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Retirement Benefits (Tables) - Defined Benefit Pension Plan
12 Months Ended
Sep. 30, 2022
Schedule of Net Periodic Benefit Cost The components of net periodic (benefit) cost for our defined benefit pension plans for fiscal years 2022, 2021, and 2020 were as follows:
Fiscal Year Ended 30 September
202220212020
U.S.Inter-
national
TotalU.S.Inter-
national
TotalU.S.Inter-
national
Total
Service cost$18.3 $21.5 $39.8 $21.3 $23.4 $44.7 $23.4 $23.3 $46.7 
Non-service (benefit) cost:
Interest cost73.9 28.9 102.8 68.9 25.2 94.1 91.2 24.8 116.0 
Expected return on plan assets(168.3)(67.4)(235.7)(194.5)(83.4)(277.9)(188.7)(77.4)(266.1)
Prior service cost amortization1.3 — 1.3 1.2 — 1.2 1.2 — 1.2 
Actuarial loss amortization66.0 14.7 80.7 78.5 19.3 97.8 83.7 19.5 103.2 
Settlements6.0 0.2 6.2 1.3 0.5 1.8 5.0 0.2 5.2 
Other— 1.3 1.3 — 1.0 1.0 — 0.8 0.8 
Net Periodic (Benefit) Cost($2.8)($0.8)($3.6)($23.3)($14.0)($37.3)$15.8 ($8.8)$7.0 
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:
 202220212020
  U.S.InternationalU.S.InternationalU.S.International
Discount rate – Service cost3.0 %1.9 %3.0 %1.6 %3.3 %1.5 %
Discount rate – Interest cost2.3 %1.6 %2.1 %1.2 %2.9 %1.3 %
Expected return on plan assets5.8 %4.0 %6.8 %4.7 %7.0 %5.0 %
Rate of compensation increase3.5 %3.3 %3.5 %3.3 %3.5 %3.3 %
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:
20222021
U.S.InternationalU.S.International
Discount rate5.6 %4.7 %2.9 %1.8 %
Rate of compensation increase3.5 %3.4 %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:
20222021
U.S.InternationalU.S.International
Change in Projected Benefit Obligation
Obligation at beginning of year$3,335.3 $1,969.6 $3,423.8 $1,949.7 
Service cost18.3 21.5 21.3 23.4 
Interest cost73.9 28.9 68.9 25.2 
Amendments1.5 0.1 0.5 — 
Actuarial (gain) loss(793.8)(575.2)(17.7)(30.9)
Settlements (19.2)(0.9)(3.0)(1.8)
Participant contributions 1.2 — 1.3 
Benefits paid(165.2)(53.0)(158.5)(52.8)
Currency translation and other (254.7)— 55.5 
Obligation at End of Year$2,450.8 $1,137.5 $3,335.3 $1,969.6 
Schedule of Changes in Fair Value of Plan Assets
20222021
U.S.InternationalU.S.International
Change in Plan Assets
Fair value at beginning of year$3,343.7 $1,905.0 $3,048.3 $1,726.8 
Actual return on plan assets(778.3)(498.5)450.0 140.1 
Company contributions23.0 21.7 6.9 37.7 
Participant contributions 1.2 — 1.3 
Benefits paid(165.2)(53.0)(158.5)(52.8)
Settlements(19.2)(0.9)(3.0)(1.8)
Currency translation and other (253.5)— 53.7 
Fair Value at End of Year$2,404.0 $1,122.0 $3,343.7 $1,905.0 
Funded Status at End of Year($46.8)($15.5)$8.4 ($64.6)
Schedule of Amounts Recognized in Balance Sheet
20222021
U.S.InternationalU.S.International
Amounts Recognized
Noncurrent assets$36.4 $97.5 $90.5 $128.7 
Accrued liabilities5.8 0.4 19.6 0.5 
Noncurrent liabilities77.4 112.6 62.5 192.8 
Net Asset (Liability) Recognized($46.8)($15.5)$8.4 ($64.6)
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 2022 and 2021 consist of the following:
20222021
U.S.InternationalU.S.International
Net actuarial (gain) loss arising during the period$152.8 ($9.3)($273.2)($87.6)
Amortization of net actuarial loss(72.0)(14.9)(79.8)(19.8)
Prior service cost arising during the period1.5 0.1 0.5 — 
Amortization of prior service cost(1.3) (1.2)— 
Total$81.0 ($24.1)($353.7)($107.4)
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:
20222021
U.S.InternationalU.S.International
Net actuarial loss$525.5 $511.6 $444.7 $535.8 
Prior service cost6.5 3.7 6.3 3.6 
Net transition liability 0.4 — 0.4 
Total$532.0 $515.7 $451.0 $539.8 
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:
20222021
30 SeptemberU.S.InternationalU.S.International
Pension Plans with PBO in Excess of Plan Assets:
PBO$2,289.7 $284.9 $82.1 $456.6 
Fair value of plan assets2,206.5 171.8 — 263.4 
PBO in excess of plan assets$83.2 $113.1 $82.1 $193.2 
Pension Plans with ABO in Excess of Plan Assets:
ABO$50.5 $101.3 $79.2 $416.8 
Fair value of plan assets 20.1 — 263.4 
ABO in excess of plan assets$50.5 $81.2 $79.2 $153.4 
Schedule of Target and Actual Asset Allocations by Category The actual and target allocations at the measurement date are as follows:
2022 Target Allocation2022 Actual Allocation2021 Actual Allocation
U.S.InternationalU.S.InternationalU.S.International
Asset Category
Equity securities
17 - 29%
10 - 36%
17 %31 %30 %36 %
Fixed income securities
66 - 80%
64 - 90%
73 %68 %64 %63 %
Real estate and other
3 - 5%
 %10 % %%— %
Cash % % %1 %— %%
Total100 %100 %100 %100 %
Schedule of Allocation of Plan Assets
The table below summarizes pension plan assets measured at fair value by asset class (see Note 13, Fair Value Measurements, for definition of the levels):
20222021
30 SeptemberTotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
U.S. Qualified Pension Plans
Cash and cash equivalents$14.0 $14.0 $— $— $14.8 $14.8 $— $— 
Equity securities127.4 127.4   325.3 325.3 — — 
Equity mutual funds84.5 84.5   243.4 243.4 — — 
Equity pooled funds188.4  188.4  448.7 — 448.7 — 
Fixed income securities1,759.1  1,759.1  2,125.6 — 2,125.6 — 
Total U.S. Qualified Pension Plans at Fair Value$2,173.4 $225.9 $1,947.5 $— $3,157.8 $583.5 $2,574.3 $— 
Real estate pooled funds(A)
230.6 185.9 
Total U.S. Qualified Pension Plans$2,404.0 $3,343.7 
International Pension Plans
Cash and cash equivalents$12.1 $12.1 $— $— $16.8 $16.8 $— $— 
Equity pooled funds348.1  348.1  676.4 — 676.4 — 
Fixed income pooled funds589.9  536.4 53.5 948.5 — 948.5 — 
Other pooled funds16.4  16.4  16.7 — 16.7 — 
Insurance contracts155.5   155.5 246.6 — — 246.6 
Total International Pension Plans$1,122.0 $12.1 $900.9 $209.0 $1,905.0 $16.8 $1,641.6 $246.6 
(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 table below summarizes changes in fair value of the pension plan assets classified as Level 3:
Insurance ContractsFixed Income Pooled FundsTotal Level 3
Balance at 30 September 2020$256.5 $— $256.5 
Purchases, sales, and settlements, net(2.0)— (2.0)
Actual return on plan assets held at end of year(7.9)— (7.9)
Balance at 30 September 2021$246.6 $— $246.6 
Purchases, sales, and settlements, net— 80.3 80.3 
Actual return on plan assets held at end of year(91.1)(26.8)(117.9)
Balance at 30 September 2022$155.5 $53.5 $209.0 
Schedule of Expected Benefit Payments
Projected benefit payments, which reflect expected future service, are as follows:
U.S.International
2023$171.7 $53.4 
2024175.4 57.7 
2025179.3 58.3 
2026181.7 62.3 
2027184.0 64.3 
2028-2032944.2 356.0