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EQUITY
 3 Months Ended
Dec. 30, 2023
Equity [Abstract]  
EQUITY EQUITY (DEFICIT)
The following tables provide a summary of the changes in equity (deficit) 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
(Deficit)
Balance at September 30, 2023$353.1 $490.9 $(998.5)$(112.8)$(267.3)
Net income (loss)— (80.5)— — (80.5)
Other comprehensive income (loss)— — — (8.9)(8.9)
Share-based compensation11.7 — — — 11.7 
Dividends declared ($0.66 per share)
— (38.0)— — (38.0)
Treasury share purchases— — (3.1)— (3.1)
Treasury share issuances(15.2)— 15.9 — 0.7 
Balance at December 30, 2023$349.6 $372.4 $(985.7)$(121.7)$(385.4)
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
(Deficit)
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 compensation20.8 — — — 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)$59.5 
The sum of the components may not equal due to rounding.
Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive loss (“AOCL”) by component were as follows for each of the periods indicated:
Three Months Ended
Foreign Currency
Translation Adjustments		Net Unrealized Gain (Loss)
On Derivative Instruments		Net Unrealized Gain (Loss)
On Securities		Pension and Other Post-Retirement
Benefit Adjustments		Accumulated Other
Comprehensive Income (Loss)
Balance at September 30, 2023$(21.9)$20.1 $(38.6)$(72.4)$(112.8)
Other comprehensive income (loss) before reclassifications3.1 (11.0)(0.9)— (8.8)
Amounts reclassified from accumulated other comprehensive net income (loss)— (2.0)— (2.1)(4.1)
Income tax benefit (expense)— 3.3 — 0.7 4.0 
Net current period other comprehensive income (loss)3.1 (9.7)(0.9)(1.4)(8.9)
Balance at December 30, 2023$(18.8)$10.4 $(39.5)$(73.8)$(121.7)
Balance at September 30, 2022$(28.9)$33.3 $(79.7)$(69.3)$(144.6)
Other comprehensive income (loss) before reclassifications7.2 (6.4)(26.8)— (26.0)
Amounts reclassified from accumulated other comprehensive net income (loss)— (5.0)— (3.9)(8.9)
Income tax benefit (expense)— 2.9 6.4 1.0 10.3 
Net current period other comprehensive income (loss)7.2 (8.5)(20.4)(2.9)(24.6)
Balance at December 31, 2022$(21.7)$24.8 $(100.2)$(72.2)$(169.3)
The sum of the components may not equal due to rounding.
Share-Based Awards
In January 2024, the shareholders of Scotts Miracle-Gro approved an amendment and restatement of The Scotts Miracle-Gro Company Long-Term Incentive Plan to increase the maximum number of Common Shares available for grant to participants under the Plan by 2.5 million Common Shares.
Total share-based compensation was as follows for each of the periods indicated:
Three Months Ended
December 30,
2023		December 31,
2022
Share-based compensation$16.0 $20.9 
Related tax benefit recognized2.6 4.7 
Stock Options
Stock option activity was as follows:
No. of
Options		Wtd. Avg.
Exercise Price		Wtd. Avg.
Remaining Life		Aggregate
Intrinsic Value
Awards outstanding at September 30, 20231,191,183 $76.64 6.6 years
Granted1,287,402 53.46 
Forfeited(18,381)50.40 
Awards outstanding at December 30, 20232,460,204 64.70 8.2 years$21.9 
Exercisable399,223 66.24 1.9 years0.9 
The weighted-average fair value per share of each option granted during the three months ended December 30, 2023 and December 31, 2022 was $15.16 and $13.67, respectively. There were no options exercised during the three months ended December 30, 2023 and December 31, 2022. As of December 30, 2023, there was $11.7 of total unrecognized pre-tax compensation cost, net of estimated forfeitures, related to nonvested stock options that is expected to be recognized over a weighted-average period of 2.6 years. Cash received from the exercise of stock options, including amounts received from employee purchases under the employee stock purchase plan, was $0.5 and $0.6 for the three months ended December 30, 2023 and December 31, 2022, respectively.
The grant date fair value of stock option awards is estimated using a binomial model. Expected market price volatility is based on implied volatilities from traded options on Common Shares and historical volatility specific to the Common Shares. Historical data, including demographic factors impacting historical exercise behavior, is used to estimate stock option exercises and employee terminations within the valuation model. The risk-free rate for periods within the contractual life of the stock option is based on the U.S. Treasury yield curve in effect at the time of grant. The expected life of stock options is based on historical experience and expectations for grants outstanding. The weighted average assumptions for awards granted in fiscal 2024 are as follows:
Expected volatility38.8 %
Risk-free interest rate4.7 %
Expected dividend yield4.1 %
Expected life6.1 years
Restricted share-based awards
Restricted share-based award activity (including restricted stock units and deferred stock units) was as follows: 
No. of
Units		Wtd. Avg. Grant Date
Fair Value per Unit
Awards outstanding at September 30, 2023611,838 $89.10 
Granted204,249 48.79 
Vested(11,620)79.38 
Forfeited(18,362)67.76 
Awards outstanding at December 30, 2023786,105 79.27 
The weighted-average grant-date fair value of restricted stock-based awards granted during the three months ended December 30, 2023 and December 31, 2022 was $48.79 and $50.59 per share, respectively. As of December 30, 2023, there was $18.2 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 1.9 years.
Performance-based awards
Performance-based award activity was as follows (based on target award amounts):
No. of
Units		Wtd. Avg. Grant Date
Fair Value per Unit
Awards outstanding at September 30, 2023544,790 $76.85 
Granted11,146 44.86 
Vested (a)
(181,791)59.88 
Forfeited(184,799)64.31 
Awards outstanding at December 30, 2023189,346 99.60 
(a)     Vested at a weighted average of 100% of the target performance share units granted.
The weighted-average grant-date fair value of performance-based awards granted during the three months ended December 30, 2023 and December 31, 2022 was $44.86 and $63.61 per share, respectively. As of December 30, 2023, there was $2.2 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 2.3 years. The total fair value of performance-based units vested during the three months ended December 30, 2023 and December 31, 2022 was $10.6 and $6.0, respectively.
During the three months ended December 30, 2023, the Company determined that short-term variable incentive compensation for fiscal 2024 would be provided to certain employees as performance-based awards in lieu of a cash-based program. The program is structured so the fiscal 2024 incentive grant, if any, will be made on or near the incentive payout date, subject to certain performance conditions and a service requirement. The number of performance-based units that are ultimately issued to participating employees will be determined based on a target incentive payout amount for each employee adjusted up or down based on actual performance compared to the performance conditions, and then converted into a variable number of performance-based award units based on the fair value of the Company’s Common Shares on the grant date. The awards are classified as liability awards and, as of December 30, 2023, the Company had accrued $2.3 in the “Other current liabilities” line in the Condensed Consolidated Balance Sheets associated with these awards. As of December 30, 2023, there was $17.9 of total unrecognized pre-tax compensation cost related to these nonvested performance-based awards that is expected to be recognized over the remainder of fiscal 2024. The units associated with these awards are excluded from the table above.