Retirement Benefits (Tables)

12 Months Ended

Sep. 30, 2017

Compensation and Retirement Disclosure [Abstract]

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



										Other Postretirement
	Pension Benefits									Benefits
	2017			2016			2015			2017			2016			2015
Service cost	$	97.0		$	88.0		$	85.7		$	1.4		$	1.3		$	1.5
Interest cost	151.6			169.5			167.2			2.5			3.3			4.1
Expected return on plan assets	(225.2		)	(218.3		)	(223.2		)	—			—			—
Amortization:
Prior service credit	(3.7		)	(2.9		)	(2.7		)	(6.1		)	(11.1		)	(14.5		)
Net actuarial loss	152.9			124.5			118.7			2.3			2.3			4.5
Special termination benefit	0.5			0.5			—			—			—			—
Settlements	2.8			—			—			—			—			—
Net periodic benefit cost (income)	$	175.9		$	161.3		$	145.7		$	0.1		$	(4.2	)	$	(4.4	)

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
	2017			2016			2017			2016
Benefit obligation at beginning of year	$	4,785.9		$	4,282.2		$	86.9		$	93.3
Service cost	97.0			88.0			1.4			1.3
Interest cost	151.6			169.5			2.5			3.3
Actuarial (gains) losses	(221.9		)	515.4			(3.8		)	(0.2		)
Plan amendments	(6.9		)	(10.0		)	—			—
Plan participant contributions	3.9			4.3			3.4			4.0
Benefits paid	(251.9		)	(232.0		)	(13.4		)	(14.9		)
Special termination benefit	0.5			0.5			—			—
Settlements	(13.8		)	—			—			—
Curtailments	(1.0		)	—			—			—
Currency translation and other	41.6			(32.0		)	0.8			0.1
Benefit obligation at end of year	4,585.0			4,785.9			77.8			86.9
Plan assets at beginning of year	3,447.9			3,262.5			—			—
Actual return on plan assets	315.5			394.3			—			—
Company contributions	254.9			44.3			10.0			10.9
Plan participant contributions	3.9			4.3			3.4			4.0
Benefits paid	(251.9		)	(232.0		)	(13.4		)	(14.9		)
Settlements	(13.8		)	—			—			—
Currency translation and other	31.8			(25.5		)	—			—
Plan assets at end of year	3,788.3			3,447.9			—			—
Funded status of plans	$	(796.7	)	$	(1,338.0	)	$	(77.8	)	$	(86.9	)

Schedule of Amounts Recognized in Balance Sheet



Net amount on balance sheet consists of:
Other assets	$	10.6		$	0.1		$	—		$	—
Compensation and benefits	(11.7		)	(11.6		)	(9.5		)	(10.5		)
Retirement benefits	(795.6		)	(1,326.5		)	(68.3		)	(76.4		)
Net amount on balance sheet	$	(796.7	)	$	(1,338.0	)	$	(77.8	)	$	(86.9	)

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, 2017 and 2016 which have not yet been recognized in net periodic benefit cost are as follows (in millions):



	Pension Benefits				Other Postretirement Benefits
	2017		2016		2017			2016
Prior service cost (credit)	$	5.3	$	4.9	$	(12.2	)	$	(15.9	)
Net actuarial loss	921.9		1,235.1		12.0			15.7
Total	$	927.2	$	1,240.0	$	(0.2	)	$	(0.2	)

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,
	2017		2016		2015		2017		2016		2015
U.S. Plans
Discount rate	3.75	%	4.55	%	4.50	%	3.10	%	3.85	%	3.65	%
Expected return on plan assets	7.50	%	7.50	%	7.50	%	—		—		—
Compensation increase rate	3.50	%	3.75	%	3.75	%	—		—		—
Non-U.S. Plans
Discount rate	1.77	%	2.67	%	3.01	%	2.80	%	3.60	%	3.50	%
Expected return on plan assets	5.12	%	5.21	%	5.31	%	—		—		—
Compensation increase rate	2.86	%	3.11	%	3.16	%	—		—		—

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,
	2017		2016		2017		2016
U.S. Plans
Discount rate	3.90	%	3.75	%	3.40	%	3.10	%
Compensation increase rate	3.50	%	3.50	%	—		—
Health care cost trend rate⁽¹⁾	—		—		6.50	%	6.50	%
Non-U.S. Plans
Discount rate	2.30	%	1.77	%	3.20	%	2.80	%
Compensation increase rate	2.99	%	2.86	%	—		—
Health care cost trend rate⁽¹⁾	—		—		4.50	%	4.95	%

(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 2019 for U.S. Plans and will not change in 2018 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	2017	2016
Equity securities	40%	–	65%	52%	50%	50%
Debt securities	30%	–	50%	40%	42%	41%
Other	0%	–	15%	8%	8%	9%

Schedule of Allocation of Plan Assets

The following table presents our pension plans’ investments measured at fair value as of September 30, 2017:



	Level 1		Level 2		Level 3		Total
U.S. Plans
Cash and cash equivalents	$	1.1	$	—	$	—	$	1.1
Equity securities:
Mutual funds	230.1		—		—		230.1
Common stock	911.7		—		—		911.7
Common collective trusts	—		411.2		—		411.2
Fixed income securities:
Corporate debt	—		663.7		—		663.7
Government securities	247.0		109.4		—		356.4
Common collective trusts	—		204.1		—		204.1
Other types of investments:
Insurance contracts	—		—		0.9		0.9
Total U.S. Plans investments in fair value hierarchy	$	1,389.9	$	1,388.4	$	0.9	2,779.2
U.S. Plans investments measured at NAV:
Private equity							49.9
Alternative equity							61.0
Total U.S. Plans investments							2,890.1
Non-U.S. Plans
Cash and cash equivalents	$	3.3	$	—	$	—	3.3
Equity securities:
Common stock	57.3		—		—		57.3
Common collective trusts	—		311.1		—		311.1
Fixed income securities:
Corporate debt	—		37.0		—		37.0
Government securities	1.2		14.8		—		16.0
Common collective trusts	—		301.1		—		301.1
Other types of investments:
Real estate funds	—		86.6		—		86.6
Insurance contracts	—		—		71.5		71.5
Other	—		—		4.8		4.8
Total Non-U.S. Plans investments in fair value hierarchy	$	61.8	$	750.6	$	76.3	888.7
Non-U.S. Plans investments measured at NAV:
Real estate funds							9.5
Total Non-U.S. Plans investments							898.2
Total investments measured at fair value							$	3,788.3

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:
Mutual funds	203.6		—		—		203.6
Common stock	705.9		—		—		705.9
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:
Insurance contracts	—		—		0.9		0.9
Total U.S. Plans investments in fair value hierarchy	$	1,165.0	$	1,336.3	$	0.9	2,502.2
U.S. Plans investments measured at NAV:
Private equity							57.1
Alternative equity							56.9
Total U.S. Plans investments							2,616.2
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		—		85.4
Insurance contracts	—		—		79.7		79.7
Other	—		—		4.8		4.8
Total Non-U.S. Plans investments in fair value hierarchy	$	60.5	$	677.5	$	84.5	822.5
Non-U.S. Plans investments measured at NAV:
Real estate funds							9.2
Total Non-U.S. Plans investments							831.7
Total investments measured at fair value							$	3,447.9

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, 2017:



	Balance October 1, 2016		Realized Gains (Losses)		Unrealized Gains (Losses)			Purchases, Sales, Issuances, and Settlements, Net		Balance September 30, 2017
U.S. Plans
Insurance contracts	$	0.9	$	—	$	—		$	—	$	0.9
Non-U.S. Plans
Insurance contracts	79.7		—		(13.4		)	5.2		71.5
Other	4.8		—		—			—		4.8
	$	85.4	$	—	$	(13.4	)	$	5.2	$	77.2

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, 2016:



	Balance October 1, 2015		Realized Gains (Losses)		Unrealized Gains (Losses)		Purchases, Sales, Issuances, and Settlements, Net		Balance September 30, 2016
U.S. Plans
Insurance contracts	$	0.9	$	—	$	—	$	—	$	0.9
Non-U.S. Plans
Insurance contracts	63.8		—		14.5		1.4		79.7
Other	4.4		—		—		0.4		4.8
	$	69.1	$	—	$	14.5	$	1.8	$	85.4

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
2018	$	267.1	$	9.7
2019	258.3		9.3
2020	272.7		6.0
2021	289.0		4.9
2022	305.8		4.7
2023 – 2027	1,451.6		20.2

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 not have a material impact on our service and interest cost components or postretirement benefit obligation.

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, 2017 and 2016 are as follows (in millions):



	2017		2016
Projected benefit obligation	$	4,280.9	$	4,784.5
Accumulated benefit obligation	3,956.8		4,428.0
Fair value of plan assets	3,473.6		3,446.5