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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
 9 Months Ended
Jun. 28, 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.
The fair value of derivative instruments reported on the Company's Condensed Consolidated Balance Sheet were as follows:
 
 
 
June 28, 2019
(In millions)
Balance Sheet
Location
 
Fair Value
Derivatives designated as hedging instruments:
 
 
 
Foreign exchange forward contracts
Accrued liabilities
 
$
(0.3
)
Total derivatives
 
 
$
(0.3
)


As of September 28, 2018, the Company did not have any outstanding derivatives designated as hedging instruments. As of June 28, 2019, and September 28, 2018, the fair value of the Company's derivatives not designated as hedging instruments were not material.
Cash Flow Hedging Activities
The Company had the following outstanding foreign currency forward contracts that were entered into to hedge forecasted revenues and designated as cash flow hedges:
 
June 28, 2019
(In millions)
Notional Value Sold
Euro
$
25.5


As of September 28, 2018, the Company did not have any outstanding foreign currency forward contracts designated as cash flow hedges.
The following table presents the amounts, before tax, recognized in accumulated other comprehensive loss on the Condensed Consolidated Balance Sheets:
 
Loss Recognized in Other Comprehensive Earnings (Loss)
 
Three Months Ended
 
Nine Months Ended
(In millions)
June 28, 2019
 
June 29, 2018
 
June 28, 2019
 
June 29, 2018
Foreign currency forward contracts
$
(0.3
)
 
$
—

 
$
(0.3
)
 
$
(0.9
)

As of June 28, 2019, the net unrealized loss on derivatives, before tax, of $0.3 million was included in accumulated other comprehensive loss on the Condensed Consolidated Balance Sheets and is expected to be reclassified to earnings over the next 12 months.
The effect of cash flow hedge accounting on the Condensed Consolidated Statements of Earnings was as follows:
 
Location and Amount Recognized in Earnings on Cash Flow Hedging Relationships
 
 
Nine Months Ended
 
 
June 29, 2018
(In millions)
 
Revenues
Total amounts of income and expense line items presented in the Condensed Consolidated Statements of Earnings in which the effects of fair value and cash flow hedges are recorded
 
$
2,117.5

Loss on cash flow hedge relationships:
 
 
Foreign currency forward contracts:
 
 
Amount of loss reclassified from accumulated other comprehensive loss into earnings
 
$
(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, net in the Condensed Consolidated Statements of Earnings. Changes in the values of these hedging instruments are offset by changes in the values of foreign-currency-denominated assets and liabilities. At June 28, 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:
 
June 28, 2019
(In millions)
Notional
Value Sold
 
Notional
Value Purchased
Australian Dollar
$
25.2

 
$
—

Brazilian Real
11.9

 
—

British Pound
30.2

 
0.8

Chinese Yuan
—

 
13.6

Canadian Dollar
3.1

 
—

Danish Krone
6.9

 
—

Euro
210.3

 
12.2

Hungarian Forint
4.6

 
1.0

Indian Rupee
21.1

 
—

Japanese Yen
73.8

 
—

New Zealand Dollar
1.0

 
—

Norwegian Krone
1.2

 
—

Polish Zloty
19.5

 
—

Singapore Dollar
—

 
1.4

South African Rand
15.4

 
—

Swedish Krona
7.1

 
—

Swiss Franc
—

 
64.4

Taiwan Dollar
13.3

 
—

Thai Baht
5.3

 
—

Totals
$
449.9

 
$
93.4


The following table presents the gains (losses) recognized in the Condensed Consolidated Statements of Earnings 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 on Derivative Instruments
 
 
Three Months Ended
 
Nine Months Ended
(In millions)
 
June 28,
2019
 
June 29,
2018
 
June 28,
2019
 
June 29,
2018
Other income, net
 
$
(2.2
)
 
$
25.5

 
$
4.2

 
$
13.3


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.