XML 52 R34.htm IDEA: XBRL DOCUMENT v3.23.3
Pension Benefit Obligations (Tables)
12 Months Ended
Sep. 30, 2023
Pension Benefit Obligations  
Schedule of reconciliations of the changes in the U.S. and international plans' benefit obligations

Fiscal Year Ended

September 30, 

September 30, 

September 30, 

2023

2022

2021

    

U.S.

    

Int’l

    

U.S.

    

Int’l

    

U.S.

    

Int’l

(in millions)

Change in benefit obligation:

Benefit obligation at beginning of year

$

198.1

$

791.2

$

265.4

$

1,470.8

$

283.9

$

1,440.3

Service cost

 

 

0.3

 

 

0.5

 

 

0.5

Participant contributions

 

0.1

 

0.2

 

0.1

 

0.3

 

0.1

 

0.3

Interest cost

 

9.8

 

47.7

 

4.7

 

24.1

 

4.3

 

21.6

Benefits and expenses paid

 

(17.2)

 

(42.2)

 

(18.4)

 

(44.3)

 

(18.5)

 

(48.6)

Actuarial (gain) loss

 

(8.8)

 

(112.5)

 

(51.9)

 

(458.1)

 

(3.7)

 

(4.7)

Plan settlements

 

(1.5)

 

(1.5)

 

(1.8)

 

(2.2)

 

(0.7)

 

(5.9)

Transfers in

0.7

Plan amendments

0.4

Foreign currency translation (gain) loss

 

 

73.0

 

 

(199.9)

 

 

66.9

Benefit obligation at end of year

$

181.2

$

756.2

$

198.1

$

791.2

$

265.4

$

1,470.8

Schedule of reconciliations of the changes in the fair value of assets

Fiscal Year Ended

September 30, 

September 30, 

September 30, 

2023

2022

2021

    

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

$

101.4

$

683.5

$

138.9

$

1,251.8

$

129.6

$

1,166.2

Actual return on plan assets

 

7.8

 

(54.2)

 

(27.2)

 

(374.5)

 

14.7

 

61.1

Employer contributions

 

8.2

 

24.8

 

9.8

 

23.6

 

13.7

 

25.2

Participant contributions

 

0.1

 

0.2

 

0.1

 

0.3

 

0.1

 

0.3

Benefits and expenses paid

 

(17.2)

 

(42.2)

 

(18.4)

 

(44.3)

 

(18.5)

 

(48.6)

Plan settlements

 

(1.5)

 

(1.5)

 

(1.8)

 

(2.2)

 

(0.7)

 

(5.9)

Foreign currency translation (loss) gain

 

 

62.7

 

 

(171.2)

 

 

53.5

Fair value of plan assets at end of year

$

98.8

$

673.3

$

101.4

$

683.5

$

138.9

$

1,251.8

Schedule of reconciliations of the funded status

Fiscal Year Ended

September 30, 2023

September 30, 2022

September 30, 2021

    

U.S.

    

Int’l

    

U.S.

    

Int’l

    

U.S.

    

Int’l

(in millions)

Reconciliation of funded status:

Funded status at end of year

$

(82.4)

$

(82.9)

$

(96.7)

$

(107.7)

$

(126.5)

$

(219.0)

Contribution made after measurement date

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

Net amount recognized at end of year

$

(82.4)

$

(82.9)

$

(96.7)

$

(107.7)

$

(126.5)

$

(219.0)

Schedule of amounts recognized in the consolidated balance sheets

Fiscal Year Ended

September 30, 2023

September 30, 2022

September 30, 2021

    

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

$

$

38.7

$

$

36.8

$

$

47.5

Accrued expenses and other current liabilities

 

(8.4)

 

 

(8.6)

 

 

(9.1)

 

Pension benefit obligations

 

(74.0)

 

(121.6)

 

(88.1)

 

(144.5)

 

(117.4)

 

(266.5)

Net amount recognized in the balance sheet

$

(82.4)

$

(82.9)

$

(96.7)

$

(107.7)

$

(126.5)

$

(219.0)

Schedule of reconciliation of amounts in the consolidated statements of stockholder's equity

Fiscal Year Ended

September 30, 2023

September 30, 2022

September 30, 2021

    

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

$

(0.1)

$

(1.2)

$

(0.1)

$

(1.2)

$

(0.1)

$

(1.6)

Net loss

 

(77.5)

(207.1)

(91.7)

(187.1)

(116.5)

(279.5)

Total recognized in accumulated other comprehensive loss

$

(77.6)

$

(208.3)

$

(91.8)

$

(188.3)

$

(116.6)

$

(281.1)

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

Fiscal Year Ended

September 30, 2023

September 30, 2022

September 30, 2021

    

U.S.

    

Int’l

    

U.S.

    

Int’l

    

U.S.

    

Int’l

(in millions)

Components of net periodic benefit cost:

Service costs

$

$

0.3

$

$

0.5

$

$

0.5

Interest cost on projected benefit obligation

 

9.8

47.7

4.7

24.1

4.3

21.6

Expected return on plan assets

 

(5.8)

(60.8)

(5.6)

(41.4)

(6.5)

(43.5)

Amortization of prior service costs

0.1

0.1

0.1

Amortization of net loss (gain)

3.5

(0.6)

5.6

6.9

5.9

9.2

Settlement (gain) loss recognized

(0.1)

0.2

0.2

0.3

0.2

0.8

Net periodic benefit cost (credit)

$

7.4

$

(13.1)

$

4.9

$

(9.5)

$

3.9

$

(11.3)

Schedule of 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, 2023 that are expected to be recognized as components of net periodic benefit cost during fiscal 2024 are (in millions):

    

U.S.

    

Int’l

Amortization of prior service cost

$

$

(0.1)

Amortization of net actuarial (losses) gain

 

(3.1)

 

2.3

Total

$

(3.1)

$

2.2

Schedule of 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, 

2023

2022

2021

    

U.S.

    

Int’l

    

U.S.

    

Int’l

    

U.S.

    

Int’l

(in millions)

Projected benefit obligation

$

168.8

$

628.1

$

184.8

$

601.4

$

247.8

$

1,248.8

Accumulated benefit obligation

$

168.8

$

628.1

$

184.8

$

600.1

$

247.8

$

1,243.9

Fair value of plan assets

$

98.8

$

506.5

$

101.4

$

456.9

$

138.9

$

982.4

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

2024

$

20.2

$

47.1

2025

 

19.3

45.0

2026

 

19.1

46.3

2027

 

18.1

47.8

2028

17.4

49.3

2029-2033

 

74.3

267.6

Total

$

168.4

$

503.1

Schedule of underlying assumptions for the pension plans

Fiscal Year Ended

 

September 30, 

September 30, 

September 30, 

 

2023

2022

2021

 

    

U.S.

    

Int’l

    

U.S.

    

Int’l

    

U.S.

    

Int’l

 

(in millions)

Weighted-average assumptions to determine benefit obligation:

Discount rate

 

5.76

%  

5.65

%  

5.40

%  

5.27

%  

2.46

%  

1.98

%

Salary increase rate

 

N/A

3.06

%  

N/A

3.48

%  

N/A

3.13

%

Weighted-average assumptions to determine net periodic benefit cost:

Discount rate

 

5.40

%  

5.27

%  

2.46

%  

1.98

%  

2.20

%  

1.67

%

Salary increase rate

 

N/A

3.48

%  

N/A

3.13

%  

N/A

2.68

%

Expected long-term rate of return on plan assets

 

7.00

%  

6.04

%  

6.25

%  

3.93

%  

6.80

%  

3.95

%

Schedule 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

2023

2022

 

    

U.S.

    

Int’l

    

U.S.

    

Int’l

    

U.S.

    

Int’l

 

Asset Category:

Equities

 

32

%  

27

%  

33

%  

24

%  

36

%  

20

%

Debt

 

58

61

56

62

48

47

Cash

 

2

2

4

5

15

Property and other

 

8

12

9

10

11

18

Total

 

100

%  

100

%  

100

%  

100

%  

100

%  

100

%

Schedule of fair values of the Company's post retirement benefit plan assets by major asset categories

Fair Value Measurement as of

September 30, 2023

Total

Quoted

Significant

Carrying

Prices in 

Other

Significant

Value as of

Active

Observable

Unobservable

Investments

September 30, 

Markets

Inputs

Inputs

measured at

    

2023

    

(Level 1)

    

(Level 2)

    

(Level 3)

    

NAV

(in millions)

Cash and cash equivalents

$

29.5

$

20.2

$

9.3

$

$

Debt securities

338.3

338.3

Investment funds:

Diversified and equity funds

 

43.5

 

30.3

 

13.2

 

 

Fixed income funds

 

26.1

 

21.7

 

4.4

 

 

Common collective funds

372.0

372.0

Derivative instruments

(37.3)

1.5

(38.8)

Total

$

772.1

$

412.0

$

(11.9)

$

$

372.0

Fair Value Measurement as of

September 30, 2022

Total

Quoted

Significant

Carrying

Prices in

Other

Significant

Value as of

Active

Observable

Unobservable

Investments

September 30, 

Markets

Inputs

Inputs

measured at

    

2022

    

(Level 1)

    

(Level 2)

    

(Level 3)

    

NAV

(in millions)

Cash and cash equivalents

$

104.8

$

99.0

$

5.8

$

$

Debt securities

339.1

339.1

Investment funds:

Diversified and equity funds

 

22.2

 

7.3

 

14.9

 

 

Fixed income funds

 

7.9

 

5.7

 

2.2

 

 

Common collective funds

451.6

451.6

Derivative instruments

(140.7)

(140.7)

Total

$

784.9

$

451.1

$

(117.8)

$

$

451.6

Schedule of 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

2021

assets still

assets sold

Purchases,

into /

exchange

September 30, 

Beginning

held at

during the

sales and

(out of)

rate

2022

balance

reporting date

period

settlements

Level 3

changes

Ending balance

(in millions)

Level 3 Assets

$

4.0

$

$

(0.2)

$

(3.5)

$

$

(0.3)

$