XML 12 R39.htm IDEA: XBRL DOCUMENT v3.2.0.727
Pension Plans (Tables)
12 Months Ended
Sep. 30, 2014
Pension Plans  
Reconciliations of the changes in the U.S. and international plans' benefit obligations

 

                                                                                                                                                                                    

 

 

Fiscal Year Ended

 

 

 

September 30,
2014

 

September 30,
2013

 

September 30,
2012

 

 

 

U.S.

 

Int'l

 

U.S.

 

Int'l

 

U.S.

 

Int'l

 

 

 

(in millions)

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

180.3

 

$

622.1

 

$

192.9

 

$

574.0

 

$

171.0

 

$

504.3

 

Service cost

 

 

 

 

0.7

 

 

 

 

0.9

 

 

 

 

1.1

 

Participant contributions

 

 

0.4

 

 

0.2

 

 

0.4

 

 

0.3

 

 

0.6

 

 

0.3

 

Interest cost

 

 

7.8

 

 

27.9

 

 

6.6

 

 

23.8

 

 

7.7

 

 

25.6

 

Benefits paid

 

 

(12.8

)

 

(23.3

)

 

(11.0

)

 

(18.8

)

 

(10.0

)

 

(25.7

)

Actuarial (gain) loss

 

 

23.2

 

 

62.3

 

 

(8.6

)

 

49.0

 

 

23.6

 

 

50.3

 

Plan settlements

 

 

 

 

(2.0

)

 

 

 

(5.7

)

 

 

 

(2.4

)

Net transfer in/(out)/acquisitions

 

 

18.1

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation (gain) loss

 

 

 

 

(11.3

)

 

 

 

(1.4

)

 

 

 

20.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at end of year

 

$

217.0

 

$

676.6

 

$

180.3

 

$

622.1

 

$

192.9

 

$

574.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliations of the changes in the fair value of assets

 

                                                                                                                                                                                    

 

 

Fiscal Year Ended

 

 

 

September 30,
2014

 

September 30,
2013

 

September 30,
2012

 

 

 

U.S.

 

Int'l

 

U.S.

 

Int'l

 

U.S.

 

Int'l

 

 

 

(in millions)

 

Change in plan assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

119.8

 

$

489.9

 

$

112.3

 

$

462.4

 

$

91.5

 

$

417.3

 

Actual return on plan assets

 

 

14.2

 

 

60.4

 

 

11.3

 

 

37.4

 

 

17.0

 

 

39.0

 

Employer contributions

 

 

4.9

 

 

16.4

 

 

6.8

 

 

16.2

 

 

13.2

 

 

17.2

 

Participant contributions

 

 

0.4

 

 

0.2

 

 

0.4

 

 

0.3

 

 

0.6

 

 

0.3

 

Benefits paid

 

 

(12.8

)

 

(23.3

)

 

(11.0

)

 

(18.8

)

 

(10.0

)

 

(25.7

)

Plan settlements

 

 

 

 

(2.0

)

 

 

 

(5.7

)

 

 

 

(2.4

)

Net transfer in/(out)/acquisitions

 

 

13.2

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation (loss) gain

 

 

 

 

(9.0

)

 

 

 

(1.9

)

 

 

 

16.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at end of year

 

$

139.7

 

$

532.6

 

$

119.8

 

$

489.9

 

$

112.3

 

$

462.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliations of the funded status

 

                                                                                                                                                                                    

 

 

Fiscal Year Ended

 

 

 

September 30, 2014

 

September 30, 2013

 

September 30, 2012

 

 

 

U.S.

 

Int'l

 

U.S.

 

Int'l

 

U.S.

 

Int'l

 

 

 

(in millions)

 

Reconciliation of funded status:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funded status at end of year

 

$

(77.3

)

$

(144.0

)

$

(60.5

)

$

(132.2

)

$

(80.6

)

$

(111.6

)

Contribution made after measurement date

 

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net amount recognized at end of year

 

$

(77.3

)

$

(144.0

)

$

(60.5

)

$

(132.2

)

$

(80.6

)

$

(111.6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts recognized in the consolidated balance sheets

 

                                                                                                                                                                                    

 

 

Fiscal Year Ended

 

 

 

September 30, 2014

 

September 30, 2013

 

September 30, 2012

 

 

 

U.S.

 

Int'l

 

U.S.

 

Int'l

 

U.S.

 

Int'l

 

 

 

(in millions)

 

Amounts recognized in the consolidated balance sheets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other non-current assets

 

$

 

$

1.1

 

$

 

$

0.6

 

$

 

$

 

Accrued expenses and other current liabilities

 

 

(1.7

)

 

 

 

(1.4

)

 

 

 

(1.7

)

 

 

Other long-term liabilities

 

 

(75.6

)

 

(145.1

)

 

(59.1

)

 

(132.8

)

 

(78.9

)

 

(111.6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net amount recognized in the balance sheet

 

$

(77.3

)

$

(144.0

)

$

(60.5

)

$

(132.2

)

$

(80.6

)

$

(111.6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of amounts in the consolidated statements of stockholders' equity

 

                                                                                                                                                                                    

 

 

Fiscal Year Ended

 

 

 

September 30, 2014

 

September 30, 2013

 

September 30, 2012

 

 

 

U.S.

 

Int'l

 

U.S.

 

Int'l

 

U.S.

 

Int'l

 

 

 

(in millions)

 

Reconciliation of amounts in consolidated statements of stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service credit

 

$

 

$

5.8

 

$

 

$

6.0

 

$

 

$

6.2

 

Net (loss)

 

 

(113.0

)

 

(190.1

)

 

(99.4

)

 

(170.7

)

 

(115.1

)

 

(143.2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total recognized in accumulated other comprehensive (loss)

 

$

(113.0

)

$

(184.3

)

$

(99.4

)

$

(164.7

)

$

(115.1

)

$

(137.0

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Components of net periodic cost for the Company's pension and post-retirement plans

 

                                                                                                                                                                                    

 

 

Fiscal Year Ended

 

 

 

September 30,
2014

 

September 30,
2013

 

September 30,
2012

 

 

 

U.S.

 

Int'l

 

U.S.

 

Int'l

 

U.S.

 

Int'l

 

 

 

(in millions)

 

Components of net periodic (benefit) cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service costs

 

$

 

$

0.7

 

$

 

$

1.0

 

$

 

$

1.1

 

Interest cost on projected benefit obligation

 

 

7.8

 

 

27.9

 

 

6.6

 

 

23.8

 

 

7.7

 

 

25.6

 

Expected return on plan assets

 

 

(8.6

)

 

(26.1

)

 

(8.5

)

 

(22.7

)

 

(8.4

)

 

(25.3

)

Amortization of prior service costs

 

 

 

 

(0.2

)

 

 

 

(0.2

)

 

 

 

(0.2

)

Amortization of net loss

 

 

4.0

 

 

4.9

 

 

4.3

 

 

4.0

 

 

3.1

 

 

2.3

 

Settlement loss recognized

 

 

 

 

0.4

 

 

 

 

2.6

 

 

 

 

0.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net periodic (benefit) cost

 

$

3.2

 

$

7.6

 

$

2.4

 

$

8.5

 

$

2.4

 

$

4.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts included in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year

        Amounts included in accumulated other comprehensive loss as of September 30, 2014 that are expected to be recognized as components of net periodic benefit cost during fiscal 2015 are (in millions):

                                                                                                                                                                                    

 

 

U.S.

 

Int'l

 

Amortization of prior service cost

 

$

 

$

0.2

 

Amortization of net actuarial losses

 

 

(4.3

)

 

(6.2

)

 

 

 

 

 

 

Total

 

$

(4.3

)

$

(6.0

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional year-end information for pension plans with accumulated benefit obligations in excess of plan assets

 

                                                                                                                                                                                    

 

 

Fiscal Year Ended

 

 

 

September 30,
2014

 

September 30,
2013

 

September 30,
2012

 

 

 

U.S.

 

Int'l

 

U.S.

 

Int'l

 

U.S.

 

Int'l

 

 

 

(in millions)

 

Projected benefit obligation

 

$

217.0

 

$

658.5

 

$

180.3

 

$

601.7

 

$

192.9

 

$

574.0

 

Accumulated benefit obligation

 

 

217.0

 

 

656.3

 

 

180.3

 

 

599.8

 

 

192.9

 

 

570.6

 

Fair value of plan assets

 

 

139.7

 

 

513.4

 

 

119.8

 

 

469.0

 

 

112.3

 

 

462.4

 

 

Schedule of expected future benefit payments

        The table below provides the expected future benefit payments, in millions:

                                                                                                                                                                                    

Year Ending September 30,

 

U.S.

 

Int'l

 

2015

 

$

12.2

 

$

26.5

 

2016

 

 

14.9

 

 

21.9

 

2017

 

 

13.4

 

 

26.3

 

2018

 

 

12.9

 

 

29.1

 

2019

 

 

13.4

 

 

25.8

 

2020 - 2024

 

 

68.3

 

 

153.3

 

 

 

 

 

 

 

Total

 

$

135.1

 

$

282.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of underlying assumptions for the pension plans

 

                                                                                                                                                                                    

 

 

Fiscal Year Ended

 

 

 

September 30,
2014

 

September 30,
2013

 

September 30,
2012

 

 

 

U.S.

 

Int'l

 

U.S.

 

Int'l

 

U.S.

 

Int'l

 

Weighted-average assumptions to determine benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

4.00

%

 

3.94

%

 

4.40

%

 

4.44

%

 

3.50

%

 

4.39

%

Salary increase rate

 

 

N/A

 

 

2.38

%

 

N/A

 

 

2.58

%

 

N/A

 

 

2.36

%

Weighted-average assumptions to determine net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

4.40

%

 

4.44

%

 

3.50

%

 

4.39

%

 

4.65

%

 

5.12

%

Salary increase rate

 

 

N/A

 

 

2.58

%

 

N/A

 

 

2.36

%

 

N/A

 

 

2.65

%

Expected long-term rate of return on plan assets

 

 

7.50

%

 

5.40

%

 

7.50

%

 

5.11

%

 

7.50

%

 

5.65

%

 

Summary of the Company's target allocation and pension plan asset allocation, both U.S. and international

 

                                                                                                                                                                                    

 

 

 

 

 

 

Percentage of Plan Assets
as of September 30,

 

 

 

Target
Allocations

 

 

 

2014

 

2013

 

 

 

U.S.

 

Int'l

 

U.S.

 

Int'l

 

U.S.

 

Int'l

 

Asset Category

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equities

 

 

45

%

 

1

%

 

58

%

 

28

%

 

49

%

 

28

%

Debt

 

 

42

 

 

47

 

 

31

 

 

33

 

 

34

 

 

37

 

Cash

 

 

3

 

 

1

 

 

1

 

 

3

 

 

1

 

 

4

 

Property and other

 

 

10

 

 

51

 

 

10

 

 

36

 

 

16

 

 

31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

100

%

 

100

%

 

100

%

 

100

%

 

100

%

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair values of the Company's post-retirement benefit plan assets by major asset categories

 

                                                                                                                                                                                    

 

 

 

 

Fair Value Measurement as of
September 30, 2014

 

 

 

Total
Carrying
Value as of
September 30,
2014

 

Quoted
Prices in
Active
Markets
(Level 1)

 

Significant
Other
Observable
Inputs
(Level 2)

 

Significant
Unobservable
Inputs
(Level 3)

 

 

 

(in millions)

 

Cash and cash equivalents

 

$

7.9

 

$

3.4

 

$

4.5

 

$

 

Investment funds

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified funds

 

 

159.3

 

 

 

 

159.3

 

 

 

Equity funds

 

 

220.3

 

 

 

 

220.3

 

 

 

Fixed income funds

 

 

219.3

 

 

 

 

219.3

 

 

 

Hedge funds

 

 

27.9

 

 

 

 

14.2

 

 

13.7

 

Assets held by insurance company

 

 

37.6

 

 

 

 

37.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

672.3

 

$

3.4

 

$

655.2

 

$

13.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurement as of September 30, 2013

 

 

 

Total
Carrying
Value as of
September 30,
2013

 

Quoted
Prices in
Active
Markets
(Level 1)

 

Significant
Other
Observable
Inputs
(Level 2)

 

Significant
Unobservable
Inputs
(Level 3)

 

 

 

(in millions)

 

Cash and cash equivalents

 

$

11.0

 

$

11.0

 

$

 

$

 

Investment funds

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified funds

 

 

108.6

 

 

 

 

108.6

 

 

 

Equity funds

 

 

192.4

 

 

 

 

192.4

 

 

 

Fixed income funds

 

 

220.6

 

 

 

 

220.6

 

 

 

Hedge funds

 

 

25.0

 

 

 

 

12.4

 

 

12.6

 

Assets held by insurance company

 

 

46.1

 

 

 

 

46.1

 

 

 

Real estate

 

 

6.0

 

 

 

 

6.0

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

609.7

 

$

11.0

 

$

586.1

 

$

12.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in the fair value of the Company's post-retirement plan Level 3 assets

 

                                                                                                                                                                                    

 

 

September 30,
2013
Beginning
balance

 

Actual return
on plan assets,
relating to
assets still held
at reporting
date

 

Actual return
on plan assets,
relating to
assets sold
during the
period

 

Purchases,
sales and
settlements

 

Transfer
into /
(out of)
Level 3

 

Change
due to
exchange
rate
changes

 

September 30,
2014
Ending
balance

 

 

 

(in millions)

 

Investment funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedge funds

 

$

12.6

 

$

1.1

 

$

 

$

 

$

 

$

 

$

13.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

12.6

 

$

1.1

 

$

 

$

 

$

 

$

 

$

13.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                                                                                                                                                    

 

 

September 30,
2012
Beginning
balance

 

Actual return
on plan assets,
relating to
assets still held
at reporting
date

 

Actual return
on plan assets,
relating to
assets sold
during the
period

 

Purchases,
sales
and
settlements

 

Transfer
into /
(out of)
Level 3

 

Change
due to
exchange
rate
changes

 

September 30,
2013
Ending
balance

 

 

 

(in millions)

 

Investment funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedge funds

 

$

10.6

 

$

2.0

 

$

 

$

 

$

 

$

 

$

12.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

10.6

 

$

2.0

 

$

 

$

 

$

 

$

 

$

12.6