XML 212 R36.htm IDEA: XBRL DOCUMENT v3.23.3
Retirement Plans (Tables)
12 Months Ended
Sep. 30, 2023
Retirement Benefits [Abstract]  
Schedule of Net Periodic Benefit Cost
The components of net periodic cost (benefit) for our Pension Plan are presented below.

 202320222021
 (in millions)
Service cost$0.8 $1.3 $1.5 
Components of net periodic cost (benefit) excluded from operating income:
Interest cost13.9 9.8 9.9 
Expected return on plan assets(13.9)(15.4)(15.7)
Amortization of actuarial net loss3.7 1.7 2.5 
Pension expense (benefit) other than service
3.7 (3.9)(3.3)
Net periodic cost (benefit)
$4.5 $(2.6)$(1.8)
Schedule of Accumulated and Projected Benefit Obligations P
Schedule Of Defined Benefit Plans Disclosures
Amounts recognized for the Pension Plan are presented below.

September 30,
 20232022
 (in millions)
Projected benefit obligations:
Beginning of year$251.2 $336.8 
Service cost0.8 1.3 
Interest cost13.9 9.8 
Actuarial gain(10.4)(74.0)
Benefits paid(22.3)(22.7)
Accumulated benefit obligations at end of year$233.2 $251.2 
Plan assets:
Beginning of year$251.8 $353.5 
Actual return on plan assets10.3 (79.0)
Benefits paid(22.3)(22.7)
Fair value of plan assets at end of year$239.8 $251.8 
Accrued benefit cost at end of year:
Funded status$6.6 $0.6 
Recognized on balance sheet:
Other noncurrent assets$6.6 $0.6 
Recognized in accumulated other comprehensive income (loss), before tax:
Net actuarial loss$68.2 $78.7 
$68.2 $78.7 
Schedule of Pension and Other Postretirement Benefits Activity in Accumulated Other Comprehensive Income (Loss) [Table Text Block]
Pension Plan activity in accumulated other comprehensive loss, before tax, in 2023 is presented below, in millions.

Balance at beginning of year$78.7 
Actuarial loss(6.8)
Prior year actuarial loss amortization to net periodic cost(3.7)
Balance at end of year$68.2 
Schedule of Assumptions Used
A summary of key assumptions for the valuations of our Pension Plan is as follows:
September 30,
 202320222021
Weighted average used to determine benefit obligations:
Discount rate
6.29 %5.79 %3.01 %
Weighted average used to determine net periodic cost:
Discount rate
5.79 %3.01 %2.84 %
Expected return on plan assets
5.75 %4.50 %4.50 %
Schedule of Strategic Allocation of Plan Assets [Table Text Block]
Strategic asset allocations, tactical range at September 30, 2023 and actual asset allocations are as follows:

Strategic asset allocationActual asset allocations at
 September 30,
 Tactical range202320222021
Fixed income investments70 %67 %-73 %70 %70 %70 %
Equity investments30 27 %-33 %29 29 29 
Cash— %-%
100 %100 %100 %100 %
Schedule of Allocation of Plan Assets
The assets of the Pension Plan by level within the fair value hierarchy are as follows:

September 30, 2023
Level 1Level 2Total
 (in millions)
Fixed income$121.1 $45.6 $166.7 
Equity:
Large cap index funds35.6 — 35.6 
International stocks:
International funds35.6 — 35.6 
      Total equity71.2 — 71.2 
Cash and cash equivalents1.9 — 1.9 
Total Plan assets
$194.2 $45.6 $239.8 

September 30, 2022
Level 1Level 2Total
 (in millions)
Fixed income$125.2 $50.1 $175.3 
Equity:
Large cap index funds37.2 — 37.2 
International stocks:
International funds37.4 — 37.4 
       Total equity74.6 — 74.6 
Cash and cash equivalents1.9 — 1.9 
Total Plan assets
$201.7 $50.1 $251.8 
Schedule of Expected Benefit Payments
Our estimated future pension benefit payments are presented below (in millions):

2024$23.0 
202522.7 
202622.3 
202721.9 
202821.4 
2029-203397.3 
Total
$208.6