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DERIVATIVES (Tables) | 9 Months Ended
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Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule 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 nine month periods ended June 30, 2024 and July 2, 2023, respectively:
|  | Unrealized Gain (Loss) in OCI Before Reclassification |  | Reclassified Gain (Loss) to Continuing Operations
For the three month periods ended (in millions) |  | June 30, 2024 |  | July 2, 2023 |  | Line Item |  | June 30, 2024 |  | July 2, 2023
Foreign exchange contracts |  | $ | 0.1 |  |  | $ | 0.2 |  |  | Net sales |  | $ | 0.1 |  |  | $ | 0.1 |
Foreign exchange contracts |  | 1.5 |  |  | (7.7) |  |  | Cost of goods sold |  | (2.5) |  |  | (3.7) |
Total |  | $ | 1.6 |  |  | $ | (7.5) |  |  |  |  | $ | (2.4) |  |  | $ | (3.6) |
|  | Unrealized Gain (Loss) in OCI Before Reclassification |  | Reclassified Gain (Loss) to Continuing Operations
For the nine month periods ended (in millions) |  | June 30, 2024 |  | July 2, 2023 |  | Line Item |  | June 30, 2024 |  | July 2, 2023
Foreign exchange contracts |  | $ | 0.2 |  |  | $ | 0.3 |  |  | Net sales |  | $ | 0.2 |  |  | $ | 0.2 |
Foreign exchange contracts |  | (7.9) |  |  | (40.9) |  |  | Cost of goods sold |  | (12.5) |  |  | (6.2) |
Total |  | $ | (7.7) |  |  | $ | (40.6) |  |  |  |  | $ | (12.3) |  |  | $ | (6.0) |
The following summarizes the unrealized gain (loss) from the net investment hedge recognized in Other Comprehensive Income for the three and nine month periods ended June 30, 2024 and July 2, 2023, pre-tax:
|  | Three Month Periods Ended |  | Nine Month Periods Ended
Unrealized (Loss) Gain in OCI (in millions) |  | June 30, 2024 |  | July 2, 2023 |  | June 30, 2024 |  | July 2, 2023
Net investment hedge |  | $ | (3.5) |  |  | $ | 1.8 |  |  | $ | (13.2) |  |  | $ | (44.6) |
Schedule of Impact of Derivative Instruments | The following summarizes the gain (loss) realized from derivative instruments not designated as hedges for accounting purposes on the accompanying Condensed Consolidated Statements of Income for the three and nine month periods ended June 30, 2024 and July 2, 2023, pre-tax:
|  |  |  | Three Month Periods Ended |  | Nine Month Periods Ended
(in millions) |  | Line Item |  | June 30, 2024 |  | July 2, 2023 |  | June 30, 2024 |  | July 2, 2023
Foreign exchange contracts |  | Other non-operating expense, net |  | $ | (6.8) |  |  | $ | (7.8) |  |  | $ | (14.4) |  |  | $ | (30.2) |
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 |  | June 30, 2024 |  | September 30, 2023
Derivative Assets |  |  |  |  |  |
Foreign exchange contracts – designated as hedge |  | Other receivables |  | $ | 1.5 |  |  | $ | 1.4 |
Foreign exchange contracts – designated as hedge |  | Deferred charges and other |  | 0.2 |  |  | 0.1 |
Foreign exchange contracts – not designated as hedge |  | Other receivables |  | 0.2 |  |  | 1.8 |
Total Derivative Assets |  |  |  | $ | 1.9 |  |  | $ | 3.3 |
Derivative Liabilities |  |  |  |  |  |
Foreign exchange contracts – designated as hedge |  | Accounts payable |  | $ | 3.3 |  |  | $ | 8.1 |
Foreign exchange contracts – designated as hedge |  | Other long term liabilities |  | 0.3 |  |  | — |
Foreign exchange contracts – not designated as hedge |  | Accounts payable |  | 0.5 |  |  | 0.9 |
Total Derivative Liabilities |  |  |  | $ | 4.1 |  |  | $ | 9.0 |

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