XML 61 R46.htm IDEA: XBRL DOCUMENT v3.5.0.2
Retirement Plans (Tables)
 12 Months Ended
Sep. 30, 2016
Compensation and Retirement Disclosure [Abstract]  
Schedule of Net Periodic Benefit Cost
The net periodic benefit cost (credit) for the Company's pension and postretirement benefit plans was as follows:
 
Pension Benefits
 
Postretirement Benefits
 
Fiscal Year
 
Fiscal Year
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Service cost
$
1.8

 
$
2.4

 
$
2.7

 
$
0.1

 
$
0.1

 
$
0.1

Interest cost
13.2

 
14.5

 
15.4

 
2.0

 
1.9

 
2.1

Expected return on plan assets
(16.7
)
 
(18.9
)
 
(20.5
)
 
—

 
—

 
—

Amortization of net actuarial loss
11.3

 
9.2

 
8.0

 
—

 
—

 
—

Amortization of prior service cost
—

 
—

 
—

 
(2.1
)
 
(4.0
)
 
(9.3
)
Loss on plan settlements
8.1

 
5.9

 
3.8

 
—

 
—

 
—

Net periodic benefit cost (credit)
$
17.7

 
$
13.1

 
$
9.4

 
$
—

 
$
(2.0
)
 
$
(7.1
)
Schedule of Changes in Benefit Obligations, Plan Assets, and Funded Status of Plans
The following table represents the changes in benefit obligations, plan assets and the net amounts recognized on the consolidated balance sheets for pension and postretirement benefit plans at the end of fiscal 2016 and 2015:
 
Pension Benefits
 
Postretirement Benefits
 
2016
 
2015
 
2016
 
2015
Change in benefit obligation:
 
 
 
 
 
 
 
Projected benefit obligations at beginning of year
$
375.5

 
$
400.8

 
$
52.2

 
$
52.0

Service cost
1.8

 
2.4

 
0.1

 
0.1

Interest cost
13.2

 
14.5

 
2.0

 
1.9

Actuarial (gain) loss
65.5

 
(0.8
)
 
0.5

 
2.1

Benefits and administrative expenses paid
(20.1
)
 
(17.8
)
 
(4.0
)
 
(3.9
)
Plan settlements
(26.5
)
 
(23.6
)
 
—

 
—

Plan curtailments and amendments
(0.4
)
 
—

 
—

 
—

Net transfer in/(out)
—

 
0.7

 
—

 
—

Currency translation
0.1

 
(0.7
)
 
—

 
—

Projected benefit obligations at end of year
$
409.1

 
$
375.5

 
$
50.8

 
$
52.2

 
 
 
 
 
 
 
 
Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$
309.9

 
$
339.0

 
$
—

 
$
—

Actual return on plan assets
29.5

 
1.9

 
—

 
—

Employer contributions
16.7

 
10.4

 
4.0

 
3.9

Benefits and administrative expenses paid
(20.1
)
 
(17.8
)
 
(4.0
)
 
(3.9
)
Plan settlements
(26.5
)
 
(23.6
)
 
—

 
—

Currency translation
—

 
—

 
—

 
—

Fair value of plan assets at end of year
$
309.5

 
$
309.9

 
$
—

 
$
—

Funded status at end of year
$
(99.6
)
 
$
(65.6
)
 
$
(50.8
)
 
$
(52.2
)
Schedule of Amounts Recognized in Balance Sheet
 
Pension Benefits
 
Postretirement Benefits
 
2016
 
2015
 
2016
 
2015
Amounts recognized on the consolidated balance sheet:
 
 
 
 
 
 
 
Non-current assets
$
4.0

 
$
3.9

 
$
—

 
$
—

Current liabilities
(5.2
)
 
(2.9
)
 
(4.3
)
 
(4.6
)
Non-current liabilities
(98.4
)
 
(66.6
)
 
(46.5
)
 
(47.6
)
Net amount recognized on the consolidated balance sheet
$
(99.6
)
 
$
(65.6
)
 
$
(50.8
)
 
$
(52.2
)
 
 
 
 
 
 
 
 
Amounts recognized in accumulated other comprehensive income consist of:
 
 
 
 
 
 
 
Net actuarial loss
$
(141.2
)
 
$
(107.9
)
 
$
(5.6
)
 
$
(5.1
)
Prior service credit
0.3

 
—

 
12.8

 
14.9

Net amount recognized in accumulated other comprehensive income
$
(140.9
)
 
$
(107.9
)
 
$
7.2

 
$
9.8
Schedule of Amounts to be Amortized from Accumulated Other Comprehensive Income
The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost (credit) in fiscal 2017 are as follows:
 
Pension Benefits
 
Postretirement Benefits
Amortization of net actuarial loss
$
14.1

 
$
0.1

Amortization of prior service cost
0.3

 
(2.1
)
Schedule of Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Additional information related to pension plans is as follows:
 
2016
 
2015
Pension plans with accumulated benefit obligations in excess of plan assets:
 
 
 
Accumulated benefit obligation
$
398.1

 
$
363.4

Fair value of plan assets
295.0

 
294.1
Schedule of Actuarial Assumptions
Weighted-average assumptions used each fiscal year to determine net periodic benefit cost for the Company's pension plans are as follows:
 
U.S. Plans
 
Non-U.S. Plans
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Discount rate
3.9
%
 
3.8
%
 
4.2
%
 
2.0
%
 
2.4
%
 
3.1
%
Expected return on plan assets
5.8
%
 
6.0
%
 
6.5
%
 
2.0
%
 
2.0
%
 
2.0
%
Rate of compensation increase
—
%
 
—
%
 
—
%
 
—
%
 
—
%
 
—
%

Weighted-average assumptions used each fiscal year to determine benefits obligations for the Company's pension plans are as follows:
 
U.S. Plans
 
Non-U.S. Plans
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Discount rate
2.3
%
 
3.9
%
 
3.9
%
 
1.3
%
 
2.4
%
 
2.4
%
Rate of compensation increase
—
%
 
—
%
 
—
%
 
—
%
 
—
%
 
—
%
The weighted-average discount rate used to determine net periodic benefit cost and obligations for the Company's postretirement benefit plans are as follows:
 
2016
 
2015
 
2014
Net periodic benefit cost
4.0
%
 
3.6
%
 
4.0
%
Benefit obligations
3.2
%
 
3.9
%
 
3.7
%
Schedule of Healthcare Cost Trend Rates
Healthcare cost trend assumptions for postretirement benefit plans are as follows:
 
2016
 
2015
Healthcare cost trend rate assumed for next fiscal year
7.1
%
 
7.1
%
Rate to which the cost trend rate is assumed to decline
4.5
%
 
4.5
%
Fiscal year the ultimate trend rate is achieved
2029

 
2029
Schedule of Effect of One-Percentage-Point Change in Assumed Healthcare Cost Trend Rates
A one-percentage-point change in assumed healthcare cost trend rates would have the following effects:
 
One-Percentage-Point Increase
 
One-Percentage-Point Decrease
Effect on total of service and interest cost
$
—

 
$
—

Effect on postretirement benefit obligation
0.3

 
(0.2
)
Schedule of Weighted Average Allocation of Plan Assets
Pension plans have the following weighted-average asset allocations at the end of each fiscal year:
 
U.S. Plans
 
2016
 
2015
Equity securities
—
%
 
27
%
Debt securities
96

 
70

Cash and cash equivalents
4

 
3

Other
—

 
—

Total
100
%
 
100
%
Schedule of Fair Value of Plan Assets
The following tables provide a summary of plan assets held by the Company's pension plans that are measured at fair value on a recurring basis at the end of fiscal 2016 and 2015:
 
 
 
Basis of Fair Value Measurement
 
Fiscal 2016
 
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Equity Securities:
 
 
 
 
 
 
 
U.S. large cap
1.4

 
1.4

 
—

 
—

Debt securities:
 
 
 
 
 
 
 
Diversified fixed income funds (1)
296.1

 
296.1

 
—

 
—

Other
12.0

 
12.0

 
—

 
—

Total
$
309.5

 
$
309.5

 
$
—

 
$
—


 
 
 
Basis of Fair Value Measurement
 
Fiscal 2015
 
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Equity Securities:
 
 
 
 
 
 
 
U.S. small mid cap
$
15.1

 
$
15.1

 
$
—

 
$
—

U.S. large cap
46.2

 
46.2

 
—

 
—

International
22.9

 
22.7

 
0.2

 
—

Debt securities:
 
 
 
 
 
 
 
Diversified fixed income funds (1)
197.2

 
196.9

 
0.3

 
—

High yield bonds
11.3

 
11.3

 
—

 
—

Emerging market funds
7.4

 
7.4

 
—

 
—

Other
9.8

 
9.0

 
0.8

 
—

Total
$
309.9

 
$
308.6

 
$
1.3

 
$
—

(1)
Diversified fixed income funds consist of U.S. Treasury bonds, mortgage-backed securities, corporate bonds, asset-backed securities and U.S. agency bonds.
Schedule of Expected Benefit Payments
Benefit payments expected to be paid, reflecting future expected service as appropriate, are as follows:
 
Pension Benefits
 
Postretirement Benefits
Fiscal 2017
$
113.2

 
$
4.3

Fiscal 2018
22.2

 
4.0

Fiscal 2019
21.8

 
3.7

Fiscal 2020
20.5

 
3.5

Fiscal 2021
19.2

 
3.3

Fiscal 2021 - 2025
85.9

 
14.9