XML 24 R12.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Capitalization
 6 Months Ended
Mar. 31, 2024
Capitalization, Long-Term Debt and Equity [Abstract]  
Capitalization Capitalization
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 January 1, 202492,116 $92,116 $1,041,226 $1,973,279 $67,381 
Net Income Available for Common Stock166,272 
Dividends Declared on Common Stock ($0.495 Per Share)
(45,563)
Other Comprehensive Income, Net of Tax7,959 
Share-Based Payment Expense (1)
5,222 
Common Stock Issued Under Stock and Benefit Plans12 12 569 
Share Repurchases Under Repurchase Plan(96)(96)(1,088)(3,816)
Balance at March 31, 202492,032 $92,032 $1,045,929 $2,090,172 $75,340 
Balance at October 1, 202391,819 $91,819 $1,040,761 $1,885,856 $(55,060)
Net Income Available for Common Stock299,292 
Dividends Declared on Common Stock ($0.99 Per Share)
(91,160)
Other Comprehensive Income, Net of Tax130,400 
Share-Based Payment Expense (1)
9,356 
Common Stock Issued (Repurchased) Under Stock and Benefit Plans309 309 (3,100)
Share Repurchases Under Repurchase Plan(96)(96)(1,088)(3,816)
Balance at March 31, 202492,032 $92,032 $1,045,929 $2,090,172 $75,340 
Balance at January 1, 202391,787 $91,787 $1,025,639 $1,713,176 $(293,746)
Net Income Available for Common Stock140,880 
Dividends Declared on Common Stock ($0.475 Per Share)
(43,602)
Other Comprehensive Income, Net of Tax238,882 
Share-Based Payment Expense (1)
5,200 
Common Stock Issued Under Stock and Benefit Plans8 8 502 
Balance at March 31, 202391,795 $91,795 $1,031,341 $1,810,454 $(54,864)
Balance at October 1, 202291,478 $91,478 $1,027,066 $1,587,085 $(625,733)
Net Income Available for Common Stock310,570 
Dividends Declared on Common Stock ($0.95 Per Share)
(87,201)
Other Comprehensive Income, Net of Tax570,869 
Share-Based Payment Expense (1)
10,318 
Common Stock Issued (Repurchased) Under Stock and Benefit Plans
317 317 (6,043)
Balance at March 31, 202391,795 $91,795 $1,031,341 $1,810,454 $(54,864)

(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 six months ended March 31, 2024, the Company issued 112,632 original issue shares of common stock for restricted stock units that vested and 251,255 original issue shares of common stock for performance shares that vested.  The Company also issued 18,432 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 six months ended March 31, 2024.  In addition, the Company issued 3,559 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 six months ended March 31, 2024. Holders of stock-based compensation awards will often tender shares of common stock to the Company for payment of applicable withholding taxes.  During the six months ended March 31, 2024, 77,426 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.

    On March 8, 2024, the Company’s Board of Directors authorized the Company to implement a share repurchase program, whereby the Company may repurchase outstanding shares of common stock, up to an aggregate amount of $200 million in the open market or through privately negotiated transactions, including through the use of trading plans intended to qualify under SEC Rule 10b5-1, in accordance with applicable securities laws and other restrictions. During the quarter ended March 31, 2024, the Company executed transactions to repurchase 96,133 shares for $5.0 million. Share repurchases that settled during the quarter ended March 31, 2024 were funded with cash provided by operating activities and/or short-term borrowings. In the future, it is expected that this share repurchase program will continue to be funded with cash provided by operating activities and/or through the use of short-term borrowings.

Short-Term Borrowings. On February 28, 2022, the Company entered into a Credit Agreement (as amended from time to time, the "Credit Agreement") with a syndicate of twelve banks. The Credit Agreement replaced the previous Fourth Amended and Restated Credit Agreement and a previous 364-Day Credit Agreement. The Credit Agreement provides a $1.0 billion unsecured committed revolving credit facility with a maturity date of February 26, 2027. Effective February 7, 2024, certain lenders under the Credit Agreement consented to an extension of the maturity date of the Credit Agreement from February 26, 2027 to February 25, 2028. As a result, the Company has aggregate commitments available under the Credit Agreement of $1.0 billion before February 26, 2027, and $940.0 million in aggregate commitments available on and after February 26, 2027 to February 25, 2028.
 
Current Portion of Long-Term Debt. None of the Company's long-term debt as of March 31, 2024 and September 30, 2023 had a maturity date within the following twelve-month period.

Delayed Draw Term Loan. On February 14, 2024, the Company entered into a Term Loan Agreement (the “Term Loan Agreement”) with six lenders, all of which are lenders under the Credit Agreement. The Term Loan Agreement provides a $300.0 million unsecured committed term loan with a maturity date of February 14, 2026. Pursuant to the Term Loan Agreement, there was a delayed draw mechanism, and the Company elected to draw a total of $300.0 million under the facility between April 8, 2024 and April 10, 2024. The Company used the proceeds for general corporate purposes, which included the redemption of outstanding commercial paper.