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Retirement Benefits (Tables) - Defined Benefit Pension Plan
 12 Months Ended
Sep. 30, 2019
Schedule of Net Periodic Benefit Cost The cost of our defined benefit pension plans in fiscal years 2019, 2018, and 2017 included the following components:
 
2019
 
2018
 
2017
 
U.S.

International

 
U.S.

International

 
U.S.

International

Service cost

$21.4


$19.3

 

$25.5


$25.5

 

$29.0


$25.9

Interest cost
113.4

35.8

 
107.2

37.3

 
107.5

32.2

Expected return on plan assets
(172.5
)
(75.1
)
 
(201.6
)
(81.7
)
 
(207.7
)
(75.2
)
Amortization
 
 
 
 
 
 
 
 
Net actuarial loss
65.3

10.9

 
87.4

40.2

 
88.7

54.7

Prior service cost (credit)
1.1

—

 
1.6

—

 
2.3

(.1
)
Settlements
6.2

.2

 
45.0

3.5

 
10.5

1.7

Curtailments
—

—

 
—

—

 
4.3

(1.3
)
Special termination benefits
.7

.1

 
.4

—

 
2.8

.4

Other
—

.8

 
—

1.5

 
—

1.1

Net Periodic Benefit Cost/(Benefit) – Total

$35.6


($8.0
)
 

$65.5


$26.3

 

$37.4


$39.4

Less: Discontinued Operations
—

—

 
—

—

 
(.7
)
(4.1
)
Net Periodic Benefit Cost/(Benefit) – Continuing Operations

$35.6


($8.0
)
 

$65.5


$26.3

 

$36.7


$35.3
Schedule of Assumptions Used in The Calculation of Net Periodic Pension Cost and PBO The following table sets forth the weighted average assumptions used in the calculation of net periodic benefit cost:
 
2019
 
2018
 
2017
  
U.S.

International

 
U.S.

International

 
U.S.

International

Discount rate – Service cost
4.3
%
2.5
%
 
3.9
%
2.6
%
 
3.6
%
2.1
%
Discount rate – Interest cost
4.0
%
2.2
%
 
3.3
%
2.2
%
 
3.0
%
1.8
%
Expected return on plan assets
7.0
%
5.3
%
 
7.5
%
5.8
%
 
8.0
%
6.1
%
Rate of compensation increase
3.5
%
3.5
%
 
3.5
%
3.6
%
 
3.5
%
3.5
%

The projected benefit obligation (PBO) is the actuarial present value of benefits attributable to employee service rendered to date, including the effects of estimated future salary increases. The following table sets forth the weighted average assumptions used in the calculation of the PBO:
 
 
2019
 
2018
 
 
U.S.

 
International

 
U.S.

 
International

Discount rate
 
3.2
%
 
1.5
%
 
4.3
%
 
2.5
%
Rate of compensation increase
 
3.5
%
 
3.3
%
 
3.5
%
 
3.5
%
Schedule of Changes in Projected Benefit Obligations
The following tables reflect the change in the PBO and the change in the fair value of plan assets based on the plan year measurement date, as well as the amounts recognized in the consolidated balance sheets:
 
 
2019
 
2018
 
 
U.S.

 
International

 
U.S.

 
International

Change in Projected Benefit Obligation
 
 
 
 
 
 
 
 
Obligation at beginning of year
 

$2,922.8

 

$1,660.5

 

$3,357.7

 

$1,749.5

Service cost
 
21.4

 
19.3

 
25.5

 
25.5

Interest cost
 
113.4

 
35.8

 
107.2

 
37.3

Amendments
 
1.1

 
4.7

 
.1

 
.7

Actuarial loss (gain)
 
380.3

 
300.2

 
(217.8
)
 
(33.9
)
Settlements
 
(12.2
)
 
(1.6
)
 
(193.0
)
 
(24.6
)
Special termination benefits
 
.7

 
.1

 
.4

 
—

Participant contributions
 
—

 
1.3

 
—

 
1.4

Benefits paid
 
(146.2
)
 
(47.7
)
 
(157.3
)
 
(51.3
)
Currency translation and other
 
.3

 
(108.6
)
 
—

 
(44.1
)
Obligation at End of Year
 

$3,281.6

 

$1,864.0

 

$2,922.8

 

$1,660.5
Schedule of Changes in Fair Value of Plan Assets
 
 
2019
 
2018
 
 
U.S.

 
International

 
U.S.

 
International

Change in Plan Assets
 
 
 
 
 
 
 
 
Fair value at beginning of year
 

$2,684.9

 

$1,588.2

 

$2,869.2

 

$1,540.0

Actual return on plan assets
 
289.9

 
208.0

 
150.2

 
115.5

Company contributions
 
16.0

 
24.2

 
14.6

 
53.7

Participant contributions
 
—

 
1.3

 
—

 
1.4

Benefits paid
 
(146.2
)
 
(47.7
)
 
(157.3
)
 
(51.3
)
Settlements
 
(12.2
)
 
(1.6
)
 
(191.8
)
 
(24.6
)
Currency translation and other
 
—

 
(100.0
)
 
—

 
(46.5
)
Fair Value at End of Year
 

$2,832.4

 

$1,672.4

 

$2,684.9

 

$1,588.2

Funded Status at End of Year
 

($449.2
)
 

($191.6
)
 

($237.9
)
 

($72.3
)
Schedule of Amounts Recognized in Balance Sheet
 
 
2019
 
2018
 
 
U.S.

 
International

 
U.S.

 
International

Amounts Recognized
 
 
 
 
 
 
 
 
Noncurrent assets
 

$17.3

 

$11.4

 

$28.2

 

$103.5

Accrued liabilities
 
18.3

 
—

 
23.5

 
1.2

Noncurrent liabilities
 
448.2

 
203.0

 
242.6

 
174.6

Net Liability Recognized
 

$449.2

 

$191.6

 

$237.9

 

$72.3
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The changes in plan assets and benefit obligation that have been recognized in other comprehensive income on a pretax basis during fiscal years 2019 and 2018 consist of the following:
 
 
2019
 
2018
 
 
U.S.

 
International

 
U.S.

 
International

Net actuarial loss (gain) arising during the period
 

$262.9

 

$161.5

 

($167.7
)
 

($64.6
)
Amortization of net actuarial loss
 
(71.5
)
 
(11.1
)
 
(132.4
)
 
(43.7
)
Prior service cost arising during the period
 
1.1

 
4.7

 
.1

 
.7

Amortization of prior service cost
 
(1.1
)
 
—

 
(1.6
)
 
—

Total
 

$191.4

 

$155.1

 

($301.6
)
 

($107.6
)
Schedule of Components Recognized in Accumulated Other Comprehensive Income on Pretax Basis
The components recognized in accumulated other comprehensive loss on a pretax basis at 30 September consisted of the following:
 
 
2019
 
2018
 
 
U.S.

 
International

 
U.S.

 
International

Net actuarial loss
 

$871.8

 

$594.0

 

$680.4

 

$443.6

Prior service cost (credit)
 
6.6

 
3.6

 
6.6

 
(1.1
)
Net transition liability
 
—

 
.4

 
—

 
.4

Total
 

$878.4

 

$598.0

 

$687.0

 

$442.9
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year
The amount of accumulated other comprehensive loss at 30 September 2019 that is expected to be recognized as a component of net periodic pension cost during fiscal year 2020, excluding amounts that may be recognized through settlement losses, is as follows:
 
 
U.S.

 
International

Net actuarial loss
 

$84.2

 

$19.2

Prior service cost (credit)
 
1.4

 
—
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
The following table provides information on pension plans where the benefit liability exceeds the value of plan assets:
 
30 September 2019
 
30 September 2018
 
U.S.

International

 
U.S.

International

Pension Plans with PBO in Excess of Plan Assets:
 
 
 
 
 
PBO

$3,069.2


$521.1

 

$2,733.6


$452.6

Fair value of plan assets
2,602.8

318.0

 
2,467.5

276.8

Pension Plans with ABO in Excess of Plan Assets:
 
 
 
 
 
ABO

$2,941.2


$413.3

 

$2,608.6


$357.9

Fair value of plan assets
2,602.8

266.5

 
2,467.5

228.2
Schedule of Target and Actual Asset Allocations by Category The actual and target allocations at the measurement date are as follows:
 
 
2019 Target Allocation
 
2019 Actual Allocation
 
2018 Actual Allocation
 
 
U.S.
 
International
 
U.S.

 
International

 
U.S.

 
International

Asset Category
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
 
43
-
58%
 
39
-
49%
 
38
%
 
42
%
 
41
%
 
46
%
Debt securities
 
34
-
49%
 
51
-
61%
 
56
%
 
57
%
 
50
%
 
53
%
Real estate and other
 
—
-
10%
 

 
—%
 
6
%
 
—
%
 
8
%
 
—
%
Cash
 
 
 
—%
 
 
 
—%
 
—
%
 
1
%
 
1
%
 
1
%
Total
 
 
 
 
 
 
 
 
 
100
%
 
100
%
 
100
%
 
100
%
Schedule of Allocation of Plan Assets
The following table summarizes pension plan assets measured at fair value by asset class (see Note 15, Fair Value Measurements, for definition of the levels):
 
30 September 2019
 
30 September 2018
 
Total
Level 1
Level 2
Level 3
 
Total
Level 1
Level 2
Level 3
U.S. Qualified Pension Plans
 
 
 
 
 
 
 
 
 
Cash and cash equivalents

$13.7


$13.7


$—


$—

 

$13.8


$13.8


$—


$—

Equity securities
401.1

401.1

—

—

 
397.9

397.9

—

—

Equity mutual funds
152.9

152.9

—

—

 
173.8

173.8

—

—

Equity pooled funds
524.8

—

524.8

—

 
545.2

—

545.2

—

Fixed income:
 
 
 
 
 
 
 
 
 
Bonds (government
and corporate)
1,572.1

—

1,572.1

—

 
1,344.6

—

1,344.6

—

Total U.S. Qualified Pension Plans at Fair Value

$2,664.6


$567.7


$2,096.9


$—

 

$2,475.3


$585.5


$1,889.8


$—

Real estate pooled funds(A)

$167.8

 
 
 
 

$209.6

 
 
 
Total U.S. Qualified Pension Plans

$2,832.4





 
 

$2,684.9





 
International Pension Plans
 
 
 
 
 
 
 
 
 
Cash and cash equivalents

$13.4


$13.4


$—


$—

 

$15.8


$15.8


$—


$—

Equity pooled funds
711.3

—

711.3

—

 
727.9

—

727.9

—

Fixed income pooled funds
679.9

—

679.9

—

 
615.2

—

615.2

—

Other pooled funds
13.7

—

13.7

—

 
11.6

—

11.6

—

Insurance contracts
254.1

—

—

254.1

 
217.7

—

—

217.7

Total International Pension Plans

$1,672.4


$13.4


$1,404.9


$254.1

 

$1,588.2


$15.8


$1,354.7


$217.7


(A) 
Real estate pooled funds consist of funds that invest in properties. These funds generally allow for quarterly redemption with 30 days' notice. Timing for redemption could be delayed based on the priority of our request and the availability of funds. Interests in these funds are valued using the net asset value (NAV) per share practical expedient and are not classified in the fair value hierarchy.
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets
The following table summarizes changes in fair value of the pension plan assets classified as Level 3, by asset class:
 
 
Other
Pooled Funds

 
Insurance
Contracts

 
Total

30 September 2017
 

$7.8

 

$41.4

 

$49.2

Actual return on plan assets:
 
 
 
 
 
 
Assets held at end of year
 
—

 
.9

 
.9

Assets sold during the period
 
.5

 
—

 
.5

Purchases, sales, and settlements, net
 
(8.3
)
 
175.4

 
167.1

30 September 2018
 

$—

 

$217.7

 

$217.7

Actual return on plan assets:
 
 
 
 
 
 
Assets held at end of year
 
—

 
38.1

 
38.1

Purchases, sales, and settlements, net
 
—

 
(1.7
)
 
(1.7
)
30 September 2019
 

$—

 

$254.1

 

$254.1
Schedule of Expected Benefit Payments
Projected benefit payments, which reflect expected future service, are as follows:
 
 
U.S.

 
International

2020
 

$166.8

 

$47.9

2021
 
160.0

 
49.1

2022
 
166.0

 
50.1

2023
 
170.1

 
54.3

2024
 
174.1

 
58.0

2025-2029
 
919.9

 
308.3