Atmos Energy (ATO) 10-Q 4 Feb 25 2025 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Dec. 31, 2024	Jan. 31, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	1-10042
Entity Registrant Name	Atmos Energy Corp
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	75-1743247
Entity Address, Address Line One	1800 Three Lincoln Centre
Entity Address, Address Line Two	5430 LBJ Freeway
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75240
City Area Code	972
Local Phone Number	934-9227
Title of 12(b) Security	Common stock
Trading Symbol	ATO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		158,728,197
Entity Central Index Key	0000731802
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
ASSETS
Property, plant and equipment	$ 26,675,943	$ 25,848,083
Less accumulated depreciation and amortization	3,713,900	3,643,716
Net property, plant and equipment	22,962,043	22,204,367
Current assets
Cash and cash equivalents	584,536	307,340
Restricted cash and cash equivalents	4,870	1,516
Cash and cash equivalents and restricted cash and cash equivalents	589,406	308,856
Accounts receivable, net	628,871	365,882
Gas stored underground	153,034	169,508
Other current assets	456,816	288,068
Total current assets	1,828,127	1,132,314
Securitized intangible asset, net (See Note 9)	80,580	82,844
Goodwill	731,257	731,257
Deferred charges and other assets	895,086	1,043,683
Total assets	26,497,093	25,194,465
Shareholders’ equity
Common stock, no par value (stated at $0.005 per share); 200,000,000 shares authorized; issued and outstanding: December 31, 2024 — 158,726,065 shares; September 30, 2024 — 155,258,845 shares	794	776
Additional paid-in capital	7,864,525	7,474,559
Accumulated other comprehensive income	482,138	465,715
Retained earnings	4,433,024	4,216,619
Shareholders’ equity	12,780,481	12,157,669
Long-term debt, net	8,413,374	7,783,646
Securitized long-term debt (See Note 9)	76,871	76,871
Total capitalization	21,270,726	20,018,186
Current liabilities
Accounts payable and accrued liabilities	453,045	445,397
Other current liabilities	701,915	750,620
Current maturities of long-term debt	11,681	1,651
Current maturities of securitized long-term debt (See Note 9)	8,207	8,207
Total current liabilities	1,174,848	1,205,875
Deferred income taxes	2,674,678	2,593,342
Regulatory excess deferred taxes	173,001	177,315
Regulatory cost of removal obligation	520,190	507,815
Deferred credits and other liabilities	683,650	691,932
Total capitalization and liabilities	$ 26,497,093	$ 25,194,465

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Sep. 30, 2024
Statement of Financial Position [Abstract]
Common stock stated value (USD per share)	$ 0.005	$ 0.005
Common stock authorized (in shares)	200,000,000	200,000,000
Common stock issued (in shares)	158,726,065	155,258,845
Common stock outstanding (in shares)	158,726,065	155,258,845

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating revenues	$ 1,175,999	$ 1,158,467
Purchased gas cost	234,048	338,869
Operation and maintenance expense	207,044	166,345
Depreciation and amortization expense	180,533	164,608
Taxes, other than income	94,894	89,540
Operating income	459,480	399,105
Other non-operating income	24,634	17,886
Interest charges	52,925	51,875
Income before income taxes	431,189	365,116
Income tax expense	79,331	53,824
Net income	$ 351,858	$ 311,292
Basic net income per share (USD per share)	$ 2.25	$ 2.08
Diluted net income per share (USD per share)	2.23	2.08
Cash dividends per share (USD per share)	$ 0.870	$ 0.805
Basic weighted average shares outstanding (in shares)	156,301	149,796
Diluted weighted average shares outstanding (in shares)	157,824	149,796
Other comprehensive income (loss), net of tax
Net unrealized holding gains (losses) on available-for-sale securities, net of tax of $(42) and $86	$ (138)	$ 296
Cash flow hedges:
Amortization and unrealized gains (losses) on interest rate agreements, net of tax of $3,492 and $(14,519)	16,561	(50,232)
Total other comprehensive income (loss)	16,423	(49,936)
Total comprehensive income	368,281	261,356
Distribution segment
Operating revenues	1,108,569	1,104,619
Pipeline and storage segment
Operating revenues	67,430	53,848
Operating Segments | Distribution segment
Operating revenues	1,109,335	1,105,338
Purchased gas cost	422,570	496,662
Operation and maintenance expense	154,514	127,615
Depreciation and amortization expense	133,627	119,685
Taxes, other than income	82,576	80,895
Operating income	316,048	280,481
Other non-operating income	10,084	5,839
Interest charges	34,249	34,581
Income before income taxes	291,883	251,739
Income tax expense	51,670	30,302
Net income	240,213	221,437
Operating Segments | Pipeline and storage segment
Operating revenues	255,390	211,169
Purchased gas cost	(58)	4
Operation and maintenance expense	52,792	38,973
Depreciation and amortization expense	46,906	44,923
Taxes, other than income	12,318	8,645
Operating income	143,432	118,624
Other non-operating income	14,550	12,047
Interest charges	18,676	17,294
Income before income taxes	139,306	113,377
Income tax expense	27,661	23,522
Net income	111,645	89,855
Intersegment eliminations
Operating revenues	(188,726)	(158,040)
Purchased gas cost	(188,464)	(157,797)
Operation and maintenance expense	(262)	(243)
Depreciation and amortization expense	0	0
Taxes, other than income	0	0
Operating income	0	0
Other non-operating income	0	0
Interest charges	0	0
Income before income taxes	0	0
Income tax expense	0	0
Net income	0	0
Intersegment eliminations | Distribution segment
Operating revenues	(766)	(719)
Intersegment eliminations | Pipeline and storage segment
Operating revenues	$ (187,960)	$ (157,321)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Net unrealized holding gains (losses) on available-for-sale securities, tax	$ (42)	$ 86
Amortization and unrealized gains (losses) on interest rate agreements, net	$ 3,492	$ (14,519)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash Flows From Operating Activities
Net income	$ 351,858	$ 311,292
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	180,533	164,608
Deferred income taxes	71,107	44,108
Other	(19,279)	(16,839)
Net assets / liabilities from risk management activities	1,891	5,589
Net change in other operating assets and liabilities	(304,088)	(263,478)
Net cash provided by operating activities	282,022	245,280
Cash Flows From Investing Activities
Capital expenditures	(891,191)	(769,650)
Debt and equity securities activities, net	(490)	(78)
Other, net	2,740	5,353
Net cash used in investing activities	(888,941)	(764,375)
Cash Flows From Financing Activities
Net decrease in short-term debt	0	(241,933)
Net proceeds from equity issuances	379,490	254,022
Issuance of common stock through stock purchase and employee retirement plans	4,047	3,746
Proceeds from issuance of long-term debt	645,372	898,275
Cash dividends paid	(135,453)	(119,898)
Debt issuance costs	(5,987)	(8,920)
Net cash provided by financing activities	887,469	785,292
Net increase in cash and cash equivalents and restricted cash and cash equivalents	280,550	266,197
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	308,856	19,248
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$ 589,406	$ 285,445

Nature of Business

Nature of Business	3 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business Atmos Energy Corporation (“Atmos Energy” or the “Company”) and its subsidiaries are engaged in the regulated natural gas distribution and pipeline and storage businesses. Our distribution business is subject to federal and state regulation and/or regulation by local authorities in each of the states in which our regulated divisions and subsidiaries operate. Our distribution business delivers natural gas through sales and transportation arrangements to over 3.3 million residential, commercial, public authority, and industrial customers through our six regulated distribution divisions, which at December 31, 2024, covered service areas located in eight states. Our pipeline and storage business, which is also subject to federal and state regulations, includes the transportation of natural gas to our Texas and Louisiana distribution systems and the management of our underground storage facilities used to support our distribution business in various states.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation These consolidated interim-period financial statements have been prepared in accordance with accounting principles generally accepted in the United States on the same basis as those used for the Company’s audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024. In the opinion of management, all material adjustments (consisting of normal recurring accruals) necessary for a fair presentation have been made to the unaudited consolidated interim-period financial statements. These consolidated interim-period financial statements are condensed as permitted by the instructions to Form 10-Q and should be read in conjunction with the audited consolidated financial statements of Atmos Energy Corporation included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024. Because of seasonal and other factors, the results of operations for the three-month period ended December 31, 2024 are not indicative of our results of operations for the full 2025 fiscal year, which ends September 30, 2025. Significant accounting policies Our accounting policies are described in Note 2 to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024. No events have occurred subsequent to the balance sheet date that would require recognition or disclosure in the condensed consolidated financial statements. Recently issued accounting pronouncements In November 2023, the Financial Accounting Standards Board (FASB) issued guidance which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. The amendment is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied retrospectively. This amendment will be effective for our Form 10-K for fiscal 2025 and our Form 10-Q for the first quarter of fiscal 2026. We are currently evaluating the impact this may have on our financial statement disclosures. In December 2023, the FASB issued guidance which provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. The amendment is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied prospectively; however, retrospective application is also permitted. This amendment will be effective for our Form 10-K for fiscal 2026. We are currently evaluating the impact this amendment may have on our financial statement disclosures. In November 2024, the FASB issued guidance that will require more detailed information about the types of expenses in commonly presented expense captions. The amendment is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. This amendment will be effective for our Form 10-K for fiscal 2028 and our Form 10-Q for the first quarter of fiscal 2029. We are currently evaluating the impact this may have on our financial statement disclosures.

Regulation

Regulation	3 Months Ended
	Dec. 31, 2024
Regulated Operations [Abstract]
Regulation	Regulation Accounting principles generally accepted in the United States require cost-based, rate-regulated entities that meet certain criteria to reflect the authorized recovery of costs due to regulatory decisions in their financial statements. As a result, certain costs are permitted to be capitalized rather than expensed because they can be recovered through rates. We record certain costs as regulatory assets when future recovery through customer rates is considered probable. Regulatory liabilities are recorded when it is probable that revenues will be reduced for amounts that will be credited to customers through the ratemaking process. Substantially all of our regulatory assets are recorded as a component of other current assets and deferred charges and other assets and our regulatory liabilities are recorded as a component of other current liabilities and deferred credits and other liabilities. Deferred gas costs are recorded either in other current assets or liabilities. Regulatory assets and liabilities as of December 31, 2024 and September 30, 2024 included the following: December 31, September 30, (In thousands) Regulatory assets: Pension and postretirement benefit costs $ 7,885 $ 11,243 Infrastructure mechanisms (1) 189,939 246,734 Winter Storm Uri incremental costs 8,834 10,373 Deferred gas costs 169,203 159,762 Regulatory excess deferred taxes (2) 50,941 51,380 Recoverable loss on reacquired debt 3,028 3,070 Deferred pipeline record collection costs 41,245 41,742 APT annual System Safety and Integrity Rider (3) 35,290 38,632 Other 16,151 16,454 $ 522,516 $ 579,390 Regulatory liabilities: Regulatory excess deferred taxes (2) $ 249,790 $ 257,001 Regulatory cost of removal obligation 615,371 607,032 Deferred gas costs 3,731 9,142 APT annual adjustment mechanism 76,418 73,119 Pension and postretirement benefit costs 241,816 247,250 Other 36,282 34,338 $ 1,223,408 $ 1,227,882 (1) Infrastructure mechanisms in Texas, Louisiana, and Tennessee allow for the deferral of all eligible expenses associated with capital expenditures incurred pursuant to these rules, including the recording of interest on deferred expenses until the next rate proceeding (rate case or annual rate filing), at which time investment and costs would be recoverable through base rates. (2) Regulatory excess deferred taxes represent changes in our net deferred tax liability related to our cost of service ratemaking due to the enactment of Tax Cuts and Jobs Act of 2017 (the "TCJA"), a Kansas legislative change enacted in fiscal 2020, and a Louisiana legislative change enacted in fiscal 2025. See Note 12 to the condensed consolidated financial statements for further information. (3) In APT's general rate case settlement in December 2023, the RRC approved a new annual compliance filing that allows APT to recover certain system safety and integrity costs incurred each year. Costs above a specified benchmark are deferred onto the balance sheet as incurred. Once the filing is approved by the RRC, the revenue and expense are recognized over 12 months resulting in no impact to operating income. We deferred $32.4 million in carrying costs incurred after September 1, 2022 associated with interim financing for gas costs incurred in February 2021 during Winter Storm Uri. During fiscal 2024, we recovered $22.0 million of this amount. During the first quarter of fiscal 2025, we have recovered $1.6 million of this amount. Of the remaining $8.8 million, $2.4 million has been recorded as a current asset in other current assets as of December 31, 2024 and $6.4 million has been recorded as a long-term asset in deferred charges and other assets as of December 31, 2024 as we anticipate recovering this amount in future regulatory proceedings.

Segment Information

Segment Information	3 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information We manage and review our consolidated operations through the following reportable segments: • The distribution segment is comprised of our regulated natural gas distribution and related sales operations in eight states. • The pipeline and storage segment is comprised primarily of the regulated pipeline and storage operations of our Atmos Pipeline-Texas division and our natural gas transmission operations in Louisiana. The accounting policies of the segments are the same as those described in the summary of significant accounting policies found in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024. Income statements and capital expenditures for the three months ended December 31, 2024 and 2023 by segment are presented in the following tables: Three Months Ended December 31, 2024 Distribution Pipeline and Storage Eliminations Consolidated (In thousands) Operating revenues from external parties $ 1,108,569 $ 67,430 $ — $ 1,175,999 Intersegment revenues 766 187,960 (188,726) — Total operating revenues 1,109,335 255,390 (188,726) 1,175,999 Purchased gas cost 422,570 (58) (188,464) 234,048 Operation and maintenance expense 154,514 52,792 (262) 207,044 Depreciation and amortization expense 133,627 46,906 — 180,533 Taxes, other than income 82,576 12,318 — 94,894 Operating income 316,048 143,432 — 459,480 Other non-operating income 10,084 14,550 — 24,634 Interest charges 34,249 18,676 — 52,925 Income before income taxes 291,883 139,306 — 431,189 Income tax expense 51,670 27,661 — 79,331 Net income $ 240,213 $ 111,645 $ — $ 351,858 Capital expenditures $ 625,649 $ 265,542 $ — $ 891,191 Three Months Ended December 31, 2023 Distribution Pipeline and Storage Eliminations Consolidated (In thousands) Operating revenues from external parties $ 1,104,619 $ 53,848 $ — $ 1,158,467 Intersegment revenues 719 157,321 (158,040) — Total operating revenues 1,105,338 211,169 (158,040) 1,158,467 Purchased gas cost 496,662 4 (157,797) 338,869 Operation and maintenance expense 127,615 38,973 (243) 166,345 Depreciation and amortization expense 119,685 44,923 — 164,608 Taxes, other than income 80,895 8,645 — 89,540 Operating income 280,481 118,624 — 399,105 Other non-operating income 5,839 12,047 — 17,886 Interest charges 34,581 17,294 — 51,875 Income before income taxes 251,739 113,377 — 365,116 Income tax expense 30,302 23,522 — 53,824 Net income $ 221,437 $ 89,855 $ — $ 311,292 Capital expenditures $ 539,158 $ 230,492 $ — $ 769,650 Balance sheet information at December 31, 2024 and September 30, 2024 by segment is presented in the following tables: December 31, 2024 Distribution Pipeline and Storage Eliminations Consolidated (In thousands) Net property, plant and equipment $ 16,942,174 $ 6,019,869 $ — $ 22,962,043 Total assets $ 25,623,410 $ 6,341,439 $ (5,467,756) $ 26,497,093 September 30, 2024 Distribution Pipeline and Storage Eliminations Consolidated (In thousands) Net property, plant and equipment $ 16,372,659 $ 5,831,708 $ — $ 22,204,367 Total assets $ 24,328,877 $ 6,181,558 $ (5,315,970) $ 25,194,465

Earnings Per Share

Earnings Per Share	3 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share We use the two-class method of computing earnings per share because we have participating securities in the form of non-vested restricted stock units with a nonforfeitable right to dividend equivalents, for which vesting is predicated solely on the passage of time. The calculation of earnings per share using the two-class method excludes income attributable to these participating securities from the numerator and excludes the dilutive impact of those shares from the denominator. Basic weighted average shares outstanding is calculated based upon the weighted average number of common shares outstanding during the periods presented. Also, this calculation includes fully vested stock awards that have not yet been issued as common stock. Additionally, the weighted average shares outstanding for diluted EPS includes the incremental effects of the forward sale agreements, discussed in Note 8 to the condensed consolidated financial statements, when the impact is dilutive. Basic and diluted earnings per share for the three months ended December 31, 2024 and 2023 are calculated as follows: Three Months Ended December 31 2024 2023 (In thousands, except per share amounts) Basic Earnings Per Share Net income $ 351,858 $ 311,292 Less: Income allocated to participating securities 159 186 Income available to common shareholders $ 351,699 $ 311,106 Basic weighted average shares outstanding 156,301 149,796 Net income per share — Basic $ 2.25 $ 2.08 Diluted Earnings Per Share Income available to common shareholders $ 351,699 $ 311,106 Effect of dilutive shares — — Income available to common shareholders $ 351,699 $ 311,106 Basic weighted average shares outstanding 156,301 149,796 Dilutive shares 1,523 — Diluted weighted average shares outstanding 157,824 149,796 Net income per share — Diluted $ 2.23 $ 2.08

Revenue and Accounts Receivable

Revenue and Accounts Receivable	3 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue and Accounts Receivable	Revenue and Accounts Receivable Revenue Our revenue recognition policy is fully described in Note 2 to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024. The following tables disaggregate our revenue from contracts with customers by customer type and segment and provide a reconciliation to total operating revenues, including intersegment revenues, for the three months ended December 31, 2024 and 2023. Three Months Ended December 31, 2024 Three Months Ended December 31, 2023 Distribution Pipeline and Storage Distribution Pipeline and Storage (In thousands) Gas sales revenues: Residential $ 693,050 $ — $ 727,682 $ — Commercial 266,054 — 277,253 — Industrial 26,321 — 28,231 — Public authority and other 12,881 — 14,584 — Total gas sales revenues 998,306 — 1,047,750 — Transportation revenues 36,727 266,029 33,767 215,305 Miscellaneous revenues 3,022 2,664 2,643 3,042 Revenues from contracts with customers 1,038,055 268,693 1,084,160 218,347 Alternative revenue program revenues 67,336 (13,303) 17,401 (7,178) Other revenues 3,944 — 3,777 — Total operating revenues $ 1,109,335 $ 255,390 $ 1,105,338 $ 211,169 We have alternative revenue programs in each of our segments. In our distribution segment, we have weather-normalization adjustment mechanisms that serve to mitigate the effects of weather on our revenue. In our pipeline and storage segment, APT has a regulatory mechanism that requires that we share with its tariffed customers 75% of the difference between the total non-tariffed revenues earned during a test period and a revenue benchmark established by the RRC. Other revenues includes AEK revenues (see Note 9 to the condensed consolidated financial statements) and other miscellaneous revenues. Accounts receivable and allowance for uncollectible accounts Accounts receivable arise from natural gas sales to residential, commercial, industrial, public authority, and other customers. Our accounts receivable balance includes unbilled amounts which represent a customer’s consumption of gas from the date of the last cycle billing through the last day of the month. Our policy related to the accounting for our accounts receivable and allowance for uncollectible accounts is fully described in Note 2 to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024. During the three months ended December 31, 2024, there were no material changes to this policy. Rollforwards of our allowance for uncollectible accounts for the three months ended December 31, 2024 and 2023 are presented in the table below. The allowance excludes the gas cost portion of customers’ bills for approximately 89 percent of our customers as we have the ability to collect these gas costs through our gas cost recovery mechanisms in most of our jurisdictions. In December 2023, the Mississippi Public Service Commission approved the recovery of uncollectible accounts through our purchased gas cost mechanism over a two-year period rather than through our annual filing mechanism over a one-year period. As a result of this decision, we recorded a $13.9 million reduction to bad debt expense during the first quarter of fiscal 2024. Of this amount, $9.7 million represents future recovery of customer receivables previously written off since April 2022 but not yet recovered through our rates. This amount increased our deferred gas cost regulatory asset. The remaining $4.2 million reduction represents a reversal of our allowance for uncollectible accounts for customer balances that have not yet been written off. Three Months Ended December 31, 2024 (In thousands) Beginning balance, September 30, 2024 $ 37,056 Current period provisions 8,623 Write-offs charged against allowance (7,447) Recoveries of amounts previously written off 934 Ending balance, December 31, 2024 $ 39,166 Three Months Ended December 31, 2023 (In thousands) Beginning balance, September 30, 2023 $ 40,840 Current period provisions 6,750 Write-offs charged against allowance (8,757) Recoveries of amounts previously written off 765 Mississippi recovery of uncollectible accounts (4,192) Ending balance, December 31, 2023 $ 35,406

Debt

Debt	3 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt The nature and terms of our debt instruments and credit facilities are described in detail in Note 8 to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024. Other than as described below, there were no material changes in the terms of our debt instruments during the three months ended December 31, 2024. Long-term debt at December 31, 2024 and September 30, 2024 consisted of the following: December 31, 2024 September 30, 2024 (In thousands) Unsecured 3.00% Senior Notes, due June 2027 $ 500,000 $ 500,000 Unsecured 2.625% Senior Notes, due September 2029 500,000 500,000 Unsecured 1.50% Senior Notes, due January 2031 600,000 600,000 Unsecured 5.45% Senior Notes, due October 2032 300,000 300,000 Unsecured 5.90% Senior Notes, due November 2033 725,000 725,000 Unsecured 5.95% Senior Notes, due October 2034 200,000 200,000 Unsecured 5.50% Senior Notes, due June 2041 400,000 400,000 Unsecured 4.15% Senior Notes, due January 2043 500,000 500,000 Unsecured 4.125% Senior Notes, due October 2044 750,000 750,000 Unsecured 4.30% Senior Notes, due October 2048 600,000 600,000 Unsecured 4.125% Senior Notes, due March 2049 450,000 450,000 Unsecured 3.375% Senior Notes, due September 2049 500,000 500,000 Unsecured 2.85% Senior Notes, due February 2052 600,000 600,000 Unsecured 5.75% Senior Notes, due October 2052 500,000 500,000 Unsecured 6.20% Senior Notes, due November 2053 500,000 500,000 Unsecured 5.00% Senior Notes, due December 2054 650,000 — Medium-term note Series A, 1995-1, 6.67%, due December 2025 10,000 10,000 Unsecured 6.75% Debentures, due July 2028 150,000 150,000 Finance lease obligations 48,486 48,890 Total long-term debt 8,483,486 7,833,890 Less: Original issue premium on unsecured senior notes and debentures (4,135) (9,071) Debt issuance cost 62,566 57,664 Current maturities of long-term debt 11,681 1,651 Total long-term debt, net $ 8,413,374 $ 7,783,646 On October 1, 2024, we completed a public offering of $650 million of 5.00% senior notes due December 2054, with an effective interest rate of 3.90%, after giving effect to the offering costs and settlement of our interest rate swaps. The net proceeds from the offering, after the underwriting discount and offering expenses, of $639.4 million were used for general corporate purposes. Short-term debt We utilize short-term debt to provide cost-effective, short-term financing until it can be replaced with a balance of long-term debt and equity financing that achieves the Company’s desired capital structure. Our short-term borrowing requirements are driven primarily by construction work in progress and the seasonal nature of the natural gas business. Our short-term borrowing requirements are satisfied through a combination of a $1.5 billion commercial paper program and four committed revolving credit facilities with third-party lenders that provide $3.1 billion of total working capital funding. Our commercial paper program is supported by a five-year unsecured $1.5 billion credit facility that expires on March 28, 2029. This facility bears interest at a base rate or at a Term SOFR-based rate for the applicable interest period, plus a margin ranging from zero percent to 0.25 percent for base rate advances or a margin ranging from 0.75 percent to 1.25 percent for Term SOFR-based advances, based on the Company’s credit ratings. Additionally, the facility contains a $250 million accordion feature, which provides the opportunity to increase the total committed loan to $1.75 billion. At December 31, 2024 and September 30, 2024, there were no amounts outstanding under our commercial paper program. We also have a $1.5 billion three-year unsecured revolving credit facility, which expires March 28, 2027 and is used to provide additional working capital funding. This facility bears interest at a base rate or at a Term SOFR-based rate for the applicable interest period, plus a margin ranging from zero percent to 0.25 percent for base rate advances or a margin ranging from 0.75 percent to 1.25 percent for Term SOFR-based advances, based on the Company's credit ratings. Additionally, the facility contains a $250 million accordion feature, which provides the opportunity to increase the total committed loan to $1.75 billion. At December 31, 2024 and September 30, 2024, there were no borrowings outstanding under this facility. Additionally, we have a $50 million 364-day unsecured facility, which will expire March 31, 2025 and is used to provide working capital funding. There were no borrowings outstanding under this facility as of December 31, 2024 and September 30, 2024. Finally, we have a $50 million 364-day unsecured revolving credit facility, which will expire March 31, 2025 and is used to issue letters of credit and to provide working capital funding. At December 31, 2024, there were no borrowings outstanding under this facility; however, outstanding letters of credit reduced the total amount available to us to $44.4 million. Debt covenants The availability of funds under these credit facilities is subject to conditions specified in the respective credit agreements, all of which we currently satisfy. These conditions include our compliance with financial covenants and the continued accuracy of representations and warranties contained in these agreements. We are required by the financial covenants in each of these facilities to maintain, at the end of each fiscal quarter, a ratio of total-debt-to-total-capitalization of no greater than 70 percent. At December 31, 2024, our total-debt-to-total-capitalization ratio, as defined in the agreements, was 41 percent. In addition, both the interest margin and the fee that we pay on unused amounts under certain of these facilities are subject to adjustment depending upon our credit ratings. These credit facilities and our public indentures contain usual and customary covenants for our business, including covenants substantially limiting liens, substantial asset sales, and mergers. Additionally, our public debt indentures relating to our senior notes and debentures, as well as certain of our revolving credit agreements, each contain a default provision that is triggered if outstanding indebtedness arising out of any other credit agreements in amounts ranging from in excess of $15 million to in excess of $100 million becomes due by acceleration or if not paid at maturity. We were in compliance with all of our debt covenants as of December 31, 2024. If we were unable to comply with our debt covenants, we would likely be required to repay our outstanding balances on demand, provide additional collateral or take other corrective actions.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity The following tables present a reconciliation of changes in stockholders' equity for the three months ended December 31, 2024 and 2023. Common stock Additional Accumulated Retained Total Number of Stated (In thousands, except share and per share data) Balance, September 30, 2024 155,258,845 $ 776 $ 7,474,559 $ 465,715 $ 4,216,619 $ 12,157,669 Net income — — — — 351,858 351,858 Other comprehensive income — — — 16,423 — 16,423 Cash dividends ($0.87 per share) — — — — (135,453) (135,453) Common stock issued: Public and other stock offerings 3,329,358 17 383,520 — — 383,537 Stock-based compensation plans 137,862 1 6,446 — — 6,447 Balance, December 31, 2024 158,726,065 $ 794 $ 7,864,525 $ 482,138 $ 4,433,024 $ 12,780,481 Common stock Additional Accumulated Retained Total Number of Stated (In thousands, except share and per share data) Balance, September 30, 2023 148,492,783 $ 742 $ 6,684,120 $ 518,528 $ 3,666,674 $ 10,870,064 Net income — — — — 311,292 311,292 Other comprehensive loss — — — (49,936) — (49,936) Cash dividends ($0.805 per share) — — — — (119,898) (119,898) Common stock issued: Public and other stock offerings 2,177,864 11 257,757 — — 257,768 Stock-based compensation plans 163,750 1 3,918 — — 3,919 Balance, December 31, 2023 150,834,397 $ 754 $ 6,945,795 $ 468,592 $ 3,858,068 $ 11,273,209 Shelf Registration, At-the-Market Equity Sales Program and Equity Issuances On December 3, 2024, we filed a shelf registration statement with the Securities and Exchange Commission (SEC) that allows us to issue up to $8.0 billion in common stock and/or debt securities, which expires December 3, 2027. At December 31, 2024, $6.3 billion of securities were available for issuance under this shelf registration statement. On December 3, 2024, we filed a prospectus supplement under the shelf registration statement relating to an at-the-market (ATM) equity sales program under which we may issue and sell shares of our common stock up to an aggregate offering price of $1.7 billion through December 3, 2027 (including shares of common stock that may be sold pursuant to forward sale agreements entered into concurrently with the ATM equity sales program). This ATM equity sales program replaced our previous ATM equity sales program, filed on May 8, 2024. During the three months ended December 31, 2024, we executed forward sales under our ATM equity sales program with various forward sellers who borrowed and sold 3,397,596 shares of our common stock at an aggregate price of $476.0 million. During the three months ended December 31, 2024, we also settled forward sale agreements with respect to 3,300,904 shares that had been borrowed and sold by various forward sellers under the ATM program for net proceeds of $379.5 million. As of December 31, 2024, $1.2 billion of equity was available for issuance under our existing ATM program. Additionally, we had $1.5 billion in available proceeds from outstanding forward sale agreements, as detailed below. Maturity Shares Available Net Proceeds Available Forward Price June 30, 2025 630,514 $ 73,312 $ 116.27 September 30, 2025 815,655 96,179 $ 117.92 December 31, 2025 2,344,567 297,079 $ 126.71 March 31, 2026 3,627,033 462,383 $ 127.48 June 30, 2026 669,043 88,951 $ 132.95 December 31, 2026 3,300,000 457,866 $ 138.75 Total 11,386,812 $ 1,475,770 $ 129.60 Accumulated Other Comprehensive Income (Loss) We record deferred gains (losses) in AOCI related to available-for-sale debt securities and interest rate agreement cash flow hedges. Deferred gains (losses) for our available-for-sale debt securities are recognized in earnings upon settlement, while deferred gains (losses) related to our interest rate agreement cash flow hedges are recognized in earnings on a straight-line basis over the life of the related financing. The following tables provide the components of our accumulated other comprehensive income (loss) balances, net of the related tax effects allocated to each component of other comprehensive income (loss). Available- Interest Rate Total (In thousands) September 30, 2024 $ 213 $ 465,502 $ 465,715 Other comprehensive income (loss) before reclassifications (138) 19,719 19,581 Amounts reclassified from accumulated other comprehensive income — (3,158) (3,158) Net current-period other comprehensive income (loss) (138) 16,561 16,423 December 31, 2024 $ 75 $ 482,063 $ 482,138 Available- Interest Rate Total (In thousands) September 30, 2023 $ (369) $ 518,897 $ 518,528 Other comprehensive income (loss) before reclassifications 296 (47,741) (47,445) Amounts reclassified from accumulated other comprehensive income — (2,491) (2,491) Net current-period other comprehensive income (loss) 296 (50,232) (49,936) December 31, 2023 $ (73) $ 468,665 $ 468,592

Securitization

Securitization	3 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Securitization	Securitization Kansas Atmos Energy Kansas Securitization I, LLC (AEK), a special-purpose entity wholly owned by Atmos Energy, was formed for the purpose of issuing securitized bonds to recover extraordinary costs incurred during Winter Storm Uri in February 2021. In June 2023, AEK completed a public offering of $95 million of Securitized Utility Tariff Bonds. AEK's assets cannot be used to settle Atmos Energy's obligations, and the holders of the Securitized Utility Tariff Bonds have no recourse against Atmos Energy. As described in Note 10 of our Annual Report on Form 10-K for the fiscal year ended September 30, 2024, AEK is considered to be a variable interest entity. As a result, AEK is included in the condensed consolidated financial statements of Atmos Energy. The following table summarizes the impact of AEK on our condensed consolidated balance sheets, for the periods indicated: December 31, 2024 September 30, 2024 (In thousands) Restricted cash and cash equivalents $ 4,870 $ 1,516 Other current assets $ 12 $ 3 Securitized intangible asset, net $ 80,580 $ 82,844 Accrued interest $ 1,462 $ 365 Current maturities of securitized long-term debt $ 8,207 $ 8,207 Securitized long-term debt $ 76,871 $ 76,871 The following table summarizes the impact of AEK on our condensed consolidated statement of comprehensive income, for the period indicated: Three Months Ended December 31, 2024 Three Months Ended December 31, 2023 Operating revenues $ 3,393 $ 3,333 Operation and maintenance expense (61) — Amortization expense (2,264) (2,166) Interest expense, net (1,068) (1,167) Income before income taxes $ — $ — The securitized long-term debt is recorded at carrying value. The fair value of the securitized long-term debt is determined using third party market value quotations, which are considered Level 2 fair value measurements for debt instruments where fair value is determined using the most recent available quoted market price. The carrying value and fair value of the securitized long-term debt as of December 31, 2024 is $85.1 million and $85.0 million. Texas In March 2023, the Texas Natural Gas Securitization Finance Corporation (the Finance Corporation), with the authority of the Texas Public Finance Authority (TPFA), issued $3.5 billion in customer rate relief bonds with varying scheduled final maturities from 12 to 18 years. The bonds are obligations of the Finance Corporation, payable from the customer rate relief charges and other bond collateral, and are not an obligation of Atmos Energy. We began collecting the customer rate relief charges on October 1, 2023, and any such property collected is solely owned by the Finance Corporation and not available to pay creditors of Atmos Energy.

Interim Pension and Other Postr

Interim Pension and Other Postretirement Benefit Plan Information	3 Months Ended
	Dec. 31, 2024
Retirement Benefits, Description [Abstract]
Interim Pension and Other Postretirement Benefit Plan Information	Interim Pension and Other Postretirement Benefit Plan Information The components of our net periodic pension cost for our pension and other postretirement benefit plans for the three months ended December 31, 2024 and 2023 are presented in the following tables. Most of these costs are recoverable through our tariff rates. A portion of these costs is capitalized into our rate base or deferred as a regulatory asset or liability. The remaining costs are recorded as a component of operation and maintenance expense or other non-operating expense. Three Months Ended December 31 Pension Benefits Other Benefits 2024 2023 2024 2023 (In thousands) Components of net periodic pension cost: Service cost $ 2,837 $ 2,389 $ 2,033 $ 1,507 Interest cost (1) 6,663 7,497 3,365 3,509 Expected return on assets (1) (7,655) (7,202) (3,831) (3,128) Amortization of prior service cost (credit) (1) — — (3,260) (3,260) Amortization of actuarial (gain) loss (1) 256 118 (2,429) (2,718) Settlements (1) — 776 — — Net periodic pension cost $ 2,101 $ 3,578 $ (4,122) $ (4,090) (1) The components of net periodic cost other than the service cost component are included in the line item other non-operating expense in the condensed consolidated statements of comprehensive income or are capitalized on the condensed consolidated balance sheets as a regulatory asset or liability, as described in Note 2 to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation and Environmental Matters In the normal course of business, we are subject to various legal and regulatory proceedings. For such matters, we record liabilities when they are considered probable and estimable, based on currently available facts, our historical experience and our estimates of the ultimate outcome or resolution of the liability in the future. While the outcome of these proceedings is uncertain and a loss in excess of the amount we have accrued is possible though not reasonably estimable, it is the opinion of management that any amounts exceeding the accruals will not have a material adverse impact on our financial position, results of operations or cash flows. The National Transportation Safety Board (NTSB) issued a Preliminary Report on February 14, 2024 relating to its investigation of two incidents that occurred in Jackson, Mississippi on January 24 and 27, 2024 that resulted in one fatality. Atmos Energy is working closely with the NTSB and other state and federal regulators to help determine causal factors. The NTSB issued a Preliminary Report on December 30, 2024 relating to its investigation of an incident that occurred in Avondale, Louisiana on December 2, 2024 that resulted in one fatality. Atmos Energy is working closely with the NTSB and other state and federal regulators to help determine causal factors. We are a party to various other litigation and environmental-related matters or claims that have arisen in the ordinary course of our business. While the results of such litigation and response actions to such environmental-related matters or claims cannot be predicted with certainty, we continue to believe the final outcome of such litigation and matters or claims will not have a material adverse effect on our financial condition, results of operations, or cash flows. Purchase Commitments Our distribution divisions maintain supply contracts with several vendors that generally cover a period of up to one year. Commitments for estimated base gas volumes are established under these contracts on a monthly basis at contractually negotiated prices. Commitments for incremental daily purchases are made as necessary during the month in accordance with the terms of the individual contract. Our Mid-Tex Division also maintains a limited number of long-term supply contracts to ensure a reliable source of gas for our customers in its service area, which obligate it to purchase specified volumes at prices under contracts indexed to natural gas hubs or fixed price contracts. These purchase commitment contracts are detailed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024. At December 31, 2024, we were committed to purchase 55.5 Bcf within one year and 29.9 Bcf within two Rate Regulatory Proceedings As of December 31, 2024, routine rate regulatory proceedings were in progress in several of our service areas, which are discussed in further detail below in Management’s Discussion and Analysis — Recent Ratemaking Developments . Except for these proceedings, there were no material changes to rate regulatory proceedings for the three months ended December 31, 2024.

Income Taxes

Income Taxes	3 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income Tax Expense Our interim effective tax rates reflect the estimated annual effective tax rates for the fiscal years ended September 30, 2025 and 2024, adjusted for tax expense associated with certain discrete items. The effective tax rates for the three months ended December 31, 2024 and 2023 were 18.4% and 14.7%. These effective tax rates differ from the federal statutory tax rate of 21% primarily due to the amortization of excess deferred federal income tax liabilities, tax credits, state income taxes, and other permanent book-to-tax differences. These adjustments have a relative impact on the effective tax rate proportionally to pretax income or loss. Regulatory Excess Deferred Taxes Regulatory excess net deferred taxes represent changes in our net deferred tax liability related to our cost of service ratemaking due to the enactment of the Tax Cuts and Jobs Act of 2017 (the TCJA), a Kansas legislative change enacted in fiscal 2020, and a Louisiana legislative change enacted in fiscal 2025. Currently, the regulatory excess net deferred tax liability of $198.8 million is being returned over various periods. Of this amount, $135.3 million is being returned to customers over 12 - 60 months. An additional $49.0 million is being returned to customers on a provisional basis over 15 - 68 years until our regulators establish the final refund periods. The refund of the remaining $14.5 million will be addressed in future rate proceedings. As of December 31, 2024 and September 30, 2024, $76.8 million and $79.7 million is recorded in other current liabilities.

Financial Instruments

Financial Instruments	3 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	Financial Instruments We currently use financial instruments to mitigate commodity price risk and interest rate risk. The objectives and strategies for using financial instruments and the related accounting for these financial instruments are fully described in Notes 2 and 16 to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024. During the three months ended December 31, 2024, there were no material changes in our objectives, strategies, and accounting for using financial instruments. Our financial instruments do not contain any credit-risk-related or other contingent features that could cause payments to be accelerated when our financial instruments are in net liability positions. The following summarizes those objectives and strategies. Commodity Risk Management Activities Our purchased gas cost adjustment mechanisms essentially insulate our distribution segment from commodity price risk; however, our customers are exposed to the effects of volatile natural gas prices. We manage this exposure through a combination of physical storage, fixed-price forward contracts, and financial instruments, primarily over-the-counter swap and option contracts, in an effort to minimize the impact of natural gas price volatility on our customers during the winter heating season. We typically seek to hedge between 25 and 50 percent of anticipated heating season gas purchases using financial instruments. For the 2024-2025 heating season (generally October through March), in the jurisdictions where we are permitted to utilize financial instruments, we anticipate hedging approximately 24.0 Bcf of the winter flowing gas requirements. We have not designated these financial instruments as hedges for accounting purposes. Interest Rate Risk Management Activities We manage interest rate risk by periodically entering into financial instruments to effectively fix the Treasury yield component of the interest cost associated with anticipated financings. The following table summarizes our existing forward starting interest rate swaps as of December 31, 2024. These swaps were designated as cash flow hedges at the time the agreements were executed. Planned Debt Issuance Date Amount Hedged (In thousands) Fiscal 2026 $ 300,000 $ 300,000 Quantitative Disclosures Related to Financial Instruments The following tables present detailed information concerning the impact of financial instruments on our condensed consolidated balance sheet and statements of comprehensive income. As of December 31, 2024, our financial instruments were comprised of both long and short commodity positions. A long position is a contract to purchase the commodity, while a short position is a contract to sell the commodity. As of December 31, 2024, we had 15,053 MMcf of net long commodity contracts outstanding. These contracts have not been designated as hedges. Financial Instruments on the Balance Sheet The following tables present the fair value and balance sheet classification of our financial instruments as of December 31, 2024 and September 30, 2024. The gross amounts of recognized assets and liabilities are netted within our condensed consolidated balance sheets to the extent that we have netting arrangements with our counterparties. However, as of December 31, 2024 and September 30, 2024, no gross amounts and no cash collateral were netted within our consolidated balance sheet. December 31, 2024 Balance Sheet Location Assets Liabilities (In thousands) Designated As Hedges: Interest rate contracts Other current assets / $ 117,154 $ — Total 117,154 — Not Designated As Hedges: Commodity contracts Other current assets / 2,459 (4,063) Commodity contracts Deferred charges and other assets / 1,338 — Total 3,797 (4,063) Gross / Net Financial Instruments $ 120,951 $ (4,063) September 30, 2024 Balance Sheet Location Assets Liabilities (In thousands) Designated As Hedges: Interest rate contracts Deferred charges and other assets / $ 91,981 $ — Total 91,981 — Not Designated As Hedges: Commodity contracts Other current assets / 2,091 (7,324) Commodity contracts Deferred charges and other assets / 2,216 (313) Total 4,307 (7,637) Gross / Net Financial Instruments $ 96,288 $ (7,637) Impact of Financial Instruments on the Statement of Comprehensive Income Cash Flow Hedges As discussed above, our distribution segment has interest rate agreements, which we designated as cash flow hedges at the time the agreements were executed. The net (gain) loss on settled interest rate agreements reclassified from AOCI into interest charges on our condensed consolidated statements of comprehensive income for the three months ended December 31, 2024 and 2023 was $(5.1) million and $(3.2) million. The following table summarizes the gains and losses arising from hedging transactions that were recognized as a component of other comprehensive income (loss), net of taxes, for the three months ended December 31, 2024 and 2023. Three Months Ended December 31 2024 2023 (In thousands) Increase (decrease) in fair value: Interest rate agreements $ 19,719 $ (47,741) Recognition of (gains) losses in earnings due to settlements: Interest rate agreements (3,158) (2,491) Total other comprehensive income (loss) from hedging, net of tax $ 16,561 $ (50,232) Deferred gains (losses) recorded in AOCI associated with our interest rate agreements are recognized in earnings as they are amortized over the terms of the underlying debt instruments. As of December 31, 2024, we had $391.0 million of net realized gains in AOCI associated with our interest rate agreements. The following amounts, net of deferred taxes, represent the expected recognition in earnings of the deferred net gains recorded in AOCI associated with our interest rate agreements, based upon the fair values of these agreements at the date of settlement. The remaining amortization periods for these settled amounts extend through fiscal 2055. However, the table below does not include the expected recognition in earnings of our outstanding interest rate swaps as those instruments have not yet settled. Interest Rate (In thousands) Next twelve months $ 15,925 Thereafter 375,062 Total $ 390,987 Financial Instruments Not Designated as Hedges As discussed above, commodity contracts which are used in our distribution segment are not designated as hedges. However, there is no earnings impact on our distribution segment as a result of the use of these financial instruments because the gains and losses arising from the use of these financial instruments are recognized in the consolidated statement of comprehensive income as a component of purchased gas cost when the related costs are recovered through our rates and recognized in revenue. Accordingly, the impact of these financial instruments is excluded from this presentation.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements We report certain assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). We record cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable, and short-term debt at carrying value, which substantially approximates fair value due to the short-term nature of these assets and liabilities. For other financial assets and liabilities, we primarily use quoted market prices and other observable market pricing information to minimize the use of unobservable pricing inputs in our measurements when determining fair value. The methods used to determine fair value for our assets and liabilities are fully described in Note 2 to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024. During the three months ended December 31, 2024, there were no changes in these methods. Fair value measurements also apply to the valuation of our pension and postretirement plan assets. Current accounting guidance requires employers to annually disclose information about fair value measurements of the assets of a defined benefit pension or other postretirement plan. The fair value of these assets is presented in Note 11 to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024. Quantitative Disclosures Financial Instruments The classification of our fair value measurements requires judgment regarding the degree to which market data is observable or corroborated by observable market data. Authoritative accounting literature establishes a fair value hierarchy that prioritizes the inputs used to measure fair value based on observable and unobservable data. The hierarchy categorizes the inputs into three levels, with the highest priority given to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1), with the lowest priority given to unobservable inputs (Level 3). The following tables summarize, by level within the fair value hierarchy, our assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2024 and September 30, 2024. Assets and liabilities are categorized in their entirety based on the lowest level of input that is significant to the fair value measurement. Quoted Significant Other Observable Inputs (Level 2) (1) Significant Netting and December 31, 2024 (In thousands) Assets: Financial instruments $ — $ 120,951 $ — $ — $ 120,951 Debt and equity securities Registered investment companies 27,344 — — — 27,344 Bond mutual funds 40,332 — — — 40,332 Bonds (2) — 39,381 — — 39,381 Money market funds — 2,507 — — 2,507 Total debt and equity securities 67,676 41,888 — — 109,564 Total assets $ 67,676 $ 162,839 $ — $ — $ 230,515 Liabilities: Financial instruments $ — $ 4,063 $ — $ — $ 4,063 Quoted Significant Other Observable Inputs (Level 2) (1) Significant Netting and September 30, 2024 (In thousands) Assets: Financial instruments $ — $ 96,288 $ — $ — $ 96,288 Debt and equity securities Registered investment companies 28,311 — — — 28,311 Bond mutual funds 40,341 — — — 40,341 Bonds (2) — 39,142 — — 39,142 Money market funds — 2,800 — — 2,800 Total debt and equity securities 68,652 41,942 — — 110,594 Total assets $ 68,652 $ 138,230 $ — $ — $ 206,882 Liabilities: Financial instruments $ — $ 7,637 $ — $ — $ 7,637 (1) Our Level 2 measurements consist of over-the-counter options and swaps, which are valued using a market-based approach in which observable market prices are adjusted for criteria specific to each instrument, such as the strike price, notional amount or basis differences, municipal and corporate bonds, which are valued based on the most recent available quoted market prices and money market funds that are valued at cost. (2) Our investments in bonds are considered available-for-sale debt securities in accordance with current accounting guidance. Debt and equity securities are comprised of our available-for-sale debt securities and our equity securities. As described in Note 2 to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024, we evaluate the performance of our available-for-sale debt securities on an investment by investment basis for impairment, taking into consideration the investment’s purpose, volatility, current returns, and any intent to sell the security. As of December 31, 2024, no allowance for credit losses was recorded for our available-for-sale debt securities. At December 31, 2024 and September 30, 2024, the amortized cost of our available-for-sale debt securities was $39.3 million and $38.9 million. At December 31, 2024, we maintained investments in bonds that have contractual maturity dates ranging from January 2025 through November 2027. Other Fair Value Measures Our long-term debt is recorded at carrying value. The fair value of our long-term debt, excluding finance leases, is determined using third party market value quotations, which are considered Level 1 fair value measurements for debt instruments with a recent, observable trade or Level 2 fair value measurements for debt instruments where fair value is determined using the most recent available quoted market price. The carrying value of our finance leases materially approximates fair value. The following table presents the carrying value and fair value of our long-term debt, excluding finance leases, debt issuance costs and original issue premium or discount, as of December 31, 2024 and September 30, 2024: December 31, 2024 September 30, 2024 (In thousands) Carrying Amount $ 8,435,000 $ 7,785,000 Fair Value $ 7,484,877 $ 7,337,936

Concentration of Credit Risk

Concentration of Credit Risk	3 Months Ended
	Dec. 31, 2024
Risks and Uncertainties [Abstract]
Concentration of Credit Risk	Concentration of Credit Risk Information regarding our concentration of credit risk is disclosed in Note 18 to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024. During the three months ended December 31, 2024, there were no material changes in our concentration of credit risk.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net income	$ 351,858	$ 311,292

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Recently issued accounting pronouncements	In November 2023, the Financial Accounting Standards Board (FASB) issued guidance which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. The amendment is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied retrospectively. This amendment will be effective for our Form 10-K for fiscal 2025 and our Form 10-Q for the first quarter of fiscal 2026. We are currently evaluating the impact this may have on our financial statement disclosures. In December 2023, the FASB issued guidance which provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. The amendment is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied prospectively; however, retrospective application is also permitted. This amendment will be effective for our Form 10-K for fiscal 2026. We are currently evaluating the impact this amendment may have on our financial statement disclosures. In November 2024, the FASB issued guidance that will require more detailed information about the types of expenses in commonly presented expense captions. The amendment is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. This amendment will be effective for our Form 10-K for fiscal 2028 and our Form 10-Q for the first quarter of fiscal 2029. We are currently evaluating the impact this may have on our financial statement disclosures.
Earnings per share	We use the two-class method of computing earnings per share because we have participating securities in the form of non-vested restricted stock units with a nonforfeitable right to dividend equivalents, for which vesting is predicated solely on the passage of time. The calculation of earnings per share using the two-class method excludes income attributable to these participating securities from the numerator and excludes the dilutive impact of those shares from the denominator. Basic weighted average shares outstanding is calculated based upon the weighted average number of common shares outstanding during the periods presented. Also, this calculation includes fully vested stock awards that have not yet been issued as common stock.
Fair value measurement	We report certain assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). We record cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable, and short-term debt at carrying value, which substantially approximates fair value due to the short-term nature of these assets and liabilities. For other financial assets and liabilities, we primarily use quoted market prices and other observable market pricing information to minimize the use of unobservable pricing inputs in our measurements when determining fair value. The methods used to determine fair value for our assets and liabilities are fully described in Note 2 to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024. During the three months ended December 31, 2024, there were no changes in these methods.

Regulation (Tables)

Regulation (Tables)	3 Months Ended
	Dec. 31, 2024
Regulated Operations [Abstract]
Schedule of Regulatory Assets	Regulatory assets and liabilities as of December 31, 2024 and September 30, 2024 included the following: December 31, September 30, (In thousands) Regulatory assets: Pension and postretirement benefit costs $ 7,885 $ 11,243 Infrastructure mechanisms (1) 189,939 246,734 Winter Storm Uri incremental costs 8,834 10,373 Deferred gas costs 169,203 159,762 Regulatory excess deferred taxes (2) 50,941 51,380 Recoverable loss on reacquired debt 3,028 3,070 Deferred pipeline record collection costs 41,245 41,742 APT annual System Safety and Integrity Rider (3) 35,290 38,632 Other 16,151 16,454 $ 522,516 $ 579,390 Regulatory liabilities: Regulatory excess deferred taxes (2) $ 249,790 $ 257,001 Regulatory cost of removal obligation 615,371 607,032 Deferred gas costs 3,731 9,142 APT annual adjustment mechanism 76,418 73,119 Pension and postretirement benefit costs 241,816 247,250 Other 36,282 34,338 $ 1,223,408 $ 1,227,882 (1) Infrastructure mechanisms in Texas, Louisiana, and Tennessee allow for the deferral of all eligible expenses associated with capital expenditures incurred pursuant to these rules, including the recording of interest on deferred expenses until the next rate proceeding (rate case or annual rate filing), at which time investment and costs would be recoverable through base rates. (2) Regulatory excess deferred taxes represent changes in our net deferred tax liability related to our cost of service ratemaking due to the enactment of Tax Cuts and Jobs Act of 2017 (the "TCJA"), a Kansas legislative change enacted in fiscal 2020, and a Louisiana legislative change enacted in fiscal 2025. See Note 12 to the condensed consolidated financial statements for further information. (3) In APT's general rate case settlement in December 2023, the RRC approved a new annual compliance filing that allows APT to recover certain system safety and integrity costs incurred each year. Costs above a specified benchmark are deferred onto the balance sheet as incurred. Once the filing is approved by the RRC, the revenue and expense are recognized over 12 months resulting in no impact to operating income.
Schedule of Regulatory Liabilities	Regulatory assets and liabilities as of December 31, 2024 and September 30, 2024 included the following: December 31, September 30, (In thousands) Regulatory assets: Pension and postretirement benefit costs $ 7,885 $ 11,243 Infrastructure mechanisms (1) 189,939 246,734 Winter Storm Uri incremental costs 8,834 10,373 Deferred gas costs 169,203 159,762 Regulatory excess deferred taxes (2) 50,941 51,380 Recoverable loss on reacquired debt 3,028 3,070 Deferred pipeline record collection costs 41,245 41,742 APT annual System Safety and Integrity Rider (3) 35,290 38,632 Other 16,151 16,454 $ 522,516 $ 579,390 Regulatory liabilities: Regulatory excess deferred taxes (2) $ 249,790 $ 257,001 Regulatory cost of removal obligation 615,371 607,032 Deferred gas costs 3,731 9,142 APT annual adjustment mechanism 76,418 73,119 Pension and postretirement benefit costs 241,816 247,250 Other 36,282 34,338 $ 1,223,408 $ 1,227,882 (1) Infrastructure mechanisms in Texas, Louisiana, and Tennessee allow for the deferral of all eligible expenses associated with capital expenditures incurred pursuant to these rules, including the recording of interest on deferred expenses until the next rate proceeding (rate case or annual rate filing), at which time investment and costs would be recoverable through base rates. (2) Regulatory excess deferred taxes represent changes in our net deferred tax liability related to our cost of service ratemaking due to the enactment of Tax Cuts and Jobs Act of 2017 (the "TCJA"), a Kansas legislative change enacted in fiscal 2020, and a Louisiana legislative change enacted in fiscal 2025. See Note 12 to the condensed consolidated financial statements for further information. (3) In APT's general rate case settlement in December 2023, the RRC approved a new annual compliance filing that allows APT to recover certain system safety and integrity costs incurred each year. Costs above a specified benchmark are deferred onto the balance sheet as incurred. Once the filing is approved by the RRC, the revenue and expense are recognized over 12 months resulting in no impact to operating income.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Income statements and capital expenditures for the three months ended December 31, 2024 and 2023 by segment are presented in the following tables: Three Months Ended December 31, 2024 Distribution Pipeline and Storage Eliminations Consolidated (In thousands) Operating revenues from external parties $ 1,108,569 $ 67,430 $ — $ 1,175,999 Intersegment revenues 766 187,960 (188,726) — Total operating revenues 1,109,335 255,390 (188,726) 1,175,999 Purchased gas cost 422,570 (58) (188,464) 234,048 Operation and maintenance expense 154,514 52,792 (262) 207,044 Depreciation and amortization expense 133,627 46,906 — 180,533 Taxes, other than income 82,576 12,318 — 94,894 Operating income 316,048 143,432 — 459,480 Other non-operating income 10,084 14,550 — 24,634 Interest charges 34,249 18,676 — 52,925 Income before income taxes 291,883 139,306 — 431,189 Income tax expense 51,670 27,661 — 79,331 Net income $ 240,213 $ 111,645 $ — $ 351,858 Capital expenditures $ 625,649 $ 265,542 $ — $ 891,191 Three Months Ended December 31, 2023 Distribution Pipeline and Storage Eliminations Consolidated (In thousands) Operating revenues from external parties $ 1,104,619 $ 53,848 $ — $ 1,158,467 Intersegment revenues 719 157,321 (158,040) — Total operating revenues 1,105,338 211,169 (158,040) 1,158,467 Purchased gas cost 496,662 4 (157,797) 338,869 Operation and maintenance expense 127,615 38,973 (243) 166,345 Depreciation and amortization expense 119,685 44,923 — 164,608 Taxes, other than income 80,895 8,645 — 89,540 Operating income 280,481 118,624 — 399,105 Other non-operating income 5,839 12,047 — 17,886 Interest charges 34,581 17,294 — 51,875 Income before income taxes 251,739 113,377 — 365,116 Income tax expense 30,302 23,522 — 53,824 Net income $ 221,437 $ 89,855 $ — $ 311,292 Capital expenditures $ 539,158 $ 230,492 $ — $ 769,650 Balance sheet information at December 31, 2024 and September 30, 2024 by segment is presented in the following tables: December 31, 2024 Distribution Pipeline and Storage Eliminations Consolidated (In thousands) Net property, plant and equipment $ 16,942,174 $ 6,019,869 $ — $ 22,962,043 Total assets $ 25,623,410 $ 6,341,439 $ (5,467,756) $ 26,497,093 September 30, 2024 Distribution Pipeline and Storage Eliminations Consolidated (In thousands) Net property, plant and equipment $ 16,372,659 $ 5,831,708 $ — $ 22,204,367 Total assets $ 24,328,877 $ 6,181,558 $ (5,315,970) $ 25,194,465

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Basic and diluted earnings per share for the three months ended December 31, 2024 and 2023 are calculated as follows: Three Months Ended December 31 2024 2023 (In thousands, except per share amounts) Basic Earnings Per Share Net income $ 351,858 $ 311,292 Less: Income allocated to participating securities 159 186 Income available to common shareholders $ 351,699 $ 311,106 Basic weighted average shares outstanding 156,301 149,796 Net income per share — Basic $ 2.25 $ 2.08 Diluted Earnings Per Share Income available to common shareholders $ 351,699 $ 311,106 Effect of dilutive shares — — Income available to common shareholders $ 351,699 $ 311,106 Basic weighted average shares outstanding 156,301 149,796 Dilutive shares 1,523 — Diluted weighted average shares outstanding 157,824 149,796 Net income per share — Diluted $ 2.23 $ 2.08

Revenue and Accounts Receivab_2

Revenue and Accounts Receivable (Tables)	3 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following tables disaggregate our revenue from contracts with customers by customer type and segment and provide a reconciliation to total operating revenues, including intersegment revenues, for the three months ended December 31, 2024 and 2023. Three Months Ended December 31, 2024 Three Months Ended December 31, 2023 Distribution Pipeline and Storage Distribution Pipeline and Storage (In thousands) Gas sales revenues: Residential $ 693,050 $ — $ 727,682 $ — Commercial 266,054 — 277,253 — Industrial 26,321 — 28,231 — Public authority and other 12,881 — 14,584 — Total gas sales revenues 998,306 — 1,047,750 — Transportation revenues 36,727 266,029 33,767 215,305 Miscellaneous revenues 3,022 2,664 2,643 3,042 Revenues from contracts with customers 1,038,055 268,693 1,084,160 218,347 Alternative revenue program revenues 67,336 (13,303) 17,401 (7,178) Other revenues 3,944 — 3,777 — Total operating revenues $ 1,109,335 $ 255,390 $ 1,105,338 $ 211,169
Schedule of Allowance for Credit Loss Activity	Rollforwards of our allowance for uncollectible accounts for the three months ended December 31, 2024 and 2023 are presented in the table below. The allowance excludes the gas cost portion of customers’ bills for approximately 89 percent of our customers as we have the ability to collect these gas costs through our gas cost recovery mechanisms in most of our jurisdictions. In December 2023, the Mississippi Public Service Commission approved the recovery of uncollectible accounts through our purchased gas cost mechanism over a two-year period rather than through our annual filing mechanism over a one-year period. As a result of this decision, we recorded a $13.9 million reduction to bad debt expense during the first quarter of fiscal 2024. Of this amount, $9.7 million represents future recovery of customer receivables previously written off since April 2022 but not yet recovered through our rates. This amount increased our deferred gas cost regulatory asset. The remaining $4.2 million reduction represents a reversal of our allowance for uncollectible accounts for customer balances that have not yet been written off. Three Months Ended December 31, 2024 (In thousands) Beginning balance, September 30, 2024 $ 37,056 Current period provisions 8,623 Write-offs charged against allowance (7,447) Recoveries of amounts previously written off 934 Ending balance, December 31, 2024 $ 39,166 Three Months Ended December 31, 2023 (In thousands) Beginning balance, September 30, 2023 $ 40,840 Current period provisions 6,750 Write-offs charged against allowance (8,757) Recoveries of amounts previously written off 765 Mississippi recovery of uncollectible accounts (4,192) Ending balance, December 31, 2023 $ 35,406

Debt (Tables)

Debt (Tables)	3 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt at December 31, 2024 and September 30, 2024 consisted of the following: December 31, 2024 September 30, 2024 (In thousands) Unsecured 3.00% Senior Notes, due June 2027 $ 500,000 $ 500,000 Unsecured 2.625% Senior Notes, due September 2029 500,000 500,000 Unsecured 1.50% Senior Notes, due January 2031 600,000 600,000 Unsecured 5.45% Senior Notes, due October 2032 300,000 300,000 Unsecured 5.90% Senior Notes, due November 2033 725,000 725,000 Unsecured 5.95% Senior Notes, due October 2034 200,000 200,000 Unsecured 5.50% Senior Notes, due June 2041 400,000 400,000 Unsecured 4.15% Senior Notes, due January 2043 500,000 500,000 Unsecured 4.125% Senior Notes, due October 2044 750,000 750,000 Unsecured 4.30% Senior Notes, due October 2048 600,000 600,000 Unsecured 4.125% Senior Notes, due March 2049 450,000 450,000 Unsecured 3.375% Senior Notes, due September 2049 500,000 500,000 Unsecured 2.85% Senior Notes, due February 2052 600,000 600,000 Unsecured 5.75% Senior Notes, due October 2052 500,000 500,000 Unsecured 6.20% Senior Notes, due November 2053 500,000 500,000 Unsecured 5.00% Senior Notes, due December 2054 650,000 — Medium-term note Series A, 1995-1, 6.67%, due December 2025 10,000 10,000 Unsecured 6.75% Debentures, due July 2028 150,000 150,000 Finance lease obligations 48,486 48,890 Total long-term debt 8,483,486 7,833,890 Less: Original issue premium on unsecured senior notes and debentures (4,135) (9,071) Debt issuance cost 62,566 57,664 Current maturities of long-term debt 11,681 1,651 Total long-term debt, net $ 8,413,374 $ 7,783,646

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Reconciliation of Changes in Stockholders Equity	The following tables present a reconciliation of changes in stockholders' equity for the three months ended December 31, 2024 and 2023. Common stock Additional Accumulated Retained Total Number of Stated (In thousands, except share and per share data) Balance, September 30, 2024 155,258,845 $ 776 $ 7,474,559 $ 465,715 $ 4,216,619 $ 12,157,669 Net income — — — — 351,858 351,858 Other comprehensive income — — — 16,423 — 16,423 Cash dividends ($0.87 per share) — — — — (135,453) (135,453) Common stock issued: Public and other stock offerings 3,329,358 17 383,520 — — 383,537 Stock-based compensation plans 137,862 1 6,446 — — 6,447 Balance, December 31, 2024 158,726,065 $ 794 $ 7,864,525 $ 482,138 $ 4,433,024 $ 12,780,481 Common stock Additional Accumulated Retained Total Number of Stated (In thousands, except share and per share data) Balance, September 30, 2023 148,492,783 $ 742 $ 6,684,120 $ 518,528 $ 3,666,674 $ 10,870,064 Net income — — — — 311,292 311,292 Other comprehensive loss — — — (49,936) — (49,936) Cash dividends ($0.805 per share) — — — — (119,898) (119,898) Common stock issued: Public and other stock offerings 2,177,864 11 257,757 — — 257,768 Stock-based compensation plans 163,750 1 3,918 — — 3,919 Balance, December 31, 2023 150,834,397 $ 754 $ 6,945,795 $ 468,592 $ 3,858,068 $ 11,273,209
Schedule of Forward Sales Agreements	Additionally, we had $1.5 billion in available proceeds from outstanding forward sale agreements, as detailed below. Maturity Shares Available Net Proceeds Available Forward Price June 30, 2025 630,514 $ 73,312 $ 116.27 September 30, 2025 815,655 96,179 $ 117.92 December 31, 2025 2,344,567 297,079 $ 126.71 March 31, 2026 3,627,033 462,383 $ 127.48 June 30, 2026 669,043 88,951 $ 132.95 December 31, 2026 3,300,000 457,866 $ 138.75 Total 11,386,812 $ 1,475,770 $ 129.60
Schedule of Accumulated Other Comprehensive Income (Loss)	The following tables provide the components of our accumulated other comprehensive income (loss) balances, net of the related tax effects allocated to each component of other comprehensive income (loss). Available- Interest Rate Total (In thousands) September 30, 2024 $ 213 $ 465,502 $ 465,715 Other comprehensive income (loss) before reclassifications (138) 19,719 19,581 Amounts reclassified from accumulated other comprehensive income — (3,158) (3,158) Net current-period other comprehensive income (loss) (138) 16,561 16,423 December 31, 2024 $ 75 $ 482,063 $ 482,138 Available- Interest Rate Total (In thousands) September 30, 2023 $ (369) $ 518,897 $ 518,528 Other comprehensive income (loss) before reclassifications 296 (47,741) (47,445) Amounts reclassified from accumulated other comprehensive income — (2,491) (2,491) Net current-period other comprehensive income (loss) 296 (50,232) (49,936) December 31, 2023 $ (73) $ 468,665 $ 468,592

Securitization (Tables)

Securitization (Tables)	3 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Condensed Consolidated Balance Sheet	The following table summarizes the impact of AEK on our condensed consolidated balance sheets, for the periods indicated: December 31, 2024 September 30, 2024 (In thousands) Restricted cash and cash equivalents $ 4,870 $ 1,516 Other current assets $ 12 $ 3 Securitized intangible asset, net $ 80,580 $ 82,844 Accrued interest $ 1,462 $ 365 Current maturities of securitized long-term debt $ 8,207 $ 8,207 Securitized long-term debt $ 76,871 $ 76,871
Schedule of Condensed Consolidated Statement of Comprehensive Income	The following table summarizes the impact of AEK on our condensed consolidated statement of comprehensive income, for the period indicated: Three Months Ended December 31, 2024 Three Months Ended December 31, 2023 Operating revenues $ 3,393 $ 3,333 Operation and maintenance expense (61) — Amortization expense (2,264) (2,166) Interest expense, net (1,068) (1,167) Income before income taxes $ — $ —

Interim Pension and Other Pos_2

Interim Pension and Other Postretirement Benefit Plan Information (Tables)	3 Months Ended
	Dec. 31, 2024
Retirement Benefits, Description [Abstract]
Schedule of Net Benefit Costs	Three Months Ended December 31 Pension Benefits Other Benefits 2024 2023 2024 2023 (In thousands) Components of net periodic pension cost: Service cost $ 2,837 $ 2,389 $ 2,033 $ 1,507 Interest cost (1) 6,663 7,497 3,365 3,509 Expected return on assets (1) (7,655) (7,202) (3,831) (3,128) Amortization of prior service cost (credit) (1) — — (3,260) (3,260) Amortization of actuarial (gain) loss (1) 256 118 (2,429) (2,718) Settlements (1) — 776 — — Net periodic pension cost $ 2,101 $ 3,578 $ (4,122) $ (4,090) (1) The components of net periodic cost other than the service cost component are included in the line item other non-operating expense in the condensed consolidated statements of comprehensive income or are capitalized on the condensed consolidated balance sheets as a regulatory asset or liability, as described in Note 2 to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024.

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The following table summarizes our existing forward starting interest rate swaps as of December 31, 2024. These swaps were designated as cash flow hedges at the time the agreements were executed. Planned Debt Issuance Date Amount Hedged (In thousands) Fiscal 2026 $ 300,000 $ 300,000
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following tables present the fair value and balance sheet classification of our financial instruments as of December 31, 2024 and September 30, 2024. The gross amounts of recognized assets and liabilities are netted within our condensed consolidated balance sheets to the extent that we have netting arrangements with our counterparties. However, as of December 31, 2024 and September 30, 2024, no gross amounts and no cash collateral were netted within our consolidated balance sheet. December 31, 2024 Balance Sheet Location Assets Liabilities (In thousands) Designated As Hedges: Interest rate contracts Other current assets / $ 117,154 $ — Total 117,154 — Not Designated As Hedges: Commodity contracts Other current assets / 2,459 (4,063) Commodity contracts Deferred charges and other assets / 1,338 — Total 3,797 (4,063) Gross / Net Financial Instruments $ 120,951 $ (4,063) September 30, 2024 Balance Sheet Location Assets Liabilities (In thousands) Designated As Hedges: Interest rate contracts Deferred charges and other assets / $ 91,981 $ — Total 91,981 — Not Designated As Hedges: Commodity contracts Other current assets / 2,091 (7,324) Commodity contracts Deferred charges and other assets / 2,216 (313) Total 4,307 (7,637) Gross / Net Financial Instruments $ 96,288 $ (7,637)
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	The following table summarizes the gains and losses arising from hedging transactions that were recognized as a component of other comprehensive income (loss), net of taxes, for the three months ended December 31, 2024 and 2023. Three Months Ended December 31 2024 2023 (In thousands) Increase (decrease) in fair value: Interest rate agreements $ 19,719 $ (47,741) Recognition of (gains) losses in earnings due to settlements: Interest rate agreements (3,158) (2,491) Total other comprehensive income (loss) from hedging, net of tax $ 16,561 $ (50,232)
Schedule of Expected Deferred Gains (Losses) Recognition	The following amounts, net of deferred taxes, represent the expected recognition in earnings of the deferred net gains recorded in AOCI associated with our interest rate agreements, based upon the fair values of these agreements at the date of settlement. The remaining amortization periods for these settled amounts extend through fiscal 2055. However, the table below does not include the expected recognition in earnings of our outstanding interest rate swaps as those instruments have not yet settled. Interest Rate (In thousands) Next twelve months $ 15,925 Thereafter 375,062 Total $ 390,987

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables summarize, by level within the fair value hierarchy, our assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2024 and September 30, 2024. Assets and liabilities are categorized in their entirety based on the lowest level of input that is significant to the fair value measurement. Quoted Significant Other Observable Inputs (Level 2) (1) Significant Netting and December 31, 2024 (In thousands) Assets: Financial instruments $ — $ 120,951 $ — $ — $ 120,951 Debt and equity securities Registered investment companies 27,344 — — — 27,344 Bond mutual funds 40,332 — — — 40,332 Bonds (2) — 39,381 — — 39,381 Money market funds — 2,507 — — 2,507 Total debt and equity securities 67,676 41,888 — — 109,564 Total assets $ 67,676 $ 162,839 $ — $ — $ 230,515 Liabilities: Financial instruments $ — $ 4,063 $ — $ — $ 4,063 Quoted Significant Other Observable Inputs (Level 2) (1) Significant Netting and September 30, 2024 (In thousands) Assets: Financial instruments $ — $ 96,288 $ — $ — $ 96,288 Debt and equity securities Registered investment companies 28,311 — — — 28,311 Bond mutual funds 40,341 — — — 40,341 Bonds (2) — 39,142 — — 39,142 Money market funds — 2,800 — — 2,800 Total debt and equity securities 68,652 41,942 — — 110,594 Total assets $ 68,652 $ 138,230 $ — $ — $ 206,882 Liabilities: Financial instruments $ — $ 7,637 $ — $ — $ 7,637 (1) Our Level 2 measurements consist of over-the-counter options and swaps, which are valued using a market-based approach in which observable market prices are adjusted for criteria specific to each instrument, such as the strike price, notional amount or basis differences, municipal and corporate bonds, which are valued based on the most recent available quoted market prices and money market funds that are valued at cost. (2) Our investments in bonds are considered available-for-sale debt securities in accordance with current accounting guidance.
Schedule of Carrying Values and Estimated Fair Values of Long-term Debt	The following table presents the carrying value and fair value of our long-term debt, excluding finance leases, debt issuance costs and original issue premium or discount, as of December 31, 2024 and September 30, 2024: December 31, 2024 September 30, 2024 (In thousands) Carrying Amount $ 8,435,000 $ 7,785,000 Fair Value $ 7,484,877 $ 7,337,936

Nature of Business (Details)

Nature of Business (Details) customer in Millions	Dec. 31, 2024 regulatedDistributionDivision state customer
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of customers serviced (over) | customer	3.3
Number of regulated distribution divisions | regulatedDistributionDivision	6
Number of states with service areas | state	8

Regulation - Schedule of Regula

Regulation - Schedule of Regulatory Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Regulatory Asset [Line Items]
Regulatory assets	$ 522,516	$ 579,390
Regulatory Liabilities [Line Items]
Regulatory liabilities	1,223,408	1,227,882
Regulatory excess deferred taxes
Regulatory Liabilities [Line Items]
Regulatory liabilities	249,790	257,001
Regulatory cost of removal obligation
Regulatory Liabilities [Line Items]
Regulatory liabilities	615,371	607,032
Deferred gas costs
Regulatory Liabilities [Line Items]
Regulatory liabilities	3,731	9,142
APT annual adjustment mechanism
Regulatory Liabilities [Line Items]
Regulatory liabilities	76,418	73,119
Pension and postretirement benefit costs
Regulatory Liabilities [Line Items]
Regulatory liabilities	241,816	247,250
Other
Regulatory Liabilities [Line Items]
Regulatory liabilities	36,282	34,338
Pension and postretirement benefit costs
Regulatory Asset [Line Items]
Regulatory assets	7,885	11,243
Infrastructure mechanisms
Regulatory Asset [Line Items]
Regulatory assets	189,939	246,734
Winter Storm Uri incremental costs
Regulatory Asset [Line Items]
Regulatory assets	8,834	10,373
Deferred gas costs
Regulatory Asset [Line Items]
Regulatory assets	169,203	159,762
Regulatory excess deferred taxes
Regulatory Asset [Line Items]
Regulatory assets	50,941	51,380
Recoverable loss on reacquired debt
Regulatory Asset [Line Items]
Regulatory assets	3,028	3,070
Deferred pipeline record collection costs
Regulatory Asset [Line Items]
Regulatory assets	41,245	41,742
APT annual System Safety and Integrity Rider
Regulatory Asset [Line Items]
Regulatory assets	$ 35,290	38,632
Regulatory asset, recognition period	12 months
Other
Regulatory Asset [Line Items]
Regulatory assets	$ 16,151	$ 16,454

Regulation - Narrative (Details

Regulation - Narrative (Details) - Texas - Winter Storm Uri incremental costs - Winter Storm Uri - USD ($) $ in Millions	3 Months Ended	12 Months Ended	28 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2024
Regulatory Asset [Line Items]
Regulatory asset, deferred costs			$ 32.4
Regulatory asset, recovered cost	$ 1.6	$ 22
Regulatory asset, deferred costs, remaining	8.8		8.8
Other current assets
Regulatory Asset [Line Items]
Regulatory asset, deferred costs, remaining	2.4		2.4
Deferred charges and other assets
Regulatory Asset [Line Items]
Regulatory asset, deferred costs, remaining	$ 6.4		$ 6.4

Segment Information - Narrative

Segment Information - Narrative (Details)	Dec. 31, 2024 state
Segment Reporting [Abstract]
Number of states with service areas	8

Segment Information - Schedule

Segment Information - Schedule of Income Statements and Capital Expenditures By Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Operating revenues	$ 1,175,999	$ 1,158,467
Purchased gas cost	234,048	338,869
Operation and maintenance expense	207,044	166,345
Depreciation and amortization expense	180,533	164,608
Taxes, other than income	94,894	89,540
Operating income	459,480	399,105
Other non-operating income (expense)	24,634	17,886
Interest charges	52,925	51,875
Income before income taxes	431,189	365,116
Income tax expense	79,331	53,824
Net income	351,858	311,292
Capital expenditures	891,191	769,650
Distribution
Segment Reporting Information [Line Items]
Operating revenues	1,108,569	1,104,619
Pipeline and Storage
Segment Reporting Information [Line Items]
Operating revenues	67,430	53,848
Eliminations
Segment Reporting Information [Line Items]
Operating revenues	(188,726)	(158,040)
Purchased gas cost	(188,464)	(157,797)
Operation and maintenance expense	(262)	(243)
Depreciation and amortization expense	0	0
Taxes, other than income	0	0
Operating income	0	0
Other non-operating income (expense)	0	0
Interest charges	0	0
Income before income taxes	0	0
Income tax expense	0	0
Net income	0	0
Capital expenditures	0	0
Eliminations | Distribution
Segment Reporting Information [Line Items]
Operating revenues	(766)	(719)
Eliminations | Pipeline and Storage
Segment Reporting Information [Line Items]
Operating revenues	(187,960)	(157,321)
Operating Segments | Distribution
Segment Reporting Information [Line Items]
Operating revenues	1,109,335	1,105,338
Purchased gas cost	422,570	496,662
Operation and maintenance expense	154,514	127,615
Depreciation and amortization expense	133,627	119,685
Taxes, other than income	82,576	80,895
Operating income	316,048	280,481
Other non-operating income (expense)	10,084	5,839
Interest charges	34,249	34,581
Income before income taxes	291,883	251,739
Income tax expense	51,670	30,302
Net income	240,213	221,437
Capital expenditures	625,649	539,158
Operating Segments | Pipeline and Storage
Segment Reporting Information [Line Items]
Operating revenues	255,390	211,169
Purchased gas cost	(58)	4
Operation and maintenance expense	52,792	38,973
Depreciation and amortization expense	46,906	44,923
Taxes, other than income	12,318	8,645
Operating income	143,432	118,624
Other non-operating income (expense)	14,550	12,047
Interest charges	18,676	17,294
Income before income taxes	139,306	113,377
Income tax expense	27,661	23,522
Net income	111,645	89,855
Capital expenditures	$ 265,542	$ 230,492

Segment Information - Schedul_2

Segment Information - Schedule of Balance Sheet Information by Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Segment Reporting Information [Line Items]
Net property, plant and equipment	$ 22,962,043	$ 22,204,367
Total assets	26,497,093	25,194,465
Operating Segments | Distribution
Segment Reporting Information [Line Items]
Net property, plant and equipment	16,942,174	16,372,659
Total assets	25,623,410	24,328,877
Operating Segments | Pipeline and Storage
Segment Reporting Information [Line Items]
Net property, plant and equipment	6,019,869	5,831,708
Total assets	6,341,439	6,181,558
Eliminations
Segment Reporting Information [Line Items]
Net property, plant and equipment	0	0
Total assets	$ (5,467,756)	$ (5,315,970)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Basic Earnings Per Share
Net income	$ 351,858	$ 311,292
Less: Income allocated to participating securities	159	186
Income available to common shareholders	$ 351,699	$ 311,106
Basic weighted average shares outstanding (in shares)	156,301	149,796
Net income per share - Basic (USD per share)	$ 2.25	$ 2.08
Diluted Earnings Per Share
Income available to common shareholders	$ 351,699	$ 311,106
Effect of dilutive shares	0	0
Income available to common shareholders	$ 351,699	$ 311,106
Basic weighted average shares outstanding (in shares)	156,301	149,796
Dilutive shares (in shares)	1,523	0
Diluted weighted average shares outstanding (in shares)	157,824	149,796
Net income per share - Diluted (USD per share)	$ 2.23	$ 2.08

Revenue and Accounts Receivab_3

Revenue and Accounts Receivable - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 1,175,999	$ 1,158,467
Distribution
Disaggregation of Revenue [Line Items]
Total operating revenues	1,108,569	1,104,619
Pipeline and Storage
Disaggregation of Revenue [Line Items]
Total operating revenues	67,430	53,848
Operating Segments | Distribution
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1,038,055	1,084,160
Alternative revenue program revenues	67,336	17,401
Other revenues	3,944	3,777
Total operating revenues	1,109,335	1,105,338
Operating Segments | Pipeline and Storage
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	268,693	218,347
Alternative revenue program revenues	(13,303)	(7,178)
Other revenues	0	0
Total operating revenues	255,390	211,169
Operating Segments | Gas sales revenues | Distribution
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	998,306	1,047,750
Operating Segments | Gas sales revenues | Pipeline and Storage
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Operating Segments | Transportation revenues | Distribution
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	36,727	33,767
Operating Segments | Transportation revenues | Pipeline and Storage
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	266,029	215,305
Operating Segments | Miscellaneous revenues | Distribution
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	3,022	2,643
Operating Segments | Miscellaneous revenues | Pipeline and Storage
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2,664	3,042
Operating Segments | Residential | Gas sales revenues | Distribution
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	693,050	727,682
Operating Segments | Residential | Gas sales revenues | Pipeline and Storage
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Operating Segments | Commercial | Gas sales revenues | Distribution
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	266,054	277,253
Operating Segments | Commercial | Gas sales revenues | Pipeline and Storage
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Operating Segments | Industrial | Gas sales revenues | Distribution
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	26,321	28,231
Operating Segments | Industrial | Gas sales revenues | Pipeline and Storage
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Operating Segments | Public authority and other | Gas sales revenues | Distribution
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	12,881	14,584
Operating Segments | Public authority and other | Gas sales revenues | Pipeline and Storage
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 0	$ 0

Revenue and Accounts Receivab_4

Revenue and Accounts Receivable - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		33 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Nov. 30, 2023
Disaggregation of Revenue [Line Items]
Percent of customers excluded	89%
Reduction to bad debt expense	$ (8,623)	$ (6,750)
Recovery of uncollectible accounts, not yet been written off		$ 4,192
Mississippi Public Service Commission
Disaggregation of Revenue [Line Items]
Recovery of uncollectible accounts, term		2 years		1 year
Reduction to bad debt expense		$ 13,900
Recovery of uncollectible accounts, previously written off but not yet recovered through rates			$ 9,700
Recovery of uncollectible accounts, not yet been written off		$ 4,200
Pipeline and storage segment
Disaggregation of Revenue [Line Items]
Regulatory mechanism threshold	75%

Revenue and Accounts Receivab_5

Revenue and Accounts Receivable - Schedule of Rollforward of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 37,056	$ 40,840
Current period provisions	8,623	6,750
Write-offs charged against allowance	(7,447)	(8,757)
Recoveries of amounts previously written off	934	765
Mississippi recovery of uncollectible accounts		(4,192)
Ending balance	$ 39,166	$ 35,406

Debt - Schedule of Long-term De

Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Debt Instrument [Line Items]
Long-term debt	$ 8,435,000	$ 7,785,000
Finance lease obligations	48,486	48,890
Total long-term debt	8,483,486	7,833,890
Less:
Original issue premium on unsecured senior notes and debentures	(4,135)	(9,071)
Debt issuance cost	62,566	57,664
Current maturities of long-term debt	11,681	1,651
Total long-term debt, net	$ 8,413,374	7,783,646
Unsecured 3.00% Senior Notes, due June 2027
Debt Instrument [Line Items]
Interest rate	3%
Long-term debt	$ 500,000	500,000
Unsecured 2.625% Senior Notes, due September 2029
Debt Instrument [Line Items]
Interest rate	2.625%
Long-term debt	$ 500,000	500,000
Unsecured 1.50% Senior Notes, due January 2031
Debt Instrument [Line Items]
Interest rate	1.50%
Long-term debt	$ 600,000	600,000
Unsecured 5.45% Senior Notes, due October 2032
Debt Instrument [Line Items]
Interest rate	5.45%
Long-term debt	$ 300,000	300,000
Unsecured 5.90% Senior Notes, due November 2033
Debt Instrument [Line Items]
Interest rate	5.90%
Long-term debt	$ 725,000	725,000
Unsecured 5.95% Senior Notes, due October 2034
Debt Instrument [Line Items]
Interest rate	5.95%
Long-term debt	$ 200,000	200,000
Unsecured 5.50% Senior Notes, due June 2041
Debt Instrument [Line Items]
Interest rate	5.50%
Long-term debt	$ 400,000	400,000
Unsecured 4.15% Senior Notes, due January 2043
Debt Instrument [Line Items]
Interest rate	4.15%
Long-term debt	$ 500,000	500,000
Unsecured 4.125% Senior Notes, due October 2044
Debt Instrument [Line Items]
Interest rate	4.125%
Long-term debt	$ 750,000	750,000
Unsecured 4.30% Senior Notes, due October 2048
Debt Instrument [Line Items]
Interest rate	4.30%
Long-term debt	$ 600,000	600,000
Unsecured 4.125% Senior Notes, due March 2049
Debt Instrument [Line Items]
Interest rate	4.125%
Long-term debt	$ 450,000	450,000
Unsecured 3.375% Senior Notes, due September 2049
Debt Instrument [Line Items]
Interest rate	3.375%
Long-term debt	$ 500,000	500,000
Unsecured 2.85% Senior Notes, due February 2052
Debt Instrument [Line Items]
Interest rate	2.85%
Long-term debt	$ 600,000	600,000
Unsecured 5.75% Senior Notes, due October 2052
Debt Instrument [Line Items]
Interest rate	5.75%
Long-term debt	$ 500,000	500,000
Unsecured 6.20% Senior Notes, due November 2053
Debt Instrument [Line Items]
Interest rate	6.20%
Long-term debt	$ 500,000	500,000
Unsecured 5.00% Senior Notes, due December 2054
Debt Instrument [Line Items]
Interest rate	5%
Long-term debt	$ 650,000	0
Medium-term note Series A, 1995-1, 6.67%, due December 2025
Debt Instrument [Line Items]
Interest rate	6.67%
Long-term debt	$ 10,000	10,000
Unsecured 6.75% Debentures, due July 2028
Debt Instrument [Line Items]
Interest rate	6.75%
Long-term debt	$ 150,000	$ 150,000

Debt - Narrative (Details)

Debt - Narrative (Details)		3 Months Ended
	Oct. 01, 2024 USD ($)	Dec. 31, 2024 USD ($) creditFacility	Dec. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)	Oct. 10, 2023 USD ($)
Line Of Credit Facility [Line Items]
Proceeds from issuance of long-term debt		$ 645,372,000	$ 898,275,000
Maximum debt-to-total-capitalization ratio		70%
Debt-to-total-capitalization ratio		0.41
Minimum
Line Of Credit Facility [Line Items]
Outstanding indebtedness		$ 15,000,000
Maximum
Line Of Credit Facility [Line Items]
Outstanding indebtedness		$ 100,000,000
Unsecured 5.00% Senior Notes, due December 2054
Line Of Credit Facility [Line Items]
Interest rate		5%
Unsecured 5.00% Senior Notes, due December 2054 | Senior Notes
Line Of Credit Facility [Line Items]
Debt face amount					$ 650,000,000
Interest rate					5%
Effective rate					3.90%
Proceeds from issuance of long-term debt	$ 639,400,000
Five Year Unsecured Revolving Credit Agreement | Commercial Paper
Line Of Credit Facility [Line Items]
Maximum borrowing capacity		$ 1,500,000,000
Debt agreement term		5 years
Five Year Unsecured Revolving Credit Agreement, March 28, 2029
Line Of Credit Facility [Line Items]
Outstanding commercial paper		$ 0		$ 0
Five Year Unsecured Revolving Credit Agreement, March 28, 2029 | Minimum | Base Rate
Line Of Credit Facility [Line Items]
Interest rate spread		0%
Five Year Unsecured Revolving Credit Agreement, March 28, 2029 | Minimum | Term SOFR
Line Of Credit Facility [Line Items]
Interest rate spread		0.75%
Five Year Unsecured Revolving Credit Agreement, March 28, 2029 | Maximum | Base Rate
Line Of Credit Facility [Line Items]
Interest rate spread		0.25%
Five Year Unsecured Revolving Credit Agreement, March 28, 2029 | Maximum | Term SOFR
Line Of Credit Facility [Line Items]
Interest rate spread		1.25%
Five Year Unsecured Revolving Credit Agreement, March 28, 2029 | Commercial Paper
Line Of Credit Facility [Line Items]
Maximum borrowing capacity		$ 1,500,000,000
Accordion feature		250,000,000
Maximum borrowing capacity post accordion feature		1,750,000,000
Five Year Unsecured Revolving Credit Agreement, March 28, 2029 | Revolving Credit Facility
Line Of Credit Facility [Line Items]
Maximum borrowing capacity		$ 3,100,000,000
Number of credit facilities | creditFacility		4
$1.5 Billion Revolving Credit Facility | Revolving Credit Facility
Line Of Credit Facility [Line Items]
Maximum borrowing capacity		$ 1,500,000,000
Debt agreement term		3 years
Accordion feature		$ 250,000,000
Maximum borrowing capacity post accordion feature		1,750,000,000
Outstanding borrowings		$ 0		0
$1.5 Billion Revolving Credit Facility | Revolving Credit Facility | Minimum | Base Rate
Line Of Credit Facility [Line Items]
Interest rate spread		0%
$1.5 Billion Revolving Credit Facility | Revolving Credit Facility | Minimum | Term SOFR
Line Of Credit Facility [Line Items]
Interest rate spread		0.75%
$1.5 Billion Revolving Credit Facility | Revolving Credit Facility | Maximum | Base Rate
Line Of Credit Facility [Line Items]
Interest rate spread		0.25%
$1.5 Billion Revolving Credit Facility | Revolving Credit Facility | Maximum | Term SOFR
Line Of Credit Facility [Line Items]
Interest rate spread		1.25%
$50 Million Bank Loan Agreement | Line of Credit
Line Of Credit Facility [Line Items]
Maximum borrowing capacity		$ 50,000,000
Debt agreement term		364 days
Outstanding borrowings		$ 0		$ 0
$50 Million Revolving Credit Facility
Line Of Credit Facility [Line Items]
Outstanding borrowings		0
$50 Million Revolving Credit Facility | Revolving Credit Facility
Line Of Credit Facility [Line Items]
Maximum borrowing capacity		$ 50,000,000
Debt agreement term		364 days
Remaining borrowing capacity		$ 44,400,000

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Components of Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock outstanding, beginning balance (in shares)	155,258,845
Shareholders' equity, beginning balance	$ 12,157,669	$ 10,870,064
Net income	351,858	311,292
Other comprehensive income (loss)	16,423	(49,936)
Cash dividends	(135,453)	(119,898)
Public and other stock offerings	383,537	257,768
Stock-based compensation plans	$ 6,447	3,919
Common stock outstanding, ending balance (in shares)	158,726,065
Shareholders' equity, ending balance	$ 12,780,481	$ 11,273,209
Cash dividends per share (USD per share)	$ 0.870	$ 0.805
Common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock outstanding, beginning balance (in shares)	155,258,845	148,492,783
Shareholders' equity, beginning balance	$ 776	$ 742
Public and other stock offerings (in shares)	3,329,358	2,177,864
Public and other stock offerings	$ 17	$ 11
Stock-based compensation plans (in shares)	137,862	163,750
Stock-based compensation plans	$ 1	$ 1
Common stock outstanding, ending balance (in shares)	158,726,065	150,834,397
Shareholders' equity, ending balance	$ 794	$ 754
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shareholders' equity, beginning balance	7,474,559	6,684,120
Public and other stock offerings	383,520	257,757
Stock-based compensation plans	6,446	3,918
Shareholders' equity, ending balance	7,864,525	6,945,795
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shareholders' equity, beginning balance	465,715	518,528
Other comprehensive income (loss)	16,423	(49,936)
Shareholders' equity, ending balance	482,138	468,592
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shareholders' equity, beginning balance	4,216,619	3,666,674
Net income	351,858	311,292
Cash dividends	(135,453)	(119,898)
Shareholders' equity, ending balance	$ 4,433,024	$ 3,858,068

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 03, 2024
Class of Stock [Line Items]
Forward sales equity agreement, settlement in cash	$ 1,475,770,000
Net proceeds from equity issuances	379,490,000	$ 254,022,000
Shelf Registration Statement
Class of Stock [Line Items]
Debt and equity securities authorized for issuance			$ 8,000,000,000
Debt and equity securities authorized for issuance value remaining	6,300,000,000
At-The-Market
Class of Stock [Line Items]
Value of shares authorized for issuance	$ 1,700,000,000
Forward sales equity agreement (in shares)	3,397,596
Forward sales equity agreement, settlement in cash	$ 476,000,000
Shares issued (in shares)	3,300,904
Net proceeds from equity issuances	$ 379,500,000
Equity available for issuance	$ 1,200,000,000

Shareholders' Equity - Schedu_2

Shareholders' Equity - Schedule of Forward Sales Agreement (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
Forward Contract Indexed to Issuer's Equity [Line Items]
Shares available (in shares) | shares	11,386,812
Net proceeds available | $	$ 1,475,770
Forward price (USD per share) | $ / shares	$ 129.60
Forward Sales Equity Agreement Maturing Quarter Ended June 30, 2025
Forward Contract Indexed to Issuer's Equity [Line Items]
Shares available (in shares) | shares	630,514
Net proceeds available | $	$ 73,312
Forward price (USD per share) | $ / shares	$ 116.27
Forward Sales Equity Agreement Maturing Quarter Ended September 30, 2025
Forward Contract Indexed to Issuer's Equity [Line Items]
Shares available (in shares) | shares	815,655
Net proceeds available | $	$ 96,179
Forward price (USD per share) | $ / shares	$ 117.92
Forward Sales Equity Agreement Maturing Quarter Ended December 31, 2025
Forward Contract Indexed to Issuer's Equity [Line Items]
Shares available (in shares) | shares	2,344,567
Net proceeds available | $	$ 297,079
Forward price (USD per share) | $ / shares	$ 126.71
Forward Sales Equity Agreement Maturing Quarter Ended March 31, 2026
Forward Contract Indexed to Issuer's Equity [Line Items]
Shares available (in shares) | shares	3,627,033
Net proceeds available | $	$ 462,383
Forward price (USD per share) | $ / shares	$ 127.48
Forward Sales Equity Agreement Maturing Quarter June 30, 2026
Forward Contract Indexed to Issuer's Equity [Line Items]
Shares available (in shares) | shares	669,043
Net proceeds available | $	$ 88,951
Forward price (USD per share) | $ / shares	$ 132.95
Forward Sales Equity Agreement Maturing Quarter December 31, 2026
Forward Contract Indexed to Issuer's Equity [Line Items]
Shares available (in shares) | shares	3,300,000
Net proceeds available | $	$ 457,866
Forward price (USD per share) | $ / shares	$ 138.75

Shareholders' Equity - Schedu_3

Shareholders' Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Shareholders' equity, beginning balance	$ 12,157,669	$ 10,870,064
Other comprehensive income (loss) before reclassifications	19,581	(47,445)
Amounts reclassified from accumulated other comprehensive income	(3,158)	(2,491)
Total other comprehensive income (loss)	16,423	(49,936)
Shareholders' equity, ending balance	12,780,481	11,273,209
Available- for-Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Shareholders' equity, beginning balance	213	(369)
Other comprehensive income (loss) before reclassifications	(138)	296
Amounts reclassified from accumulated other comprehensive income	0	0
Total other comprehensive income (loss)	(138)	296
Shareholders' equity, ending balance	75	(73)
Interest Rate Agreement Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Shareholders' equity, beginning balance	465,502	518,897
Other comprehensive income (loss) before reclassifications	19,719	(47,741)
Amounts reclassified from accumulated other comprehensive income	(3,158)	(2,491)
Total other comprehensive income (loss)	16,561	(50,232)
Shareholders' equity, ending balance	482,063	468,665
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Shareholders' equity, beginning balance	465,715	518,528
Total other comprehensive income (loss)	16,423	(49,936)
Shareholders' equity, ending balance	$ 482,138	$ 468,592

Securitization - Narrative (Det

Securitization - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended
	Mar. 31, 2023	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2023
Variable Interest Entity [Line Items]
Long-term debt, fair value		$ 7,484,877	$ 7,337,936
Variable Interest Entity, Primary Beneficiary | Texas | Extraordinary Gas Cost | Winter Storm Uri
Variable Interest Entity [Line Items]
Regulatory asset, authorized	$ 3,500,000
Variable Interest Entity, Primary Beneficiary | Texas | Extraordinary Gas Cost | Winter Storm Uri | Minimum
Variable Interest Entity [Line Items]
Regulatory asset, maturity period	12 years
Variable Interest Entity, Primary Beneficiary | Texas | Extraordinary Gas Cost | Winter Storm Uri | Maximum
Variable Interest Entity [Line Items]
Regulatory asset, maturity period	18 years
Securitized Utility Tariff Bonds | Senior Notes | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Debt face amount				$ 95,000
Long-term debt		85,100
Long-term debt, fair value		$ 85,000

Securitization - Schedule of Co

Securitization - Schedule of Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Variable Interest Entity [Line Items]
Restricted cash and cash equivalents	$ 4,870	$ 1,516
Other current assets	456,816	288,068
Securitized intangible asset, net	80,580	82,844
Current maturities of securitized long-term debt	8,207	8,207
Securitized long-term debt	76,871	76,871
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Restricted cash and cash equivalents	4,870	1,516
Other current assets	12	3
Securitized intangible asset, net	80,580	82,844
Accrued interest	1,462	365
Current maturities of securitized long-term debt	8,207	8,207
Securitized long-term debt	$ 76,871	$ 76,871

Securitization - Schedule of _2

Securitization - Schedule of Consolidated Statement of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Operating revenues	$ 1,175,999	$ 1,158,467
Operation and maintenance expense	(207,044)	(166,345)
Amortization expense	(180,533)	(164,608)
Interest expense, net	(52,925)	(51,875)
Income before income taxes	431,189	365,116
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Operating revenues	3,393	3,333
Operation and maintenance expense	(61)	0
Amortization expense	(2,264)	(2,166)
Interest expense, net	(1,068)	(1,167)
Income before income taxes	$ 0	$ 0

Interim Pension and Other Pos_3

Interim Pension and Other Postretirement Benefit Plan Information - Schedule of Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2,837	$ 2,389
Interest cost	6,663	7,497
Expected return on assets	(7,655)	(7,202)
Amortization of prior service cost (credit)	0	0
Amortization of actuarial (gain) loss	256	118
Settlement	0	776
Net periodic pension cost	2,101	3,578
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	2,033	1,507
Interest cost	3,365	3,509
Expected return on assets	(3,831)	(3,128)
Amortization of prior service cost (credit)	(3,260)	(3,260)
Amortization of actuarial (gain) loss	(2,429)	(2,718)
Settlement	0	0
Net periodic pension cost	$ (4,122)	$ (4,090)

Commitments and Contingencies (

Commitments and Contingencies (Details)		3 Months Ended
	Jan. 27, 2024 fatality incident	Dec. 31, 2024 $ / Mcf MMcf	Dec. 02, 2024 fatality
National Transportation Safety Board | Jackson, Mississippi
Long-term Purchase Commitment [Line Items]
Number of incidents investigated that occurred during period | incident	2
Number of fatalities under investigation | fatality	1
National Transportation Safety Board | Avondale, Louisiana
Long-term Purchase Commitment [Line Items]
Number of fatalities under investigation | fatality			1
Supply Commitment
Long-term Purchase Commitment [Line Items]
Contract term		1 year
Purchase commitment volume		3,900
Supply Commitment | Weighted Average
Long-term Purchase Commitment [Line Items]
Fixed price contracts (USD per Mcf) | $ / Mcf		3.26
Supply Commitment | Short-term Contract with Customer
Long-term Purchase Commitment [Line Items]
Contract term		1 year
Purchase commitment volume		55,500
Supply Commitment | Long-term Contract with Customer Within Two To Three Years
Long-term Purchase Commitment [Line Items]
Purchase commitment volume		29,900
Supply Commitment | Long-term Contract with Customer Within Two To Three Years | Minimum
Long-term Purchase Commitment [Line Items]
Contract term		2 years
Supply Commitment | Long-term Contract with Customer Within Two To Three Years | Maximum
Long-term Purchase Commitment [Line Items]
Contract term		3 years

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Income Tax Contingency [Line Items]
Effective income tax rate	18.40%	14.70%
Regulatory liabilities	$ 1,223,408		$ 1,227,882
Regulatory excess deferred taxes
Income Tax Contingency [Line Items]
Deferred tax liabilities, net	198,800
Regulatory liabilities	249,790		257,001
Regulatory excess deferred taxes | Other Current Liabilities
Income Tax Contingency [Line Items]
Deferred tax liabilities, net	76,800		$ 79,700
Regulatory excess deferred taxes, to be returned, tranche one
Income Tax Contingency [Line Items]
Deferred tax liabilities, net	$ 135,300
Regulatory excess deferred taxes, to be returned, tranche one | Minimum
Income Tax Contingency [Line Items]
Return basis, term	12 months
Regulatory excess deferred taxes, to be returned, tranche one | Maximum
Income Tax Contingency [Line Items]
Return basis, term	60 months
Regulatory excess deferred taxes, to be returned, tranche two
Income Tax Contingency [Line Items]
Regulatory liabilities	$ 49,000
Regulatory excess deferred taxes, to be returned, tranche two | Minimum
Income Tax Contingency [Line Items]
Return basis, term	15 years
Regulatory excess deferred taxes, to be returned, tranche two | Maximum
Income Tax Contingency [Line Items]
Return basis, term	68 years
Regulatory excess deferred taxes, to be returned, tranche three
Income Tax Contingency [Line Items]
Deferred tax liabilities, net	$ 14,500

Financial Instruments - Narrati

Financial Instruments - Narrative (Details)	3 Months Ended
	Dec. 31, 2024 USD ($) MMcf	Dec. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)
Derivative [Line Items]
Purchase commitment volume | MMcf	15,053
Contract netting	$ 0		$ 0
Cash collateral	0		$ 0
Net (gain) loss on settled interest rate agreements	(5,100,000)	$ (3,200,000)
Net realized gains in AOCI	$ 391,000,000
Designated As Hedge | Gas Purchases | Commodity contracts
Derivative [Line Items]
Purchase commitment volume | MMcf	24,000
Designated As Hedge | Gas Purchases | Commodity contracts | Minimum
Derivative [Line Items]
Hedging percent	25%
Designated As Hedge | Gas Purchases | Commodity contracts | Maximum
Derivative [Line Items]
Hedging percent	50%

Financial Instruments - Schedul

Financial Instruments - Schedule of Interest Rate Risk Management Activities (Details) - Cash Flow Hedging - Designated As Hedge $ in Thousands	Dec. 31, 2024 USD ($)
Forward Interest Rate Swap
Derivative [Line Items]
Derivative notional amount	$ 300,000
Forward Interest Rate Swap, Planned Issued Fiscal 2026
Derivative [Line Items]
Derivative notional amount	$ 300,000

Financial Instruments - Sched_2

Financial Instruments - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Derivatives Fair Value [Line Items]
Gross/net financial instruments, assets	$ 120,951	$ 96,288
Gross/net financial instruments, liabilities	(4,063)	(7,637)
Designated As Hedges:
Derivatives Fair Value [Line Items]
Gross/net financial instruments, assets	117,154	91,981
Gross/net financial instruments, liabilities	0	0
Designated As Hedges: | Interest rate contracts
Derivatives Fair Value [Line Items]
Gross/net financial instruments, assets	117,154	91,981
Gross/net financial instruments, liabilities	0	0
Not Designated As Hedges:
Derivatives Fair Value [Line Items]
Gross/net financial instruments, assets	3,797	4,307
Gross/net financial instruments, liabilities	(4,063)	(7,637)
Not Designated As Hedges: | Other current assets | Commodity contracts
Derivatives Fair Value [Line Items]
Gross/net financial instruments, assets	2,459	2,091
Not Designated As Hedges: | Other current liabilities | Commodity contracts
Derivatives Fair Value [Line Items]
Gross/net financial instruments, liabilities	(4,063)	(7,324)
Not Designated As Hedges: | Deferred charges and other assets | Commodity contracts
Derivatives Fair Value [Line Items]
Gross/net financial instruments, assets	1,338	2,216
Not Designated As Hedges: | Deferred credits and other liabilities | Commodity contracts
Derivatives Fair Value [Line Items]
Gross/net financial instruments, liabilities	$ 0	$ (313)

Financial Instruments - Sched_3

Financial Instruments - Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Increase (decrease) in fair value:
Interest rate agreements	$ 19,719	$ (47,741)
Recognition of (gains) losses in earnings due to settlements:
Interest rate agreements	(3,158)	(2,491)
Total other comprehensive income (loss) from hedging, net of tax	$ 16,561	$ (50,232)

Financial Instruments - Sched_4

Financial Instruments - Schedule Of Expected Deferred Gains (Losses) Recognition (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Next twelve months	$ 15,925
Thereafter	375,062
Total	$ 390,987

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Financial instruments net assets	$ 120,951	$ 96,288
Debt and equity securities	109,564	110,594
Total assets	230,515	206,882
Financial instruments net liability	4,063	7,637
Registered investment companies
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	27,344	28,311
Bond mutual funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	40,332	40,341
Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt securities	39,381	39,142
Money market funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	2,507	2,800
Quoted Prices in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Financial instruments gross assets	0	0
Debt and equity securities	67,676	68,652
Total assets	67,676	68,652
Financial instruments gross liability	0	0
Quoted Prices in Active Markets (Level 1) | Registered investment companies
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	27,344	28,311
Quoted Prices in Active Markets (Level 1) | Bond mutual funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	40,332	40,341
Quoted Prices in Active Markets (Level 1) | Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt securities	0	0
Quoted Prices in Active Markets (Level 1) | Money market funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	0	0
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Financial instruments gross assets	120,951	96,288
Debt and equity securities	41,888	41,942
Total assets	162,839	138,230
Financial instruments gross liability	4,063	7,637
Significant Other Observable Inputs (Level 2) | Registered investment companies
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	0	0
Significant Other Observable Inputs (Level 2) | Bond mutual funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	0	0
Significant Other Observable Inputs (Level 2) | Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt securities	39,381	39,142
Significant Other Observable Inputs (Level 2) | Money market funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	2,507	2,800
Significant Other Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Financial instruments gross assets	0	0
Debt and equity securities	0	0
Total assets	0	0
Financial instruments gross liability	0	0
Significant Other Unobservable Inputs (Level 3) | Registered investment companies
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	0	0
Significant Other Unobservable Inputs (Level 3) | Bond mutual funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	0	0
Significant Other Unobservable Inputs (Level 3) | Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt securities	0	0
Significant Other Unobservable Inputs (Level 3) | Money market funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	Dec. 31, 2024	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Allowance for credit losses	$ 0
Cost basis	$ 39,300,000	$ 38,900,000

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Carrying Amount	$ 8,435,000	$ 7,785,000
Fair Value	$ 7,484,877	$ 7,337,936