XML 22 R13.htm IDEA: XBRL DOCUMENT v3.23.1
Shareholders' Equity
6 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Shareholders' Equity Shareholders' EquityThe following tables present a reconciliation of changes in stockholders' equity for the three and six months ended March 31, 2023 and 2022.
 Common stockAdditional
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, 2022
140,896,598 $704 $5,838,118 $369,112 $3,211,157 $9,419,091 
Net income— — — — 271,860 271,860 
Other comprehensive income— — — 22,218 — 22,218 
Cash dividends ($0.74 per share)
— — — — (104,552)(104,552)
Common stock issued:
Public and other stock offerings2,147,210 11 223,768 — — 223,779 
Stock-based compensation plans111,953 3,877 — — 3,878 
Balance, December 31, 2022143,155,761 716 6,065,763 391,330 3,378,465 9,836,274 
Net income— — — — 357,671 357,671 
Other comprehensive loss— — — (30,333)— (30,333)
Cash dividends ($0.74 per share)
— — — — (106,173)(106,173)
Common stock issued:
Public and other stock offerings1,316,930 143,808 — — 143,814 
Stock-based compensation plans11,959 — 3,952 — — 3,952 
Balance, March 31, 2023144,484,650 $722 $6,213,523 $360,997 $3,629,963 $10,205,205 
 Common stockAdditional
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, 2021
132,419,754 $662 $5,023,751 $69,803 $2,812,673 $7,906,889 
Net income— — — — 249,209 249,209 
Other comprehensive loss— — — (45,947)— (45,947)
Cash dividends ($0.68 per share)
— — — — (90,411)(90,411)
Common stock issued:
Public and other stock offerings2,730,115 13 265,848 — — 265,861 
Stock-based compensation plans275,212 3,942 — — 3,944 
Balance, December 31, 2021135,425,081 677 5,293,541 23,856 2,971,471 8,289,545 
Net income— — — — 324,999 324,999 
Other comprehensive income— — — 121,723 — 121,723 
Cash dividends ($0.68 per share)
— — — — (93,533)(93,533)
Common stock issued:
Public and other stock offerings3,509,116 18 336,451 — — 336,469 
Stock-based compensation plans77,832 — 4,028 — — 4,028 
Balance, March 31, 2022139,012,029 $695 $5,634,020 $145,579 $3,202,937 $8,983,231 
Shelf Registration, At-the-Market Equity Sales Program and Equity Issuances
On March 31, 2023, we filed a shelf registration statement with the Securities and Exchange Commission (SEC) that allows us to issue up to $5.0 billion in common stock and/or debt securities, which expires March 31, 2026. This shelf registration statement replaced our previous shelf registration statement which was filed on June 29, 2021. At March 31, 2023, $4.0 billion of securities were available for issuance under this shelf registration statement.
On March 31, 2023, we filed a prospectus supplement under the shelf 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 $1.0 billion through March 31, 2026 (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 March 23, 2022.
During the six months ended March 31, 2023, we executed forward sales under our ATM equity sales program with various forward sellers who borrowed and sold 2,177,143 shares of our common stock at an aggregate price of $257.0 million. During the six months ended March 31, 2023, we also settled forward sale agreements with respect to 3,394,919 shares that had been borrowed and sold by various forward sellers under the ATM program for net proceeds of $359.7 million. As of March 31, 2023, $1.0 billion of equity was available for issuance under our existing ATM program. Additionally, we had $673.2 million in available proceeds from outstanding forward sale agreements, as detailed below.
MaturityShares AvailableNet Proceeds Available
(In thousands)
Forward Price
September 29, 20231,157,238 $132,198 $114.24 
December 29, 2023919,898 105,843 $115.06 
March 28, 20242,744,502 319,894 $116.56 
June 28, 2024927,939 108,491 $116.92 
September 30, 202458,807 6,792 $115.49 
Total5,808,384 $673,218 $115.90 
Accumulated Other Comprehensive Income (Loss)
We record deferred gains (losses) in AOCI related to available-for-sale debt securities and interest rate agreement cash flow hedges. Deferred gains (losses) for our available-for-sale debt securities are recognized in earnings upon settlement, while deferred gains (losses) related to our interest rate agreement cash flow hedges are recognized in earnings on a straight-line basis over the life of the related financing. The following tables provide the components of our accumulated other comprehensive income (loss) balances, net of the related tax effects allocated to each component of other comprehensive income (loss).
Available-
for-Sale
Securities
Interest Rate
Agreement
Cash Flow
Hedges
Total
 (In thousands)
September 30, 2022$(495)$369,607 $369,112 
Other comprehensive income (loss) before reclassifications221 (7,276)(7,055)
Amounts reclassified from accumulated other comprehensive income— (1,060)(1,060)
Net current-period other comprehensive income (loss)221 (8,336)(8,115)
March 31, 2023$(274)$361,271 $360,997 
 
Available-
for-Sale
Securities
Interest Rate
Agreement
Cash Flow
Hedges
Total
 (In thousands)
September 30, 2021$47 $69,756 $69,803 
Other comprehensive income (loss) before reclassifications(230)74,518 74,288 
Amounts reclassified from accumulated other comprehensive income— 1,488 1,488 
Net current-period other comprehensive income (loss)(230)76,006 75,776 
March 31, 2022$(183)$145,762 $145,579