Capitalization

9 Months Ended

Jun. 30, 2023

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, 2023	91,795	$	91,795	$	1,031,341	$	1,810,454	$	(54,864)
Net Income Available for Common Stock						92,620
Dividends Declared on Common Stock ($0.495 Per Share)						(45,444)

Other Comprehensive Income, Net of Tax								5,480
Share-Based Payment Expense (1)				4,009

Common Stock Issued Under Stock and Benefit Plans	9	9		502
Balance at June 30, 2023	91,804	$	91,804	$	1,035,852	$	1,857,630	$	(49,384)

Balance at October 1, 2022	91,478	$	91,478	$	1,027,066	$	1,587,085	$	(625,733)
Net Income Available for Common Stock						403,189
Dividends Declared on Common Stock ($1.445 Per Share)						(132,644)

Other Comprehensive Income, Net of Tax								576,349
Share-Based Payment Expense (1)				14,327

Common Stock Issued (Repurchased) Under Stock and Benefit Plans	326	326		(5,541)
Balance at June 30, 2023	91,804	$	91,804	$	1,035,852	$	1,857,630	$	(49,384)

Balance at April 1, 2022	91,449	$	91,449	$	1,018,784	$	1,407,683	$	(654,254)
Net Income Available for Common Stock						108,158
Dividends Declared on Common Stock ($0.475 Per Share)						(43,446)

Other Comprehensive Income, Net of Tax								71,386
Share-Based Payment Expense (1)				4,094

Common Stock Issued Under Stock and Benefit Plans	17	17		76
Balance at June 30, 2022	91,466	$	91,466	$	1,022,954	$	1,472,395	$	(582,868)

Balance at October 1, 2021	91,182	$	91,182	$	1,017,446	$	1,191,175	$	(513,597)
Net Income Available for Common Stock						407,879
Dividends Declared on Common Stock ($1.385 Per Share)						(126,659)

Other Comprehensive Loss, Net of Tax								(69,271)
Share-Based Payment Expense (1)				13,826

Common Stock Issued (Repurchased) Under Stock and Benefit Plans	284	284		(8,318)
Balance at June 30, 2022	91,466	$	91,466	$	1,022,954	$	1,472,395	$	(582,868)

(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. During the nine months ended June 30, 2023, the Company issued 12,055 original issue shares of common stock as a result of SARs exercises, 113,566 original issue shares of common stock for restricted stock units that vested and 278,687 original issue shares of common stock for performance shares that vested. The Company also issued 22,685 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, including the reinvestment of dividends for certain non-employee directors who elected to defer their shares pursuant to the dividend reinvestment feature of the Company's Deferred Compensation Plan for Directors and Officers (the "DCP") during the nine months ended June 30, 2023. In addition, the Company issued 1,735 original issue shares of common stock to officers of the Company who elected to defer their shares pursuant to the dividend reinvestment feature of the Company's DCP Plan during the nine months ended June 30, 2023. 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, 2023, 102,796 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.

Short-Term Borrowings. On June 30, 2022, the Company entered into a 364-Day Credit Agreement (the "364-Day Credit Agreement") with a syndicate of five banks, all of which are also lenders under the Credit Agreement (as amended from time to time, the "Credit Agreement"). The 364-Day Credit Agreement provided an additional $250.0 million unsecured committed delayed draw term loan credit facility with a maturity date of June 29, 2023. The Company elected to draw $250.0 million under the facility on October 27, 2022. The Company used the proceeds for general corporate purposes, which included using $150.0 million for the November 2022 redemption of a portion of the Company's outstanding long-term debt with a maturity date in March 2023. All indebtedness under the 364-Day Credit Agreement was repaid in May 2023 prior to its June 29, 2023 maturity date.

Current Portion of Long-Term Debt. None of the Company's long-term debt as of June 30, 2023 had a maturity date within the following twelve-month period. The Current Portion of Long-Term Debt at September 30, 2022 consisted of $500.0 million of 3.75% notes and $49.0 million of 7.395% notes. The Company redeemed $150.0 million of the 3.75% notes on November 25, 2022 using a portion of the proceeds from short-term borrowings, as discussed above. In March 2023, the Company redeemed the remaining $350.0 million of the 3.75% notes as well as the $49.0 million of 7.395% notes.

Long-Term Debt. On May 18, 2023, the Company issued $300.0 million of 5.50% notes due October 1, 2026. After deducting underwriting discounts, commissions and other debt issuance costs, the net proceeds to the Company amounted to $297.5 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 both 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 adjustment from time to time, with a maximum adjustment of 2.00%, such that the coupon will not exceed 7.50%, if certain change of control events involving a material subsidiary result in a downgrade of the credit rating assigned to the notes to a rating below investment grade. 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. The proceeds of this debt issuance were used for general corporate purposes, including to repay all indebtedness under the $250.0 million unsecured committed delayed draw term loan under the 364-Day Credit Agreement, as discussed above.