Note 9 - Stockholders' Equity

3 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Equity [Text Block]

9. Stockholders’ Equity

Share Repurchases

On  November 4, 2022, the Company's Board of Directors approved an authorization to repurchase up to $1.5 billion of the Company's common stock (the “2022 Repurchase Authorization”). During the three months ended December 31, 2023, the Company repurchased 2.3 million shares of common stock for $112.9 million (excluding fees, commissions, and excise tax) under this authorization. As of  September 30, 2024, the Company had repurchased and retired 30.0 million shares of common stock for the full $1.5 billion approved under the 2022 Repurchase Authorization. All shares repurchased under the 2022 Repurchase Authorization were retired, accounted for as a reduction to stockholders’ equity in the Condensed Consolidated Balance Sheets and treated as a repurchase of common stock for purposes of calculating earnings per share as of the applicable settlement dates. No additional repurchase authorization has been approved and as such there were no shares repurchased during the three months ended December 31, 2024. 

Effective  January 1, 2023, all corporate share repurchases are subject to a one percent excise tax on the value of the repurchase, net of share issuances, subject to certain exclusions. The excise tax was part of The Inflation Reduction Act passed by the U.S. government in 2022. The Company's accrual for excise tax related to share repurchases is considered an additional cost of the share repurchases and a reduction to stockholders’ equity in the Condensed Consolidated Balance Sheets. During the three months ended December 31, 2024, the Company made an excise tax payment of $4.9 million, reducing the excise tax accrual to $6.5 million as of December 31, 2024.

Accumulated Other Comprehensive Income (Loss)

The following is a summary of the components of accumulated other comprehensive income (loss), net of tax for the three months ended December 31, 2024 and 2023 (in thousands):

				Unrealized
				Gains (Losses)
				on Available-						Pension
	Currency			for-Sale			​Gains (Losses)			Liability
	Translation			Securities			on Derivative			Adjustments
	Adjustments			Net of tax			Net of tax			Net of tax			Total
Balance at September 30, 2023	$	(88,448	)	$	(5,135	)	$	31,487		$	(330	)	$	(62,426	)
Other comprehensive income (loss) before reclassifications		46,494			2,524			(13,368	)		(35	)		35,615
Amounts reclassified from accumulated other comprehensive loss		—			—			—			27			27
Balance at December 31, 2023	$	(41,954	)	$	(2,611	)	$	18,119		$	(338	)	$	(26,784	)

				Unrealized
				Gains (Losses)
				on Available-					Pension
	Currency			for-Sale			​Gains (Losses)		Liability
	Translation			Securities			on Derivative		Adjustments
	Adjustments			Net of tax			Net of tax		Net of tax			Total
Balance at September 30, 2024	$	(34,170	)	$	(263	)	$	21,468	$	(499	)	$	(13,464	)
Other comprehensive income (loss) before reclassifications		(47,298	)		163			5,412		(68	)		(41,791	)
Amounts reclassified from accumulated other comprehensive loss		—			—			—		18			18
Balance at December 31, 2024	$	(81,468	)	$	(100	)	$	26,880	$	(549	)	$	(55,237	)

As described in Note 2, Summary of Significant Accounting Policies in the notes to the audited consolidated financial statements included in the section titled “Financial Statements and Supplementary Data” in Part II, Item 8 of the 2024 Annual Report on Form 10-K, unrealized gains (losses) on available-for-sale marketable securities are reclassified from “Accumulated other comprehensive income (loss)” into results of operations at the time of the securities’ sale, gains (losses) on derivative are the effective portions of changes in the fair value of the net investment hedges which are recorded in “Accumulated other comprehensive income (loss)”, and amounts reclassified from “Accumulated other comprehensive income (loss)” related to pension liability adjustments represent amortization of actuarial gains and losses. ​