Shareholders' Equity

Shelf Registration, At-the-Market Equity Sales Program and Equity Issuance

On March 28, 2016, we filed a registration statement with the Securities and Exchange Commission (SEC) that originally permitted us to issue, from time to time, up to $2.5 billion in common stock and/or debt securities, which expires March 28, 2019. At September 30, 2018, approximately $650.0 million of securities remained available for issuance under the shelf registration statement. The issuance of our $600 million senior unsecured notes in October 2018, as discussed in Note 5, effectively exhausted this shelf registration statement.

On November 14, 2017, we filed a prospectus supplement under the registration statement relating to an at-the-market (ATM) equity sales program under which we may issue and sell shares of our common stock up to an aggregate offering price of $500 million, which expires March 28, 2019. During the year ended September 30, 2018, no shares of common stock were sold under our ATM equity sales program.

On November 30, 2017, we filed a prospectus supplement under the registration statement relating to an underwriting agreement to sell 4,558,404 shares of our common stock for $400 million. After expenses, net proceeds from the offering were $395.1 million.

1998 Long-Term Incentive Plan

In August 1998, the Board of Directors approved and adopted the 1998 Long-Term Incentive Plan (LTIP), which became effective in October 1998 after approval by our shareholders. The LTIP is a comprehensive, long-term incentive compensation plan providing for discretionary awards of incentive stock options, non-qualified stock options, stock appreciation rights, bonus stock, time-lapse restricted stock, time-lapse restricted stock units, performance-based restricted stock units and stock units to certain employees and non-employee directors of the Company and our subsidiaries. The objectives of this plan include attracting and retaining the best available personnel, providing for additional performance incentives and promoting our success by providing employees with the opportunity to acquire our common stock.

Accumulated Other Comprehensive Income (Loss)

We record deferred gains (losses) in accumulated other comprehensive income (AOCI) related to available-for-sale securities, which include equity and debt securities, interest rate agreement cash flow hedges and commodity contract cash flow hedges. Deferred gains (losses) for our available-for-sale securities and commodity contract cash flow hedges are recognized in earnings upon settlement, while deferred gains (losses) related to our interest rate agreement cash flow hedges are recognized in earnings as a component of interest expense, as they are amortized. The following tables provide the components of our accumulated other comprehensive income (loss) balances, net of the related tax effects allocated to each component of other comprehensive income (loss). Additionally, as discussed further in Note 2, we have early adopted a new accounting standard effective as of September 30, 2018. The adoption resulted in a reclassification of the stranded tax effects resulting from the TCJA, from accumulated other comprehensive income to retained earnings, as seen in the table below.



	Available- for-Sale Securities			Interest Rate Agreement Cash Flow Hedges			Total
	(In thousands)
September 30, 2017	$	7,048		$	(112,302	)	$	(105,254	)
Other comprehensive income (loss) before reclassifications	1,426			43,184			44,610
Amounts reclassified from accumulated other comprehensive income	(1,821		)	1,752			(69		)
Net current-period other comprehensive income (loss)	(395		)	44,936			44,541
Cumulative effect of accounting change	1,471			(24,405		)	(22,934		)
September 30, 2018	$	8,124		$	(91,771	)	$	(83,647	)



	Available- for-Sale Securities		Interest Rate Agreement Cash Flow Hedges			Commodity Contracts Cash Flow Hedges			Total
	(In thousands)
September 30, 2016	$	4,484	$	(187,524	)	$	(4,982	)	$	(188,022	)
Other comprehensive income (loss) before reclassifications	2,502		74,560			9,847			86,909
Amounts reclassified from accumulated other comprehensive income	62		662			(4,865		)	(4,141		)
Net current-period other comprehensive income	2,564		75,222			4,982			82,768
September 30, 2017	$	7,048	$	(112,302	)	$	—		$	(105,254	)

The following tables detail reclassifications out of AOCI for the fiscal years ended September 30, 2018 and 2017. Amounts in parentheses below indicate decreases to net income in the statement of income.



	Fiscal Year Ended September 30, 2018
Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statement of Income
	(In thousands)
Available-for-sale securities⁽²⁾	$	2,360		Operation and maintenance expense
	2,360			Total before tax
	(539		)	Tax expense
	$	1,821		Net of tax
Cash flow hedges
Interest rate agreements	$	(2,375	)	Interest charges
	(2,375		)	Total before tax
	623			Tax benefit
	$	(1,752	)	Net of tax
Total reclassifications	$	69		Net of tax



	Fiscal Year Ended September 30, 2017
Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statement of Income
	(In thousands)
Available-for-sale securities⁽²⁾	$	(97	)	Operation and maintenance expense
	(97		)	Total before tax
	35			Tax benefit
	$	(62	)	Net of tax
Cash flow hedges
Interest rate agreements	$	(1,043	)	Interest charges
Commodity contracts	7,967			Purchased gas cost⁽¹⁾
	6,924			Total before tax
	(2,721		)	Tax expense
	$	4,203		Net of tax
Total reclassifications	$	4,141		Net of tax


(1)	Amounts are presented as part of income from discontinued operations on the consolidated statements of income.


(2)	Our available-for-sale securities include both debt and equity securities.