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DERIVATIVES (Tables)

6 Months Ended

Apr. 02, 2023

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 2, 2023 and April 3, 2022, respectively:

						Unrealized Gain (Loss) in OCI Before Reclassification												Reclassified Gain (Loss) to Continuing Operations
For the three month periods ended (in millions)						April 2, 2023						April 3, 2022						Line Item						April 2, 2023						April 3, 2022
Foreign exchange contracts						$	0.1					$	0.1					Net sales						$	—					$	—
Foreign exchange contracts						(7.5)						4.7						Cost of goods sold						(4.9)						1.5
Total						$	(7.4)					$	4.8											$	(4.9)					$	1.5

						Gain (Loss) in OCI												Reclassified Gain (Loss) to Continuing Operations
For the six month periods ended (in millions)						April 2, 2023						April 3, 2022						Line Item						April 2, 2023						April 3, 2022
Foreign exchange contracts						$	0.1					$	0.1					Net sales						$	0.1					$	—
Foreign exchange contracts						(33.2)						3.9						Cost of goods sold						(2.5)						3.6
Total						$	(33.1)					$	4.0											$	(2.4)					$	3.6

The following summarizes the unrealized gain (loss) from the net investment hedge recognized in Other Comprehensive Income for the three and six month periods ended April 2, 2023 and April 3, 2022, pre-tax:

						Three Month Periods Ended												Six Month Periods Ended
Unrealized Gain (Loss) in OCI (in millions)						April 2, 2023						April 3, 2022						April 2, 2023						April 3, 2022
Net investment hedge						$	(12.5)					$	11.9					$	(46.4)					$	22.5

Summary of Impact of Derivative Instruments

The following summarizes the impact of derivative instruments not designated as hedges for accounting purposes on the accompanying Condensed Consolidated Statements of Income for the three and six month periods ended April 2, 2023 and April 3, 2022, pre-tax:

												Three Month Periods Ended												Six Month Periods Ended
(in millions)						Line Item						April 2, 2023						April 3, 2022						April 2, 2023						April 3, 2022
Foreign exchange contracts						Other non-operating expense (income)						$	(0.1)					$	0.2					$	(22.3)					$	(0.9)

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 2, 2023						September 30, 2022
Derivative Assets
Foreign exchange contracts – designated as hedge						Other receivables						$	1.1					$	14.4
Foreign exchange contracts – designated as hedge						Deferred charges and other						—						0.4
Foreign exchange contracts – not designated as hedge						Other receivables						10.7						7.4
Total Derivative Assets												$	11.8					$	22.2
Derivative Liabilities
Foreign exchange contracts – designated as hedge						Accounts payable						$	15.2					$	—
Foreign exchange contracts – designated as hedge						Other long term liabilities						1.3						1.0
Foreign exchange contracts – not designated as hedge						Accounts payable						10.3						5.0
Total Derivative Liabilities												$	26.8					$	6.0

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959

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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
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Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 4CC
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL109998890-113959

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