Equity and Other Comprehensive Income (Loss)

3 Months Ended

Dec. 31, 2023

Equity [Abstract]

Equity and Other Comprehensive Income (Loss)

Note 17. Equity and Other Comprehensive Income

Equity

Stock Repurchase Program

In July 2015, our board of directors authorized a repurchase program of up to 40.0 million shares of our outstanding Common Stock, representing approximately 15% of our outstanding Common Stock as of July 1, 2015. On May 4, 2022, our board of directors authorized a new repurchase program of up to 25.0 million shares of our Common Stock, representing approximately 10% of our outstanding Common Stock, plus any unutilized shares left from the July 2015 authorization. We have indefinitely suspended the program in light of the proposed Transaction (and related restrictions imposed by the Transaction Agreement). In the three months ended December 31, 2023 and 2022, we had no share repurchases under these programs.

Accumulated Other Comprehensive Loss

The tables below summarize the changes in accumulated other comprehensive loss, net of tax, by component for the three months ended December 31, 2023 and December 31, 2022 (in millions):

	Deferred (Loss) Income on Cash Flow Hedges			Defined Benefit Pension and Postretirement Plans			Foreign Currency Items			Total (1)
Balance at September 30, 2023	$	(4.9	)	$	(572.0	)	$	(321.7	)	$	(898.6	)
Other comprehensive (loss) income before    reclassifications		(11.6	)		—			158.8			147.2
Amounts reclassified from accumulated other    comprehensive loss		3.9			6.0			—			9.9
Net current period other comprehensive (loss) income		(7.7	)		6.0			158.8			157.1
Balance at December 31, 2023	$	(12.6	)	$	(566.0	)	$	(162.9	)	$	(741.5	)

(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, 2022	$	(9.1	)	$	(741.6	)	$	(703.6	)	$	(1,454.3	)
Other comprehensive (loss) income before    reclassifications		(21.8	)		—			117.2			95.4
Amounts reclassified from accumulated other    comprehensive loss		9.9			11.1			29.0			50.0
Net current period other comprehensive (loss) income		(11.9	)		11.1			146.2			145.4
Balance at December 31, 2022	$	(21.0	)	$	(730.5	)	$	(557.4	)	$	(1,308.9	)

(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 28% to 29% for the three months ended December 31, 2023 and 27% to 28% for the three months ended December 31, 2022. Although we are impacted by the exchange rates of a number of currencies to varying degrees by period, our foreign currency translation adjustments recorded in accumulated other comprehensive loss for the three months ended December 31, 2023 were primarily due to gains in the Mexican Peso, Brazilian Real, Canadian dollar and British Pound, each against the U.S. dollar. Foreign currency translation adjustments recorded in accumulated other comprehensive loss for the three months ended December 31, 2022 were primarily due to gains in the British Pound, Brazilian Real, Mexican Peso, Polish Zloty, Czech Koruna and Canadian dollar, 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
	December 31, 2023								December 31, 2022
	Pre-tax			Tax		Net of Tax			Pre-tax			Tax		Net of Tax
Amortization of defined benefit pension    and postretirement items: (1)
Actuarial losses (2)	$	(6.8	)	$	1.9	$	(4.9	)	$	(13.3	)	$	3.6	$	(9.7	)
Prior service costs (2)		(1.5	)		0.4		(1.1	)		(1.9	)		0.5		(1.4	)
Subtotal defined benefit plans		(8.3	)		2.3		(6.0	)		(15.2	)		4.1		(11.1	)
Foreign currency translation    adjustments: (1)
Recognition of previously unrealized        net foreign currency loss upon        consolidation of equity investment (3)		—			—		—			(29.0	)		—		(29.0	)
Derivative Instruments: (1)
Natural gas commodity hedge loss (4)		(5.2	)		1.3		(3.9	)		(13.2	)		3.3		(9.9	)
Total reclassifications for the period	$	(13.5	)	$	3.6	$	(9.9	)	$	(57.4	)	$	7.4	$	(50.0	)

(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 5. Retirement Plans” for additional details.

(3)Amount reflected in Equity in income (loss) of unconsolidated entities in the consolidated statements of operations.

(4)These accumulated other comprehensive loss components are included in Cost of goods sold.