Capitalization and Short-Term Borrowings (Tables)

12 Months Ended

Sep. 30, 2023

Capitalization, Long-Term Debt and Equity [Abstract]

Summary of Changes in Common Stock Equity

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 September 30, 2020	90,955	$	90,955	$	1,004,158	$	991,630		$	(114,757)
Net Income Available for Common Stock						363,647
Dividends Declared on Common Stock ($1.80 Per Share)						(164,102)
Other Comprehensive Loss, Net of Tax									(398,840)
Share-Based Payment Expense(1)				15,297
Common Stock Issued (Repurchased) Under Stock and Benefit Plans	227	227		(2,009)
Balance at September 30, 2021	91,182	91,182		1,017,446		1,191,175			(513,597)
Net Income Available for Common Stock						566,021
Dividends Declared on Common Stock ($1.86 Per Share)						(170,111)
Other Comprehensive Loss, Net of Tax									(112,136)
Share-Based Payment Expense(1)				17,699
Common Stock Issued (Repurchased) Under Stock and Benefit Plans	296	296		(8,079)
Balance at September 30, 2022	91,478	91,478		1,027,066		1,587,085			(625,733)
Net Income Available for Common Stock						476,866
Dividends Declared on Common Stock ($1.94 Per Share)						(178,095)
Other Comprehensive Income, Net of Tax									570,673
Share-Based Payment Expense(1)				18,746
Common Stock Issued (Repurchased) Under Stock and Benefit Plans	341	341		(5,051)
Balance at September 30, 2023	91,819	$	91,819	$	1,040,761	$	1,885,856	(2)	$	(55,060)

(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, 2023, $1.7 billion of accumulated earnings was free of such limitations.

Schedule of Share-Based Compensation for SARs

Transactions for 2023 involving SARs for all plans are summarized as follows:

	Number of Shares Subject To Option	Weighted Average Exercise Price		Aggregate Intrinsic Value (In thousands)
Outstanding at September 30, 2022	72,008	$	53.05
Granted in 2023	—	$	—
Exercised in 2023	(72,008)	$	53.05
Forfeited in 2023	—	$	—
Expired in 2023	—	$	—
Outstanding at September 30, 2023	—	$	—	$	—
SARs exercisable at September 30, 2023	—	$	—	$	—

Schedule of Share-Based Compensation for Non-Performance Based Restricted Stock Units

Transactions for 2023 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, 2022	347,427	$	44.58
Granted in 2023	133,173	$	58.10
Vested in 2023	(119,147)	$	44.82
Forfeited in 2023	(19,267)	$	46.88
Outstanding at September 30, 2023	342,186	$	49.63

Schedule of Share-Based Compensation for Performance Shares

Transactions for 2023 involving performance shares for all plans are summarized as follows:

	Number of Performance Shares	Weighted Average Fair Value per Award
Outstanding at September 30, 2022	607,179	$	48.60
Granted in 2023	202,259	$	64.28
Vested in 2023	(278,687)	$	42.58
Forfeited in 2023	(22,805)	$	57.20
Change in Units Based on Performance Achieved	78,845	$	40.69
Outstanding at September 30, 2023	586,791	$	55.46

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
	2023		2022		2021
Risk-Free Interest Rate	4.03	%	0.85	%	0.19	%
Remaining Term at Date of Grant (Years)	2.80		2.80		2.80
Expected Volatility	31.6	%	29.7	%	29.1	%
Expected Dividend Yield (Quarterly)	N/A		N/A		N/A

Schedule of Long-Term Debt

The outstanding long-term debt is as follows:

	At September 30
	2023		2022
	(Thousands)
Medium-Term Notes(1):
7.4% due June 2025	$	50,000	$	99,000
Notes(1)(2)(3):
2.95% to 5.50% due July 2025 to March 2031	2,350,000		2,550,000
Total Long-Term Debt	2,400,000		2,649,000
Less Unamortized Discount and Debt Issuance Costs	15,515		16,591
Less Current Portion(4)	—		549,000
	$	2,384,485	$	2,083,409

(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, $300.0 million of 3.95% notes, $500.0 million of 2.95% notes and $300.0 million of 5.50% 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 adjustment from time to time, with a maximum adjustment of 2.00%, such that the coupon will not exceed 7.50%, if there is 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.

(4)None of the Company's long-term debt as of September 30, 2023 had a maturity date within the following twelve-month period. 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 below. 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.