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EQUITY | 6 Months Ended
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Mar. 29, 2025
Equity [Abstract] |
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, 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) |
Net income (loss) | — |  |  | 217.5 |  |  | — |  |  | — |  |  |  |  |  |  | 217.5 |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | (4.0) |  |  |  |  |  |  | (4.0) |
Share-based compensation | 8.7 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 8.7 |
Dividends declared ($0.66 per share) | — |  |  | (39.6) |  |  | — |  |  | — |  |  |  |  |  |  | (39.6) |
Treasury share purchases | — |  |  | — |  |  | (2.7) |  |  | — |  |  |  |  |  |  | (2.7) |
Treasury share issuances | (14.5) |  |  | — |  |  | 23.9 |  |  | — |  |  |  |  |  |  | 9.4 |
Balance at March 29, 2025 | $ | 343.4 |  |  | $ | 373.7 |  |  | $ | (898.4) |  |  | $ | (108.8) |  |  |  |  |  |  | $ | (290.1) |
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) |
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. 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 December 28, 2024 |  | $ | (27.1) |  |  | $ | 8.9 |  |  | $ | (14.4) |  |  | $ | (72.2) |  |  | $ | (104.8) |
Other comprehensive income (loss) before reclassifications |  | 1.0 |  |  | (1.9) |  |  | — |  |  | — |  |  | (0.9) |
Amounts reclassified from accumulated other comprehensive net income (loss) |  | — |  |  | (3.0) |  |  | — |  |  | (2.7) |  |  | (5.7) |
Income tax benefit (expense) |  | — |  |  | 1.3 |  |  | — |  |  | 1.3 |  |  | 2.6 |
Net current period other comprehensive income (loss) |  | 1.0 |  |  | (3.6) |  |  | — |  |  | (1.4) |  |  | (4.0) |
Balance at March 29, 2025 |  | $ | (26.1) |  |  | $ | 5.3 |  |  | $ | (14.4) |  |  | $ | (73.6) |  |  | $ | (108.8) |
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) |
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 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 |  | (4.9) |  |  | 5.8 |  |  | — |  |  | — |  |  | 0.9 |
Amounts reclassified from accumulated other comprehensive net income (loss) |  | — |  |  | (5.1) |  |  | — |  |  | 5.4 |  |  | 0.3 |
Income tax benefit (expense) |  | — |  |  | (0.2) |  |  | — |  |  | (2.5) |  |  | (2.7) |
Net current period other comprehensive income (loss) |  | (4.9) |  |  | 0.5 |  |  | — |  |  | 2.9 |  |  | (1.5) |
Balance at March 29, 2025 |  | $ | (26.1) |  |  | $ | 5.3 |  |  | $ | (14.4) |  |  | $ | (73.6) |  |  | $ | (108.8) |
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) |
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 29, 2025 |  | March 30, 2024 |  | March 29, 2025 |  | March 30, 2024
Share-based compensation | $ | 22.6 |  |  | $ | 28.1 |  |  | $ | 40.0 |  |  | $ | 44.1 |
Related tax benefit recognized | 4.2 |  |  | 4.6 |  |  | 6.8 |  |  | 7.2 |
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, 2024 | 2,377,672 |  |  | $ | 65.03 |  |  | 7.5 years |  |
Granted | 475,464 |  |  | 72.41 |  |  |  |  |
Exercised | (153,383) |  |  | 59.67 |  |  |  |  |
Forfeited | (156,084) |  |  | 65.98 |  |  |  |  |
Awards outstanding at March 29, 2025 | 2,543,669 |  |  | 66.71 |  |  | 7.8 years |  | $ | 5.5 |
Exercisable | 476,500 |  |  | 110.49 |  |  | 4.6 years |  | 0.2 |
The weighted-average fair value per share of each option granted during the six months ended March 29, 2025 and March 30, 2024 was $22.20 and $16.66, respectively. The total intrinsic value of options exercised during the six months ended March 29, 2025 and March 30, 2024 was not material. As of March 29, 2025, there was $10.5 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 2.0 years. Cash received from the exercise of stock options, including amounts received from employee purchases under the employee stock purchase plan, was $10.0 and $1.7 for the six months ended March 29, 2025 and March 30, 2024, respectively. The weighted average assumptions used in the estimation of fair value for awards granted during the six months ended March 29, 2025 are as follows:
Expected volatility | 39.6 | %
Risk-free interest rate | 4.2 | %
Expected dividend yield | 3.3 | %
Expected life | 6.1 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, 2024 | 766,384 |  |  | $ | 68.54 |
Granted | 317,412 |  |  | 74.21 |
Vested | (646,196) |  |  | 74.72 |
Forfeited | (12,323) |  |  | 71.13 |
Awards outstanding at March 29, 2025 | 425,277 |  |  | 63.31 |
The weighted-average grant-date fair value of restricted share-based awards granted during the six months ended March 29, 2025 and March 30, 2024 was $74.21 and $49.78 per share, respectively. As of March 29, 2025, there was $8.1 of total unrecognized pre-tax compensation cost, net of estimated forfeitures, related to nonvested restricted share-based awards that is expected to be recognized over a weighted-average period of 1.5 years. The total fair value of restricted share-based awards vested during the six months For fiscal 2025, the Company is granting short-term equity incentive compensation awards to certain associates in the form of restricted share-based award units in lieu of cash-based annual incentive awards. The program is structured so the fiscal 2025 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 restricted share-based award units that are ultimately issued to participating associates will be determined based on the incentive payout amount determined for each associate converted into a variable number of restricted share-based award units based on the fair value of the Common Shares on the grant date. The awards are classified as liability awards and, as of March 29, 2025, the Company had accrued $9.3 in the “Other current liabilities” line in the Condensed Consolidated Balance Sheets associated with these awards. As of March 29, 2025, there was $11.0 of total unrecognized pre-tax compensation cost related to these nonvested restricted share-based awards that is expected to be recognized over the remainder of fiscal 2025. The units associated with these awards are excluded from the table above. 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, 2024 | 409,430 |  |  | $ | 86.61 |
Granted | 142,163 |  |  | 72.01 |
Forfeited | (107,919) |  |  | 114.25 |
Awards outstanding at March 29, 2025 | 443,674 |  |  | 75.63 |
The weighted-average grant-date fair value of performance-based award units granted during the six months ended March 29, 2025 and March 30, 2024 was $72.01 and $74.95 per share, respectively. As of March 29, 2025, there was $8.2 of total unrecognized pre-tax compensation cost, net of estimated forfeitures, related to nonvested performance-based award units that is expected to be recognized over a weighted-average period of 2.2 years. The total fair value of performance-based award units vested during the six months ended March 30, 2024 was $10.6. Dur ing the three months ended March 29, 2025, the Company granted performance-based award units with a three year vesting period that include a performance target based on the Company’s absolute total shareholder return, among other financial targets. Details of the assumptions used in the estimation of fair value for these awards are as follows:
Expected volatility | 38.6 | %
Risk-free interest rate | 4.2 | %

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