Stockholders' Equity

12 Months Ended

Sep. 30, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

11. Stockholders’ Equity

Preferred Stock

We may issue up to 5.0 million shares of our preferred stock in one or more series. Of these shares, 0.5 million are designated as Series A Junior Participating Preferred Stock. Our Board of Directors is authorized to fix the rights and terms for any series of preferred stock without additional shareholder approval.

Common Stock

Our Articles of Organization authorize us to issue up to 500 million shares of our common stock. Our Board of Directors had authorized us to repurchase up to $1 billion of our common stock in the period October 1, 2020 through September 30, 2023. We used cash from operations and borrowings under our credit facility to make such repurchases. All shares of our common stock repurchased were automatically restored to the status of authorized and unissued.

We did not repurchase any shares in 2023. In 2022 and 2021, we repurchased 1.05 million shares for $125 million and 0.23 million shares for $30 million, respectively.