Annual report pursuant to Section 13 and 15(d)

LONG-TERM DEBT (Tables)

v3.19.3
LONG-TERM DEBT (Tables)
 12 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Long-Term Debt

Long-term debt at September 30, 2019 and 2018 consisted of the following:
 
2019
 
2018
Revolving credit facilities
$
476,132

 
$
322,711

Securitization facility
93,950

 
102,250

Senior secured term loan
53,497

 
212,086

2025 Senior Notes
296,716

 
296,176

Notes payable to banks
16,376

 
17,895

Short-term borrowings
395

 
4,915

Capital lease obligations
3,631

 
4,569

 
940,697

 
960,602

Less current maturities
(42,503
)
 
(31,260
)
 
$
898,194

 
$
929,342


Interest Rate Contracts
The following table presents information related to interest rate contracts entered into by the Company and designated as cash flow hedges:
 
 
September 30, 2019
 
September 30, 2018
Pay fixed swaps - notional amount
 
$
293,750

 
$
343,750

Net unrealized (loss) gain
 
$
(534
)
 
$
11,309

Weighted-average maturity period (years)
 
1.9

 
2.7

Weighted-average received rate
 
2.02
%
 
2.26
%
Weighted-average pay rate
 
1.41
%
 
1.37
%

Interest Rate Swap Contracts Reflected in Consolidated Balance Sheets
At September 30, 2019 and 2018, the interest rate swap contracts were reflected on a gross-basis in the consolidated balance sheets as follows:

Derivatives:
2019
 
2018
Current assets:
 
 
 
Other current assets
$
548

 
$
3,867

Long-term assets:
 

 
 

Other assets
297

 
7,442

Current liabilities:
 

 
 

Other current liabilities
(484
)
 
—

Long-term liabilities:
 

 
 

Other liabilities
(895
)
 
—

Total derivatives
$
(534
)
 
$
11,309


Gains (Losses) Recognized on Derivatives
The gains recognized on derivatives was as follows:
Derivatives in Cash Flow Hedging Relationships
 
Location of Gain Recognized in Income on Derivatives
 
Amount of Gain Recognized in Income on Derivatives
 
 
 
 
2019
 
2018
 
2017
Interest rate swaps
 
Interest expense
 
$3,181
 
$1,380
 
$1,752

The Company recognized the following gains (losses) in AOCI:
Derivatives in Cash Flow Hedging Relationships
 
 Amount of (Loss) Gain Recognized in AOCI on Derivatives
 
Location of Gain Reclassified from AOCI into Income
 
Amount of Gain Reclassified from AOCI into Income (Effective Portion*)
 
 
2019
 
2018
 
2017
 
(Effective Portion*)
 
2019
 
2018
 
2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
 
$(6,540)
 
$6,095
 
$7,043
 
Interest expense
 
$2,402
 
$1,042
 
$1,069
* There is no ineffective portion or amount excluded from effectiveness testing.
 
 

Aggregate Maturities of Long-Term Debt
Aggregate maturities of long-term debt, including short-term borrowings and capital leases, is as follows:
2020
$
150,477

*
2021
490,957

 
2022
353

 
2023
313

 
2024
258

 
Thereafter
298,339

 
 
$
940,697

 

* The Company maintains certain debt facilities with current maturity dates in fiscal 2020 that it intends and has the ability to extend beyond fiscal 2020 totaling $107,974. These balances have been classified as non-current on the Company's Consolidated Balance Sheet.