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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Jan. 02, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Outstanding Derivative Contracts

The Company had the following outstanding commodity contracts that were entered into to hedge forecasted purchases:

COMMODITY

JANUARY 2, 2021

DECEMBER 28, 2019

SEPTEMBER 30, 2020

Urea

40,500 tons

45,500 tons

76,500 tons

Resin

4,000,000 pounds

11,000,000 pounds

9,100,000 pounds

Diesel

4,704,000 gallons

4,368,000 gallons

5,838,000 gallons

Heating Oil

2,100,000 gallons

1,344,000 gallons

2,142,000 gallons

Schedule of the Fair Values of Derivative Instruments

The fair values of the Company’s derivative instruments, which represent Level 2 fair value measurements, were as follows:

												ASSETS / (LIABILITIES)
DERIVATIVES DESIGNATED AS  HEDGING INSTRUMENTS						BALANCE SHEET LOCATION						JANUARY 2, 2021						DECEMBER 28, 2019						SEPTEMBER 30, 2020
Interest rate swap agreements						Other current liabilities						$	(9.4)					$	(5.4)					$	(10.4)
						Other liabilities						(7.9)						(3.8)						(9.7)
Commodity hedging instruments						Prepaid and other current assets						2.1						—						0.9
						Other current liabilities						—						(1.6)						(0.7)
Total derivatives designated as hedging instruments												$	(15.2)					$	(10.8)					$	(19.9)
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS						BALANCE SHEET LOCATION
Currency forward contracts						Prepaid and other current assets						$	—					$	—					$	0.5
						Other current liabilities						(6.6)						(2.2)						(1.9)
Commodity hedging instruments						Prepaid and other current assets						0.4						0.1						—
						Other current liabilities						—						—						(0.9)
Total derivatives not designated as hedging instruments												(6.2)						(2.1)						(2.3)
Total derivatives												$	(21.4)					$	(12.9)					$	(22.2)

Schedule of the Effect of Derivative Instruments on AOCI and Statements of Operations

The effect of derivative instruments on AOCL, net of tax, and the Condensed Consolidated Statements of Operations for each of the periods presented was as follows: 

DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS						AMOUNT OF GAIN / (LOSS) RECOGNIZED IN AOCL
						THREE MONTHS ENDED
						JANUARY 2, 2021						DECEMBER 28, 2019
Interest rate swap agreements						$	0.3					$	0.4
Commodity hedging instruments						2.2						(1.8)
Total						$	2.5					$	(1.4)

DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS						RECLASSIFIED FROM AOCL INTO STATEMENT OF OPERATIONS						AMOUNT OF GAIN / (LOSS)
												THREE MONTHS ENDED
												JANUARY 2, 2021						DECEMBER 28, 2019
Interest rate swap agreements						Interest expense						$	(1.8)					$	(0.8)
Commodity hedging instruments						Cost of sales						(0.1)						—
Total												$	(1.9)					$	(0.8)

DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS						RECOGNIZED IN STATEMENT OF OPERATIONS						AMOUNT OF GAIN / (LOSS)
												THREE MONTHS ENDED
												JANUARY 2, 2021						DECEMBER 28, 2019
Currency forward contracts						Other income / expense, net						$	(8.0)					$	(4.8)
Commodity hedging instruments						Cost of sales						0.7						0.5
Total												$	(7.3)					$	(4.3)

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624181-113959

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