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Retirement and Postretirement Benefit Plans (Tables)
 12 Months Ended
Sep. 30, 2021
Master Defined Benefit Retirement Plan [Member]  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Components of Net Pension Expense The following table details the components of net pension expense for our defined benefit retirement plans:
(In millions)Year Ended September 30Statements of Consolidated
 202120202019Income Classification
Service cost$1.7 $1.8 $1.8 Cost of goods sold
Service cost3.4 3.4 2.7 Selling and administrative expenses
Interest cost7.4 8.7 12.5 Investment income (expense) and other, net
Expected return on plan assets(11.8)(14.0)(14.8)Investment income (expense) and other, net
Amortization of unrecognized prior service cost, net0.1 — 0.1 Investment income (expense) and other, net
Amortization of net loss6.3 6.9 2.4 Investment income (expense) and other, net
Net periodic benefit cost 7.1 6.8 4.7 
Settlement loss 1
— 8.5 — Investment income (expense) and other, net
Special termination benefits 2
3.3 0.5 — Special charges
Net pension expense$10.4 $15.8 $4.7 
1 On March 9, 2020, we transferred pension assets totaling $40.6 million to purchase annuity contracts for a certain population of retirees with a third-party insurance company. As a result, we recognized a non-cash settlement loss of $8.5 million for the fiscal year ended September 30, 2020, which is recorded as a component of Investment income (expense) and other, net in the Consolidated Statements of Income.
2 In September 2020, we offered certain employees in the United States the option to participate in a voluntary early retirement plan. The employees who accepted the offer received special termination benefits, which were recorded as a component of Special charges in the Consolidated Statements of Income. See Note 10. Special Charges for further information.
Schedule of Changes in Obligations, Assets and Funded Status
The change in benefit obligations, plan assets and funded status, along with amounts recognized in the Consolidated Balance Sheets for our defined benefit retirement plans were as follows:
(In millions)Year Ended September 30
 20212020
Change in benefit obligation:  
Benefit obligation at beginning of year$371.8 $380.4 
Service cost5.1 5.2 
Interest cost7.4 8.7 
Actuarial (gain) loss 1
(10.7)28.7 
Benefits paid(12.6)(12.6)
Acquisition2
— 3.5 
Plan settlements(0.2)(44.2)
Special termination benefits 3.3 0.5 
Exchange rate (gain) loss (0.3)1.6 
Benefit obligation at end of year363.8 371.8 
Change in plan assets:  
Fair value of plan assets at beginning of year291.7 310.6 
Actual return on plan assets21.8 33.4 
Employer contributions1.2 1.0 
Benefits paid(12.6)(12.6)
Acquisition2
— 3.5 
Plan settlements (0.2)(44.2)
Fair value of plan assets at end of year301.9 291.7 
Funded status and net amounts recognized$(61.9)$(80.1)
Amounts recorded in the Consolidated Balance Sheets:  
Accrued pension benefits, current portion$(1.4)$(1.5)
Accrued pension benefits, long-term(60.5)(78.6)
Net amount recognized$(61.9)$(80.1)
1 For the fiscal year ended September 30, 2021, the increase in Actuarial (gain) loss is primarily due to the change in the yield curve.
  2 Represents the plan assets and obligations assumed as part of the defined benefit retirement plan of Excel Medical, which was acquired on January 10, 2020, and subsequently settled and terminated as of September 30, 2020.
Schedule of Accumulated Benefit Obligation Selected information for our plans, including plans with accumulated benefit obligations exceeding plan assets, was as follows:
(In millions)September 30, 2021September 30, 2020
 PBOABOPlan AssetsPBOABOPlan Assets
Master plan$337.1 $323.6 $301.9 $343.2 $325.7 $291.7 
International plans21.3 19.3 — 23.0 20.8 — 
Supplemental executive plan5.4 5.4 — 5.6 5.6 — 
 $363.8 $348.3 $301.9 $371.8 $352.1 $291.7 
Schedule of Actuarial Assumptions
The weighted average assumptions used in accounting for our domestic pension plans were as follows:
 202120202019
Weighted average assumptions to determine benefit
obligations at the measurement date:
   
Discount rate for obligation2.9%2.7%3.2%
Rate of compensation increase2.6%2.6%2.6%
   
Weighted average assumptions to determine benefit
cost for the year:
   
Discount rate for expense2.7%3.2%4.2%
Expected rate of return on plan assets4.5%5.3%5.5%
Rate of compensation increase2.6%2.6%3.0%
Schedule of Allocation of Plan Assets
The weighted average asset allocations of our master defined benefit retirement plan as of September 30, 2021 and 2020, by asset category, along with target allocations, are as follows:
2021 and 2020 Target Allocation2021 Actual Allocation 2020 Actual Allocation
Equity securities31%-37%33.7%34%
Fixed income securities63%-69%66.3%66%
Total 100%100%
Schedule of Fair Value Measurements of Plan Assets
The following table summarizes these assets by category:
(In millions)Year Ended September 30
20212020
Equities
U.S. companies$52.0 $49.7 
International companies49.5 48.9 
Fixed income securities 197.2 191.0 
Total plan assets at fair value, excluding cash$298.7 $289.6 
These investments are commingled funds and/or collective trusts valued using the net asset value (“NAV”) unit price provided by the fund administrator. The NAV is based on the value of the underlying assets owned by the fund.
Schedule of Estimated Future Benefit Payments
The benefit payments, which are expected to be funded through plan assets and company contributions and reflect expected future service, are expected to be paid as follows:
(In millions)Pension Benefits
2022$14.9 
202314.6 
202415.4 
202516.1 
202616.6 
2027-203194.2 
Postretirement Health Care Plan [Member]  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Changes in Obligations, Assets and Funded Status
The change in the accumulated postretirement benefit obligation was as follows:
(In millions)Year Ended September 30
 20212020
Change in benefit obligation:  
Benefit obligation at beginning of year$12.2 $12.7 
Service cost0.1 0.1 
Interest cost0.1 0.2 
Actuarial loss (gain)1.8 (0.4)
Benefits paid(1.8)(1.0)
Retiree contributions0.4 0.2 
       Special termination benefits0.1 0.4 
Benefit obligation at end of year$12.9 $12.2 
Amounts recorded in the Consolidated Balance Sheets:  
Accrued benefits obligation, current portion$2.0 $1.6 
Accrued benefits obligation, long-term10.9 10.6 
Net amount recognized$12.9 $12.2