XML 56 R39.htm IDEA: XBRL DOCUMENT v3.21.2
RETIREMENT PLANS (Tables)
12 Months Ended
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
 2021202020212020
Change in projected benefit obligation:
Benefit obligation at beginning of year$109.8 $108.0 $193.7 $185.2 
Interest cost1.5 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 assets5.9 5.1 2.1 3.9 
Employer contribution1.3 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
 2021202020212020
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 assets81.7 81.5 — — 
Information for pension plans with a PBO in excess of plan assets:
Projected benefit obligation$100.2 $109.8 $16.9 $18.3 
Fair value of plan assets81.7 81.5 — — 
Amounts recognized in the Consolidated Balance Sheets consist of:
Noncurrent assets$— $— $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
 2021202020212020
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 income2.1 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 rate2.37 %2.05 %1.90 %1.51 %
Components of Net Periodic Benefit Cost
 U.S. Defined
Benefit Pension Plans
International
Defined Benefit Pension Plans
 202120202019202120202019
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 amortization2.1 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 cost1.43 %2.44 %3.67 %1.26 %1.42 %2.34 %
Expected return on plan assets4.25 %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 securities22 %20 %
Debt securities74 %50 %
Real estate securities%— %
Insurance contracts— %30 %
September 30, 2021
Equity securities20 %22 %
Debt securities73 %48 %
Real estate securities%— %
Cash and cash equivalents%— %
Insurance contracts— %30 %
September 30, 2020
Equity securities21 %27 %
Debt securities73 %73 %
Real estate securities%— %
Cash and cash equivalents%— %
Expected company contributions in fiscal 2022$0.2 $7.8 
Expected future benefit payments:
2022$7.7 $5.9 
20237.3 6.3 
20247.2 6.6 
20257.1 6.9 
20266.9 7.2 
2027 – 203131.0 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 Level2021202020212020
Cash and cash equivalentsLevel 1$2.9 $1.8 $0.2 $0.5 
Insurance contractsLevel 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 $— $— 
Equities16.0 17.5 48.3 57.3 
Fixed income59.4 59.3 106.4 152.1 
Total common collective trusts measured at net asset value78.8 79.7 154.7 209.4 
Total assets at fair value$81.7 $81.5 $221.6 $209.9