XML 30 R15.htm IDEA: XBRL DOCUMENT
v3.20.2

Debt | 12 Months Ended
--- | ---
Sep. 30, 2020
Debt Disclosure [Abstract] |
Debt | Debt Credit facilities Our corporate credit agreement provides for a revolving line of credit up to $400 million that may be used for revolving loans, swingline loans (subject to a sublimit of $5 million), and to request letters of credit, subject to a sub-limit of $50 million. The line of credit is available for general corporate purposes, including working capital, capital expenditures and acquisitions. Borrowings are permitted in currencies other than the U.S. Dollar. In September 2017, we extended the term of our credit agreement to September 2022, at which time all outstanding borrowings must be repaid. At September 30, 2020, we have no outstanding borrowings under the credit agreement. This credit agreement requires us to comply with covenants, including a maximum total leverage ratio and a minimum fixed charge coverage ratio. We were in compliance with all covenants as of September 30, 2020. Our obligations under the credit agreement are guaranteed by material domestic subsidiaries of the Company but are otherwise unsecured. In the event that our total leverage ratio, as defined in the credit agreement, exceeds 2.50:1, we would be obliged to provide security in the form of the assets of the parent Company and certain of its subsidiaries. Our credit agreement contains no restrictions on the payment of dividends as long as our leverage ratio does not exceed 2.50:1. At September 30, 2020, our total leverage ratio was less than 1.0:1.0. We do not believe that the provisions of the credit agreement represent a significant restriction to the successful operation of the business or to our ability to pay dividends. This credit agreement provides for an annual commitment fee payable on funds not borrowed or utilized for letters of credit. This charge is based upon our leverage and varies between 0.125% and 0.275%. Commitment fees are recorded as interest expense on the consolidated statements of operations. Borrowings under the Credit Agreement bear interest at our choice at either (a) a Base Rate plus a margin that varies between 0.0% and 0.75% per year, (b) a Eurocurrency Rate plus an applicable margin that varies between 1.0% and 1.75% per year or (c) an Index Rate plus an applicable margin which varies between 1.0% and 1.75% per year. The Base Rate, Eurocurrency Rate and Index Rate are defined by the Credit Agreement. In September 2020, we entered into a bilateral term facility agreement in Australia that provides for borrowings up to 65 million Australian Dollars. This may be used, among other purposes, for general corporate and working capital purposes. At September 30, 2020, we have outstanding borrowings of $21.4 million under this facility agreement, of which $3.6 million is due in fiscal year 2021. The bilateral term facility requires us to comply with a financial covenant, which states that the liquidity of our Australian business be equal to or greater than 25 million Australian Dollars. It provides for a quarterly commitment fee payable on the funds not borrowed or utilized at the rate of 0.80%. Borrowings under this credit facility bears interest at a Base Rate of 2.00% per annum plus the Australian Bank Bill Swap Bid Rate. In addition to our credit agreement, we established smaller facilities in Canada and the United Kingdom in order to allow our businesses to meet short-term working capital needs. In the event of a need for more significant funding, our credit facility provides for the ability to borrow in foreign currencies. At September 30, 2020, we have outstanding borrowings of $7.0 million under these facility agreements. At September 30, 2020, and 2019, we had letters of credit totaling $5.0 million and $3.2 million, respectively. Interest payments During the fiscal years ended September 30, 2020, 2019, and 2018, we made interest payments of $1.6 million, $2.5 million and $0.6 million, respectively.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration