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Financial Instruments and Risk Management (Tables)
 6 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)
The following table provides the Company's estimated fair values as of March 31, 2020 and September 30, 2019, and the amounts of gains and losses on derivative instruments classified as cash flow hedges for the quarter and six months ended March 31, 2020 and 2019, respectively:
 
 
At March 31, 2020
 
For the Quarter Ended March 31, 2020
 
For the Six Months Ended March 31, 2020
Derivatives designated as Cash Flow Hedging Relationships
 
Estimated Fair Value Asset/
 (Liability) (1)
 
Gain/(loss) Recognized in OCI (2)
 
Gain/(Loss) Reclassified From OCI into Income (3)(4)
 
Gain/(Loss) Recognized in OCI (2)
 
Gain/(Loss) Reclassified From OCI into Income (3) (4)
Foreign currency contracts
 
$
5.1

 
$
7.3

 
$
0.8

 
$
3.3

 
$
2.7

Interest rate swaps (2017 and 2018)
 
(9.2
)
 
(5.9
)
 
(0.6
)
 
(5.4
)
 
(1.1
)
Zinc contracts
 
(7.0
)
 
(5.3
)
 
—

 
(6.3
)
 
(0.3
)
Total
 
$
(11.1
)
 
$
(3.9
)
 
$
0.2

 
$
(8.4
)
 
$
1.3

 
 
 
 
 
 
 
 
 
 
 
 
 
At September 30, 2019
 
For the Quarter Ended March 31, 2019
 
For the Six Months Ended March 31, 2019
Derivatives designated as Cash Flow Hedging Relationships
 
Estimated Fair Value
Asset/(Liability) (1)
 
Gain/(Loss) Recognized in OCI (2)
 
Gain Reclassified From OCI into Income (3)(4)
 
Gain/(Loss) Recognized in OCI (2)
 
Gain Reclassified From OCI into Income (3)(4)
Foreign currency contracts
 
$
4.5

 
$
0.9

 
$
2.0

 
$
4.1

 
$
4.8

Interest rate swaps (2017 and 2018)
 
(4.7
)
 
(2.2
)
 
0.3

 
(6.9
)
 
0.2

Zinc contracts
 
(1.0
)
 
0.2

 
—

 
0.2

 
—

Total
 
$
(1.2
)
 
$
(1.1
)
 
$
2.3

 
$
(2.6
)
 
$
5.0

(1) All derivative assets are presented in Other current assets or Other assets. All derivative liabilities are presented in Other current liabilities or Other liabilities.
(2) OCI is defined as other comprehensive income.
(3) Gain/(Loss) reclassified to Income was recorded as follows: Foreign currency contracts in Cost of products sold, interest rate contracts in Interest expense, and commodity contracts in Cost of products sold.
(4) Each of these hedging relationships has derivative instruments with a high correlation to the underlying exposure being hedged and has been deemed highly effective in offsetting the underlying risk.
Derivative Instruments, Gain (Loss)
The following table provides estimated fair values as of March 31, 2020 and September 30, 2019 and the gains and losses on derivative instruments not classified as cash flow hedges for the quarter ended March 31, 2020 and September 30, 2019, respectively:
 
 
At March 31, 2020
 
For the Quarter Ended March 31, 2020
 
For the Six Months Ended March 31, 2020
 
 
Estimated Fair Value Liability (1)
 
Loss Recognized in Income (2)
 
Loss Recognized in Income (2) (3)
Foreign currency contracts
 
$
(0.4
)
 
$
(0.7
)
 
$
(1.6
)
 
 
 
 
 
 
 
 
 
At September 30, 2019
 
For the Quarter Ended March 31, 2019
 
For the Six Months Ended March 31, 2019
 
 
Estimated Fair Value Asset (1)
 
Gain Recognized in Income (2)
 
Gain Recognized in Income (2)
Foreign currency contracts
 
$
4.3

 
$
0.1

 
$
1.1

(1) All derivative liabilities are presented in Other current liabilities or Other liabilities and derivative assets are presented in Other current assets or Other assets.
(2) (Loss)/Gain recognized in Income was recorded as foreign currency in Other items, net.
(3) Includes a $2.2 loss on a hedge contract on the proceeds from the Varta Divestiture.
Offsetting Liabilities
Offsetting of derivative assets
 
 
 
 
At March 31, 2020
 
At September 30, 2019
Description
 
Balance Sheet location
 
Gross amounts of recognized assets
 
Gross amounts offset in the Balance Sheet
 
Net amounts of assets presented in the Balance Sheet
 
Gross amounts of recognized assets
 
Gross amounts offset in the Balance Sheet
 
Net amounts of assets presented in the Balance Sheet
Foreign Currency Contracts
 
Other Current Assets, Other Assets
 
$
6.7

 
$
(0.7
)
 
$
6.0

 
$
9.4

 
$
(0.4
)
 
$
9.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Offsetting of derivative liabilities
 
 
 
 
At March 31, 2020
 
At September 30, 2019
Description
 
Balance Sheet location
 
Gross amounts of recognized liabilities
 
Gross amounts offset in the Balance Sheet
 
Net amounts of liabilities presented in the Balance Sheet
 
Gross amounts of recognized liabilities
 
Gross amounts offset in the Balance Sheet
 
Net amounts of liabilities presented in the Balance Sheet
Foreign Currency Contracts
 
Other Current Liabilities, Other Liabilities
 
$
(1.9
)
 
$
0.6

 
$
(1.3
)
 
$
(0.4
)
 
$
0.2

 
$
(0.2
)
Offsetting Assets
Offsetting of derivative assets
 
 
 
 
At March 31, 2020
 
At September 30, 2019
Description
 
Balance Sheet location
 
Gross amounts of recognized assets
 
Gross amounts offset in the Balance Sheet
 
Net amounts of assets presented in the Balance Sheet
 
Gross amounts of recognized assets
 
Gross amounts offset in the Balance Sheet
 
Net amounts of assets presented in the Balance Sheet
Foreign Currency Contracts
 
Other Current Assets, Other Assets
 
$
6.7

 
$
(0.7
)
 
$
6.0

 
$
9.4

 
$
(0.4
)
 
$
9.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Offsetting of derivative liabilities
 
 
 
 
At March 31, 2020
 
At September 30, 2019
Description
 
Balance Sheet location
 
Gross amounts of recognized liabilities
 
Gross amounts offset in the Balance Sheet
 
Net amounts of liabilities presented in the Balance Sheet
 
Gross amounts of recognized liabilities
 
Gross amounts offset in the Balance Sheet
 
Net amounts of liabilities presented in the Balance Sheet
Foreign Currency Contracts
 
Other Current Liabilities, Other Liabilities
 
$
(1.9
)
 
$
0.6

 
$
(1.3
)
 
$
(0.4
)
 
$
0.2

 
$
(0.2
)
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis The following table sets forth the Company's financial assets and liabilities, which are carried at fair value, as of March 31, 2020 and September 30, 2019 that are measured on a recurring basis during the period, segregated by level within the fair value hierarchy:
 
Level 2
Assets/(Liabilities) at estimated fair value:
March 31,
2020
 
September 30,
2019
Deferred compensation
$
(24.3
)
 
$
(28.1
)
Exit lease liability
—

 
(0.1
)
Derivatives - Foreign Currency contracts
5.1

 
4.5

Derivatives - Foreign Currency contracts (non-hedge)
(0.4
)
 
4.3

Derivatives - 2017 and 2018 Interest Rate swaps
(9.2
)
 
(4.7
)
Derivatives - Zinc contracts
(7.0
)
 
(1.0
)
Net Liabilities at estimated fair value
$
(35.8
)
 
$
(25.1
)