Quarterly report pursuant to Section 13 or 15(d)

Retirement Benefits

v3.7.0.1
Retirement Benefits
6 Months Ended
Mar. 31, 2017
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]  
Retirement Benefits
Retirement Benefits
 
Defined Benefit Plans
 
 
U.S. Pension Benefits
 
Non-U.S. Pension Benefits
 
Three Months Ended March 31,
 
Three Months Ended March 31,
 
2017
 
2016
 
2017
 
2016
Service costs
$
0.9

 
$
1.0

 
$
0.4

 
$
0.5

Interest costs
2.1

 
2.3

 
0.1

 
0.3

Expected return on plan assets
(3.4
)
 
(2.4
)
 
(0.2
)
 
(0.2
)
Amortization of unrecognized prior service costs, net
0.1

 
0.2

 

 

Amortization of net loss
1.0

 
0.9

 
0.7

 
0.2

Net pension costs
$
0.7

 
$
2.0

 
$
1.0

 
$
0.8

 
 
 
 
 
 
 
 
 
U.S. Pension Benefits
 
Non-U.S. Pension Benefits
 
Six Months Ended March 31,
 
Six Months Ended March 31,
 
2017
 
2016
 
2017
 
2016
Service costs
$
1.9

 
$
2.0

 
$
0.8

 
$
1.1

Interest costs
4.3

 
4.7

 
0.3

 
0.9

Expected return on plan assets
(6.7
)
 
(4.8
)
 
(0.3
)
 
(0.5
)
Amortization of unrecognized prior service costs, net
0.2

 
0.3

 

 

Amortization of net loss
2.1

 
1.8

 
0.7

 
0.4

Net pension costs
$
1.8

 
$
4.0

 
$
1.5

 
$
1.9

 
During the first quarter of 2017, we made an $80.0 contribution to our U.S. defined benefit pension plan (the “Plan”) using funds borrowed from our Facility. Although this action increased Plan assets and reduces expected 2017 pension expense, the majority of the pension expense savings in 2017 from this action is expected to be offset by the additional interest expense on the funds borrowed and certain tax effects from the transaction.

Also during the first and second quarters of 2017, we began implementing a plan to transition our U.S. employees not covered by a collective bargaining agreement and our employees covered by a collective bargaining agreement at one of our facilities from a defined benefit-based model to a defined contribution structure over a three-year sunset period. This change caused remeasurements for the Plan for the affected populations. The remeasurements did not cause a material change as the assumptions did not materially differ from the assumptions at September 30, 2016.

Postretirement Healthcare Plans — Net postretirement healthcare costs were $0.1 and $0.2 for the three and six months ended March 31, 2017, and $0.1 and $0.2 for the same periods in the prior year.

Defined Contribution Plans — Expenses related to our defined contribution plans were $3.1 and $5.7 for the three and six months ended March 31, 2017, and $2.3 and $4.6 for the same periods in the prior year.