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Derivatives (Tables)

6 Months Ended

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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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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-Name Accounting Standards Codification
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in net investment hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period.

+ References

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Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

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