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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
 6 Months Ended
Mar. 29, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
The Company measures all derivatives at fair value on the Condensed Consolidated Balance Sheets. The accounting for gains or losses resulting from changes in the fair value of those derivatives depends upon the use of the derivative and whether it qualifies for hedge accounting.
Cash Flow Hedging Activities
As of March 29, 2019, and September 28, 2018, the Company did not have any outstanding foreign currency forward contracts designated as cash flow hedges. During the three and six months ended March 30, 2018, the Company recognized an unrealized loss of $0.6 million and $0.9 million, respectively, on foreign currency forward contracts designated as cash flow hedges in other comprehensive earnings.
The effect of cash flow hedge accounting on the Condensed Consolidated Statements of Earnings (Loss) was as follows:
 
Location and Amount Recognized in Earnings on Cash Flow Hedging Relationships
 
Three Months Ended
 
Six Months Ended
 
March 30, 2018
 
March 30, 2018
(In millions)
Revenues
 
Revenues
Total amounts of income and expense line items presented in the Condensed Consolidated Statements of Earnings (Loss) in which the effects of fair value and cash flow hedges are recorded
$
729.9

 
$
1,408.4

Loss on cash flow hedge relationships:
 
 
 
Foreign currency forward contracts:
 
 
 
Amount of loss reclassified from accumulated other comprehensive loss into earnings (loss)
$
(1.0
)
 
$
(0.9
)

Balance Sheet Hedging Activities
The Company also hedges balance sheet exposures from its various subsidiaries and business units where the U.S. Dollar is the functional currency. For derivative instruments not designated as hedging instruments, changes in their fair values are recognized in other income (expense), net in the Condensed Consolidated Statements of Earnings (Loss). Changes in the values of these hedging instruments are offset by changes in the values of foreign-currency-denominated assets and liabilities. At March 29, 2019, and September 28, 2018, the fair value of the Company's derivatives not designated as hedging instruments was not material.
The Company had the following outstanding foreign currency forward contracts relating to balance sheet hedging activities:
 
March 29, 2019
(In millions)
Notional
Value Sold
 
Notional
Value Purchased
Australian Dollar
$
28.8

 
$
—

Brazilian Real
10.4

 
—

British Pound
32.7

 
0.7

Chinese Yuan
—

 
12.6

Canadian Dollar
4.0

 
—

Euro
209.2

 
8.2

Hungarian Forint
4.3

 
0.8

Indian Rupee
20.5

 
—

Japanese Yen
69.7

 
—

New Zealand Dollar
1.4

 
—

Polish Zloty
15.4

 
—

South African Rand
15.3

 
—

Swedish Krona
7.9

 
—

Swiss Franc
—

 
66.6

Taiwan Dollar
16.6

 
—

Thai Baht
3.9

 
—

Totals
$
440.1

 
$
88.9


The following table presents the gains (losses) recognized in the Condensed Consolidated Statements of Earnings (Loss) related to the foreign currency forward contracts that are not designated as hedging instruments.
Location of Gain (Loss) Recognized in Net Earnings on Derivative Instruments
 
Amount of Gain (Loss) Recognized in Net Earnings (Loss) on Derivative Instruments
 
 
Three Months Ended
 
Six Months Ended
(In millions)
 
March 29,
2019
 
March 30,
2018
 
March 29,
2019
 
March 30,
2018
Other income (expense), net
 
$
3.6

 
$
(7.5
)
 
$
6.4

 
$
(12.2
)

The gains (losses) on these derivative instruments were significantly offset by the gains (losses) resulting from the re-measurement of monetary assets and liabilities denominated in currencies other than the U.S. Dollar functional currency.