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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Mar. 30, 2024

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

March 30, 2024

April 1, 2023

September 30, 2023

Urea

—

19,500 tons

52,500 tons

Diesel

1,428,000 gallons

2,394,000 gallons

1,974,000 gallons

Heating Oil

756,000 gallons

1,260,000 gallons

966,000 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						March 30, 2024						April 1, 2023						September 30, 2023
Interest rate swap agreements						Prepaid and other current assets						$	13.6					$	12.7					$	16.7
						Other assets						9.3						11.5						14.7
						Other liabilities						(0.8)						—						—
Commodity hedging instruments						Prepaid and other current assets						—						—						2.3
						Other current liabilities						—						(0.4)						—
Total derivatives designated as hedging instruments												$	22.1					$	23.8					$	33.7
Derivatives Not Designated as Hedging Instruments						Balance Sheet Location
Currency forward contracts						Prepaid and other current assets						$	0.4					$	—					$	5.6
						Other current liabilities						—						(2.3)						—
Commodity hedging instruments						Prepaid and other current assets						—						—						0.9
						Other current liabilities						—						(0.4)						—
Total derivatives not designated as hedging instruments												0.4						(2.7)						6.5
Total derivatives												$	22.5					$	21.1					$	40.2

Schedule of the Effect of Derivative Instruments on AOCL 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												Six Months Ended
						March 30, 2024						April 1, 2023						March 30, 2024						April 1, 2023
Interest rate swap agreements						$	5.8					$	(1.2)					$	(0.6)					$	(0.7)
Commodity hedging instruments						0.3						(3.6)						(1.5)						(8.9)
Total						$	6.1					$	(4.8)					$	(2.1)					$	(9.6)

Derivatives in Cash Flow Hedging Relationships						Reclassified from AOCL into Statement of Operations						Amount of Gain / (Loss)
												Three Months Ended												Six Months Ended
												March 30, 2024						April 1, 2023						March 30, 2024						April 1, 2023
Interest rate swap agreements						Interest expense						$	4.1					$	3.7					$	6.7					$	5.1
Commodity hedging instruments						Cost of sales						(3.2)						4.5						(4.3)						6.8
Total												$	0.9					$	8.2					$	2.4					$	11.9

Derivatives Not Designated as Hedging Instruments						Recognized in Statement of Operations						Amount of Gain / (Loss)
												Three Months Ended												Six Months Ended
												March 30, 2024						April 1, 2023						March 30, 2024						April 1, 2023
Currency forward contracts						Other income / expense, net						$	1.3					$	(5.3)					$	(3.5)					$	(16.6)
Commodity hedging instruments						Cost of sales						(0.1)						(0.6)						(1.4)						0.9
Total												$	1.2					$	(5.9)					$	(4.9)					$	(15.7)

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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.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E

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