Retirement Benefits

9 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

Retirement Benefits

Retirement Benefits

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

	Pension Benefits
	Three Months Ended June 30,				Nine Months Ended June 30,
	2021		2020		2021		2020
Service cost	$	23.1	$	22.6	$	68.7	$	68.2
Interest cost	31.5		34.0		94.3		102.3
Expected return on plan assets	(60.9)		(60.9)		(182.0)		(183.3)
Amortization:
Prior service cost	0.3		0.2		1.0		0.7
Net actuarial loss	37.0		36.7		110.5		110.3
Settlements	27.2		(0.8)		26.8		(2.3)
Net periodic benefit cost	$	58.2	$	31.8	$	119.3	$	95.9

	Other Postretirement Benefits
	Three Months Ended June 30,				Nine Months Ended June 30,
	2021		2020		2021		2020
Service cost	$	0.3	$	0.3	$	0.8	$	0.8
Interest cost	0.3		0.4		0.9		1.2
Amortization:
Prior service credit	(1.4)		(1.4)		(4.1)		(4.1)
Net actuarial loss	0.3		0.4		0.9		1.1
Net periodic benefit credit	$	(0.5)	$	(0.3)	$	(1.5)	$	(1.0)

The service cost component is included in cost of sales and selling, general and administrative expenses in the Consolidated Statement of Operations. All other components are included in other (expense) income in the Consolidated Statement of Operations.

In June 2021, we remeasured our U.S. pension plan assets and liabilities in accordance with U.S. GAAP settlement accounting rules and recognized settlement expense of $27.2 million. Settlement accounting was required due to the amount of lump-sum payments made by the U.S. pension plan to retirees and other separated employees. Remeasurement of our U.S. pension plan assets and liabilities reduced our net benefit obligation by $500.9 million. The discount rate used for the remeasurement as of June 30, 2021, was 3.05 percent compared to 2.90 percent at our September 30, 2020, annual measurement date.