v3.26.1
Debt
 9 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
Debt consisted of the following:
June 30,
2026		September 30,
2025
(in millions)
Amended Credit Agreement$1,448.8 $1,439.9 
2033 Senior Notes1,200.0 1,200.0 
Other debt96.4 103.8 
Total debt2,745.2 2,743.7 
Less: Current portion of debt and short-term borrowings(62.8)(66.3)
Less: Unamortized debt issuance costs(30.4)(30.2)
Long-term debt$2,652.0 $2,647.2 
The following table presents, in millions, scheduled maturities of the Company’s debt as of June 30, 2026:
Fiscal Year
2026 (three months remaining)$36.3 
202734.4 
202825.5 
202914.7 
20306.9 
Thereafter2,627.4 
Total$2,745.2 
Credit Agreements
On March 10, 2026 (the "Amendment Effective Date"), the Company and certain of its subsidiaries entered into Amendment No. 16 to Syndicated Facility Agreement ("Amendment") with Bank of America, N.A. ("Bank of America") as administrative agent and the other lenders party thereto, which amended the Syndicated Facility Agreement, dated as of October 17, 2014, to which the Company and certain of its subsidiaries are party (as amended prior to the Amendment Effective Date, the "Existing Credit Agreement", and as amended by the Amendment, the "Amended Credit Agreement"), pursuant to which the Company obtained a new $1,500,000,000 revolving credit facility (the “$1.5 billion Revolving Credit Facility”), a new $950,000,000 term loan A facility (the “Term Loan A Facility”) and a new $500,000,000 term loan B facility (the “Term Loan B Facility” and, together with the $1.5 billion Revolving Credit Facility and the Term Loan A Facility, the "Amended Facilities"). The $1.5 billion Revolving Credit Facility and the Term Loan A Facility mature on March 10, 2031. The Term Loan B Facility matures on April 19, 2031. The Term Loan A Facility and the Term Loan B Facility were borrowed in full on the Amendment Effective Date in U.S. dollars. Loans under the $1.5 billion Revolving Credit Facility may be borrowed, and letters of credit thereunder may be issued, in U.S. dollars or in certain foreign currencies. The Amended Facilities replace in full the Company's existing revolving credit facility and term loan facilities under the Existing Credit Agreement, and borrowings under the Amended Facilities were used on the Amendment Effective Date to refinance in full the Company's prior credit facilities under the Existing Credit Agreement.
On June 10, 2026, the Company and certain of its subsidiaries entered into a Credit Agreement with Bank of America, as administrative agent and the other lenders party thereto (the "New Credit Agreement") and, together with the Amended Credit Agreement, the "Credit Agreements"), pursuant to which the Company obtained a new $500,000,000 revolving credit facility (the "$500 million Revolving Credit Facility" and, together with the $1.5 billion Revolving Credit Facility, the "Revolving Credit Facilities") which matures on June 9, 2028.
Borrowings under (a) the Revolving Credit Facilities (in U.S. dollars) and the Term Loan A Facility bear interest at a rate per annum equal to, at the Company’s option, (i) a SOFR rate (with a 0% floor) plus a margin ranging from 1.125% to 2% or (ii) a base rate (with a 0% floor) plus a margin ranging from 0.125% to 1%, in each case, excluding any applicable sustainability adjustment with respect to the $1.5 billion Revolving Credit Facility and the Term Loan A Facility, and with the actual margin determined from time to time on the basis of the Company's consolidated leverage ratio; and (b) the $1.5 billion Revolving Credit Facility in currencies other than U.S. dollars bear interest at a rate per annum equal to the applicable reference rate for such currency, plus the same margin applicable to SOFR rate loans. An unused commitment fee ranging from 0.15% to 0.30% (excluding any applicable sustainability adjustment, and with the actual fee amount determined from time to time on the basis of the Company’s consolidated leverage ratio) is payable on the average daily undrawn portion of the commitments in respect of the Revolving Credit Facilities.
Borrowings under the Term Loan B Facility bear interest at a rate per annum equal to, at the Company’s option, (a) a SOFR rate (with a 0% floor) or (b) a base rate (with a 0% floor), in each case, plus an applicable margin of 1.50% in the case of the SOFR rate and 0.50% in the case of the base rate.
Certain of the Company’s subsidiaries (the “Guarantors”) have guaranteed the Company’s obligations of the Company under the Credit Agreements and the obligations under the Credit Agreements are secured by a lien on substantially all of the assets of the Company and the Guarantors, subject to certain exceptions.
The Credit Agreements contain customary negative covenants that include, among other things, limitations or restrictions on the ability of the Company and its subsidiaries, subject to certain exceptions, to incur liens and debt, make investments, dispositions, and restricted payments, change the nature of their business, consummate mergers, consolidations and the sale of all or substantially all of their respective assets and transact with affiliates. The Company is also required to maintain a consolidated leverage ratio of less than or equal to 4.00 to 1.00 (subject to certain adjustments in connection with permitted acquisitions), tested on a quarterly basis. Such financial covenant does not apply to the Term Loan B Facility. As of June 30, 2026, the Company was in compliance with the covenants of the Credit Agreements.
The Credit Agreements contain customary affirmative covenants, including, among other things, compliance with applicable law, preservation of existence, maintenance of properties and of insurance, and keeping proper books and records. The Credit Agreements contain customary events of default, including, among other things, nonpayment of principal, interest or fees, cross-defaults to other debt, inaccuracies of representations and warranties, failure to perform covenants, events of bankruptcy and insolvency, change of control and unsatisfied judgments, subject in certain cases to notice and cure periods and other exceptions.
At June 30, 2026 and September 30, 2025, letters of credit totaled $4.4 million and $4.4 million, respectively, under the $1.5 billion Revolving Credit Facility. As of June 30, 2026 and September 30, 2025, the Company had $1,495.6 million and $1,495.6 million, respectively, available under the $1.5 billion Revolving Credit Facility.
At June 30, 2026, the Company had no outstanding letters of credit and had $500 million available under the $500 million Revolving Credit Facility.
2027 Senior Notes
On February 21, 2017, the Company completed a private placement offering of $1,000,000,000 aggregate principal amount of its unsecured 5.125% Senior Notes due 2027 (the “2027 Senior Notes”). On June 30, 2017, the Company completed an exchange offer to exchange the unregistered 2027 Senior Notes for registered notes, as well as related guarantees. In July 2025, the Company used a portion of the proceeds of the 2033 Senior Notes (defined below) to purchase $732,914,000 in principal amount of the 2027 Senior Notes that were validly tendered and not validly withdrawn at or prior to the expiration date of the tender offer for the 2027 Senior Notes. In August 2025, the Company redeemed the remaining 2027 Senior Notes with a portion of the proceeds of the 2033 Senior Notes. The purchase and redemption included an aggregate make-whole payment of $9.1 million.
2033 Senior Notes

On July 22, 2025, the Company completed an offering of $1,200,000,000 aggregate principal amount of its 6.000% Senior Notes due 2033 (the “2033 Senior Notes”). As of June 30, 2026, the estimated fair value of the 2033 Senior Notes was approximately $1,201.5 million. The fair value of the 2033 Senior Notes as of June 30, 2026 was derived by taking the mid-point of the trading prices from an observable market input (Level 2) in the secondary bond market and multiplying it by the outstanding balance of the 2033 Senior Notes.

Interest is payable on the 2033 Senior Notes at a rate of 6.000% per annum. Interest on the 2033 Senior Notes is payable semi-annually in arrears on February 1 and August 1 of each year, commencing on February 1, 2026. The 2033 Senior Notes will mature on August 1, 2033.

Prior to August 1, 2028, the Company may redeem all or part of the 2033 Senior Notes at a redemption price equal to 100% of the principal amount to be redeemed, plus a “make whole” premium as of the redemption date, and accrued and unpaid interest to, but excluding, the redemption date. In addition, prior to August 1, 2028, the Company may redeem up to 40% of the aggregate principal amount of the 2033 Senior Notes with proceeds from certain equity offerings at a redemption price equal to 106% of the principal amount to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. Furthermore, at any time on or after August 1, 2028, the Company may redeem on one or more occasions all or part of the 2033 Senior Notes at the redemption prices set forth below, plus accrued and unpaid interest thereon to, but excluding, the redemption date, if redeemed during the 12-month period beginning on August 1 of each of the years indicated below:

Percentage
2028 ................................................................................................................... 103.000%
2029 ................................................................................................................... 101.500%
2030 and thereafter ................................................................................................ 100.000%

The indenture pursuant to which the 2033 Senior Notes were issued contains customary events of default, including, among other things, payment default, failure to provide certain notices thereunder and certain provisions related to bankruptcy events. The indenture also contains customary negative covenants.

The Company was in compliance with the covenants related to the 2033 Senior Notes as of June 30, 2026.

Other Debt and Other Items
Other debt consists primarily of obligations under capital leases and loans, and unsecured credit facilities. The Company’s unsecured credit facilities are primarily used for standby letters of credit issued in connection with general and professional liability insurance programs and for contract performance guarantees. At June 30, 2026 and September 30, 2025, these outstanding standby letters of credit totaled $906.9 million and $899.4 million, respectively. As of June 30, 2026, the Company had $411.8 million available under these unsecured credit facilities.
Effective Interest Rate
The Company’s average effective interest rate on its total debt, including the effects of the interest rate swap and interest rate cap agreements, during the nine months ended June 30, 2026 and 2025 was 5.2% and 5.1%, respectively.
Interest expense in the consolidated statements of operations included amortization of deferred debt issuance costs for the three and nine months ended June 30, 2026 of $1.4 million and $6.2 million, respectively, and for the three and nine months ended June 30, 2025 of $1.2 million and $3.9 million, respectively.