Capitalization

9 Months Ended

Jun. 30, 2022

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 April 1, 2022	91,449	$	91,449	$	1,018,784	$	1,407,683	$	(654,254)
Net Income Available for Common Stock						108,158
Dividends Declared on Common Stock ($0.475 Per Share)						(43,446)

Other Comprehensive Income, Net of Tax								71,386
Share-Based Payment Expense (1)				4,094

Common Stock Issued Under Stock and Benefit Plans	17	17		76
Balance at June 30, 2022	91,466	$	91,466	$	1,022,954	$	1,472,395	$	(582,868)

Balance at October 1, 2021	91,182	$	91,182	$	1,017,446	$	1,191,175	$	(513,597)
Net Income Available for Common Stock						407,879
Dividends Declared on Common Stock ($1.385 Per Share)						(126,659)

Other Comprehensive Loss, Net of Tax								(69,271)
Share-Based Payment Expense (1)				13,826

Common Stock Issued (Repurchased) Under Stock and Benefit Plans	284	284		(8,318)
Balance at June 30, 2022	91,466	$	91,466	$	1,022,954	$	1,472,395	$	(582,868)

Balance at April 1, 2021	91,164	$	91,164	$	1,009,075	$	1,100,718	$	(101,988)
Net Income Available for Common Stock						86,475
Dividends Declared on Common Stock ($0.455 Per Share)						(41,493)

Other Comprehensive Loss, Net of Tax								(136,474)
Share-Based Payment Expense (1)				3,196

Common Stock Issued Under Stock and Benefit Plans	9	9		432
Balance at June 30, 2021	91,173	$	91,173	$	1,012,703	$	1,145,700	$	(238,462)

Balance at October 1, 2020	90,955	$	90,955	$	1,004,158	$	991,630	$	(114,757)
Net Income Available for Common Stock						276,685
Dividends Declared on Common Stock ($1.345 Per Share)						(122,615)



Other Comprehensive Loss, Net of Tax								(123,705)
Share-Based Payment Expense (1)				10,975

Common Stock Issued (Repurchased) Under Stock and Benefit Plans	218	218		(2,430)
Balance at June 30, 2021	91,173	$	91,173	$	1,012,703	$	1,145,700	$	(238,462)

(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 nine months ended June 30, 2022, the Company issued 27,722 original issue shares of common stock as a result of SARs exercises, 123,589 original issue shares of common stock for restricted stock units that vested and 265,607 original issue shares of common stock for performance shares that vested. The Company also issued 21,949 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 Deferred Compensation Plan for Directors and Officers during the nine months ended June 30, 2022. Holders of stock-based compensation awards will often tender shares of common stock to the Company for payment of applicable withholding taxes. During the nine months ended June 30, 2022, 154,847 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. Current Portion of Long-Term Debt at June 30, 2022 consists of $500.0 million of 3.75% notes and $49.0 million of 7.395% notes that mature in March 2023. None of the Company's long-term debt as of September 30, 2021 had a maturity date within the following twelve-month period.

Short-Term Borrowings and Debt Restrictions. On February 28, 2022, the Company entered into a Credit Agreement (as amended from time to time, the "Credit Agreement") with a syndicate of twelve banks. The Credit Agreement replaced the previous Fourth Amended and Restated Credit Agreement and a previous 364-Day Credit Agreement. The Credit Agreement provides a $1.0 billion unsecured committed revolving credit facility with an initial maturity date of February 26, 2027.

On May 3, 2022, the Company entered into Amendment No. 1 to the Credit Agreement with the same twelve banks under the initial Credit Agreement. The amendment modifies the definition of consolidated capitalization, for purposes of calculating the debt to capitalization ratio under the Credit Agreement, to exclude, beginning with the quarter ending June 30, 2022, all unrealized gains or losses on commodity-related derivative financial instruments and up to $10 million in unrealized gains or losses on other derivative financial instruments included in Accumulated Other Comprehensive Income (Loss) within Total Comprehensive Shareholders' Equity on the Company’s balance sheet.

On June 30, 2022, the Company entered into a new 364-Day Credit Agreement (the "364-Day Credit Agreement") with a syndicate of five banks, all of which are also lenders under the Credit Agreement. The 364-Day Credit Agreement provides an additional $250.0 million unsecured committed delayed draw term loan credit facility with a maturity date of June 29, 2023. Under the delayed draw mechanism of the 364-Day Credit Agreement, the Company may, through September 28, 2022, make up to three elections to borrow funds under the facility, provided that the Company may extend the period to make such elections to October 28, 2022.