Debt (Tables)

9 Months Ended

Jun. 30, 2018

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, 2018 and September 30, 2017 are summarized below:

	June 30, 2018		September 30, 2017
Short-term borrowings	$	37.7	$	40.8
Current portion of long-term debt and capital lease obligations	9.8		10.3
Total short-term borrowings and current portion of long-term debt and capital lease obligations, net	$	47.5	$	51.1

Summary of Long-Term Debt Outstanding

Long-term debt outstanding at June 30, 2018 and September 30, 2017 is summarized below:

	June 30, 2018			September 30, 2017
ABL Facility	$	157.4		$	139.3
Term Loan Facility	642.0			646.9
Capital lease obligations (1)	34.9			37.5
Total long-term debt	834.3			823.7
Less: unamortized debt discount (2)	(2.4		)	(2.7		)
Less: debt issuance costs (3)	(15.4		)	(16.7		)
Less: current portion of long-term debt and capital lease obligations	(9.8		)	(10.3		)
Long-term debt and capital lease obligations, less current portion, net	$	806.7		$	794.0

⁽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
June 30, 2018
Bank of America - China (1)	$	24.3	$	23.0	4.4	%	$	—	$	1.3
Bank of Communications - China (2)	22.7		14.7		5.4	%	6.5		1.5
Total	$	47.0	$	37.7			$	6.5	$	2.8
September 30, 2017
Bank of America - China (1)	$	24.3	$	23.8	4.3	%	$	—	$	0.5
Bank of Communications - China (2)	22.5		17.0		5.3	%	5.3		0.2
Total	$	46.8	$	40.8			$	5.3	$	0.7

⁽¹⁾   The borrowing limit of this facility is denominated in USD. 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. The Company has the ability to provide additional capacity under these lines of credit, if needed.

⁽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.