Debt (Tables)

3 Months Ended

Dec. 31, 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 December 31, 2016 and September 30, 2016 are summarized below:

	December 31, 2016		September 30, 2016
Short-term borrowings	$	39.0	$	38.4
Current portion of long-term debt and capital lease obligations	9.1		9.3
Total short-term borrowings and current portion of long-term debt and capital lease obligations, net	$	48.1	$	47.7

Summary of Long-Term Debt Outstanding

Long-term debt outstanding at December 31, 2016 and September 30, 2016 is summarized below:

	December 31, 2016			September 30, 2016
ABL Facility	$	123.7		$	117.7
Term Loan Facility	651.7			653.4
Capital lease obligations (1)	37.3			24.8
Total long-term debt	812.7			795.9
Less: unamortized debt discount (2)	(3.0		)	(3.2		)
Less: debt issuance costs (3)	(17.3		)	(17.8		)
Less: current portion of long-term debt and capital lease obligations	(9.1		)	(9.3		)
Long-term debt and capital lease obligations, less current portion, net	$	783.3		$	765.6

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

⁽²⁾  The unamortized debt discount is related to the Term Loan Facility and amortized to interest expense over the life of the instrument using the effective interest rate method.

⁽³⁾  See discussion below under Term Loan Facility and Debt Issuance Cost Amortization.

Short-Term Borrowings Associated with Operations in China

The Company’s 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
December 31, 2016
Bank of America - China (1)	$	28.4	$	27.3	4.1	%	$	—	$	1.1
Bank of Communications - China (2)	21.6		11.7		5.2	%	9.8		0.1
Total	$	50.0	$	39.0			$	9.8	$	1.2
September 30, 2016
Bank of America - China (1)	$	28.4	$	27.3	4.0	%	$	—	$	1.1
Bank of Communications - China (2)	22.5		11.1		5.2	%	10.5		0.9
Total	$	50.9	$	38.4			$	10.5	$	2.0

⁽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 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 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.