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v3.25.1

Debt | 6 Months Ended
--- | ---
Mar. 31, 2025
Debt Disclosure [Abstract] |
Debt | 10. Debt As of March 31, 2025 and September 30, 2024, we had the following debt obligations:
(in thousands) |  | March 31, 2025 |  |  | September 30, 2024 |
4.000% Senior notes due 2028 |  | $ | 500,000 |  |  | $ | 500,000 |
3.625% Senior notes due 2025 |  |  | — |  |  |  | 500,000 |
Credit facility revolver line(1)(2) |  |  | 411,250 |  |  |  | 262,000 |
Credit facility term loan(1)(2) |  |  | 481,250 |  |  |  | 490,625 |
Total debt |  |  | 1,392,500 |  |  |  | 1,752,625 |
Unamortized debt issuance costs for the senior notes(3) |  |  | (3,107 | ) |  |  | (4,053 | )
Total debt, net of issuance costs(4) |  | $ | 1,389,393 |  |  | $ | 1,748,572 |
(1) Unamortized debt issuance costs related to the credit facility were $2.7 million included in Other current assets and $4.7 million included in Other assets on the Consolidated Balance Sheet as of March 31, 2025 and $2.3 million included in Other current assets and $5.2 million included in Other assets on the Consolidated Balance Sheet as of September 30, 2024. (2) The stated maturity date under the credit facility on which both the revolver line and the term loan will mature and all amounts then outstanding will become due and payable is January 3, 2028. The term loan began amortizing in March 2024, with payments of $12.5 million remaining in 2025, $25.0 million in 2026 and 2027, and $418.7 million in 2028. (3) As of March 31, 2025, all unamortized debt issuance costs for the senior notes were included in Long-term debt on the Consolidated Balance Sheet. As of September 30, 2024, $0.4 million of unamortized debt issuance costs for the senior notes was included in Current portion of long-term debt and $3.6 million was included in Long-term debt on the Consolidated Balance Sheet. (4) As of March 31, 2025, $25.0 million of debt associated with the credit facility term loan was classified as short term. As of September 30, 2024, $521.5 million of debt was classified as short term, including $499.6 million associated with the 2025 senior notes and related debt issuance costs and $21.9 million associated with the credit facility term loan. Senior Unsecured Notes In February 2020, we issued $500 million in aggregate principal amount of 4.0% senior, unsecured long-term debt at par value, due in 2028 (the 2028 notes) and $500 million in aggregate principal amount of 3.625% senior, unsecured long-term debt at par value, due in February 2025 (the 2025 notes). In the second quarter of 2025, we redeemed the 2025 notes using a draw on our revolving credit facility and cash on hand. As of March 31, 2025, the total estimated fair value of the 2028 notes was approximately $481.3 million based on quoted prices for the notes on that date. We were in compliance with all the covenants for our senior notes as of March 31, 2025. Credit Agreement Our credit facility consists of (i) a $1.25 billion revolving credit facility, (ii) a $500 million term loan credit facility, and (iii) an incremental facility pursuant to which we may incur additional term loan tranches or increase the revolving credit facility. On October 1, 2024, we entered into an amendment to our credit facility which removed a repayment obligation as of November 16, 2024 in the event that the 2025 notes had not been redeemed or refinanced as of that date. As of March 31, 2025, unused commitments under our credit facility were $838.8 million and amounts available for borrowing were $823.3 million. As of March 31, 2025, the fair value of our credit facility approximates its book value. PTC and certain eligible foreign subsidiaries are eligible borrowers under the credit facility. As of March 31, 2025, $241.3 million was borrowed by an eligible foreign subsidiary borrower. Loans under the credit facility bear interest at variable rates. As of March 31, 2025, the annual rate for borrowings outstanding was 5.9%. A quarterly revolving commitment fee on the undrawn portion of the revolving credit facility is required, ranging from 0.175% to 0.325% per annum, based upon our total leverage ratio. As of March 31, 2025, we were in compliance with all financial and operating covenants of the credit facility. Interest We incurred interest expense on our debt of $19.6 million and $41.7 million in the second quarter and first six months of 2025, respectively, and $31.6 million and $66.9 million in the second quarter and first six months of 2024, respectively. The average interest rate on borrowings outstanding was approximately 4.9% and 4.8% during the second quarter and first six months of 2025, respectively, and 5.5% and 5.6% during the second quarter and first six months of 2024.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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