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Debt
 9 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Debt Debt
The detail of long-term debt was as follows:
June 30, 2023September 30, 2022
Senior Secured Term Loan Facility due 2027$1,007.0 $1,182.0 
6.500% Senior Notes due 2027300.0 300.0 
4.750% Senior Notes due 2028583.7 600.0 
4.375% Senior Notes due 2029791.3 800.0 
3.50% Senior Notes due 2029 (Euro Notes of €650.0)(1)
709.1 637.1 
Finance lease obligations32.0 32.3 
Total long-term debt, including current maturities$3,423.1 $3,551.4 
Less current portion(12.3)(12.4)
Less unamortized debt premium and debt issuance fees(33.8)(39.6)
Total long-term debt$3,377.0 $3,499.4 
(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 first six months of fiscal 2023, the Company pre-paid $125.0 of the Senior Secured Term Loan due in 2027 (Term Loan). During the third quarter of fiscal 2023, the Company pre-paid an additional $41.0 of Term Loan. The Company wrote off deferred financing fees of $0.3 and $1.4 during the quarter and nine months ended June 30, 2023, respectively, as a result of these early payments. Subsequent to the quarter, the Company pre-paid an additional $20.0 of the Term Loan.

In February 2023, the Company amended the Credit Agreement to transition the interest reference rate from the London Interbank Offered Rate (LIBOR) to the Secured Overnight Finance Rate (SOFR). There were no other changes to the Company's Credit Agreement or timing of cash flows. The amendment was entered into because the LIBOR rate historically used was no longer published after June 30, 2023. The Company utilized expedients within ASC 848 to conclude that this amendment should be treated as a non-substantial modification of the existing contract resulting in no impact to the Company's financial statements.

On December 31, 2021, the Company amended the Credit Agreement to increase the 2020 Revolving Facility to $500.0, from the original $400.0 revolving credit facility.

Borrowings under the Term Loan require quarterly principal payments at a rate of 0.25% of the original principal balance, or $3.0. Borrowings under the 2020 Revolving Facility bear interest at a rate per annum equal to, at the option of the Company, SOFR or the Base Rate (as defined) 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.

As of June 30, 2023, the Company had no outstanding borrowings under the 2020 Revolving Facility and $7.1 of outstanding letters of credit. Taking into account outstanding letters of credit, $492.9 remained available under the 2020 Revolving Facility as of June 30, 2023. As of June 30, 2023 and September 30, 2022, the Company's weighted average interest rate on short-term borrowings was 7.3% and 4.7%, respectively.

Senior Notes - During the first quarter of fiscal 2023, the Company retired $16.3 of the 4.750% Senior Notes due in 2028 and $8.7 of the 4.375% Senior Notes due in 2029 for a cash cost of $21.6. The Company wrote off $0.3 of deferred financing fees as a result of these transactions.

The prepayment of the Term Loan during the quarter resulted in a net Loss on extinguishment of debt for the quarter ended June 30, 2023 of $0.3 recorded on the Consolidated (Condensed) Statement of Earnings and Comprehensive Income. The retirement of Senior Notes and prepayment of the Term Loan during the first three quarters of fiscal 2023 resulted in a net Gain on extinguishment of debt for the nine months ended June 30, 2023 of $1.7 recorded on the Consolidated (Condensed) Statement of Earnings and Comprehensive Income.
On March 8, 2022, the Company completed a bond offering for $300.0 Senior Notes due in 2027 at 6.500% (2027 Notes). The proceeds from the offering were used to repay a portion of the indebtedness outstanding under the 2020 Revolving Facility and to pay fees and expenses related to the offering. Debt issuances fees paid associated with the 2027 Notes and Credit Agreement were $7.6 in the nine months ended June 30, 2022.

Interest Rate Swaps - In December 2020, the Company entered into an interest rate swap with an effective date of December 22, 2020, that fixed the variable benchmark component (LIBOR) at an interest rate of 0.95% on variable rate debt of $550.0. On January 22, 2021, the notional value increased to $700.0 and will stay at that value through December 22, 2024. The notional value will decrease by $100.0 on December 22, 2024 and by $100.0 each year thereafter until its termination date on December 22, 2027.

In February 2023, the Company amended the 2020 Interest rate swap to coincide with the amended credit agreement, effectively fixing the variable benchmark component (SOFR) at an interest rate of 1.042%. There were no other changes to the interest rate swap agreement or expected timing of cash flows associated with the swap. The Company utilized expedients within ASC 848 to conclude that this modification should be accounted for as a continuation of the existing swap agreement, resulting in no impact on the Company's financial statements.

Refer to Note 11, Financial Instruments and Risk Management, for additional information on the Company's interest rate swap transactions.

Notes payable - The Company had $5.3 in Notes payable at June 30, 2023 and $6.4 at September 30, 2022. The balances are comprised of other borrowings, including those from foreign affiliates. At June 30, 2023 and September 30, 2022 the Company had no outstanding borrowings on the 2020 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, 2023, 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, 2023 are as follows:
Long-term debt
One year$12.0 
Two year12.0 
Three year12.0 
Four year12.0 
Five year1,842.7 
Thereafter1,500.4 
Total long-term debt payments due$3,391.1