Equity and Other Comprehensive Income (Loss)

6 Months Ended

Mar. 31, 2022

Equity [Abstract]

Equity and Other Comprehensive Income (Loss)

Note 14. Equity and Other Comprehensive Income (Loss)

Equity

Stock Repurchase Program

In July 2015, our board of directors authorized a repurchase program of up to 40.0 million shares of our Common Stock, representing approximately 15% of our outstanding common stock, par value $0.01 per share (“Common Stock”) as of July 1, 2015. The shares of Common Stock may be repurchased over an indefinite period of time at the discretion of management. Pursuant to the program, in the six months ended March 31, 2022, we repurchased approximately 7.2 million shares of our Common Stock for an aggregate cost of $332.1 million. The amount reflected as purchased in the condensed consolidated statements of cash flows varies due to the timing of share settlement. In the six months ended March 31, 2021, we repurchased no shares of Common Stock. As of March 31, 2022, we had approximately 9.4 million shares of Common Stock available for repurchase under the program.

On May 4, 2022, our board of directors authorized a new repurchase program of up to 25.0 million shares of our Common Stock, plus any unutilized shares left from the July 2015 authorization. The 25.0 million shares represents an additional authorization of approximately 10% of our outstanding Common Stock.

Accumulated Other Comprehensive Loss

The tables below summarize the changes in accumulated other comprehensive loss, net of tax, by component for the six months ended March 31, 2022 and March 31, 2021 (in millions):

	Deferred (Loss) Income on Cash Flow Hedges			Defined Benefit Pension and Postretirement Plans			Foreign Currency Items			Total (1)
Balance at September 30, 2021	$	(0.2	)	$	(536.5	)	$	(462.4	)	$	(999.1	)
Other comprehensive income before reclassifications		—			0.1			113.4			113.5
Amounts reclassified from accumulated other    comprehensive loss		—			5.4			—			5.4
Net current period other comprehensive income		—			5.5			113.4			118.9
Balance at March 31, 2022	$	(0.2	)	$	(531.0	)	$	(349.0	)	$	(880.2	)

(1) All amounts are net of tax and noncontrolling interests.

	Deferred (Loss) Income on Cash Flow Hedges			Defined Benefit Pension and Postretirement Plans			Foreign Currency Items			Total (1)
Balance at September 30, 2020	$	(5.6	)	$	(727.7	)	$	(586.6	)	$	(1,319.9	)
Other comprehensive (loss) income before    reclassifications		(0.1	)		—			109.5			109.4
Amounts reclassified from accumulated other    comprehensive loss		2.9			13.3			—			16.2
Net current period other comprehensive income		2.8			13.3			109.5			125.6
Balance at March 31, 2021	$	(2.8	)	$	(714.4	)	$	(477.1	)	$	(1,194.3	)

(1) All amounts are net of tax and noncontrolling interests.

The net of tax amounts were determined using the jurisdictional statutory rates, and reflect effective tax rates averaging 25% to 26% for the six months ended March 31, 2022 and 24% to 25% for the six months ended March 31, 2021. Although we are impacted by the exchange rates of a number of currencies, foreign currency translation adjustments recorded in accumulated other comprehensive loss for the six months ended March 31, 2022 were primarily due to gains in the Brazilian Real, Canadian dollar and Mexican Peso partially offset by losses in the British Pound, each against the U.S. dollar. Foreign currency translation adjustments recorded in accumulated other comprehensive loss for the six months ended March 31, 2021 were primarily due to gains in the Canadian dollar, Mexican Peso and British Pound partially offset by losses in the Brazilian Real, each against the U.S. dollar.

The following table summarizes the reclassifications out of accumulated other comprehensive loss by component (in millions):

	Three Months Ended								Three Months Ended
	March 31, 2022								March 31, 2021
	Pre-tax			Tax		Net of Tax			Pre-tax			Tax		Net of Tax
Amortization of defined benefit pension and    postretirement items: (1)
Actuarial losses (2)	$	(1.9	)	$	0.5	$	(1.4	)	$	(7.4	)	$	1.7	$	(5.7	)
Prior service costs (2)		(1.9	)		0.5		(1.4	)		(1.3	)		0.3		(1.0	)
Subtotal defined benefit plans		(3.8	)		1.0		(2.8	)		(8.7	)		2.0		(6.7	)
Derivative Instruments: (1)
Interest rate swap hedge loss (3)		—			—		—			(1.9	)		0.5		(1.4	)
Total reclassifications for the period	$	(3.8	)	$	1.0	$	(2.8	)	$	(10.6	)	$	2.5	$	(8.1	)

(1) Amounts in parentheses indicate charges to earnings. Amounts pertaining to noncontrolling interests are excluded.

(2) Included in the computation of net periodic pension cost. See “Note 4. Retirement Plans” for additional details.

(3) These accumulated other comprehensive income components are included in Interest expense, net.

	Six Months Ended								Six Months Ended
	March 31, 2022								March 31, 2021
	Pre-tax			Tax		Net of Tax			Pre-tax			Tax		Net of Tax
Amortization of defined benefit pension and    postretirement items: (1)
Actuarial losses (2)	$	(3.5	)	$	0.9	$	(2.6	)	$	(14.8	)	$	3.6	$	(11.2	)
Prior service costs (2)		(3.8	)		1.0		(2.8	)		(2.8	)		0.7		(2.1	)
Subtotal defined benefit plans		(7.3	)		1.9		(5.4	)		(17.6	)		4.3		(13.3	)
Derivative Instruments: (1)
Interest rate swap hedge loss (3)		—			—		—			(3.9	)		1.0		(2.9	)
Total reclassifications for the period	$	(7.3	)	$	1.9	$	(5.4	)	$	(21.5	)	$	5.3	$	(16.2	)

(1) Amounts in parentheses indicate charges to earnings. Amounts pertaining to noncontrolling interests are excluded.

(2) Included in the computation of net periodic pension cost. See “Note 4. Retirement Plans” for additional details.

(3) These accumulated other comprehensive income components are included in Interest expense, net.