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Shareholders' Equity
 12 Months Ended
Sep. 30, 2020
Equity [Abstract]  
Shareholders' Equity Shareholders' Equity

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 September 30, 2020, approximately $3.0 billion of securities remained available for issuance under
the shelf registration statement. Following the completion of the $600 million senior unsecured note offering on October 1, 2020 (see Note 7), approximately $2.4 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.
During the year ended September 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 4,808,051 shares of our common stock for $523.2 million. Additionally, during the year ended September 30, 2020, we settled forward sale agreements with respect to 5,616,727 shares that had been borrowed and sold by various forward sellers under the November 2018 ATM and the February 2020 ATM for net proceeds of $581.5 million. As of September 30, 2020, the February 2020 ATM program had approximately $552 million of equity available for issuance.
On November 30, 2018, we filed a prospectus supplement under the 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 sale agreements with two forward sellers who borrowed and sold 2,668,464 shares of our common stock for $247.5 million. During the year ended September 30, 2019, we settled forward sale agreements with respect to 2,183,275 of the shares that had been borrowed and sold for net proceeds of $200.0 million. During the year ended September 30, 2020, we settled the remaining 485,189 shares for net proceeds of $44.4 million.
During the year ended September 30, 2019, we executed forward sales under the November 2018 ATM with various forward sellers who borrowed and sold 4,144,671 shares of our common stock at an aggregate price of $425.0 million.
If we had settled all shares that remain available under our outstanding forward sale agreements as of September 30, 2020, we would have received proceeds of $345.2 million, based on a net price of $103.48 per share. Additional details are presented below.
Maturity
Shares Available
 
Net Proceeds Available
(In Thousands)
 
Forward Price
March 31, 2021
1,281,578
 
$
134,660

 
$
105.07

June 30, 2021
1,394,423
 
142,388

 
$
102.11

September 30, 2021
659,994
 
68,158

 
$
103.27

Total
3,335,995
 
$
345,206

 
 

Accumulated Other Comprehensive Income (Loss)
We record deferred gains (losses) in accumulated other comprehensive income (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 a component of interest charges, 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 before reclassifications
108

 
53,241

 
53,349

Amounts reclassified from accumulated other comprehensive income
(2
)
 
3,647

 
3,645

Net current-period other comprehensive income
106

 
56,888

 
56,994

September 30, 2020
$
238

 
$
(57,827
)
 
$
(57,589
)
 
 
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
219

 
(25,966
)
 
(25,747
)
Amounts reclassified from accumulated other comprehensive income
(1
)
 
3,022

 
3,021

Net current-period other comprehensive income (loss)
218

 
(22,944
)
 
(22,726
)
Cumulative effect of accounting change
(8,210
)
 
—

 
(8,210
)
September 30, 2019
$
132

 
$
(114,715
)
 
$
(114,583
)