XML 43 R32.htm IDEA: XBRL DOCUMENT v3.21.1
Borrowings and Credit Arrangements (Tables)
 6 Months Ended
Mar. 27, 2021
Debt Disclosure [Abstract]  
Company's Borrowings
The Company’s borrowings consisted of the following: 
March 27,
2021		September 26,
2020
Current debt obligations, net of debt discount and deferred issuance costs:
Term Loan$74.9 $74.9 
Revolver— 250.0 
Total current debt obligations$74.9 $324.9 
Long-term debt obligations, net of debt discount and issuance costs:
Term Loan1,343.6 1,379.9 
2025 Senior Notes— 939.4 
2028 Senior Notes395.0 394.6 
2029 Senior Notes933.5 — 
Total long-term debt obligations$2,672.1 $2,713.9 
Total debt obligations$2,747.0 $3,038.8 
Schedule of Line of Credit Facilities
Interest expense, weighted average interest rates, and the interest rate at the end of period under the Credit Agreements were as follows: 
Three Months EndedSix Months Ended
March 27, 2021March 28, 2020March 27, 2021March 28, 2020
Interest expense$5.3 $13.0 $11.8 $26.6 
Weighted average interest rate1.12 %2.75 %1.17 %2.93 %
Interest rate at end of period1.11 %2.33 %1.11 %2.33 %
Schedule Of Interest Expense Under Convertible Notes
2029 Senior Notes

As of March 27, 2021, the Company had 2029 Senior Notes outstanding in the aggregate principal balance of $950 million. The 2029 Senior Notes are general senior unsecured obligations of the Company and are guaranteed on a senior unsecured basis by certain domestic subsidiaries. The 2029 Senior Notes mature on February 15, 2029 and bear interest at the rate of 3.250% per year, payable semi-annually on February 15 and August 15 of each year, commencing on February 15, 2021.

The Company may redeem the 2029 Senior Notes at any time prior to September 28, 2023 at a price equal to 100% of the aggregate principal amount so redeemed, plus accrued and unpaid interest, if any, to the redemption date and a make-whole premium set forth in the indenture. The Company may also redeem up to 40% of the aggregate principal amount of the 2029 Senior Notes with the net cash proceeds of certain equity offerings at any time and from time to time before September 28, 2023, at a redemption price equal to 103.250% of the aggregate principal amount so redeemed, plus accrued and unpaid interest, if any, to the redemption date. The Company also has the option to redeem the 2029 Senior Notes on or after: September 28, 2023 through September 27, 2024 at 101.625% of par; September 28, 2024 through September 27, 2025 at 100.813% of par; and September 28, 2025 and thereafter at 100% of par. In addition, if the Company undergoes a change of control coupled with a decline in ratings, as provided in the indenture, the Company will be required to make an offer to purchase each holder’s 2029 Senior Notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest, if any, to the repurchase date.

The Company evaluated the 2029 Senior Notes for derivatives pursuant to ASC 815 and did not identify any embedded derivatives that require bifurcation. All features were deemed to be clearly and closely related to the host instrument.
Interest expense for the 2029 Senior Notes, 2028 Senior Notes and 2025 Senior Notes was as follows:
Three Months EndedSix Months Ended
March 27, 2021March 28, 2020March 27, 2021March 28, 2020
Interest RateInterest ExpenseInterest ExpenseInterest ExpenseInterest Expense
2025 Senior Notes4.375 %$— $10.9 $2.3 $21.8 
2028 Senior Notes4.625 %4.8 4.8 9.6 9.6 
2029 Senior Notes3.250 %8.3 — 16.3 — 
Total$13.1 $15.7 $28.2 $31.4