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EQUITY | 9 Months Ended
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Jun. 29, 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) |
Net income (loss) | — |  |  | 132.1 |  |  | — |  |  | — |  |  |  |  |  |  | 132.1 |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | 1.8 |  |  |  |  |  |  | 1.8 |
Share-based compensation | 8.3 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 8.3 |
Dividends declared ($0.66 per share) | — |  |  | (38.1) |  |  | — |  |  | — |  |  |  |  |  |  | (38.1) |
Treasury share purchases | — |  |  | — |  |  | (0.2) |  |  | — |  |  |  |  |  |  | (0.2) |
Treasury share issuances | (1.4) |  |  | — |  |  | 2.2 |  |  | — |  |  |  |  |  |  | 0.8 |
Balance at June 29, 2024 | $ | 360.6 |  |  | $ | 585.8 |  |  | $ | (975.7) |  |  | $ | (116.9) |  |  |  |  |  |  | $ | (146.2) |
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 |
Net income (loss) | — |  |  | 43.7 |  |  | — |  |  | — |  |  |  |  |  |  | 43.7 |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | 6.6 |  |  |  |  |  |  | 6.6 |
Share-based compensation | (5.8) |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | (5.8) |
Dividends declared ($0.66 per share) | — |  |  | (37.2) |  |  | — |  |  | — |  |  |  |  |  |  | (37.2) |
Treasury share purchases | — |  |  | — |  |  | (2.8) |  |  | — |  |  |  |  |  |  | (2.8) |
Treasury share issuances | (18.0) |  |  | — |  |  | 10.8 |  |  | — |  |  |  |  |  |  | (7.2) |
Balance at July 1, 2023 | $ | 350.5 |  |  | $ | 996.8 |  |  | $ | (1,032.0) |  |  | $ | (180.5) |  |  |  |  |  |  | $ | 134.8 |
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 March 30, 2024 |  | $ | (21.4) |  |  | $ | 15.7 |  |  | $ | (40.1) |  |  | $ | (72.9) |  |  | $ | (118.6) |
Other comprehensive income (loss) before reclassifications |  | (1.3) |  |  | 1.6 |  |  | 5.1 |  |  | — |  |  | 5.4 |
Amounts reclassified from accumulated other comprehensive net income (loss) |  | — |  |  | (5.1) |  |  | — |  |  | 0.8 |  |  | (4.3) |
Income tax benefit (expense) |  | — |  |  | 0.9 |  |  | — |  |  | (0.2) |  |  | 0.7 |
Net current period other comprehensive income (loss) |  | (1.3) |  |  | (2.6) |  |  | 5.1 |  |  | 0.6 |  |  | 1.8 |
Balance at June 29, 2024 |  | $ | (22.6) |  |  | $ | 13.1 |  |  | $ | (35.0) |  |  | $ | (72.3) |  |  | $ | (116.9) |
Balance at April 1, 2023 |  | $ | (20.7) |  |  | $ | 11.8 |  |  | $ | (105.7) |  |  | $ | (72.6) |  |  | $ | (187.1) |
Other comprehensive income (loss) before reclassifications |  | 2.7 |  |  | 9.7 |  |  | 0.6 |  |  | — |  |  | 13.0 |
Amounts reclassified from accumulated other comprehensive net income (loss) |  | — |  |  | (4.3) |  |  | — |  |  | (0.8) |  |  | (5.1) |
Income tax benefit (expense) |  | — |  |  | (1.4) |  |  | (0.1) |  |  | 0.2 |  |  | (1.3) |
Net current period other comprehensive income (loss) |  | 2.7 |  |  | 4.0 |  |  | 0.5 |  |  | (0.6) |  |  | 6.6 |
Balance at July 1, 2023 |  | $ | (18.0) |  |  | $ | 15.8 |  |  | $ | (105.2) |  |  | $ | (73.2) |  |  | $ | (180.5) |
The sum of the components may not equal due to rounding.
|  | Nine 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 |  | (0.8) |  |  | (1.2) |  |  | 3.6 |  |  | — |  |  | 1.6 |
Amounts reclassified from accumulated other comprehensive net income (loss) |  | — |  |  | (8.3) |  |  | — |  |  | 0.3 |  |  | (8.0) |
Income tax benefit (expense) |  | — |  |  | 2.4 |  |  | — |  |  | (0.1) |  |  | 2.3 |
Net current period other comprehensive income (loss) |  | (0.8) |  |  | (7.1) |  |  | 3.6 |  |  | 0.2 |  |  | (4.1) |
Balance at June 29, 2024 |  | $ | (22.6) |  |  | $ | 13.1 |  |  | $ | (35.0) |  |  | $ | (72.3) |  |  | $ | (116.9) |
Balance at September 30, 2022 |  | $ | (28.9) |  |  | $ | 33.3 |  |  | $ | (79.7) |  |  | $ | (69.3) |  |  | $ | (144.6) |
Other comprehensive income (loss) before reclassifications |  | 10.9 |  |  | (3.2) |  |  | (33.5) |  |  | — |  |  | (25.8) |
Amounts reclassified from accumulated other comprehensive net income (loss) |  | — |  |  | (20.3) |  |  | — |  |  | (5.1) |  |  | (25.4) |
Income tax benefit (expense) |  | — |  |  | 5.9 |  |  | 8.0 |  |  | 1.3 |  |  | 15.2 |
Net current period other comprehensive income (loss) |  | 10.9 |  |  | (17.5) |  |  | (25.5) |  |  | (3.8) |  |  | (35.9) |
Balance at July 1, 2023 |  | $ | (18.0) |  |  | $ | 15.8 |  |  | $ | (105.2) |  |  | $ | (73.2) |  |  | $ | (180.5) |
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 |  | Nine Months Ended
| June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Share-based compensation | $ | 21.0 |  |  | $ | (5.8) |  |  | $ | 65.0 |  |  | $ | 52.2 |
Related tax benefit recognized | 4.5 |  |  | 0.6 |  |  | 11.7 |  |  | 11.4 |
During the three months ended July 1, 2023, a cumulative adjustment was recognized to share-based compensation expense for certain performance-based award units to reflect management’s assessment of a lower probability of achievement of performance goals. Performance-based awards 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 June 29, 2024, the Company had accrued $14.0 in the “Other current liabilities” line in the Condensed Consolidated Balance Sheets associated with these awards. As of June 29, 2024, there was $5.9 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.

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