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RETIREMENT PLANS (Tables) | 12 Months Ended
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Sep. 30, 2021
Retirement Benefits [Abstract] |
Schedule of Defined Benefit Pension Plans | The defined benefit pension plans are valued using a September 30 measurement date.
| U.S. Defined Benefit Pension Plans |  | International Defined Benefit Pension Plans
| 2021 |  | 2020 |  | 2021 |  | 2020
Change in projected benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 109.8 |  |  | $ | 108.0 |  |  | $ | 193.7 |  |  | $ | 185.2 |
Interest cost | 1.5 |  |  | 2.6 |  |  | 2.6 |  |  | 2.7 |
Actuarial (gain) loss | (4.1) |  |  | 6.4 |  |  | (2.9) |  |  | 4.0 |
Benefits paid | (7.0) |  |  | (7.2) |  |  | (7.6) |  |  | (7.7) |
Foreign currency translation | — |  |  | — |  |  | 7.8 |  |  | 9.5 |
Projected benefit obligation (“PBO”) at end of year | $ | 100.2 |  |  | $ | 109.8 |  |  | $ | 193.6 |  |  | $ | 193.7 |
Accumulated benefit obligation (“ABO”) at end of year | $ | 100.2 |  |  | $ | 109.8 |  |  | $ | 193.6 |  |  | $ | 193.7 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 81.5 |  |  | $ | 81.3 |  |  | $ | 209.9 |  |  | $ | 196.6 |
Actual return on plan assets | 5.9 |  |  | 5.1 |  |  | 2.1 |  |  | 3.9 |
Employer contribution | 1.3 |  |  | 2.3 |  |  | 7.9 |  |  | 7.3 |
Benefits paid | (7.0) |  |  | (7.2) |  |  | (7.6) |  |  | (7.7) |
Foreign currency translation | — |  |  | — |  |  | 9.3 |  |  | 9.8 |
Fair value of plan assets at end of year | $ | 81.7 |  |  | $ | 81.5 |  |  | $ | 221.6 |  |  | $ | 209.9 |
Overfunded (underfunded) status at end of year | $ | (18.5) |  |  | $ | (28.3) |  |  | $ | 28.0 |  |  | $ | 16.2 |
| U.S. Defined Benefit Pension Plans |  | International Defined Benefit Pension Plans
| 2021 |  | 2020 |  | 2021 |  | 2020
Information for pension plans with an ABO in excess of plan assets: |  |  |  |  |  |  |
Accumulated benefit obligation | $ | 100.2 |  |  | $ | 109.8 |  |  | $ | 16.9 |  |  | $ | 18.3 |
Fair value of plan assets | 81.7 |  |  | 81.5 |  |  | — |  |  | — |
Information for pension plans with a PBO in excess of plan assets: |  |  |  |  |  |  |
Projected benefit obligation | $ | 100.2 |  |  | $ | 109.8 |  |  | $ | 16.9 |  |  | $ | 18.3 |
Fair value of plan assets | 81.7 |  |  | 81.5 |  |  | — |  |  | — |
Amounts recognized in the Consolidated Balance Sheets consist of: |  |  |  |  |  |  |
Noncurrent assets | $ | — |  |  | $ | — |  |  | $ | 44.9 |  |  | $ | 34.5 |
Current liabilities | (0.2) |  |  | (0.2) |  |  | (0.9) |  |  | (0.9) |
Noncurrent liabilities | (18.3) |  |  | (28.1) |  |  | (16.0) |  |  | (17.4) |
Total amount accrued | $ | (18.5) |  |  | $ | (28.3) |  |  | $ | 28.0 |  |  | $ | 16.2 |
Amounts recognized in AOCL consist of: |  |  |  |  |  |  |
Actuarial loss | $ | 39.2 |  |  | $ | 47.9 |  |  | $ | 51.4 |  |  | $ | 50.2 |
Prior service cost | — |  |  | — |  |  | 2.7 |  |  | 2.6 |
Total amount recognized | $ | 39.2 |  |  | $ | 47.9 |  |  | $ | 54.1 |  |  | $ | 52.8 |
| U.S. Defined Benefit Pension Plans |  | International Defined Benefit Pension Plans
| 2021 |  | 2020 |  | 2021 |  | 2020
Total change in other comprehensive loss attributable to: |  |  |  |  |  |  |
Net gain (loss) during the period | $ | 6.6 |  |  | $ | (5.3) |  |  | $ | (0.6) |  |  | $ | (7.0) |
Reclassification to net income | 2.1 |  |  | 1.8 |  |  | 1.3 |  |  | 1.0 |
Foreign currency translation | — |  |  | — |  |  | (2.0) |  |  | (2.5) |
Total change in other comprehensive loss | $ | 8.7 |  |  | $ | (3.5) |  |  | $ | (1.3) |  |  | $ | (8.5) |
Weighted average assumptions used in development of projected benefit obligation: |  |  |  |  |  |  |
Discount rate | 2.37 | % |  | 2.05 | % |  | 1.90 | % |  | 1.51 | %
Components of Net Periodic Benefit Cost |
| U.S. Defined Benefit Pension Plans |  | International Defined Benefit Pension Plans
| 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Components of net periodic benefit cost (income): |  |  |  |  |  |  |  |  |  |  |
Interest cost | $ | 1.5 |  |  | $ | 2.6 |  |  | $ | 3.5 |  |  | $ | 2.6 |  |  | $ | 2.7 |  |  | $ | 4.0 |
Expected return on plan assets | (3.4) |  |  | (3.9) |  |  | (4.0) |  |  | (5.5) |  |  | (6.9) |  |  | (7.1) |
Net amortization | 2.1 |  |  | 1.8 |  |  | 1.4 |  |  | 1.3 |  |  | 1.0 |  |  | 0.8 |
Net periodic benefit cost (income) | $ | 0.2 |  |  | $ | 0.5 |  |  | $ | 0.9 |  |  | $ | (1.6) |  |  | $ | (3.2) |  |  | $ | (2.3) |
Weighted average assumptions used in development of net periodic benefit cost (income): |  |  |  |  |  |  |  |  |  |  |
Weighted average discount rate - interest cost | 1.43 | % |  | 2.44 | % |  | 3.67 | % |  | 1.26 | % |  | 1.42 | % |  | 2.34 | %
Expected return on plan assets | 4.25 | % |  | 5.00 | % |  | 5.25 | % |  | 2.45 | % |  | 3.39 | % |  | 3.94 | %
Schedule of Other Information |
| U.S. Defined Benefit Pension Plans |  | International Defined Benefit Pension Plans
Other information: |  |  |
Plan asset allocations: |  |  |
Target for September 30, 2022: |  |  |
Equity securities | 22 | % |  | 20 | %
Debt securities | 74 | % |  | 50 | %
Real estate securities | 4 | % |  | — | %
Insurance contracts | — | % |  | 30 | %
September 30, 2021 |  |  |
Equity securities | 20 | % |  | 22 | %
Debt securities | 73 | % |  | 48 | %
Real estate securities | 4 | % |  | — | %
Cash and cash equivalents | 3 | % |  | — | %
Insurance contracts | — | % |  | 30 | %
September 30, 2020 |  |  |
Equity securities | 21 | % |  | 27 | %
Debt securities | 73 | % |  | 73 | %
Real estate securities | 4 | % |  | — | %
Cash and cash equivalents | 2 | % |  | — | %
Expected company contributions in fiscal 2022 | $ | 0.2 |  |  | $ | 7.8 |
Expected future benefit payments: |  |  |
2022 | $ | 7.7 |  |  | $ | 5.9 |
2023 | 7.3 |  |  | 6.3 |
2024 | 7.2 |  |  | 6.6 |
2025 | 7.1 |  |  | 6.9 |
2026 | 6.9 |  |  | 7.2 |
2027 – 2031 | 31.0 |  |  | 38.2 |
Fair Value of The Company's Pension Plan Asset | The following tables set forth the fair value of the Company’s pension plan assets, segregated by level within the fair value hierarchy:
|  |  |  |  | U.S. Defined Benefit Pension Plans |  | International Defined Benefit Pension Plans
|  |  | Fair Value Hierarchy Level |  | 2021 |  | 2020 |  | 2021 |  | 2020
Cash and cash equivalents |  |  | Level 1 |  | $ | 2.9 |  |  | $ | 1.8 |  |  | $ | 0.2 |  |  | $ | 0.5 |
Insurance contracts |  |  | Level 3 |  | — |  |  | — |  |  | 66.7 |  |  | — |
Total assets in the fair value hierarchy |  |  |  |  | $ | 2.9 |  |  | $ | 1.8 |  |  | $ | 66.9 |  |  | $ | 0.5 |
Common collective trusts measured at net asset value |  |  |  |  |  |  |  |  |  |  |
Real estate |  |  |  |  | $ | 3.4 |  |  | $ | 2.9 |  |  | $ | — |  |  | $ | — |
Equities |  |  |  |  | 16.0 |  |  | 17.5 |  |  | 48.3 |  |  | 57.3 |
Fixed income |  |  |  |  | 59.4 |  |  | 59.3 |  |  | 106.4 |  |  | 152.1 |
Total common collective trusts measured at net asset value |  |  |  |  | 78.8 |  |  | 79.7 |  |  | 154.7 |  |  | 209.4 |
Total assets at fair value |  |  |  |  | $ | 81.7 |  |  | $ | 81.5 |  |  | $ | 221.6 |  |  | $ | 209.9 |

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