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EQUITY (Tables) | 3 Months Ended
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Dec. 28, 2024
Equity [Abstract] |
Summary of Changes in Equity | 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, 2024 | $ | 362.0 |  |  | $ | 303.8 |  |  | $ | (949.1) |  |  | $ | (107.3) |  |  |  |  |  |  | $ | (390.6) |
Net income (loss) | — |  |  | (69.5) |  |  | — |  |  | — |  |  |  |  |  |  | (69.5) |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | 2.5 |  |  |  |  |  |  | 2.5 |
Share-based compensation | 31.4 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 31.4 |
Dividends declared ($0.66 per share) | — |  |  | (38.5) |  |  | — |  |  | — |  |  |  |  |  |  | (38.5) |
Treasury share purchases | — |  |  | — |  |  | (15.6) |  |  | — |  |  |  |  |  |  | (15.6) |
Treasury share issuances | (44.3) |  |  | — |  |  | 45.1 |  |  | — |  |  |  |  |  |  | 0.8 |
Balance at December 28, 2024 | $ | 349.1 |  |  | $ | 195.8 |  |  | $ | (919.6) |  |  | $ | (104.8) |  |  |  |  |  |  | $ | (479.5) |
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 (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) |
The sum of the components may not equal due to rounding.
Schedule of 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 Loss On Securities |  | Pension and Other Post-Retirement Benefit Adjustments |  | Accumulated Other Comprehensive Income (Loss)
Balance at September 30, 2024 |  | $ | (21.3) |  |  | $ | 4.9 |  |  | $ | (14.4) |  |  | $ | (76.5) |  |  | $ | (107.3) |
Other comprehensive income (loss) before reclassifications |  | (5.8) |  |  | 7.7 |  |  | — |  |  | — |  |  | 1.9 |
Amounts reclassified from accumulated other comprehensive net income (loss) |  | — |  |  | (2.3) |  |  | — |  |  | 5.8 |  |  | 3.5 |
Income tax benefit (expense) |  | — |  |  | (1.4) |  |  | — |  |  | (1.5) |  |  | (2.9) |
Net current period other comprehensive income (loss) |  | (5.8) |  |  | 4.0 |  |  | — |  |  | 4.3 |  |  | 2.5 |
Balance at December 28, 2024 |  | $ | (27.1) |  |  | $ | 8.9 |  |  | $ | (14.4) |  |  | $ | (72.2) |  |  | $ | (104.8) |
Balance at September 30, 2023 |  | $ | (21.9) |  |  | $ | 20.1 |  |  | $ | (38.6) |  |  | $ | (72.4) |  |  | $ | (112.8) |
Other comprehensive income (loss) before reclassifications |  | 3.1 |  |  | (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) |
The sum of the components may not equal due to rounding.
Schedule of Share-Based Compensation | Total share-based compensation was as follows for each of the periods indicated:
| Three Months Ended |  |
| December 28, 2024 |  | December 30, 2023 |  |  |  |
Share-based compensation | $ | 17.3 |  |  | $ | 16.0 |  |  |  |  |
Related tax benefit recognized | 2.6 |  |  | 2.6 |  |  |  |  |
Share-Based Payment Arrangement, Stock Appreciation Right, Activity | 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, 2024 | 2,377,672 |  |  | $ | 65.03 |  |  | 7.5 years |  |
Granted | 419,885 |  |  | 72.60 |  |  |  |  |
Exercised | (4,570) |  |  | 61.31 |  |  |  |  |
Forfeited | (139,881) |  |  | 65.31 |  |  |  |  |
Awards outstanding at December 28, 2024 | 2,653,106 |  |  | 66.25 |  |  | 7.6 years |  | $ | 25.4 |
Exercisable | 548,227 |  |  | 104.43 |  |  | 3.0 years |  | 2.0 |
Schedule of Weighted Average Assumptions for Stock Options | The weighted average assumptions used in the estimation of fair value for awards granted during the three months ended December 28, 2024 are as follows:
Expected volatility | 39.6 | %
Risk-free interest rate | 4.2 | %
Expected dividend yield | 3.3 | %
Expected life | 6.1 years
Schedule of Restricted Share-based Award Activity | 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, 2024 | 766,384 |  |  | $ | 68.54 |
Granted | 281,950 |  |  | 75.36 |
Vested | (521,023) |  |  | 63.62 |
Forfeited | (10,741) |  |  | 68.38 |
Awards outstanding at December 28, 2024 | 516,570 |  |  | 77.23 |
Schedule of Performance-based Award Activity | 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, 2024 | 409,430 |  |  | $ | 86.61 |
Forfeited | (101,680) |  |  | 117.78 |
Awards outstanding at December 28, 2024 | 307,750 |  |  | 76.96 |

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