Financial Instruments (Tables)

9 Months Ended

Jun. 30, 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:

	30 June 2020		30 September 2019
	US$ Notional	Years Average Maturity	US$ Notional	Years Average Maturity
Forward Exchange Contracts:
Cash flow hedges	$3,699.9	0.4	$2,418.2	0.5
Net investment hedges	615.6	3.9	830.8	0.9
Not designated	1,774.3	0.4	1,053.5	0.6
Total Forward Exchange Contracts	$6,089.8	0.8	$4,302.5	0.6

The following table summarizes our outstanding interest rate management contracts and cross currency interest rate swaps:

	30 June 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	%	1.3	$200.0	LIBOR		2.76	%	2.1
Cross currency interest rate swaps (net investment hedge)	$222.9	4.74	%	3.32	%	2.8	$216.8	4.80	%	3.31	%	3.5
Cross currency interest rate swaps (cash flow hedge)	$979.2	4.86	%	3.09	%	1.9	$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	30 June 2020	30 September 2019	30 June 2020	30 September 2019
Long-term debt	$406.7	$404.7	$7.0	$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	30 June 2020	30 September 2019	Balance Sheet Location	30 June 2020	30 September 2019
Derivatives Designated as Hedging Instruments:
Forward exchange contracts	Other receivables and current assets	$68.9	$79.0	Payables and accrued liabilities	$16.0	$53.8
Interest rate management contracts	Other receivables and current assets	35.6	24.8	Payables and accrued liabilities	—	1.1
Forward exchange contracts	Other noncurrent assets	2.8	11.9	Other noncurrent liabilities	14.8	0.7
Interest rate management contracts	Other noncurrent assets	77.5	60.9	Other noncurrent liabilities	—	0.7
Total Derivatives Designated as Hedging Instruments		$184.8	$176.6		$30.8	$56.3
Derivatives Not Designated as Hedging Instruments:
Forward exchange contracts	Other receivables and current assets	$88.4	$38.7	Payables and accrued liabilities	$37.6	$36.3
Forward exchange contracts	Other noncurrent assets	—	8.4	Other noncurrent liabilities	—	19.8
Interest rate management contracts	Other noncurrent assets	—	0.5	Other noncurrent liabilities	—	—
Total Derivatives Not Designated as Hedging Instruments		$88.4	$47.6		$37.6	$56.1
Total Derivatives		$273.2	$224.2		$68.4	$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 30 June		Nine Months Ended 30 June
	2020	2019	2020	2019
Net Investment Hedging Relationships
Forward exchange contracts	($22.1)	($2.7)	$9.3	$21.0
Foreign currency debt	(22.8)	(14.9)	(36.0)	20.4
Cross currency interest rate swaps	—	4.2	8.9	1.6
Total Amount Recognized in OCI	(44.9)	(13.4)	(17.8)	43.0
Tax effects	11.0	3.4	4.4	(10.3)
Net Amount Recognized in OCI	($33.9)	($10.0)	($13.4)	$32.7

	Three Months Ended 30 June		Nine Months Ended 30 June
	2020	2019	2020	2019
Derivatives in Cash Flow Hedging Relationships
Forward exchange contracts	$38.7	$6.7	$54.9	($6.6)
Forward exchange contracts, excluded components	(4.9)	(4.5)	(12.2)	(11.9)
Other(A)	(2.3)	9.8	(7.9)	(24.6)
Total Amount Recognized in OCI	31.5	12.0	34.8	(43.1)
Tax effects	(8.1)	(4.5)	(16.7)	4.9
Net Amount Recognized in OCI	$23.4	$7.5	$18.1	($38.2)

(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. Other also includes the recognition of our share of gains and losses, net of tax, related to interest rate swaps held by our equity affiliates.

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 30 June
	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	$2,065.2	$2,224.0	$1,344.9	$1,466.0	$15.7	$14.7	$32.1	$34.2	$8.1	$17.6
(Gain) Loss Effects of Cash Flow Hedging:
Forward Exchange Contracts:
Amount reclassified from OCI into income(A)	$—	$—	$—	$—	$—	($9.0)	$—	$4.0	($41.3)	$—
Amount excluded from effectiveness testing recognized in earnings based on amortization approach(A)	—	—	—	—	—	—	—	—	4.2	—
Other:
Amount reclassified from OCI into income(B)	—	—	—	—	—	(12.6)	1.0	1.0	5.6	—
Total (Gain) Loss Reclassified from OCI to Income	—	—	—	—	—	(21.6)	1.0	5.0	(31.5)	—
Tax effects	—	—	—	—	—	4.7	(0.3)	(1.2)	7.6	—
Net (Gain) Loss Reclassified from OCI to Income	$—	$—	$—	$—	$—	($16.9)	$0.7	$3.8	($23.9)	$—
(Gain) Loss Effects of Fair Value Hedging:
Other:
Hedged items	$—	$—	$—	$—	$—	$—	($0.8)	$2.0	$—	$—
Derivatives designated as hedging instruments	—	—	—	—	—	—	0.8	(2.0)	—	—
Total (Gain) Loss Recognized in Income	$—	$—	$—	$—	$—	$—	$—	$—	$—	$—

	Nine Months Ended 30 June
	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	$6,536.2	$6,635.7	$4,291.6	$4,484.7	$36.1	$33.7	$70.1	$106.9	$24.3	$49.8
(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	$—	$3.9	$—	$12.4	($58.8)	$—
Amount excluded from effectiveness testing recognized in earnings based on amortization approach(A)	—	—	—	—	—	—	—	—	12.8	—
Other:
Amount reclassified from OCI into income(B)	—	—	—	—	—	8.1	3.0	3.0	(13.0)	—
Total (Gain) Loss Reclassified from OCI to Income	(0.1)	0.4	(0.8)	0.1	—	12.0	3.0	15.4	(59.0)	—
Tax effects	—	(0.1)	0.2	—	—	(3.1)	(0.9)	(4.0)	13.8	—
Net (Gain) Loss Reclassified from OCI to Income	($0.1)	$0.3	($0.6)	$0.1	$—	$8.9	$2.1	$11.4	($45.2)	$—
(Gain) Loss Effects of Fair Value Hedging:
Other:
Hedged items	$—	$—	$—	$—	$—	$—	$1.8	$4.6	$—	$—
Derivatives designated as hedging instruments	—	—	—	—	—	—	(1.8)	(4.6)	—	—
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 30 June
	Other Income (Expense), Net		Other Non-Operating Income (Expense), Net
	2020	2019	2020	2019
The Effects of Derivatives Not Designated as Hedging Instruments:
Forward Exchange Contracts	($0.5)	$0.8	($0.3)	$—
Other	—	(0.7)	—	—
Total (Gain) Loss Recognized in Income	($0.5)	$0.1	($0.3)	$—

	Nine Months Ended 30 June
	Other Income (Expense), Net		Other Non-Operating Income (Expense), Net
	2020	2019	2020	2019
The Effects of Derivatives Not Designated as Hedging Instruments:
Forward Exchange Contracts	($2.7)	$3.1	$0.3	$—
Other	—	(0.2)	0.4	—
Total (Gain) Loss Recognized in Income	($2.7)	$2.9	$0.7	$—