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Pension Benefit Obligations (Tables)
12 Months Ended
Sep. 30, 2020
Pension Benefit Obligations  
Reconciliations of the changes in the U.S. and international plans' benefit obligations

Fiscal Year Ended

September 30, 

September 30, 

September 30, 

2020

2019

2018

    

U.S.

    

Int’l

    

U.S.

    

Int’l

    

U.S.

    

Int’l

(in millions)

Change in benefit obligation:

Benefit obligation at beginning of year

$

252.9

$

1,311.3

$

232.9

$

1,188.7

$

251.9

$

1,333.4

Service cost

 

 

0.6

 

 

0.5

 

 

1.1

Participant contributions

 

 

0.3

 

0.1

 

0.3

 

0.2

 

0.4

Interest cost

 

6.4

 

22.4

 

8.6

 

29.7

 

7.4

 

32.0

Benefits and expenses paid

 

(16.3)

 

(42.9)

 

(15.2)

 

(41.2)

 

(16.6)

 

(53.7)

Actuarial (gain) loss

 

20.7

 

82.8

 

27.8

 

206.5

 

(10.6)

 

(87.7)

Plan settlements

 

(2.1)

 

(4.1)

 

(1.3)

 

(3.7)

 

 

(3.0)

Plan amendments

5.2

0.6

Plan curtailments

(0.1)

Foreign currency translation (gain) loss

 

 

69.8

 

 

(74.7)

 

 

(33.7)

Benefit obligation at end of year

$

261.6

$

1,440.2

$

252.9

$

1,311.3

$

232.9

$

1,188.7

Reconciliations of the changes in the fair value of assets

Fiscal Year Ended

September 30, 

September 30, 

September 30, 

2020

2019

2018

    

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

$

129.3

$

1,068.8

$

131.4

$

965.9

$

136.5

$

993.1

Actual return on plan assets

 

11.7

 

59.5

 

4.5

 

180.3

 

4.3

 

29.3

Employer contributions

 

7.0

 

27.7

 

9.8

 

28.1

 

7.0

 

27.8

Participant contributions

 

 

0.3

 

0.1

 

0.3

 

0.2

 

0.4

Benefits and expenses paid

 

(16.3)

 

(42.9)

 

(15.2)

 

(41.2)

 

(16.6)

 

(53.7)

Plan settlements

 

(2.1)

 

(4.1)

 

(1.3)

 

(3.7)

 

 

(3.0)

Foreign currency translation gain (loss)

 

 

56.9

 

 

(60.9)

 

 

(28.0)

Fair value of plan assets at end of year

$

129.6

$

1,166.2

$

129.3

$

1,068.8

$

131.4

$

965.9

Reconciliations of the funded status

Fiscal Year Ended

September 30, 2020

September 30, 2019

September 30, 2018

    

U.S.

    

Int’l

    

U.S.

    

Int’l

    

U.S.

    

Int’l

(in millions)

Reconciliation of funded status:

Funded status at end of year

$

(132.0)

$

(274.0)

$

(123.6)

$

(242.5)

$

(101.5)

$

(222.8)

Contribution made after measurement date

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

Net amount recognized at end of year

$

(132.0)

$

(274.0)

$

(123.6)

$

(242.5)

$

(101.5)

$

(222.8)

Amounts recognized in the consolidated balance sheets

Fiscal Year Ended

September 30, 2020

September 30, 2019

September 30, 2018

    

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

$

$

44.0

$

$

28.2

$

$

19.1

Accrued expenses and other current liabilities

 

(6.5)

 

 

(7.3)

 

 

(6.3)

 

Pension benefit obligations

 

(125.5)

 

(318.0)

 

(116.3)

 

(270.7)

 

(95.2)

 

(241.9)

Net amount recognized in the balance sheet

$

(132.0)

$

(274.0)

$

(123.6)

$

(242.5)

$

(101.5)

$

(222.8)

Reconciliation of amounts in the consolidated statements of stockholder's equity

Fiscal Year Ended

September 30, 2020

September 30, 2019

September 30, 2018

    

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 (cost) credit

$

(0.1)

$

(1.2)

$

(0.7)

$

(1.2)

$

(0.8)

$

4.1

Net loss

 

(133.5)

 

(297.8)

 

(123.1)

 

(233.0)

 

(94.8)

 

(186.4)

Total recognized in accumulated other comprehensive loss

$

(133.6)

$

(299.0)

$

(123.8)

$

(234.2)

$

(95.6)

$

(182.3)

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

Fiscal Year Ended

September 30, 2020

September 30, 2019

September 30, 2018

U.S.

    

Int’l

    

U.S.

    

Int’l

    

U.S.

    

Int’l

(in millions)

Components of net periodic benefit cost:

Service costs

$

$

0.6

$

$

0.5

$

$

1.1

Interest cost on projected benefit obligation

 

6.4

 

22.4

 

8.6

 

29.7

 

7.4

 

32.0

Expected return on plan assets

 

(7.0)

 

(37.5)

 

(9.0)

 

(38.1)

 

(9.0)

 

(43.1)

Amortization of prior service costs (credits)

 

0.1

 

0.1

 

0.1

 

(0.1)

 

0.1

 

(0.2)

Amortization of net loss

 

5.0

 

8.6

 

3.9

 

4.1

 

4.1

 

8.2

Curtailment loss recognized

0.5

Settlement loss recognized

 

0.6

 

0.5

 

0.2

 

0.8

 

 

0.3

Net periodic benefit cost

$

5.6

$

(5.3)

$

3.8

$

(3.1)

$

2.6

$

(1.7)

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

    

U.S.

    

Int’l

Amortization of prior service cost

$

$

(0.1)

Amortization of net actuarial losses

 

(5.9)

 

(8.7)

Total

$

(5.9)

$

(8.8)

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

Fiscal Year Ended

September 30, 

September 30, 

September 30, 

2020

2019

2018

    

U.S.

    

Int’l

    

U.S.

    

Int’l

    

U.S.

    

Int’l

(in millions)

Projected benefit obligation

$

260.7

$

1,216.6

$

252.5

$

1,141.9

$

232.2

$

1,002.6

Accumulated benefit obligation

 

260.7

 

1,211.5

 

252.5

 

1,132.7

 

232.2

 

991.9

Fair value of plan assets

 

129.6

 

898.5

 

129.3

 

871.2

 

131.3

 

760.7

Schedule of expected future benefit payments

Year Ending September 30, 

    

U.S.

    

Int’l

2021

$

19.1

$

50.6

2022

 

18.8

 

48.6

2023

 

17.7

 

50.5

2024

 

17.6

 

51.5

2025

 

17.4

 

52.6

2026-2030

 

79.2

 

286.4

Total

$

169.8

$

540.2

Schedule of underlying assumptions for the pension plans

Fiscal Year Ended

 

September 30, 

September 30, 

September 30, 

 

2020

2019

2018

 

    

U.S.

    

Int’l

    

U.S.

    

Int’l

    

U.S.

    

Int’l

 

(in millions)

Weighted-average assumptions to determine benefit obligation:

Discount rate

 

2.25

%  

1.67

%  

2.94

%  

1.81

%  

4.12

%  

2.91

%

Salary increase rate

 

N/A

2.68

%  

N/A

2.52

%  

N/A

2.79

%

Weighted-average assumptions to determine net periodic benefit cost:

Discount rate

 

2.94

%  

1.81

%  

4.12

%  

2.91

%  

3.66

%  

2.67

%

Salary increase rate

 

N/A

2.52

%  

N/A

2.79

%  

N/A

2.76

%

Expected long-term rate of return on plan assets

 

7.30

%  

4.03

%  

7.00

%  

4.43

%  

7.00

%  

4.73

%

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

2020

2019

 

    

U.S.

    

Int’l

    

U.S.

    

Int’l

    

U.S.

    

Int’l

 

Asset Category:

Equities

 

45

%  

26

%  

47

%  

26

%  

45

%  

36

%

Debt

 

43

53

42

54

44

31

Cash

 

2

4

1

4

2

3

Property and other

 

10

17

10

16

9

30

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, 2020

Total

Quoted

Significant

Carrying

Prices in 

Other

Significant

Value as of

Active

Observable

Unobservable

Investments

September 30, 

Markets

Inputs

Inputs

measured at

    

2020

    

(Level 1)

    

(Level 2)

    

(Level 3)

NAV

(in millions)

Cash and cash equivalents

$

50.6

$

20.2

$

30.4

$

$

Equity and debt securities

442.3

442.3

Investment funds

Diversified and equity funds

 

31.5

 

13.0

 

15.1

 

3.4

 

Fixed income funds

 

36.2

 

23.1

 

13.1

 

 

Common collective funds

707.5

707.5

Derivative instruments

27.7

27.7

Total

$

1,295.8

$

498.6

$

86.3

$

3.4

$

707.5

Fair Value Measurement as of

September 30, 2019

Total

Quoted

Significant

Carrying

Prices in

Other

Significant

Value as of

Active

Observable

Unobservable

Investments

September 30, 

Markets

Inputs

Inputs

measured at

    

2019

    

(Level 1)

    

(Level 2)

    

(Level 3)

NAV

(in millions)

Cash and cash equivalents

$

35.7

$

21.1

$

14.6

$

$

Equity and debt securities

115.5

115.5

Investment funds

Diversified and equity funds

 

155.7

 

141.9

 

13.8

 

 

Fixed income funds

 

36.6

 

21.3

 

15.3

 

 

Common collective funds

668.7

668.7

Assets held by insurance company

 

26.8

 

 

 

26.8

 

Derivative instruments

159.1

159.1

Total

$

1,198.1

$

299.8

$

202.8

$

26.8

$

668.7

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

    

    

Actual return

    

Actual return

    

    

    

    

on plan assets,

on plan assets,

Change

September 30, 

relating to

relating to

Transfer

due to

2019

assets still

assets sold

Purchases,

into /

exchange

September 30, 

Beginning

held at

during the

sales and

(out of)

rate

2020

balance

reporting date

period

settlements

Level 3

changes

Ending balance

(in millions)

Level 3 Assets

$

26.8

$

(0.2)

$

(2.1)

$

(25.4)

$

3.2

$

1.1

$

3.4

    

    

Actual return

    

Actual return

    

    

    

    

on plan assets,

on plan assets,

Change

September 30, 

relating to

relating to

Transfer

due to

2018

assets still

assets sold

Purchases,

into /

exchange

September 30, 

Beginning

held at

during the

sales and

(out of)

rate

2019

balance

reporting date

period

settlements

Level 3

changes

Ending balance

(in millions)

Level 3 Assets

$

45.0

$

0.4

$

(0.1)

$

(17.0)

$

$

(1.5)

$

26.8