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Shareholders' Equity
 9 Months Ended
Jun. 30, 2020
Equity [Abstract]  
Shareholders' Equity Shareholders' Equity

The following tables present a reconciliation of changes in stockholders' equity for the three and nine months ended June 30, 2020 and 2019.
 
Common stock
 
Additional
Paid-in
Capital
 
Accumulated
Other
Comprehensive Income
(Loss)
 
Retained
Earnings
 
Total
 
Number of
Shares
 
Stated
Value
 
 
(In thousands, except share and per share data)
Balance, September 30, 2019
119,338,925

 
$
597

 
$
3,712,194

 
$
(114,583
)
 
$
2,152,015

 
$
5,750,223

Net income
—

 
—

 
—

 
—

 
178,673

 
178,673

Other comprehensive income
—

 
—

 
—

 
1,052

 
—

 
1,052

Cash dividends ($0.575 per share)
—

 
—

 
—

 
—

 
(69,557
)
 
(69,557
)
Common stock issued:
 
 
 
 
 
 
 
 
 
 
 
Public and other stock offerings
2,758,929

 
13

 
263,259

 
—

 
—

 
263,272

Stock-based compensation plans
164,549

 
1

 
4,111

 
—

 
—

 
4,112

Balance, December 31, 2019
122,262,403

 
611

 
3,979,564

 
(113,531
)
 
2,261,131

 
6,127,775

Net income
—

 
—

 
—

 
—

 
239,646

 
239,646

Other comprehensive income
—

 
—

 
—

 
890

 
—

 
890

Cash dividends ($0.575 per share)
—

 
—

 
—

 
—

 
(70,520
)
 
(70,520
)
Common stock issued:
 
 
 
 
 
 
 
 
 
 
 
Public and other stock offerings
38,662

 
1

 
3,095

 
—

 
—

 
3,096

Stock-based compensation plans
7,660

 
—

 
3,528

 
—

 
—

 
3,528

Balance, March 31, 2020
122,308,725

 
612

 
3,986,187

 
(112,641
)
 
2,430,257

 
6,304,415

Net income
—

 
—

 
—

 
—

 
117,791

 
117,791

Other comprehensive loss
—

 
—

 
—

 
(4,086
)
 
—

 
(4,086
)
Cash dividends ($0.575 per share)
—

 
—

 
—

 
—

 
(70,597
)
 
(70,597
)
Common stock issued:
 
 
 
 
 
 
 
 
 
 
 
Public and other stock offerings
965,576

 
5

 
105,799

 
—

 
—

 
105,804

Stock-based compensation plans
76,966

 
—

 
8,144

 
—

 
—

 
8,144

Balance, June 30, 2020
123,351,267

 
$
617

 
$
4,100,130

 
$
(116,727
)
 
$
2,477,451

 
$
6,461,471



 
Common stock
 
Additional
Paid-in
Capital
 
Accumulated
Other
Comprehensive Income
(Loss)
 
Retained
Earnings
 
Total
 
Number of
Shares
 
Stated
Value
 
 
(In thousands, except share and per share data)
Balance, September 30, 2018
111,273,683

 
$
556

 
$
2,974,926

 
$
(83,647
)
 
$
1,878,116

 
$
4,769,951

Net income
—

 
—

 
—

 
—

 
157,646

 
157,646

Other comprehensive loss
—

 
—

 
—

 
(22,258
)
 
—

 
(22,258
)
Cash dividends ($0.525 per share)
—

 
—

 
—

 
—

 
(58,722
)
 
(58,722
)
Cumulative effect of accounting change
—

 
—

 
—

 
(8,210
)
 
8,210

 
—

Common stock issued:
 
 
 
 
 
 
 
 
 
 
 
Public and other stock offerings
5,434,812

 
27

 
498,948

 
—

 
—

 
498,975

Stock-based compensation plans
184,464

 
1

 
2,602

 
—

 
—

 
2,603

Balance, December 31, 2018
116,892,959

 
584

 
3,476,476

 
(114,115
)
 
1,985,250

 
5,348,195

Net income
—

 
—

 
—

 
—

 
214,888

 
214,888

Other comprehensive loss
—

 
—

 
—

 
(2,695
)
 
—

 
(2,695
)
Cash dividends ($0.525 per share)
—

 
—

 
—

 
—

 
(61,606
)
 
(61,606
)
Common stock issued:
 
 
 
 
 
 
 
 
 
 
 
Public and other stock offerings
61,006

 
1

 
5,453

 
—

 
—

 
5,454

Stock-based compensation plans
28,938

 
—

 
3,865

 
—

 
—

 
3,865

Balance, March 31, 2019
116,982,903

 
585

 
3,485,794

 
(116,810
)
 
2,138,532

 
5,508,101

Net income
—

 
—

 
—

 
—

 
80,466

 
80,466

Other comprehensive income
—

 
—

 
—

 
1,147

 
—

 
1,147

Cash dividends ($0.525 per share)
—

 
—

 
—

 
—

 
(61,654
)
 
(61,654
)
Common stock issued:
 
 
 
 
 
 
 
 
 
 
 
Public and other stock offerings
1,127,244

 
5

 
103,425

 
—

 
—

 
103,430

Stock-based compensation plans
85,966

 
1

 
10,505

 
—

 
—

 
10,506

Balance, June 30, 2019
118,196,113

 
$
591

 
$
3,599,724

 
$
(115,663
)
 
$
2,157,344

 
$
5,641,996


Shelf Registration, At-the-Market Equity Sales Program and Equity Issuances
On February 11, 2020, we filed a shelf registration statement with the Securities and Exchange Commission (SEC) that allows us to issue up to $4.0 billion in common stock and/or debt securities, which expires February 11, 2023. This shelf registration statement replaced our previous shelf registration statement which was filed on November 13, 2018 (2018 Registration Statement). At June 30, 2020, approximately $3.0 billion of securities remained available for issuance under the shelf registration statement.
On February 12, 2020, we filed a prospectus supplement under the shelf registration statement relating to an at-the-market (ATM) equity sales program (February 2020 ATM) under which we may issue and sell shares of our common stock up to an aggregate offering price of $1.0 billion (including shares of common stock that may be sold pursuant to forward sale agreements entered into concurrently with the ATM equity sales program). This ATM equity sales program replaced our previous ATM equity sales program, filed on November 19, 2018 (November 2018 ATM), which was exhausted during the second quarter of fiscal 2020 with the execution of forward sales.
During the nine months ended June 30, 2020, we executed forward sales under the February 2020 ATM and the November 2018 ATM equity sales programs with various forward sellers who borrowed and sold 4,148,057 shares of our common stock at an aggregate price of $453.9 million. Additionally, during the nine months ended June 30, 2020, we settled forward sale agreements with respect to 3,146,108 shares that had been borrowed and sold by various forward sellers during fiscal 2019 under the November 2018 ATM for net proceeds of $314.6 million. As of June 30, 2020, the February 2020 ATM program had approximately $621 million of equity available for issuance.
On November 30, 2018, we filed a prospectus supplement under the 2018 Registration Statement relating to an underwriting agreement to sell 5,390,836 shares of our common stock for $500 million. After expenses, net proceeds from the offering were $494.1 million. Concurrently, we entered into separate forward sales agreements with two forward sellers who
borrowed and sold 2,668,464 shares of our common stock at an aggregate price of $247.5 million. During the nine months ended June 30, 2019, we settled forward sale agreements with respect to 1,089,700 of the shares that had been borrowed and sold for net proceeds of $99.6 million. During the nine months ended June 30, 2020, we settled the remaining 485,189 shares under these forward sale agreements for net proceeds of $44.4 million.
During the nine months ended June 30, 2019, we executed forward sales under the November 2018 ATM with various forward sellers who borrowed and sold 2,721,072 shares of our common stock at an aggregate price of $268.7 million.
If we had settled all shares that remain available under our outstanding forward sale agreements as of June 30, 2020, we would have received proceeds of $547.2 million, based on a net price of $106.33 per share. Additional details are presented below.
Maturity
Shares Available
 
Net Proceeds Available
(In thousands)
 
Forward Price
September 30, 2020
1,662,270

 
$
174,142

 
$
104.76

March 31, 2021
2,089,927

 
229,650

 
$
109.88

June 30, 2021
1,394,423

 
143,430

 
$
102.86

Total
5,146,620

 
$
547,222

 
 


Accumulated Other Comprehensive Income (Loss)
We record deferred gains (losses) in AOCI related to available-for-sale debt securities and interest rate agreement cash flow hedges. Deferred gains (losses) for our available-for-sale debt securities are recognized in earnings upon settlement, while deferred gains (losses) related to our interest rate agreement cash flow hedges are recognized in earnings 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).
 
Available-
for-Sale
Securities
 
Interest Rate
Agreement
Cash Flow
Hedges
 
Total
 
(In thousands)
September 30, 2019
$
132

 
$
(114,715
)
 
$
(114,583
)
Other comprehensive income (loss) before reclassifications
202

 
(4,932
)
 
(4,730
)
Amounts reclassified from accumulated other comprehensive income
(2
)
 
2,588

 
2,586

Net current-period other comprehensive income (loss)
200

 
(2,344
)
 
(2,144
)
June 30, 2020
$
332

 
$
(117,059
)
 
$
(116,727
)

 
 
Available-
for-Sale
Securities
 
Interest Rate
Agreement
Cash Flow
Hedges
 
Total
 
(In thousands)
September 30, 2018
$
8,124

 
$
(91,771
)
 
$
(83,647
)
Other comprehensive income (loss) before reclassifications
192

 
(25,966
)
 
(25,774
)
Amounts reclassified from accumulated other comprehensive income
(1
)
 
1,969

 
1,968

Net current-period other comprehensive income (loss)
191

 
(23,997
)
 
(23,806
)
Cumulative effect of accounting change
(8,210
)
 
—

 
(8,210
)
June 30, 2019
$
105

 
$
(115,768
)
 
$
(115,663
)