XML 26 R12.htm IDEA: XBRL DOCUMENT v3.24.4
Capitalization
 3 Months Ended
Dec. 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 October 1, 202491,006 $91,006 $1,045,487 $1,727,326 $(15,476)
Net Income Available for Common Stock44,986 
Dividends Declared on Common Stock ($0.515 Per Share)
(46,671)
Other Comprehensive Loss, Net of Tax(60,677)
Share-Based Payment Expense (1)
4,090 
Common Stock Issued (Repurchased) Under Stock and Benefit Plans156 156 (3,511)
Share Repurchases Under Repurchase Plan(549)(549)(6,361)(26,993)
Balance at December 31, 202490,613 $90,613 $1,039,705 $1,698,648 $(76,153)
Balance at October 1, 202391,819 $91,819 $1,040,761 $1,885,856 $(55,060)
Net Income Available for Common Stock133,020 
Dividends Declared on Common Stock ($0.495 Per Share)
(45,597)
Other Comprehensive Income, Net of Tax122,441 
Share-Based Payment Expense (1)
4,135 
Common Stock Issued (Repurchased) Under Stock and Benefit Plans297 297 (3,670)
Balance at December 31, 202392,116 $92,116 $1,041,226 $1,973,279 $67,381 

(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.  Common stock share activity during the three months ended December 31, 2024 consisted of the following items:
Three Months Ended December 31, 2024
Vesting of Restricted Stock Units119,177 
Vesting of Performance Shares89,843 
Issuance of Common Stock Pursuant to the Company's Non-Employee Director Equity
Compensation Plan and Deferred Compensation Plan for Directors and Officers
10,169 
Shares Tendered to Pay Withholding Taxes on Stock-Based Compensation Awards (1)
(63,631)
Common Stock Issued Under Stock and Benefit Plans155,558 
Share Repurchases Under Repurchase Plan(548,596)
Total Net Shares Repurchased During the Three Months Ended December 31, 2024(393,038)
(1)    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 three months ended December 31, 2024, the Company executed transactions to repurchase 548,596 shares at an average price of $61.27 per share. With broker fees and excise taxes, the total cost of these repurchases amounted to $33.9 million. Share repurchases that settled during the three months ended December 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 provided a $1.0 billion unsecured committed revolving credit facility with a maturity date of February 26, 2027. In February 2024, the Company and eleven of the banks in the syndicate consented to a one-year extension of the maturity date of the Credit Agreement, from February 26, 2027 to February 25, 2028. In May 2024, three of the banks in the syndicate assumed the commitments of the sole non-extending lender. In January 2025, the Company and the eleven banks in the syndicate consented to a second one-year extension of the maturity date, from February 25, 2028 to February 23, 2029, such that the Company has aggregate commitments available under the Credit Agreement in the full amount of $1.0 billion through February 23, 2029.
 
Current Portion of Long-Term Debt. The Current Portion of Long-Term Debt at December 31, 2024 and September 30, 2024 consisted of $50.0 million of 7.38% notes that mature in June 2025 and $450.0 million of 5.20% notes that mature in July 2025.
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 delayed draw term loan facility with a maturity date of February 14, 2026, and the Company has the ability to select interest periods of one, three or six months for borrowings. In April 2024, pursuant to the delayed draw mechanism, the Company elected to draw a total of $300.0 million under the facility. After deducting debt issuance costs, the net proceeds to the Company amounted to $299.4 million. The Company used the proceeds for general corporate purposes, which included the redemption of outstanding commercial paper. Borrowings under the Term Loan Agreement currently bear interest at a rate equal to SOFR for the applicable interest period, plus an adjustment of 0.10%, plus a spread of 1.375%. The current locked-in interest rate is 5.78% until February 2025