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Derivatives (Tables)

12 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Commodity Swap Contracts Outstanding

The Company had the following commodity swap contracts outstanding as of September 30, 2020 and 2019:

						2020												2019
(in millions, except notional)						Notional						Contract Value						Notional						Contract Value
Brass swap contracts						949.0		Metric Tons				$	4.4					904.9		Metric Tons				$	4.4
Zinc swap contracts						1,552.0		Metric Tons				3.4						—		Metric Tons				—

Summary of Impact of Effective and Ineffective Portions of Designated Hedges and Gain (Loss)

The following table summarizes the impact of the effective and ineffective portions of designated hedges and the gain (loss) recognized in the Consolidated Statement of Income for the years ended September 30, 2020, 2019 and 2018:

For the year ended September 30, 2020						Effective Portion
						Gain (Loss) in OCI						Reclassified to Continuing Operations												Reclassified to Discontinued Operations						Ineffective portion
																														Continuing Operations												Discontinued Operations
(in millions)												Line Item						Gain (Loss)												Line Item						Gain (Loss)
Commodity swaps						$	0.9					Cost of goods sold						$	(0.2)					$	—					Cost of goods sold						$	—					$	—
Foreign exchange contracts						0.1						Net sales						(0.1)						—						Net sales						—						—
Foreign exchange contracts						(7.2)						Cost of goods sold						5.3						—						Cost of goods sold						—						—
Total						$	(6.2)											$	5.0					$	—											$	—					$	—

						Effective Portion
For the year ended September 30, 2019						Gain (Loss) in OCI						Reclassified to Continuing Operations												Reclassified to Discontinued Operations						Ineffective portion
																														Continuing Operations												Discontinued Operations
(in millions)												Line Item						Gain (Loss)												Line Item						Gain (Loss)
Interest rate swaps						$	(0.6)					Interest expense						$	—					$	2.2					Interest expense						$	—					$	1.7
Commodity swaps						(1.1)						Cost of goods sold						(0.4)						(4.4)						Cost of goods sold						—						—
Foreign exchange contracts						(0.4)						Net sales						(0.2)						—						Net sales						—						—
Foreign exchange contracts						14.7						Cost of goods sold						11.7						0.5						Cost of goods sold						—						—
Total						$	12.6											$	11.1					$	(1.7)											$	—					$	1.7

						Effective Portion
For the year ended September 30, 2018						Gain (Loss) in OCI						Reclassified to Continuing Operations												Reclassified to Discontinued Operations						Ineffective portion
																														Continuing Operations												Discontinued Operations
(in millions)												Line Item						Gain (Loss)												Line Item						Gain (Loss)
Interest rate swaps						$	4.0					Interest expense						$	—					$	1.1					Interest expense						$	—					$	1.2
Commodity swaps						(4.5)						Cost of goods sold						0.7						2.4						Cost of goods sold						—						—
Foreign exchange contracts						(0.1)						Net sales						0.1						—						Net sales						—						—
Foreign exchange contracts						10.8						Cost of goods sold						(9.3)						(1.9)						Cost of goods sold						—						—
Total						$	10.2											$	(8.5)					$	1.6											$	—					$	1.2

Schedule of Gain (Loss) on Derivatives Not Designated as Hedges

The following table summarizes the gain (loss) associated with derivative contracts not designated as hedges in the Consolidated Statements of Income for the years ended September 30, 2020, 2019 and 2018.

(in millions)						Line Item						2020						2019						2018
Foreign exchange contracts						Other non-operating (income) expense						$	(7.3)					$	47.3					$	(2.3)

Schedule of Fair Value of Outstanding Derivative Instruments

The fair value of the Company’s outstanding derivative instruments in the Consolidated Statements of Financial Position are as follows:

(in millions)						Line Item						2020						2019
Derivative Assets
Commodity swaps - designated as hedge						Other receivables						$	0.7					$	—
Commodity swaps - designated as hedge						Deferred charges and other						0.1						—
Foreign exchange contracts - designated as hedge						Other receivables						—						7.8
Foreign exchange contracts - designated as hedge						Deferred charges and other						—						0.5
Foreign exchange contracts - not designated as hedge						Other receivables						0.4						1.2
Total Derivative Assets												$	1.2					$	9.5
Derivative Liabilities
Commodity swaps - designated as hedge						Accounts payable						$	—					$	0.2
Foreign exchange contracts - designated as hedge						Accounts payable						3.8						0.2
Foreign exchange contracts - designated as hedge						Other long term liabilities						0.3						—
Foreign exchange contracts - not designated as hedge						Accounts payable						10.1						1.9
Total Derivative Liabilities												$	14.2					$	2.3

Schedule of Net Investment Hedge Recognized in Other Comprehensive Income

The following summarizes the gain (loss) from the net investment hedge recognized in Other Comprehensive Income for the year ended September 30, 2020, 2019 and 2018, pre-tax:

(Loss) gain in OCI (in millions)						2020						2019						2018
Net investment hedge						$	(33.0)					$	29.8					$	6.2

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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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