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v3.24.3

EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Sep. 30, 2024
Retirement Benefits [Abstract] |
Schedule of Additional Information on Pension Plans | The following tables provide additional information on the defined benefit plans as of September 30, 2024 and 2023:
|  | U.S. Plans |  | Non U.S. Plans
(in millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Changes in benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation, beginning of year |  | $ | 50.9 |  |  | $ | 53.5 |  |  | $ | 106.5 |  |  | $ | 101.1 |
Service cost |  | 0.7 |  |  | 0.6 |  |  | 0.7 |  |  | 0.8 |
Interest cost |  | 2.8 |  |  | 2.8 |  |  | 5.0 |  |  | 4.6 |
Actuarial gain |  | 4.4 |  |  | (1.7) |  |  | 8.0 |  |  | (4.5) |
Settlements and curtailments |  | — |  |  | — |  |  | (11.1) |  |  | — |
Benefits paid |  | (4.8) |  |  | (4.3) |  |  | (4.5) |  |  | (4.2) |
Foreign currency exchange rate changes |  | — |  |  | — |  |  | 8.1 |  |  | 8.7 |
Benefit obligation, end of year |  | 54.0 |  |  | 50.9 |  |  | 112.7 |  |  | 106.5 |
Changes in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets, beginning of year |  | 49.0 |  |  | 50.3 |  |  | 102.7 |  |  | 93.1 |
Actual return on plan assets |  | 8.9 |  |  | 2.9 |  |  | 7.9 |  |  | (1.1) |
Employer contributions |  | 0.1 |  |  | 0.1 |  |  | 6.4 |  |  | 6.8 |
Settlements and curtailments |  | — |  |  | — |  |  | (11.1) |  |  | — |
Benefits paid |  | (4.8) |  |  | (4.3) |  |  | (4.5) |  |  | (4.2) |
Foreign currency exchange rate changes |  | — |  |  | — |  |  | 8.0 |  |  | 8.1 |
Fair value of plan assets, end of year |  | 53.2 |  |  | 49.0 |  |  | 109.4 |  |  | 102.7 |
Funded status |  | $ | (0.8) |  |  | $ | (1.9) |  |  | $ | (3.3) |  |  | $ | (3.8) |
Amounts recognized in statement of financial position |  |  |  |  |  |  |  |
Deferred charges and other |  | $ | — |  |  | $ | — |  |  | $ | 12.4 |  |  | $ | 9.6 |
Other accrued expenses |  | 0.1 |  |  | 0.1 |  |  | — |  |  | — |
Other long-term liabilities |  | 0.7 |  |  | 1.8 |  |  | 15.7 |  |  | 13.4 |
Accumulated other comprehensive loss |  | 7.7 |  |  | 9.4 |  |  | 29.5 |  |  | 23.8 |
Weighted average assumptions |  |  |  |  |  |  |  |
Discount rate |  | 4.39 - 4.74% |  | 5.72% |  | 3.40 - 5.10% |  | 4.00 - 5.20%
Rate of compensation increase |  | N/A |  | N/A |  | 2.75% |  | 2.75%
Schedule 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) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Projected benefit obligation |  | $ | 54.0 |  |  | $ | 50.9 |  |  | $ | 66.8 |  |  | $ | 57.0 |
Accumulated benefit obligation |  | 54.0 |  |  | 50.9 |  |  | 64.0 |  |  | 57.0 |
Fair value of plan assets |  | 53.2 |  |  | 49.0 |  |  | 51.1 |  |  | 43.5 |
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, 2024, 2023 and 2022:
|  | U.S. Plans |  | Non U.S. Plans
(in millions) |  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Service cost |  | $ | 0.7 |  |  | $ | 0.6 |  |  | $ | 0.5 |  |  | $ | 0.7 |  |  | $ | 0.8 |  |  | $ | 1.2 |
Interest cost |  | 2.8 |  |  | 2.8 |  |  | 1.9 |  |  | 5.0 |  |  | 4.6 |  |  | 2.1 |
Expected return on assets |  | (2.9) |  |  | (3.1) |  |  | (3.2) |  |  | (4.5) |  |  | (3.9) |  |  | (4.0) |
Unrecognized prior service cost |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | — |  |  | — |
Recognized net actuarial loss |  | — |  |  | — |  |  | 0.8 |  |  | 0.9 |  |  | 0.8 |  |  | 2.8 |
Net periodic benefit cost |  | $ | 0.6 |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | 2.2 |  |  | $ | 2.3 |  |  | $ | 2.1 |
Weighted average assumptions |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 5.56 - 5.72% |  | 5.37% |  | 2.70% |  | 4.00 - 5.60% |  | 3.70 - 5.20% |  | 1.00 - 2.00%
Expected return on plan assets |  | 5.50% |  | 5.25% |  | 5.00% |  | 2.54 - 5.00% |  | 2.54 - 5.58% |  | 0.99 - 4.06%
Rate of compensation increase |  | N/A |  | N/A |  | N/A |  | 2.75% |  | 2.75% |  | 2.50%
Schedule of Allocation of Pension Plan Assets | Below is a summary allocation of defined benefit plan assets as of September 30, 2024 and 2023:
|  | U.S. Plans |  | Non U.S. Plans
Asset Type |  | 2024 |  | 2023 |  | 2024 |  | 2023
Equity Securities |  | 20 | % |  | 30 | % |  | — | % |  | — | %
Fixed Income Securities |  | 80 | % |  | 70 | % |  | 55 | % |  | 49 | %
Other |  | — | % |  | — | % |  | 45 | % |  | 51 | %
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, 2024 and 2023 are as follows:
|  | September 30, 2024 |  | September 30, 2023
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash & cash equivalents |  | $ | 1.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 1.3 |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.3 |
Equity |  | 3.5 |  |  | 4.4 |  |  | — |  |  | 7.9 |  |  | 4.6 |  |  | 5.7 |  |  | — |  |  | 10.3 |
Fixed income securities |  | 33.3 |  |  | 7.1 |  |  | — |  |  | 40.4 |  |  | 24.2 |  |  | 7.8 |  |  | — |  |  | 32.0 |
Foreign equity |  | 3.0 |  |  | — |  |  | — |  |  | 3.0 |  |  | 4.5 |  |  | — |  |  | — |  |  | 4.5 |
Foreign fixed income securities |  | — |  |  | 60.5 |  |  | — |  |  | 60.5 |  |  | — |  |  | 50.8 |  |  | — |  |  | 50.8 |
Life insurance contracts |  | — |  |  | 47.0 |  |  | — |  |  | 47.0 |  |  | — |  |  | 40.7 |  |  | — |  |  | 40.7 |
Annuity policy |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10.4 |  |  | 10.4 |
Other |  | — |  |  | 2.5 |  |  | — |  |  | 2.5 |  |  | — |  |  | 2.7 |  |  | — |  |  | 2.7 |
Total plan assets |  | $ | 41.1 |  |  | $ | 121.5 |  |  | $ | — |  |  | $ | 162.6 |  |  | $ | 33.6 |  |  | $ | 107.7 |  |  | $ | 10.4 |  |  | $ | 151.7 |
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 |  |
2025 |  | $ | 4.9 |  |  | $ | 4.6 |  |  |
2026 |  | 4.2 |  |  | 5.0 |  |  |
2027 |  | 4.2 |  |  | 5.7 |  |  |
2028 |  | 4.2 |  |  | 6.0 |  |  |
2029 |  | 4.1 |  |  | 5.7 |  |  |
2025-2034 |  | 19.5 |  |  | 32.2 |  |  |

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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 -Topic 715 -SubTopic 20 -Subparagraph (b) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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