XML 30 R17.htm IDEA: XBRL DOCUMENT v3.25.0.1
Debt
 3 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
The detail of long-term debt was as follows:
December 31, 2024September 30, 2024
Senior Secured Term Loan Facility due 2027$757.0 $782.0 
6.500% Senior Notes due 2027300.0 300.0 
4.750% Senior Notes due 2028583.7 583.7 
4.375% Senior Notes due 2029791.3 791.3 
3.50% Senior Notes due 2029 (Euro Notes of €650.0)(1)
673.0 723.8 
Finance lease obligations47.6 49.2 
Total long-term debt, including current maturities$3,152.6 $3,230.0 
Less current portion(13.0)(12.6)
Less unamortized debt premium and debt issuance fees(22.3)(24.4)
Total long-term debt$3,117.3 $3,193.0 
(1) Changes in the USD balance of the Euro denominated 3.50% Senior Notes due in 2029 is due to movements in the currency rate year-over-year.

Credit Agreement - During the first quarter of fiscal 2025, the Company pre-paid $22.0 of the Senior Secured Term Loan due in 2027. During the first quarter of fiscal 2024, the Company pre-paid $75.0 of the Senior Secured Term Loan due in 2027.
Borrowings under the Term Loan require quarterly principal payments at a rate of 0.25% of the original principal balance, or $3.0. Borrowings under the Revolving Facility bear interest at a rate per annum equal to, at the option of the Company, Secured Overnight Finance Rate (SOFR) or the Base Rate (as defined) plus the applicable margin. The Term Loan bears interest at a rate per annum equal to SOFR plus the applicable margin. The Credit Agreement also contains customary affirmative and restrictive covenants.

The Company has an interest rate swap that fixes the variable benchmark component (SOFR) at an interest rate of 1.042% on variable rate debt of $600.0. The notional value of the swap will decrease by $100.0 each year on December 22nd, until its termination date on December 22, 2027. Refer to Note 12, Financial Instruments and Risk Management, for additional information on the Company's interest rate swap transactions.

As of December 31, 2024 and 2023, the Company had no outstanding borrowings under the Revolving Facility and $7.6 of outstanding letters of credit. Taking into account outstanding letters of credit, $492.4 remained available under the Revolving Facility as of December 31, 2024. At both December 31, 2024 and September 30, 2024, the Company's weighted average interest rate on short-term borrowings was 7.7% and 7.3%, respectively.

The prepayment of the Term Loan during the first quarters of fiscal 2025 and 2024 resulted in a net Loss on extinguishment of debt for the quarters ended December 31, 2024 and 2023 of $0.1 and $0.5, respectively, recorded on the Consolidated (Condensed) Statement of Earnings and Comprehensive Income.

Notes payable - The Company had $1.7 in Notes payable at December 31, 2024 and $2.1 at September 30, 2024. The balances are comprised of other borrowings, including those from foreign affiliates. At December 31, 2024 and September 30, 2024, the Company had no outstanding borrowings on the Revolving Facility.

Debt Covenants - The agreements governing the Company's debt contain certain customary representations and warranties, affirmative, negative and financial covenants and provisions relating to events of default. If the Company fails to comply with these covenants or with other requirements of these debt agreements, the lenders may have the right to accelerate the maturity of the debt. Acceleration under one of these debt agreements would trigger cross defaults to other borrowings. As of December 31, 2024, the Company was in compliance with the provisions and covenants associated with its debt agreements.

The counterparties to long-term committed borrowings consist of a number of major financial institutions. The Company consistently monitors positions with, and credit ratings of, counterparties both internally and by using outside ratings agencies.

Debt Maturities - Aggregate maturities of long-term debt as of December 31, 2024 are as follows:
Long-term debt
One year$12.0 
Two year12.0 
Three year1,033.0 
Four year583.7 
Five year1,464.3 
Total long-term debt payments due$3,105.0