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Derivatives (Tables) | 6 Months Ended
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Apr. 04, 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 April 4, 2021 and September 30, 2020:
|  | April 4, 2021 |  | September 30, 2020
(in millions, except Notional) |  | Notional |  | Contract Value |  | Notional |  | Contract Value
Brass swap contracts |  | 718.7 | Metric Tons |  | $ | 4.0 |  |  | 949.0 | Metric Tons |  | $ | 4.4 |
Zinc swap contracts |  | 2,883.0 | Metric Tons |  | $ | 7.7 |  |  | 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 Statements of Income for the three and six month periods ended April 4, 2021 and March 29, 2020, respectively:
For the three month period ended April 4, 2021 (in millions) |  | Gain (Loss) in OCI |  | Reclassified to Continuing Operations
|  | Line Item |  | Gain (Loss)
Commodity swaps |  | $ | 0.5 |  |  | Cost of goods sold |  | $ | 0.8 |
Foreign exchange contracts |  | 0.1 |  |  | Net sales |  | — |
Foreign exchange contracts |  | 5.2 |  |  | Cost of goods sold |  | (3.8) |
Total |  | $ | 5.8 |  |  |  |  | $ | (3.0) |
For the three month period ended March 29, 2020 (in millions) |  | Gain (Loss) in OCI |  | Reclassified to Continuing Operations
|  | Line Item |  | Gain (Loss)
Commodity swaps |  | $ | (0.9) |  |  | Cost of goods sold |  | $ | (0.1) |
Foreign exchange contracts |  | (0.1) |  |  | Net sales |  | — |
Foreign exchange contracts |  | 8.8 |  |  | Cost of goods sold |  | 1.8 |
Total |  | $ | 7.8 |  |  |  |  | $ | 1.7 |
For the six month period ended April 4, 2021 (in millions) |  | Gain (Loss) in OCI |  | Reclassified to Continuing Operations
|  | Line Item |  | Gain (Loss)
Commodity swaps |  | $ | 1.4 |  |  | Cost of goods sold |  | $ | 1.1 |
Foreign exchange contracts |  | 0.1 |  |  | Net sales |  | — |
Foreign exchange contracts |  | (8.1) |  |  | Cost of goods sold |  | (6.8) |
Total |  | $ | (6.6) |  |  |  |  | $ | (5.7) |
For the six month period ended March 29, 2020 (in millions) |  | Gain (Loss) in OCI |  | Reclassified to Continuing Operations
|  | Line Item |  | Gain (Loss)
Commodity swaps |  | $ | (0.7) |  |  | Cost of goods sold |  | $ | (0.1) |
Foreign exchange contracts |  | — |  |  | Net sales |  | (0.1) |
Foreign exchange contracts |  | 2.3 |  |  | Cost of goods sold |  | 4.5 |
Total |  | $ | 1.6 |  |  |  |  | $ | 4.3 |
The following summarizes the gain (loss) from the net investment hedge recognized in Other Comprehensive Income for the three and six month periods ended April 4, 2021 and March 29, 2020, pre-tax:
|  | Three Month Periods Ended |  | Six Month Periods Ended
Gain (loss) in OCI (in millions) |  | April 4, 2021 |  | March 29, 2020 |  | April 4, 2021 |  | March 29, 2020
Net investment hedge |  | $ | 20.1 |  |  | $ | 2.2 |  |  | $ | (1.4) |  |  | $ | (2.8) |
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 and six month periods ended April 4, 2021 and March 29, 2020, pre-tax:
|  |  |  | Three Month Periods Ended |  | Six Month Periods Ended
(in millions) |  | Line Item |  | April 4, 2021 |  | March 29, 2020 |  | April 4, 2021 |  | March 29, 2020
Foreign exchange contracts |  | Other non-operating (income) expense |  | $ | (5.1) |  |  | $ | 22.9 |  |  | $ | (8.4) |  |  | $ | (2.2) |
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 |  | April 4, 2021 |  | September 30, 2020
Derivative Assets |  |  |  |  |  |
Commodity swaps - designated as hedge |  | Other receivables |  | $ | 1.3 |  |  | $ | 0.7 |
Commodity swaps - designated as hedge |  | Deferred charges and other |  | — |  |  | 0.1 |
Foreign exchange contracts - designated as hedge |  | Other receivables |  | 1.3 |  |  | — |
Foreign exchange contracts - designated as hedge |  | Deferred charges and other |  | 0.4 |  |  | — |
Foreign exchange contracts - not designated as hedge |  | Other receivables |  | 2.8 |  |  | 0.4 |
Total Derivative Assets |  |  |  | $ | 5.8 |  |  | $ | 1.2 |
Derivative Liabilities |  |  |  |  |  |
Commodity swaps - designated as hedge |  | Accounts payable |  | $ | 0.1 |  |  | $ | — |
Foreign exchange contracts - designated as hedge |  | Accounts payable |  | 7.2 |  |  | 3.8 |
Foreign exchange contracts - designated as hedge |  | Other long term liabilities |  | 0.1 |  |  | 0.3 |
Foreign exchange contracts - not designated as hedge |  | Accounts payable |  | 2.4 |  |  | 10.1 |
Total Derivative Liabilities |  |  |  | $ | 9.8 |  |  | $ | 14.2 |

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