DERIVATIVES (Tables)

9 Months Ended

Jul. 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 July 4, 2021 and September 30, 2020:

	July 4, 2021				September 30, 2020
(in millions, except Notional)	Notional		Contract Value		Notional		Contract Value
Brass swap contracts	795.4	Metric Tons	$	5.1	949.0	Metric Tons	$	4.4
Zinc swap contracts	2,947.5	Metric Tons	$	8.2	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 nine month periods ended July 4, 2021 and June 28, 2020, respectively:

For the three month period ended July 4, 2021 (in millions)	Gain (Loss) in OCI		Reclassified to Continuing Operations
			Line Item	Gain (Loss)
Commodity swaps	$	0.5	Cost of goods sold	$	0.7
Foreign exchange contracts	—		Net sales	0.1
Foreign exchange contracts	(1.5)		Cost of goods sold	(3.6)
Total	$	(1.0)		$	(2.8)

For the three month period ended June 28, 2020 (in millions)	Gain (Loss) in OCI		Reclassified to Continuing Operations
			Line Item	Gain (Loss)
Commodity swaps	$	0.7	Cost of goods sold	$	(0.2)
Foreign exchange contracts	—		Net sales	(0.1)
Foreign exchange contracts	(2.8)		Cost of goods sold	2.3
Total	$	(2.1)		$	2.0

For the nine month period ended July 4, 2021 (in millions)	Gain (Loss) in OCI		Reclassified to Continuing Operations
			Line Item	Gain (Loss)
Commodity swaps	$	1.9	Cost of goods sold	$	1.8
Foreign exchange contracts	0.1		Net sales	0.1
Foreign exchange contracts	(9.6)		Cost of goods sold	(10.3)
Total	$	(7.6)		$	(8.4)

For the nine month period ended June 28, 2020 (in millions)	Gain (Loss) in OCI		Reclassified to Continuing Operations
			Line Item	Gain (Loss)
Commodity swaps	$	—	Cost of goods sold	$	(0.3)
Foreign exchange contracts	(0.1)		Net sales	(0.1)
Foreign exchange contracts	(0.4)		Cost of goods sold	6.7
Total	$	(0.5)		$	6.3

The following summarizes the gain (loss) from the net investment hedge recognized in Other Comprehensive Income for the three and nine month periods ended July 4, 2021 and June 28, 2020, pre-tax:

	Three Month Periods Ended				Nine Month Periods Ended
Gain (loss) in OCI (in millions)	July 4, 2021		June 28, 2020		July 4, 2021		June 28, 2020
Net investment hedge	$	(3.4)	$	(7.9)	$	(4.8)	$	(10.6)

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 nine month periods ended July 4, 2021 and June 28, 2020, pre-tax:

		Three Month Periods Ended				Nine Month Periods Ended
(in millions)	Line Item	July 4, 2021		June 28, 2020		July 4, 2021		June 28, 2020
Foreign exchange contracts	Other non-operating expense (income)	$	1.8	$	1.2	$	(5.5)	$	(1.0)

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	July 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	0.7		—
Foreign exchange contracts - not designated as hedge	Other receivables	0.5		0.4
Total Derivative Assets		$	3.8	$	1.2
Derivative Liabilities
Commodity swaps - designated as hedge	Accounts payable	$	0.2	$	—
Commodity swaps - designated as hedge	Other long term liabilities	0.1		—
Foreign exchange contracts - designated as hedge	Accounts payable	5.2		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	0.3		10.1
Total Derivative Liabilities		$	5.9	$	14.2