v3.24.3
Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Sep. 30, 2024
Defined Benefit Plan Disclosure  
Schedule of change in projected benefit obligation, change in fair value of plan assets, and net funded status
The following table provides a reconciliation of the changes in the pension plans’ benefit obligations and fair value of assets over the two year period ended September 30, 2024 and a statement of the funded status and amounts recognized on the Consolidated Balance Sheets as of September 30, 2024 and 2023.
North AmericaOther International
As of and for the Year Ended September 30,As of and for the Year Ended September 30,
2024202320242023
Change in benefit obligation
Benefit obligation at beginning of year$92.6 $95.5 $422.0 $421.1 
Service cost2.5 2.2 0.3 — 
Interest cost5.8 5.3 25.6 23.3 
Plan participants’ contributions0.3 0.3 — — 
Net actuarial loss (gain)
11.4 (5.4)24.5 (37.5)
Business combinations— — 32.4 — 
Benefits paid(6.0)(5.4)(29.3)(25.9)
Plan amendments
8.3 — 0.1 — 
Other
— — (0.3)— 
Currency translation0.1 0.1 42.6 41.0 
Benefit obligation at end of year$115.0 $92.6 $517.9 $422.0 
Change in fair value of plan assets
Fair value of plan assets at beginning of year$108.2 $102.9 $516.4 $507.3 
Actual return on plan assets25.3 10.1 56.5 (14.3)
Employer contributions— 0.1 0.1 — 
Business combinations— — 42.7 — 
Plan participants’ contributions0.3 0.3 — — 
Benefits paid(6.0)(5.4)(29.3)(25.9)
Currency translation0.1 0.2 52.8 49.4 
Other— — (0.3)(0.1)
Fair value of plan assets at end of year127.9 108.2 638.9 516.4 
Funded status$12.9 $15.6 $121.0 $94.4 
Amounts recognized in assets or liabilities
Other assets$22.5 $15.9 $121.0 $94.4 
Other liabilities(9.6)(0.3)— — 
Net amount recognized$12.9 $15.6 $121.0 $94.4 
Amounts recognized in accumulated OCI
Net actuarial (gain) loss $(8.0)$(2.7)$50.2 $47.7 
Prior service cost8.1 0.4 9.9 10.3 
Total$0.1 $(2.3)$60.1 $58.0 
Weighted-average assumptions used to determine benefit obligation
Discount rate — U.S. pension plan
5.09 %6.06 %n/an/a
Discount rate — Canadian plans4.64 %5.68 %n/an/a
Discount rate — SERP
4.87 %n/an/an/a
Discount rate — Other international plansn/an/a5.17 %5.67 %
Rate of compensation increase — U.S. pension plan
3.00 %3.00 %n/an/a
Rate of compensation increase — Canadian plans2.75 %2.75 %n/an/a
Rate of compensation increase — SERP
3.00 %n/an/an/a
Rate of compensation increase — Other international plansn/an/a2.48 %3.02 %
Interest crediting rate — SERP
4.90 %n/an/an/a
The following table provides a reconciliation of the changes in the North America other postretirement benefit obligations over the two year period ended September 30, 2024 and a statement of the funded status and amounts recognized on the Consolidated Balance Sheets as of September 30, 2024 and 2023. Besides the North America plans, the Company does not maintain any other postretirement benefit plans.
As of and for the Year Ended September 30,
20242023
Change in benefit obligation
Benefit obligation at beginning of year$45.8 $48.3 
Service cost0.2 0.3 
Interest cost2.7 2.5 
Net actuarial loss (gain)
2.4 (3.0)
Benefits paid(2.2)(2.3)
Benefit obligation at end of year$48.9 $45.8 
Change in fair value of plan assets
Employer contributions2.2 2.3 
Benefits paid(2.2)(2.3)
Fair value of plan assets at end of year— — 
Funded status$(48.9)$(45.8)
Amounts recognized in assets or liabilities
Other current liabilities(3.2)(3.3)
Other liabilities(45.7)(42.5)
Net amount recognized$(48.9)$(45.8)
Amounts recognized in accumulated OCI
Net actuarial loss$(8.3)$(11.7)
Prior service credit— (0.7)
Total$(8.3)$(12.4)
Weighted-average assumptions used to determine benefit obligation
Discount rate — U.S. plans4.99 %6.01 %
Discount rate — Canadian plans4.73 %5.67 %
Rate of compensation increase — Canadian plans2.75 %2.75 %
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets
Projected benefit obligation
$9.5 
Accumulated benefit obligation
9.5 
Fair value of plan assets
— 
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets
September 30,
20242023
U.S. plans
Accumulated benefit obligation
$43.9 $40.6 
Fair value of plan assets
— — 
Canadian plans
Accumulated benefit obligation
$5.0 $5.2 
Fair value of plan assets
— — 
Pension plan's assets measured at fair value on a recurring basis
North America
September 30, 2024September 30, 2023
TotalLevel 1Level 2TotalLevel 1Level 2
Equities$14.3 $— $14.3 $11.9 $— $11.9 
Fixed income and bonds6.2 — 6.2 5.2 — 5.2 
Cash and cash equivalents0.7 0.7 — 4.1 4.1 — 
Fair value of plan assets in the fair value hierarchy21.2 0.7 20.5 21.2 4.1 17.1 
Investments measured at NAV (a)106.7 — — 87.0 — — 
Total plan assets$127.9 $0.7 $20.5 $108.2 $4.1 $17.1 
Other International
September 30, 2024September 30, 2023
TotalLevel 1Level 2TotalLevel 1Level 2
Fixed income and bonds$350.3 $350.3 $— $280.4 $280.4 $— 
Liability driven instruments121.4 121.4 — 91.6 91.6 — 
Cash and cash equivalents5.1 5.1 — 17.4 17.4 — 
Fair value of plan assets in the fair value hierarchy476.8 476.8 — 389.4 389.4 — 
Investments measured at NAV (a)162.1 — — 127.0 — — 
Total plan assets$638.9 $476.8 $— $516.4 $389.4 $— 
(a)Includes certain investments in common collective trusts, cash equivalent funds, real assets, fixed incomes and liability driven instruments which were measured at NAV. In accordance with the practical expedient provided by ASC Topic 820, these investments have not been classified in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to the tables above.
Expected future benefit payments and related federal subsidy receipts
Pension Benefits
Other Benefits
Subsidy Receipts
Fiscal 2025
$31.6 $3.4 $0.1 
Fiscal 2026
32.7 3.4 0.1 
Fiscal 2027
34.0 3.4 0.2 
Fiscal 2028
34.9 3.5 0.2 
Fiscal 2029
36.3 3.4 0.2 
Fiscal 2030 - 2034
206.0 17.3 0.9 
Pension Benefits  
Defined Benefit Plan Disclosure  
Schedule of net benefit costs and assumptions used in calculation
The following tables present the components of net periodic benefit cost (income) for the pension plans including amounts recognized in OCI. Service cost was reported in “Cost of goods sold” and “Selling, general and administrative expenses” and all other components of net periodic benefit cost (income) were reported in “Other income, net” in the Consolidated Statements of Operations.
North America
Year Ended September 30,
202420232022
Components of net periodic benefit cost (income)
Service cost$2.5 $2.2 $4.3 
Interest cost5.8 5.3 3.5 
Expected return on plan assets(8.1)(7.5)(7.0)
Recognized net actuarial (gain) loss(0.5)(0.2)1.6 
Recognized prior service cost0.7 0.1 0.1 
Net periodic benefit cost (income)
$0.4 $(0.1)$2.5 
Weighted-average assumptions used to determine net benefit cost (income)
Discount rate — U.S. pension plan
6.06 %5.65 %3.05 %
Discount rate — Canadian plans5.68 %5.12 %3.32 %
Discount rate — SERP
5.99 %n/an/a
Rate of compensation increase — U.S. pension plan
3.00 %3.00 %3.00 %
Rate of compensation increase — Canadian plans2.75 %2.75 %2.75 %
Rate of compensation increase — SERP
n/an/an/a
Expected return on plan assets — U.S. pension plan
7.00 %6.50 %5.75 %
Expected return on plan assets — Canadian plans6.00 %5.75 %5.25 %
Expected return on plan assets — SERP
n/an/an/a
Changes in plan assets and benefit obligation recognized in OCI
Net gain$(5.7)$(8.0)$(4.7)
Recognized gain (loss)0.5 0.2 (1.6)
Plan inception (a)
8.3 — — 
Recognized prior service cost(0.7)(0.1)(0.1)
Total recognized in OCI (before tax effects)$2.4 $(7.9)$(6.4)
(a)Amount represents the initial projected benefit obligation recorded related to the SERP during the year ended September 30, 2024.
Other International
Year Ended September 30,
202420232022
Components of net periodic benefit income
Service cost$0.3 $— $— 
Interest cost25.6 23.3 15.7 
Expected return on plan assets(34.7)(30.8)(24.8)
Recognized net actuarial loss0.1 0.1 — 
Recognized prior service cost0.5 0.4 0.4 
Net periodic benefit income$(8.2)$(7.0)$(8.7)
Weighted-average assumptions used to determine net benefit income
Discount rate 5.67 %5.15 %2.05 %
Rate of compensation increase3.02 %3.85 %3.45 %
Expected return on plan assets6.26 %5.63 %2.73 %
Changes in plan assets and benefit obligation recognized in OCI
Net loss$2.6 $7.6 $46.2 
Recognized loss(0.1)(0.1)— 
Prior service cost
0.1 — — 
Recognized prior service cost(0.5)(0.4)(0.4)
Total recognized in OCI (before tax effects)$2.1 $7.1 $45.8 
Other Benefits  
Defined Benefit Plan Disclosure  
Schedule of net benefit costs and assumptions used in calculation
The following table presents the components of net periodic benefit loss (income) for the other postretirement benefit plans including amounts recognized in OCI. Service cost was reported in “Cost of goods sold” and “Selling, general and administrative expenses” and all other components of net periodic benefit loss (income) were reported in “Other income, net” in the Consolidated Statements of Operations.
Year Ended September 30,
202420232022
Components of net periodic benefit loss (income)
Service cost$0.2 $0.3 $0.5 
Interest cost2.7 2.5 1.5 
Recognized net actuarial (gain) loss(1.0)(0.5)0.6 
Recognized prior service credit(0.6)(4.7)(4.6)
Net periodic benefit loss (income)
$1.3 $(2.4)$(2.0)
Weighted-average assumptions used to determine net benefit loss (income)
Discount rate — U.S. plans6.01 %5.62 %2.89 %
Discount rate — Canadian plans5.67 %5.12 %3.45 %
Rate of compensation increase — Canadian plans2.75 %2.75 %2.75 %
Changes in benefit obligation recognized in OCI
Net loss (gain)
$2.5 $(3.0)$(17.5)
Recognized net actuarial gain (loss)1.0 0.5 (0.6)
Recognized prior service credit0.6 4.7 4.6 
Total recognized in OCI (before tax effects)$4.1 $2.2 $(13.5)