Stockholders' Equity

3 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

9. Stockholders’ Equity

On November 4, 2022, the Company’s Board of Directors approved an authorization to repurchase up to $1.5 billion of shares of the Company’s common stock from time to time through open market purchases or through privately negotiated transactions (including under an accelerated share repurchase (“ASR”) agreement), or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, subject to market and business conditions, legal requirements, and other factors. The repurchase authorization can be discontinued at any time.

As of October 1, 2023, $661.5 million of the share repurchase authorization remained. On November 13, 2023, the Company announced its intention to repurchase shares using all the remaining capacity available under the repurchase authorization during fiscal year 2024. All shares of common stock repurchased by the Company under the current authorization have been 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.

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). The Company accrued $1.0 million for excise tax related to the share repurchases, which is considered an additional cost of the share repurchases and a reduction to stockholders’ equity in the Condensed Consolidated Balance Sheets.

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, 2023 and 2022 (in thousands):

			Unrealized
			Gains (Losses)
			on Available-
	Currency		for-Sale		Gains (Losses)		Pension
	Translation		Securities		on Derivative asset		Liability
	Adjustments		Net of tax		Net of tax		Adjustments		Total
Balance at September 30, 2022	$	(165,694)	$	(10,909)	$	93,020	$	(333)	$	(83,916)
Other comprehensive income (loss) before reclassifications		77,414		1,555		(57,127)		—		21,842
Balance at December 31, 2022	$	(88,280)	$	(9,354)	$	35,893	$	(333)	$	(62,074)

			Unrealized
			Gains (Losses)
			on Available-
	Currency		for-Sale		Gains (Losses)		Pension
	Translation		Securities		on Derivative asset		Liability
	Adjustments		Net of tax		Net of tax		Adjustments			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 income (loss)		—		—		—		27		27
Balance at December 31, 2023	$	(41,954)	$	(2,611)	$	18,119	$	(338)	$	(26,784)

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, 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 2023 Annual Report on Form 10-K. Amounts reclassified from “Accumulated other comprehensive income (loss)” related to pension liability adjustments represent amortization of actuarial gains and losses.