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Note 12 - Stockholders' Equity
 12 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
Equity [Text Block]

12.    Stockholders’ Equity

 

Share Repurchases

 

On November 4, 2022, the Company's Board of Directors approved an authorization to repurchase up to $1.5 billion of the Company's common stock (the “2022 Repurchase Authorization”). On November 23, 2022, pursuant to the 2022 Repurchase Authorization, the Company entered into an accelerated share repurchase (“ASR”) agreement for the repurchase of $500 million of its common stock. Under this agreement, which settled April 3, 2023, the Company repurchased and retired 10.1 million shares of its common stock for $500 million.

 

In April 2023, other arrangements commenced under the 2022 Repurchase Authorization with the intent of repurchasing the remaining $1.0 billion of shares of the Company's common stock through open market repurchases. As of September 30, 2024, the Company has repurchased and retired 19.9 million shares of common stock for $1.0 billion in open market repurchases. Through the ASR agreement and open market repurchases, as of September 30, 2024, the Company has repurchased and retired 30.0 million shares of common stock for the full $1.5 billion approved under the 2022 Repurchase Authorization and no authorization is available for additional repurchases. All shares repurchased under the 2022 Repurchase Authorization were retired, accounted for as a reduction to stockholders’ equity in the Consolidated Balance Sheets and treated as a repurchase of common stock for purposes of calculating earnings per share as of the applicable settlement dates.

 

Effective January 1, 2023, all corporate share repurchases are subject to a one percent excise tax on the value of the repurchase, net of share issuances, subject to certain exclusions. The excise tax was part of The Inflation Reduction Act passed by the U.S. government in 2022. The Company accrued $6.5 million for excise tax related to share repurchases settled in fiscal year 2024, which is considered an additional cost of the share repurchases and a reduction to stockholders’ equity in the Consolidated Balance Sheets.

 

Preferred Stock

 

Total number of shares of preferred stock authorized for issuance was 1,000,000 shares at September 30, 2024 and 2023. Preferred stock has a par value of $0.01 per share and may be issued at the discretion of the Board of Directors without stockholder approval with such designations, rights and preferences as the Board of Directors may determine. There were no shares of preferred stock issued or outstanding at  September 30, 2024 or 2023.

 

Accumulated Other Comprehensive Income (Loss)

 

The following is a summary of the components of accumulated other comprehensive income (loss), net of tax, at September 30, 2024, 2023 and 2022 (in thousands):

 

      

Unrealized

             
      

Gains (Losses)

             
      

on Available-

  

Gains (Losses)

         
  

Currency

  

for-Sale

  

on Derivative

  

Pension

     
  

Translation

  

Securities

  

asset

  

Liability

     
  

Adjustments

  

Net of tax

  

Net of tax

  

Adjustments

  

Total

 

Balance at September 30, 2021

 $20,139  $(1) $-  $(787) $19,351 

Other comprehensive income (loss) before reclassifications

  (169,266)  (10,908)  93,020   412   (86,742)

Amounts reclassified from accumulated other comprehensive income (loss)

  (16,567)  —   —   42   (16,525)

Balance at September 30, 2022

  (165,694)  (10,909)  93,020   (333)  (83,916)

Other comprehensive income (loss) before reclassifications

  77,246   5,774   (61,533)  (104)  21,383 

Amounts reclassified from accumulated other comprehensive income (loss)

  —   —   —   107   107 

Balance at September 30, 2023

  (88,448)  (5,135)  31,487   (330)  (62,426)

Other comprehensive income (loss) before reclassifications

  54,278   4,872   (10,019)  (245)  48,886 

Amounts reclassified from accumulated other comprehensive income (loss)

  —   —   —   76   76 

Balance at September 30, 2024

 $(34,170) $(263) $21,468  $(499) $(13,464)

 

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 5, Marketable Securities. Amounts reclassified from accumulated other comprehensive income (loss) related to pension liability adjustments represent amortization of actuarial gains and losses.