Capitalization and Short-Term Borrowings (Tables)

12 Months Ended

Sep. 30, 2024

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, 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			(55,060)
Net Income Available for Common Stock						77,513
Dividends Declared on Common Stock ($2.02 Per Share)						(185,220)
Other Comprehensive Income, Net of Tax									39,584
Share-Based Payment Expense(1)				19,868
Common Stock Issued (Repurchased) Under Stock and Benefit Plans	333	333		(1,955)
Share Repurchases Under Repurchase Plan	(1,146)	(1,146)		(13,187)		(50,823)
Balance at September 30, 2024	91,006	$	91,006	$	1,045,487	$	1,727,326	(2)	$	(15,476)

(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, 2024, $1.6 billion of accumulated earnings was free of such limitations.

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

Transactions for 2024 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, 2023	342,186	$	49.63
Granted in 2024	220,778	$	42.44
Vested in 2024	(115,337)	$	46.92
Forfeited in 2024	(9,434)	$	50.43
Outstanding at September 30, 2024	438,193	$	46.70

Schedule of Share-Based Compensation for Performance Shares

Transactions for 2024 involving performance shares for all plans are summarized as follows:

	Number of Performance Shares	Weighted Average Fair Value per Award
Outstanding at September 30, 2023	586,791	$	55.46
Granted in 2024	361,729	$	44.23
Vested in 2024	(251,255)	$	38.62
Forfeited in 2024	(35,357)	$	46.49
Change in Units Based on Performance Achieved	57,669	$	37.36
Outstanding at September 30, 2024	719,577	$	54.69

Schedule of Weighted Average Assumptions Used in Estimating Fair Value

The following weighted average assumptions were used in estimating the fair value of the TSR performance shares at the date of grant:

	Year Ended September 30
	2024		2023		2022
Risk-Free Interest Rate	4.36	%	4.03	%	0.85	%
Remaining Term at Date of Grant (Years)	2.98		2.80		2.80
Expected Volatility	23.9	%	31.6	%	29.7	%
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
	2024		2023
	(Thousands)
Medium-Term Notes(1):
7.38% due June 2025	$	50,000	$	50,000
Notes(1)(2)(3):
2.95% to 5.50% due July 2025 to March 2031	2,350,000		2,350,000
Delayed Draw Term Loan(4):
Variable Rate due February 2026	300,000		—
Total Long-Term Debt	2,700,000		2,400,000
Less Unamortized Discount and Debt Issuance Costs	11,757		15,515
Less Current Portion(5)	500,000		—
	$	2,188,243	$	2,384,485

(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)The interest rate on the delayed draw term loan is a weighted average SOFR interest rate of 6.71% that was locked in from April 2024 until the beginning of October 2024. The current locked in interest rate is 4.62% for $200.0 million until December 2024 and 4.58% for the remaining $100.0 million until January 2025.

(5)Current Portion of Long-Term Debt at September 30, 2024 consisted of $50.0 million of 7.38% medium-term notes and $450.0 million of 5.20% notes. None of the Company’s long-term debt as of September 30, 2023 had a maturity date within the following twelve-month period.