Annual report pursuant to Section 13 and 15(d)

Retirement Benefits (Tables)

v2.4.0.8
Retirement Benefits (Tables)
12 Months Ended
Sep. 30, 2014
Pension Plans Defined Benefit [Member]
 
Retirement and Postemployment Benefits  
Components of net pension costs

 

 

 

U.S. Pension Benefits

 

Non-U.S. Pension Benefits

 

 

 

Year Ended September 30,

 

Year Ended September 30,

 

 

 

2014

 

2013

 

2012

 

2014

 

2013

 

2012

 

Service cost

 

$

4.0

 

$

4.7

 

$

4.5

 

$

1.6

 

$

1.6

 

$

1.3

 

Interest cost

 

14.5

 

12.7

 

12.1

 

4.2

 

3.9

 

0.7

 

Expected return on plan assets

 

(14.0

)

(12.9

)

(12.7

)

(1.0

)

(1.0

)

(1.0

)

Amortization of unrecognized prior service cost, net

 

0.9

 

0.9

 

0.9

 

 

 

 

Amortization of actuarial loss

 

3.8

 

7.2

 

5.7

 

 

 

 

Net pension costs

 

$

9.2

 

$

12.6

 

$

10.5

 

$

4.8

 

$

4.5

 

$

1.0

 

 

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

 

 

 

U.S. Pension Benefits

 

Non-U.S. Pension Benefits

 

 

 

September 30,

 

September 30,

 

 

 

2014

 

2013

 

2014

 

2013

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

 

Projected benefit obligation at beginning of year

 

$

307.4

 

$

300.4

 

$

140.0

 

$

28.4

 

Projected benefit obligation attributable to acquisitions

 

 

31.5

 

1.9

 

110.1

 

Service cost

 

4.0

 

4.7

 

1.6

 

1.6

 

Interest cost

 

14.5

 

12.7

 

4.2

 

3.9

 

Actuarial (gain) loss

 

26.5

 

(29.2

)

12.8

 

1.1

 

Benefits paid

 

(13.9

)

(12.7

)

(8.8

)

(11.3

)

Employee contributions

 

 

 

0.7

 

0.8

 

Effect of exchange rates on projected benefit obligation

 

 

 

(9.5

)

5.4

 

Projected benefit obligation at end of year

 

338.5

 

307.4

 

142.9

 

140.0

 

 

 

 

 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

228.1

 

197.2

 

28.6

 

29.1

 

Fair value of pension assets attributable to acquisitions

 

 

16.0

 

 

 

Actual return on plan assets

 

26.6

 

16.4

 

1.0

 

0.9

 

Employee and employer contributions

 

10.2

 

12.1

 

10.4

 

8.8

 

Benefits paid

 

(13.9

)

(12.8

)

(8.8

)

(11.3

)

Administrative expenses paid

 

(1.3

)

(0.8

)

 

 

Effect of exchange rates on plan assets

 

 

 

(1.8

)

1.1

 

Fair value of plan assets at end of year

 

249.7

 

228.1

 

29.4

 

28.6

 

 

 

 

 

 

 

 

 

 

 

Funded status:

 

 

 

 

 

 

 

 

 

Plan assets less than benefit obligations

 

$

(88.8

)

$

(79.3

)

$

(113.5

)

$

(111.4

)

 

 

 

 

 

 

 

 

 

 

Amounts recorded in the consolidated balance sheets:

 

 

 

 

 

 

 

 

 

Other assets

 

$

 

 

$

0.1

 

$

1.1

 

Accrued pension costs, current portion

 

(1.8

)

(2.0

)

(7.9

)

(8.5

)

Accrued pension costs, long-term portion

 

(87.0

)

(77.3

)

(105.7

)

(104.0

)

Plan assets less than benefit obligations

 

$

(88.8

)

$

(79.3

)

$

(113.5

)

$

(111.4

)

 

Schedule of accumulated benefit obligation in excess of plan assets

 

 

 

U.S. Pension Benefits

 

Non-U.S. Pension Benefits

 

 

 

September 30,

 

September 30,

 

 

 

2014

 

2013

 

2014

 

2013

 

Projected benefit obligation

 

$

338.5 

 

$

307.4 

 

$

113.6 

 

$

112.5 

 

Accumulated benefit obligation

 

324.0 

 

293.3 

 

113.6 

 

112.5 

 

Fair value of plan assets

 

249.7 

 

228.1 

 

 

 

 

Summary of actuarial assumptions

 

 

U.S. Pension Benefits

 

Non-U.S. Pension Benefits

 

 

 

Year Ended September 30,

 

Year Ended September 30,

 

 

 

2014

 

2013

 

2012

 

2014

 

2013

 

2012

 

Discount rate for obligation, end of year

 

4.4 

%

4.9 

%

4.0 

%

2.3 

%

3.5 

%

2.3 

%

Discount rate for expense, during the year

 

4.9 

%

4.0 

%

4.5 

%

3.0 

%

3.3 

%

2.3 

%

Expected rate of return on plan assets

 

6.6 

%

6.6 

%

6.6 

%

3.5 

%

3.5 

%

3.5 

%

Rate of compensation increase

 

3.0 

%

2.6 

%

2.5 

%

0.2 

%

0.2 

%

1.5 

%

 

Schedule of fair value of pension plan assets by asset category

 

 

Fair Value at September 30, 2014 Using Inputs Considered as:

 

 

 

Total

 

Level 1

 

Level 2

 

Level 3

 

U.S. Pension Plans

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

4.5 

 

$

 

$

4.5 

 

$

 

Equity securities

 

 

 

 

 

Corporate bonds

 

 

 

 

 

Other types of investments:

 

 

 

 

 

 

 

 

 

Government index funds

 

 

 

 

 

Equity mutual funds

 

113.9 

 

 

113.9 

 

 

Corporate bond funds

 

131.3 

 

 

131.3 

 

 

Real estate and real estate funds

 

 

 

 

 

Total U.S. pension plan assets

 

$

249.7 

 

$

 

$

249.7 

 

$

 

 

 

 

 

 

 

 

 

 

 

Non-U.S. Pension Plans

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

5.4 

 

$

5.4 

 

$

 

$

 

Equity securities

 

7.3 

 

7.3 

 

 

 

Corporate bonds

 

9.0 

 

9.0 

 

 

 

Other types of investments:

 

 

 

 

 

 

 

 

 

Government index funds

 

5.7 

 

5.7 

 

 

 

Equity mutual funds

 

 

 

 

 

Corporate bond funds

 

 

 

 

 

Real estate and real estate funds

 

2.0 

 

 

 

2.0 

 

Total Non-U.S. pension plan assets

 

$

29.4 

 

$

27.4 

 

$

 

$

2.0 

 

 

 

 

Fair Value at September 30, 2013 Using Inputs Considered as:

 

 

 

Total

 

Level 1

 

Level 2

 

Level 3

 

U.S. Pension Plans

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

4.0 

 

$

 

$

4.0 

 

$

 

Equity securities

 

 

 

 

 

Corporate bonds

 

 

 

 

 

Other types of investments:

 

 

 

 

 

 

 

 

 

Government index funds

 

 

 

 

 

Equity mutual funds

 

103.1 

 

 

103.1 

 

 

Corporate bond funds

 

121.0 

 

 

121.0 

 

 

Real estate and real estate funds

 

 

 

 

 

Total U.S. pension plan assets

 

$

228.1 

 

$

 

$

228.1 

 

$

 

 

 

 

 

 

 

 

 

 

 

Non-U.S. Pension Plans

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

2.8 

 

$

2.8 

 

$

 

$

 

Equity securities

 

8.5 

 

8.5 

 

 

 

Corporate bonds

 

9.8 

 

9.8 

 

 

 

Other types of investments:

 

 

 

 

 

 

 

 

 

Government index funds

 

5.5 

 

5.5 

 

 

 

Equity mutual funds

 

 

 

 

 

Corporate bond funds

 

 

 

 

 

Real estate and real estate funds

 

2.0 

 

 

 

2.0 

 

Total Non-U.S. pension plan assets

 

$

28.6 

 

$

26.6 

 

$

 

$

2.0 

 

 

Schedule of estimated future benefit payments

 

 

 

U.S. Pension Plans

 

Non-U.S Pension Plans

 

 

 

Projected Pension
Benefits Payout

 

Projected Pension
Benefits Payout

 

2015

 

$

15.1 

 

$

8.3 

 

2016

 

16.5 

 

8.1 

 

2017

 

16.9 

 

7.9 

 

2018

 

17.8 

 

7.7 

 

2019

 

18.7 

 

7.4 

 

2020 - 2024

 

103.6 

 

36.1 

 

 

Other Postretirement Benefit Plans Defined Benefit [Member]
 
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,

 

 

 

2014

 

2013

 

Benefit obligation at beginning of year

 

$

9.8

 

$

10.9

 

Interest cost

 

0.3

 

0.4

 

Service cost

 

0.4

 

0.5

 

Plan amendments

 

 

(0.8

)

Actuarial gain (loss)

 

(1.4

)

(0.5

)

Net benefits paid

 

(0.2

)

(0.7

)

Benefit obligation at end of year

 

$

8.9

 

$

9.8

 

 

 

 

 

 

 

Amounts recorded in the balance sheets:

 

 

 

 

 

Accrued postretirement benefits, current portion

 

$

0.7

 

$

0.8

 

Accrued postretirement benefits, long-term portion

 

8.2

 

9.0

 

Net amount recognized

 

$

8.9

 

$

9.8

 

 

Schedule of weighted average assumptions under the postretirement healthcare plan

 

 

 

Year Ended September 30,

 

 

 

2014

 

2013

 

2012

 

Discount rate for obligation

 

3.7 

%

3.5 

%

3.4 

%

Healthcare cost rate assumed for next year

 

7.2 

%

7.7 

%

7.9 

%

Ultimate trend rate

 

5.0 

%

5.0 

%

5.0 

%