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DERIVATIVES (Tables) | 3 Months Ended
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Dec. 31, 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 month periods ended December 31, 2023 and January 1, 2023, respectively:
|  | Unrealized Gain (Loss) in OCI Before Reclassification |  | Reclassified Gain (Loss) to Continuing Operations
For the three month periods ended (in millions) |  | December 31, 2023 |  | January 1, 2023 |  | Line Item |  | December 31, 2023 |  | January 1, 2023
Foreign exchange contracts |  | $ | — |  |  | $ | — |  |  | Net sales |  | $ | 0.1 |  |  | $ | 0.1 |
Foreign exchange contracts |  | (10.6) |  |  | (25.7) |  |  | Cost of goods sold |  | (5.2) |  |  | 2.4 |
Total |  | $ | (10.6) |  |  | $ | (25.7) |  |  |  |  | $ | (5.1) |  |  | $ | 2.5 |
The following summarizes the unrealized gain (loss) from the net investment hedge recognized in Other Comprehensive Income for the three month periods ended December 31, 2023 and January 1, 2023, pre-tax:
Unrealized Gain (Loss) in OCI (in millions) |  | December 31, 2023 |  | January 1, 2023 |  |  |  |
Net investment hedge |  | $ | (21.3) |  |  | $ | (33.9) |  |  |  |  |
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 month periods ended December 31, 2023 and January 1, 2023, pre-tax:
(in millions) |  | Line Item |  | December 31, 2023 |  | January 1, 2023 |  |  |  |
Foreign exchange contracts |  | Other non-operating expense (income), net |  | $ | (13.1) |  |  | $ | (22.3) |  |  |  |  |
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 |  | December 31, 2023 |  | September 30, 2023
Derivative Assets |  |  |  |  |  |
Foreign exchange contracts – designated as hedge |  | Other receivables |  | $ | 0.2 |  |  | $ | 1.4 |
Foreign exchange contracts – designated as hedge |  | Deferred charges and other |  | — |  |  | 0.1 |
Foreign exchange contracts – not designated as hedge |  | Other receivables |  | 0.2 |  |  | 1.8 |
Total Derivative Assets |  |  |  | $ | 0.4 |  |  | $ | 3.3 |
Derivative Liabilities |  |  |  |  |  |
Foreign exchange contracts – designated as hedge |  | Accounts payable |  | $ | 11.5 |  |  | $ | 8.1 |
Foreign exchange contracts – designated as hedge |  | Other long term liabilities |  | 0.7 |  |  | — |
Foreign exchange contracts – not designated as hedge |  | Accounts payable |  | 2.3 |  |  | 0.9 |
Total Derivative Liabilities |  |  |  | $ | 14.5 |  |  | $ | 9.0 |

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