Retirement Benefits (Tables)

12 Months Ended

Sep. 30, 2020

Pension Plans Defined Benefit

Retirement and Postemployment Benefits

Components of net pension costs

The components of net pension costs under defined benefit retirement plans were:

	U.S. Pension Benefits Year Ended September 30,						Non-U.S. Pension Benefits Year Ended September 30,
	2020		2019		2018		2020		2019		2018
Service cost	$	1.4	$	2.3	$	2.7	$	1.9	$	1.2	$	1.4
Interest cost	8.0		9.8		8.7		0.6		1.2		1.1
Expected return on plan assets	(12.8)		(13.3)		(14.0)		(0.8)		(0.5)		(0.6)
Amortization of unrecognized prior service cost, net	—		0.1		0.2		0.1		0.1		0.1
Amortization of actuarial loss	4.8		1.2		3.2		2.5		0.9		0.7
Settlement expense	—		0.2		—		1.0		0.4		—
Net pension costs (1)	$	1.4	$	0.3	$	0.8	$	5.3	$	3.3	$	2.7

Schedule of changes in projected benefit obligations, plan assets, and funded status, along with amounts recognized in the consolidated balance sheets for defined benefit retirement plans

The change in benefit obligation and funded status of the Company’s defined benefit retirement plans were: 

	U.S. Pension Benefits September 30,				Non-U.S. Pension Benefits September 30,
	2020		2019		2020		2019
Change in benefit obligation:
Projected benefit obligation at beginning of year	$	300.4	$	267.0	$	137.8	$	126.3
Projected benefit obligation attributable to acquisitions	—		—		37.7		—
Service cost	1.4		2.3		1.9		1.2
Interest cost	8.0		9.8		0.6		1.2
Actuarial loss	20.6		37.1		2.3		22.6
Benefits paid	(13.8)		(14.1)		(3.4)		(5.7)
Gain due to settlement	—		(1.7)		(4.7)		(2.2)
Employee contributions	—		—		1.0		0.9
Effect of exchange rates on projected benefit obligation	—		—		11.6		(6.5)
Projected benefit obligation at end of year	316.6		300.4		184.8		137.8
Change in plan assets:
Fair value of plan assets at beginning of year	280.6		253.3		33.5		31.9
Fair value of pension assets attributable to acquisitions	—		—		7.6		—
Actual return (loss) on plan assets	29.3		39.6		(1.1)		1.5
Employee and employer contributions	1.8		1.8		9.2		8.6
Benefits paid	(13.8)		(14.1)		(3.4)		(5.7)
Gain due to settlement	—		—		(4.7)		(2.2)
Effect of exchange rates on plan assets	—		—		2.7		(0.6)
Fair value of plan assets at end of year	297.9		280.6		43.8		33.5
Funded status:
Plan assets less than benefit obligations	$	(18.7)	$	(19.8)	$	(141.0)	$	(104.3)
Amounts recorded in the Consolidated Balance Sheets:
Prepaid pension costs, non-current	$	9.0	$	7.7	$	0.5	$	—
Accrued pension costs, current portion	(2.0)		(2.0)		(8.1)		(6.0)
Accrued pension costs, long-term portion	(25.7)		(25.5)		(133.3)		(98.3)
Plan assets less than benefit obligations	$	(18.7)	$	(19.8)	$	(140.9)	$	(104.3)

Schedule of accumulated benefit obligation in excess of plan assets

Selected information for plans with accumulated benefit obligations in excess of plan assets was:

	U.S. Pension Benefits September 30,				Non-U.S. Pension Benefits September 30,
	2020		2019		2020		2019
Projected benefit obligation	$	27.7	$	27.4	$	184.8	$	102.3
Accumulated benefit obligation	27.7		27.4		180.9		102.3
Fair value of plan assets	—		—		43.8		—

Summary of actuarial assumptions

The weighted-average assumptions used in accounting for defined benefit retirement plans were:

	U.S. Pension Benefits Year Ended September 30,						Non-U.S. Pension Benefits Year Ended September 30,
	2020		2019		2018		2020		2019		2018
Discount rate for obligation, end of year	2.6	%	3.1	%	4.2	%	0.6	%	0.3	%	1.2	%
Discount rate for expense, during the year	3.0	%	4.1	%	3.4	%	0.3	%	1.5	%	1.5	%
Expected rate of return on plan assets	4.1	%	5.2	%	5.6	%	1.9	%	1.5	%	2.0	%
Rate of compensation increase	3.0	%	3.0	%	3.0	%	2.0	%	2.0	%	2.0	%

Schedule of fair value of pension plan assets by asset category

	Fair Value at September 30, 2020 Using Inputs Considered as:
	Total		Level 1		Level 2		Level 3
Non-U.S. Pension Plans
Cash equivalents	$	5.6	$	5.6	$	—	$	—
Equity securities	12.4		12.4		—		—
Other types of investments:
Government index funds	6.0		6.0		—		—
Corporate bond funds	12.7		12.7		—		—
Real estate and real estate funds	3.8		—		—		3.8
Other	3.3		—		3.3		—
Total Non-U.S. pension plan assets	$	43.8	$	36.7	$	3.3	$	3.8

	Fair Value at September 30, 2019 Using Inputs Considered as:
	Total		Level 1		Level 2		Level 3
Non-U.S. Pension Plans
Cash equivalents	$	4.3	$	4.3	$	—	$	—
Equity securities	7.5		7.5		—		—
Other types of investments:	0		0		0		0
Government index funds	5.7		5.7		—		—
Corporate bond funds	11.0		11.0		—		—
Real estate and real estate funds	2.4		—		—		2.4
Other	2.6		—		2.6		—
Total Non-U.S. pension plan assets	$	33.5	$	28.5	$	2.6	$	2.4

Schedule of estimated future benefit payments

The following represents estimated future benefit payments, including expected future service, which are expected to be paid from plan assets or Company contributions as necessary:

	U.S. Pension Plans Projected Pension Benefits Payout		Non-U.S. Pension Plans Projected Pension Benefits Payout
2021	$	15.5	$	8.8
2022	15.7		8.6
2023	16.2		9.2
2024	16.5		9.1
2025	16.7		8.3
2026-2030	84.6		41.6

Other Postretirement Benefits Plan

Retirement and Postemployment Benefits

Schedule of changes in projected benefit obligations, plan assets, and funded status, along with amounts recognized in the consolidated balance sheets for defined benefit retirement plans

	September 30,
	2020		2019
Benefit obligation at beginning of year	$	8.2	$	7.6
Interest cost	0.2		0.3
Service cost	0.2		0.2
Actuarial loss	2.0		1.0
Net benefits paid	(2.1)		(0.9)
Benefit obligation at end of year	$	8.5	$	8.2
Amounts recorded in the consolidated balance sheets:
Accrued postretirement benefits, current portion	$	0.7	$	0.7
Accrued postretirement benefits, long-term portion	7.8		7.5
Net amount recognized	$	8.5	$	8.2

Schedule of weighted average assumptions under the postretirement healthcare plan

The weighted-average assumptions used in revaluing the Company’s obligation under the postretirement healthcare plan were:

	Year Ended September 30,
	2020		2019		2018
Discount rate for obligation	2.1	%	2.8	%	4.0	%
Healthcare cost rate assumed for next year	6.6	%	6.9	%	7.1	%
Ultimate trend rate	4.5	%	4.5	%	4.5	%