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SHAREHOLDERS' EQUITY
 12 Months Ended
Sep. 30, 2019
Stockholders' Equity Note [Abstract]  
SHAREHOLDERS' EQUITY
NOTE 9 SHAREHOLDERS’ EQUITY

The Company has authorization from the Board of Directors for the repurchase of up to four million common shares in any calendar year. The repurchases may be made using our cash and cash equivalents or other available sources. During fiscal 2019, we purchased one million common shares at an aggregate cost of $42.8 million, which are held as treasury shares. We had no purchases of common shares during the fiscal years ended September 30, 2018 and 2017.
Accumulated Other Comprehensive Income (Loss)
Components of accumulated other comprehensive income (loss) were as follows:
 
September 30,
(in thousands)
2019
 
2018
 
2017
Pre-tax amounts:
 
 
 
 
 
Unrealized appreciation on securities (1)
$
—

 
$
44,023

 
$
31,700

Unrealized actuarial loss
(37,084
)
 
(21,693
)
 
(28,873
)
 
$
(37,084
)
 
$
22,330

 
$
2,827

After-tax amounts:
 
 
 
 
 
Unrealized appreciation on securities (1)
$
—

 
$
29,071

 
$
20,070

Unrealized actuarial loss
(28,635
)
 
(12,521
)
 
(17,770
)
 
$
(28,635
)
 
$
16,550

 
$
2,300


(1)
As disclosed in Note 2—Summary of Significant Accounting Policies, Risks and Uncertainties, we adopted ASU No. 2016-01 on October 1, 2018. The standard requires that changes in the fair value of our equity investments must be recognized in net income.
The following is a summary of the changes in accumulated other comprehensive income (loss), net of tax, by component for the fiscal year ended September 30, 2019:
(in thousands)
Unrealized Appreciation on Equity Securities
    
Defined Benefit Pension Plan
    
Total
Balance at September 30, 2018
$
29,071

 
$
(12,521
)
 
$
16,550

Adoption of ASU No. 2016-01 (1)
(29,071
)
 
—

 
(29,071
)
Adoption of ASU No. 2018-02 (2)
—

 
(4,239
)
 
(4,239
)
 
—

 
(16,760
)
 
(16,760
)
Activity during the period
 
 
 
 
 
Amounts reclassified from accumulated other comprehensive loss
—

 
(11,875
)
 
(11,875
)
Net current-period other comprehensive loss
—

 
(11,875
)
 
(11,875
)
Balance at September 30, 2019
$
—

 
$
(28,635
)
 
$
(28,635
)

(1)
As disclosed in Note 2—Summary of Significant Accounting Policies, Risks and Uncertainties, we adopted ASU No. 2016-01 on October 1, 2018. The transition provisions enforced upon adoption require any unrealized gains or losses as of October 1, 2018 to be recognized in the beginning balance of equity.
(2)
As disclosed in Note 2—Summary of Significant Accounting Policies, Risks and Uncertainties, we adopted ASU No. 2018-02 as of June 30, 2019. The standard permits the reclassification of certain income tax effects of the Tax Reform Act from Accumulated Other Comprehensive Income (Loss) to Retained Earnings.