Subsequent Events

12 Months Ended

Sep. 30, 2017

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Restricted Stock Unit Grants

In November 2017, we granted restricted stock units (RSUs) valued at approximately $65.5 million to employees, including $28.1 million target value of performance-based RSUs granted to our executives and $37.4 million of time-based RSUs granted to employees and executives.

The performance-based RSUs are eligible to vest based upon annual performance measures, measured over a three-year period that commenced on October 1, 2017. To the extent earned, these units will vest in three substantially equal installments on the later of November 15, 2018, 2019 and 2020, or the date the Compensation Committee determines the extent to which the applicable performance criteria have been achieved for each performance period. RSUs not earned for a period may be earned in the third period. The performance-based RSUs allow for upside based on 2018, 2019 and 2020 performance measures, and provide the opportunity to earn up to one time the number of performance-based RSUs (up to a maximum of 189,000 shares) if certain performance conditions are met.

The time-based RSUs will vest in three substantially equal annual installments on November 15, 2018, 2019 and 2020. The time-based RSUs allow for upside based on a 2018 performance measure. Executives have the opportunity to earn up to one or, for our CEO, two times the number of time-based RSUs (up to a maximum of 250,000 shares) if certain performance conditions are met.

Borrowings

In November 2017, we borrowed $50 million under our credit facility to fund working capital requirements, including 2017 year end incentive-based compensation accruals.