Shareholders' Equity

6 Months Ended

Mar. 31, 2021

Equity [Abstract]

Shareholders' Equity

Shareholders' Equity

On November 12, 2020, the Board of Directors approved a new share repurchase program for up to 7.5 million shares of its common stock, replacing the prior authorization from July 2015. During the six months ended March 31, 2021, the Company repurchased 500,000 shares for $21.3, at an average price of $42.61 per share, under this authorization. During the quarter ended March 31, 2020, the Company repurchased 980,136 shares for $45.0, at an average price of $45.93 per share. Future share repurchases, if any, will be determined by the Company based on its evaluation of the market conditions, capital allocation objectives, legal and regulatory requirements and other factors.

On November 12, 2020, the Board of Directors declared a cash dividend for the first quarter of fiscal 2021 of $0.30 per share of common stock, payable on December 18, 2020, to all shareholders of record as of the close of business on November 30, 2020. On February 1, 2021, the Board of Directors declared a cash dividend for the second quarter of 2021 of $0.30 per share of common stock, payable on March 11, 2021, to all shareholders of record as of the close of business February 19, 2021.

During the six months ended March 31, 2021 and 2020, total dividends declared were $41.9 and $42.8, respectively. The payments made of $43.3 and $43.7 during the six months ended March 31, 2021 and 2020, respectively, included the cumulative dividends paid upon the vesting of restricted shares during the periods.

The Company paid a cash dividend of $1.875 per share of MCPS on October 15, 2020 which had been declared in fiscal 2020. On November 12, 2020, the Board of Directors declared a cash dividend of $1.875 per share of MCPS to all shareholders of record as of the close of January 1, 2021, which was paid on January 15, 2021. On February 1, 2021, the Board of Directors declared a cash dividend of $1.875 per share of MCPS, payable on

April 15, 2021, to all shareholders of record as of the close of business on April 1, 2021. This dividend was accrued as of March 31, 2021 and was paid on April 15, 2021.

Subsequent to the end of the fiscal quarter, on May 3, 2021, the Board of Directors declared a cash dividend for the third quarter of fiscal 2021 of $0.30 per share of common stock, payable on June 15, 2021, to all shareholders of record as of the close of business on May 24, 2021.

Subsequent to the end of the fiscal quarter, on May 3, 2021, the Board of Directors the Board of Directors declared a cash dividend of $1.875 per share of MCPS, payable on July 15, 2021, to all shareholders of record as of the close of business on July 1, 2021.