Retirement Plans

9 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

Retirement Plans

Retirement PlansThe Company has several defined benefit pension plans covering employees in the U.S. and certain employees in other countries, which are included in the information presented below. The plans provide retirement benefits based on years of service and compensation. The Company also sponsors or participates in several other non-U.S. pension and postretirement arrangements, including various retirement and termination benefit plans, some of which are required by local law or coordinated with government-sponsored plans, which are not significant in the aggregate and, therefore, are not included in the information presented below.

The Company’s net periodic pension and postretirement costs for these plans for the third quarter and nine months ended June 30 were as follows:

	Three Months Ended June 30,				Nine Months Ended June 30,
	2021		2020		2021		2020
Service cost	$	1.1	$	1.1	$	3.3	$	3.2
Interest cost	2.5		3.4		7.4		10.3
Expected return on plan assets	(5.6)		(5.8)		(16.8)		(17.3)
Recognized net actuarial loss	2.3		2.2		6.9		6.8
Settlement loss recognized	—		0.3		—		0.7
Net periodic cost	$	0.3	$	1.2	$	0.8	$	3.7

The service cost component of the net periodic cost associated with the Company’s retirement plans is recorded to Cost of products sold and SG&A on the Condensed Consolidated Statement of Earnings and Comprehensive Income. The remaining net periodic cost is recorded to Other expense (income), net on the Condensed Consolidated Statement of Earnings and Comprehensive Income.