FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Apr. 03, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

As of April 3, 2020, the Company had the following outstanding derivatives designated as hedging instruments:

(In millions, except for number of instruments)	Number of Instruments	Notional Value
Interest Rate Swap Contracts	6	$	247.5

As of April 3, 2020, the Company had the following outstanding derivatives designated as net investment hedging instruments:

(In millions, except for number of instruments)	Number of Instruments	Notional Value
Cross Currency Swap Contracts	4	$	77.7

The following table shows the notional amounts of outstanding foreign currency contracts as of April 3, 2020:

	Notional Value of Derivatives not Designated as Hedging Instruments:
(In millions)	Buy contracts		Sell contract
Japanese yen	$	1.4	$	—
Swiss franc	—		(1.0)
Chinese renminbi	2.3		—
Euro	—		(14.8)
	$	3.7	$	(15.8)

Schedule of Interest Rate Derivatives

The following table summarizes the amount of pre-tax earnings recognized from derivative instruments for the periods indicated and the line items in the accompanying statements of operations where the results are recorded for cash flow hedges:

	Amount of Gain (Loss) Recognized in OCI on Derivative Three months ended				Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income Three months ended
(In millions)	April 3, 2020		March 29, 2019			April 3, 2020		March 29, 2019
Interest Rate Swap Contracts	$	(3.1)	$	(1.2)	Interest expense	$	—	$	0.6
	Amount of Gain (Loss) Recognized in OCI on Derivative Six Months Ended				Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income Six Months Ended
(In millions)	April 3, 2020		March 29, 2019			April 3, 2020		March 29, 2019
Interest Rate Swap Contracts	$	(3.0)	$	(3.7)	Interest expense	$	0.1	$	1.0

The following table summarizes the fair values of derivative instruments as of the periods indicated and the line items in the accompanying consolidated balance sheets where the instruments are recorded:

(In millions)		Derivative Assets and Liabilities
Derivatives designated as cash flow hedges	Balance sheet location	April 3, 2020		September 27, 2019
Interest rate swap contracts	Accrued liabilities and other current liabilities	$	(3.1)	$	—
Interest rate swap contracts	Other long-term liabilities	(0.5)		(0.5)
		$	(3.6)	$	(0.5)

Schedule of Net Investment Hedges

The following table summarizes the amount of pre-tax earnings recognized from derivative instruments for the periods indicated and the line items in the accompanying statements of operations where the results are recorded for net investment hedges:

	Amount of Gain (Loss) Recognized in OCI on Derivative Three months ended				Location of Gain or (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)	Amount of Gain or (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
(In millions)	April 3, 2020		March 29, 2019			April 3, 2020		March 29, 2019
Cross Currency Swap Contracts	$	5.0	$	—	Interest expense	$	0.4	$	—
	Amount of Gain (Loss) Recognized in OCI on Derivative Six Months Ended				Location of Gain or (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)	Amount of Gain or (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
(In millions)	April 3, 2020		March 29, 2019			April 3, 2020		March 29, 2019
Cross Currency Swap Contracts	$	4.3	$	—	Interest expense	$	0.8	$	—

        These derivative instruments are subject to master netting agreements giving effect to rights of offset with each counterparty. None of the balances were eligible for netting. The following table summarizes the gross fair values of derivative instruments as of the periods indicated and the line items in the accompanying consolidated balance sheets where the instruments are recorded:

(In millions)		Derivative Assets and Liabilities
Derivatives designated as net investment hedges	Balance sheet location	April 3, 2020		September 27, 2019
Cross Currency Swap Contracts	Other current assets	$	1.3	$	—
Cross Currency Swap Contracts	Other non-current assets	2.8		—
		$	4.1	$	—