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Derivatives (Tables) | 3 Months Ended
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Jan. 03, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Commodity Swap Contracts Outstanding | The Company had the following commodity swap contracts outstanding as of January 3, 2021 and September 30, 2020:
|  | January 3, 2021 |  | September 30, 2020
(in millions, except Notional) |  | Notional |  | Contract Value |  | Notional |  | Contract Value
Brass swap contracts |  | 909.5 | Metric Tons |  | $ | 4.6 |  |  | 949.0 | Metric Tons |  | $ | 4.4 |
Zinc swap contracts |  | 2,756.0 | Metric Tons |  | $ | 7.0 |  |  | 1,552.0 | Metric Tons |  | $ | 3.4 |
Summary of Impact of Designated Hedges and Gain (Loss) | The following table summarizes the impact of designated cash flow hedges and the pre-tax gain (loss) recognized in the Condensed Consolidated Statement of Income for the three month periods ended January 3, 2021 and December 29, 2019, respectively:
For the three month period ended January 3, 2021 (in millions) |  | Gain (Loss) in OCI |  | Reclassified to Continuing Operations
|  | Line Item |  | Gain (Loss)
Commodity swaps |  | $ | 0.9 |  |  | Cost of goods sold |  | $ | 0.2 |
Foreign exchange contracts |  | (13.3) |  |  | Cost of goods sold |  | (2.9) |
Total |  | $ | (12.4) |  |  |  |  | $ | (2.7) |
For the three month period ended December 29, 2019 (in millions) |  | Gain (Loss) in OCI |  | Reclassified to Continuing Operations
|  | Line Item |  | Gain (Loss)
Commodity swaps |  | $ | 0.2 |  |  | Cost of goods sold |  | $ | (0.1) |
Foreign exchange contracts |  | 0.1 |  |  | Net sales |  | — |
Foreign exchange contracts |  | (6.5) |  |  | Cost of goods sold |  | 2.7 |
Total |  | $ | (6.2) |  |  |  |  | $ | 2.6 |
The following summarizes the gain (loss) from the net investment hedge recognized in Other Comprehensive Income for the three month periods ended January 3, 2021 and December 29, 2019, pre-tax:
|  | Three Month Periods Ended |  |
Gain (loss) in OCI (in millions) |  | January 3, 2021 |  | December 29, 2019 |  |  |  |
Net investment hedge |  | $ | (21.5) |  |  | $ | (4.9) |  |  |  |  |
Summary of Impact of Derivative Instruments | The following summarizes the impact of derivative instruments on the accompanying Condensed Consolidated Statements of Income for the three month periods ended January 3, 2021 and December 29, 2019, pre-tax:
|  |  |  | Three Month Periods Ended |  |
(in millions) |  | Line Item |  | January 3, 2021 |  | December 29, 2019 |  |  |  |
Foreign exchange contracts |  | Other non-operating expense (income) |  | $ | (3.3) |  |  | $ | 7.2 |  |  |  |  |
Schedule of Fair Value of Outstanding Derivative Instruments | The fair value of the Company’s outstanding derivative contracts recorded in the Condensed Consolidated Statements of Financial Position is as follows:
(in millions) |  | Line Item |  | January 3, 2021 |  | September 30, 2020
Derivative Assets |  |  |  |  |  |
Commodity swaps - designated as hedge |  | Other receivables |  | $ | 1.5 |  |  | $ | 0.7 |
Commodity swaps - designated as hedge |  | Deferred charges and other |  | 0.1 |  |  | 0.1 |
Foreign exchange contracts - not designated as hedge |  | Other receivables |  | 0.6 |  |  | 0.4 |
Total Derivative Assets |  |  |  | $ | 2.2 |  |  | $ | 1.2 |
Derivative Liabilities |  |  |  |  |  |
Commodity swaps - designated as hedge |  | Accounts payable |  | $ | 0.1 |  |  | $ | — |
Foreign exchange contracts - designated as hedge |  | Accounts payable |  | 13.6 |  |  | 3.8 |
Foreign exchange contracts - designated as hedge |  | Other long term liabilities |  | 1.2 |  |  | 0.3 |
Foreign exchange contracts - not designated as hedge |  | Accounts payable |  | 0.8 |  |  | 10.1 |
Total Derivative Liabilities |  |  |  | $ | 15.7 |  |  | $ | 14.2 |

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