Retirement Benefits (Tables)
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12 Months Ended |
Sep. 30, 2015 |
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| Pension Plans Defined Benefit |
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| Retirement and Postemployment Benefits |
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| Components of net pension costs |
Effect on Operations — The components of net pension costs under defined benefit retirement plans were:
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U.S. Pension Benefits
Year Ended September 30,
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Non-U.S. Pension Benefits
Year Ended September 30,
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2015 |
|
2014 |
|
2013 |
|
2015 |
|
2014 |
|
2013 |
Service cost |
$ |
4.3 |
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$ |
4.0 |
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$ |
4.7 |
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$ |
1.7 |
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$ |
1.6 |
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$ |
1.6 |
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Interest cost |
14.4 |
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14.5 |
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12.7 |
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2.8 |
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4.2 |
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3.9 |
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Expected return on plan assets |
(14.3 |
) |
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(14.0 |
) |
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(12.9 |
) |
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(1.0 |
) |
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(1.0 |
) |
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(1.0 |
) |
Amortization of unrecognized prior service cost, net |
0.9 |
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0.9 |
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0.9 |
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— |
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— |
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— |
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Amortization of actuarial loss |
5.3 |
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3.8 |
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7.2 |
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0.1 |
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— |
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— |
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Settlement expense |
17.7 |
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— |
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— |
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— |
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— |
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— |
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Net pension costs |
$ |
28.3 |
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$ |
9.2 |
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$ |
12.6 |
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$ |
3.6 |
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$ |
4.8 |
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$ |
4.5 |
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| Schedule of changes in projected benefit obligations, plan assets, and funded status, along with amounts recognized in the consolidated balance sheets for defined benefit retirement plans |
The change in benefit obligation and funded status of the Company’s defined benefit retirement plans were:
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U.S. Pension Benefits
September 30,
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Non-U.S. Pension Benefits
September 30,
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2015 |
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2014 |
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2015 |
|
2014 |
Change in benefit obligation: |
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Projected benefit obligation at beginning of year |
$ |
338.5 |
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$ |
307.4 |
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$ |
142.9 |
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$ |
140.0 |
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Projected benefit obligation attributable to acquisitions |
— |
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— |
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— |
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1.9 |
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Service cost |
4.3 |
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4.0 |
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1.7 |
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1.6 |
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Interest cost |
14.4 |
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14.5 |
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2.8 |
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4.2 |
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Amendments |
— |
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— |
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0.7 |
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— |
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Actuarial loss |
10.0 |
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26.5 |
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6.2 |
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12.8 |
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Benefits paid |
(89.0 |
) |
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(13.9 |
) |
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(8.3 |
) |
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(8.8 |
) |
Gain due to settlement |
(6.0 |
) |
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— |
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— |
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— |
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Employee contributions |
— |
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— |
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0.8 |
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0.7 |
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Effect of exchange rates on projected benefit obligation |
— |
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— |
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(12.6 |
) |
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(9.5 |
) |
Projected benefit obligation at end of year |
272.2 |
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338.5 |
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134.2 |
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142.9 |
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Change in plan assets: |
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Fair value of plan assets at beginning of year |
249.7 |
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228.1 |
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29.4 |
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28.6 |
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Actual return on plan assets |
(8.6 |
) |
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26.6 |
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— |
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1.0 |
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Employee and employer contributions |
6.8 |
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10.2 |
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8.9 |
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10.4 |
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Benefits paid |
(89.0 |
) |
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(13.9 |
) |
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(8.3 |
) |
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(8.8 |
) |
Administrative expenses paid |
— |
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(1.3 |
) |
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— |
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— |
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Effect of exchange rates on plan assets |
— |
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— |
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(0.5 |
) |
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(1.8 |
) |
Fair value of plan assets at end of year |
158.9 |
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249.7 |
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29.5 |
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29.4 |
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Funded status: |
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Plan assets less than benefit obligations |
$ |
(113.3 |
) |
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$ |
(88.8 |
) |
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$ |
(104.7 |
) |
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$ |
(113.5 |
) |
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Amounts recorded in the consolidated balance sheets: |
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Other assets |
$ |
— |
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$ |
— |
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$ |
— |
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$ |
0.1 |
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Accrued pension costs, current portion |
(1.8 |
) |
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(1.8 |
) |
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(6.9 |
) |
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(7.9 |
) |
Accrued pension costs, long-term portion |
(111.5 |
) |
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(87.0 |
) |
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(97.8 |
) |
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(105.7 |
) |
Plan assets less than benefit obligations |
$ |
(113.3 |
) |
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$ |
(88.8 |
) |
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$ |
(104.7 |
) |
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$ |
(113.5 |
) |
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| Schedule of accumulated benefit obligation in excess of plan assets |
Selected information for plans with accumulated benefit obligations in excess of plan assets was:
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U.S. Pension Benefits
September 30,
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Non-U.S. Pension Benefits
September 30,
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2015 |
|
2014 |
|
2015 |
|
2014 |
Projected benefit obligation |
$ |
272.2 |
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$ |
338.5 |
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$ |
134.2 |
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$ |
113.6 |
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Accumulated benefit obligation |
258.9 |
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324.0 |
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131.2 |
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113.6 |
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Fair value of plan assets |
158.9 |
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|
249.7 |
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29.5 |
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— |
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| Summary of actuarial assumptions |
The weighted-average assumptions used in accounting for defined benefit retirement plans were:
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U.S. Pension Benefits
Year Ended September 30,
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Non-U.S. Pension Benefits
Year Ended September 30,
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2015 |
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2014 |
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2013 |
|
2015 |
|
2014 |
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2013 |
Discount rate for obligation, end of year |
4.4 |
% |
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4.4 |
% |
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4.9 |
% |
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2.1 |
% |
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2.3 |
% |
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3.5 |
% |
Discount rate for expense, during the year |
4.4 |
% |
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4.9 |
% |
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4.0 |
% |
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1.9 |
% |
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3.0 |
% |
|
3.3 |
% |
Expected rate of return on plan assets |
6.3 |
% |
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6.6 |
% |
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6.6 |
% |
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3.5 |
% |
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3.5 |
% |
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3.5 |
% |
Rate of compensation increase |
3.0 |
% |
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3.0 |
% |
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2.6 |
% |
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0.2 |
% |
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0.2 |
% |
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0.2 |
% |
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| Schedule of fair value of pension plan assets by asset category |
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Fair Value at September 30, 2015 Using Inputs Considered as: |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
Non-U.S. Pension Plans |
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Cash equivalents |
$ |
5.5 |
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$ |
5.5 |
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$ |
— |
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$ |
— |
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Equity securities |
5.9 |
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5.9 |
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— |
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— |
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Corporate bonds |
— |
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— |
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— |
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— |
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Other types of investments: |
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Government index funds |
5.2 |
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5.2 |
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— |
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— |
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Corporate bond funds |
9.9 |
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9.9 |
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— |
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— |
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Equity mutual funds |
— |
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— |
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— |
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— |
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Real estate and real estate funds |
2.0 |
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— |
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— |
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2.0 |
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Other |
1.0 |
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— |
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1.0 |
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— |
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Total Non-U.S. pension plan assets |
$ |
29.5 |
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$ |
26.5 |
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$ |
1.0 |
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$ |
2.0 |
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Fair Value at September 30, 2014 Using Inputs Considered as: |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
Non-U.S. Pension Plans |
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Cash equivalents |
$ |
5.4 |
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$ |
5.4 |
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$ |
— |
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$ |
— |
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Equity securities |
7.3 |
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|
7.3 |
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— |
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— |
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Corporate bonds |
9.0 |
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|
9.0 |
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— |
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— |
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Other types of investments: |
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Government index funds |
5.7 |
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5.7 |
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— |
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— |
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Corporate bond funds |
— |
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— |
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— |
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— |
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Equity mutual funds |
— |
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— |
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— |
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|
— |
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Real estate and real estate funds |
2.0 |
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— |
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— |
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|
2.0 |
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Total Non-U.S. pension plan assets |
$ |
29.4 |
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$ |
27.4 |
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$ |
— |
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$ |
2.0 |
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| Schedule of estimated future benefit payments |
The following represents estimated future benefit payments, including expected future service, which are expected to be paid from plan assets or Company contributions as necessary:
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U.S. Pension Plans
Projected Pension
Benefits Payout
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Non-U.S Pension Plans
Projected Pension
Benefits Payout
|
2016 |
$ |
11.7 |
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$ |
7.3 |
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2017 |
12.3 |
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|
7.2 |
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2018 |
13.1 |
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|
7.0 |
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2019 |
13.9 |
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|
6.8 |
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2020 |
14.7 |
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|
6.6 |
|
2021 - 2025 |
83.0 |
|
|
31.1 |
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| Other Postretirement Benefit Plans |
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| Retirement and Postemployment Benefits |
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| Schedule of changes in projected benefit obligations, plan assets, and funded status, along with amounts recognized in the consolidated balance sheets for defined benefit retirement plans |
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|
September 30, |
|
2015 |
|
2014 |
Benefit obligation at beginning of year |
$ |
8.9 |
|
|
$ |
9.8 |
|
Interest cost |
0.3 |
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|
0.3 |
|
Service cost |
0.4 |
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|
0.4 |
|
Actuarial loss (gain) |
1.1 |
|
|
(1.4 |
) |
Net benefits paid |
(0.4 |
) |
|
(0.2 |
) |
Benefit obligation at end of year |
$ |
10.3 |
|
|
$ |
8.9 |
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Amounts recorded in the balance sheets: |
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Accrued postretirement benefits, current portion |
$ |
0.9 |
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$ |
0.7 |
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Accrued postretirement benefits, long-term portion |
9.4 |
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|
8.2 |
|
Net amount recognized |
$ |
10.3 |
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$ |
8.9 |
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| Schedule of weighted average assumptions under the postretirement healthcare plan |
The weighted-average assumptions used in revaluing our obligation under the postretirement healthcare plan were:
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Year Ended September 30, |
|
2015 |
|
2014 |
|
2013 |
Discount rate for obligation |
3.7 |
% |
|
3.7 |
% |
|
3.5 |
% |
Healthcare cost rate assumed for next year |
7.6 |
% |
|
7.2 |
% |
|
7.7 |
% |
Ultimate trend rate |
4.5 |
% |
|
5.0 |
% |
|
5.0 |
% |
|