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Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Sep. 30, 2024

Defined Benefit Plan Disclosure

Schedule of change in projected benefit obligation, change in fair value of plan assets, and net funded status

The following table provides a reconciliation of the changes in the pension plans’ benefit obligations and fair value of assets over the two year period ended September 30, 2024 and a statement of the funded status and amounts recognized on the Consolidated Balance Sheets as of September 30, 2024 and 2023.

			North America												Other International
			As of and for the Year Ended September 30,												As of and for the Year Ended September 30,
			2024						2023						2024						2023
Change in benefit obligation
Benefit obligation at beginning of year			$	92.6					$	95.5					$	422.0					$	421.1
Service cost			2.5						2.2						0.3						—
Interest cost			5.8						5.3						25.6						23.3
Plan participants’ contributions			0.3						0.3						—						—
Net actuarial loss (gain)			11.4						(5.4)						24.5						(37.5)
Business combinations			—						—						32.4						—
Benefits paid			(6.0)						(5.4)						(29.3)						(25.9)
Plan amendments			8.3						—						0.1						—
Other			—						—						(0.3)						—
Currency translation			0.1						0.1						42.6						41.0
Benefit obligation at end of year			$	115.0					$	92.6					$	517.9					$	422.0
Change in fair value of plan assets
Fair value of plan assets at beginning of year			$	108.2					$	102.9					$	516.4					$	507.3
Actual return on plan assets			25.3						10.1						56.5						(14.3)
Employer contributions			—						0.1						0.1						—
Business combinations			—						—						42.7						—
Plan participants’ contributions			0.3						0.3						—						—
Benefits paid			(6.0)						(5.4)						(29.3)						(25.9)
Currency translation			0.1						0.2						52.8						49.4
Other			—						—						(0.3)						(0.1)
Fair value of plan assets at end of year			127.9						108.2						638.9						516.4
Funded status			$	12.9					$	15.6					$	121.0					$	94.4
Amounts recognized in assets or liabilities
Other assets			$	22.5					$	15.9					$	121.0					$	94.4
Other liabilities			(9.6)						(0.3)						—						—
Net amount recognized			$	12.9					$	15.6					$	121.0					$	94.4
Amounts recognized in accumulated OCI
Net actuarial (gain) loss			$	(8.0)					$	(2.7)					$	50.2					$	47.7
Prior service cost			8.1						0.4						9.9						10.3
Total			$	0.1					$	(2.3)					$	60.1					$	58.0
Weighted-average assumptions used to determine benefit obligation
Discount rate — U.S. pension plan			5.09		%				6.06		%				n/a						n/a
Discount rate — Canadian plans			4.64		%				5.68		%				n/a						n/a
Discount rate — SERP			4.87		%				n/a						n/a						n/a
Discount rate — Other international plans			n/a						n/a						5.17		%				5.67		%
Rate of compensation increase — U.S. pension plan			3.00		%				3.00		%				n/a						n/a
Rate of compensation increase — Canadian plans			2.75		%				2.75		%				n/a						n/a
Rate of compensation increase — SERP			3.00		%				n/a						n/a						n/a
Rate of compensation increase — Other international plans			n/a						n/a						2.48		%				3.02		%
Interest crediting rate — SERP			4.90		%				n/a						n/a						n/a

The following table provides a reconciliation of the changes in the North America other postretirement benefit obligations over the two year period ended September 30, 2024 and a statement of the funded status and amounts recognized on the Consolidated Balance Sheets as of September 30, 2024 and 2023. Besides the North America plans, the Company does not maintain any other postretirement benefit plans.

			As of and for the Year Ended September 30,
			2024						2023
Change in benefit obligation
Benefit obligation at beginning of year			$	45.8					$	48.3
Service cost			0.2						0.3
Interest cost			2.7						2.5
Net actuarial loss (gain)			2.4						(3.0)
Benefits paid			(2.2)						(2.3)
Benefit obligation at end of year			$	48.9					$	45.8
Change in fair value of plan assets
Employer contributions			2.2						2.3
Benefits paid			(2.2)						(2.3)
Fair value of plan assets at end of year			—						—
Funded status			$	(48.9)					$	(45.8)
Amounts recognized in assets or liabilities
Other current liabilities			(3.2)						(3.3)
Other liabilities			(45.7)						(42.5)
Net amount recognized			$	(48.9)					$	(45.8)
Amounts recognized in accumulated OCI
Net actuarial loss			$	(8.3)					$	(11.7)
Prior service credit			—						(0.7)
Total			$	(8.3)					$	(12.4)
Weighted-average assumptions used to determine benefit obligation
Discount rate — U.S. plans			4.99		%				6.01		%
Discount rate — Canadian plans			4.73		%				5.67		%
Rate of compensation increase — Canadian plans			2.75		%				2.75		%

Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets

Projected benefit obligation			$	9.5
Accumulated benefit obligation			9.5
Fair value of plan assets			—

Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets

			September 30,
			2024						2023
U.S. plans
Accumulated benefit obligation			$	43.9					$	40.6
Fair value of plan assets			—						—
Canadian plans
Accumulated benefit obligation			$	5.0					$	5.2
Fair value of plan assets			—						—

Pension plan's assets measured at fair value on a recurring basis

			North America
			September 30, 2024																		September 30, 2023
			Total						Level 1						Level 2						Total						Level 1						Level 2
Equities			$	14.3					$	—					$	14.3					$	11.9					$	—					$	11.9
Fixed income and bonds			6.2						—						6.2						5.2						—						5.2
Cash and cash equivalents			0.7						0.7						—						4.1						4.1						—
Fair value of plan assets in the fair value hierarchy			21.2						0.7						20.5						21.2						4.1						17.1
Investments measured at NAV (a)			106.7						—						—						87.0						—						—
Total plan assets			$	127.9					$	0.7					$	20.5					$	108.2					$	4.1					$	17.1

			Other International
			September 30, 2024																		September 30, 2023
			Total						Level 1						Level 2						Total						Level 1						Level 2
Fixed income and bonds			$	350.3					$	350.3					$	—					$	280.4					$	280.4					$	—
Liability driven instruments			121.4						121.4						—						91.6						91.6						—
Cash and cash equivalents			5.1						5.1						—						17.4						17.4						—
Fair value of plan assets in the fair value hierarchy			476.8						476.8						—						389.4						389.4						—
Investments measured at NAV (a)			162.1						—						—						127.0						—						—
Total plan assets			$	638.9					$	476.8					$	—					$	516.4					$	389.4					$	—

(a)Includes certain investments in common collective trusts, cash equivalent funds, real assets, fixed incomes and liability driven instruments which were measured at NAV. In accordance with the practical expedient provided by ASC Topic 820, these investments have not been classified in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to the tables above.

Expected future benefit payments and related federal subsidy receipts

			Pension Benefits						Other Benefits						Subsidy Receipts
Fiscal 2025			$	31.6					$	3.4					$	0.1
Fiscal 2026			32.7						3.4						0.1
Fiscal 2027			34.0						3.4						0.2
Fiscal 2028			34.9						3.5						0.2
Fiscal 2029			36.3						3.4						0.2
Fiscal 2030 - 2034			206.0						17.3						0.9

Pension Benefits

Defined Benefit Plan Disclosure

Schedule of net benefit costs and assumptions used in calculation

The following tables present the components of net periodic benefit cost (income) for the pension plans including amounts recognized in OCI. Service cost was reported in “Cost of goods sold” and “Selling, general and administrative expenses” and all other components of net periodic benefit cost (income) were reported in “Other income, net” in the Consolidated Statements of Operations.

			North America
			Year Ended September 30,
			2024						2023						2022
Components of net periodic benefit cost (income)
Service cost			$	2.5					$	2.2					$	4.3
Interest cost			5.8						5.3						3.5
Expected return on plan assets			(8.1)						(7.5)						(7.0)
Recognized net actuarial (gain) loss			(0.5)						(0.2)						1.6
Recognized prior service cost			0.7						0.1						0.1
Net periodic benefit cost (income)			$	0.4					$	(0.1)					$	2.5
Weighted-average assumptions used to determine net benefit cost (income)
Discount rate — U.S. pension plan			6.06		%				5.65		%				3.05		%
Discount rate — Canadian plans			5.68		%				5.12		%				3.32		%
Discount rate — SERP			5.99		%				n/a						n/a
Rate of compensation increase — U.S. pension plan			3.00		%				3.00		%				3.00		%
Rate of compensation increase — Canadian plans			2.75		%				2.75		%				2.75		%
Rate of compensation increase — SERP			n/a						n/a						n/a
Expected return on plan assets — U.S. pension plan			7.00		%				6.50		%				5.75		%
Expected return on plan assets — Canadian plans			6.00		%				5.75		%				5.25		%
Expected return on plan assets — SERP			n/a						n/a						n/a
Changes in plan assets and benefit obligation recognized in OCI
Net gain			$	(5.7)					$	(8.0)					$	(4.7)
Recognized gain (loss)			0.5						0.2						(1.6)
Plan inception (a)			8.3						—						—
Recognized prior service cost			(0.7)						(0.1)						(0.1)
Total recognized in OCI (before tax effects)			$	2.4					$	(7.9)					$	(6.4)

(a)Amount represents the initial projected benefit obligation recorded related to the SERP during the year ended September 30, 2024.

			Other International
			Year Ended September 30,
			2024						2023						2022
Components of net periodic benefit income
Service cost			$	0.3					$	—					$	—
Interest cost			25.6						23.3						15.7
Expected return on plan assets			(34.7)						(30.8)						(24.8)
Recognized net actuarial loss			0.1						0.1						—
Recognized prior service cost			0.5						0.4						0.4
Net periodic benefit income			$	(8.2)					$	(7.0)					$	(8.7)
Weighted-average assumptions used to determine net benefit income
Discount rate			5.67		%				5.15		%				2.05		%
Rate of compensation increase			3.02		%				3.85		%				3.45		%
Expected return on plan assets			6.26		%				5.63		%				2.73		%
Changes in plan assets and benefit obligation recognized in OCI
Net loss			$	2.6					$	7.6					$	46.2
Recognized loss			(0.1)						(0.1)						—
Prior service cost			0.1						—						—
Recognized prior service cost			(0.5)						(0.4)						(0.4)
Total recognized in OCI (before tax effects)			$	2.1					$	7.1					$	45.8

Other Benefits

Defined Benefit Plan Disclosure

Schedule of net benefit costs and assumptions used in calculation

The following table presents the components of net periodic benefit loss (income) for the other postretirement benefit plans including amounts recognized in OCI. Service cost was reported in “Cost of goods sold” and “Selling, general and administrative expenses” and all other components of net periodic benefit loss (income) were reported in “Other income, net” in the Consolidated Statements of Operations.

			Year Ended September 30,
			2024						2023						2022
Components of net periodic benefit loss (income)
Service cost			$	0.2					$	0.3					$	0.5
Interest cost			2.7						2.5						1.5
Recognized net actuarial (gain) loss			(1.0)						(0.5)						0.6
Recognized prior service credit			(0.6)						(4.7)						(4.6)
Net periodic benefit loss (income)			$	1.3					$	(2.4)					$	(2.0)
Weighted-average assumptions used to determine net benefit loss (income)
Discount rate — U.S. plans			6.01		%				5.62		%				2.89		%
Discount rate — Canadian plans			5.67		%				5.12		%				3.45		%
Rate of compensation increase — Canadian plans			2.75		%				2.75		%				2.75		%
Changes in benefit obligation recognized in OCI
Net loss (gain)			$	2.5					$	(3.0)					$	(17.5)
Recognized net actuarial gain (loss)			1.0						0.5						(0.6)
Recognized prior service credit			0.6						4.7						4.6
Total recognized in OCI (before tax effects)			$	4.1					$	2.2					$	(13.5)

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