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EQUITY | 6 Months Ended
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Apr. 01, 2023
Equity [Abstract] |
EQUITY | EQUITY The following tables provide a summary of the changes in equity for each of the periods indicated:
| Common Shares and Capital in Excess of Stated Value |  | Retained Earnings |  | Treasury Shares |  | Accumulated Other Comprehensive Loss |  |  |  |  |  | Total Equity
Balance at September 30, 2022 | $ | 364.0 |  |  | $ | 1,020.1 |  |  | $ | (1,091.8) |  |  | $ | (144.6) |  |  |  |  |  |  | $ | 147.7 |
Net income (loss) | — |  |  | (64.7) |  |  | — |  |  | — |  |  |  |  |  |  | (64.7) |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | (24.6) |  |  |  |  |  |  | (24.6) |
Share-based compensation | 20.8 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 20.8 |
Dividends declared ($0.66 per share) | — |  |  | (37.5) |  |  | — |  |  | — |  |  |  |  |  |  | (37.5) |
Treasury share purchases | — |  |  | — |  |  | (0.8) |  |  | — |  |  |  |  |  |  | (0.8) |
Treasury share issuances | (17.2) |  |  | — |  |  | 35.9 |  |  | — |  |  |  |  |  |  | 18.7 |
Balance at December 31, 2022 | 367.6 |  |  | 917.9 |  |  | (1,056.7) |  |  | (169.3) |  |  |  |  |  |  | 59.5 |
Net income (loss) | — |  |  | 109.4 |  |  | — |  |  | — |  |  |  |  |  |  | 109.4 |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | (17.8) |  |  |  |  |  |  | (17.8) |
Share-based compensation | 37.2 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 37.2 |
Dividends declared ($0.66 per share) | — |  |  | (37.0) |  |  | — |  |  | — |  |  |  |  |  |  | (37.0) |
Treasury share purchases | — |  |  | — |  |  | (5.6) |  |  | — |  |  |  |  |  |  | (5.6) |
Treasury share issuances | (30.4) |  |  | — |  |  | 22.3 |  |  | — |  |  |  |  |  |  | (8.1) |
Balance at April 1, 2023 | $ | 374.3 |  |  | $ | 990.3 |  |  | $ | (1,040.0) |  |  | $ | (187.1) |  |  |  |  |  |  | $ | 137.5 |
The sum of the components may not equal due to rounding.
| Common Shares and Capital in Excess of Stated Value |  | Retained Earnings |  | Treasury Shares |  | Accumulated Other Comprehensive Loss |  |  |  |  |  | Total Equity
Balance at September 30, 2021 | $ | 477.0 |  |  | $ | 1,605.1 |  |  | $ | (1,002.4) |  |  | $ | (66.4) |  |  |  |  |  |  | $ | 1,013.3 |
Net income (loss) | — |  |  | (50.0) |  |  | — |  |  | — |  |  |  |  |  |  | (50.0) |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | 5.7 |  |  |  |  |  |  | 5.7 |
Share-based compensation | 7.3 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 7.3 |
Dividends declared ($0.66 per share) | — |  |  | (37.3) |  |  | — |  |  | — |  |  |  |  |  |  | (37.3) |
Treasury share purchases | — |  |  | — |  |  | (129.5) |  |  | — |  |  |  |  |  |  | (129.5) |
Treasury share issuances | 2.6 |  |  | — |  |  | 19.5 |  |  | — |  |  |  |  |  |  | 22.1 |
Balance at January 1, 2022 | 486.9 |  |  | 1,517.8 |  |  | (1,112.4) |  |  | (60.7) |  |  |  |  |  |  | 831.6 |
Net income (loss) | — |  |  | 276.5 |  |  | — |  |  | — |  |  |  |  |  |  | 276.5 |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | 12.3 |  |  |  |  |  |  | 12.3 |
Share-based compensation | 15.9 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 15.9 |
Dividends declared ($0.66 per share) | — |  |  | (35.5) |  |  | — |  |  | — |  |  |  |  |  |  | (35.5) |
Treasury share purchases | — |  |  | — |  |  | (128.1) |  |  | — |  |  |  |  |  |  | (128.1) |
Treasury share issuances | (141.0) |  |  | — |  |  | 143.3 |  |  | — |  |  |  |  |  |  | 2.3 |
Balance at April 2, 2022 | $ | 361.8 |  |  | $ | 1,758.8 |  |  | $ | (1,097.2) |  |  | $ | (48.4) |  |  |  |  |  |  | $ | 975.0 |
The sum of the components may not equal due to rounding. Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss (“AOCL”) by component were as follows for each of the periods indicated:
|  | Three Months Ended
|  | Foreign Currency Translation Adjustments |  | Net Unrealized Gain (Loss) On Derivative Instruments |  | Net Unrealized Gain (Loss) On Securities |  | Pension and Other Post-Retirement Benefit Adjustments |  | Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2022 |  | $ | (21.7) |  |  | $ | 24.8 |  |  | $ | (100.2) |  |  | $ | (72.2) |  |  | $ | (169.3) |
Other comprehensive income (loss) before reclassifications |  | 1.1 |  |  | (6.4) |  |  | (7.3) |  |  | — |  |  | (12.6) |
Amounts reclassified from accumulated other comprehensive net income (loss) |  | — |  |  | (11.0) |  |  | — |  |  | (0.4) |  |  | (11.4) |
Income tax benefit (expense) |  | — |  |  | 4.4 |  |  | 1.7 |  |  | 0.1 |  |  | 6.2 |
Net current period other comprehensive income (loss) |  | 1.1 |  |  | (13.0) |  |  | (5.6) |  |  | (0.3) |  |  | (17.8) |
Balance at April 1, 2023 |  | $ | (20.7) |  |  | $ | 11.8 |  |  | $ | (105.7) |  |  | $ | (72.6) |  |  | $ | (187.1) |
Balance at January 1, 2022 |  | $ | (6.0) |  |  | $ | 19.5 |  |  | $ | (2.2) |  |  | $ | (72.1) |  |  | $ | (60.7) |
Other comprehensive income (loss) before reclassifications |  | (1.3) |  |  | 21.9 |  |  | 0.1 |  |  | — |  |  | 20.7 |
Amounts reclassified from accumulated other comprehensive net income (loss) |  | — |  |  | (5.8) |  |  | — |  |  | 2.2 |  |  | (3.6) |
Income tax benefit (expense) |  | — |  |  | (4.2) |  |  | — |  |  | (0.6) |  |  | (4.8) |
Net current period other comprehensive income (loss) |  | (1.3) |  |  | 11.9 |  |  | 0.1 |  |  | 1.6 |  |  | 12.3 |
Balance at April 2, 2022 |  | $ | (7.3) |  |  | $ | 31.5 |  |  | $ | (2.1) |  |  | $ | (70.5) |  |  | $ | (48.4) |
The sum of the components may not equal due to rounding.
|  | Six Months Ended
|  | Foreign Currency Translation Adjustments |  | Net Unrealized Gain (Loss) On Derivative Instruments |  | Net Unrealized Gain (Loss) On Securities |  | Pension and Other Post-Retirement Benefit Adjustments |  | Accumulated Other Comprehensive Income (Loss)
Balance at September 30, 2022 |  | $ | (28.9) |  |  | $ | 33.3 |  |  | $ | (79.7) |  |  | $ | (69.3) |  |  | $ | (144.6) |
Other comprehensive income (loss) before reclassifications |  | 8.3 |  |  | (12.9) |  |  | (34.1) |  |  | — |  |  | (38.7) |
Amounts reclassified from accumulated other comprehensive net income (loss) |  | — |  |  | (16.0) |  |  | — |  |  | (4.3) |  |  | (20.3) |
Income tax benefit (expense) |  | — |  |  | 7.4 |  |  | 8.1 |  |  | 1.1 |  |  | 16.6 |
Net current period other comprehensive income (loss) |  | 8.3 |  |  | (21.5) |  |  | (26.0) |  |  | (3.2) |  |  | (42.4) |
Balance at April 1, 2023 |  | $ | (20.7) |  |  | $ | 11.8 |  |  | $ | (105.7) |  |  | $ | (72.6) |  |  | $ | (187.1) |
Balance at September 30, 2021 |  | $ | (1.7) |  |  | $ | 10.2 |  |  | $ | (2.3) |  |  | $ | (72.5) |  |  | $ | (66.4) |
Other comprehensive income (loss) before reclassifications |  | (5.6) |  |  | 34.9 |  |  | 0.4 |  |  | — |  |  | 29.7 |
Amounts reclassified from accumulated other comprehensive net income (loss) |  | — |  |  | (6.1) |  |  | — |  |  | 2.8 |  |  | (3.3) |
Income tax benefit (expense) |  | — |  |  | (7.5) |  |  | (0.1) |  |  | (0.7) |  |  | (8.2) |
Net current period other comprehensive income (loss) |  | (5.6) |  |  | 21.3 |  |  | 0.3 |  |  | 2.1 |  |  | 18.1 |
Balance at April 2, 2022 |  | $ | (7.3) |  |  | $ | 31.5 |  |  | $ | (2.1) |  |  | $ | (70.5) |  |  | $ | (48.4) |
The sum of the components may not equal due to rounding. Share Repurchases On February 6, 2020, Scotts Miracle-Gro announced that its Board of Directors authorized the repurchase of up to $750.0 of Common Shares from April 30, 2020 through March 25, 2023. There were no share repurchases under this share repurchase authorization during fiscal 2023 through its expiration on March 25, 2023. During the three and six months ended April 2, 2022, Scotts Miracle-Gro repurchased 0.4 million and 1.1 million Common Shares under this share repurchase authorization for $50.0 and $175.0, respectively. Treasury share purchases also include cash paid to tax authorities to satisfy statutory income tax withholding obligations related to share-based compensation of $5.6 and $6.4 for the three and six months ended April 1, 2023, respectively, and $78.1 and $82.6 for the three and six months ended April 2, 2022, respectively. Share-Based Awards Total share-based compensation was as follows for each of the periods indicated:
| Three Months Ended |  | Six Months Ended
| April 1, 2023 |  | April 2, 2022 |  | April 1, 2023 |  | April 2, 2022
Share-based compensation | $ | 37.2 |  |  | $ | 15.9 |  |  | $ | 57.9 |  |  | $ | 23.2 |
Related tax benefit recognized | 6.1 |  |  | 1.7 |  |  | 10.8 |  |  | 3.5 |
Restricted stock-based awards Restricted stock-based awards granted to employees and non-employee directors (including restricted stock units and deferred stock units) during the six months ended April 1, 2023 were as follows:
| No. of Units |  | Wtd. Avg. Grant Date Fair Value per Unit
Awards outstanding at September 30, 2022 | 320,575 |  |  | $ | 143.19 |
Granted | 433,880 |  |  | 59.54 |
Vested | (113,547) |  |  | 117.22 |
Forfeited | (22,891) |  |  | 104.90 |
Awards outstanding at April 1, 2023 | 618,017 |  |  | 90.65 |
The weighted-average grant-date fair value of restricted stock-based awards granted during the six months ended April 1, 2023 and April 2, 2022 was $59.54 and $134.00 per share, respectively. As of April 1, 2023, there was $23.0 of total unrecognized pre-tax compensation cost, net of estimated forfeitures, related to nonvested restricted stock-based awards that is expected to be recognized over a weighted-average period of 1.7 years. The total fair value of restricted stock-based awards vested was $8.9 for the six months ended April 1, 2023. Performance-based awards Performance-based award activity during the six months ended April 1, 2023 was as follows (based on target award amounts):
| No. of Units |  | Wtd. Avg. Grant Date Fair Value per Unit
Awards outstanding at September 30, 2022 | 113,256 |  |  | $ | 130.94 |
Granted | 682,797 |  |  | 65.97 |
Vested (a) | (250,483) |  |  | 69.05 |
Forfeited | (14,723) |  |  | 104.82 |
Awards outstanding at April 1, 2023 | 530,847 |  |  | 77.32 |
(a) Vested at a weighted average of 102% of the target performance share units granted. The weighted-average grant-date fair value of performance-based awards granted during the six months ended April 1, 2023 and April 2, 2022 was $65.97 and $132.87 per share, respectively. As of April 1, 2023, there was $16.4 of total unrecognized pre-tax compensation cost, net of estimated forfeitures, related to nonvested performance-based awards that is expected to be recognized over a weighted-average period of 0.9 years. The total fair value of performance-based units vested was $17.5 for the six months ended April 1, 2023.

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