Annual report pursuant to Section 13 and 15(d)

Retirement Benefits (Tables)

v2.4.0.6
Retirement Benefits (Tables)
12 Months Ended
Sep. 30, 2012
Pension plans
 
Retirement and Postemployment Benefits  
Components of net pension costs

 

 

 

 

Fiscal Year Ended September 30,

 

 

 

2012

 

2011

 

2010

 

Service cost

 

$

5.8

 

$

6.3

 

$

5.6

 

Interest cost

 

12.8

 

12.8

 

12.7

 

Expected return on plan assets

 

(13.7

)

(15.4

)

(13.9

)

Amortization of unrecognized prior service cost, net

 

0.9

 

0.9

 

0.9

 

Amortization of actuarial loss

 

5.7

 

4.0

 

3.0

 

Net pension costs

 

$

11.5

 

$

8.6

 

$

8.3

 

 

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

 

 

 

September 30,

 

 

 

2012

 

2011

 

Change in benefit obligation:

 

 

 

 

 

Projected benefit obligation at beginning of year

 

$

302.3

 

$

269.3

 

Projected benefit obligation attributable to acquisitions

 

 

3.6

 

Service cost

 

5.8

 

6.3

 

Interest cost

 

12.8

 

12.8

 

Plan amendment

 

0.8

 

 

Actuarial loss

 

20.4

 

17.1

 

Benefits paid

 

(13.1

)

(9.5

)

Employee contributions

 

0.8

 

0.8

 

Effect of exchange rates on projected benefit obligation

 

(1.0

)

1.9

 

Projected benefit obligation at end of year

 

328.8

 

302.3

 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

Fair value of plan assets at beginning of year

 

203.2

 

195.7

 

Fair value of pension assets attributable to acquisitions

 

 

2.9

 

Actual return on plan assets

 

34.5

 

9.6

 

Employee and employer contributions

 

3.9

 

3.3

 

Benefits paid

 

(13.1

)

(9.5

)

Administrative expenses paid

 

(1.2

)

(1.0

)

Effect of exchange rates on plan assets

 

(1.0

)

2.2

 

Fair value of plan assets at end of year

 

226.3

 

203.2

 

 

 

 

 

 

 

Funded status:

 

 

 

 

 

Plan assets less than benefit obligations

 

$

(102.5

)

$

(99.1

)

 

 

 

 

 

 

Amounts recorded in the consolidated balance sheets:

 

 

 

 

 

Other assets

 

$

0.7

 

$

0.4

 

Accrued pension costs, current portion

 

(1.7

)

(1.6

)

Accrued pension costs, long-term portion

 

(101.5

)

(97.9

)

Plan assets less than benefit obligations

 

$

(102.5

)

$

(99.1

)

 

Schedule of accumulated benefit obligation in excess of plan assets

 

 

 

 

September 30,

 

 

 

2012

 

2011

 

Projected benefit obligation

 

$

300.5

 

$

272.7

 

Accumulated benefit obligation

 

286.1

 

263.8

 

Fair value of plan assets

 

197.2

 

173.1

 

Summary of actuarial assumptions

 

 

 

 

Fiscal Year Ended September 30,

 

 

 

2012

 

2011

 

2010

 

Discount rate for obligation, end of year

 

3.9

%

4.3

%

4.8

%

Discount rate for expense, during the year

 

4.3

%

4.5

%

5.3

%

Expected rate of return on plan assets

 

6.4

%

6.9

%

7.6

%

Rate of compensation increase

 

2.4

%

2.4

%

2.4

%

 

Schedule of fair value of pension plan assets by asset category

 

 

 

Fair Value at September 30, 2012 Using Input Considered as:

 

 

 

Total

 

Level 1

 

Level 2

 

Level 3

 

Cash equivalents

 

$

7.6

 

$

5.3

 

$

2.3

 

$

 

Equity securities

 

7.3

 

7.3

 

 

 

Corporate bonds

 

10.1

 

10.1

 

 

 

Other types of investments:

 

 

 

 

 

 

 

 

 

Government index funds

 

4.4

 

4.4

 

 

 

Equity mutual funds

 

93.4

 

 

93.4

 

 

Corporate bond funds

 

101.5

 

 

101.5

 

 

Real estate and real estate funds

 

2.0

 

 

 

2.0

 

Total

 

$

226.3

 

$

27.1

 

$

197.2

 

$

2.0

 

 

 

 

 

 

Fair Value at September 30, 2011 Using Input Considered as:

 

 

 

Total

 

Level 1

 

Level 2

 

Level 3

 

Cash equivalents

 

$

7.6

 

$

5.3

 

$

2.3

 

$

 

Equity securities

 

20.1

 

20.1

 

 

 

Fixed maturity securities:

 

 

 

 

 

 

 

 

 

Corporate bonds

 

71.5

 

10.5

 

61.0

 

 

Municipal bonds

 

8.6

 

 

8.6

 

 

Asset-backed debt securities in trust

 

0.1

 

 

0.1

 

 

U.S. Government securities

 

2.1

 

 

2.1

 

 

Other types of investment:

 

 

 

 

 

 

 

 

 

Government index funds

 

8.3

 

8.3

 

 

 

Equity mutual funds

 

82.8

 

82.8

 

 

 

Real estate and real estate funds

 

2.1

 

 

 

2.1

 

Total

 

$

203.2

 

$

127.0

 

$

74.1

 

$

2.1

 

 

Schedule of estimated future benefit payments

 

 

 

 

Projected Pension
Benefits Payout

 

2013

 

$

12.7

 

2014

 

13.6

 

2015

 

14.5

 

2016

 

15.3

 

2017

 

16.1

 

2018 - 2022

 

91.3

 

 

Postretirement healthcare plan
 
Retirement and Postemployment Benefits  
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

 

 

 

 

September 30,

 

 

 

2012

 

2011

 

Benefit obligation at beginning of year

 

$

11.0

 

$

14.2

 

Interest cost

 

0.5

 

0.6

 

Service cost

 

0.6

 

1.6

 

Actuarial loss

 

__

 

(5.2

)

Net benefits paid

 

(1.2

)

(0.2

)

Benefit obligation at end of year

 

$

10.9

 

$

11.0

 

 

 

 

 

 

 

Amounts recorded in the consolidated balance sheets:

 

 

 

 

 

Accrued postretirement benefits, current portion

 

$

0.8

 

$

0.4

 

Accrued postretirement benefits, long-term portion

 

10.1

 

10.6

 

Net amount recognized

 

$

10.9

 

$

11.0

 

 

Schedule of weighted average assumptions under the postretirement healthcare plan

 

 

 

 

Fiscal Year Ended September 30,

 

 

 

2012

 

2011

 

2010

 

Discount rate for obligation

 

3.40

%

4.10

%

4.50

%

Healthcare cost rate assumed for next year

 

7.85

%

7.75

%

7.75

%

Ultimate trend rate

 

5.00

%

5.00

%

5.00

%