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SHAREHOLDERS' EQUITY | 3 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
SHAREHOLDERS' EQUITY | SHAREHOLDERS' EQUITY Share Repurchases The following summarizes the activity of common stock repurchases for the three month periods ended December 31, 2023 and January 1, 2023:
|  | December 31, 2023 |  | January 1, 2023
Three Month Periods Ended (in millions except per share data) |  | Number of Shares Repurchased |  | Average Price Per Share |  | Amount |  | Number of Shares Repurchased |  | Average Price Per Share |  | Amount
Open Market Purchases |  | 3.3 |  |  | $ | 73.51 |  |  | $ | 243.0 |  |  | — |  |  | $ | — |  |  | $ | — |
ASR |  | 1.3 |  |  | $ | 65.84 |  |  | $ | 83.2 |  |  | — |  |  | $ | — |  |  | $ | — |
Total Purchases |  | 4.6 |  |  | $ | 71.39 |  |  | $ | 326.2 |  |  | — |  |  | $ | — |  |  | $ | — |
During the three month period ended December 31, 2023, SBH entered into a $200.0 million rule 10b5-1 repurchase plan to facilitate daily market share repurchases through November 15, 2024, until the cap is reached or until the plan is terminated. As of December 31, 2023, there has been $11.1 million repurchased pursuant to the 10b5-1 repurchase plan. 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 $500.0 million of the Company’s common stock, par value $0.01 per share. The Company funded the share repurchases under the ASR Agreement, which are being made pursuant to the Company’s new $1.0 billion share repurchase program, 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 to additional paid-in capital. 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. On November 21, 2023, the Company closed and settled the ASR resulting in an additional delivery of 1.3 million shares, with a fair value of $83.2 million. The total number of shares repurchased under the ASR program was 6.6 million at an average cost per share of $75.67, based on the volume-weighted average share price of the Company’s common stock during the calculation period of the ASR program, less the applicable contractual discount.

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