XML 78 R49.htm IDEA: XBRL DOCUMENT v3.24.3
EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
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)
2024202320242023
Changes in benefit obligation:
Benefit obligation, beginning of year$50.9 $53.5 $106.5 $101.1 
Service cost0.7 0.6 0.7 0.8 
Interest cost2.8 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 year54.0 50.9 112.7 106.5 
Changes in plan assets:
Fair value of plan assets, beginning of year49.0 50.3 102.7 93.1 
Actual return on plan assets8.9 2.9 7.9 (1.1)
Employer contributions0.1 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 year53.2 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 expenses0.1 0.1 — — 
Other long-term liabilities0.7 1.8 15.7 13.4 
Accumulated other comprehensive loss7.7 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 increaseN/AN/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. PlansNon U.S. Plan
(in millions)2024202320242023
Projected benefit obligation$54.0 $50.9 $66.8 $57.0 
Accumulated benefit obligation54.0 50.9 64.0 57.0 
Fair value of plan assets53.2 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. PlansNon U.S. Plans
(in millions)202420232022202420232022
Service cost$0.7 $0.6 $0.5 $0.7 $0.8 $1.2 
Interest cost2.8 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 assets5.50%5.25%5.00%
2.54 - 5.00%
2.54 - 5.58%
0.99 - 4.06%
Rate of compensation increaseN/AN/AN/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
2024202320242023
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, 2024September 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 
Equity3.5 4.4 — 7.9 4.6 5.7 — 10.3 
Fixed income securities33.3 7.1 — 40.4 24.2 7.8 — 32.0 
Foreign equity3.0 — — 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. PlansNon U.S. Plans
2025$4.9 $4.6 
20264.2 5.0 
20274.2 5.7 
20284.2 6.0 
20294.1 5.7 
2025-203419.5 32.2