Retirement Benefits

9 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Retirement Benefits

Retirement Benefits

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

	Pension Benefits
	Three Months Ended June 30,				Nine Months Ended June 30,
	2022		2021		2022		2021
Service cost	$	15.4	$	23.1	$	56.1	$	68.7
Interest cost	34.5		31.5		99.3		94.3
Expected return on plan assets	(56.4)		(60.9)		(175.1)		(182.0)
Amortization:
Prior service cost	—		0.3		0.8		1.0
Net actuarial loss	10.4		37.0		55.0		110.5
Settlement and curtailment (benefit) charges	(0.7)		27.2		24.2		26.8
Net periodic benefit cost	$	3.2	$	58.2	$	60.3	$	119.3

	Other Postretirement Benefits
	Three Months Ended June 30,				Nine Months Ended June 30,
	2022		2021		2022		2021
Service cost	$	0.2	$	0.3	$	0.6	$	0.8
Interest cost	0.3		0.3		0.9		0.9
Amortization:
Prior service credit	(0.2)		(1.4)		(0.6)		(4.1)
Net actuarial loss	0.2		0.3		0.5		0.9
Net periodic benefit cost (credit)	$	0.5	$	(0.5)	$	1.4	$	(1.5)

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 income (expense) in the Consolidated Statement of Operations.

In March and June 2022, we remeasured our U.S. pension plan assets and liabilities in accordance with U.S. GAAP settlement accounting rules. For the three and nine months ended June 30, 2022, we recognized settlement expense of $6.5 million and $31.4 million, respectively. 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 $86.6 million. The discount rate used for the remeasurement as of June 30, 2022, was 4.90 percent compared to 3.10 percent at our September 30, 2021, annual measurement date. We also recognized a curtailment benefit of $7.2 million for the three and nine months ended June 30, 2022, due to a pension plan freeze in one of our non-US pension plans.