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Financial Instruments (Tables)
 6 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Instruments
The table below summarizes our outstanding currency price risk management instruments:
 
 
31 March 2020
 
30 September 2019
 
 
US$
Notional
 
Years
Average
Maturity
 
US$
Notional
 
Years
Average
Maturity
Forward Exchange Contracts:
 
 
 
 
 
 
 
 
Cash flow hedges
 

$2,682.9

 
0.4
 

$2,418.2

 
0.5
Net investment hedges
 
450.0

 
1.6
 
830.8

 
0.9
Not designated
 
1,342.3

 
0.5
 
1,053.5

 
0.6
Total Forward Exchange Contracts
 

$4,475.2

 
0.6
 

$4,302.5

 
0.6

The following table summarizes our outstanding interest rate management contracts and cross currency interest rate swaps:
 
 
31 March 2020
 
30 September 2019
 
 
US$
Notional
 
Average
Pay %
 
Average
Receive
%
 
Years
Average
Maturity
 
US$
Notional
 
Average
Pay %
 
Average
Receive
%
 
Years
Average
Maturity
Interest rate swaps
(fair value hedge)
 

$200.0

 
LIBOR

 
2.76
%
 
1.6
 

$200.0

 
LIBOR

 
2.76
%
 
2.1
Cross currency interest rate swaps
(net investment hedge)
 

$222.9

 
4.74
%
 
3.32
%
 
3.0
 

$216.8

 
4.80
%
 
3.31
%
 
3.5
Cross currency interest rate swaps
(cash flow hedge)
 

$1,063.6

 
4.83
%
 
3.07
%
 
2.0
 

$1,129.3

 
4.92
%
 
3.04
%
 
2.3
Cross currency interest rate swaps
(not designated)
 

$—

 
—
%
 
—
%
 
0.0
 

$6.1

 
2.55
%
 
3.72
%
 
4.5
Schedule of Cumulative Basis Adjustments for Fair Value Hedges
The table below provides the amounts recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges:
 
Carrying amounts of hedged item
 
Cumulative hedging adjustment, included in carrying amount
Balance Sheet Location
31 March 2020
30 September 2019
 
31 March 2020
30 September 2019
Long-term debt

$407.4


$404.7

 

$7.8


$5.2
Schedule of Fair Value and Balance Sheet Location of Derivative Instruments
The table below summarizes the fair value and balance sheet location of our outstanding derivatives:
 
Balance Sheet
Location
31 March 2020
30 September 2019
Balance Sheet
Location
31 March 2020
30 September 2019
Derivatives Designated as Hedging Instruments:
 
 
 
 
 
 
Forward exchange contracts
Other receivables and current assets

$90.7


$79.0

Payables and accrued liabilities

$40.5


$53.8

Interest rate management contracts
Other receivables and current assets
33.7

24.8

Payables and accrued liabilities
0.5

1.1

Forward exchange contracts
Other noncurrent
assets
16.3

11.9

Other noncurrent
liabilities
2.0

0.7

Interest rate management contracts
Other noncurrent
assets
83.3

60.9

Other noncurrent
liabilities
—

0.7

Total Derivatives Designated as Hedging Instruments
 

$224.0


$176.6

 

$43.0


$56.3

Derivatives Not Designated as Hedging Instruments:
 
 
 
 
 
 
Forward exchange contracts
Other receivables and current assets

$40.0


$38.7

Payables and accrued liabilities

$19.7


$36.3

Forward exchange contracts
Other noncurrent
assets
10.2

8.4

Other noncurrent
liabilities
21.6

19.8

Interest rate management contracts
Other noncurrent
assets
—

0.5

Other noncurrent
liabilities
—

—

Total Derivatives Not Designated as Hedging Instruments
 

$50.2


$47.6

 

$41.3


$56.1

Total Derivatives
 

$274.2


$224.2

 

$84.3


$112.4
Schedule of Gains and Losses Recognized in Other Comprehensive Income Related Net Investment and Cash Flow Hedges
The tables below summarize gains (losses) recognized in other comprehensive income during the period related to our net investment and cash flow hedging relationships:
 
Three Months Ended 31 March
 
Six Months Ended 31 March
 
2020
2019
 
2020
2019
Net Investment Hedging Relationships
 
 
 
 
 
Forward exchange contracts

$40.5


$8.2

 
31.4

23.7

Foreign currency debt
16.7

22.7

 
(13.2
)
35.3

Cross currency interest rate swaps
12.4

(3.5
)
 
8.9

(2.6
)
Total Amount Recognized in OCI
69.6

27.4

 
27.1

56.4

Tax effects
(16.8
)
(6.7
)
 
(6.6
)
(13.7
)
Net Amount Recognized in OCI

$52.8


$20.7

 
20.5

42.7

 
Three Months Ended 31 March
 
Six Months Ended 31 March
 
2020
2019
 
2020
2019
Derivatives in Cash Flow Hedging Relationships
 
 
 
 
 
Forward exchange contracts

($10.1
)

($22.2
)
 
16.2

(13.3
)
Forward exchange contracts, excluded components
(2.8
)
(3.6
)
 
(7.3
)
(7.4
)
Other(A)
(8.5
)
(18.3
)
 
(5.6
)
(34.4
)
Total Amount Recognized in OCI
(21.4
)
(44.1
)
 
3.3

(55.1
)
Tax effects
(6.0
)
8.7

 
(8.6
)
9.4

Net Amount Recognized in OCI

($27.4
)

($35.4
)
 
(5.3
)
(45.7
)
(A) 
Other primarily includes interest rate and cross currency interest rate swaps for which excluded components are recognized in “Payables and accrued liabilities” and “Other receivables and current assets” as a component of accrued interest payable and accrued interest receivable, respectively. These excluded components are recorded in “Other Non-operating income (expense), net” over the life of the cross currency interest rate swap.
Schedule of Amounts Recognized in Income Related to Cash Flow and Fair Value Hedges
The tables below summarize the location and amounts recognized in income related to our cash flow and fair value hedging relationships by contract type:
 
Three Months Ended 31 March
 
Sales
 
Cost of Sales
 
Other Income (Expense), Net
 
Interest Expense
 
Other Non-Operating Income (Expense), Net
 
2020
2019
 
2020
2019
 
2020
2019
 
2020
2019
 
2020
2019
Total Amounts Presented in the Consolidated Income Statement in which the Effects of Cash Flow and Fair Value Hedges are Recorded

$2,216.3


$2,187.7

 

$1,460.1


$1,474.7

 

$8.1


$10.4

 

$19.3


$35.4

 

$7.1


$13.7

(Gain) Loss Effects of Cash Flow Hedging:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Forward Exchange Contracts:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount reclassified from OCI into income(A)

($0.2
)

$—

 

($0.6
)

($0.1
)
 

$—


$24.8

 

$—


$4.2

 

$5.9


$—

Amount excluded from effectiveness testing recognized in earnings based on amortization approach(A)
—

—

 
—

—

 
—

—

 
—

—

 
4.1

—

Other:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount reclassified from OCI into income(B)
—

—

 
—

—

 
—

18.5

 
1.0

1.0

 
(32.2
)
—

Total (Gain) Loss Reclassified from OCI to Income
(0.2
)
—

 
(0.6
)
(0.1
)
 
—

43.3

 
1.0

5.2

 
(22.2
)
—

Tax effects
—

—

 
0.1

—

 
—

(10.1
)
 
(0.3
)
(1.4
)
 
5.2

—

Net (Gain) Loss Reclassified from OCI to Income

($0.2
)

$—

 

($0.5
)

($0.1
)
 

$—


$33.2

 

$0.7


$3.8

 

($17.0
)

$—

(Gain) Loss Effects of Fair Value Hedging:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hedged items

$—


$—

 

$—


$—

 

$—


$—

 

$3.5


$—

 

$—


$—

Derivatives designated as hedging instruments
—

—

 
—

—

 
—

—

 
(3.5
)
—

 
—

—

Total (Gain) Loss Recognized in Income

$—


$—

 

$—


$—

 

$—


$—

 

$—


$—

 

$—


$—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended 31 March
 
Sales
 
Cost of Sales
 
Other Income (Expense), Net
 
Interest Expense
 
Other Non-Operating Income (Expense), Net
 
2020
2019
 
2020
2019
 
2020
2019
 
2020
2019
 
2020
2019
Total Amounts Presented in the Consolidated Income Statement in which the Effects of Cash Flow and Fair Value Hedges are Recorded

$4,471.0


$4,411.7

 

$2,946.7


$3,018.7

 

$20.4


$19.0

 

$38.0


$72.7

 

$16.2


$32.2

(Gain) Loss Effects of Cash Flow Hedging:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Forward Exchange Contracts:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount reclassified from OCI into income(A)

($0.1
)

$0.4

 

($0.8
)

$0.1

 

$—


$12.9

 

$—


$8.4

 

($17.5
)

$—

Amount excluded from effectiveness testing recognized in earnings based on amortization approach(A)
—

—

 
—

—

 
—

—

 
—

—

 
8.6

—

Other:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount reclassified from OCI into income(B)
—

—

 
—

—

 
—

20.7

 
2.0

2.0

 
(18.6
)
—

Total (Gain) Loss Reclassified from OCI to Income
(0.1
)
0.4

 
(0.8
)
0.1

 
—

33.6

 
2.0

10.4

 
(27.5
)
—

Tax effects
—

(0.1
)
 
0.2

—

 
—

(7.8
)
 
(0.6
)
(2.8
)
 
6.2

—

Net (Gain) Loss Reclassified from OCI to Income

($0.1
)

$0.3

 

($0.6
)

$0.1

 

$—


$25.8

 

$1.4


$7.6

 

($21.3
)

$—

(Gain) Loss Effects of Fair Value Hedging:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hedged items

$—


$—

 

$—


$—

 

$—


$—

 

$2.6


$2.6

 

$—


$—

Derivatives designated as hedging instruments
—

—

 
—

—

 
—

—

 
(2.6
)
(2.6
)
 
—

—

Total (Gain) Loss Recognized in Income

$—


$—

 

$—


$—

 

$—


$—

 

$—


$—

 

$—


$—

(A) 
Net amount excluded from effectiveness testing recognized in interest expense for fiscal year 2019, see Note 2, New Accounting Guidance, for additional details.
(B) 
Other primarily includes interest rate and cross currency interest rate swaps for which excluded components are recognized in “Payables and accrued liabilities” and “Other receivables and current assets” as a component of accrued interest payable and accrued interest receivable, respectively. These excluded components are recorded in “Other Non-operating income (expense), net” over the life of the cross currency interest rate swap.
Schedule of Effects of Derivatives Not Designated as a Hedging Instrument
The tables below summarize the location and amounts recognized in income related to our derivatives not designated as hedging instruments by contract type:
 
Three Months Ended 31 March
 
Other Income (Expense), net
 
Other Non-Operating Income (Expense), net
 
2020
 
2019
 
2020
 
2019
The Effects of Derivatives Not Designated as a Hedging Instruments:
 
 
 
Forward Exchange Contracts

($2.4
)
 

$2.2

 

$1.2

 

$—

Other
—

 
1.3

 
—

 
—

Total (Gain) Loss Recognized in Income

($2.4
)
 

$3.5

 

$1.2

 

$—

 
 
 
 
 
 
 
 
 
Six Months Ended 31 March
 
Other Income (Expense)
 
Other Non-Operating Income (Expense)
 
2020
 
2019
 
2020
 
2019
The Effects of Derivatives Not Designated as a Hedging Instruments:
 
 
 
Forward Exchange Contracts

($2.2
)
 

$2.3

 

$0.6

 

$—

Other
—

 
0.5

 
0.4

 
—

Total (Gain) Loss Recognized in Income

($2.2
)
 

$2.8

 

$1.0

 

$—