Retirement Benefits (Tables)

12 Months Ended

Sep. 30, 2016

Compensation and Retirement Disclosure [Abstract]

The components of net periodic benefit cost (income) are (in millions):



										Other Postretirement
	Pension Benefits									Benefits
	2016			2015			2014			2016			2015			2014
Service cost	$	88.0		$	85.7		$	78.5		$	1.3		$	1.5		$	2.0
Interest cost	169.5			167.2			174.2			3.3			4.1			6.5
Expected return on plan assets	(218.3		)	(223.2		)	(217.9		)	—			—			—
Amortization:
Prior service credit	(2.9		)	(2.7		)	(2.7		)	(11.1		)	(14.5		)	(10.2		)
Net actuarial loss	124.5			118.7			99.7			2.3			4.5			2.9
Special termination benefit	0.5			—			—			—			—			—
Settlements	—			—			(0.1		)	—			—			—
Net periodic benefit cost (income)	$	161.3		$	145.7		$	131.7		$	(4.2	)	$	(4.4	)	$	1.2

Schedule of Net Funded Status

Benefit obligation, plan assets, funded status and net liability information is summarized as follows (in millions):



	Pension Benefits						Other Postretirement Benefits
	2016			2015			2016			2015
Benefit obligation at beginning of year	$	4,282.2		$	4,236.6		$	93.3		$	122.2
Service cost	88.0			85.7			1.3			1.5
Interest cost	169.5			167.2			3.3			4.1
Actuarial losses (gains)	515.4			230.2			(0.2		)	(20.1		)
Plan amendments	(10.0		)	(3.5		)	—			—
Plan participant contributions	4.3			4.9			4.0			5.4
Benefits paid	(232.0		)	(329.1		)	(14.9		)	(17.7		)
Special termination benefit	0.5			—			—			—
Currency translation and other	(32.0		)	(109.8		)	0.1			(2.1		)
Benefit obligation at end of year	4,785.9			4,282.2			86.9			93.3
Plan assets at beginning of year	3,262.5			3,591.0			—			—
Actual return on plan assets	394.3			29.5			—			—
Company contributions	44.3			41.0			10.9			12.3
Plan participant contributions	4.3			4.9			4.0			5.4
Benefits paid	(232.0		)	(329.1		)	(14.9		)	(17.7		)
Currency translation and other	(25.5		)	(74.8		)	—			—
Plan assets at end of year	3,447.9			3,262.5			—			—
Funded status of plans	$	(1,338.0	)	$	(1,019.7	)	$	(86.9	)	$	(93.3	)

Schedule of Amounts Recognized in Balance Sheet



Net amount on balance sheet consists of:
Other assets	$	0.1		$	0.1		$	—		$	—
Compensation and benefits	(11.6		)	(11.3		)	(10.5		)	(11.4		)
Retirement benefits	(1,326.5		)	(1,008.5		)	(76.4		)	(81.9		)
Net amount on balance sheet	$	(1,338.0	)	$	(1,019.7	)	$	(86.9	)	$	(93.3	)

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

Amounts included in accumulated other comprehensive loss, net of tax, at September 30, 2016 and 2015 which have not yet been recognized in net periodic benefit cost are as follows (in millions):



	Pension Benefits				Other Postretirement Benefits
	2016		2015		2016			2015
Prior service cost (credit)	$	4.9	$	3.0	$	(15.9	)	$	(22.9	)
Net actuarial loss	1,235.1		1,099.9		15.7			17.1
Total	$	1,240.0	$	1,102.9	$	(0.2	)	$	(5.8	)

Schedule of Assumptions Used

Net Periodic Benefit Cost Assumptions

Significant assumptions used in determining net periodic benefit cost included in the Consolidated Statement of Operations for the period ended September 30 are (in weighted averages):



	Pension Benefits September 30,						Other Postretirement Benefits September 30,
	2016		2015		2014		2016		2015		2014
U.S. Plans
Discount rate	4.55	%	4.50	%	5.05	%	3.85	%	3.65	%	4.60	%
Expected return on plan assets	7.50	%	7.50	%	7.50	%	—		—		—
Compensation increase rate	3.75	%	3.75	%	3.75	%	—		—		—
Non-U.S. Plans
Discount rate	2.67	%	3.01	%	3.69	%	3.60	%	3.50	%	4.20	%
Expected return on plan assets	5.21	%	5.31	%	5.33	%	—		—		—
Compensation increase rate	3.11	%	3.16	%	3.11	%	—		—		—

Net Benefit Obligation Assumptions

Significant assumptions used in determining the benefit obligations included in the Consolidated Balance Sheet are (in weighted averages):



	Pension Benefits September 30,				Other Postretirement Benefits September 30,
	2016		2015		2016		2015
U.S. Plans
Discount rate	3.75	%	4.55	%	3.10	%	3.85	%
Compensation increase rate	3.50	%	3.75	%	—		—
Health care cost trend rate⁽¹⁾	—		—		6.50	%	7.00	%
Non-U.S. Plans
Discount rate	1.77	%	2.67	%	2.80	%	3.60	%
Compensation increase rate	2.86	%	3.11	%	—		—
Health care cost trend rate⁽¹⁾	—		—		4.95	%	5.39	%

(1)

The health care cost trend rate reflects the estimated increase in gross medical claims costs. As a result of the plan amendment adopted effective October 1, 2002, our effective per person retiree medical cost increase is zero percent beginning in 2005 for the majority of our postretirement benefit plans. For our other plans, we assume the gross health care cost trend rate will decrease to 5.50% in 2018 for U.S. Plans and 4.50% in 2017 for Non-U.S. Plans.

Schedule Of Weighted Average Allocation Of Plan Assets

Our global weighted-average targeted and actual asset allocations at September 30, by asset category, are:



	Allocation			Target	September 30,
Asset Category	Range			Allocations	2016	2015
Equity securities	40%	–	65%	52%	50%	48%
Debt securities	30%	–	50%	39%	41%	43%
Other	0%	–	15%	9%	9%	9%

Schedule of Allocation of Plan Assets

The following table presents our pension plans’ investments measured at fair value as of September 30, 2016:



	Level 1		Level 2		Level 3		Total
U.S. Plans
Cash and cash equivalents	$	2.9	$	—	$	—	$	2.9
Equity securities:
Common stock	705.9		—		—		705.9
Mutual funds	203.6		—		—		203.6
Common collective trusts	—		483.6		—		483.6
Fixed income securities:
Corporate debt	—		591.8		—		591.8
Government securities	252.6		99.5		—		352.1
Common collective trusts	—		161.4		—		161.4
Other types of investments:
Private equity	—		—		57.1		57.1
Alternative equity	—		—		56.9		56.9
Insurance contracts	—		—		0.9		0.9
Non-U.S. Plans
Cash and cash equivalents	1.9		—		—		1.9
Equity securities:
Common stock	48.6		—		—		48.6
Common collective trusts	—		279.3		—		279.3
Fixed income securities:
Corporate debt	—		34.1		—		34.1
Government securities	10.0		7.6		—		17.6
Common collective trusts	—		271.1		—		271.1
Other types of investments:
Real estate funds	—		85.4		9.2		94.6
Insurance contracts	—		—		79.7		79.7
Other	—		1.4		3.4		4.8
Total plan investments	$	1,225.5	$	2,015.2	$	207.2	$	3,447.9

The following table presents our pension plans’ investments measured at fair value as of September 30, 2015:



	Level 1		Level 2		Level 3		Total
U.S. Plans
Cash and cash equivalents	$	5.1	$	—	$	—	$	5.1
Equity securities:
Common stock	628.5		—		—		628.5
Mutual funds	174.6		—		—		174.6
Common collective trusts	—		467.5		—		467.5
Fixed income securities:
Corporate debt	—		643.8		—		643.8
Government securities	212.0		121.3		—		333.3
Common collective trusts	—		124.8		—		124.8
Other types of investments:
Private equity	—		—		70.2		70.2
Alternative equity	—		—		50.7		50.7
Insurance contracts	—		—		0.9		0.9
Non-U.S. Plans
Cash and cash equivalents	2.3		—		—		2.3
Equity securities:
Common stock	37.0		—		—		37.0
Common collective trusts	—		259.5		—		259.5
Fixed income securities:
Corporate debt	—		40.0		—		40.0
Government securities	2.8		6.6		—		9.4
Common collective trusts	—		258.6		—		258.6
Other types of investments:
Real estate funds	—		79.4		8.7		88.1
Insurance contracts	—		—		63.8		63.8
Other	—		1.3		3.1		4.4
Total plan investments	$	1,062.3	$	2,002.8	$	197.4	$	3,262.5

Defined Benefit Plan Change in Fair Value of Plan Assets Level Three

The table below sets forth a summary of changes in fair market value of our pension plans’ Level 3 assets for the year ended September 30, 2016:



	Balance October 1, 2015		Realized Gains (Losses)		Unrealized Gains (Losses)			Purchases, Sales, Issuances, and Settlements, Net			Balance September 30, 2016
U.S. Plans
Private equity	$	70.2	$	5.3	$	(13.3	)	$	(5.1	)	$	57.1
Alternative equity	50.7		2.2		(5.6		)	9.6			56.9
Insurance contracts	0.9		—		—			—			0.9
Non-U.S. Plans
Real estate	8.7		—		0.5			—			9.2
Insurance contracts	63.8		—		14.5			1.4			79.7
Other	3.1		—		—			0.3			3.4
	$	197.4	$	7.5	$	(3.9	)	$	6.2		$	207.2

The table below sets forth a summary of changes in fair market value of our pension plans’ Level 3 assets for the year ended September 30, 2015:



	Balance October 1, 2014		Realized Gains (Losses)		Unrealized Gains (Losses)			Purchases, Sales, Issuances, and Settlements, Net			Balance September 30, 2015
U.S. Plans
Private equity	$	78.8	$	7.2	$	(11.0	)	$	(4.8	)	$	70.2
Alternative equity	49.9		4.0		1.7			(4.9		)	50.7
Insurance contracts	0.9		—		—			—			0.9
Non-U.S. Plans
Real estate	8.6		—		0.1			—			8.7
Insurance contracts	57.8		—		11.3			(5.3		)	63.8
Other	3.3		—		0.1			(0.3		)	3.1
	$	199.3	$	11.2	$	2.2		$	(15.3	)	$	197.4

Schedule of Expected Benefit Payments

The following benefit payments, which include employees’ expected future service, as applicable, are expected to be paid (in millions):



	Pension Benefits		Other Postretirement Benefits
2017	$	256.8	$	10.6
2018	246.2		11.2
2019	259.5		10.9
2020	268.5		7.0
2021	279.2		5.7
2022 – 2026	1,478.6		24.9

Schedule of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

A one percentage point change in assumed health care cost trend rates would have the following effect (in millions):



	One Percentage Point Increase				One Percentage Point Decrease
	2016		2015		2016			2015
Increase (decrease) to total of service and interest cost components	$	0.2	$	0.2	$	(0.2	)	$	(0.2	)
Increase (decrease) to postretirement benefit obligation	2.9		3.0		(2.5		)	(2.6		)

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

Information regarding our pension plans with accumulated benefit obligations in excess of the fair value of plan assets (underfunded plans) at September 30, 2016 and 2015 are as follows (in millions):



	2016		2015
Projected benefit obligation	$	4,784.5	$	4,281.0
Accumulated benefit obligation	4,428.0		3,978.3
Fair value of plan assets	3,446.5		3,261.2