Retirement Plans (Tables)
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12 Months Ended |
Sep. 30, 2012
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Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] |
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Schedule of Accumulated and Projected Benefit Obligations |
Information for Pension Plans with accumulated benefit obligations in excess of plan assets is presented below. | | | | | | | | | | September 30, | | 2012 | | 2011 | | (in millions) | Projected benefit obligations | $ | 445.2 |
| | $ | 377.3 |
| Accumulated benefit obligations | 445.0 |
| | 375.3 |
| Fair value of plan assets | 383.2 |
| | 326.8 |
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Information for Pension Plans with accumulated benefit obligations less than plan assets is presented below. | | | | | | | | | | September 30, | | 2012 | | 2011 | | (in millions) | Projected benefit obligations | $ | 3.1 |
| | $ | 4.0 |
| Accumulated benefit obligations | 3.1 |
| | 4.0 |
| Fair value of plan assets | 3.9 |
| | 5.0 |
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Schedule of Net Benefit Costs |
The components of net periodic benefit cost (gain) are presented below. | | | | | | | | | | | | | | Pension Plans | | 2012 | | 2011 | | 2010 | | (in millions) | Service cost | $ | 1.8 |
| | $ | 2.5 |
| | $ | 3.6 |
| Interest cost | 20.2 |
| | 21.2 |
| | 21.1 |
| Expected return on plan assets | (24.0 | ) | | (23.4 | ) | | (21.7 | ) | Amortization of prior service cost (gain) | 0.6 |
| | 0.6 |
| | 0.7 |
| Amortization of net loss (gain) | 6.0 |
| | 5.9 |
| | 8.8 |
| Curtailment / special settlement loss (gain) | 0.2 |
| | 0.7 |
| | 3.0 |
| Costs allocated to discontinued operations | (1.1 | ) | | (4.3 | ) | | (9.7 | ) | Net periodic benefit cost (gain) | $ | 3.7 |
| | $ | 3.2 |
| | $ | 5.8 |
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Schedule Of Defined Benefit Plans Disclosures |
Amounts recognized for our Pension Plans and other postretirement benefit plans are presented below. | | | | | | | | | | | | | | | | | | Pension Plans | | Other Plans | | 2012 | | 2011 | | 2012 | | 2011 | | (in millions) | Projected benefit obligations: | | | | | | | | Beginning of year | $ | 381.3 |
| | $ | 398.9 |
| | $ | 3.7 |
| | $ | 6.7 |
| Service cost | 1.8 |
| | 2.5 |
| | — |
| | 0.1 |
| Interest cost | 20.2 |
| | 21.2 |
| | 0.2 |
| | 0.3 |
| Plan amendment | — |
| | — |
| | (1.4 | ) | | — |
| Actuarial loss (gain) | 71.6 |
| | (12.4 | ) | | (0.1 | ) | | (1.0 | ) | Benefits paid | (24.7 | ) | | (24.2 | ) | | (0.6 | ) | | (0.5 | ) | Currency translation | 0.6 |
| | (0.1 | ) | | — |
| | — |
| Decrease in obligation due to curtailment | (2.8 | ) | | (4.6 | ) | | — |
| | (1.9 | ) | Other | 0.3 |
| | — |
| | — |
| | — |
| End of year | $ | 448.3 |
| | $ | 381.3 |
| | $ | 1.8 |
| | $ | 3.7 |
| Accumulated benefit obligations at end of year | $ | 448.1 |
| | $ | 379.3 |
| | $ | 1.8 |
| | $ | 3.7 |
| Plan assets: | | | | | | | | Beginning of year | $ | 331.8 |
| | $ | 313.1 |
| | $ | — |
| | $ | — |
| Actual return on plan assets | 58.2 |
| | 19.6 |
| | — |
| | — |
| Employer contributions | 21.3 |
| | 23.3 |
| | 0.6 |
| | 0.5 |
| Currency translation | 0.5 |
| | — |
| | — |
| | — |
| Benefits paid | (24.7 | ) | | (24.2 | ) | | (0.6 | ) | | (0.5 | ) | End of year | $ | 387.1 |
| | $ | 331.8 |
| | $ | — |
| | $ | — |
| Accrued benefit cost at end of year: | | | | | | | | Unfunded status | $ | (61.2 | ) | | $ | (49.5 | ) | | $ | (1.8 | ) | | $ | (3.7 | ) | Recognized on balance sheet: | | | | | | | | Other noncurrent assets | $ | 0.9 |
| | $ | 1.0 |
| | $ | — |
| | $ | — |
| Other current liabilities | — |
| | (0.3 | ) | | (0.2 | ) | | (0.5 | ) | Other noncurrent liabilities | (62.1 | ) | | (50.2 | ) | | (1.6 | ) | | (3.2 | ) | | $ | (61.2 | ) | | $ | (49.5 | ) | | $ | (1.8 | ) | | $ | (3.7 | ) | Recognized in accumulated other comprehensive loss, before tax: | | | | | | | | Prior year service cost (gain) | $ | 0.3 |
| | $ | 0.7 |
| | $ | (0.5 | ) | | $ | (3.8 | ) | Net actuarial loss (gain) | 136.9 |
| | 108.2 |
| | (4.6 | ) | | (13.4 | ) | | $ | 137.2 |
| | $ | 108.9 |
| | $ | (5.1 | ) | | $ | (17.2 | ) |
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Schedule of Pension and Other Postretirement Benefits Activity in Accumulated Other Comprehensive Income (Loss) |
Pension and other postretirement benefits activity in accumulated other comprehensive loss, before tax, in 2012 is presented below. | | | | | | | | | | Pension benefits | | Other postretirement benefits | | (in millions) | Balance at beginning of year | $ | 108.9 |
| | $ | (17.2 | ) | Amounts reclassified as amortization of net periodic cost: | | | | Gain (loss) amortization | (8.8 | ) | | 9.0 |
| Prior year service gain (loss) amortization and curtailment | (0.6 | ) | | 4.6 |
| Net prior service costs | 0.1 |
| | (1.4 | ) | Loss (gain) during the year | 37.5 |
| | (0.1 | ) | Other | 0.1 |
| | — |
| Balance at end of year | $ | 137.2 |
| | $ | (5.1 | ) |
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Schedule of Components of Accumulated Other Comprehensive Income (Loss) Related to Pension and Other Postretirement Benefits Expected to be Amortized |
The components of accumulated other comprehensive loss related to pension and other postretirement benefits that management expects to be amortized into net periodic benefit cost in 2013, including both continuing and discontinued operations, are presented below. | | | | | | | | | | Pension benefits | | Other postretirement benefits | | (in millions) | Amortization of unrecognized prior year service cost (credit) | $ | — |
| | $ | (0.4 | ) | Amortization of unrecognized gain (loss) | (9.0 | ) | | (4.2 | ) | | $ | (9.0 | ) | | $ | (4.6 | ) |
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Schedule of Assumptions Used |
A summary of key assumptions for our pension and other postretirement benefit plans is below. | | | | | | | | | | | | | | | | | | | | Plan measurement date | | Pension Plans | | Other Plans | | 2012 | | 2011 | | 2010 | | 2012 | | 2011 | | 2010 | Weighted average used to determine benefit obligations: | | | | | | | | | | | | Discount rate | 4.21 | % | | 5.66 | % | | 5.44 | % | | 4.22 | % | | 5.69 | % | | 5.44 | % | Rate of compensation increases | 3.50 | % | | 3.50 | % | | 3.50 | % | | n/a |
| | n/a |
| | n/a |
| Weighted average used to determine net periodic cost: | | | | | | | | | | | | Discount rate | 5.66 | % | | 5.88 | % | | 5.45 | % | | 5.69 | % | | 5.88 | % | | 5.45 | % | Expected return on plan assets | 6.95 | % | | 7.47 | % | | 7.88 | % | | n/a |
| | n/a |
| | n/a |
| Rate of compensation increases | 3.50 | % | | 3.50 | % | | 3.50 | % | | n/a |
| | n/a |
| | n/a |
| Assumed healthcare cost trend rates: | | | | | | | | | | | | Next year – pre-65 | n/a |
| | n/a |
| | n/a |
| | n/a |
| | 7.50 | % | | 7.90 | % | Ultimate trend rate – pre-65 | n/a |
| | n/a |
| | n/a |
| | n/a |
| | 5.00 | % | | 4.90 | % | Year ultimate trend rate achieved | n/a |
| | n/a |
| | n/a |
| | n/a |
| | 2016 |
| | 2016 |
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Schedule of Effect of One-Percentage-Point Change in Assumptions |
The effects of a one-percentage-point change in the trend rate for these assumptions are below. | | | | | | | | | | 1 Percentage point increase | | 1 Percentage point decrease | | (in millions) | Pension Plans: | | | | Discount rate: | | | | Effect on pension service and interest cost components | $ | (0.3 | ) | | $ | 0.4 |
| Effect on pension benefit obligations | (48.0 | ) | | 58.7 |
| Effect on 2013 pension expense | (2.7 | ) | | 3.2 |
| Expected return on plan assets: | | | | Effect on current year pension expense | (3.7 | ) | | 3.8 |
| Rate of compensation increase: | | | | Effect on pension benefit obligations | 0.1 |
| | — |
| Effect on 2013 pension expense | 0.1 |
| | — |
| Other plans: | | | | Discount rate: | | | | Effect on postretirement service and interest cost components | — |
| | — |
| Effect on postretirement benefit obligations | (0.3 | ) | | 0.4 |
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Schedule of Strategic Allocation of Plan Assets |
This trust's strategic asset allocations, tactical range at September 30, 2012 and actual asset allocations at September 30, 2012, 2011 and 2010, respectively, are presented below. | | | | | | | | | | | | | | | | Strategic asset allocation | | | | Actual asset allocations at | | | Tactical range | | September 30, | | 2012 | | 2011 | | 2010 | Equity investments: | | | | | | | | | | Large capitalization stocks | 38 | % | | 19-57% | | | | | | | Small capitalization stocks | 8 | % | | 4-12% | | | | | | | International stocks | 14 | % | | 7-21% | | | | | | | | 60 | % | | 50-70% | | 59 | % | | 46 | % | | 58 | % | Fixed income investments | 40 | % | | 30-50% | | 39 | % | | 53 | % | | 39 | % | Cash | — | % | | 0-5% | | 2 | % | | 1 | % | | 3 | % | | 100 | % | | | | 100 | % | | 100 | % | | 100 | % |
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Schedule of Strategic Allocation of Plan Assets |
The assets of the Pension Plans at September 30, 2012 and 2011, by level within the fair value hierarchy, are presented below, in millions. | | | | | | | | | | | | | | | | | | September 30, 2012 | | Level 1 | | Level 2 | | Level 3 | | Total | | (in millions) | Equity: | | | | | | | | International Funds | $ | — |
| | $ | 10.6 |
| | $ | — |
| | $ | 10.6 |
| Large Cap Growth funds | — |
| | 15.6 |
| | — |
| | 15.6 |
| Large Cap Value funds | — |
| | 30.4 |
| | — |
| | 30.4 |
| S&P Midcap index funds | — |
| | 5.2 |
| | — |
| | 5.2 |
| Smallcap index funds | — |
| | 31.1 |
| | — |
| | 31.1 |
| Mutual funds | 134.4 |
| | — |
| | — |
| | 134.4 |
| Total equity | 134.4 |
| | 92.9 |
| | — |
| | 227.3 |
| Bond funds | — |
| | 151.3 |
| | — |
| | 151.3 |
| Cash and cash equivalents | 0.2 |
| | 6.8 |
| | — |
| | 7.0 |
| Other | — |
| | — |
| | 1.5 |
| | 1.5 |
| Total | $ | 134.6 |
| | $ | 251.0 |
| | $ | 1.5 |
| | $ | 387.1 |
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| | | | | | | | | | | | | | | | | | September 30, 2011 | | Level 1 | | Level 2 | | Level 3 | | Total | | (in millions) | Equity: | | | | | | | | Large cap growth funds | $ | — |
| | $ | 7.5 |
| | $ | — |
| | $ | 7.5 |
| Large cap value funds | — |
| | 7.3 |
| | — |
| | 7.3 |
| S&P Midcap index funds | — |
| | 2.2 |
| | — |
| | 2.2 |
| Mutual funds | 137.1 |
| | — |
| | — |
| | 137.1 |
| Total equity | 137.1 |
| | 17.0 |
| | — |
| | 154.1 |
| Bond funds | — |
| | 172.7 |
| | — |
| | 172.7 |
| Cash | 0.2 |
| | 3.3 |
| | — |
| | 3.5 |
| Other | — |
| | — |
| | 1.5 |
| | 1.5 |
| Total | $ | 137.3 |
| | $ | 193.0 |
| | $ | 1.5 |
| | $ | 331.8 |
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Schedule of Expected Benefit Payments |
The estimated benefit payments, which reflect expected future service, as appropriate, are presented below. | | | | | | | | | | Pension benefits | | Other Plans | | (in millions) | 2013 | $ | 26.6 |
| | $ | 0.2 |
| 2014 | 26.6 |
| | 0.1 |
| 2015 | 26.5 |
| | 0.1 |
| 2016 | 26.5 |
| | 0.1 |
| 2017 | 26.7 |
| | 0.1 |
| 2018-2022 | 136.4 |
| | 0.5 |
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