Retirement Benefits (Tables)
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12 Months Ended |
Sep. 30, 2020 |
Pension Plans Defined Benefit |
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Retirement and Postemployment Benefits |
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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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2020 |
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2019 |
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2018 |
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2020 |
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2019 |
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2018 |
Service cost |
$ |
1.4 |
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$ |
2.3 |
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$ |
2.7 |
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$ |
1.9 |
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$ |
1.2 |
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$ |
1.4 |
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Interest cost |
8.0 |
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9.8 |
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8.7 |
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0.6 |
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1.2 |
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1.1 |
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Expected return on plan assets |
(12.8) |
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(13.3) |
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(14.0) |
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(0.8) |
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(0.5) |
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(0.6) |
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Amortization of unrecognized prior service cost, net |
— |
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0.1 |
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0.2 |
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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 |
4.8 |
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1.2 |
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3.2 |
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2.5 |
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0.9 |
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0.7 |
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Settlement expense |
— |
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0.2 |
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— |
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1.0 |
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0.4 |
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— |
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Net pension costs (1)
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$ |
1.4 |
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$ |
0.3 |
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$ |
0.8 |
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$ |
5.3 |
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$ |
3.3 |
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$ |
2.7 |
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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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2020 |
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2019 |
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2020 |
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2019 |
Change in benefit obligation: |
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Projected benefit obligation at beginning of year |
$ |
300.4 |
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$ |
267.0 |
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$ |
137.8 |
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$ |
126.3 |
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Projected benefit obligation attributable to acquisitions |
— |
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— |
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37.7 |
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— |
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Service cost |
1.4 |
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2.3 |
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1.9 |
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1.2 |
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Interest cost |
8.0 |
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9.8 |
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0.6 |
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1.2 |
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Actuarial loss |
20.6 |
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37.1 |
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2.3 |
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22.6 |
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Benefits paid |
(13.8) |
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(14.1) |
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(3.4) |
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(5.7) |
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Gain due to settlement |
— |
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(1.7) |
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(4.7) |
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(2.2) |
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Employee contributions |
— |
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— |
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1.0 |
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0.9 |
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Effect of exchange rates on projected benefit obligation |
— |
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— |
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11.6 |
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(6.5) |
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Projected benefit obligation at end of year |
316.6 |
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300.4 |
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184.8 |
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137.8 |
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Change in plan assets: |
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Fair value of plan assets at beginning of year |
280.6 |
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253.3 |
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33.5 |
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31.9 |
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Fair value of pension assets attributable to acquisitions |
— |
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— |
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7.6 |
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— |
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Actual return (loss) on plan assets |
29.3 |
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39.6 |
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(1.1) |
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1.5 |
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Employee and employer contributions |
1.8 |
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1.8 |
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9.2 |
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8.6 |
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Benefits paid |
(13.8) |
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(14.1) |
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(3.4) |
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(5.7) |
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Gain due to settlement |
— |
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— |
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(4.7) |
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(2.2) |
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Effect of exchange rates on plan assets |
— |
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— |
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2.7 |
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(0.6) |
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Fair value of plan assets at end of year |
297.9 |
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280.6 |
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43.8 |
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33.5 |
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Funded status: |
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Plan assets less than benefit obligations |
$ |
(18.7) |
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$ |
(19.8) |
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$ |
(141.0) |
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$ |
(104.3) |
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Amounts recorded in the Consolidated Balance Sheets: |
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Prepaid pension costs, non-current |
$ |
9.0 |
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$ |
7.7 |
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$ |
0.5 |
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$ |
— |
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Accrued pension costs, current portion |
(2.0) |
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(2.0) |
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(8.1) |
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(6.0) |
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Accrued pension costs, long-term portion |
(25.7) |
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(25.5) |
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(133.3) |
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(98.3) |
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Plan assets less than benefit obligations |
$ |
(18.7) |
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$ |
(19.8) |
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$ |
(140.9) |
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$ |
(104.3) |
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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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2020 |
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2019 |
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2020 |
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2019 |
Projected benefit obligation |
$ |
27.7 |
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$ |
27.4 |
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$ |
184.8 |
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$ |
102.3 |
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Accumulated benefit obligation |
27.7 |
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27.4 |
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180.9 |
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102.3 |
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Fair value of plan assets |
— |
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— |
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43.8 |
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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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2020 |
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2019 |
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2018 |
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2020 |
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2019 |
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2018 |
Discount rate for obligation, end of year |
2.6 |
% |
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3.1 |
% |
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4.2 |
% |
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0.6 |
% |
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0.3 |
% |
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1.2 |
% |
Discount rate for expense, during the year |
3.0 |
% |
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4.1 |
% |
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3.4 |
% |
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0.3 |
% |
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1.5 |
% |
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1.5 |
% |
Expected rate of return on plan assets |
4.1 |
% |
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5.2 |
% |
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5.6 |
% |
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1.9 |
% |
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1.5 |
% |
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2.0 |
% |
Rate of compensation increase |
3.0 |
% |
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3.0 |
% |
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3.0 |
% |
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2.0 |
% |
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2.0 |
% |
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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, 2020 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 |
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Non-U.S. Pension Plans |
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Cash equivalents |
$ |
5.6 |
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$ |
5.6 |
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$ |
— |
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$ |
— |
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Equity securities |
12.4 |
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12.4 |
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— |
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— |
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Other types of investments: |
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Government index funds |
6.0 |
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6.0 |
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— |
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— |
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Corporate bond funds |
12.7 |
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12.7 |
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— |
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— |
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Real estate and real estate funds |
3.8 |
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— |
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— |
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3.8 |
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Other |
3.3 |
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— |
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3.3 |
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— |
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Total Non-U.S. pension plan assets |
$ |
43.8 |
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$ |
36.7 |
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$ |
3.3 |
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$ |
3.8 |
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Fair Value at September 30, 2019 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 |
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Non-U.S. Pension Plans |
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Cash equivalents |
$ |
4.3 |
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$ |
4.3 |
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$ |
— |
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$ |
— |
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Equity securities |
7.5 |
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7.5 |
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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 |
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 |
11.0 |
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11.0 |
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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 |
2.6 |
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— |
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2.6 |
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— |
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Total Non-U.S. pension plan assets |
$ |
33.5 |
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$ |
28.5 |
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$ |
2.6 |
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$ |
2.4 |
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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 |
2021 |
$ |
15.5 |
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$ |
8.8 |
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2022 |
15.7 |
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8.6 |
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2023 |
16.2 |
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9.2 |
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2024 |
16.5 |
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9.1 |
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2025 |
16.7 |
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8.3 |
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2026-2030 |
84.6 |
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41.6 |
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Other Postretirement Benefits Plan |
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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, |
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2020 |
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2019 |
Benefit obligation at beginning of year |
$ |
8.2 |
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$ |
7.6 |
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Interest cost |
0.2 |
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0.3 |
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Service cost |
0.2 |
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0.2 |
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Actuarial loss |
2.0 |
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1.0 |
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Net benefits paid |
(2.1) |
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(0.9) |
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Benefit obligation at end of year |
$ |
8.5 |
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$ |
8.2 |
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Amounts recorded in the consolidated balance sheets: |
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Accrued postretirement benefits, current portion |
$ |
0.7 |
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$ |
0.7 |
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Accrued postretirement benefits, long-term portion |
7.8 |
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7.5 |
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Net amount recognized |
$ |
8.5 |
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$ |
8.2 |
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Schedule of weighted average assumptions under the postretirement healthcare plan |
The weighted-average assumptions used in revaluing the Company’s obligation under the postretirement healthcare plan were:
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Year Ended September 30, |
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2020 |
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2019 |
|
2018 |
Discount rate for obligation |
2.1 |
% |
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2.8 |
% |
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4.0 |
% |
Healthcare cost rate assumed for next year |
6.6 |
% |
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6.9 |
% |
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7.1 |
% |
Ultimate trend rate |
4.5 |
% |
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4.5 |
% |
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4.5 |
% |
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