Annual report pursuant to Section 13 and 15(d)

Retirement Benefits (Tables)

v2.3.0.15
Retirement Benefits (Tables)
 12 Months Ended
Sep. 30, 2011
Pension plans
  
Retirement and Postemployment Benefits  
Components of net pension costs

 

 

 

Fiscal Year Ended September 30,

 

 

 

2011

 

2010

 

2009

 

Service cost

 

$

6.3

 

$

5.6

 

$

3.3

 

Interest cost

 

12.8

 

12.7

 

12.6

 

Expected return on plan assets

 

(15.4

)

(13.9

)

(13.1

)

Amortization of unrecognized prior service cost, net

 

0.9

 

0.9

 

0.8

 

Amortization of actuarial loss

 

4.0

 

3.0

 

—

 

Net pension costs

 

$

8.6

 

$

8.3

 

$

3.6

 
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,

 

 

 

2011

 

2010

 

Change in benefit obligation:

 

 

 

 

 

Projected benefit obligation at beginning of year

 

$

269.3

 

$

230.2

 

Projected benefit obligation attributable to acquisitions

 

—

 

21.4

 

Service cost

 

6.3

 

5.6

 

Interest cost

 

12.8

 

12.7

 

Actuarial loss

 

17.9

 

7.3

 

Benefits paid

 

(9.5

)

(9.4

)

Effect of exchange rates on projected benefit obligation

 

1.9

 

1.5

 

Projected benefit obligation at end of year

 

298.7

 

269.3

 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

Fair value of plan assets at beginning of year

 

195.7

 

155.5

 

Fair value of pension assets attributable to acquisitions

 

—

 

24.7

 

Actual return on plan assets

 

8.8

 

17.3

 

Employee and employer contributions

 

3.3

 

6.1

 

Benefits paid

 

(9.5

)

(9.4

)

Administrative expenses paid

 

(0.2

)

(0.3

)

Effect of exchange rates on plan assets

 

2.2

 

1.8

 

Fair value of plan assets at end of year

 

200.3

 

195.7

 

 

 

 

 

 

 

Funded status:

 

 

 

 

 

Plan assets less than benefit obligations

 

$

(98.4

)

$

(73.6

)

 

 

 

 

 

 

Amounts recorded in the consolidated balance sheets:

 

 

 

 

 

Other assets

 

$

0.4

 

$

3.3

 

Accrued pension costs, current portion

 

(1.6

)

(1.6

)

Accrued pension costs, long-term portion

 

(97.2

)

(75.3

)

Plan assets less than benefit obligations

 

$

(98.4

)

$

(73.6

)
Schedule of accumulated benefit obligation in excess of plan assets

 

 

 

September 30,

 

 

 

2011

 

2010

 

Projected benefit obligation

 

$

269.1

 

$

246.2

 

Accumulated benefit obligation

 

260.2

 

237.4

 

Fair value of plan assets

 

170.2

 

169.2

 
Summary of actuarial assumptions

 

 

 

Fiscal Year Ended September 30,

 

 

 

2011

 

2010

 

2009

 

Discount rate for obligation, end of year

 

4.3

%

4.8

%

5.5

%

Discount rate for expense, during the year

 

4.5

%

5.3

%

7.5

%

Expected rate of return on plan assets

 

6.9

%

7.6

%

7.75

%

Rate of compensation increase

 

2.4

%

2.4

%

4.0

%
Schedule of fair value of pension plan assets by asset category

 

 

 

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

 

 

 

Total

 

Level 1

 

Level 2

 

Level 3

 

Cash equivalents

 

$

7.2

 

$

4.9

 

$

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 investments:

 

 

 

 

 

 

 

 

 

Government index funds

 

7.5

 

7.5

 

—

 

—

 

Equity mutual funds

 

81.1

 

81.1

 

—

 

—

 

Real estate

 

2.1

 

—

 

—

 

2.1

 

Total

 

$

200.3

 

$

124.1

 

$

74.1

 

$

2.1

 

 

 

 

Fair Value at September 30, 2010 Using Input Considered as:

 

 

 

Total

 

Level 1

 

Level 2

 

Level 3

 

Cash equivalents

 

$

8.0

 

$

5.1

 

$

2.9

 

$

—

 

Equity securities

 

22.5

 

22.5

 

—

 

—

 

Fixed maturity securities:

 

 

 

 

 

 

 

 

 

Corporate bonds

 

67.6

 

11.7

 

55.9

 

—

 

Municipal bonds

 

2.4

 

—

 

2.4

 

—

 

Asset-backed debt securities in trust

 

1.6

 

—

 

1.6

 

—

 

U.S. Government securities

 

1.9

 

—

 

1.9

 

—

 

Other types of investment:

 

 

 

 

 

 

 

 

 

Government index funds

 

3.3

 

3.3

 

—

 

—

 

Equity mutual funds

 

86.0

 

86.0

 

—

 

—

 

Real estate

 

2.4

 

—

 

—

 

2.4

 

Total

 

$

195.7

 

$

128.6

 

$

64.7

 

$

2.4

 
Schedule of estimated future benefit payments

 

 

 

Projected Pension
Benefits Payout

 

2012

 

$

11.7

 

2013

 

12.6

 

2014

 

13.4

 

2015

 

14.3

 

2016

 

15.1

 

2017 - 2021

 

86.3

 
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,

 

 

 

2011

 

2010

 

Benefit obligation at beginning of year

 

$

14.2

 

$

12.1

 

Interest cost

 

0.6

 

0.6

 

Service cost

 

0.7

 

0.6

 

Actuarial loss

 

(5.2

)

1.3

 

Net benefits paid

 

(0.2

)

(0.4

)

Benefit obligation at end of year

 

$

10.1

 

$

14.2

 

 

 

 

 

 

 

Amounts recorded in the consolidated balance sheets:

 

 

 

 

 

Accrued postretirement benefits, current portion

 

$

0.4

 

$

0.8

 

Accrued postretirement benefits, long-term portion

 

9.7

 

13.4

 

Net amount recognized

 

$

10.1

 

$

14.2

 
Schedule of weighted average assumptions under the postretirement healthcare plan

 

 

 

Fiscal Year Ended September 30,

 

 

 

2011

 

2010

 

2009

 

Discount rate for obligation

 

4.10

%

4.50

%

5.25

%

Healthcare cost rate assumed for next year

 

7.75

%

7.75

%

8.50

%

Ultimate trend rate

 

5.00

%

5.00

%

5.00

%