SHAREHOLDERS' EQUITY

6 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' EQUITY

NOTE 7 SHAREHOLDERS’ EQUITY

The Company has an evergreen authorization from the Board of Directors for the repurchase of up to four million common shares in any calendar year. In December 2022, the Board of Directors increased the maximum number of shares authorized to be repurchased in calendar year 2023 to five million common shares, effective January 1, 2023. The repurchases may be made using our cash and cash equivalents or other available sources and are held as treasury shares on our Unaudited Condensed Consolidated Balance Sheets. During the three and six months ended March 31, 2023, we repurchased 2.5 million and 3.4 million common shares, at an aggregate cost of $106.7 million and $145.8 million (including excise tax of $0.8 million), respectively. We repurchased 0.6 million and 3.2 million common shares at an aggregate cost of $16.6 million and $77.0 million, respectively, during the three and six months ended March 31, 2022.

A base cash dividend of $0.25 per share and a supplemental dividend of $0.235 per share was declared on December 9, 2022 for shareholders of record on February 14, 2023, and was paid on February 28, 2023. On March 1, 2023, the Board of Directors declared a base cash dividend of $0.25 per share and a supplemental cash dividend of $0.235 per share for shareholders of record on May 18, 2023, payable on June 1, 2023. As a result, we recorded Dividends Payable of $50.4 million on our Unaudited Condensed Consolidated Balance Sheets as of March 31, 2023.

Accumulated Other Comprehensive Loss

Components of accumulated other comprehensive loss were as follows:

	March 31,		September 30,
(in thousands)	2023		2022
Pre-tax amounts:
Unrealized actuarial loss	$	(15,041)	$	(15,703)
	(15,041)		(15,703)
After-tax amounts:
Unrealized actuarial loss	$	(11,560)	$	(12,072)
	$	(11,560)	$	(12,072)

The following is a summary of the changes in accumulated other comprehensive loss, net of tax, related to the defined benefit pension plan for the three and six months ended March 31, 2023:

(in thousands)	Three Months Ended March 31, 2023		Six Months Ended March 31, 2023
Balance at beginning of period	$	(11,816)	$	(12,072)
Activity during the period:
Amounts reclassified from accumulated other comprehensive loss	256		512
Net current-period other comprehensive income	256		512
Balance at March 31, 2023	$	(11,560)	$	(11,560)