Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Mar. 31, 2020

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Changes in AOCL by Component

The following tables represent the changes in Other comprehensive income (loss) and Accumulated other comprehensive income (loss) by component for the three months ended March 31, 2020 and 2019:


	Three Months Ended March 31, 2020
	Other comprehensive income (loss)																Accumulated other comprehensive income (loss)
	Prior to reclassification		Reclassification from		Pre-tax		Tax effect		Net of tax		Beginning balance		Net activity		Ending balance ²
Derivative instruments designated as hedges ¹:
Foreign exchange forward contracts	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Interest rate swaps	(39.7)		(0.4)		(40.1)		9.2		(30.9)		(3.9)		(30.9)		(34.8)
Cross-currency swaps	10.2		—		10.2		(2.4)		7.8		8.5		7.8		16.3
Derivative instruments designated as hedges total	(29.5)		(0.4)		(29.9)		6.8		(23.1)		4.6		(23.1)		(18.5)
Foreign currency translation adjustment	(31.6)		—		(31.6)		—		(31.6)		(122.3)		(31.6)		(153.9)
Change in pension and postretirement defined benefit plans	0.1		(10.3)		(10.2)		2.6		(7.6)		(43.6)		(7.6)		(51.2)
Total	$	(61.0)	$	(10.7)	$	(71.7)	$	9.4	$	(62.3)	$	(161.3)	$	(62.3)	$	(223.6)


	Three Months Ended March 31, 2019
	Other comprehensive income (loss)																Accumulated other comprehensive income (loss)
	Prior to reclassification		Reclassification from		Pre-tax		Tax effect		Net of tax		Beginning balance		Net activity		Ending balance
Derivative instruments designated as hedges ¹:
Foreign exchange forward contracts	$	(0.7)	$	(0.1)	$	(0.8)	$	0.3	$	(0.5)	$	0.9	$	(0.5)	$	0.4
Interest rate swaps	(9.1)		(1.7)		(10.8)		2.3		(8.5)		13.8		(8.5)		5.3
Cross-currency swaps	8.1		—		8.1		(1.0)		7.1		(0.8)		7.1		6.3
Derivative instruments designated as hedges total	(1.7)		(1.8)		(3.5)		1.6		(1.9)		13.9		(1.9)		12.0
Foreign currency translation adjustment	(3.6)		—		(3.6)		—		(3.6)		(118.9)		(3.6)		(122.5)
Change in pension and postretirement defined benefit plans	0.1		0.6		0.7		(0.2)		0.5		(30.3)		0.5		(29.8)
Total	$	(5.2)	$	(1.2)	$	(6.4)	$	1.4	$	(5.0)	$	(135.3)	$	(5.0)	$	(140.3)

The following tables represent the changes in Other comprehensive income (loss) and Accumulated other comprehensive income (loss) by component for the six months ended March 31, 2020 and 2019:


	Six Months Ended March 31, 2020
	Other comprehensive income (loss)																Accumulated other comprehensive income (loss)
	Prior to reclassification		Reclassification from		Pre-tax		Tax effect		Net of tax		Beginning balance		Net activity		Ending balance ²
Derivative instruments designated as hedges ¹:
Foreign exchange forward contracts	$	(0.3)	$	0.1	$	(0.2)	$	—	$	(0.2)	$	0.2	$	(0.2)	$	—
Interest rate swaps	(38.8)		0.4		(38.4)		8.8		(29.6)		(5.2)		(29.6)		(34.8)
Cross-currency swaps	5.4		—		5.4		(1.3)		4.1		12.2		4.1		16.3
Derivative instruments designated as hedges total	(33.7)		0.5		(33.2)		7.5		(25.7)		7.2		(25.7)		(18.5)
Foreign currency translation adjustment	(8.5)		—		(8.5)		—		(8.5)		(145.4)		(8.5)		(153.9)
Change in pension and postretirement defined benefit plans	(0.1)		(9.1)		(9.2)		2.3		(6.9)		(44.3)		(6.9)		(51.2)
Total	$	(42.3)	$	(8.6)	$	(50.9)	$	9.8	$	(41.1)	$	(182.5)	$	(41.1)	$	(223.6)


	Six Months Ended March 31, 2019
	Other comprehensive income (loss)																		Accumulated other comprehensive income (loss)
	Prior to reclassification		Reclassification from		Pre-tax		Tax effect		Net of tax		Beginning balance		Impacts of ASU 2018-02 Adoption as of October 1, 2018		Net activity		Ending balance
Derivative instruments designated as hedges ¹:
Foreign exchange forward contracts	$	0.5	$	(0.2)	$	0.3	$	(0.1)	$	0.2	$	0.2	$	—	$	0.2	$	0.4
Interest rate swaps	(14.2)		(3.8)		(18.0)		4.2		(13.8)		18.3		0.8		(13.8)		5.3
Cross-currency swaps	10.3		—		10.3		(2.3)		8.0		(1.7)		—		8.0		6.3
Derivative instruments designated as hedges total	(3.4)		(4.0)		(7.4)		1.8		(5.6)		16.8		0.8		(5.6)		12.0
Foreign currency translation adjustment	(17.2)		—		(17.2)		—		(17.2)		(105.3)		—		(17.2)		(122.5)
Change in pension and postretirement defined benefit plans	0.1		1.1		1.2		(0.3)		0.9		(24.5)		(6.2)		0.9		(29.8)
Total	$	(20.5)	$	(2.9)	$	(23.4)	$	1.5	$	(21.9)	$	(113.0)	$	(5.4)	$	(21.9)	$	(140.3)

¹See Note 6. Derivative Instruments and Hedging Activity for information regarding our hedging strategies.

²The estimated net amount of gains and losses reported in Accumulated other comprehensive income (loss) related to our derivative instruments designated as hedges as of March 31, 2020 that are expected to be reclassified into earnings within the next 12 months is expense of $4.8 million.

Schedule of Items Reclassified out of AOCL

The following table represents the items reclassified out of Accumulated other comprehensive income (loss) and the related tax effects for the three months ended March 31, 2020 and 2019:


	Three Months Ended March 31
	2020										2019
	Amount reclassified		Tax effect		Net of tax		Amount reclassified		Tax effect ⁴		Net of tax
Derivative instruments designated as hedges:
Foreign exchange forward contracts ¹	$	—	$	—	$	—	$	(0.1)	$	(0.1)	$	(0.2)
Interest rate swaps ²	(0.4)		0.1		(0.3)		(1.7)		0.5		(1.2)
Derivative instruments designated as hedges total	(0.4)		0.1		(0.3)		(1.8)		0.4		(1.4)
Change in pension and postretirement defined benefit plans ³	(10.3)		2.6		(7.7)		0.6		(0.2)		0.4

The following table represents the items reclassified out of Accumulated other comprehensive income (loss) and the related tax effects for the six months ended March 31, 2020 and 2019:


	Six Months Ended March 31
	2020										2019
	Amount reclassified		Tax effect		Net of tax		Amount reclassified		Tax effect ⁴		Net of tax
Derivative instruments designated as hedges:
Foreign exchange forward contracts ¹	$	0.1	$	(0.1)	$	—	$	(0.2)	$	—	$	(0.2)
Interest rate swaps ²	0.4		(0.1)		0.3		(3.8)		1.1		(2.7)
Derivative instruments designated as hedges total	0.5		(0.2)		0.3		(4.0)		1.1		(2.9)
Change in pension and postretirement defined benefit plans ³	(9.1)		2.3		(6.8)		1.1		(6.5)		(5.4)

¹Reclassified from Accumulated other comprehensive income (loss) into Investment income (expense) and other, net.

²Reclassified from Accumulated other comprehensive income (loss) into Interest expense.

³Reclassified from Accumulated other comprehensive income (loss) into Cost of goods sold and Investment income (expense) and other, net. These components are included in the computation of net periodic pension expense.

⁴As a result of the adoption of ASU 2018-02, we reclassified $5.4 million from Accumulated other comprehensive income (loss) to Retained earnings.