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Securitizations and Variable Interest Entities | 12 Months Ended
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Sep. 30, 2016
Securitizations and Variable Interest Entities [Abstract] |
Securitizations and Variable Interest Entities | Collateralized Loan Obligations In February 2013, Salus completed a collateralized loan obligation (“CLO”) securitization with a notional aggregate principal amount of $175.5 of the asset-based loans that it had originated through that date. In September 2013, Salus increased the CLO securitization to a notional aggregate principal amount of $331.1 of the asset-based loans that it had originated through that date. Salus’ continuing involvement with the trust created as part of the securitization include servicing the receivables; retaining an undivided interest (seller’s interest) in the receivables; and holding certain retained interests in subordinate securities, subordinate interests in accrued interest and fees on the securitized receivables, and cash reserve accounts. Salus continues to consolidate the loans transferred into the trust as it has determined that it is the primary beneficiary of the variable-interest entity represented by the trust, as result of it holding subordinate interest and servicing the receivables. Neither the Company nor Salus provided guarantees or recourse to the securitization trust other than standard representations and warranties. Included within “Other assets” in the accompanying Consolidated Balance Sheets as of September 30, 2016 and 2015 were asset-based loans of $29.3 and $197.8, respectively, that serve as collateral to the obligations of the CLO. Such obligations include obligations to non-affiliates of $38.9, net of discount of $0.8 and $39.5, net of discount of $0.9, respectively. The unaffiliated obligations of the CLO are included within “Debt” in the accompanying Consolidated Balance Sheets as of September 30, 2016 and 2015, respectively. At September 30, 2016 and 2015, the total liabilities of the consolidated VIE included $96.3 and $317.3, respectively, of seller’s interest. For additional information related to the increases in the provision for credit losses on the asset-based loan portfolio, see Note 13, Other Assets. For additional information related to the reduction in senior secured and subordinated CLO debt, see Note 15, Debt. The table below summarizes select information related to the CLO vehicle in which Salus held a variable interest at September 30, 2016 and 2015:
|  | September 30,
|  | 2016 |  | 2015
Maximum loss exposure |  | $ | 29.3 |  |  | $ | 197.8 |
Asset-based loans receivable |  | $ | 29.3 |  |  | $ | 197.8 |
Cash and other assets |  | 13.7 |  |  | 85.8 |
Total assets of consolidated VIE |  | $ | 43.0 |  |  | $ | 283.6 |
Senior, Secured |  | $ | — |  |  | $ | 219.2 |
Subordinated |  | 135.2 |  |  | 137.6 |
Long-term debt |  | 135.2 |  |  | 356.8 |
Other liabilities |  | — |  |  | 0.7 |
Total liabilities of consolidated VIE |  | $ | 135.2 |  |  | $ | 357.5 |

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