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SHAREHOLDER’S EQUITY | 12 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
SHAREHOLDER’S EQUITY | SHAREHOLDER'S EQUITY The Company has a share repurchase program that is executed through purchases made from time to time either in the open market or otherwise. On May 20, 2024, the Company announced a new $500 million common stock repurchase program authorized by its Board of Directors, replacing the Company’s previously approved share repurchase program of $1.0 billion. As part of the previously approved share repurchase program, the Company purchased treasury shares in open market purchases at market fair value in private purchases from employees or significant shareholders at fair value and through an accelerated share repurchase (“ASR”) agreement with a third-party financial institution, further discussed below. As part of the recently approved stock repurchase program, the Company purchased $50.0 million of common stock concurrent with the pricing of the offering of the Exchangeable Notes in privately negotiated transactions effected through one of the initial purchasers and/or its affiliates, at market price. Purchases under the program may be made in the open market or in privately negotiated transactions from time to time at management’s discretion. The repurchase program may be suspended or discontinued at any time. On June 20, 2023, the Company entered into an accelerated share repurchase agreement (the “ASR Agreement”) with a third-party financial institution to repurchase an aggregate of $500 million of the Company’s common stock, par value $0.01 per share. The Company funded the share repurchases under the ASR Agreement with cash on-hand following the closing of the sale of the Company’s HHI segment. Pursuant to the agreement, the Company paid $500.0 million to the financial institution at inception of the agreement and took delivery of 5.3 million shares, which represented 80% of the total shares the company expected to receive based on the market price at the time of the initial delivery. The transaction was accounted for as an equity transaction. The fair value of the initial shares received of $400.0 million were recorded as a treasury stock transaction, with the remainder of $100.0 million recorded as a reduction of Additional Paid-In Capital ("APIC") during the year ended September 30, 2023. Upon initial receipt of the shares, there was an immediate reduction in the weighted average common shares calculation for basic and diluted earnings per share. Upon settlement of the ASR Agreement effective November 16, 2023, the financial institution delivered additional shares of 1.3 million, based on the volume weighted average price per share of our common stock over the term of the agreement, less a negotiated discount, and recognized a non-cash treasury share repurchase from APIC of $83.2 million during the year ended September 30, 2024, based upon the market value of the Company’s stock at the time of settlement. The following summarizes the activity of common stock repurchases under the program for the years ended September 30, 2024, 2023 and 2022, excluding the recognition of a 1% excise tax on annual net share repurchases, recognized as a component of Treasury Stock on the Consolidated Statements of Financial Position (effective the year ended September 30, 2023):
|  | 2024 |  | 2023 |  | 2022
(in millions, except per share data) |  | Number of Shares Repurchased |  | Average Price Per Share |  | Amount |  | Number of Shares Repurchased |  | Average Price Per Share |  | Amount |  | Number of Shares Repurchased |  | Average Price Per Share |  | Amount
Open market purchases |  | 5.6 |  |  | $ | 77.48 |  |  | $ | 432.7 |  |  | 0.4 |  |  | $ | 81.60 |  |  | $ | 34.7 |  |  | 1.4 |  |  | $ | 97.34 |  |  | $ | 134.0 |
Private purchases |  | 0.5 |  |  | 93.74 |  |  | 50.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
ASR |  | 1.3 |  |  | 65.84 |  |  | 83.2 |  |  | 5.3 |  |  | 74.86 |  |  | 400.0 |  |  | — |  |  | — |  |  | — |
Total purchases |  | 7.4 |  |  | 76.66 |  |  | $ | 565.9 |  |  | 5.7 |  |  | 75.36 |  |  | $ | 434.7 |  |  | 1.4 |  |  | 97.34 |  |  | $ | 134.0 |

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