XML 72 R54.htm IDEA: XBRL DOCUMENT v3.24.3
Retirement Benefits (Tables) - Defined Benefit Pension Plan
12 Months Ended
Sep. 30, 2024
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Net Periodic Benefit Cost The components of net periodic cost (benefit) for our defined benefit pension plans for fiscal years 2024, 2023, and 2022 were as follows:
Fiscal Year Ended 30 September
202420232022
U.S.Inter-
national
TotalU.S.Inter-
national
TotalU.S.Inter-
national
Total
Service cost$9.6 $11.3 $20.9 $10.9 $12.3 $23.2 $18.3 $21.5 $39.8 
Non-service cost (benefit):
Interest cost134.9 60.0 194.9 129.9 59.9 189.8 73.9 28.9 102.8 
Expected return on plan assets(120.1)(47.3)(167.4)(127.1)(49.2)(176.3)(168.3)(67.4)(235.7)
Prior service cost amortization1.1 0.9 2.0 1.2 0.7 1.9 1.3 — 1.3 
Actuarial loss amortization57.3 12.9 70.2 59.7 11.6 71.3 66.0 14.7 80.7 
Settlements1.1 1.2 2.3 1.4 0.6 2.0 6.0 0.2 6.2 
Curtailments— —  — (1.9)(1.9)— — — 
Other— 0.9 0.9 — 0.9 0.9 — 1.3 1.3 
Net Periodic Cost (Benefit)$83.9 $39.9 $123.8 $76.0 $34.9 $110.9 ($2.8)($0.8)($3.6)
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 cost (benefit):
 202420232022
  U.S.InternationalU.S.InternationalU.S.International
Discount rate – Service cost6.1 %5.3 %5.7 %4.6 %3.0 %1.9 %
Discount rate – Interest cost6.0 %5.1 %5.5 %5.0 %2.3 %1.6 %
Expected return on plan assets5.8 %4.3 %5.8 %4.2 %5.8 %4.0 %
Rate of compensation increase3.5 %3.4 %3.5 %3.4 %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:
20242023
U.S.InternationalU.S.International
Discount rate5.0 %4.6 %6.0 %5.1 %
Rate of compensation increase3.5 %3.4 %3.5 %3.4 %
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:
20242023
U.S.InternationalU.S.International
Change in Projected Benefit Obligation
Obligation at beginning of year$2,348.8 $1,162.4 $2,450.8 $1,137.5 
Service cost9.6 11.3 10.9 12.3 
Interest cost134.9 60.0 129.9 59.9 
Amendments1.3  0.3 7.0 
Actuarial loss (gain)296.2 50.7 (68.3)(80.1)
Curtailments  — (14.8)
Settlements (3.6)(8.6)(4.7)(3.4)
Participant contributions 0.7 — 0.8 
Benefits paid(174.1)(55.8)(170.1)(52.8)
Currency translation and other 118.0 — 96.0 
Obligation at End of Year$2,613.1 $1,338.7 $2,348.8 $1,162.4 
Schedule of Changes in Fair Value of Plan Assets
20242023
U.S.InternationalU.S.International
Change in Plan Assets
Fair value at beginning of year$2,299.0 $1,134.0 $2,404.0 $1,122.0 
Actual return on plan assets404.4 154.5 61.4 (52.7)
Settlements(3.6)(8.6)(4.7)(3.4)
Company contributions7.3 27.4 8.4 24.2 
Participant contributions 0.7 — 0.8 
Benefits paid(174.1)(55.8)(170.1)(52.8)
Currency translation and other 122.3 — 95.9 
Fair Value at End of Year$2,533.0 $1,374.5 $2,299.0 $1,134.0 
Funded Status at End of Year($80.1)$35.8 ($49.8)($28.4)
Schedule of Amounts Recognized in Balance Sheet
20242023
U.S.InternationalU.S.International
Amounts Recognized
Noncurrent assets$45.3 $154.7 $36.2 $83.8 
Accrued liabilities7.3 0.9 5.3 0.6 
Noncurrent liabilities118.1 118.0 80.7 111.6 
Net Liability Recognized($80.1)$35.8 ($49.8)($28.4)
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 2024 and 2023 consist of the following:
20242023
U.S.InternationalU.S.International
Net actuarial loss (gain) arising during the period$11.9 ($56.5)($2.6)$7.0 
Amortization of net actuarial loss(58.4)(14.1)(61.1)(12.2)
Prior service cost arising during the period1.3  0.3 7.0 
Amortization of prior service (cost) credit(1.1)(0.9)(1.2)1.2 
Total($46.3)($71.5)($64.6)$3.0 
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:
20242023
U.S.InternationalU.S.International
Net actuarial loss$415.3 $435.8 $461.8 $506.4 
Prior service cost5.8 11.0 5.6 11.9 
Net transition liability 0.4 — 0.4 
Total$421.1 $447.2 $467.4 $518.7 
Schedule of Project 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:
20242023
30 SeptemberU.S.InternationalU.S.International
Pension Plans with PBO in Excess of Plan Assets:
PBO$2,446.5 $326.1 $2,194.5 $295.1 
Fair value of plan assets2,321.1 207.2 2,108.5 182.9 
PBO in excess of plan assets$125.4 $118.9 $86.0 $112.2 
Pension Plans with ABO in Excess of Plan Assets:
ABO$2,394.5 $139.8 $47.1 $144.3 
Fair value of plan assets2,321.1 42.0 — 56.3 
ABO in excess of plan assets$73.4 $97.8 $47.1 $88.0 
Schedule of Accumulated 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:
20242023
30 SeptemberU.S.InternationalU.S.International
Pension Plans with PBO in Excess of Plan Assets:
PBO$2,446.5 $326.1 $2,194.5 $295.1 
Fair value of plan assets2,321.1 207.2 2,108.5 182.9 
PBO in excess of plan assets$125.4 $118.9 $86.0 $112.2 
Pension Plans with ABO in Excess of Plan Assets:
ABO$2,394.5 $139.8 $47.1 $144.3 
Fair value of plan assets2,321.1 42.0 — 56.3 
ABO in excess of plan assets$73.4 $97.8 $47.1 $88.0 
Schedule of Target and Actual Asset Allocations by Category The actual and target allocations at the measurement date are as follows:
2024 Target Allocation2024 Actual Allocation2023 Actual Allocation
U.S.InternationalU.S.InternationalU.S.International
Asset Category
Equity securities
16 - 27%
5 - 22%
20 %14 %19 %19 %
Fixed income securities
66 - 80%
78 - 95%
73 %86 %72 %80 %
Real estate and other
4 - 7%
 %6 % %%— %
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 16, Fair Value Measurements, for definition of the levels):
20242023
30 SeptemberTotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
U.S. Qualified Pension Plans
Cash and cash equivalents$14.7 $14.7 $— $— $14.6 $14.6 $— $— 
Equity securities320.0 320.0   143.0 143.0 — — 
Equity mutual funds    105.2 105.2 — — 
Equity pooled funds204.7  204.7  187.8 — 187.8 — 
Fixed income securities1,844.7  1,844.7  1,661.8 — 1,661.8 — 
Total U.S. Qualified Pension Plans at Fair Value$2,384.1 $334.7 $2,049.4 $— $2,112.4 $262.8 $1,849.6 $— 
Real estate pooled funds(A)
148.9 186.6 
Total U.S. Qualified Pension Plans$2,533.0 $2,299.0 
International Pension Plans
Cash and cash equivalents$3.6 $3.6 $— $— $8.0 $8.0 $— $— 
Equity pooled funds192.1  192.1  218.5 — 218.5 — 
Fixed income pooled funds971.6  858.0 113.6 724.6 — 630.4 94.2 
Other pooled funds19.4  19.4  17.1 — 17.1 — 
Insurance contracts187.8   187.8 165.8 — — 165.8 
Total International Pension Plans$1,374.5 $3.6 $1,069.5 $301.4 $1,134.0 $8.0 $866.0 $260.0 
(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 2022$155.5 $53.5 $209.0 
Purchases, sales, and settlements, net(3.7)34.5 30.8 
Actual return on plan assets held at end of year14.0 6.2 20.2 
Balance at 30 September 2023$165.8 $94.2 $260.0 
Purchases, sales, and settlements, net(4.9)(7.5)(12.4)
Actual return on plan assets held at end of year26.9 26.9 53.8 
Balance at 30 September 2024$187.8 $113.6 $301.4 
Schedule of Expected Benefit Payments
Projected benefit payments, which reflect expected future service, are as follows:
U.S.International
2025$182.5 $60.5 
2026183.0 63.7 
2027185.7 67.0 
2028188.1 68.5 
2029190.2 69.8 
2030-2034954.5 385.7