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Debt And Derivatives | 6 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
Debt And Derivatives | DEBT AND DERIVATIVES
Table 6.1: Details of Debt
| March 31, 2024 |  | September 30, 2023
| (in thousands)
Term Loan A, due 2026 | $ | 868,125 |  |  | $ | 909,375 |
Term Loan B, due 2028 | 343,170 |  |  | 344,934 |
Subsidiary loan agreements | 4,892 |  |  | 3,220 |
Total debt principal | 1,216,187 |  |  | 1,257,529 |
Less: Unamortized debt-issuance costs and discounts | (6,333) |  |  | (7,536) |
Total debt | 1,209,854 |  |  | 1,249,993 |
Less: Current portion of long-term debt | (88,517) |  |  | (86,844) |
Long-term debt | $ | 1,121,337 |  |  | $ | 1,163,149 |
Our credit agreements require us to comply with a number of covenants, including leverage and interest coverage ratios. At March 31, 2024, we are in compliance with all covenants. We do not believe that the covenants represent a significant restriction on our ability to successfully operate the business or to pay dividends. The following table sets forth future minimum principal payments due under our debt obligations as of March 31, 2024, for the remainder of fiscal year 2024 through fiscal year 2028:
Table 6.2: Details of Future Minimum Principal Payments Due
| Amount Due
| (in thousands)
April 1, 2024 through September 30, 2024 | $ | 47,906 |
Year ended September 30, 2025 | 92,903 |
Year ended September 30, 2026 | 741,028 |
Year ended September 30, 2027 | 3,528 |
Year ended September 30, 2028 | 330,822 |
Total Payments | $ | 1,216,187 |
Interest Rate Derivative Instruments To reduce our interest rate credit risk, we entered into interest-rate swap agreements covering $650 million of our Term Loan A, effectively setting a fixed rate for a portion of our debt. The balance of the debt pays interest based upon a floating index. At March 31, 2024, our effective interest rate, including the original issuance costs and discount rate, was 5.9%. At March 31, 2024, we recorded an asset of $22.6 million to reflect the fair value of these interest rate swap agreements, compared to an asset of $31.0 million at September 30, 2023. The asset is recorded as "other assets" within our consolidated balance sheet. Our interest rate agreement for a notional amount of $150 million expires in September 2024; the remaining balance of our swap agreements expires in May 2026, concurrent with the maturity of Term Loan A.
Debt And Derivatives | DEBT AND DERIVATIVES
Table 6.1: Details of Debt
| March 31, 2024 |  | September 30, 2023
| (in thousands)
Term Loan A, due 2026 | $ | 868,125 |  |  | $ | 909,375 |
Term Loan B, due 2028 | 343,170 |  |  | 344,934 |
Subsidiary loan agreements | 4,892 |  |  | 3,220 |
Total debt principal | 1,216,187 |  |  | 1,257,529 |
Less: Unamortized debt-issuance costs and discounts | (6,333) |  |  | (7,536) |
Total debt | 1,209,854 |  |  | 1,249,993 |
Less: Current portion of long-term debt | (88,517) |  |  | (86,844) |
Long-term debt | $ | 1,121,337 |  |  | $ | 1,163,149 |
Our credit agreements require us to comply with a number of covenants, including leverage and interest coverage ratios. At March 31, 2024, we are in compliance with all covenants. We do not believe that the covenants represent a significant restriction on our ability to successfully operate the business or to pay dividends. The following table sets forth future minimum principal payments due under our debt obligations as of March 31, 2024, for the remainder of fiscal year 2024 through fiscal year 2028:
Table 6.2: Details of Future Minimum Principal Payments Due
| Amount Due
| (in thousands)
April 1, 2024 through September 30, 2024 | $ | 47,906 |
Year ended September 30, 2025 | 92,903 |
Year ended September 30, 2026 | 741,028 |
Year ended September 30, 2027 | 3,528 |
Year ended September 30, 2028 | 330,822 |
Total Payments | $ | 1,216,187 |
Interest Rate Derivative Instruments To reduce our interest rate credit risk, we entered into interest-rate swap agreements covering $650 million of our Term Loan A, effectively setting a fixed rate for a portion of our debt. The balance of the debt pays interest based upon a floating index. At March 31, 2024, our effective interest rate, including the original issuance costs and discount rate, was 5.9%. At March 31, 2024, we recorded an asset of $22.6 million to reflect the fair value of these interest rate swap agreements, compared to an asset of $31.0 million at September 30, 2023. The asset is recorded as "other assets" within our consolidated balance sheet. Our interest rate agreement for a notional amount of $150 million expires in September 2024; the remaining balance of our swap agreements expires in May 2026, concurrent with the maturity of Term Loan A.

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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 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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