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Retirement Benefits (Tables) - Defined Benefit Pension Plan
12 Months Ended
Sep. 30, 2020
Schedule of Net Periodic Benefit Cost The components of net periodic benefit cost for our defined benefit pension plans for fiscal years 2020, 2019, and 2018 were as follows:
202020192018
Year Ended 30 SeptemberU.S.InternationalU.S.InternationalU.S.International
Service cost$23.4 $23.3 $21.4 $19.3 $25.5 $25.5 
Interest cost91.2 24.8 113.4 35.8 107.2 37.3 
Expected return on plan assets(188.7)(77.4)(172.5)(75.1)(201.6)(81.7)
Prior service cost amortization1.2  1.1 — 1.6 — 
Actuarial loss amortization83.7 19.5 65.3 10.9 87.4 40.2 
Settlements5.0 0.2 6.2 0.2 45.0 3.5 
Special termination benefits  0.7 0.1 0.4 — 
Other 0.8 — 0.8 — 1.5 
Net Periodic (Benefit) Cost$15.8 ($8.8)$35.6 ($8.0)$65.5 $26.3 
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:
 202020192018
  U.S.InternationalU.S.InternationalU.S.International
Discount rate – Service cost3.3 %1.5 %4.3 %2.5 %3.9 %2.6 %
Discount rate – Interest cost2.9 %1.3 %4.0 %2.2 %3.3 %2.2 %
Expected return on plan assets7.0 %5.0 %7.0 %5.3 %7.5 %5.8 %
Rate of compensation increase3.5 %3.3 %3.5 %3.5 %3.5 %3.6 %

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:
20202019
U.S.InternationalU.S.International
Discount rate2.7 %1.5 %3.2 %1.5 %
Rate of compensation increase3.5 %3.3 %3.5 %3.3 %
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:
20202019
U.S.InternationalU.S.International
Change in Projected Benefit Obligation
Obligation at beginning of year$3,281.6 $1,864.0 $2,922.8 $1,660.5 
Service cost23.4 23.3 21.4 19.3 
Interest cost91.2 24.8 113.4 35.8 
Amendments1.6  1.1 4.7 
Actuarial loss (gain)190.5 (11.6)380.3 300.2 
Settlements (11.7)(0.9)(12.2)(1.6)
Special termination benefits  0.7 0.1 
Participant contributions 1.2 — 1.3 
Benefits paid(152.5)(49.8)(146.2)(47.7)
Currency translation and other(0.3)98.7 0.3 (108.6)
Obligation at End of Year$3,423.8 $1,949.7 $3,281.6 $1,864.0 
Schedule of Changes in Fair Value of Plan Assets
20202019
U.S.InternationalU.S.International
Change in Plan Assets
Fair value at beginning of year$2,832.4 $1,672.4 $2,684.9 $1,588.2 
Actual return on plan assets364.6 (3.1)289.9 208.0 
Company contributions15.5 22.0 16.0 24.2 
Participant contributions 1.2 — 1.3 
Benefits paid(152.5)(49.8)(146.2)(47.7)
Settlements(11.7)(0.9)(12.2)(1.6)
Currency translation and other 85.0 — (100.0)
Fair Value at End of Year$3,048.3 $1,726.8 $2,832.4 $1,672.4 
Funded Status at End of Year($375.5)($222.9)($449.2)($191.6)
Schedule of Amounts Recognized in Balance Sheet
20202019
U.S.InternationalU.S.International
Amounts Recognized
Noncurrent assets$26.5 $— $17.3 $11.4 
Accrued liabilities10.5 0.2 18.3 — 
Noncurrent liabilities391.5 222.7 448.2 203.0 
Net Liability Recognized$375.5 $222.9 $449.2 $191.6 
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 2020 and 2019 consist of the following:
20202019
U.S.InternationalU.S.International
Net actuarial loss arising during the period$14.6 $68.9 $262.9 $161.5 
Amortization of net actuarial loss(88.7)(19.7)(71.5)(11.1)
Prior service cost arising during the period1.6  1.1 4.7 
Amortization of prior service cost(1.2) (1.1)— 
Total($73.7)$49.2 $191.4 $155.1 
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:
20202019
U.S.InternationalU.S.International
Net actuarial loss$797.7 $643.2 $871.8 $594.0 
Prior service cost (credit)7.0 3.6 6.6 3.6 
Net transition liability 0.4 — 0.4 
Total$804.7 $647.2 $878.4 $598.0 
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:
20202019
30 SeptemberU.S.InternationalU.S.International
Pension Plans with PBO in Excess of Plan Assets:
PBO$3,202.2 $1,949.7 $3,069.2 $521.1 
Fair value of plan assets2,800.3 1,726.7 2,602.8 318.0 
PBO in excess of plan assets$401.9 $223.0 $466.4 $203.1 
Pension Plans with ABO in Excess of Plan Assets:
ABO$3,081.4 $475.8 $2,941.2 $413.3 
Fair value of plan assets2,800.3 324.4 2,602.8 266.5 
ABO in excess of plan assets$281.1 $151.4 $338.4 $146.8 
Schedule of Target and Actual Asset Allocations by Category The actual and target allocations at the measurement date are as follows:
2020 Target Allocation2020 Actual Allocation2019 Actual Allocation
U.S.InternationalU.S.InternationalU.S.International
Asset Category
Equity securities
42 - 57%
40 - 49%
51 %43 %38 %42 %
Debt securities
35 - 50%
51 - 60%
43 %56 %56 %57 %
Real estate and other
— - 10%
 %5 % %%— %
Cash % %1 %1 %— %%
Total100 %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 14, Fair Value Measurements, for definition of the levels):
20202019
30 SeptemberTotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
U.S. Qualified Pension Plans
Cash and cash equivalents$16.9 $16.9 $— $— $13.7 $13.7 $— $— 
Equity securities573.9 573.9   401.1 401.1 — — 
Equity mutual funds213.1 213.1   152.9 152.9 — — 
Equity pooled funds762.0  762.0  524.8 — 524.8 — 
Fixed income:
Bonds (government
and corporate)
1,312.7  1,312.7  1,572.1 — 1,572.1 — 
Total U.S. Qualified Pension Plans at Fair Value$2,878.6 $803.9 $2,074.7 $— $2,664.6 $567.7 $2,096.9 $— 
Real estate pooled funds(A)
169.7 167.8 
Total U.S. Qualified Pension Plans$3,048.3 $2,832.4 
International Pension Plans
Cash and cash equivalents$13.9 $13.9 $— $— $13.4 $13.4 $— $— 
Equity pooled funds746.8  746.8  711.3 — 711.3 — 
Fixed income pooled funds694.1  694.1  679.9 — 679.9 — 
Other pooled funds15.5  15.5  13.7 — 13.7 — 
Insurance contracts256.5   256.5 254.1 — — 254.1 
Total International Pension Plans$1,726.8 $13.9 $1,456.4 $256.5 $1,672.4 $13.4 $1,404.9 $254.1 
(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, which comprised of investments in insurance contracts:
Balance at 30 September 2018$217.7 
Actual return on plan assets:
Assets held at end of year38.1 
Purchases, sales, and settlements, net(1.7)
Balance at 30 September 2019$254.1 
Actual return on plan assets:
Assets held at end of year2.4 
Balance at 30 September 2020$256.5 
Schedule of Expected Benefit Payments
Projected benefit payments, which reflect expected future service, are as follows:
U.S.International
2021$163.7 $52.0 
2022165.2 52.8 
2023169.8 56.9 
2024174.0 60.2 
2025177.9 59.9 
2026-2030932.6 334.4