Quarterly report pursuant to Section 13 or 15(d)

Retirement Benefits

v3.20.1
Retirement Benefits
 6 Months Ended
Mar. 31, 2020
Defined Benefit Plan [Abstract]  
Retirement Benefits
Retirement Benefits
 
Defined Benefit Plans

In connection with the Milacron acquisition, the Company acquired three noncontributory defined benefit plans for certain non-U.S. employees and retirees. One plan covers certain employees in the United Kingdom and the other two plans cover certain employees in Germany. The aggregate fair value of the liability assumed for these defined benefit plans was $30.7 at November 21, 2019. Contributions to these plans are expected to approximate benefit payments each year.

Components of net periodic pension cost included in the Consolidated Statements of Operations were as follows:
 
 
U.S. Pension Benefits
 
Non-U.S. Pension Benefits
 
Three Months Ended March 31,
 
Three Months Ended March 31,
 
2020
 
2019
 
2020
 
2019
Service costs
$
0.3

 
$
0.6

 
$
0.5

 
$
0.4

Interest costs
2.0

 
2.5

 
0.1

 
0.3

Expected return on plan assets
(3.2
)
 
(3.3
)
 
(0.2
)
 
(0.2
)
Amortization of unrecognized prior service costs, net
—

 
0.1

 
—

 
—

Amortization of net loss
1.2

 
0.2

 
0.9

 
0.3

Net periodic pension cost
$
0.3

 
$
0.1

 
$
1.3

 
$
0.8

 
 
 
 
 
 
 
 
 
U.S. Pension Benefits
 
Non-U.S. Pension Benefits
 
Six Months Ended March 31,
 
Six Months Ended March 31,
 
2020
 
2019
 
2020
 
2019
Service costs
$
0.7

 
$
1.2

 
$
1.1

 
$
0.7

Interest costs
4.0

 
5.1

 
0.3

 
0.6

Expected return on plan assets
(6.4
)
 
(6.6
)
 
(0.3
)
 
(0.3
)
Amortization of unrecognized prior service costs, net
—

 
0.1

 
—

 
—

Amortization of net loss
2.4

 
0.4

 
1.3

 
0.5

Net periodic pension cost
$
0.7

 
$
0.2

 
$
2.4

 
$
1.5


Defined Contribution Plans

In connection with the Milacron acquisition, the Company assumed a defined contribution plan (the “401(k) Plan”) for eligible U.S. employees and defined contribution plans for eligible employees at certain foreign subsidiaries. For the 401(k) Plan, eligible employees are permitted to contribute a percentage of their compensation and employees are immediately vested in their voluntary contributions. The Company’s contributions to the 401(k) Plan are based on matching a portion of the employee contributions and employees become vested in the Company contributions once they attain a year of credited service. For the assumed foreign plans, employees are immediately vested in both their voluntary and company matching contributions.

Expenses related to the Company’s defined contribution plans were $3.8 and $7.1 for the three and six months ended March 31, 2020, respectively, and $2.9 and $5.7 for the same periods in the prior year, respectively.