XML 57 R36.htm IDEA: XBRL DOCUMENT v3.24.3
Pension Benefit Obligations (Tables)
12 Months Ended
Sep. 30, 2024
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, 

2024

2023

2022

    

U.S.

    

Int’l

    

U.S.

    

Int’l

    

U.S.

    

Int’l

(in millions)

Change in benefit obligation:

Benefit obligation at beginning of year

$

181.2

$

756.2

$

198.1

$

791.2

$

265.4

$

1,470.8

Service cost

 

 

0.2

 

 

0.3

 

 

0.5

Participant contributions

 

0.1

 

0.3

 

0.1

 

0.2

 

0.1

 

0.3

Interest cost

 

9.7

 

43.7

 

9.8

 

47.7

 

4.7

 

24.1

Benefits and expenses paid

 

(17.6)

 

(47.7)

 

(17.2)

 

(42.2)

 

(18.4)

 

(44.3)

Actuarial loss (gain)

 

13.5

 

37.0

 

(8.8)

 

(112.5)

 

(51.9)

 

(458.1)

Plan settlements

 

 

(3.2)

 

(1.5)

 

(1.5)

 

(1.8)

 

(2.2)

Transfers in

0.7

Foreign currency translation (gain) loss

 

 

73.9

 

 

73.0

 

 

(199.9)

Benefit obligation at end of year

$

186.9

$

860.4

$

181.2

$

756.2

$

198.1

$

791.2

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

Fiscal Year Ended

September 30, 

September 30, 

September 30, 

2024

2023

2022

    

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

$

98.8

$

673.3

$

101.4

$

683.5

$

138.9

$

1,251.8

Actual return on plan assets

 

15.8

89.0

 

7.8

 

(54.2)

 

(27.2)

 

(374.5)

Employer contributions

 

11.9

25.1

 

8.2

 

24.8

 

9.8

 

23.6

Participant contributions

 

0.1

0.3

 

0.1

 

0.2

 

0.1

 

0.3

Benefits and expenses paid

 

(17.6)

(47.7)

 

(17.2)

 

(42.2)

 

(18.4)

 

(44.3)

Plan settlements

 

(3.2)

 

(1.5)

 

(1.5)

 

(1.8)

 

(2.2)

Foreign currency translation (loss) gain

 

67.5

 

 

62.7

 

 

(171.2)

Fair value of plan assets at end of year

$

109.0

$

804.3

$

98.8

$

673.3

$

101.4

$

683.5

Schedule of reconciliations of the funded status

Fiscal Year Ended

September 30, 2024

September 30, 2023

September 30, 2022

    

U.S.

    

Int’l

    

U.S.

    

Int’l

    

U.S.

    

Int’l

(in millions)

Reconciliation of funded status:

Funded status at end of year

$

(77.9)

$

(56.1)

$

(82.4)

$

(82.9)

$

(96.7)

$

(107.7)

Contribution made after measurement date

 

N/A

N/A

 

N/A

 

N/A

 

N/A

 

N/A

Net amount recognized at end of year

$

(77.9)

$

(56.1)

$

(82.4)

$

(82.9)

$

(96.7)

$

(107.7)

Schedule of amounts recognized in the consolidated balance sheets

Fiscal Year Ended

September 30, 2024

September 30, 2023

September 30, 2022

    

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

$

$

46.6

$

$

38.7

$

$

36.8

Accrued expenses and other current liabilities

 

(8.3)

 

(8.4)

 

 

(8.6)

 

Pension benefit obligations

 

(69.6)

(102.7)

 

(74.0)

 

(121.6)

 

(88.1)

 

(144.5)

Net amount recognized in the balance sheet

$

(77.9)

$

(56.1)

$

(82.4)

$

(82.9)

$

(96.7)

$

(107.7)

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

Fiscal Year Ended

September 30, 2024

September 30, 2023

September 30, 2022

    

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)

$

(1.3)

$

(0.1)

$

(1.2)

$

(0.1)

$

(1.2)

Net loss

 

(77.6)

(234.9)

(77.5)

(207.1)

(91.7)

(187.1)

Total recognized in accumulated other comprehensive loss

$

(77.7)

$

(236.2)

$

(77.6)

$

(208.3)

$

(91.8)

$

(188.3)

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

Fiscal Year Ended

September 30, 2024

September 30, 2023

September 30, 2022

    

U.S.

    

Int’l

    

U.S.

    

Int’l

    

U.S.

    

Int’l

(in millions)

Components of net periodic benefit cost:

Service costs

$

$

0.2

$

$

0.3

$

$

0.5

Interest cost on projected benefit obligation

 

9.7

43.7

9.8

47.7

4.7

24.1

Expected return on plan assets

 

(5.5)

(57.4)

(5.8)

(60.8)

(5.6)

(41.4)

Amortization of prior service costs

0.1

0.1

0.1

Amortization of net loss (gain)

3.1

(2.3)

3.5

(0.6)

5.6

6.9

Settlement loss (gain) recognized

0.1

(0.1)

0.2

0.2

0.3

Net periodic benefit cost (credit)

$

7.3

$

(15.6)

$

7.4

$

(13.1)

$

4.9

$

(9.5)

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, 2024 that are expected to be recognized as components of net periodic benefit cost during fiscal 2025 are (in millions):

    

U.S.

    

Int’l

Amortization of prior service cost

$

$

(0.1)

Amortization of net actuarial (losses) gain

 

(3.8)

 

1.3

Total

$

(3.8)

$

1.2

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, 

2024

2023

2022

    

U.S.

    

Int’l

    

U.S.

    

Int’l

    

U.S.

    

Int’l

(in millions)

Projected benefit obligation

$

175.1

$

649.8

$

168.8

$

628.1

$

184.8

$

601.4

Accumulated benefit obligation

$

175.1

$

649.8

$

168.8

$

628.1

$

184.8

$

600.1

Fair value of plan assets

$

109.0

$

547.1

$

98.8

$

506.5

$

101.4

$

456.9

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

2025

$

20.2

$

54.6

2026

 

19.5

53.9

2027

 

18.3

55.5

2028

 

17.7

57.2

2029

16.7

59.2

2030-2034

 

71.2

317.5

Total

$

163.6

$

597.9

Schedule of underlying assumptions for the pension plans

Fiscal Year Ended

 

September 30, 

September 30, 

September 30, 

 

2024

2023

2022

 

    

U.S.

    

Int’l

    

U.S.

    

Int’l

    

U.S.

    

Int’l

 

(in millions)

Weighted-average assumptions to determine benefit obligation:

Discount rate

 

4.73

%  

5.04

%  

5.76

%  

5.65

%  

5.40

%  

5.27

%

Salary increase rate

 

N/A

2.91

%  

N/A

3.06

%  

N/A

3.48

%

Weighted-average assumptions to determine net periodic benefit cost:

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

%

Expected long-term rate of return on plan assets

 

6.90

%  

5.74

%  

7.00

%  

6.04

%  

6.25

%  

3.93

%

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

2024

2023

 

    

U.S.

    

Int’l

    

U.S.

    

Int’l

    

U.S.

    

Int’l

 

Asset Category:

Equities

 

23

%  

22

%  

24

%  

25

%  

33

%  

24

%

Debt

 

70

65

67

64

56

62

Cash

 

3

4

4

2

2

4

Diversified and other

 

4

9

5

9

9

10

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, 2024

Total

Quoted

Significant

Carrying

Prices in 

Other

Significant

Value as of

Active

Observable

Unobservable

Investments

September 30, 

Markets

Inputs

Inputs

measured at

    

2024

    

(Level 1)

    

(Level 2)

    

(Level 3)

    

NAV

(in millions)

Cash and cash equivalents

$

22.1

$

22.1

$

$

$

Debt securities

391.5

391.5

Investment funds:

Diversified and equity funds

 

286.7

48.5

13.5

224.7

Fixed income funds

 

213.9

17.3

4.1

192.5

Absolute return fund

5.9

5.9

Derivative instruments and other

(6.8)

8.2

(15.0)

Total

$

913.3

$

487.6

$

2.6

$

$

423.1

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

 

258.4

30.3

13.2

214.9

Fixed income funds

 

174.3

21.7

4.4

148.2

Absolute return fund

8.9

8.9

Derivative instruments and other

(37.3)

1.5

(38.8)

Total

$

772.1

$

412.0

$

(11.9)

$

$

372.0