Debt (Tables)

9 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Summary of short-term borrowings outstanding and the current portion of long-term debt and capital lease obligations

Short-term borrowings outstanding and the current portion of long-term debt and capital lease obligations at June 30, 2016 and September 30, 2015 are summarized below:

	Successor		Predecessor
	June 30, 2016		September 30, 2015
Short-term borrowings	$	41.0	$	34.9
Current portion of long-term debt and capital lease obligations	9.0		37.5
Total short-term borrowings and current portion of long-term debt and capital lease obligations, net	$	50.0	$	72.4

Summary of long-term debt outstanding

Long-term debt outstanding at June 30, 2016 and September 30, 2015 is summarized below:

	Successor			Predecessor
	June 30, 2016			September 30, 2015
New ABL Facility	$	131.1		$	—
New Term Loan Facility	655.0			—
Predecessor ABL Facility	—			85.5
Predecessor Term Loan Facility	—			647.2
Notes	—			159.2
Capital lease obligations (1)	25.2			12.7
Total long-term debt	811.3			904.6
Less: unamortized debt discount (2)	(3.3		)	(3.6		)
Less: debt issuance costs(3)	(18.4		)	(9.1		)
Less: current portion of long-term debt and capital lease obligations	(9.0		)	(37.5		)
Long-term debt and capital lease obligations, less current portion, net	$	780.6		$	854.4

⁽¹⁾  Capital lease obligations exclude executory costs and interest payments associated with the underlying leases. See “Capital Lease Obligations” below.

⁽²⁾  At June 30, 2016, included $3.3 million of unamortized debt discount related to the New Term Loan Facility for the Successor. At September 30, 2015, included $1.9 million of unamortized debt discount related to the Predecessor’s Term Loan Facility, with the remainder related to the Notes. Debt discount is amortized to interest expense over the life of the respective instruments using the effective interest rate method.

⁽³⁾  See discussion below under New Term Loan Facility and Debt Issuance Cost Amortization and Note 2 related to the adoption of ASU 2015-03 and ASU 2015-15.

Short-term borrowings associated with operations in China

Short-term borrowings are associated with the Company’s operations in China and are summarized below:

	Facility Limit		Outstanding Borrowings Balance		Weighted Average Interest Rate on Borrowings	Outstanding LOC and Bankers’ Acceptance Bills		Remaining Availability
June 30, 2016 - Successor
Bank of America - China (1)	$	28.8	$	27.2	3.7%	$	—	$	1.6
Bank of Communications - China (2)	22.6		13.8		5.3%	8.5		0.3
Total	$	51.4	$	41.0		$	8.5	$	1.9
September 30, 2015 - Predecessor
Bank of America - China	$	23.8	$	23.0	3.5%	$	—	$	0.8
Bank of Communications - China	23.6		11.9		6.1%	7.1		4.6
Total	$	47.4	$	34.9		$	7.1	$	5.4

⁽¹⁾   The borrowing limit of this facility is denominated in U.S. dollars. This line of credit is secured by a standby letter of credit drawn on the New ABL Facility covering at least 110% of the facility’s borrowing limit amount. Borrowings under the line of credit are payable in full within 12 months of the date of the advance.

⁽²⁾ The borrowing limit of this facility is denominated in RMB. This line of credit is secured by a standby letter of credit drawn on the New ABL Facility covering at least 100% of the facility’s borrowing limit amount. Borrowings under the line of credit are payable in full within 12 months of the date of the advance.