Retirement Benefits (Tables)

12 Months Ended

Sep. 30, 2018

Schedule of Net Periodic Benefit Cost (Income)

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



	Pension Benefits									Other Postretirement Benefits
	2018			2017			2016			2018			2017			2016
Service cost	$	88.9		$	97.0		$	88.0		$	1.3		$	1.4		$	1.3
Interest cost	155.3			151.6			169.5			2.4			2.5			3.3
Expected return on plan assets	(244.8		)	(225.2		)	(218.3		)	—			—			—
Amortization:
Prior service cost (credit)	0.6			(3.7		)	(2.9		)	(5.5		)	(6.1		)	(11.1		)
Net actuarial loss	113.4			152.9			124.5			1.7			2.3			2.3
Special termination benefit	—			0.5			0.5			—			—			—
Settlements	0.7			2.8			—			—			—			—
Net periodic benefit cost (income)	$	114.1		$	175.9		$	161.3		$	(0.1	)	$	0.1		$	(4.2	)

Schedule of Assumptions Used

Significant assumptions used in determining net periodic benefit cost (income) are (in weighted averages):



	Pension Benefits						Other Postretirement Benefits
	2018		2017		2016		2018		2017		2016
U.S. Plans
Discount rate	3.90	%	3.75	%	4.55	%	3.40	%	3.10	%	3.85	%
Expected return on plan assets	7.50	%	7.50	%	7.50	%	—		—		—
Compensation increase rate	3.50	%	3.50	%	3.75	%	—		—		—
Non-U.S. Plans
Discount rate	2.30	%	1.77	%	2.67	%	3.20	%	2.80	%	3.60	%
Expected return on plan assets	5.19	%	5.12	%	5.21	%	—		—		—
Compensation increase rate	2.99	%	2.86	%	3.11	%	—		—		—

Significant assumptions used in determining the benefit obligations are (in weighted averages):



	Pension Benefits				Other Postretirement Benefits
	2018		2017		2018		2017
U.S. Plans
Discount rate	4.35	%	3.90	%	4.15	%	3.40	%
Compensation increase rate	3.50	%	3.50	%	—		—
Health care cost trend rate⁽¹⁾	—		—		6.50	%	6.50	%
Non-U.S. Plans
Discount rate	2.48	%	2.30	%	3.30	%	3.20	%
Compensation increase rate	3.02	%	2.99	%	—		—
Health care cost trend rate⁽¹⁾	—		—		4.50	%	4.50	%

⁽¹⁾

The health care 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 health care cost trend rate will decrease to 5.50% in 2020 for U.S. Plans and will not change in 2019 for Non-U.S. Plans.

Schedule of Net Funded Status

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



	Pension Benefits						Other Postretirement Benefits
	2018			2017			2018			2017
Benefit obligation at beginning of year	$	4,585.0		$	4,785.9		$	77.8		$	86.9
Service cost	88.9			97.0			1.3			1.4
Interest cost	155.3			151.6			2.4			2.5
Actuarial gains	(257.1		)	(221.9		)	(8.5		)	(3.8		)
Plan amendments	(0.3		)	(6.9		)	—			—
Plan participant contributions	3.7			3.9			3.4			3.4
Benefits paid	(277.7		)	(251.9		)	(13.5		)	(13.4		)
Special termination benefit	—			0.5			—			—
Settlements	(10.4		)	(13.8		)	—			—
Curtailments	(3.5		)	(1.0		)	—			—
Currency translation and other	(24.4		)	41.6			(0.5		)	0.8
Benefit obligation at end of year	4,259.5			4,585.0			62.4			77.8
Plan assets at beginning of year	3,788.3			3,447.9			—			—
Actual return on plan assets	220.6			315.5			—			—
Company contributions	50.3			254.9			10.1			10.0
Plan participant contributions	3.7			3.9			3.4			3.4
Benefits paid	(277.7		)	(251.9		)	(13.5		)	(13.4		)
Settlements	(10.4		)	(13.8		)	—			—
Currency translation and other	(20.0		)	31.8			—			—
Plan assets at end of year	3,754.8			3,788.3			—			—
Funded status of plans	$	(504.7	)	$	(796.7	)	$	(62.4	)	$	(77.8	)

Schedule of Amounts Recognized in Balance Sheet



Net amount on balance sheet consists of:
Other assets	$	30.6		$	10.6		$	—		$	—
Compensation and benefits	(12.3		)	(11.7		)	(10.1		)	(9.5		)
Retirement benefits	(523.0		)	(795.6		)	(52.3		)	(68.3		)
Net amount on balance sheet	$	(504.7	)	$	(796.7	)	$	(62.4	)	$	(77.8	)

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

Amounts included in accumulated other comprehensive loss, net of tax, at September 30, 2018 and 2017 which have not yet been recognized in net periodic benefit cost are as follows (in millions):



	Pension Benefits				Other Postretirement Benefits
	2018		2017		2018			2017
Prior service cost (credit)	$	4.3	$	5.3	$	(8.2	)	$	(12.2	)
Net actuarial loss	657.6		921.9		4.4			12.0
Total	$	661.9	$	927.2	$	(3.8	)	$	(0.2	)

Schedule of Accumulated and Projected Benefit Obligations

Information regarding our pension plans with projected benefit obligations in excess of the fair value of plan assets (underfunded plans) at September 30, 2018 and 2017 are as follows (in millions):



	2018		2017
Projected benefit obligation	$	3,755.5	$	4,280.9
Fair value of plan assets	3,220.2		3,473.6

Information regarding our pension plans with accumulated benefit obligations in excess of the fair value of plan assets (underfunded plans) at September 30, 2018 and 2017 are as follows (in millions):



	2018		2017
Accumulated benefit obligation	$	679.7	$	3,956.8
Fair value of plan assets	392.9		3,473.6

Schedule of Expected Benefit 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
2019	$	288.9	$	10.3
2020	268.5		6.8
2021	282.1		5.5
2022	301.7		5.1
2023	278.4		4.8
2024 – 2028	1,417.0		19.8

Schedule of Weighted Average Allocation Of Plan Assets

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



	Allocation			Target	September 30,
Asset Category	Range			Allocations	2018	2017
Equity securities	40%	–	65%	55%	53%	50%
Debt securities	30%	–	50%	39%	39%	42%
Other	0%	–	15%	6%	8%	8%

Schedule of Allocation of Plan Assets

The following table presents our pension plans’ investments measured at fair value as of September 30, 2018:



	Level 1		Level 2		Level 3		Total
U.S. Plans
Cash and cash equivalents	$	2.0	$	—	$	—	$	2.0
Equity securities:
Mutual funds	222.1		—		—		222.1
Common stock	964.7		—		—		964.7
Common collective trusts	—		422.2		—		422.2
Fixed income securities:
Corporate debt	—		627.7		—		627.7
Government securities	242.9		105.8		—		348.7
Common collective trusts	—		141.4		—		141.4
Other types of investments:
Insurance contracts	—		—		0.9		0.9
Total U.S. Plans investments in fair value hierarchy	$	1,431.7	$	1,297.1	$	0.9	2,729.7
U.S. Plans investments measured at NAV:
Private equity							36.5
Alternative equity							61.1
Total U.S. Plans investments							2,827.3
Non-U.S. Plans
Cash and cash equivalents	$	12.8	$	—	$	—	12.8
Equity securities:
Common stock	59.2		—		—		59.2
Common collective trusts	—		320.7		—		320.7
Fixed income securities:
Corporate debt	—		33.8		—		33.8
Government securities	1.1		15.5		—		16.6
Common collective trusts	—		310.4		—		310.4
Other types of investments:
Real estate funds	—		80.5		—		80.5
Insurance contracts	—		—		79.1		79.1
Other	—		—		4.6		4.6
Total Non-U.S. Plans investments in fair value hierarchy	$	73.1	$	760.9	$	83.7	917.7
Non-U.S. Plans investments measured at NAV:
Real estate funds							9.8
Total Non-U.S. Plans investments							927.5
Total investments measured at fair value							$	3,754.8

The following table presents our pension plans’ investments measured at fair value as of September 30, 2017:



	Level 1		Level 2		Level 3		Total
U.S. Plans
Cash and cash equivalents	$	1.1	$	—	$	—	$	1.1
Equity securities:
Mutual funds	230.1		—		—		230.1
Common stock	911.7		—		—		911.7
Common collective trusts	—		411.2		—		411.2
Fixed income securities:
Corporate debt	—		663.7		—		663.7
Government securities	247.0		109.4		—		356.4
Common collective trusts	—		204.1		—		204.1
Other types of investments:
Insurance contracts	—		—		0.9		0.9
Total U.S. Plans investments in fair value hierarchy	$	1,389.9	$	1,388.4	$	0.9	2,779.2
U.S. Plans investments measured at NAV:
Private equity							49.9
Alternative equity							61.0
Total U.S. Plans investments							2,890.1
Non-U.S. Plans
Cash and cash equivalents	$	3.3	$	—	$	—	3.3
Equity securities:
Common stock	57.3		—		—		57.3
Common collective trusts	—		311.1		—		311.1
Fixed income securities:
Corporate debt	—		37.0		—		37.0
Government securities	1.2		14.8		—		16.0
Common collective trusts	—		301.1		—		301.1
Other types of investments:
Real estate funds	—		86.6		—		86.6
Insurance contracts	—		—		71.5		71.5
Other	—		—		4.8		4.8
Total Non-U.S. Plans investments in fair value hierarchy	$	61.8	$	750.6	$	76.3	888.7
Non-U.S. Plans investments measured at NAV:
Real estate funds							9.5
Total Non-U.S. Plans investments							898.2
Total investments measured at fair value							$	3,788.3

Defined Benefit Plan Change in Fair Value of Plan Assets Level Three

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, 2018:



	Balance October 1, 2017		Realized Gains (Losses)		Unrealized Gains (Losses)			Purchases, Sales, Issuances, and Settlements, Net		Balance September 30, 2018
U.S. Plans
Insurance contracts	$	0.9	$	—	$	—		$	—	$	0.9
Non-U.S. Plans
Insurance contracts	71.5		—		(0.4		)	8.0		79.1
Other	4.8		—		(0.2		)	—		4.6
	$	77.2	$	—	$	(0.6	)	$	8.0	$	84.6

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, 2017:



	Balance October 1, 2016		Realized Gains (Losses)		Unrealized Gains (Losses)			Purchases, Sales, Issuances, and Settlements, Net		Balance September 30, 2017
U.S. Plans
Insurance contracts	$	0.9	$	—	$	—		$	—	$	0.9
Non-U.S. Plans
Insurance contracts	79.7		—		(13.4		)	5.2		71.5
Other	4.8		—		—			—		4.8
	$	85.4	$	—	$	(13.4	)	$	5.2	$	77.2