Retirement Benefits (Tables)

12 Months Ended

Sep. 30, 2014

Compensation and Retirement Disclosure [Abstract]

The components of net periodic benefit cost are (in millions):



										Other Postretirement
	Pension Benefits									Benefits
	2014			2013			2012			2014			2013			2012
Service cost	$	78.5		$	92.1		$	71.8		$	2.0		$	2.3		$	2.2
Interest cost	174.2			160.2			167.6			6.5			6.3			7.2
Expected return on plan assets	(217.9		)	(226.3		)	(228.1		)	—			—			—
Amortization:
Prior service credit	(2.7		)	(2.5		)	(2.3		)	(10.2		)	(10.7		)	(10.6		)
Net actuarial loss	99.7			144.6			94.7			2.9			4.4			2.4
Settlements	(0.1		)	—			1.0			—			—			—
Net periodic benefit cost	$	131.7		$	168.1		$	104.7		$	1.2		$	2.3		$	1.2

Summary of benefit obligation, plan assets, funded status, and net liability information

Benefit obligation, plan assets, funded status, and net liability information is summarized as follows (in millions):



	Pension Benefits						Other Postretirement Benefits
	2014			2013			2014			2013
Benefit obligation at beginning of year	$	3,804.8		$	4,150.2		$	150.2		$	172.5
Service cost	78.5			92.1			2.0			2.3
Interest cost	174.2			160.2			6.5			6.3
Actuarial losses (gains)	431.5			(401.0		)	14.2			(14.9		)
Plan amendments	1.2			—			(37.0		)	—
Plan participant contributions	5.4			5.5			8.2			9.4
Benefits paid	(218.8		)	(198.0		)	(21.0		)	(24.7		)
Currency translation and other	(40.2		)	(4.2		)	(0.9		)	(0.7		)
Benefit obligation at end of year	4,236.6			3,804.8			122.2			150.2
Plan assets at beginning of year	3,367.0			3,213.3			—			—
Actual return on plan assets	425.2			309.0			—			—
Company contributions	42.1			41.3			12.8			15.3
Plan participant contributions	5.4			5.5			8.2			9.4
Benefits paid	(218.8		)	(198.0		)	(21.0		)	(24.7		)
Currency translation and other	(29.9		)	(4.1		)	—			—
Plan assets at end of year	3,591.0			3,367.0			—			—
Funded status of plans	$	(645.6	)	$	(437.8	)	$	(122.2	)	$	(150.2	)

Net amount on balance sheet



Net amount on balance sheet consists of:
Other assets	$	1.4		$	10.3		$	—		$	—
Compensation and benefits	(12.2		)	(10.8		)	(14.9		)	(14.7		)
Retirement benefits	(634.8		)	(437.3		)	(107.3		)	(135.5		)
Net amount on balance sheet	$	(645.6	)	$	(437.8	)	$	(122.2	)	$	(150.2	)

Amounts included in accumulated other comprehensive loss, net of tax

Amounts included in accumulated other comprehensive loss, net of tax, at September 30, 2014 and 2013 which have not yet been recognized in net periodic benefit cost are as follows (in millions):



	Pension					Other Postretirement Benefits
	2014		2013			2014			2013
Prior service cost (credit)	$	4.0	$	1.4		$	(31.9	)	$	(15.1	)
Net actuarial loss	904.7		812.2			32.6			25.4
Net transition benefit	—		(0.1		)	—			—
Total	$	908.7	$	813.5		$	0.7		$	10.3

Net periodic benefit cost assumptions and Net benefit obligation assumptions

Net Periodic Benefit Cost Assumptions

Significant assumptions used in determining net periodic benefit cost included in the Consolidated Statement of Operations for the period ended September 30 are (in weighted averages):



	Pension Benefits September 30,						Other Postretirement Benefits September 30,
	2014		2013		2012		2014		2013		2012
U.S. Plans
Discount rate	5.05	%	4.15	%	5.20	%	4.60	%	3.85	%	4.90	%
Expected return on plan assets	7.50	%	8.00	%	8.00	%	—		—		—
Compensation increase rate	3.75	%	4.00	%	4.00	%	—		—		—
Non-U.S. Plans
Discount rate	3.69	%	3.37	%	4.15	%	4.20	%	3.80	%	4.10	%
Expected return on plan assets	5.33	%	5.42	%	5.93	%	—		—		—
Compensation increase rate	3.11	%	3.03	%	3.03	%	—		—		—

Net Benefit Obligation Assumptions

Significant assumptions used in determining the benefit obligations included in the Consolidated Balance Sheet are (in weighted averages):



	Pension Benefits September 30,				Other Postretirement Benefits September 30,
	2014		2013		2014		2013
U.S. Plans
Discount rate	4.50	%	5.05	%	3.65	%	4.60	%
Compensation increase rate	3.75	%	3.75	%	—		—
Healthcare cost trend rate⁽¹⁾	—		—		7.00	%	7.50	%
Non-U.S. Plans
Discount rate	3.01	%	3.69	%	3.50	%	4.20	%
Compensation increase rate	3.16	%	3.11	%	—		—
Healthcare cost trend rate⁽²⁾	—		—		5.83	%	6.27	%

____________________

(1)

The healthcare cost trend rate reflects the estimated increase in gross medical claims costs. As a result of the plan amendment adopted effective October 1, 2002, our effective per person retiree medical cost increase is zero percent beginning in 2005 for the majority of our postretirement benefit plans. For our other plans, we assume the gross healthcare cost trend rate will decrease to 5.50% in 2017.


(2)	Decreasing to 4.50% in 2017.

Asset allocations by asset category and investments measured at fair value

Our global weighted-average targeted and actual asset allocations at September 30, by asset category, are:



	Allocation			Target	September 30,
Asset Category	Range			Allocations	2014	2013
Equity securities	30%	–	65%	55%	50%	53%
Debt securities	35%	–	50%	40%	42%	40%
Other	0%	–	35%	5%	8%	7%

The following table presents our pension plans’ investments measured at fair value as of September 30, 2014:



	Level 1		Level 2		Level 3		Total
U.S. Plans
Cash and cash equivalents	$	1.9	$	—	$	—	$	1.9
Equity securities:
Common stock	706.8		—		—		706.8
Mutual funds	216.8		—		—		216.8
Common collective trusts	—		527.2		—		527.2
Fixed income securities:
Corporate debt	—		692.6		—		692.6
Government securities	231.4		147.2		—		378.6
Common collective trusts	—		129.4		—		129.4
Other types of investments:
Private equity	—		—		78.8		78.8
Alternative equity	—		—		49.9		49.9
Insurance contracts	—		—		0.9		0.9
Non-U.S. Plans
Cash and cash equivalents	7.2		—		—		7.2
Equity securities:
Common stock	46.4		—		—		46.4
Common collective trusts	—		286.0		—		286.0
Fixed income securities:
Corporate debt	—		31.0		—		31.0
Government securities	3.3		14.9		—		18.2
Common collective trusts	—		266.7		—		266.7
Other types of investments:
Real estate funds	—		80.3		8.6		88.9
Insurance contracts	—		—		57.8		57.8
Other	—		2.6		3.3		5.9
Total plan investments	$	1,213.8	$	2,177.9	$	199.3	$	3,591.0

The following table presents our pension plans’ investments measured at fair value as of September 30, 2013:



	Level 1		Level 2		Level 3		Total
U.S. Plans
Cash and cash equivalents	$	3.7	$	—	$	—	$	3.7
Equity securities:
Common stock	711.8		—		—		711.8
Mutual funds	196.3		—		—		196.3
Common collective trusts	—		561.5		—		561.5
Fixed income securities:
Corporate debt	—		535.7		—		535.7
Government securities	240.8		116.2		—		357.0
Common collective trusts	—		128.6		—		128.6
Other types of investments:
Private equity	—		—		80.4		80.4
Alternative equity	—		—		42.1		42.1
Insurance contracts	—		—		0.8		0.8
Non-U.S. Plans
Cash and cash equivalents	19.0		—		—		19.0
Equity securities:
Common stock	41.6		—		—		41.6
Common collective trusts	—		286.4		—		286.4
Fixed income securities:
Corporate debt	—		39.9		—		39.9
Government securities	3.9		13.7		—		17.6
Common collective trusts	—		239.0		—		239.0
Other types of investments:
Real estate funds	—		44.6		8.3		52.9
Insurance contracts	—		—		45.5		45.5
Other	—		3.0		4.2		7.2
Total plan investments	$	1,217.1	$	1,968.6	$	181.3	$	3,367.0

Summary of changes in fair market value of our pension plans’ Level 3 assets

The table below sets forth a summary of changes in fair market value of our pension plans’ Level 3 assets for the year ended September 30, 2014.



	Balance October 1, 2013		Realized Gains (Losses)		Unrealized Gains (Losses)			Purchases, Sales, Issuances, and Settlements, Net			Balance September 30, 2014
U.S. Plans
Private equity	$	80.4	$	7.8	$	(3.5	)	$	(5.9	)	$	78.8
Alternative equity	42.1		1.3		2.8			3.7			49.9
Insurance contracts	0.8		—		—			0.1			0.9
Non-U.S. Plans
Real estate	8.3		—		0.3			—			8.6
Insurance contracts	45.5		—		14.1			(1.8		)	57.8
Other	4.2		—		—			(0.9		)	3.3
	$	181.3	$	9.1	$	13.7		$	(4.8	)	$	199.3

The table below sets forth a summary of changes in fair market value of our pension plans’ Level 3 assets for the year ended September 30, 2013.



	Balance October 1, 2012		Realized Gains (Losses)			Unrealized Gains (Losses)			Purchases, Sales, Issuances, and Settlements, Net			Balance September 30, 2013
U.S. Plans
Private equity	$	83.2	$	6.6		$	(10.8	)	$	1.4		$	80.4
Alternative equity	53.4		(1.1		)	4.1			(14.3		)	42.1
Insurance contracts	0.8		—			—			—			0.8
Non-U.S. Plans
Real estate	—		—			0.4			7.9			8.3
Insurance contracts	38.5		—			1.0			6.0			45.5
Other	4.4		—			0.2			(0.4		)	4.2
	$	180.3	$	5.5		$	(5.1	)	$	0.6		$	181.3

Estimated future payments

The following benefit payments, which include employees’ expected future service, as applicable, are expected to be paid (in millions):



	Pension Benefits		Other Postretirement Benefits
2015	$	238.4	$	15.2
2016	221.9		15.4
2017	227.1		14.6
2018	235.5		13.9
2019	238.7		13.2
2020 – 2024	1,375.2		30.8

One percentage point change in assumed health care cost trend rates

A one-percentage point change in assumed healthcare cost trend rates would have the following effect (in millions):



	One-Percentage Point Increase				One-Percentage Point Decrease
	2014		2013		2014			2013
Increase (decrease) to total of service and interest cost components	$	0.2	$	0.2	$	(0.1	)	$	(0.2	)
Increase (decrease) to postretirement benefit obligation	3.0		2.1		(2.6		)	(1.8		)

Other required retirement benefit disclosures

Information regarding our pension plans with accumulated benefit obligations in excess of the fair value of plan assets (underfunded plans) at September 30, 2014 and 2013 are as follows (in millions):



	2014		2013
Projected benefit obligation	$	3,919.1	$	760.1
Accumulated benefit obligation	3,651.5		674.6
Fair value of plan assets	3,277.8		436.1