Bank Credit Arrangements

12 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Bank Credit Arrangements

(10) Bank Credit Arrangements

The Company maintains a revolving credit facility with a commercial bank in an aggregate principal amount not to exceed $200,000, which expires in October 2026. Outstanding principal amounts bear interest at a fluctuating rate tied to, at the Company’s option, either the federal funds rate or LIBOR, resulting in an effective interest rate of 2.69% and 2.51% on the revolving credit facility during fiscal 2022 and 2021, respectively. In light of the interest being determined on a variable rate basis, the fair value of the borrowings under the credit facility at both September 30, 2022 and 2021 approximates the current carrying value reflected in the Consolidated Balance Sheets of $25,000 and $60,000, respectively, which is consistent with a level 2 fair value measurement.

The revolving credit facility is collateralized by the business assets of the Company’s U.S. subsidiaries and requires compliance with financial covenants that limit the amount of debt obligations and require a minimum level of coverage of fixed charges, as defined in the revolving credit facility agreement. As of September 30, 2022, the Company was in compliance with all covenants.

Supplemental Cash Flow Information (Interest Paid)

Cash paid for interest totaled $934, $1,348 and $2,690 in fiscal 2022, 2021 and 2020, respectively.