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v3.20.2

Employee Benefit Plans (Tables) | 12 Months Ended
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Sep. 30, 2020
Retirement Benefits [Abstract] |
Schedule of Information on Pension Plans | The following tables provide additional information on the pension plans as of September 30, 2020 and 2019:
|  | U.S. Plans |  | Non U.S. Plans
(in millions) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Changes in benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation, beginning of year |  | $ | 80.2 |  |  | $ | 70.5 |  |  | $ | 167.8 |  |  | $ | 148.9 |
Service cost |  | 0.7 |  |  | 0.4 |  |  | 2.2 |  |  | 1.9 |
Interest cost |  | 2.2 |  |  | 2.8 |  |  | 2.3 |  |  | 3.4 |
Actuarial loss (gain) |  | 2.3 |  |  | 10.3 |  |  | (0.9) |  |  | 27.5 |
Settlements and curtailments |  | (4.6) |  |  | — |  |  | (1.6) |  |  | — |
Plan Amendments |  | — |  |  | — |  |  | — |  |  | 0.2 |
Benefits paid |  | (4.8) |  |  | (3.8) |  |  | (4.1) |  |  | (5.9) |
Foreign currency exchange rate changes |  | — |  |  | — |  |  | 9.4 |  |  | (8.2) |
Benefit obligation, end of year |  | 76.0 |  |  | 80.2 |  |  | 175.1 |  |  | 167.8 |
Changes in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets, beginning of year |  | 68.6 |  |  | 69.3 |  |  | 120.0 |  |  | 115.8 |
Actual return on plan assets |  | 5.1 |  |  | 2.7 |  |  | 1.1 |  |  | 13.5 |
Employer contributions |  | 0.3 |  |  | 0.4 |  |  | 5.3 |  |  | 3.1 |
Settlements and curtailments |  | (4.6) |  |  | — |  |  | — |  |  | — |
Benefits paid |  | (4.8) |  |  | (3.8) |  |  | (4.1) |  |  | (5.9) |
Foreign currency exchange rate changes |  | — |  |  | — |  |  | 6.9 |  |  | (6.5) |
Fair value of plan assets, end of year |  | 64.6 |  |  | 68.6 |  |  | 129.2 |  |  | 120.0 |
Funded Status |  | $ | (11.4) |  |  | $ | (11.6) |  |  | $ | (45.9) |  |  | $ | (47.8) |
Amounts recognized in statement of financial position |  |  |  |  |  |  |  |
Deferred charges and other |  | $ | — |  |  | $ | — |  |  | $ | 3.0 |  |  | $ | 3.0 |
Other accrued expenses |  | 0.3 |  |  | 0.3 |  |  | 0.4 |  |  | 0.5 |
Other long-term liabilities |  | 11.1 |  |  | 11.3 |  |  | 48.5 |  |  | 50.3 |
Accumulated other comprehensive loss |  | 18.8 |  |  | 19.3 |  |  | 51.3 |  |  | 49.9 |
Weighted average assumptions |  |  |  |  |  |  |  |
Discount rate |  | 2.46% |  | 3.04% |  | 0.50 - 6.90% |  | 0.75 - 7.70%
Rate of compensation increase |  | N/A |  | N/A |  | 2.25 - 6.00% |  | 2.25 - 6.00%
Schedule of Components of Net Periodic Benefit Cost | The following table contains the components of net periodic benefit cost from defined benefit plans for the years ended September 30, 2020, 2019 and 2018:
|  | U.S. Plans |  | Non U.S. Plans
(in millions) |  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Service cost |  | $ | 0.7 |  |  | $ | 0.4 |  |  | $ | 0.4 |  |  | $ | 2.2 |  |  | $ | 1.9 |  |  | $ | 2.0 |
Interest cost |  | 2.2 |  |  | 2.8 |  |  | 2.7 |  |  | 2.3 |  |  | 3.4 |  |  | 3.6 |
Expected return on assets |  | (4.1) |  |  | (4.4) |  |  | (4.5) |  |  | (3.9) |  |  | (3.9) |  |  | (4.2) |
Settlements and curtailments |  | 0.9 |  |  | — |  |  | — |  |  | 0.1 |  |  | 0.3 |  |  | 0.1 |
Recognized net actuarial loss |  | 0.9 |  |  | 0.2 |  |  | 1.1 |  |  | 3.4 |  |  | 1.8 |  |  | 1.4 |
Net periodic benefit cost |  | $ | 0.6 |  |  | $ | (1.0) |  |  | $ | (0.3) |  |  | $ | 4.1 |  |  | $ | 3.5 |  |  | $ | 2.9 |
Weighted average assumptions |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 3.04% |  | 4.10% |  | 3.70% |  | 0.75 - 7.70% |  | 1.00 - 8.30% |  | 1.13 - 7.50%
Expected return on plan assets |  | 6.50% |  | 6.50% |  | 7.00% |  | 0.75 - 3.40% |  | 1.00 - 4.01% |  | 1.13 - 4.13%
Rate of compensation increase |  | N/A |  | N/A |  | N/A |  | 2.25 - 6.00% |  | 2.25 - 7.00% |  | 1.37 - 7.00%
Schedule of Allocation of Pension Plan Assets | Below is a summary allocation of defined benefit plan assets as of September 30, 2020 and 2019:
|  | U.S. Plans |  | Non U.S. Plans
Asset Type |  | 2020 |  | 2019 |  | 2020 |  | 2019
Equity Securities |  | 46 | % |  | 62 | % |  | — | % |  | — | %
Fixed Income Securities |  | 51 | % |  | 35 | % |  | 19 | % |  | 20 | %
Other |  | 3 | % |  | 3 | % |  | 81 | % |  | 80 | %
Total |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
Schedule of Fair Value of Pension Plan Assets by Asset Category | The fair value of defined benefit plan assets by asset category as of September 30, 2020 and 2019 are as follows:
|  | September 30, 2020 |  | September 30, 2019
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash & cash equivalents |  | $ | 9.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 9.3 |  |  | $ | 8.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 8.3 |
Equity |  | 11.9 |  |  | 10.7 |  |  | — |  |  | 22.6 |  |  | 16.8 |  |  | 13.1 |  |  | — |  |  | 29.9 |
Fixed income securities |  | 22.3 |  |  | 6.4 |  |  | — |  |  | 28.7 |  |  | 21.6 |  |  | — |  |  | — |  |  | 21.6 |
Foreign equity |  | 7.2 |  |  | — |  |  | — |  |  | 7.2 |  |  | 11.4 |  |  | — |  |  | — |  |  | 11.4 |
Foreign fixed income securities |  | 1.3 |  |  | 24.7 |  |  | — |  |  | 26.0 |  |  | 2.1 |  |  | 23.6 |  |  | — |  |  | 25.7 |
Life insurance contracts |  | — |  |  | 42.1 |  |  | — |  |  | 42.1 |  |  | — |  |  | 37.4 |  |  | — |  |  | 37.4 |
Other |  | 1.7 |  |  | 56.2 |  |  | — |  |  | 57.9 |  |  | 2.2 |  |  | 52.1 |  |  | — |  |  | 54.3 |
Total plan assets |  | $ | 53.7 |  |  | $ | 140.1 |  |  | $ | — |  |  | $ | 193.8 |  |  | $ | 62.4 |  |  | $ | 126.2 |  |  | $ | — |  |  | $ | 188.6 |
Schedule of Benefit Payments Expected To Be Paid | The following benefit payments are expected to be paid:
(in millions) |  | Amount
2021 |  | $ | 9.0 |
2022 |  | 8.5 |
2023 |  | 8.7 |
2024 |  | 9.4 |
2025 |  | 9.9 |
2025-2029 |  | 55.3 |

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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