Long-Term Debt

3 Months Ended

Dec. 31, 2025

LONG-TERM DEBT

The components of “Long-term debt” on the Condensed Consolidated Balance Sheets are presented in the following table.


	December 31, 2025		September 30, 2025
2.50% convertible senior notes maturing August 2027	$	575.0	$	575.0
4.50% senior notes maturing September 2031	980.6		980.6
4.625% senior notes maturing April 2030	1,385.4		1,385.4
5.50% senior notes maturing December 2029	—		1,235.0



6.25% senior secured notes maturing February 2032	1,000.0		1,000.0
6.250% senior notes maturing October 2034	600.0		600.0

6.375% senior notes maturing March 2033	1,200.0		1,200.0
6.50% senior notes maturing March 2036	1,300.0		—






Revolving Credit Facility	430.0		440.0
Leaseback financial liabilities	33.2		33.2

Municipal bond	3.0		3.0

	$	7,507.2	$	7,452.2
Less: Current portion of long-term debt	1.2		1.2
Debt issuance costs, net	57.2		48.9
Plus: Unamortized premium, net	9.1		19.6
Total long-term debt	$	7,457.9	$	7,421.7

Long-Term Debt - Senior Notes

Convertible Senior Notes

On August 12, 2022, the Company issued $575.0 principal value of 2.50% convertible senior notes maturing in August 2027. The initial conversion rate of the 2.50% convertible senior notes is 9.4248 shares of the Company’s common stock per one thousand dollars principal amount of the 2.50% convertible senior notes, which represents an initial conversion price of approximately $106.10 per share of common stock. The conversion rate, and thus the conversion price, may be adjusted under certain circumstances as described in the indenture governing the 2.50% convertible senior notes (the “Convertible Notes Indenture”). The Company may settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election. If a “make-whole fundamental change” (as defined in the Convertible Notes Indenture) occurs, then the Company must in certain circumstances increase the conversion rate for a specified period of time.

The 2.50% convertible senior notes may be converted at the holder’s option up to the second scheduled trading day immediately before the maturity date of August 15, 2027 under the following circumstances:

•during any calendar quarter (and only during such calendar quarter), if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price for each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;

•during the five consecutive business days immediately after any 10 consecutive trading day period (such 10 consecutive trading day period, the “Measurement Period”) in which the trading price per one thousand dollars principal amount of the 2.50% convertible senior notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price per share of the Company’s common stock on such trading day and the conversion rate on such trading day;

•upon the occurrence of certain corporate events or distributions on the Company’s common stock described in the Convertible Notes Indenture;

•if the Company calls the 2.50% convertible senior notes for redemption; and

•at any time from, and including, May 15, 2027 until the close of business on the second scheduled trading day immediately before the August 15, 2027 maturity date.

If a “fundamental change” (as defined in the Convertible Notes Indenture) occurs, then, except as described in the Convertible Notes Indenture, holders of the 2.50% convertible senior notes may require the Company to repurchase their 2.50% convertible senior notes at a cash repurchase price equal to the principal amount of the 2.50% convertible senior notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the “fundamental change repurchase date” (as defined in the Convertible Notes Indenture).

The 2.50% convertible senior notes may be redeemed, in whole or in part (subject to the partial redemption limitation described in the Convertible Notes Indenture), at the Company’s option at any time, and from time to time, on or before the 35th scheduled trading day immediately before August 15, 2027, at a cash redemption price equal to the principal amount of the 2.50% convertible senior notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, only if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice, and (ii) the trading day immediately before the date the Company sends such notice.

As of both December 31, 2025 and September 30, 2025, none of the conditions permitting holders to convert their 2.50% convertible senior notes had been satisfied, and no shares of the Company’s common stock had been issued in connection with any conversions of the 2.50% convertible senior notes.

The 2.50% convertible senior notes had no embedded features that required separate bifurcation under ASC Topic 815 as of December 31, 2025 or September 30, 2025. As such, the 2.50% convertible senior notes were recorded at the principal amount, net of unamortized issuance costs, on the Condensed Consolidated Balance Sheets as of both December 31, 2025 and September 30, 2025.

Other Senior Notes

On December 15, 2025, the Company issued $1,300.0 principal value of 6.50% senior notes maturing in March 2036. The 6.50% senior notes were issued at par and the Company received $1,284.7 after incurring underwriting fees and other fees and expenses of $15.3, which were deferred and are being amortized to interest expense over the term of the notes. Interest payments on the 6.50% senior notes are due semi-annually each March 15 and September 15, with the first interest payment

due on March 15, 2026. With the net proceeds received from the 6.50% senior notes issuance, the Company redeemed the remaining balance of the Company’s outstanding 5.50% senior notes maturing in December 2029 and all accrued and unpaid interest to the redemption date. For additional information, see “Repayments of Debt” below.

The 6.50% senior notes are fully and unconditionally guaranteed, jointly and severally, on a senior, unsecured basis by each of the Company’s existing and subsequently acquired or organized domestic subsidiaries (other than immaterial subsidiaries, certain excluded subsidiaries and subsidiaries the Company designates as unrestricted subsidiaries).

Long-Term Debt - Credit Agreement

Credit Agreement

On February 20, 2024, the Company entered into a third amendment to the Company’s second amended and restated credit agreement (as from time to time amended, modified or supplemented, including by the first amendment, the second amendment and the third amendment, the “Credit Agreement”). The Credit Agreement provides for a revolving credit facility in an aggregate principal amount of $1,000.0 (the “Revolving Credit Facility”), with the commitments thereunder to be made available to the Company in U.S. Dollars, Canadian Dollars, Euros and Pounds Sterling. Letters of credit are available under the Credit Agreement in an aggregate amount of up to $75.0. The maturity date of the Revolving Credit Facility is February 20, 2029.

Borrowings in U.S. Dollars under the Revolving Credit Facility bear interest, at the option of the Company, at an annual rate equal to either (a) the adjusted term SOFR rate (as defined in the Credit Agreement) or (b) the base rate determined by reference to the highest of (i) the prime rate, (ii) the NYFRB Rate (as defined in the Credit Agreement) plus 0.50% per annum and (iii) the one-month adjusted term SOFR rate plus 1.00% per annum, in each case plus an applicable margin, which is determined by reference to the secured net leverage ratio (as defined in the Credit Agreement). The applicable margin for adjusted term SOFR rate loans and base rate loans is (i) 2.00% and 1.00%, respectively, if the secured net leverage ratio is greater than or equal to 3.00:1.00, (ii) 1.75% and 0.75%, respectively, if the secured net leverage ratio is less than 3.00:1.00 and greater than or equal to 1.50:1.00 or (iii) 1.50% and 0.50%, respectively, if the secured net leverage ratio is less than 1.50:1.00. Commitment fees on the daily unused amount of commitments under the Revolving Credit Facility accrue at a rate of 0.375% if the Company’s secured net leverage ratio is greater than or equal to 3.00:1.00, and accrue at a rate of 0.25% if the Company’s secured net leverage ratio is less than 3.00:1.00.

During the three months ended December 31, 2025, the Company borrowed $185.0 and repaid $195.0 under the Revolving Credit Facility. During the three months ended December 31, 2024, the Company had no borrowings or repayments under the Revolving Credit Facility. As of December 31, 2025, the Revolving Credit Facility had outstanding borrowings of $430.0, outstanding letters of credit of $24.1 and an available borrowing capacity of $545.9. As of September 30, 2025, the Revolving Credit Facility had outstanding borrowings of $440.0, outstanding letters of credit of $22.3 and an available borrowing capacity of $537.7. As of December 31, 2025 and September 30, 2025, the weighted-average interest rate on the outstanding borrowings under the Revolving Credit Facility was 5.66% and 5.83%, respectively.

The Credit Agreement provides for potential incremental revolving and term facilities at the request of the Company and at the discretion of the lenders or other persons providing such incremental facilities, in each case on terms to be determined, and also permits the Company to incur other secured or unsecured debt, in all cases subject to conditions and limitations specified in the Credit Agreement.

The Credit Agreement provides for customary events of default, including material breach of representations and warranties, failure to make required payments, failure to comply with certain agreements or covenants, failure to pay or default under certain other indebtedness in excess of $125.0, certain events of bankruptcy and insolvency, inability to pay debts, the occurrence of one or more unstayed or undischarged judgments in excess of $125.0, attachments issued against all or any material part of the Company’s property, certain events under the Employee Retirement Income Security Act of 1974, a change of control (as defined in the Credit Agreement), the invalidity of any loan document and the failure of the collateral documents to create a valid and perfected first priority lien (subject to certain permitted liens). Upon the occurrence and during the continuance of an event of default, the maturity of the loans under the Credit Agreement may accelerate and the agent and lenders under the Credit Agreement may exercise other rights and remedies available at law or under the loan documents, including with respect to the collateral and guarantees of the Company’s obligations under the Credit Agreement.

Long-Term Debt - Repayments & Other

Repayments of Debt

The following table presents the Company’s principal repayments of debt, which were included in the Condensed Consolidated Statements of Cash Flows, and the associated loss (gain) related to such repayments, which were included in “Loss on extinguishment of debt, net” in the Condensed Consolidated Statements of Operations.


					Loss on Extinguishment of Debt, net
Debt Instrument		Principal Amount Repaid				Debt Premiums Paid			Write-off of Debt Issuance Costs			Write-off of Unamortized Premiums





























	Three Months Ended December 31, 2025
	5.50% senior notes		$	1,235.0			$	22.6		$	4.4		$	(9.5)



	Revolving Credit Facility		195.0				—			—			—


	Total		$	1,430.0			$	22.6		$	4.4		$	(9.5)

	Three Months Ended December 31, 2024

	5.625% senior notes		$	464.9			$	4.4		$	1.4		$	—

Debt Covenants

Under the terms of the Credit Agreement, the Company is required to comply with a financial covenant consisting of a secured net leverage ratio (as defined in the Credit Agreement) not to exceed 4.25:1.00, measured as of the last day of any fiscal quarter, if, as of the last day of such fiscal quarter, the aggregate outstanding amount of all revolving credit loans, swing line loans and letter of credit obligations (subject to certain exceptions specified in the Credit Agreement) exceeds 30% of the Company’s revolving credit commitments. As of December 31, 2025, the Company was in compliance with this financial covenant.