Capitalization

9 Months Ended

Jun. 30, 2020

Capitalization, Long-term Debt and Equity [Abstract]

Summary of Changes in Common Stock Equity


	Common Stock							Paid In Capital		Earnings Reinvested in the Business		Accumulated Other Comprehensive Income (Loss)
		Shares			Amount
	(Thousands, except per share amounts)
Balance at April 1, 2020	86,562		$	86,562		$	835,444	$	1,176,870	$	(18,917)
Net Income Available for Common Stock								41,250
Dividends Declared on Common Stock ($0.445 Per Share)								(40,470)

Other Comprehensive Loss, Net of Tax										(22,877)
Share-Based Payment Expense ⁽¹⁾						1,699
Common Stock Issued from Sale of Common Stock	4,370		4,370			161,488
Common Stock Issued Under Stock and Benefit Plans	12		12			426
Balance at June 30, 2020	90,944		$	90,944		$	999,057	$	1,177,650	$	(41,794)

Balance at October 1, 2019	86,315		$	86,315		$	832,264	$	1,272,601	$	(52,155)
Net Income Available for Common Stock								21,773
Dividends Declared on Common Stock ($1.315 Per Share)								(115,774)
Cumulative Effect of Adoption of Authoritative Guidance for Hedging								(950)
Other Comprehensive Income, Net of Tax										10,361
Share-Based Payment Expense ⁽¹⁾						8,403
Common Stock Issued from Sale of Common Stock	4,370		4,370			161,488
Common Stock Issued (Repurchased) Under Stock and Benefit Plans	259		259			(3,098)
Balance at June 30, 2020	90,944		$	90,944		$	999,057	$	1,177,650	$	(41,794)

Balance at April 1, 2019	86,301		$	86,301		$	821,837	$	1,236,657	$	(54,286)
Net Income Available for Common Stock								63,753
Dividends Declared on Common Stock ($0.435 Per Share)								(37,543)

Other Comprehensive Income, Net of Tax										21,620
Share-Based Payment Expense ⁽¹⁾						5,054
Common Stock Issued Under Stock and Benefit Plans	6		6			352
Balance at June 30, 2019	86,307		$	86,307		$	827,243	$	1,262,867	$	(32,666)

Balance at October 1, 2018	85,957		$	85,957		$	820,223	$	1,098,900	$	(67,750)
Net Income Available for Common Stock								257,009
Dividends Declared on Common Stock ($1.285 Per Share)								(110,885)
Cumulative Effect of Adoption of Authoritative Guidance for Financial Assets and Liabilities								7,437
Cumulative Effect of Adoption of Authoritative Guidance for Reclassification of Stranded Tax Effects								10,406
Other Comprehensive Income, Net of Tax										35,084
Share-Based Payment Expense ⁽¹⁾						15,008
Common Stock Issued (Repurchased) Under Stock and Benefit Plans	350		350			(7,988)
Balance at June 30, 2019	86,307		$	86,307		$	827,243	$	1,262,867	$	(32,666)

⁽¹⁾Paid in Capital includes compensation costs associated with performance shares and/or restricted stock awards. The expense is included within Net Income Available For Common Stock, net of tax benefits.

Common Stock. On June 2, 2020, the Company completed a public offering and sale of 4,370,000 shares of the Company's common stock, par value $1.00 per share, at a price of $39.50 per share. After deducting fees, commissions and other issuance costs, the net proceeds to the Company amounted to $165.9 million. The proceeds of this issuance were used to fund a portion of the purchase price of the acquisition of certain upstream assets and midstream gathering assets in Pennsylvania from SWEPI LP, a subsidiary of Royal Dutch Shell plc (“Shell”) that closed on July 31, 2020. Refer to Note 12 – Subsequent Events for further discussion.

During the nine months ended June 30, 2020, the Company also issued 87,135 original issue shares of common stock for restricted stock units that vested and 231,246 original issue shares of common stock for performance shares that vested. The Company also issued 31,253 original issue shares of common stock to the non-employee directors of the Company who receive compensation under the Company’s 2009 Non-Employee Director Equity Compensation Plan, as partial consideration for the directors’ services during the nine months ended June 30, 2020. Holders of stock-based compensation awards will often tender shares of common stock to the Company for payment of applicable withholding taxes. During the nine months ended June 30, 2020, 91,269 shares of common stock were tendered to the Company for such purposes. The Company considers all shares tendered as cancelled shares restored to the status of authorized but unissued shares, in accordance with New Jersey law.

Current Portion of Long-Term Debt. None of the Company's long-term debt as of June 30, 2020 and September 30, 2019 had a maturity date within the following twelve-month period.

Long-Term Debt. On June 3, 2020, the Company issued $500.0 million of 5.50% notes due January 15, 2026. After deducting underwriting discounts, commissions and other debt issuance costs, the net proceeds to the Company amounted to $493.1 million. The holders of the notes may require the Company to repurchase their notes at a price equal to 101% of the principal amount in the event of a change in control and a ratings downgrade to a rating below investment grade. Additionally, the interest rate payable on the notes will be subject to a maximum adjustment of 2.00% such that the coupon will not exceed 7.5%, if there is a downgrade of the credit rating assigned to the notes (or if the credit rating assigned to the notes is subsequently upgraded). The proceeds of this debt issuance were used for general corporate purposes, which included the payment of a portion of the purchase price of the acquisition of Shell's upstream assets and midstream gathering assets in Pennsylvania that closed on July 31, 2020 and the repayment and refinancing of short-term debt.

Short-Term Borrowings. On May 4, 2020, the Company entered into a 364-Day credit facility with a syndicate of 10 banks, all of which are also lenders under the Company's existing $750.0 million multi-year credit facility. The 364-Day credit facility provides an additional $200.0 million unsecured revolving credit facility.