XML 51 R31.htm IDEA: XBRL DOCUMENT v3.20.2
Capitalization And Short-Term Borrowings (Tables)
12 Months Ended
Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary Of Changes In Common Stock Equity
Summary of Changes in Common Stock Equity
 Common StockPaid In
Capital
Earnings
Reinvested
in the
Business
Accumulated
Other
Comprehensive
Income (Loss)
SharesAmount
 (Thousands, except per share amounts)
Balance at September 30, 201785,543 $85,543 $796,646 $851,669 $(30,123)
Net Income Available for Common Stock
391,521 
Dividends Declared on Common Stock ($1.68 Per Share)
(144,290)
Other Comprehensive Loss, Net of Tax(37,627)
Share-Based Payment Expense(1)14,235 
Common Stock Issued Under Stock and Benefit Plans
414 414 9,342 
Balance at September 30, 201885,957 85,957 820,223 1,098,900 (67,750)
Net Income Available for Common Stock
304,290 
Dividends Declared on Common Stock ($1.72 Per Share)
(148,432)
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 Tax15,595 
Share-Based Payment Expense(1)
19,613 
Common Stock Issued (Repurchased) Under Stock and Benefit Plans
358 358 (7,572)
Balance at September 30, 201986,315 86,315 832,264 1,272,601 (52,155)
Net Loss Available for Common Stock(123,772)
Dividends Declared on Common Stock ($1.76 Per Share)(156,249)
Cumulative Effect of Adoption of Authoritative Guidance for Hedging
(950)
Other Comprehensive Loss, Net of Tax(62,602)
Share-Based Payment Expense(1)13,180 
Common Stock Issued from Sale of Common Stock
4,370 4,370 161,399 
Common Stock Issued (Repurchased) Under Stock and Benefit Plans
270 270 (2,685)
Balance at September 30, 202090,955 $90,955 $1,004,158 $991,630 (2)$(114,757)
(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.
(2)The availability of consolidated earnings reinvested in the business for dividends payable in cash is limited under terms of the indentures covering long-term debt. At September 30, 2020, $848.4 million of accumulated earnings was free of such limitations.
Schedule Of Share-Based Compensation For SARs
Transactions for 2020 involving SARs for all plans are summarized as follows:
Number of
Shares Subject
To Option
Weighted
Average
Exercise Price
Weighted
Average
Remaining
Contractual
Life (Years)
Aggregate
Intrinsic
Value
(In thousands)
Outstanding at September 30, 2019733,132 $54.90 
Granted in 2020— $— 
Exercised in 2020— $— 
Forfeited in 2020— $— 
Expired in 2020(219,952)$52.18 
Outstanding at September 30, 2020513,180 $56.07 1.28$— 
SARs exercisable at September 30, 2020513,180 $56.07 1.28$— 
Shares available for future grant at September 30, 2020(1)3,220,528 
(1)Includes shares available for options, SARs, restricted stock and performance share grants.
Schedule Of Share-Based Compensation For Restricted Share Awards
Transactions for 2020 involving restricted share awards for all plans are summarized as follows: 
Number of
Restricted
Share Awards
Weighted Average
Fair Value per
Award
Outstanding at September 30, 201920,000 $47.46 
Granted in 2020— $— 
Vested in 2020— $— 
Forfeited in 2020— $— 
Outstanding at September 30, 202020,000 $47.46 
Schedule Of Share-Based Compensation For Non-Performance Based Restricted Stock Units
Transactions for 2020 involving nonperformance-based restricted stock units for all plans are summarized as follows:
Number of
Restricted
Stock Units
Weighted Average
Fair Value per
Award
Outstanding at September 30, 2019281,607 $48.88 
Granted in 2020150,839 $40.38 
Vested in 2020(87,835)$50.26 
Forfeited in 2020(8,838)$46.72 
Outstanding at September 30, 2020335,773 $44.76 
Schedule of Share-based Compensation for Performance Shares
Transactions for 2020 involving performance shares for all plans are summarized as follows:
Number of
Performance
Shares
Weighted Average
Fair Value per
Award
Outstanding at September 30, 2019522,514 $54.37 
Granted in 2020254,608 $43.32 
Vested in 2020(231,246)$55.33 
Forfeited in 2020(11,040)$46.40 
Change in Units Based on Performance Achieved57,792 $52.13 
Outstanding at September 30, 2020592,628 $49.18 
Schedule Of Long-Term Debt
The outstanding long-term debt is as follows:
 At September 30
 20202019
 (Thousands)
Medium-Term Notes(1):
7.4% due March 2023 to June 2025
$99,000 $99,000 
Notes(1)(2)(3):
3.75% to 5.50% due December 2021 to September 2028
2,550,000 2,050,000 
Total Long-Term Debt2,649,000 2,149,000 
Less Unamortized Discount and Debt Issuance Costs19,424 15,282 
Less Current Portion(4)— — 
$2,629,576 $2,133,718 
(1)The Medium-Term Notes and Notes are unsecured.
(2)The holders of these notes may require the Company to repurchase their notes at a price equal to 101% of the principal amount in the event of both a change in control and a ratings downgrade to a rating below investment grade.
(3)The interest rate payable on $300.0 million of 4.75% notes and $300.0 million of 3.95% notes will be subject to adjustment from time to time, with a maximum of 2.00%, if certain change of control events involving a material subsidiary result in a downgrade of the credit rating assigned to the notes to below investment grade (or if the credit rating assigned to the notes is subsequently upgraded). The interest rate payable on $500.0 million of 5.50% 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. A downgrade with a resulting increase to the coupon does not preclude the coupon from returning to its original rate if the Company's credit rating is subsequently upgraded.
(4)None of the Company's long-term debt at September 30, 2020 and 2019 will mature within the following twelve-month period.
[1],[2],[3],[4]
Performance Shares [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Weighted Average Assumptions Used in Estimating Fair Value The following assumptions were used in estimating the fair value of the TSR performance shares at the date of grant:
 Year Ended September 30
 202020192018
Risk-Free Interest Rate1.63 %2.61 %1.96 %
Remaining Term at Date of Grant (Years)2.812.782.78
Expected Volatility19.3 %20.2 %22.0 %
Expected Dividend Yield (Quarterly)N/AN/AN/A
[1] The interest rate payable on $300.0 million of 4.75% notes and $300.0 million of 3.95% notes will be subject to adjustment from time to time, with a maximum of 2.00%, if certain change of control events involving a material subsidiary result in a downgrade of the credit rating assigned to the notes to below investment grade (or if the credit rating assigned to the notes is subsequently upgraded). The interest rate payable on $500.0 million of 5.50% 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. A downgrade with a resulting increase to the coupon does not preclude the coupon from returning to its original rate if the Company's credit rating is subsequently upgraded.
[2] None of the Company's long-term debt at September 30, 2020 and 2019 will mature within the following twelve-month period.
[3] The Medium-Term Notes and Notes are unsecured.
[4] The holders of these notes may require the Company to repurchase their notes at a price equal to 101% of the principal amount in the event of both a change in control and a ratings downgrade to a rating below investment grade.