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DERIVATIVES (Tables) | 6 Months Ended
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Apr. 03, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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 3, 2022 and April 4, 2021, respectively:
|  | Gain in OCI |  | Reclassified Gain (Loss) to Continuing Operations
For the three month periods ended (in millions) |  | April 3, 2022 |  | April 4, 2021 |  | Line Item |  | April 3, 2022 |  | April 4, 2021
Foreign exchange contracts |  | $ | 0.1 |  |  | $ | 0.1 |  |  | Net sales |  | $ | — |  |  | $ | 0.1 |
Foreign exchange contracts |  | 4.7 |  |  | 5.2 |  |  | Cost of goods sold |  | 1.5 |  |  | (3.2) |
Total |  | $ | 4.8 |  |  | $ | 5.3 |  |  |  |  | $ | 1.5 |  |  | $ | (3.1) |
|  | Gain (Loss) in OCI |  | Reclassified Gain (Loss) to Continuing Operations
For the six month periods ended (in millions) |  | April 3, 2022 |  | April 4, 2021 |  | Line Item |  | April 3, 2022 |  | April 4, 2021
Foreign exchange contracts |  | $ | 0.1 |  |  | $ | 0.1 |  |  | Net sales |  | $ | — |  |  | $ | — |
Foreign exchange contracts |  | 3.9 |  |  | (8.1) |  |  | Cost of goods sold |  | 3.6 |  |  | (5.8) |
Total |  | $ | 4.0 |  |  | $ | (8.0) |  |  |  |  | $ | 3.6 |  |  | $ | (5.8) |
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 3, 2022 and April 4, 2021, pre-tax:
|  | Three Month Periods Ended |  | Six Month Periods Ended
Gain (loss) in OCI (in millions) |  | April 3, 2022 |  | April 4, 2021 |  | April 3, 2022 |  | April 4, 2021
Net investment hedge |  | $ | 11.9 |  |  | $ | 20.1 |  |  | $ | 22.5 |  |  | $ | (1.4) |
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 3, 2022 and April 4, 2021, pre-tax:
|  |  |  | Three Month Periods Ended |  | Six Month Periods Ended
(in millions) |  | Line Item |  | April 3, 2022 |  | April 4, 2021 |  | April 3, 2022 |  | April 4, 2021
Foreign exchange contracts |  | Other non-operating expense (income) |  | $ | 0.2 |  |  | $ | (4.6) |  |  | $ | (0.9) |  |  | $ | (8.5) |
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 3, 2022 |  | September 30, 2021
Derivative Assets |  |  |  |  |  |
Foreign exchange contracts – designated as hedge |  | Other receivables |  | $ | 7.4 |  |  | $ | 5.2 |
Foreign exchange contracts – designated as hedge |  | Deferred charges and other |  | 0.1 |  |  | 0.9 |
Foreign exchange contracts – not designated as hedge |  | Other receivables |  | 0.5 |  |  | 0.7 |
Total Derivative Assets |  |  |  | $ | 8.0 |  |  | $ | 6.8 |
Derivative Liabilities |  |  |  |  |  |
Foreign exchange contracts – designated as hedge |  | Accounts payable |  | $ | 0.4 |  |  | $ | 0.1 |
Foreign exchange contracts – designated as hedge |  | Other long term liabilities |  | 0.1 |  |  | — |
Foreign exchange contracts – not designated as hedge |  | Accounts payable |  | 1.2 |  |  | 2.4 |
Total Derivative Liabilities |  |  |  | $ | 1.7 |  |  | $ | 2.5 |

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