  |  | $ | 0.5 |  |  | $ | 0.6 |  |  | $ | 0.8 |
Interest cost |  | 146.5 |  |  | 149.7 |  |  | 135.6 |  |  | 2.6 |  |  | 2.2 |  |  | 1.3 |
Expected return on plan assets |  | (169.5) |  |  | (190.6) |  |  | (230.7) |  |  | — |  |  | — |  |  | — |
Amortization of prior service cost (credit) |  | — |  |  | 0.1 |  |  | 0.6 |  |  | — |  |  | — |  |  | (0.8) |
Amortization of net actuarial (gain) loss |  | (1.1) |  |  | (2.6) |  |  | 59.4 |  |  | 1.6 |  |  | 0.5 |  |  | 0.7 |
Settlement and curtailment charges |  | 0.1 |  |  | 123.4 |  |  | 38.6 |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost |  | $ | 13.2 |  |  | $ | 122.0 |  |  | $ | 74.4 |  |  | $ | 4.7 |  |  | $ | 3.3 |  |  | $ | 2.0 |
Schedule of Assumptions Used | Significant assumptions used in determining net periodic benefit cost were (in weighted averages):
|  | Pension Benefits |  | Other Postretirement Benefits
|  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
U.S. Plans |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 6.10 | % |  | 5.65 | % |  | 3.86 | % |  | 5.95 | % |  | 5.70 | % |  | 2.50 | %
Expected return on plan assets |  | 7.00 | % |  | 7.00 | % |  | 7.00 | % |  | — |  |  | — |  |  | — |
Compensation increase rate |  | 3.60 | % |  | 3.30 | % |  | 3.40 | % |  | — |  |  | — |  |  | — |
Non-U.S. Plans |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 4.65 | % |  | 4.35 | % |  | 2.01 | % |  | 5.75 | % |  | 5.10 | % |  | 2.90 | %
Expected return on plan assets |  | 5.13 | % |  | 4.93 | % |  | 4.59 | % |  | — |  |  | — |  |  | — |
Compensation increase rate |  | 3.24 | % |  | 3.03 | % |  | 3.00 | % |  | — |  |  | — |  |  | — |
Significant assumptions used in determining the benefit obligations were (in weighted averages):
|  | Pension Benefits |  | Other Postretirement Benefits
|  | 2024 |  | 2023 |  | 2024 |  | 2023
U.S. Plans |  |  |  |  |  |  |  |
Discount rate |  | 5.10 | % |  | 6.10 | % |  | 4.91 | % |  | 6.20 | %
Compensation increase rate |  | 3.60 | % |  | 3.60 | % |  | — |  |  | — |
Health care cost trend rate (1) |  | — |  |  | — |  |  | 14.35 | % |  | 6.50 | %
Non-U.S. Plans |  |  |  |  |  |  |  |
Discount rate |  | 3.87 | % |  | 4.65 | % |  | 4.45 | % |  | 5.75 | %
Compensation increase rate |  | 3.22 | % |  | 3.24 | % |  | — |  |  | — |
Health care cost trend rate (1) |  | — |  |  | — |  |  | 4.50 | % |  | 4.50 | %
(1) The health care cost trend rate reflects the estimated increase in gross medical claims costs. As a result of the plan amendment adopted effective October 1, 2002, our effective per person retiree medical cost increase is zero percent beginning in 2005 for the majority of our postretirement benefit plans. For our other plans, we assume the gross health care cost trend rate will increase to 14.35% in 2025 and decrease to 4.97% in 2026 for U.S. Plans and will not change in future periods for Non-U.S. Plans.
Schedule of Net Funded Status | Benefit obligation, plan assets, funded status, and net liability information is summarized as follows (in millions):
|  | Pension Benefits |  | Other Postretirement Benefits
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Benefit obligation at beginning of year |  | $ | 2,750.8 |  |  | $ | 3,165.6 |  |  | $ | 46.4 |  |  | $ | 44.2 |
Service cost |  | 37.2 |  |  | 42.0 |  |  | 0.5 |  |  | 0.6 |
Interest cost |  | 146.5 |  |  | 149.7 |  |  | 2.6 |  |  | 2.2 |
Actuarial losses |  | 321.8 |  |  | 81.1 |  |  | 4.8 |  |  | 8.7 |
Plan participant contributions |  | 1.7 |  |  | 1.8 |  |  | 4.2 |  |  | 4.2 |
Benefits paid |  | (213.2) |  |  | (151.1) |  |  | (13.0) |  |  | (13.3) |
Settlements |  | (4.8) |  |  | (585.6) |  |  | — |  |  | — |
Currency translation and other |  | 37.6 |  |  | 47.3 |  |  | (0.9) |  |  | (0.2) |
Benefit obligation at end of year |  | 3,077.6 |  |  | 2,750.8 |  |  | 44.6 |  |  | 46.4 |
Plan assets at beginning of year |  | 2,457.4 |  |  | 2,903.9 |  |  | — |  |  | — |
Actual return on plan assets |  | 463.8 |  |  | 209.7 |  |  | — |  |  | — |
Company contributions |  | 27.3 |  |  | 26.6 |  |  | 8.8 |  |  | 9.1 |
Plan participant contributions |  | 1.7 |  |  | 1.8 |  |  | 4.2 |  |  | 4.2 |
Benefits paid |  | (213.2) |  |  | (151.1) |  |  | (13.0) |  |  | (13.3) |
Settlements |  | (4.8) |  |  | (585.6) |  |  | — |  |  | — |
Currency translation and other |  | 47.0 |  |  | 52.1 |  |  | — |  |  | — |
Plan assets at end of year |  | 2,779.2 |  |  | 2,457.4 |  |  | — |  |  | — |
Funded status of plans |  | $ | (298.4) |  |  | $ | (293.4) |  |  | $ | (44.6) |  |  | $ | (46.4) |
Schedule of Amounts Recognized in Balance Sheet |
Net amount on balance sheet consists of |  |  |  |  |  |  |  |
Other assets |  | $ | 183.7 |  |  | $ | 150.4 |  |  | $ | — |  |  | $ | — |
Compensation and benefits |  | (18.4) |  |  | (16.8) |  |  | (6.5) |  |  | (7.1) |
Retirement benefits |  | (463.7) |  |  | (427.0) |  |  | (38.1) |  |  | (39.3) |
Net amount on balance sheet |  | $ | (298.4) |  |  | $ | (293.4) |  |  | $ | (44.6) |  |  | $ | (46.4) |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | Amounts included in Accumulated other comprehensive loss, net of tax, which have not yet been recognized in net periodic benefit cost are as follows (in millions):
|  | Pension Benefits |  | Other Postretirement Benefits
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Prior service (credit) cost |  | $ | (153.2) |  |  | $ | (153.2) |  |  | $ | 4.4 |  |  | $ | 4.7 |
Net actuarial loss |  | 570.8 |  |  | 548.9 |  |  | 9.0 |  |  | 6.7 |
Total |  | $ | 417.6 |  |  | $ | 395.7 |  |  | $ | 13.4 |  |  | $ | 11.4 |
Schedule of Accumulated and Projected Benefit Obligations | Information regarding our pension plans with projected benefit obligations in excess of the fair value of plan assets (underfunded plans) are as follows (in millions):
|  | 2024 |  | 2023
Projected benefit obligation |  | $ | 2,303.2 |  |  | $ | 2,082.7 |
Fair value of plan assets |  | 1,821.1 |  |  | 1,638.9 |
Information regarding our pension plans with accumulated benefit obligations in excess of the fair value of plan assets (underfunded plans) are as follows (in millions):
|  | 2024 |  | 2023
Accumulated benefit obligation |  | $ | 2,136.2 |  |  | $ | 1,926.2 |
Fair value of plan assets |  | 1,808.5 |  |  | 1,626.7 |
Schedule of Expected Benefit Payments | The following benefit payments, which include employees’ expected future service, as applicable, are expected to be paid (in millions):
|  | Pension Benefits |  | Other Postretirement Benefits
2025 |  | $ | 318.1 |  |  | $ | 6.7 |
2026 |  | 224.2 |  |  | 6.3 |
2027 |  | 237.0 |  |  | 5.7 |
2028 |  | 232.0 |  |  | 5.2 |
2029 |  | 236.6 |  |  | 4.7 |
2030-2034 |  | 1,162.6 |  |  | 16.0 |
Schedule of Weighted Average Allocation of Plan Assets | Our global weighted average targeted and actual asset allocations at September 30, by asset category, are:
|  | Target |  | September 30,
Asset Category |  | Allocations |  | 2024 |  | 2023
Equity securities |  | 39% |  | 48% |  | 50%
Debt securities |  | 50% |  | 46% |  | 43%
Other |  | 11% |  | 6% |  | 7%
Schedule of Allocation of Plan Assets | The following table presents our pension plans’ investments measured at fair value as of September 30, 2024 (in millions):
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
U.S. Plans |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 1.4 |
Equity securities |  |  |  |  |  |  |  |
Preferred and common stock |  | 403.2 |  |  | — |  |  | — |  |  | 403.2 |
Common collective trusts |  | — |  |  | 524.4 |  |  | — |  |  | 524.4 |
Fixed income securities |  |  |  |  |  |  |  |
Preferred and corporate debt |  | — |  |  | 430.6 |  |  | — |  |  | 430.6 |
Government securities |  | 283.4 |  |  | 31.4 |  |  | — |  |  | 314.8 |
Common collective trusts |  | — |  |  | 116.0 |  |  | — |  |  | 116.0 |
Total U.S. Plans investments in fair value hierarchy |  | $ | 688.0 |  |  | $ | 1,102.4 |  |  | $ | — |  |  | 1,790.4 |
U.S. Plans investments measured at NAV |  |  |  |  |  |  |  |
Private equity and alternative equity |  |  |  |  |  |  |  | 10.0 |
Total U.S. Plans investments |  |  |  |  |  |  |  | 1,800.4 |
Non-U.S. Plans |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 6.3 |  |  | $ | — |  |  | $ | — |  |  | 6.3 |
Equity securities |  |  |  |  |  |  |  |
Preferred and common stock |  | 192.2 |  |  | — |  |  | — |  |  | 192.2 |
Common collective trusts |  | — |  |  | 218.3 |  |  | — |  |  | 218.3 |
Fixed income securities |  |  |  |  |  |  |  |
Preferred and corporate debt |  | — |  |  | 79.6 |  |  | — |  |  | 79.6 |
Government securities |  | 0.4 |  |  | — |  |  | — |  |  | 0.4 |
Common collective trusts |  | — |  |  | 333.0 |  |  | — |  |  | 333.0 |
Other types of investments |  |  |  |  |  |  |  |
Real estate funds |  | — |  |  | 54.1 |  |  | — |  |  | 54.1 |
Insurance contracts |  | — |  |  | — |  |  | 71.8 |  |  | 71.8 |
Other |  | — |  |  | — |  |  | 2.1 |  |  | 2.1 |
Total Non-U.S. Plans investments in fair value hierarchy |  | $ | 198.9 |  |  | $ | 685.0 |  |  | $ | 73.9 |  |  | 957.8 |
Non-U.S. Plans investments measured at NAV |  |  |  |  |  |  |  |
Real estate funds |  |  |  |  |  |  |  | 21.0 |
Total Non-U.S. Plans investments |  |  |  |  |  |  |  | 978.8 |
Total investments measured at fair value |  |  |  |  |  |  |  | $ | 2,779.2 |
The following table presents our pension plans’ investments measured at fair value as of September 30, 2023 (in millions):
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
U.S. Plans |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 3.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 3.2 |
Equity securities |  |  |  |  |  |  |  |
Mutual funds |  | 40.5 |  |  | — |  |  | — |  |  | 40.5 |
Preferred and common stock |  | 381.8 |  |  | — |  |  | — |  |  | 381.8 |
Common collective trusts |  | — |  |  | 447.4 |  |  | — |  |  | 447.4 |
Fixed income securities |  |  |  |  |  |  |  |
Preferred and corporate debt |  | — |  |  | 387.2 |  |  | — |  |  | 387.2 |
Government securities |  | 212.3 |  |  | 30.2 |  |  | — |  |  | 242.5 |
Common collective trusts |  | — |  |  | 104.5 |  |  | — |  |  | 104.5 |
Total U.S. Plans investments in fair value hierarchy |  | $ | 637.8 |  |  | $ | 969.3 |  |  | $ | — |  |  | 1,607.1 |
U.S. Plans investments measured at NAV |  |  |  |  |  |  |  |
Private equity and alternative equity |  |  |  |  |  |  |  | 11.7 |
Total U.S. Plans investments |  |  |  |  |  |  |  | 1,618.8 |
Non-U.S. Plans |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 7.0 |  |  | $ | — |  |  | $ | — |  |  | 7.0 |
Equity securities |  |  |  |  |  |  |  |
Preferred and common stock |  | 154.7 |  |  | — |  |  | — |  |  | 154.7 |
Common collective trusts |  | — |  |  | 209.7 |  |  | — |  |  | 209.7 |
Fixed income securities |  |  |  |  |  |  |  |
Preferred and corporate debt |  | — |  |  | 30.3 |  |  | — |  |  | 30.3 |
Government securities |  | 0.8 |  |  | — |  |  | — |  |  | 0.8 |
Common collective trusts |  | — |  |  | 294.5 |  |  | — |  |  | 294.5 |
Other types of investments |  |  |  |  |  |  |  |
Real estate funds |  | — |  |  | 55.3 |  |  | — |  |  | 55.3 |
Insurance contracts |  | — |  |  | — |  |  | 65.2 |  |  | 65.2 |
Other |  | — |  |  | — |  |  | 2.4 |  |  | 2.4 |
Total Non-U.S. Plans investments in fair value hierarchy |  | $ | 162.5 |  |  | $ | 589.8 |  |  | $ | 67.6 |  |  | 819.9 |
Non-U.S. Plans investments measured at NAV |  |  |  |  |  |  |  |
Real estate funds |  |  |  |  |  |  |  | 18.7 |
Total Non-U.S. Plans investments |  |  |  |  |  |  |  | 838.6 |
Total investments measured at fair value |  |  |  |  |  |  |  | $ | 2,457.4 |
Defined Benefit Plan Change in Fair Value of Plan Assets Level Three | The table below sets forth a summary of changes in fair market value of our pension plans’ Level 3 assets for the year ended September 30, 2024 (in millions):
|  | Balance October 1, 2023 |  | Realized Gains (Losses) |  | Unrealized Gains (Losses) |  | Purchases, Sales, Issuances, and Settlements, Net |  | Balance September 30, 2024
Non-U.S. Plans |  |  |  |  |  |  |  |  |  |
Insurance contracts |  | $ | 65.2 |  |  | $ | — |  |  | $ | 8.4 |  |  | $ | (1.8) |  |  | $ | 71.8 |
Other |  | 2.4 |  |  | — |  |  | — |  |  | (0.3) |  |  | 2.1 |
|  | $ | 67.6 |  |  | $ | — |  |  | $ | 8.4 |  |  | $ | (2.1) |  |  | $ | 73.9 |
The table below sets forth a summary of changes in fair market value of our pension plans’ Level 3 assets for the year ended September 30, 2023 (in millions):
|  | Balance October 1, 2022 |  | Realized Gains (Losses) |  | Unrealized Gains (Losses) |  | Purchases, Sales, Issuances, and Settlements, Net |  | Balance September 30, 2023
Non-U.S. Plans |  |  |  |  |  |  |  |  |  |
Insurance contracts |  | $ | 54.9 |  |  | $ | — |  |  | $ | 9.6 |  |  | $ | 0.7 |  |  | $ | 65.2 |
Other |  | 3.8 |  |  | — |  |  | — |  |  | (1.4) |  |  | 2.4 |
|  | $ | 58.7 |  |  | $ | — |  |  | $ | 9.6 |  |  | $ | (0.7) |  |  | $ | 67.6 |

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