Debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Debt The detail of long-term debt was as follows:
(1) Changes in the USD balance of the Euro denominated 3.50% Senior Notes due in 2029 is due to movements in the currency rate year-over-year. Credit Agreement - During the first quarter of fiscal 2025, the Company pre-paid $22.0 of the Senior Secured Term Loan due in 2027. During the three and nine months ended 2024, the Company pre-paid $6.0 and $141.0, respectively, of the Senior Secured Term Loan due in 2027. On March 19, 2025, the Company entered into an amended and restated agreement which extended the term of its $760 Senior Secured Term Loan (Term Loan) to 2032 and its $500 Revolving Credit Facility (Revolving Facility) to 2030. The transaction was leverage neutral and the Company paid debt issuance costs of $8.0 as of June 30, 2025 and recorded a Loss on extinguishment/modification of debt during the second quarter of fiscal 2025 of $5.2 on the Consolidated (Condensed) Statement of Earnings and Comprehensive Income. On the Consolidated (Condensed) Statement of Cash Flows, the financing cash inflows and outflows associated with this transaction were determined on a lender-by-lender basis for the Term Loan. Borrowings under the Term Loan require quarterly principal payments at a rate of 0.25% of the original principal balance, or $1.9. Borrowings under the Revolving Facility bear interest at a rate per annum equal to, at the option of the Company, an adjusted rate based on the Secured Overnight Finance Rate (SOFR) or the Base Rate (as defined in the Credit Agreement) then in effect plus the applicable margin. The Term Loan bears interest at a rate per annum equal to SOFR plus the applicable margin. The Credit Agreement also contains customary affirmative and restrictive covenants. The Company has an interest rate swap that fixes the variable benchmark component (SOFR) at an interest rate of 1.042% on variable rate debt of $600.0. The notional value of the swap decreases by $100.0 each year on December 22nd, until its termination date on December 22, 2027. Refer to Note 12, Financial Instruments and Risk Management, for additional information on the Company's interest rate swap transactions. As of June 30, 2025, the Company had $120.0 outstanding borrowings under the Revolving Facility and $7.6 of outstanding letters of credit. Taking into account outstanding letters of credit, $372.4 remained available under the Revolving Facility as of June 30, 2025. At both June 30, 2025 and September 30, 2024, the Company's weighted average interest rate on short-term borrowings was 6.2% and 7.3%, respectively. The prepayment during the first quarter along with the Term Loan and Revolving Facility refinancing during the second quarter resulted in a net Loss on extinguishment/modification of debt of $5.3 for the nine months ended June 30, 2025. The prepayments of the Term Loan along with a reprice of the Term Loan during fiscal 2024 resulted in a net Loss on extinguishment/modification of debt for the quarter and nine months ended June 30, 2024 of $1.2 and $2.1, respectively, recorded on the Consolidated (Condensed) Statement of Earnings and Comprehensive Income. Notes payable - The Company had $134.6 in Notes payable at June 30, 2025 and $2.1 at September 30, 2024. The June 30, 2025 balance was comprised of $120.0 outstanding borrowings on the Revolving Facility as well as $14.6 other borrowings, including those from foreign affiliates. The September 30, 2024, balance was comprised of other borrowings, including those from foreign affiliates, with no outstanding borrowings on the Revolving Facility. Debt Covenants - The agreements governing the Company's debt contain certain customary representations and warranties, affirmative, negative and financial covenants and provisions relating to events of default. If the Company fails to comply with these covenants or with other requirements of these debt agreements, the lenders may have the right to accelerate the maturity of the debt. Acceleration under one of these debt agreements would trigger cross defaults to other borrowings. As of June 30, 2025, the Company was in compliance with the provisions and covenants associated with its debt agreements. The counterparties to long-term committed borrowings consist of a number of major financial institutions. The Company consistently monitors positions with, and credit ratings of, counterparties both internally and by using outside ratings agencies. Debt Maturities - Aggregate maturities of long-term debt as of June 30, 2025 are as follows:
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