XML 80 R51.htm IDEA: XBRL DOCUMENT
v3.22.2.2

EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
--- | ---
Sep. 30, 2022
Retirement Benefits [Abstract] |
Schedule of Additional Information on Pension Plans | The following tables provide additional information on the pension plans as of September 30, 2022 and 2021:
|  | U.S. Plans |  | Non U.S. Plans
(in millions) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Changes in benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation, beginning of year |  | $ | 71.4 |  |  | $ | 76.0 |  |  | $ | 176.1 |  |  | $ | 158.7 |
Obligations assumed from acquisition |  | — |  |  | — |  |  | — |  |  | 19.0 |
Service cost |  | 0.5 |  |  | 0.5 |  |  | 1.2 |  |  | 1.5 |
Interest cost |  | 1.9 |  |  | 1.8 |  |  | 2.1 |  |  | 2.1 |
Actuarial (gain) loss |  | (16.1) |  |  | (2.6) |  |  | (45.7) |  |  | (3.4) |
Plan Amendments |  | — |  |  | — |  |  | — |  |  | 0.1 |
Benefits paid |  | (4.2) |  |  | (4.3) |  |  | (4.4) |  |  | (5.0) |
Foreign currency exchange rate changes |  | — |  |  | — |  |  | (28.2) |  |  | 3.1 |
Benefit obligation, end of year |  | 53.5 |  |  | 71.4 |  |  | 101.1 |  |  | 176.1 |
Changes in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets, beginning of year |  | 69.6 |  |  | 64.6 |  |  | 147.4 |  |  | 120.5 |
Assets assumed from acquisition |  | — |  |  | — |  |  | — |  |  | 17.2 |
Actual return on plan assets |  | (15.2) |  |  | 9.0 |  |  | (30.1) |  |  | 4.6 |
Employer contributions |  | 0.1 |  |  | 0.3 |  |  | 4.8 |  |  | 6.6 |
Benefits paid |  | (4.2) |  |  | (4.3) |  |  | (4.4) |  |  | (5.0) |
Foreign currency exchange rate changes |  | — |  |  | — |  |  | (24.6) |  |  | 3.5 |
Fair value of plan assets, end of year |  | 50.3 |  |  | 69.6 |  |  | 93.1 |  |  | 147.4 |
Funded Status |  | $ | (3.2) |  |  | $ | (1.8) |  |  | $ | (8.0) |  |  | $ | (28.7) |
Amounts recognized in statement of financial position |  |  |  |  |  |  |  |
Deferred charges and other |  | $ | — |  |  | $ | — |  |  | $ | 4.6 |  |  | $ | 12.4 |
Other accrued expenses |  | 0.1 |  |  | 0.1 |  |  | — |  |  | — |
Other long-term liabilities |  | 3.1 |  |  | 1.7 |  |  | 12.6 |  |  | 41.1 |
Accumulated other comprehensive loss |  | 10.9 |  |  | 9.4 |  |  | 21.8 |  |  | 43.2 |
Weighted average assumptions |  |  |  |  |  |  |  |
Discount rate |  | 5.37% |  | 2.70% |  | 3.70 - 5.20% |  | 1.00 - 2.00%
Rate of compensation increase |  | N/A |  | N/A |  | 2.75% |  | 2.50%
Summary of Projected Benefit Obligations, Accumulated Benefit Obligations, and Fair Value of Plan Assets | The following table summarizes the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for defined benefit plans with projected benefit obligations in excess of plan assets:
|  | U.S. Plans |  | Non U.S. Plan
(in millions) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Projected benefit obligation |  | $ | 53.5 |  |  | $ | 71.4 |  |  | $ | 51.8 |  |  | $ | 106.2 |
Accumulated benefit obligation |  | 53.5 |  |  | 71.4 |  |  | 49.0 |  |  | 100.6 |
Fair value of plan assets |  | 50.3 |  |  | 69.6 |  |  | 39.2 |  |  | 65.1 |
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, 2022, 2021 and 2020:
|  | U.S. Plans |  | Non U.S. Plans
(in millions) |  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Service cost |  | $ | 0.5 |  |  | $ | 0.5 |  |  | $ | 0.7 |  |  | $ | 1.2 |  |  | $ | 1.5 |  |  | $ | 1.7 |
Interest cost |  | 1.9 |  |  | 1.8 |  |  | 2.2 |  |  | 2.1 |  |  | 2.1 |  |  | 1.9 |
Expected return on assets |  | (3.2) |  |  | (3.7) |  |  | (4.1) |  |  | (4.0) |  |  | (4.0) |  |  | (3.8) |
Settlements and curtailments |  | — |  |  | — |  |  | 0.9 |  |  | — |  |  | — |  |  | — |
Recognized net actuarial loss |  | 0.8 |  |  | 1.4 |  |  | 0.9 |  |  | 2.8 |  |  | 3.4 |  |  | 3.7 |
Net periodic benefit cost |  | $ | — |  |  | $ | — |  |  | $ | 0.6 |  |  | $ | 2.1 |  |  | $ | 3.0 |  |  | $ | 3.5 |
Weighted average assumptions |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 2.70% |  | 2.46% |  | 3.04% |  | 1.00 - 2.00% |  | 0.70 - 1.75% |  | 0.75 - 1.80%
Expected return on plan assets |  | 5.00% |  | 6.00% |  | 6.50% |  | 0.99 - 4.06% |  | 0.70 - 3.40% |  | 3.07 - 3.40%
Rate of compensation increase |  | N/A |  | N/A |  | N/A |  | 2.50% |  | 2.25% |  | 2.25%
Schedule of Allocation of Pension Plan Assets | Below is a summary allocation of defined benefit plan assets as of September 30, 2022 and 2021:
|  | U.S. Plans |  | Non U.S. Plans
Asset Type |  | 2022 |  | 2021 |  | 2022 |  | 2021
Equity Securities |  | 31 | % |  | 30 | % |  | — | % |  | — | %
Fixed Income Securities |  | 69 | % |  | 70 | % |  | 42 | % |  | 16 | %
Other |  | — | % |  | — | % |  | 58 | % |  | 84 | %
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, 2022 and 2021 are as follows:
|  | September 30, 2022 |  | September 30, 2021
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash & cash equivalents |  | $ | 0.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.2 |  |  | $ | 0.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.6 |
Equity |  | 4.9 |  |  | 6.1 |  |  | — |  |  | 11.0 |  |  | 8.1 |  |  | 8.3 |  |  | — |  |  | 16.4 |
Fixed income securities |  | 25.1 |  |  | 8.1 |  |  | — |  |  | 33.2 |  |  | 29.6 |  |  | 9.9 |  |  | — |  |  | 39.5 |
Foreign equity |  | 4.4 |  |  | — |  |  | — |  |  | 4.4 |  |  | 4.8 |  |  | — |  |  | — |  |  | 4.8 |
Foreign fixed income securities |  | — |  |  | 39.4 |  |  | — |  |  | 39.4 |  |  | — |  |  | 23.6 |  |  | — |  |  | 23.6 |
Life insurance contracts |  | — |  |  | 36.7 |  |  | — |  |  | 36.7 |  |  | — |  |  | 42.6 |  |  | — |  |  | 42.6 |
Annuity policy |  | — |  |  | — |  |  | 10.6 |  |  | 10.6 |  |  | — |  |  | — |  |  | 18.8 |  |  | 18.8 |
Other |  | — |  |  | 7.9 |  |  | — |  |  | 7.9 |  |  | — |  |  | 70.7 |  |  | — |  |  | 70.7 |
Total plan assets |  | $ | 34.6 |  |  | $ | 98.2 |  |  | $ | 10.6 |  |  | $ | 143.4 |  |  | $ | 43.1 |  |  | $ | 155.1 |  |  | $ | 18.8 |  |  | $ | 217.0 |
Schedule of Benefit Payments Expected To Be Paid | The following benefit payments are expected to be paid:
(in millions) |  | U.S. Plans |  | Non U.S. Plans |  |
2023 |  | $ | 4.7 |  |  | $ | 4.0 |  |  |
2024 |  | 4.1 |  |  | 4.3 |  |  |
2025 |  | 4.1 |  |  | 4.4 |  |  |
2026 |  | 4.2 |  |  | 4.7 |  |  |
2027 |  | 4.2 |  |  | 5.3 |  |  |
2028 - 2032 |  | 20.2 |  |  | 27.7 |  |  |

X
- Definition Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans. + 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 (a)(b)(c) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefit obligation and plan assets for defined benefit pension plan with projected benefit obligation in excess of plan assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921 + Details
Name: | us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration