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Share Based Compensation
 9 Months Ended
Jun. 28, 2020
Share-based Payment Arrangement [Abstract]  
Share Based Compensation SHARE BASED COMPENSATION
Share based compensation expense is recognized as General and Administrative Expenses on the Condensed Consolidated Statements of Income. The following is a summary of share based compensation expense for the three and nine month periods ended June 28, 2020 and June 30, 2019 for SBH and SB/RH, respectively.
Three Month Periods EndedNine Month Periods Ended
(in millions)June 28, 2020June 30, 2019June 28, 2020June 30, 2019
SBH$12.8  $14.0  $38.8  $35.8  
SB/RH$12.5  $13.6  $37.9  $34.7  
The Company recognizes share based compensation expense primarily from the issuance of its Restricted Stock Units (“RSUs”) based on the fair value of the awards, as determined by the market price of the Company’s shares of common stock on the designated grant date and recognized on a straight-line basis over the requisite service period of the awards. Certain RSUs are performance-based awards that are dependent upon achieving specified financial metrics over a designated period of time.
Beginning in the fiscal year ended September 30, 2019, the Company provided to certain employees RSU grants issued under a Long-Term Incentive Plan (“LTIP”), with a 3-year, cliff vesting schedule and having both performance conditions dependent upon achieving specified financial targets (adjusted EBITDA, return on equity, and adjusted free cash flow) and time-based service. The Company also provided for bridge awards that are special awards to certain employees for transitioning to the LTIP from previous equity incentive compensation plans. Bridge awards vest annually, on November 21, 2019 and November 21, 2020, and have both performance conditions dependent upon achieving specified financial targets in fiscal year 2019 and 2020, respectively, (adjusted EBITDA and adjusted free cash flow) and time-based service conditions (60% performance/40% service). Bridge awards are payable in either RSUs or cash, or both, based upon an employee election. Bridge awards elected to be payable in RSU are recognized as equity awards and included as a component of share-based compensation expense. Additionally, the Company regularly issues individual RSU awards under its equity plan to its Board members and individual employees for recognition, incentive, or retention purposes, when needed, which are primarily conditional upon time-based service conditions and included as a component of share-based compensation.
The following summary of the activity in Spectrum RSUs during the nine month period ended June 28, 2020:
SBHSB/RH
(in millions, except per share data)UnitsWeighted
Average
Grant Date
Fair Value		Fair
Value
at Grant
Date		UnitsWeighted
Average
Grant Date
Fair Value		Fair
Value
at Grant
Date
Time-based grants
Vesting in less than 24 months0.3  $62.37  $18.6  0.3  $62.29  $17.3  
Vesting in more than 24 months0.1  62.93  8.2  0.1  62.93  8.2  
Total time-based grants0.4  $62.54  $26.8  0.4  $62.49  $25.5  
Performance-based grants
Vesting in more than 24 months0.3  $62.93  $19.3  0.3  $62.93  $19.3  
Total performance-based grants0.3  $62.93  $19.3  0.3  $62.93  $19.3  
Total grants0.7  $62.70  $46.1  0.7  $62.68  $44.8  

SBHSB/RH
(in millions, except per share data)SharesWeighted
Average
Grant Date
Fair Value		Fair
Value
at Grant
Date		SharesWeighted
Average
Grant Date
Fair Value		Fair
Value
at Grant
Date
At September 30, 20191.2  $53.57  $67.0  1.2  $53.23  $65.1  
Granted0.7  62.70  46.1  0.7  62.68  44.8  
Forfeited(0.1) 61.71  (2.3) (0.1) 61.71  (2.3) 
Vested(0.6) 57.80  (39.3) (0.6) 57.29  (37.8) 
At June 28, 20201.2  $56.36  $71.5  1.2  $56.26  $69.8  
In addition to RSU awards, the Company also provides for a portion of its annual management incentive compensation plan (“MIP”) to be paid in common stock of the Company, in lieu of cash payment, and is recognized as a liability plan. Share based compensation expense associated with the annual MIP was $4.3 million and $12.9 million for the three and nine month periods ended June 28, 2020, respectively, and $4.3 million and $12.6 million for the three and nine month periods ended June 30, 2019, respectively. The remaining unrecognized pre-tax compensation cost for SBH and SB/RH at June 28, 2020 was $42.3 million and $42.0 million, respectively.