Capitalization

3 Months Ended

Mar. 31, 2021

Capitalization, Long-term Debt and Equity [Abstract]

Summary of Changes in Common Stock Equity


	Common Stock			Paid In Capital		Earnings Reinvested in the Business		Accumulated Other Comprehensive Income (Loss)
	Shares	Amount
	(Thousands, except per share amounts)
Balance at January 1, 2021	91,153	$	91,153	$	1,004,369	$	1,028,844	$	(79,741)
Net Income Available for Common Stock						112,436
Dividends Declared on Common Stock ($0.445 Per Share)						(40,562)

Other Comprehensive Loss, Net of Tax								(22,247)
Share-Based Payment Expense (1)				4,283

Common Stock Issued Under Stock and Benefit Plans	11	11		423
Balance at March 31, 2021	91,164	$	91,164	$	1,009,075	$	1,100,718	$	(101,988)

Balance at October 1, 2020	90,955	$	90,955	$	1,004,158	$	991,630	$	(114,757)
Net Income Available for Common Stock						190,210
Dividends Declared on Common Stock ($0.89 Per Share)						(81,122)

Other Comprehensive Income, Net of Tax								12,769
Share-Based Payment Expense (1)				7,779

Common Stock Issued (Repurchased) Under Stock and Benefit Plans	209	209		(2,862)
Balance at March 31, 2021	91,164	$	91,164	$	1,009,075	$	1,100,718	$	(101,988)

Balance at January 1, 2020	86,552	$	86,552	$	831,146	$	1,320,592	$	(56,150)
Net Income (Loss) Available for Common Stock						(106,068)
Dividends Declared on Common Stock ($0.435 Per Share)						(37,654)


Other Comprehensive Income, Net of Tax								37,233
Share-Based Payment Expense (1)				3,876
Common Stock Issued Under Stock and Benefit Plans	10	10		422
Balance at March 31, 2020	86,562	$	86,562	$	835,444	$	1,176,870	$	(18,917)

Balance at October 1, 2019	86,315	$	86,315	$	832,264	$	1,272,601	$	(52,155)
Net Income (Loss) Available for Common Stock						(19,477)
Dividends Declared on Common Stock ($0.87 Per Share)						(75,304)
Cumulative Effect of Adoption of Authoritative Guidance for Hedging						(950)


Other Comprehensive Income, Net of Tax								33,238
Share-Based Payment Expense (1)				6,704
Common Stock Issued (Repurchased) Under Stock and Benefit Plans	247	247		(3,524)
Balance at March 31, 2020	86,562	$	86,562	$	835,444	$	1,176,870	$	(18,917)

(1)Paid in Capital includes compensation costs associated with performance shares and/or restricted stock awards. The expense is included within Net Income Available For Common Stock, net of tax benefits.

Common Stock. During the six months ended March 31, 2021, the Company issued 105,260 original issue shares of common stock for restricted stock units that vested and 165,161 original issue shares of common stock for performance shares that vested. The Company also issued 21,616 original issue shares of common stock to the non-employee directors of the Company who receive compensation under the Company’s 2009 Non-Employee Director Equity Compensation Plan, including the reinvestment of dividends for certain non-employee directors who elected to defer their shares pursuant to the dividend reinvestment feature of the Company's Non-Employee Directors Deferred Compensation Plan during the six months ended March 31, 2021. Holders of stock-based compensation awards will often tender shares of common stock to the Company for

payment of applicable withholding taxes. During the six months ended March 31, 2021, 82,936 shares of common stock were tendered to the Company for such purposes. The Company considers all shares tendered as cancelled shares restored to the status of authorized but unissued shares, in accordance with New Jersey law.

Current Portion of Long-Term Debt. None of the Company's long-term debt as of March 31, 2021 and September 30, 2020 had a maturity date within the following twelve-month period.

Long-Term Debt. On February 24, 2021, the Company issued $500.0 million of 2.95% notes due March 1, 2031. After deducting underwriting discounts, commissions and other debt issuance costs, the net proceeds to the Company amounted to $495.3 million. The holders of the notes may require the Company to repurchase their notes at a price equal to 101% of the principal amount in the event of both a change in control and a ratings downgrade to a rating below investment grade. Additionally, the interest rate payable on the notes will be subject to adjustment from time to time, with a maximum adjustment of 2.00%, if certain change of control events involving a material subsidiary result in a downgrade of the credit rating assigned to the notes below investment grade (or if the credit rating assigned to the notes is subsequently upgraded). The proceeds of this debt issuance were used for general corporate purposes, including the redemption of $500.0 million of 4.90% notes on March 11, 2021 that were scheduled to mature in December 2021. The Company redeemed those notes for $515.7 million, plus accrued interest. The call premium of $15.7 million was recorded to Interest Expense on Long-Term Debt on the Consolidated Income Statement during the quarter ended March 31, 2021.

Short-Term Borrowings. On February 3, 2021, the Company amended its existing 364-day credit facility agreement. The amendment extends the maturity date of the facility from May 3, 2021 to December 30, 2022, and increases the commitment provided under the facility from $200.0 million to $250.0 million of unsecured committed revolving credit access. The Company entered into the amendment with a syndicate of twelve banks, all of which are also lenders under the Company's existing $750.0 million multi-year credit facility.