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Note 9 - Stockholders' Equity
 9 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Equity [Text Block]

9. 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”). During the nine months ended June 30, 2024, the Company repurchased 3.5 million shares of common stock for $186.8 million (excluding fees, commissions, and excise tax) under this authorization. As of  September 30, 2024, the Company had repurchased and retired 30.0 million shares of common stock for the full $1.5 billion approved under the 2022 Repurchase Authorization. All shares repurchased under the 2022 Repurchase Authorization were 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. No additional repurchase authorization has been approved and as such there were no shares repurchased during the nine months ended June 30, 2025. 

 

Effective  January 1, 2023, all corporate share repurchases are subject to a one percent U.S. excise tax on the value of the repurchase, net of share issuances, subject to certain exclusions. The Company's accrual for excise tax related to share repurchases is considered an additional cost of the share repurchases and a reduction to stockholders’ equity in the Condensed Consolidated Balance Sheets. During the nine months ended June 30, 2025, the Company paid the remaining excise tax due in connection with the 2022 Repurchase Authorization, totaling $11.4 million.

 

Accumulated Other Comprehensive Income (Loss)

 ​

The following is a summary of the components of accumulated other comprehensive income (loss), net of tax for the nine months ended June 30, 2025 and 2024 (in thousands):

 ​

​

 

​

  

Unrealized

  

​

  

​

  

​

 

​

 

​

  

Gains (Losses)

  

​

  

​

  

​

 

​

 

​

  

on Available-

      

Pension

  

​

 

​

 

Currency

  

for-Sale

  

​Gains (Losses)

  

Liability

  

​

 

​

 

Translation

  

Securities

  

on Derivative

  

Adjustments

  

​

 

​

 

Adjustments

  

Net of tax

  

Net of tax

  

Net of tax

  

Total

 

Balance at September 30, 2023

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

Other comprehensive income (loss) before reclassifications

  21,725   3,799   (7,971)  (88)  17,465 

Amounts reclassified from accumulated other comprehensive income (loss)

  —   —   —   66   66 

Balance at June 30, 2024

 $(66,723) $(1,336) $23,516  $(352) $(44,895)

 

​

 

​

  

Unrealized

  

​

  

​

  

​

 

​

 

​

  

Gains (Losses)

  

​

  

​

  

​

 

​

 

​

  

on Available-

      

Pension

  

​

 

​

 

Currency

  

for-Sale

  

​Gains (Losses)

  

Liability

  

​

 

​

 

Translation

  

Securities

  

on Derivative

  

Adjustments

  

​

 

​

 

Adjustments

  

Net of tax

  

Net of tax

  

Net of tax

  

Total

 

Balance at September 30, 2024

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

Other comprehensive income (loss) before reclassifications

  33,462   262   (39,744)  (205)  (6,225)

Amounts reclassified from accumulated other comprehensive income (loss)

  —   —   —   54   54 

Balance at June 30, 2025

 $(708) $(1) $(18,276) $(650) $(19,635)

 

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 2024 Annual Report on Form 10-K, 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, gains (losses) on derivative are the effective portions of changes in the fair value of the net investment hedges which are recorded in “Accumulated other comprehensive income (loss)”, and amounts reclassified from “Accumulated other comprehensive income (loss)” related to pension liability adjustments represent amortization of actuarial gains and losses. ​