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EQUITY | 6 Months Ended
--- | ---
Mar. 30, 2024
Equity [Abstract] |
EQUITY (DEFICIT) | 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 compensation | 11.7 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 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) |
Net income (loss) | — |  |  | 157.5 |  |  | — |  |  | — |  |  |  |  |  |  | 157.5 |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | 3.0 |  |  |  |  |  |  | 3.0 |
Share-based compensation | 12.4 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 12.4 |
Dividends declared ($0.66 per share) | — |  |  | (38.1) |  |  | — |  |  | — |  |  |  |  |  |  | (38.1) |
Treasury share purchases | — |  |  | — |  |  | (1.7) |  |  | — |  |  |  |  |  |  | (1.7) |
Treasury share issuances | (8.3) |  |  | — |  |  | 9.6 |  |  | — |  |  |  |  |  |  | 1.3 |
Balance at March 30, 2024 | $ | 353.7 |  |  | $ | 491.8 |  |  | $ | (977.8) |  |  | $ | (118.6) |  |  |  |  |  |  | $ | (250.9) |
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 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. 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 30, 2023 |  | $ | (18.8) |  |  | $ | 10.4 |  |  | $ | (39.5) |  |  | $ | (73.8) |  |  | $ | (121.7) |
Other comprehensive income (loss) before reclassifications |  | (2.6) |  |  | 8.2 |  |  | (0.6) |  |  | — |  |  | 5.0 |
Amounts reclassified from accumulated other comprehensive net income (loss) |  | — |  |  | (1.2) |  |  | — |  |  | 1.6 |  |  | 0.4 |
Income tax benefit (expense) |  | — |  |  | (1.8) |  |  | — |  |  | (0.6) |  |  | (2.4) |
Net current period other comprehensive income (loss) |  | (2.6) |  |  | 5.2 |  |  | (0.6) |  |  | 1.0 |  |  | 3.0 |
Balance at March 30, 2024 |  | $ | (21.4) |  |  | $ | 15.7 |  |  | $ | (40.1) |  |  | $ | (72.9) |  |  | $ | (118.6) |
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) |
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, 2023 |  | $ | (21.9) |  |  | $ | 20.1 |  |  | $ | (38.6) |  |  | $ | (72.4) |  |  | $ | (112.8) |
Other comprehensive income (loss) before reclassifications |  | 0.5 |  |  | (2.8) |  |  | (1.5) |  |  | — |  |  | (3.8) |
Amounts reclassified from accumulated other comprehensive net income (loss) |  | — |  |  | (3.2) |  |  | — |  |  | (0.5) |  |  | (3.7) |
Income tax benefit (expense) |  | — |  |  | 1.5 |  |  | — |  |  | 0.1 |  |  | 1.6 |
Net current period other comprehensive income (loss) |  | 0.5 |  |  | (4.5) |  |  | (1.5) |  |  | (0.4) |  |  | (5.9) |
Balance at March 30, 2024 |  | $ | (21.4) |  |  | $ | 15.7 |  |  | $ | (40.1) |  |  | $ | (72.9) |  |  | $ | (118.6) |
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) |
The sum of the components may not equal due to rounding. Share-Based Awards Total share-based compensation was as follows for each of the periods indicated:
| Three Months Ended |  | Six Months Ended
| March 30, 2024 |  | April 1, 2023 |  | March 30, 2024 |  | April 1, 2023
Share-based compensation | $ | 28.1 |  |  | $ | 37.2 |  |  | $ | 44.1 |  |  | $ | 57.9 |
Related tax benefit recognized | 4.6 |  |  | 6.1 |  |  | 7.2 |  |  | 10.8 |
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, 2023 | 544,790 |  |  | $ | 76.85 |
Granted | 232,801 |  |  | 74.95 |
Vested (a) | (181,791) |  |  | 59.88 |
Forfeited | (185,740) |  |  | 64.66 |
Awards outstanding at March 30, 2024 | 410,060 |  |  | 87.03 |
(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 six months ended March 30, 2024 and April 1, 2023 was $74.95 and $65.97 per share, respectively. As of March 30, 2024, there was $8.6 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 2.6 years. The total fair value of performance-based units vested during the six months ended March 30, 2024 and April 1, 2023 was $10.6 and $17.5, respectively. During the three months ended March 30, 2024, the Company granted performance-based award units with a three year vesting period that include a performance target based on the Company’s total shareholder return relative to a Company selected peer group, among other financial targets. Based on the extent to which the targets are achieved, vested shares may range from 0% to 325% of the award units granted. The grant date fair value of award units based on a total shareholder return performance target was estimated using a Monte Carlo simulation model. Expected market price volatility was based on historical volatility specific to the Common Shares. The risk-free rate was based on the U.S. Treasury yield curve in effect at the time of grant. Details of the assumptions used in the Monte Carlo simulation model are as follows:
Expected volatility | 36.6 | %
Risk-free interest rate | 4.5 | %
For fiscal 2024, the Company is granting short-term equity incentive compensation awards to certain employees in the form of performance-based units in lieu of cash-based annual incentive awards. These awards will be granted on or near the incentive payout date, subject to certain performance conditions and a service requirement. The number of performance-based units that the Company will ultimately issue to participating employees will be determined based on a target 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 March 30, 2024, the Company had accrued $8.2 in the “Other current liabilities” line in the Condensed Consolidated Balance Sheets associated with these awards. As of March 30, 2024, there was $12.0 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 performance based units associated with these awards are excluded from the table above.

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