Retirement Benefits (Tables)
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12 Months Ended |
Sep. 30, 2018 |
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| Pension Plans Defined Benefit |
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| Retirement and Postemployment Benefits |
|
| Components of net pension costs |
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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2018 |
|
2017 |
|
2016 |
|
2018 |
|
2017 |
|
2016 |
Service cost |
$ |
2.7 |
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|
$ |
3.6 |
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$ |
3.9 |
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$ |
1.4 |
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$ |
1.3 |
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$ |
1.8 |
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Interest cost |
8.7 |
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8.8 |
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9.5 |
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1.1 |
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|
0.7 |
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|
1.8 |
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Expected return on plan assets |
(14.0 |
) |
|
(13.7 |
) |
|
(9.7 |
) |
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(0.6 |
) |
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(0.5 |
) |
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(1.0 |
) |
Amortization of unrecognized prior service cost, net |
0.2 |
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0.4 |
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0.6 |
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0.1 |
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0.1 |
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0.1 |
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Amortization of actuarial loss |
3.2 |
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3.6 |
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3.8 |
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0.7 |
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1.1 |
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0.3 |
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Settlement expense |
— |
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0.1 |
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— |
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— |
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0.6 |
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0.5 |
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Net pension costs |
$ |
0.8 |
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$ |
2.8 |
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$ |
8.1 |
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$ |
2.7 |
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$ |
3.3 |
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$ |
3.5 |
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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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2018 |
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2017 |
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2018 |
|
2017 |
Change in benefit obligation: |
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Projected benefit obligation at beginning of year |
$ |
281.8 |
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$ |
294.2 |
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$ |
133.4 |
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$ |
140.9 |
|
Service cost |
2.7 |
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3.6 |
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1.4 |
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1.3 |
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Interest cost |
8.7 |
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8.8 |
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1.1 |
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|
0.7 |
|
Actuarial (gain) loss |
(14.7 |
) |
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(6.9 |
) |
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0.4 |
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(9.5 |
) |
Benefits paid |
(11.5 |
) |
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(11.0 |
) |
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(5.2 |
) |
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(5.7 |
) |
Gain due to settlement |
— |
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(6.9 |
) |
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(3.4 |
) |
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(1.2 |
) |
Employee contributions |
— |
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— |
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0.9 |
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0.8 |
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Effect of exchange rates on projected benefit obligation |
— |
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— |
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(2.3 |
) |
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6.1 |
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Projected benefit obligation at end of year |
267.0 |
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|
281.8 |
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126.3 |
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133.4 |
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Change in plan assets: |
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Fair value of plan assets at beginning of year |
262.4 |
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173.7 |
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31.4 |
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29.7 |
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Actual return on plan assets |
0.6 |
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17.9 |
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(0.1 |
) |
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0.3 |
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Employee and employer contributions |
1.8 |
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81.8 |
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9.0 |
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8.5 |
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Benefits paid |
(11.5 |
) |
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(11.0 |
) |
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(5.2 |
) |
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(5.7 |
) |
Gain due to settlement |
— |
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— |
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(3.0 |
) |
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(1.6 |
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Effect of exchange rates on plan assets |
— |
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— |
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(0.2 |
) |
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0.2 |
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Fair value of plan assets at end of year |
253.3 |
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262.4 |
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31.9 |
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31.4 |
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Funded status: |
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Plan assets less than benefit obligations |
$ |
(13.7 |
) |
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$ |
(19.4 |
) |
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$ |
(94.4 |
) |
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$ |
(102.0 |
) |
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Amounts recorded in the consolidated balance sheets: |
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Prepaid pension costs, non-current |
$ |
12.0 |
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$ |
8.2 |
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$ |
2.2 |
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$ |
0.4 |
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Accrued pension costs, current portion |
(2.0 |
) |
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(1.8 |
) |
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(6.6 |
) |
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(6.8 |
) |
Accrued pension costs, long-term portion |
(23.7 |
) |
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(25.8 |
) |
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(90.0 |
) |
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(95.6 |
) |
Plan assets greater (less) than benefit obligations |
$ |
(13.7 |
) |
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$ |
(19.4 |
) |
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$ |
(94.4 |
) |
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$ |
(102.0 |
) |
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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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2018 |
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2017 |
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2018 |
|
2017 |
Projected benefit obligation |
$ |
25.7 |
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$ |
27.7 |
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$ |
96.6 |
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$ |
102.0 |
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Accumulated benefit obligation |
25.7 |
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27.6 |
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96.6 |
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|
102.0 |
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Fair value of plan assets |
— |
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— |
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— |
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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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2018 |
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2017 |
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2016 |
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2018 |
|
2017 |
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2016 |
Discount rate for obligation, end of year |
4.2 |
% |
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3.7 |
% |
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3.6 |
% |
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1.2 |
% |
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1.1 |
% |
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1.0 |
% |
Discount rate for expense, during the year |
3.4 |
% |
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3.5 |
% |
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4.4 |
% |
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1.5 |
% |
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0.5 |
% |
|
1.7 |
% |
Expected rate of return on plan assets |
5.6 |
% |
|
5.6 |
% |
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5.5 |
% |
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2.0 |
% |
|
2.0 |
% |
|
2.0 |
% |
Rate of compensation increase |
3.0 |
% |
|
3.0 |
% |
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3.0 |
% |
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2.0 |
% |
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2.0 |
% |
|
2.0 |
% |
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| Schedule of fair value of pension plan assets by asset category |
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Fair Value at September 30, 2018 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 |
$ |
2.4 |
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$ |
2.4 |
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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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Other types of investments: |
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Government index funds |
5.6 |
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5.6 |
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— |
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— |
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Corporate bond funds |
12.1 |
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12.1 |
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— |
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— |
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Real estate and real estate funds |
2.4 |
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— |
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— |
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2.4 |
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Other |
2.1 |
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— |
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2.1 |
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— |
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Total Non-U.S. pension plan assets |
$ |
31.9 |
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$ |
27.4 |
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$ |
2.1 |
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$ |
2.4 |
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Fair Value at September 30, 2017 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 |
$ |
5.2 |
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$ |
5.2 |
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$ |
— |
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$ |
— |
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Equity securities |
6.8 |
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|
6.8 |
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|
— |
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— |
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Other types of investments: |
0 |
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|
0 |
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|
0 |
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|
0 |
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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 |
9.8 |
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|
9.8 |
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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 |
1.9 |
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|
— |
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1.9 |
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|
— |
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Total Non-U.S. pension plan assets |
$ |
31.4 |
|
|
$ |
27.5 |
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$ |
1.9 |
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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
|
2019 |
$ |
14.0 |
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$ |
7.7 |
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2020 |
14.3 |
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|
7.9 |
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2021 |
15.0 |
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|
7.2 |
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2022 |
15.5 |
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|
7.3 |
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2023 |
16.0 |
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|
7.3 |
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2023 - 2027 |
83.8 |
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|
33.6 |
|
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| Other Postretirement Benefits Plan [Member] |
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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, |
|
2018 |
|
2017 |
Benefit obligation at beginning of year |
$ |
9.0 |
|
|
$ |
10.3 |
|
Interest cost |
0.2 |
|
|
0.2 |
|
Service cost |
0.3 |
|
|
0.4 |
|
Actuarial (gain) loss |
(0.9 |
) |
|
(0.9 |
) |
Net benefits paid |
(1.0 |
) |
|
(1.0 |
) |
Benefit obligation at end of year |
$ |
7.6 |
|
|
$ |
9.0 |
|
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Amounts recorded in the balance sheets: |
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Accrued postretirement benefits, current portion |
$ |
0.8 |
|
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$ |
0.8 |
|
Accrued postretirement benefits, long-term portion |
6.8 |
|
|
8.2 |
|
Net amount recognized |
$ |
7.6 |
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|
$ |
9.0 |
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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, |
|
2018 |
|
2017 |
|
2016 |
Discount rate for obligation |
4.0 |
% |
|
3.3 |
% |
|
3.1 |
% |
Healthcare cost rate assumed for next year |
7.1 |
% |
|
7.6 |
% |
|
7.3 |
% |
Ultimate trend rate |
4.5 |
% |
|
4.5 |
% |
|
4.5 |
% |
|