Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | BECN | |
Entity Registrant Name | BEACON ROOFING SUPPLY, INC. | |
Entity Central Index Key | 0001124941 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 69,863,533 | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity File Number | 000-50924 | |
Entity Tax Identification Number | 36-4173371 | |
Entity Address, Address Line One | 505 Huntmar Park Drive | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, City or Town | Herndon | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 20170 | |
City Area Code | 571 | |
Local Phone Number | 323-3939 | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | |
Current assets: | ||||
Cash and cash equivalents | $ 619.3 | $ 624.6 | $ 781.2 | |
Accounts receivable, less allowance of $21.0, $17.9 and $14.3 as of March 31, 2021, September 30, 2020 and March 31, 2020, respectively | 759.5 | 885.2 | 753.2 | |
Inventories, net | 1,087.1 | 871.4 | 951.2 | |
Prepaid expenses and other current assets | 312.2 | 351.8 | 273.1 | |
Current assets held for sale | 243.8 | 273.3 | ||
Total current assets | 2,778.1 | 2,976.8 | 3,032 | |
Property and equipment, net | 218.9 | 207.8 | 206.7 | |
Goodwill | 1,761.3 | 1,756.1 | 1,754.3 | |
Intangibles, net | 465 | 518 | 579.1 | |
Operating lease assets | 368.5 | 376.2 | 387.6 | |
Deferred income taxes, net | 90.2 | |||
Other assets, net | 6.4 | 2.1 | ||
Non-current assets held for sale | 1,120.5 | 1,150.3 | ||
Total assets | 5,688.4 | 6,957.5 | 7,110 | |
Current liabilities: | ||||
Accounts payable | 689 | 885.8 | 587.8 | |
Accrued expenses | 575.8 | 509.7 | 316.6 | |
Current operating lease liabilities | 85.2 | 84 | 82.6 | |
Current portions of long-term debt/obligations | 10.7 | 12.3 | 13.4 | |
Current liabilities held for sale | 139.4 | 117.4 | ||
Total current liabilities | 1,360.7 | 1,631.2 | 1,117.8 | |
Borrowings under revolving lines of credit, net | 251.1 | 1,001.6 | ||
Long-term debt, net | 2,079.3 | 2,494.2 | 2,494.8 | |
Deferred income taxes, net | 71.8 | 43 | ||
Non-current operating lease liabilities | 283 | 290.5 | 301.9 | |
Long-term obligations under equipment financing, net | 1 | |||
Other long-term liabilities | 12.9 | 5.2 | 0.3 | |
Non-current liabilities held for sale | 53.4 | 56.2 | ||
Total liabilities | 3,735.9 | 4,797.4 | 5,016.6 | |
Commitments and contingencies (Note 10) | ||||
Convertible Preferred Stock; $0.01 par value; aggregate liquidation preference $400.0; 0.4 shares authorized, issued and outstanding as of March 31, 2021, September 30, 2020 and March 31, 20201 | [1] | 399.2 | 399.2 | 399.2 |
Stockholders' equity: | ||||
Common stock (voting); $0.01 par value; 100.0 shares authorized; 69.8, 69.0 and 68.8 shares issued and outstanding as of March 31, 2021, September 30, 2020 and March 31, 2020, respectively | 0.7 | 0.7 | 0.7 | |
Undesignated preferred stock; 5.0 shares authorized, none issued or outstanding | 0 | 0 | 0 | |
Additional paid-in capital | 1,126.2 | 1,100.6 | 1,091.4 | |
Retained earnings | 451.2 | 694.3 | 641.2 | |
Accumulated other comprehensive income (loss) | (24.8) | (34.7) | (39.1) | |
Total stockholders' equity | 1,553.3 | 1,760.9 | 1,694.2 | |
Total liabilities and stockholders' equity | $ 5,688.4 | $ 6,957.5 | $ 7,110 | |
[1] | See Note 5 for additional information. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 |
Statement Of Financial Position [Abstract] | |||
Accounts receivable, allowances | $ 21 | $ 17.9 | $ 14.3 |
Convertible preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Convertible preferred stock. aggregate liquidation preference | $ 400 | $ 400 | $ 400 |
Convertible preferred stock, shares authorized | 400,000 | 400,000 | 400,000 |
Convertible preferred stock, shares issued | 400,000 | 400,000 | 400,000 |
Convertible preferred stock, shares outstanding | 400,000 | 400,000 | 400,000 |
Common stock (voting), par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock (voting), shares authorized | 100,000,000 | 100,000,000 | 100,000,000 |
Common Stock (voting), issued | 69,800,000 | 69,000,000 | 68,800,000 |
Common Stock (voting), outstanding | 69,800,000 | 69,000,000 | 68,800,000 |
Undesignated Preferred Stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Undesignated Preferred Stock, issued | 0 | 0 | 0 |
Undesignated Preferred Stock, outstanding | 0 | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | ||||
Income Statement [Abstract] | |||||||
Net sales | $ 1,318 | $ 1,197.1 | $ 2,894.5 | $ 2,612.5 | |||
Cost of products sold | 985.2 | 926.7 | 2,162 | 2,001.9 | |||
Gross profit | 332.8 | 270.4 | 732.5 | 610.6 | |||
Operating expense: | |||||||
Selling, general and administrative | 267.8 | 262.7 | 533 | 536 | |||
Depreciation | 14.6 | 14.5 | 28.5 | 30.3 | |||
Amortization | 27.6 | 168.8 | 53.1 | 200.8 | |||
Total operating expense | 310 | 446 | 614.6 | 767.1 | |||
Income (loss) from operations | 22.8 | (175.6) | 117.9 | (156.5) | |||
Interest expense, financing costs, and other | 28.6 | 23.6 | 58.6 | 62.1 | |||
Loss on debt extinguishment | 9.5 | 0 | 9.5 | [1] | 14.7 | [1] | |
Income (loss) from continuing operations before income taxes | (15.3) | (199.2) | 49.8 | (233.3) | |||
Provision for (benefit from) income taxes | (4.8) | (77.9) | 12.9 | (88) | |||
Net income (loss) from continuing operations | (10.5) | (121.3) | 36.9 | (145.3) | |||
Net income (loss) from discontinued operations | [2] | 4.2 | (1.3) | (263.7) | (0.7) | ||
Net income (loss) | (6.3) | (122.6) | (226.8) | (146) | |||
Dividends on Preferred Stock | 6 | 6 | 12 | 12 | |||
Net income (loss) attributable to common shareholders | $ (12.3) | $ (128.6) | $ (238.8) | $ (158) | |||
Weighted-average common stock outstanding: | |||||||
Basic | 69,600,000 | 68,800,000 | 69,400,000 | 68,700,000 | |||
Diluted | 69,600,000 | 68,800,000 | 70,300,000 | 68,700,000 | |||
Net income (loss) per share: | |||||||
Basic - Continuing operations | [3] | $ (0.24) | $ (1.85) | $ 0.36 | $ (2.29) | ||
Basic - Discontinued operations | [3] | 0.06 | (0.02) | (3.80) | (0.01) | ||
Basic net income (loss) per share | [3] | (0.18) | (1.87) | (3.44) | (2.30) | ||
Diluted - Continuing operations | [3] | (0.24) | (1.85) | 0.35 | (2.29) | ||
Diluted - Discontinued operations | [3] | 0.06 | (0.02) | (3.75) | (0.01) | ||
Diluted net income (loss) per share | [3] | $ (0.18) | $ (1.87) | $ (3.40) | $ (2.30) | ||
[1] | Unless otherwise noted, amounts include both continuing and discontinued operations. | ||||||
[2] | See Note 3 for additional information. | ||||||
[3] | See Note 5 for detailed calculations and further discussion. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (6.3) | $ (122.6) | $ (226.8) | $ (146) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | 1 | (6.4) | 4.9 | (5.1) |
Unrealized gain (loss) due to change in fair value of derivatives, net of tax | 3.4 | (15.9) | 5 | (13.4) |
Total other comprehensive income (loss) | 4.4 | (22.3) | 9.9 | (18.5) |
Comprehensive income (loss) | $ (1.9) | $ (144.9) | $ (216.9) | $ (164.5) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions | Total | Common Stock [Member] | APIC [Member] | [1] | Retained Earnings [Member] | AOCI [Member] | [2] |
Balance at Sep. 30, 2019 | $ 1,862.3 | $ 0.7 | $ 1,083 | $ 799.2 | $ (20.6) | ||
Balance (in shares) at Sep. 30, 2019 | 68,600,000 | ||||||
Issuance of common stock, net of shares withheld for taxes | (1.4) | (1.4) | |||||
Issuance of common stock, net of shares withheld for taxes (Shares) | 300,000 | ||||||
Stock-based compensation | 9.8 | 9.8 | |||||
Other comprehensive income (loss) | (18.5) | (18.5) | |||||
Net income (loss) | (146) | (146) | |||||
Dividends on Preferred Stock | (12) | (12) | |||||
Balance at Mar. 31, 2020 | 1,694.2 | $ 0.7 | 1,091.4 | 641.2 | (39.1) | ||
Balance (in shares) at Mar. 31, 2020 | 68,800,000 | ||||||
Balance at Dec. 31, 2019 | 1,840.7 | $ 0.7 | 1,087 | 769.8 | (16.8) | ||
Balance (in shares) at Dec. 31, 2019 | 68,800,000 | ||||||
Issuance of common stock, net of shares withheld for taxes | (0.2) | (0.2) | |||||
Issuance of common stock, net of shares withheld for taxes (Shares) | 100,000 | ||||||
Stock-based compensation | 4.6 | 4.6 | |||||
Other comprehensive income (loss) | (22.3) | (22.3) | |||||
Net income (loss) | (122.6) | (122.6) | |||||
Dividends on Preferred Stock | (6) | (6) | |||||
Balance at Mar. 31, 2020 | 1,694.2 | $ 0.7 | 1,091.4 | 641.2 | (39.1) | ||
Balance (in shares) at Mar. 31, 2020 | 68,800,000 | ||||||
Balance at Sep. 30, 2020 | 1,760.9 | $ 0.7 | 1,100.6 | 694.3 | (34.7) | ||
Balance (in shares) at Sep. 30, 2020 | 69,000,000 | ||||||
Adoption of ASU 2016-13 | ASU 2016-13 [Member] | (4.3) | (4.3) | |||||
Issuance of common stock, net of shares withheld for taxes | 13.4 | 13.4 | |||||
Issuance of common stock, net of shares withheld for taxes (Shares) | 800,000 | ||||||
Stock-based compensation | 12.2 | 12.2 | |||||
Other comprehensive income (loss) | 9.9 | 9.9 | |||||
Net income (loss) | (226.8) | (226.8) | |||||
Dividends on Preferred Stock | (12) | (12) | |||||
Balance at Mar. 31, 2021 | 1,553.3 | $ 0.7 | 1,126.2 | 451.2 | (24.8) | ||
Balance (in shares) at Mar. 31, 2021 | 69,800,000 | ||||||
Balance at Dec. 31, 2020 | 1,544.8 | $ 0.7 | 1,109.8 | 463.5 | (29.2) | ||
Balance (in shares) at Dec. 31, 2020 | 69,400,000 | ||||||
Issuance of common stock, net of shares withheld for taxes | 9.1 | 9.1 | |||||
Issuance of common stock, net of shares withheld for taxes (Shares) | 400,000 | ||||||
Stock-based compensation | 7.3 | 7.3 | |||||
Other comprehensive income (loss) | 4.4 | 4.4 | |||||
Net income (loss) | (6.3) | (6.3) | |||||
Dividends on Preferred Stock | (6) | (6) | |||||
Balance at Mar. 31, 2021 | $ 1,553.3 | $ 0.7 | $ 1,126.2 | $ 451.2 | $ (24.8) | ||
Balance (in shares) at Mar. 31, 2021 | 69,800,000 | ||||||
[1] | Additional Paid-in Capital (“APIC”). | ||||||
[2] | Accumulated Other Comprehensive Income (Loss) ("AOCI"). |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Operating Activities | |||
Net income (loss) | [1] | $ (226.8) | $ (146) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | [1] | 94.7 | 268.7 |
Stock-based compensation | [1] | 12.2 | 9.8 |
Certain interest expense and other financing costs | [1] | 5.6 | 5.7 |
Loss on debt extinguishment | [1] | 9.5 | 14.7 |
Gain on sale of fixed assets and other | [1] | (1.4) | (0.9) |
Deferred income taxes | [1] | (164.6) | (49.4) |
Loss on sale of Interior Products | [1],[2] | 357.8 | 0 |
338(h)(10) election refund | [1] | 0 | (5.3) |
Changes in operating assets and liabilities: | |||
Accounts receivable | [1] | 137.7 | 199.1 |
Inventories | [1] | (227) | (21.8) |
Prepaid expenses and other current assets | [1] | 45.4 | 6.5 |
Accounts payable and accrued expenses | [1] | (167.6) | (434.9) |
Other assets and liabilities | [1] | 1.4 | 3 |
Net cash provided by (used in) operating activities | [1] | (123.1) | (150.8) |
Investing Activities | |||
Purchases of property and equipment | [1] | (32.1) | (25) |
Proceeds from sale of Interior Products | [1],[2] | 837 | 0 |
Proceeds from the sale of assets | [1] | 1.5 | 1.1 |
Net cash provided by (used in) investing activities | [1] | 806.4 | (23.9) |
Financing Activities | |||
Borrowings under revolving lines of credit | [1] | 2.3 | 2,029.3 |
Payments under revolving lines of credit | [1] | (259.3) | (1,109.9) |
Payments under term loan | [1] | (428.8) | (4.9) |
Borrowings under senior notes | [1] | 0 | 300 |
Payment under senior notes | [1] | 0 | (309.6) |
Payment of debt issuance costs | [1] | 0 | (3.7) |
Payments under equipment financing facilities and finance leases | [1] | (3.4) | (4.4) |
Payment of dividends on Preferred Stock | [1] | (12) | (12) |
Proceeds from issuance of common stock related to equity awards | [1] | 17.7 | 1.4 |
Payment of taxes related to net share settlement of equity awards | [1] | (4.3) | (2.8) |
Net cash provided by (used in) financing activities | [1] | (687.8) | 883.4 |
Effect of exchange rate changes on cash and cash equivalents | [1] | (0.8) | 0.2 |
Net increase (decrease) in cash and cash equivalents | [1] | (5.3) | 708.9 |
Cash and cash equivalents, beginning of period | [1] | 624.6 | 72.3 |
Cash and cash equivalents, end of period | [1] | 619.3 | 781.2 |
Supplemental Cash Flow Information | |||
Operating cash flows provided by (used in) discontinued operations | [1] | (28.2) | 19.2 |
Investing cash flows provided by (used in) discontinued operations | [1] | (2.5) | (6.7) |
Cash paid during the period for: | |||
Interest | [1] | 56.5 | 63.7 |
Income taxes paid (received), net of refunds | [1] | 17.9 | (0.4) |
Supplemental Disclosure of Non-Cash Investing and Financing Activities | |||
Finance lease liabilities arising from obtaining right-of-use assets | [1] | $ 14.9 | $ 0 |
[1] | Unless otherwise noted, amounts include both continuing and discontinued operations. | ||
[2] | See Note 3 for additional information. |
Company Overview
Company Overview | 6 Months Ended |
Mar. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Company Overview | 1. Company Overview Beacon Roofing Supply, Inc. (“Beacon” or the “Company”) was incorporated in the state of Delaware on August 22, 1997 and is the largest publicly traded distributor of residential and non-residential roofing materials and complementary building products in the United States and Canada. On February 10, 2021, the Company completed the sale of its interior products and insulation businesses (“Interior Products”) to Foundation Building Materials Holding Company LLC (“FBM”), pursuant to that certain Equity Purchase Agreement, dated as of December 20, 2020 (the “Purchase Agreement”), by and between the Company and ASP Sailor Acquisition Corp. (“ASP”), for approximately $850 million in cash (subject to a working capital and certain other adjustments as set forth in the Purchase Agreement). On January 29, 2021, ASP assigned the Purchase Agreement to FBM. The Company has reflected Interior Products as discontinued operations for all periods presented. For additional information, see Notes 2 and 3. On January 15, 2020, the Company announced the rebranding of its exterior products branches with the trade name “Beacon Building Products” (the “Rebranding”). The new name, and a related logo, were adopted at over 450 Beacon one-step exterior products branches. The Company’s two-step branches continue to operate under legacy brand names. The Company operates its business under regional and local trade names and services customers in all 50 states throughout the U.S. and 6 provinces in Canada. The Company’s material subsidiaries are Beacon Sales Acquisition, Inc. and Beacon Roofing Supply Canada Company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The Company prepared the condensed consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the requirements of the Securities and Exchange Commission (“SEC”). As permitted under those rules, certain footnotes or other financial information have been condensed or omitted. Additionally, beginning with the condensed consolidated financial statements for the three months ended December 31, 2020, the Company has reflected Interior Products as discontinued operations for all periods presented. Unless otherwise noted, amounts and disclosures throughout these Notes to Condensed Consolidated Financial Statements relate to the Company's continuing operations. Certain prior period amounts have been reclassified to conform to current period presentation. The balance sheet as of March 31, 2020 has been presented for a better understanding of the impact of seasonal fluctuations on the Company’s financial condition. In management’s opinion, the financial statements include all normal and recurring adjustments that are considered necessary for the fair presentation of the Company’s financial position and operating results. The results for the three and six months ended March 31, 2021 are not necessarily indicative of the results to be expected for the twelve months ending September 30, 2021. The three-month periods ended six-month periods ended These interim Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto contained in the Company’s fiscal year 2020 (“2020”) Annual Report on Form 10-K for the year ended September 30, 2020. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Significant items subject to such estimates include accounts receivable, inventories, purchase price allocations, goodwill and intangibles, and income taxes. Assumptions made in the development of these estimates contemplate the impact of the novel coronavirus (“COVID‑19”) on the economy and the Company’s anticipated results; however, actual amounts could differ materially from these estimates. Recent Accounting Pronouncements—Adopted In June 2016, the FASB issued ASU 2016-13, “ Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments Company on October 1, 2020. The adoption of the new standard was done using the modified-retrospective approach, through a cumulative-effect adjustment to retained earnings as of October 1, 2020. The most significant effect of the standard was an increase to the Company’s accounts receivable reserve and a corresponding retained earnings adjustment of approximately $ 4.3 million on October 1, 2020 . In January 2017, the FASB issued ASU 2017-04, “ Simplifying the Accounting for Goodwill Impairment.” Recent Accounting Pronouncements—Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, “Income Taxes – Simplifying the Accounting for Income Taxes.” In March 2020, the FASB issued ASU 2020-04, “ Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting Reference Rate Reform (Topic 848), Scope |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Mar. 31, 2021 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | 3. Discontinued Operations On February 10, 2021, the Company completed the sale of Interior Products to FBM pursuant to the Purchase Agreement for approximately $850 million in cash (subject to a working capital and certain other adjustments as set forth in the Purchase Agreement). The Company completed this divestiture of net assets previously acquired as part of the Allied Acquisition in 2018 (see Note 5 for additional information) to reduce net leverage, strengthen its balance sheet, enhance leadership focus, and provide the financial flexibility to pursue strategic growth initiatives in its core exteriors business. The following table reconciles major line items constituting pretax income (loss) from discontinued operations to net income (loss) from discontinued operations as presented in the condensed consolidated statements of operations (in millions): Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 Net sales $ 109.1 $ 261.4 $ 357.9 $ 521.1 Cost of products sold (80.3 ) (189.4 ) (264.1 ) (378.6 ) Selling, general and administrative (21.0 ) (55.8 ) (77.9 ) (109.4 ) Depreciation and amortization (0.2 ) (21.6 ) (13.1 ) (37.6 ) Other income (loss) — 0.2 0.1 0.4 Loss on sale (2.4 ) — (357.8 ) — Pretax income (loss) from discontinued operations 5.2 (5.2 ) (354.9 ) (4.1 ) Provision for (benefit from) income taxes 1.0 (3.9 ) (91.2 ) (3.4 ) Net income (loss) from discontinued operations $ 4.2 $ (1.3 ) $ (263.7 ) $ (0.7 ) The loss on sale of $357.8 million for the six months ended March 31, 2021 was calculated by comparing the purchase price (as adjusted) to the carrying value of the net assets of Interior Products as of February 10, 2021, the closing date of the sale. As Interior Products represented a component of the Company’s single reporting unit, the carrying value of the net assets of Interior Products included an allocation of $730.9 million of the Company’s consolidated goodwill balance. The Company allocated consolidated goodwill based on the relative fair value of the component, which was determined using the purchase price (as adjusted) of Interior Products and the market capitalization of the Company as of February 10, 2021. The net result of this allocation attributed a higher amount of goodwill than that which was directly associated with the Interior Products portion of the Allied Acquisition, thereby having a significant influence on the loss on the Interior Products divestiture transaction . The loss on sale will be adjusted as ongoing changes to the net working capital and transaction costs related to the sale are finalized. The following table reconciles the carrying amounts of major classes of assets and liabilities of discontinued operations to total assets and liabilities of discontinued operations that are classified as held for sale in the condensed consolidated balance sheets (in millions): September 30, March 31, 2020 2020 Carrying amounts of major classes of assets held for sale: Accounts receivable, net $ 144.1 $ 154.3 Inventories, net 73.2 86.7 Prepaid expenses and other current assets 26.5 32.3 Total current assets 243.8 273.3 Property and equipment, net 35.9 40.7 Goodwill 734.3 734.3 Intangibles, net 283.2 310.9 Operating lease assets 67.1 64.4 Total non-current assets 1,120.5 1,150.3 Total assets held for sale $ 1,364.3 $ 1,423.6 Carrying amounts of major classes of liabilities held for sale: Accounts payable $ 68.8 $ 55.3 Accrued expenses 54.1 46.2 Current operating lease liabilities 16.5 15.9 Total current liabilities 139.4 117.4 Deferred income taxes, net 2.2 7.4 Non-current operating lease liabilities 49.9 47.4 Other long-term liabilities 1.3 1.4 Total non-current liabilities 53.4 56.2 Total liabilities held for sale $ 192.8 $ 173.6 |
Net Sales
Net Sales | 6 Months Ended |
Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Net Sales | 4. Net Sales The following table presents the Company’s net sales by product line and geography (in millions): U.S. Canada Total Three Months Ended March 31, 2021 Residential roofing products $ 686.1 $ 8.9 $ 695.0 Non-residential roofing products 305.9 23.8 329.7 Complementary building products 291.6 1.7 293.3 Total net sales $ 1,283.6 $ 34.4 $ 1,318.0 Three Months Ended March 31, 2020 Residential roofing products $ 569.9 $ 15.5 $ 585.4 Non-residential roofing products 293.4 50.3 343.7 Complementary building products 264.7 3.3 268.0 Total net sales $ 1,128.0 $ 69.1 $ 1,197.1 Six Months Ended March 31, 2021 Residential roofing products $ 1,517.5 $ 22.4 $ 1,539.9 Non-residential roofing products 671.9 56.0 727.9 Complementary building products 622.6 4.1 626.7 Total net sales $ 2,812.0 $ 82.5 $ 2,894.5 Six Months Ended March 31, 2020 Residential roofing products $ 1,266.8 $ 15.5 $ 1,282.3 Non-residential roofing products 705.4 50.3 755.7 Complementary building products 571.2 3.3 574.5 Total net sales $ 2,543.4 $ 69.1 $ 2,612.5 |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 6 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | 5. Net Income (Loss) Per Share Basic net income (loss) per share is calculated by dividing net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding during the period, without consideration for common share equivalents or the conversion of Preferred Stock. Common share equivalents consist of the incremental common shares issuable upon the exercise of stock options and vesting of restricted stock unit awards. Diluted net income (loss) per common share is calculated by dividing net income (loss) attributable to common shareholders by the fully diluted weighted-average number of common shares outstanding during the period. In connection with the acquisition of Allied Building Products Corp. (“Allied”) on January 2, 2018 (the “Allied Acquisition”), the Company completed the sale of 400,000 shares of Series A Cumulative Convertible Participating Preferred Stock, par value $0.01 per share (the “Preferred Stock”), with an aggregate liquidation preference of $400.0 million, at a purchase price of $1,000 per share, to CD&R Boulder Holdings, L.P. The Preferred Stock is convertible perpetual participating preferred stock of the Company, and conversion of the Preferred Stock into $0.01 par value shares of the Company’s common stock will be at a conversion price of $41.26 per share (or 9,694,619 shares of common stock). The Preferred Stock accumulates dividends at a rate of 6.0% per annum (payable in cash or in-kind, subject to certain conditions). The Preferred Stock is not mandatorily redeemable; therefore, it is classified as mezzanine equity on the Company’s consolidated balance sheets. Holders of Preferred Stock participate in dividends on an as-converted basis when declared on common shares. As a result, Preferred Stock is classified as a participating security and thereby requires the allocation of income that would have otherwise been available to common shareholders when calculating net income (loss) per share. Diluted net income (loss) per share is calculated by utilizing the most dilutive result of the if-converted and two-class methods. In both methods, net income (loss) attributable to common shareholders and the weighted-average common shares outstanding are adjusted to account for the impact of the assumed issuance of potential common shares that are dilutive, subject to dilution sequencing rules. The following table presents the components and calculations of basic and diluted net income (loss) per share (in millions, except per share amounts; certain amounts may not recalculate due to rounding): Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 Net income (loss) $ (6.3 ) $ (122.6 ) $ (226.8 ) $ (146.0 ) Dividends on Preferred Stock 6.0 6.0 12.0 12.0 Net income (loss) attributable to common shareholders (12.3 ) (128.6 ) (238.8 ) (158.0 ) Undistributed income allocated to participating securities — — — — Net income (loss) attributable to common shareholders - basic and diluted (12.3 ) (128.6 ) (238.8 ) (158.0 ) Net income (loss) from discontinued operations attributable to common shareholders - basic and diluted 4.2 (1.3 ) (263.7 ) (0.7 ) Net income (loss) from continuing operations attributable to common shareholders - basic and diluted $ (16.5 ) $ (127.3 ) $ 24.9 $ (157.3 ) Weighted-average common shares outstanding - basic 69.6 68.8 69.4 68.7 Effect of common share equivalents — — 0.9 — Weighted-average common shares outstanding - diluted 69.6 68.8 70.3 68.7 Net income (loss) per share: Basic - Continuing operations $ (0.24 ) $ (1.85 ) $ 0.36 $ (2.29 ) Basic - Discontinued operations 0.06 (0.02 ) (3.80 ) (0.01 ) Basic net income (loss) per share $ (0.18 ) $ (1.87 ) $ (3.44 ) $ (2.30 ) Diluted - Continuing operations $ (0.24 ) $ (1.85 ) $ 0.35 $ (2.29 ) Diluted - Discontinued operations 0.06 (0.02 ) (3.75 ) (0.01 ) Diluted net income (loss) per share $ (0.18 ) $ (1.87 ) $ (3.40 ) $ (2.30 ) The following table includes the number of shares that may be dilutive common shares in the future. These shares were not included in the computation of diluted net income (loss) per share because the effect was either anti-dilutive or the requisite performance conditions were not met (in millions): Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 Stock options 0.7 2.1 1.0 2.0 Restricted stock units — 0.4 — 0.4 Preferred Stock 9.7 9.7 9.7 9.7 |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based Compensation | 6. Stock-based Compensation On December 23, 2019, the Board of Directors of the Company approved the Beacon Roofing Supply, Inc. Second Amended and Restated 2014 Stock Plan (the “2014 Plan”). On February 11, 2020, the shareholders of the Company approved an additional 4,850,000 shares under the 2014 Plan. The 2014 Plan, which was originally approved by the shareholders on February 12, 2014, provides for discretionary awards of stock options, stock awards, restricted stock units, and stock appreciation rights to selected employees and non-employee directors. The 2014 Plan mandates that all forfeited, expired, and withheld shares, including those from the predecessor plan, be returned to the 2014 Plan and made available for issuance. As of March 31, 2021, there were 5,302,025 shares of common stock available for issuance. The 2014 Plan is the only plan maintained by the Company pursuant to which equity awards are granted. Equity awards granted in fiscal year 2015 and later contain a “double trigger” change in control mechanism. Unless an award is continued or assumed by a public company in an equitable manner, an award shall become fully vested immediately prior to a change in control (at 100% of the grant target in the case of a performance-based restricted stock unit award). If an award is so continued or assumed, vesting will continue in accordance with the terms of the award, unless there is a qualifying termination within one-year following the change in control, in which event the award shall immediately become fully vested (at 100% of the grant target in the case of a performance-based restricted stock unit award). Options granted prior to October 1, 2014 vest immediately upon a change in control of the Company. Stock Options Non-qualified stock options generally expire 10 years after the grant date and, except under certain conditions, the options are subject to continued employment and vest in three annual installments over the three-year The fair values of the options granted for the six months ended March 31, 2021 were estimated on the dates of grants using the Black-Scholes option-pricing model with the following weighted-average assumptions: Risk-free interest rate 0.44 % Expected volatility 48.15 % Expected life (in years) 5.36 Dividend yield — The following table summarizes all stock option activity for the six months ended March 31, 2021 (in millions, except per share amounts and time periods): Options Outstanding Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value 1 Balance as of September 30, 2020 2.5 $ 33.09 5.9 $ 6.9 Granted 0.3 35.78 Exercised (0.6 ) 28.83 Canceled/Forfeited (0.1 ) 42.55 Expired (0.0 ) 15.47 Balance as of March 31, 2021 2.1 $ 34.57 6.2 $ 38.2 Vested and expected to vest after March 31, 2021 2.1 $ 34.60 6.1 $ 37.4 Exercisable as of March 31, 2021 1.4 $ 35.86 4.8 $ 23.6 ______________________________________________________ 1 Aggregate intrinsic value represents the difference between the closing fair value of the underlying common stock and the exercise price of outstanding, in-the-money options on the date of measurement. During the three months ended March 31, 2021 and 2020, the Company recorded stock-based compensation expense related to stock options of $1.2 million and $1.0 million, respectively. During the six months ended March 31, 2021 and 2020, the Company recorded stock-based compensation expense related to stock options of $2.2 million and $2.1 million, respectively. As of March 31, 2021, there was $6.3 million of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted-average period of 2.1 years. The following table summarizes additional information on stock options (in millions, except per share amounts): Six Months Ended March 31, 2021 2020 Weighted-average fair value of stock options granted $ 15.62 $ 10.70 Total grant date fair value of stock options vested $ 5.3 $ 3.9 Total intrinsic value of stock options exercised $ 9.1 $ 1.1 Restricted Stock Units Restricted stock unit (“RSU”) awards granted to employees are subject to continued employment and generally vest on the third anniversary of the grant date. The Company also grants certain RSU awards to management that contain one or more additional vesting conditions tied directly to a defined performance metric for the Company. The actual number of RSUs that will vest can range from 0% to 200% of the original grant amount, depending upon actual Company performance below or above the established performance metric targets. The Company estimates performance in relation to the defined targets when determining the projected number of RSUs that are expected to vest and calculating the related stock-based compensation expense. RSUs granted to non-employee directors are subject to continued service and vest on the first anniversary of the grant date (except under certain conditions). Generally, the common shares underlying the RSUs are not eligible for distribution until the non-employee director’s service on the Board has terminated, and for non-employee director RSU grants made prior to fiscal year 2014, the share distribution date is six months after the director’s termination of service on the board. Beginning in fiscal year 2016, the Company enacted a policy that allows any non-employee directors who have Beacon equity holdings (defined as common stock and outstanding vested equity awards) with a total fair value that is greater than or equal to five times the annual Board cash retainer to elect to have any future RSU grants settle simultaneously with vesting. The following table summarizes all restricted stock unit activity for the six months ended March 31, 2021 (in millions, except per share amounts): RSUs Outstanding Weighted-Average Grant Date Fair Value Balance as of September 30, 2020 1.2 $ 33.55 Granted 0.4 36.98 Released (0.4 ) 42.51 Canceled/Forfeited (0.2 ) 29.41 Balance as of March 31, 2021 1.0 $ 32.97 Vested and expected to vest after March 31, 2021 0.9 $ 32.97 During the three months ended March 31, 2021 and 2020, the Company recorded stock-based compensation expense related to restricted stock units of $3.0 million and $3.3 million, respectively. During the six months ended March 31, 2021 and 2020, the Company recorded stock-based compensation expense related to restricted stock units of $5.8 million and $7.0 million, respectively. As of March 31, 2021, there was $16.8 million of unrecognized compensation cost related to unvested restricted stock units, which is expected to be recognized over a weighted-average period of 2.0 years. The following table summarizes additional information on RSUs (in millions, except per share amounts): Six Months Ended March 31, 2021 2020 Weighted-average fair value of RSUs granted $ 36.98 $ 33.59 Total grant date fair value of RSUs vested $ 16.3 $ 13.4 Total intrinsic value of RSUs released $ 14.4 $ 9.1 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Mar. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 7. Goodwill and Intangible Assets Goodwill The following table sets forth the change in the carrying amount of goodwill during the six months ended March 31, 2021 and 2020, respectively (in millions): Balance as of September 30, 2020 $ 1,756.1 Translation and other adjustments 5.2 Balance as of March 31, 2021 $ 1,761.3 Balance as of September 30, 2019 $ 1,756.3 Translation and other adjustments (2.0 ) Balance as of March 31, 2020 $ 1,754.3 The changes in the carrying amount of goodwill for the six months ended March 31, 2021 were driven primarily by adjustments to the allocation of goodwill to the Interior Products business. Intangible Assets The following table summarizes intangible assets by category (in millions, except time periods): March 31, 2021 September 30, 2020 March 31, 2020 Weighted-Average Remaining Life 1 (Years) Amortizable intangible assets: Non-compete agreements $ 0.2 $ 0.2 $ 0.2 1.2 Customer relationships 1,086.0 1,085.5 1,090.7 31.8 Trademarks — 3.7 4.1 — Total amortizable intangible assets 1,086.2 1,089.4 1,095.0 Accumulated amortization (631.0 ) (581.2 ) (525.7 ) Total amortizable intangible assets, net 455.2 508.2 569.3 Indefinite-lived trademarks 9.8 9.8 9.8 Total intangibles, net $ 465.0 $ 518.0 $ 579.1 _________________________________________ 1 As of March 31, 2021. In the second quarter of fiscal year 2020, in connection with the Rebranding, the Company incurred non-cash accelerated intangible asset amortization of $142.6 million related to the write-off of certain trade names, primarily Allied (exterior products only), Roofing Supply Group and JGA. The Company used an income approach, specifically the relief from royalty method, to determine the fair value of remaining indefinite-lived trademarks. Various Level 3 fair value assumptions were used in the determination of the estimated fair value, including items such as sales growth rates, royalty rates, discount rates, and other prospective financial information. During the three months ended March 31, 2021 and 2020, the Company recorded $27.6 million and $168.8 million of amortization expense relating to the above-listed intangible assets, respectively. During the six months ended March 31, 2021 and 2020, the Company recorded $53.1 million and $200.8 million of amortization expense relating to the above-listed intangible assets, respectively. The intangible asset lives range from 5 to 20 years and have a weighted-average remaining life of 31.8 years as of March 31, 2021. The following table summarizes the estimated future amortization expense for intangible assets (in millions): Year Ending September 30, 2021 (Apr - Sept) $ 50.2 2022 82.1 2023 66.2 2024 53.1 2025 42.8 Thereafter 160.8 Total future amortization expense $ 455.2 |
Financing Arrangements
Financing Arrangements | 6 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | 8. Financing Arrangements The following table summarizes all outstanding debt (presented net of unamortized debt issuance costs) and other financing arrangements (in millions): March 31, 2021 September 30, 2020 March 31, 2020 Revolving Lines of Credit 2023 ABL: U.S. Revolver 1 $ — $ 251.1 $ 1,001.6 Canada Revolver — — — Current portion — — — Borrowings under revolving lines of credit, net $ — $ 251.1 $ 1,001.6 Long-term Debt, net Term Loan: 2025 Term Loan 2 $ 505.6 $ 922.3 $ 924.4 Current portion (9.7 ) (9.7 ) (9.7 ) Long-term borrowings under term loan 495.9 912.6 914.7 Senior Notes: 2025 Senior Notes 3 1,287.2 1,285.7 1,284.3 2026 Senior Notes 4 296.2 295.9 295.8 Current portion — — — Long-term borrowings under senior notes 1,583.4 1,581.6 1,580.1 Long-term debt, net $ 2,079.3 $ 2,494.2 $ 2,494.8 Equipment Financing Facilities, net Equipment financing facilities 5 $ 1.0 $ 2.6 $ 4.7 Current portion (1.0 ) (2.6 ) (3.7 ) Long-term obligations under equipment financing, net $ — $ — $ 1.0 ____________________________________________________________ 1 2 3 4 5 2021 Debt Refinancing In April 2021, the Company announced a series of refinancing transactions, pursuant to which the Company intends to redeem certain of its senior notes and amend its current debt financing facilities. For additional information, see Note 15. 2019 Debt Refinancing 2026 Senior Notes On October 9, 2019, the Company, and certain subsidiaries of the Company as guarantors, executed a private offering of $300.0 million aggregate principal amount of 4.50% Senior Notes due 2026 (the “2026 Senior Notes”) at an issue price of 100%. The 2026 Senior Notes mature on November 15, 2026 and bear interest at a rate of 4.50% per annum, payable on May 15 and November 15 of each year, commencing on May 15, 2020. The 2026 Senior Notes and related subsidiary guarantees were offered and sold in a private transaction exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), to qualified institutional buyers in accordance with Rule 144A under the Securities Act and to non-U.S. persons outside of the United States pursuant to Regulation S under the Securities Act. The 2026 Senior Notes and related subsidiary guarantees have not been, and will not be, registered under the Securities Act or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and other applicable securities laws. On October 28, 2019, the Company used the net proceeds from the offering, together with cash on hand and available borrowings under the 2023 ABL (as defined below), to redeem all $300.0 million aggregate principal amount outstanding of the 2023 Senior Notes (as defined below) at a redemption price of 103.188% and to pay all related accrued interest, fees and expenses. The intent of the transaction was to take advantage of lower market interest rates by refinancing the existing 2023 Senior Notes with the 2026 Senior Notes. The Company accounted for the refinance as a debt extinguishment of the 2023 Senior Notes and an issuance of the 2026 Senior Notes. As a result, the Company recorded a loss on debt extinguishment of $14.7 million in the three months ended December 31, 2019. The Company has capitalized debt issuance costs of $4.7 million related to the 2026 Senior Notes, which are being amortized over the term of the financing arrangements. As of March 31, 2021, the outstanding balance on the 2026 Senior Notes, net of $3.8 million of unamortized debt issuance costs, was $296.2 million. Financing - Allied Acquisition In connection with the Allied Acquisition, the Company entered into various financing arrangements totaling $3.57 billion, including an asset-based revolving line of credit of $1.30 billion (“2023 ABL”), $525.0 million of which was drawn at closing, and a $970.0 million term loan (“2025 Term Loan”). The Company also raised an additional $1.30 billion through the issuance of senior notes (the “2025 Senior Notes”). The proceeds from these financing arrangements were used to finance the Allied Acquisition, to refinance or otherwise extinguish all third-party indebtedness, to pay fees and expenses associated with the acquisition, and to provide working capital and funds for other general corporate purposes. The Company capitalized new debt issuance costs totaling approximately $65.3 million related to the 2023 ABL, the 2025 Term Loan and the 2025 Senior Notes, which were being amortized over the term of the financing arrangements. 2023 ABL On January 2, 2018, the Company entered into a $1.30 billion asset-based revolving line of credit with Wells Fargo Bank, N.A. and a syndicate of other lenders. The 2023 ABL, as amended to date, provides for revolving loans in both the United States (“2023 U.S. Revolver”) in an amount up to $1.25 billion and Canada (“2023 Canada Revolver”) in an amount up to $50.0 million, in each case subject to a borrowing base. The 2023 ABL has a maturity date of January 2, 2023. The 2023 ABL has various borrowing tranches with an interest rate based, at the Company’s option, on a base rate, plus an applicable margin, or a reserve adjusted LIBOR rate, plus an applicable margin. The applicable margin ranges from 0.25% to 0.75% per annum with respect to base rate borrowings and from 1.25% to 1.75% per annum with respect to LIBOR borrowings. The current unused commitment fees on the 2023 ABL are 0.25% per annum. On July 28, 2020, the Company amended the 2023 ABL to provide for, among other things, a mechanism for replacing LIBOR with the secured overnight financing rate published by the Federal Reserve Bank of New York or other alternate benchmark rate selected by the administrative agent and the Company. There is one financial covenant under the 2023 ABL, which is the Fixed Charge Coverage Ratio (the “FCCR”). The FCCR is calculated by dividing Consolidated EBITDA, less Capital Expenditures, by Consolidated Fixed Charges (all terms as defined in the agreement). Per the covenant, the Company’s FCCR must be a minimum of 1.00 at the end of each fiscal quarter, calculated on a trailing four quarter basis (or under certain circumstances, at the end of each fiscal month, calculated on a trailing twelve-month basis). Compliance is only required at such times as borrowing availability (subject to certain adjustments) is less than the greater of (i) 10% of the lesser of the borrowing base or the aggregate commitments or (ii) $90.0 million, and for a period of thirty days thereafter. The Company was in compliance with this covenant as of March 31, 2021. The 2023 ABL is secured by a first priority lien over substantially all of the Company’s and each guarantor’s accounts, chattel paper, deposit accounts, books, records and inventory (as well as intangibles related thereto), subject to certain customary exceptions (the “ABL Priority Collateral”), and a second priority lien over substantially all of the Company’s and each guarantor’s other assets, including all of the equity interests of any subsidiary held by the Company or any guarantor, subject to certain customary exceptions (the “Term Priority Collateral”). The 2023 ABL is guaranteed jointly, severally, fully and unconditionally by the Company’s active United States subsidiaries. As of March 31, 2021, there was no balance outstanding on the 2023 ABL and there was $4.6 million of unamortized debt issuance costs included on the consolidated balance sheets in other assets, net. The Company also has outstanding standby letters of credit related to the 2023 U.S. Revolver in the amount of $12.8 million as of March 31, 2021. 2025 Term Loan On January 2, 2018, the Company entered into a $970.0 million Term Loan with Citibank N.A., and a syndicate of other lenders. The 2025 Term Loan requires quarterly principal payments in the amount of $2.4 million, with the remaining outstanding principal to be paid on its January 2, 2025 maturity date. The interest rate is based, at the Company’s option, on a base rate, plus an applicable margin, or a reserve adjusted LIBOR rate, plus an applicable margin. The applicable margin is 1.25% per annum with respect to base rate borrowings and 2.25% per annum with respect to LIBOR borrowings. The Company has the option of selecting a LIBOR period that determines the rate at which interest can accrue on the Term Loan as well as the period in which interest payments are made. The 2025 Term Loan is secured by a first priority lien on the Term Priority Collateral and a second priority lien on the ABL Priority Collateral. Certain excluded assets will not be included in the Term Priority Collateral and the ABL Priority Collateral. The Term Loan is guaranteed jointly, severally, fully and unconditionally by the Company’s active United States subsidiaries. In February 2021, the Company used a portion of the proceeds from the sale of Interior Products to make an additional principal payment of $423.9 million. In connection with this payment, the Company recorded a $9.5 million loss on debt extinguishment for the three and six months ended March 31, 2021. As of March 31, 2021, the outstanding balance on the 2025 Term Loan, net of $11.4 million of unamortized debt issuance costs, was $505.6 million. 2025 Senior Notes On October 25, 2017, Beacon Escrow Corporation, a wholly owned subsidiary of the Company (the “Escrow Issuer”), completed a private offering of $1.30 billion aggregate principal amount of 4.875% Senior Notes due 2025 at an issue price of 100%. The 2025 Senior Notes bear interest at a rate of 4.875% per annum, payable semi-annually in arrears, beginning May 1, 2018. Per the terms of the Escrow Agreement, the net proceeds from the 2025 Senior Notes remained in escrow until they were used to fund a portion of the purchase price of the Allied Acquisition payable at closing on January 2, 2018. Upon closing of the Allied Acquisition on January 2, 2018, (i) the Escrow Issuer merged with and into the Company, and the Company assumed all obligations under the 2025 Senior Notes; and (ii) all existing domestic subsidiaries of the Company (including the entities acquired in the Allied Acquisition) became guarantors of the 2025 Senior Notes. As of March 31, 2021, the outstanding balance on the 2025 Senior Notes, net of $12.9 million of unamortized debt issuance costs, was $1.29 billion. Financing - RSG Acquisition 2023 Senior Notes On October 1, 2015, in connection with the acquisition of Roofing Supply Group, the Company raised $300.0 million by issuing 6.38% Senior Notes due 2023 (the “2023 Senior Notes”). The 2023 Senior Notes had a coupon rate of 6.38% per annum and were payable semi-annually in arrears, beginning April 1, 2016. There were early payment provisions in the indenture under which the Company would be subject to redemption premiums. On October 28, 2019, the Company redeemed all $300.0 million aggregate principal amount outstanding of the 2023 Senior Notes at a redemption price of 103.188% plus accrued interest and, as a result, wrote off $5.1 million of unamortized debt issuance costs. Equipment Financing Facilities As of March 31, 2021, the Company had $1.0 million outstanding under equipment financing facilities, with fixed interest rates ranging from 2.33% to 2.89% and payments due through September 2021 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies The Company is subject to loss contingencies pursuant to various federal, state and local environmental laws and regulations; however, the Company is not aware of any reasonably possible losses that would have a material impact on its results of operations, financial position, or liquidity. Potential loss contingencies include possible obligations to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical or other substances by the Company or by other parties. In connection with its acquisitions, the Company’s practice is to request indemnification for any and all known material liabilities of significance as of the respective dates of acquisition. Historically, environmental liabilities have not had a material impact on the Company’s results of operations, financial position or liquidity. The Company is subject to litigation from time to time in the ordinary course of business; however, the Company does not expect the results, if any, to have a material adverse impact on its results of operations, financial position or liquidity. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 11. Accumulated Other Comprehensive Income (Loss) Other comprehensive income (loss) is composed of certain gains and losses that are excluded from net income under GAAP and instead recorded as a separate element of stockholders’ equity. The following table summarizes the components of and changes in accumulated other comprehensive loss (in millions): Foreign Derivative Currency Translation Financial Instruments AOCI Balance as of September 30, 2020 $ (19.7 ) $ (15.0 ) $ (34.7 ) Other comprehensive income before reclassifications 4.9 5.0 9.9 Reclassifications out of other comprehensive loss — — — Balance as of March 31, 2021 $ (14.8 ) $ (10.0 ) $ (24.8 ) Gains (losses) on derivative instruments are recognized in the consolidated statements of operations in interest expense, financing costs, and other. |
Geographic Data
Geographic Data | 6 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Geographic Data | 12. Geographic Data The following table summarizes certain geographic information (in millions): March 31, 2021 September 30, 2020 March 31, 2020 Long-lived assets: U.S. $ 670.3 $ 708.2 $ 765.5 Canada 10.2 9.9 10.5 Total long-lived assets $ 680.5 $ 718.1 $ 776.0 |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 13. Fair Value Measurement As of March 31, 2021, the carrying amount of cash and cash equivalents, accounts receivable, prepaid and other current assets, accounts payable and accrued expenses approximated fair value because of the short-term nature of these instruments. The Company measures its cash equivalents at amortized cost, which approximates fair value based upon quoted market prices (Level 1). As of March 31, 2021, based upon recent trading prices (Level 2), the fair value of the Company’s $300.0 million Senior Notes due in 2026 was $311.3 million and the fair value of the $1.30 billion 2025 Senior Notes was $1.33 billion. As of March 31, 2021, the fair value of the Company’s term loan and revolving lines of credit approximated the amount outstanding. The Company estimates the fair value of its term loan and revolving lines of credit by discounting the future cash flows of each instrument using estimated market rates of debt instruments with similar maturities and credit profiles (Level 3). |
Financial Derivatives
Financial Derivatives | 6 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Financial Derivatives | 14. Financial Derivatives The Company uses interest rate derivative instruments to manage the risk related to fluctuating cash flows from interest rate changes by converting a portion of its variable-rate borrowings into fixed-rate borrowings. On September 11, 2019, the Company entered into two interest rate swap agreements to manage the interest rate risk associated with the variable rate on the 2025 Term Loan. Each swap agreement has a notional amount of $250 million. One agreement (the “5-year swap”) will expire on August 30, 2024 and swaps the thirty-day LIBOR with a fixed-rate of 1.49%. The second agreement (the “3-year swap”) will expire on August 30, 2022 and swaps the thirty-day LIBOR with a fixed-rate of 1.50%. At the inception of the swap agreements, the Company determined that both swaps qualified for cash flow hedge accounting under ASC 815. Therefore, changes in the fair value of the effective portions of the swaps, net of taxes, will be recognized in other comprehensive income each period, then reclassified into the consolidated statements of operations as a component of interest expense, financing costs, and other in the period in which the hedged transaction affects earnings. Any ineffective portions of the hedges are immediately recognized in earnings as a component of interest expense, financing costs and other. The effectiveness of the swaps will be assessed qualitatively by the Company during the lives of the hedges by a) comparing the current terms of the hedges with the related hedged debt to assure they continue to coincide and b) through an evaluation of the ability of the counterparty to the hedges to honor their obligations under the hedges. The Company performed a qualitative analysis as of March 31, 2021 and concluded that the swap agreements continue to meet the requirements under ASC 815 to qualify for cash flow hedge accounting. As of March 31, 2021, the fair value of the 3‑year and 5‑year swaps, net of tax, were $3.6 million and $6.4 million, respectively, both in favor of the counterparty. These amounts are included in accrued expenses in the accompanying consolidated balance sheets. The Company records any differences paid or received on its interest rate hedges to interest expense, financing costs and other. The following table summarizes the combined fair values, net of tax, of the interest rate derivative instruments (in millions): Instrument Fair Value Hierarchy March 31, 2021 September 30, 2020 March 31, 2020 Designated interest rate swaps 1 Level 2 $ (10.0 ) $ (15.0 ) $ (15.0 ) _______________________ 1 Assets are included on the consolidated balance sheets in prepaid expenses and other current assets, while liabilities are included in accrued expenses. The fair value of the interest rate swaps is determined through the use of a pricing model, which utilizes verifiable inputs such as market interest rates that are observable at commonly quoted intervals (generally referred to as the “LIBOR Curve”) for the full terms of the hedge agreements. These values reflect a Level 2 measurement under the applicable fair value hierarchy. The following table summarizes the amounts of gain (loss) on the interest rate derivative instruments recognized in other comprehensive income (in millions): Three Months Ended March 31, Six Months Ended March 31, Instrument 2021 2020 2021 2020 Designated interest rate swaps $ 3.3 $ (15.9 ) $ 5.0 $ (13.4 ) |
Subsequent Events
Subsequent Events | 6 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent Events On • a new senior secured asset-based revolving credit facility due 2026 with maximum aggregate commitments of $1.30 billion, subject to borrowing base capacity (the “A&R ABL Facility”); and • a new $1.00 billion senior secured term loan “B” facility due 2028 (the “A&R Term Loan Facility” and, together with the A&R ABL Facility, the “New Senior Secured Credit Facilities”). On April 23, 2021, the Company entered into a purchase agreement with BofA Securities, Inc., Citigroup Global Markets Inc. and Wells Fargo Securities, LLC to issue $350.0 million in aggregate principal amount of its 4.125% senior notes due 2029 (the “2029 Senior Notes”). The funds received in connection with issuance of the 2029 Senior Notes, which is expected to close, subject to customary closing conditions, on or about May 10, 2021, will be used, together with cash on hand and available borrowings under the New Senior Secured Credit Facilities, to (i) redeem, repay, retire and discharge in full all $1.30 billion aggregate principal amount of the 2025 Senior Notes, (ii) repay all outstanding borrowings under the 2025 Term Loan and (iii) pay all related premiums, accrued interest, fees and expenses in connection with the foregoing. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company prepared the condensed consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the requirements of the Securities and Exchange Commission (“SEC”). As permitted under those rules, certain footnotes or other financial information have been condensed or omitted. Additionally, beginning with the condensed consolidated financial statements for the three months ended December 31, 2020, the Company has reflected Interior Products as discontinued operations for all periods presented. Unless otherwise noted, amounts and disclosures throughout these Notes to Condensed Consolidated Financial Statements relate to the Company's continuing operations. Certain prior period amounts have been reclassified to conform to current period presentation. The balance sheet as of March 31, 2020 has been presented for a better understanding of the impact of seasonal fluctuations on the Company’s financial condition. In management’s opinion, the financial statements include all normal and recurring adjustments that are considered necessary for the fair presentation of the Company’s financial position and operating results. The results for the three and six months ended March 31, 2021 are not necessarily indicative of the results to be expected for the twelve months ending September 30, 2021. The three-month periods ended six-month periods ended These interim Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto contained in the Company’s fiscal year 2020 (“2020”) Annual Report on Form 10-K for the year ended September 30, 2020. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Significant items subject to such estimates include accounts receivable, inventories, purchase price allocations, goodwill and intangibles, and income taxes. Assumptions made in the development of these estimates contemplate the impact of the novel coronavirus (“COVID‑19”) on the economy and the Company’s anticipated results; however, actual amounts could differ materially from these estimates. |
Recent Accounting Pronouncements - Adopted and Not Yet Adopted | Recent Accounting Pronouncements—Adopted In June 2016, the FASB issued ASU 2016-13, “ Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments Company on October 1, 2020. The adoption of the new standard was done using the modified-retrospective approach, through a cumulative-effect adjustment to retained earnings as of October 1, 2020. The most significant effect of the standard was an increase to the Company’s accounts receivable reserve and a corresponding retained earnings adjustment of approximately $ 4.3 million on October 1, 2020 . In January 2017, the FASB issued ASU 2017-04, “ Simplifying the Accounting for Goodwill Impairment.” Recent Accounting Pronouncements—Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, “Income Taxes – Simplifying the Accounting for Income Taxes.” In March 2020, the FASB issued ASU 2020-04, “ Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting Reference Rate Reform (Topic 848), Scope |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Schedule of Reconciliation of Major Line Items Constituting Pretax Income (Loss) from Discontinued Operations to Net Income (Loss) from Discontinued Operations | The following table reconciles major line items constituting pretax income (loss) from discontinued operations to net income (loss) from discontinued operations as presented in the condensed consolidated statements of operations (in millions): Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 Net sales $ 109.1 $ 261.4 $ 357.9 $ 521.1 Cost of products sold (80.3 ) (189.4 ) (264.1 ) (378.6 ) Selling, general and administrative (21.0 ) (55.8 ) (77.9 ) (109.4 ) Depreciation and amortization (0.2 ) (21.6 ) (13.1 ) (37.6 ) Other income (loss) — 0.2 0.1 0.4 Loss on sale (2.4 ) — (357.8 ) — Pretax income (loss) from discontinued operations 5.2 (5.2 ) (354.9 ) (4.1 ) Provision for (benefit from) income taxes 1.0 (3.9 ) (91.2 ) (3.4 ) Net income (loss) from discontinued operations $ 4.2 $ (1.3 ) $ (263.7 ) $ (0.7 ) |
Schedule of Reconciliation of Carrying Amounts of Major Classes of Assets and Liabilities of Discontinued Operations to Total Assets | The following table reconciles the carrying amounts of major classes of assets and liabilities of discontinued operations to total assets and liabilities of discontinued operations that are classified as held for sale in the condensed consolidated balance sheets (in millions): September 30, March 31, 2020 2020 Carrying amounts of major classes of assets held for sale: Accounts receivable, net $ 144.1 $ 154.3 Inventories, net 73.2 86.7 Prepaid expenses and other current assets 26.5 32.3 Total current assets 243.8 273.3 Property and equipment, net 35.9 40.7 Goodwill 734.3 734.3 Intangibles, net 283.2 310.9 Operating lease assets 67.1 64.4 Total non-current assets 1,120.5 1,150.3 Total assets held for sale $ 1,364.3 $ 1,423.6 Carrying amounts of major classes of liabilities held for sale: Accounts payable $ 68.8 $ 55.3 Accrued expenses 54.1 46.2 Current operating lease liabilities 16.5 15.9 Total current liabilities 139.4 117.4 Deferred income taxes, net 2.2 7.4 Non-current operating lease liabilities 49.9 47.4 Other long-term liabilities 1.3 1.4 Total non-current liabilities 53.4 56.2 Total liabilities held for sale $ 192.8 $ 173.6 |
Net Sales (Tables)
Net Sales (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Net Sales by Product Line and Geography | The following table presents the Company’s net sales by product line and geography (in millions): U.S. Canada Total Three Months Ended March 31, 2021 Residential roofing products $ 686.1 $ 8.9 $ 695.0 Non-residential roofing products 305.9 23.8 329.7 Complementary building products 291.6 1.7 293.3 Total net sales $ 1,283.6 $ 34.4 $ 1,318.0 Three Months Ended March 31, 2020 Residential roofing products $ 569.9 $ 15.5 $ 585.4 Non-residential roofing products 293.4 50.3 343.7 Complementary building products 264.7 3.3 268.0 Total net sales $ 1,128.0 $ 69.1 $ 1,197.1 Six Months Ended March 31, 2021 Residential roofing products $ 1,517.5 $ 22.4 $ 1,539.9 Non-residential roofing products 671.9 56.0 727.9 Complementary building products 622.6 4.1 626.7 Total net sales $ 2,812.0 $ 82.5 $ 2,894.5 Six Months Ended March 31, 2020 Residential roofing products $ 1,266.8 $ 15.5 $ 1,282.3 Non-residential roofing products 705.4 50.3 755.7 Complementary building products 571.2 3.3 574.5 Total net sales $ 2,543.4 $ 69.1 $ 2,612.5 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Components and Calculation of Basic and Diluted Net Income (Loss) Per Share | The following table presents the components and calculations of basic and diluted net income (loss) per share (in millions, except per share amounts; certain amounts may not recalculate due to rounding): Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 Net income (loss) $ (6.3 ) $ (122.6 ) $ (226.8 ) $ (146.0 ) Dividends on Preferred Stock 6.0 6.0 12.0 12.0 Net income (loss) attributable to common shareholders (12.3 ) (128.6 ) (238.8 ) (158.0 ) Undistributed income allocated to participating securities — — — — Net income (loss) attributable to common shareholders - basic and diluted (12.3 ) (128.6 ) (238.8 ) (158.0 ) Net income (loss) from discontinued operations attributable to common shareholders - basic and diluted 4.2 (1.3 ) (263.7 ) (0.7 ) Net income (loss) from continuing operations attributable to common shareholders - basic and diluted $ (16.5 ) $ (127.3 ) $ 24.9 $ (157.3 ) Weighted-average common shares outstanding - basic 69.6 68.8 69.4 68.7 Effect of common share equivalents — — 0.9 — Weighted-average common shares outstanding - diluted 69.6 68.8 70.3 68.7 Net income (loss) per share: Basic - Continuing operations $ (0.24 ) $ (1.85 ) $ 0.36 $ (2.29 ) Basic - Discontinued operations 0.06 (0.02 ) (3.80 ) (0.01 ) Basic net income (loss) per share $ (0.18 ) $ (1.87 ) $ (3.44 ) $ (2.30 ) Diluted - Continuing operations $ (0.24 ) $ (1.85 ) $ 0.35 $ (2.29 ) Diluted - Discontinued operations 0.06 (0.02 ) (3.75 ) (0.01 ) Diluted net income (loss) per share $ (0.18 ) $ (1.87 ) $ (3.40 ) $ (2.30 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table includes the number of shares that may be dilutive common shares in the future. These shares were not included in the computation of diluted net income (loss) per share because the effect was either anti-dilutive or the requisite performance conditions were not met (in millions): Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 Stock options 0.7 2.1 1.0 2.0 Restricted stock units — 0.4 — 0.4 Preferred Stock 9.7 9.7 9.7 9.7 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Fair Values of Options, Black-Scholes Option-Pricing Model, Weighted-Average Assumptions | The fair values of the options granted for the six months ended March 31, 2021 were estimated on the dates of grants using the Black-Scholes option-pricing model with the following weighted-average assumptions: Risk-free interest rate 0.44 % Expected volatility 48.15 % Expected life (in years) 5.36 Dividend yield — |
Stock Options Outstanding and Activity During the Period | The following table summarizes all stock option activity for the six months ended March 31, 2021 (in millions, except per share amounts and time periods): Options Outstanding Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value 1 Balance as of September 30, 2020 2.5 $ 33.09 5.9 $ 6.9 Granted 0.3 35.78 Exercised (0.6 ) 28.83 Canceled/Forfeited (0.1 ) 42.55 Expired (0.0 ) 15.47 Balance as of March 31, 2021 2.1 $ 34.57 6.2 $ 38.2 Vested and expected to vest after March 31, 2021 2.1 $ 34.60 6.1 $ 37.4 Exercisable as of March 31, 2021 1.4 $ 35.86 4.8 $ 23.6 ______________________________________________________ 1 Aggregate intrinsic value represents the difference between the closing fair value of the underlying common stock and the exercise price of outstanding, in-the-money options on the date of measurement. |
Stock Option Grants, Vesting, and Exercises | The following table summarizes additional information on stock options (in millions, except per share amounts): Six Months Ended March 31, 2021 2020 Weighted-average fair value of stock options granted $ 15.62 $ 10.70 Total grant date fair value of stock options vested $ 5.3 $ 3.9 Total intrinsic value of stock options exercised $ 9.1 $ 1.1 |
Restricted Shares and Units Outstanding and Activity During the Period | The following table summarizes all restricted stock unit activity for the six months ended March 31, 2021 (in millions, except per share amounts): RSUs Outstanding Weighted-Average Grant Date Fair Value Balance as of September 30, 2020 1.2 $ 33.55 Granted 0.4 36.98 Released (0.4 ) 42.51 Canceled/Forfeited (0.2 ) 29.41 Balance as of March 31, 2021 1.0 $ 32.97 Vested and expected to vest after March 31, 2021 0.9 $ 32.97 |
Schedule Of Restricted Stock Units Additional Information | The following table summarizes additional information on RSUs (in millions, except per share amounts): Six Months Ended March 31, 2021 2020 Weighted-average fair value of RSUs granted $ 36.98 $ 33.59 Total grant date fair value of RSUs vested $ 16.3 $ 13.4 Total intrinsic value of RSUs released $ 14.4 $ 9.1 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Changes in goodwill | The following table sets forth the change in the carrying amount of goodwill during the six months ended March 31, 2021 and 2020, respectively (in millions): Balance as of September 30, 2020 $ 1,756.1 Translation and other adjustments 5.2 Balance as of March 31, 2021 $ 1,761.3 Balance as of September 30, 2019 $ 1,756.3 Translation and other adjustments (2.0 ) Balance as of March 31, 2020 $ 1,754.3 |
Summary of Intangible Assets | The following table summarizes intangible assets by category (in millions, except time periods): March 31, 2021 September 30, 2020 March 31, 2020 Weighted-Average Remaining Life 1 (Years) Amortizable intangible assets: Non-compete agreements $ 0.2 $ 0.2 $ 0.2 1.2 Customer relationships 1,086.0 1,085.5 1,090.7 31.8 Trademarks — 3.7 4.1 — Total amortizable intangible assets 1,086.2 1,089.4 1,095.0 Accumulated amortization (631.0 ) (581.2 ) (525.7 ) Total amortizable intangible assets, net 455.2 508.2 569.3 Indefinite-lived trademarks 9.8 9.8 9.8 Total intangibles, net $ 465.0 $ 518.0 $ 579.1 _________________________________________ 1 As of March 31, 2021. |
Summary of Estimated Future Amortization | The following table summarizes the estimated future amortization expense for intangible assets (in millions): Year Ending September 30, 2021 (Apr - Sept) $ 50.2 2022 82.1 2023 66.2 2024 53.1 2025 42.8 Thereafter 160.8 Total future amortization expense $ 455.2 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Debt Presented Net of Unamortized debt Issuance Costs and Other Financing Arrangements | The following table summarizes all outstanding debt (presented net of unamortized debt issuance costs) and other financing arrangements (in millions): March 31, 2021 September 30, 2020 March 31, 2020 Revolving Lines of Credit 2023 ABL: U.S. Revolver 1 $ — $ 251.1 $ 1,001.6 Canada Revolver — — — Current portion — — — Borrowings under revolving lines of credit, net $ — $ 251.1 $ 1,001.6 Long-term Debt, net Term Loan: 2025 Term Loan 2 $ 505.6 $ 922.3 $ 924.4 Current portion (9.7 ) (9.7 ) (9.7 ) Long-term borrowings under term loan 495.9 912.6 914.7 Senior Notes: 2025 Senior Notes 3 1,287.2 1,285.7 1,284.3 2026 Senior Notes 4 296.2 295.9 295.8 Current portion — — — Long-term borrowings under senior notes 1,583.4 1,581.6 1,580.1 Long-term debt, net $ 2,079.3 $ 2,494.2 $ 2,494.8 Equipment Financing Facilities, net Equipment financing facilities 5 $ 1.0 $ 2.6 $ 4.7 Current portion (1.0 ) (2.6 ) (3.7 ) Long-term obligations under equipment financing, net $ — $ — $ 1.0 ____________________________________________________________ 1 2 3 4 5 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income | The following table summarizes the components of and changes in accumulated other comprehensive loss (in millions): Foreign Derivative Currency Translation Financial Instruments AOCI Balance as of September 30, 2020 $ (19.7 ) $ (15.0 ) $ (34.7 ) Other comprehensive income before reclassifications 4.9 5.0 9.9 Reclassifications out of other comprehensive loss — — — Balance as of March 31, 2021 $ (14.8 ) $ (10.0 ) $ (24.8 ) |
Geographic Data (Tables)
Geographic Data (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Geographic Information | The following table summarizes certain geographic information (in millions): March 31, 2021 September 30, 2020 March 31, 2020 Long-lived assets: U.S. $ 670.3 $ 708.2 $ 765.5 Canada 10.2 9.9 10.5 Total long-lived assets $ 680.5 $ 718.1 $ 776.0 |
Financial Derivatives (Tables)
Financial Derivatives (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Combined Fair Values, Net of Tax of Interest Rate Derivative Instruments | The Company records any differences paid or received on its interest rate hedges to interest expense, financing costs and other. The following table summarizes the combined fair values, net of tax, of the interest rate derivative instruments (in millions): Instrument Fair Value Hierarchy March 31, 2021 September 30, 2020 March 31, 2020 Designated interest rate swaps 1 Level 2 $ (10.0 ) $ (15.0 ) $ (15.0 ) _______________________ 1 Assets are included on the consolidated balance sheets in prepaid expenses and other current assets, while liabilities are included in accrued expenses. |
Summary of Amounts of Gain (Loss) on Interest Rate Derivative Instruments Recognized in Other Comprehensive Income | The following table summarizes the amounts of gain (loss) on the interest rate derivative instruments recognized in other comprehensive income (in millions): Three Months Ended March 31, Six Months Ended March 31, Instrument 2021 2020 2021 2020 Designated interest rate swaps $ 3.3 $ (15.9 ) $ 5.0 $ (13.4 ) |
Company Overview - Additional I
Company Overview - Additional Information (Detail) $ in Millions | Feb. 10, 2021USD ($) | Mar. 31, 2021USD ($)StateProvince | Mar. 31, 2020USD ($) | |
Company Overview [Line Items] | ||||
Date of incorporation | Aug. 22, 1997 | |||
Proceeds from sale of business | [1],[2] | $ 837 | $ 0 | |
Stock Purchase Agreement [Member] | Interior Products [Member] | ASP Sailor Acquisition Corp [Member] | ||||
Company Overview [Line Items] | ||||
Proceeds from sale of business | $ 850 | |||
U.S. [Member] | ||||
Company Overview [Line Items] | ||||
Number of states in which entity operates | State | 50 | |||
Canada [Member] | ||||
Company Overview [Line Items] | ||||
Number of provinces in which entity operates | Province | 6 | |||
[1] | See Note 3 for additional information. | |||
[2] | Unless otherwise noted, amounts include both continuing and discontinued operations. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - Accounting Standards Update 2016-13 [Member] - Restatement Adjustment [Member] $ in Millions | Oct. 01, 2020USD ($) |
Significant Accounting Policies [Line Items] | |
Accounts receivable reserve | $ 4.3 |
Retained earnings adjustment | $ 4.3 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - USD ($) $ in Millions | Feb. 10, 2021 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Proceeds from sale of business | [1],[2] | $ 837 | $ 0 | ||
Interior Products [Member] | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Loss on sale | $ 2.4 | 357.8 | |||
Consolidated goodwill balance included in carrying value of net assets | $ 730.9 | ||||
Stock Purchase Agreement [Member] | Interior Products [Member] | FBM [Member] | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Proceeds from sale of business | $ 850 | ||||
[1] | See Note 3 for additional information. | ||||
[2] | Unless otherwise noted, amounts include both continuing and discontinued operations. |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Reconciliation of Major Line Items Constituting Pretax Income (Loss) from Discontinued Operations to Net Income (Loss) from Discontinued Operations (Detail) - Interior Products [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disposal Group Including Discontinued Operation Income Statement Disclosures [Line Items] | ||||
Net sales | $ 109.1 | $ 261.4 | $ 357.9 | $ 521.1 |
Cost of products sold | (80.3) | (189.4) | (264.1) | (378.6) |
Selling, general and administrative | (21) | (55.8) | (77.9) | (109.4) |
Depreciation and amortization | (0.2) | (21.6) | (13.1) | (37.6) |
Other income (loss) | 0.2 | 0.1 | 0.4 | |
Loss on sale | (2.4) | (357.8) | ||
Pretax income (loss) from discontinued operations | 5.2 | (5.2) | (354.9) | (4.1) |
Provision for (benefit from) income taxes | 1 | (3.9) | (91.2) | (3.4) |
Net income (loss) from discontinued operations | $ 4.2 | $ (1.3) | $ (263.7) | $ (0.7) |
Discontinued Operations - Sch_2
Discontinued Operations - Schedule of Reconciliation of Carrying Amounts of Major Classes of Assets and Liabilities of Discontinued Operations to Total Assets (Detail) - USD ($) $ in Millions | Sep. 30, 2020 | Mar. 31, 2020 |
Carrying amounts of major classes of assets held for sale: | ||
Total current assets | $ 243.8 | $ 273.3 |
Total non-current assets | 1,120.5 | 1,150.3 |
Carrying amounts of major classes of liabilities held for sale: | ||
Total current liabilities | 139.4 | 117.4 |
Total non-current liabilities | 53.4 | 56.2 |
Interior Products [Member] | Discontinued Operations, Held-for-sale [Member] | ||
Carrying amounts of major classes of assets held for sale: | ||
Accounts receivable, net | 144.1 | 154.3 |
Inventories, net | 73.2 | 86.7 |
Prepaid expenses and other current assets | 26.5 | 32.3 |
Total current assets | 243.8 | 273.3 |
Property and equipment, net | 35.9 | 40.7 |
Goodwill | 734.3 | 734.3 |
Intangibles, net | 283.2 | 310.9 |
Operating lease assets | 67.1 | 64.4 |
Total non-current assets | 1,120.5 | 1,150.3 |
Total assets held for sale | 1,364.3 | 1,423.6 |
Carrying amounts of major classes of liabilities held for sale: | ||
Accounts payable | 68.8 | 55.3 |
Accrued expenses | 54.1 | 46.2 |
Current operating lease liabilities | 16.5 | 15.9 |
Total current liabilities | 139.4 | 117.4 |
Deferred income taxes, net | 2.2 | 7.4 |
Non-current operating lease liabilities | 49.9 | 47.4 |
Other long-term liabilities | 1.3 | 1.4 |
Total non-current liabilities | 53.4 | 56.2 |
Total liabilities held for sale | $ 192.8 | $ 173.6 |
Net Sales - Summary of Net Sale
Net Sales - Summary of Net Sales by Product Line and Geography (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 1,318 | $ 1,197.1 | $ 2,894.5 | $ 2,612.5 |
Residential Roofing Products [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 695 | 585.4 | 1,539.9 | 1,282.3 |
Non-Residential Roofing Products [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 329.7 | 343.7 | 727.9 | 755.7 |
Complementary Building Products [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 293.3 | 268 | 626.7 | 574.5 |
U.S. [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 1,283.6 | 1,128 | 2,812 | 2,543.4 |
U.S. [Member] | Residential Roofing Products [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 686.1 | 569.9 | 1,517.5 | 1,266.8 |
U.S. [Member] | Non-Residential Roofing Products [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 305.9 | 293.4 | 671.9 | 705.4 |
U.S. [Member] | Complementary Building Products [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 291.6 | 264.7 | 622.6 | 571.2 |
Canada [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 34.4 | 69.1 | 82.5 | 69.1 |
Canada [Member] | Residential Roofing Products [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 8.9 | 15.5 | 22.4 | 15.5 |
Canada [Member] | Non-Residential Roofing Products [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 23.8 | 50.3 | 56 | 50.3 |
Canada [Member] | Complementary Building Products [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 1.7 | $ 3.3 | $ 4.1 | $ 3.3 |
Net Income (Loss) Per Share - A
Net Income (Loss) Per Share - Additional Information (Detail) - USD ($) | Jan. 02, 2018 | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 |
Preferred stock, issuance | 0 | 0 | 0 | |
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | |
Allied Acquisition [Member] | Investment Agreement [Member] | Series A Cumulative Convertible Participating Preferred Stock [Member] | ||||
Preferred stock, issuance | 400,000 | |||
Preferred stock, par value | $ 0.01 | |||
Preferred stock, liquidation preference value | $ 400,000,000 | |||
Preferred stock, liquidation purchase price per share | $ 1,000 | |||
Preferred stock conversion price per share | $ 41.26 | |||
Preferred stock dividend rate | 6.00% | |||
Common stock to be issued upon conversion of convertible preferred stock | 9,694,619 |
Net Income (Loss) Per Share - C
Net Income (Loss) Per Share - Components and Calculation of Basic and Diluted Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | ||
Earnings Per Share [Abstract] | |||||
Net income (loss) | $ (6.3) | $ (122.6) | $ (226.8) | $ (146) | |
Dividends on Preferred Stock | 6 | 6 | 12 | 12 | |
Net income (loss) attributable to common shareholders | (12.3) | (128.6) | (238.8) | (158) | |
Net income (loss) attributable to common shareholders - basic and diluted | (12.3) | (128.6) | (238.8) | (158) | |
Net income (loss) from discontinued operations attributable to common shareholders - basic and diluted | 4.2 | (1.3) | (263.7) | (0.7) | |
Net income (loss) from continuing operations attributable to common shareholders - basic and diluted | $ (16.5) | $ (127.3) | $ 24.9 | $ (157.3) | |
Weighted-average common shares outstanding - basic | 69,600,000 | 68,800,000 | 69,400,000 | 68,700,000 | |
Effect of common share equivalents | 900,000 | ||||
Weighted-average common shares outstanding - diluted | 69,600,000 | 68,800,000 | 70,300,000 | 68,700,000 | |
Basic - Continuing operations | [1] | $ (0.24) | $ (1.85) | $ 0.36 | $ (2.29) |
Basic - Discontinued operations | [1] | 0.06 | (0.02) | (3.80) | (0.01) |
Basic net income (loss) per share | [1] | (0.18) | (1.87) | (3.44) | (2.30) |
Diluted - Continuing operations | [1] | (0.24) | (1.85) | 0.35 | (2.29) |
Diluted - Discontinued operations | [1] | 0.06 | (0.02) | (3.75) | (0.01) |
Diluted net income (loss) per share | [1] | $ (0.18) | $ (1.87) | $ (3.40) | $ (2.30) |
[1] | See Note 5 for detailed calculations and further discussion. |
Net Income (Loss) Per Share - S
Net Income (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Preferred Stock [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from computation of diluted net income (loss) per share | 9,700,000 | 9,700,000 | 9,700,000 | 9,700,000 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from computation of diluted net income (loss) per share | 700,000 | 2,100,000 | 1,000,000 | 2,000,000 |
Restricted Stock Units [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from computation of diluted net income (loss) per share | 400,000 | 400,000 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) - USD ($) $ in Millions | Feb. 11, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation number of additional shares authorized | 4,850,000 | ||||
Stock-based compensation number of shares authorized | 5,302,025 | 5,302,025 | |||
Restricted Stock Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of shares that will vest | 100.00% | ||||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Non-qualified options granted expiration period | 10 years | ||||
Vesting period | 3 years | ||||
Allocated stock-based compensation expense | $ 1.2 | $ 1 | $ 2.2 | $ 2.1 | |
Unrecognized compensation cost related to unvested stock | 6.3 | $ 6.3 | |||
Unrecognized compensation cost related to unvested stock, expected weighted-average period of recognition | 2 years 1 month 6 days | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated stock-based compensation expense | 3 | $ 3.3 | $ 5.8 | $ 7 | |
Unrecognized compensation cost related to unvested stock | $ 16.8 | $ 16.8 | |||
Unrecognized compensation cost related to unvested stock, expected weighted-average period of recognition | 2 years | ||||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of shares that will vest | 0.00% | ||||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of shares that will vest | 200.00% |
Stock-based Compensation - Fair
Stock-based Compensation - Fair Values of Options, Black-Scholes Option-Pricing Model, Weighted-Average Assumptions (Detail) | 6 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Risk-free interest rate | 0.44% |
Expected volatility | 48.15% |
Expected life (in years) | 5 years 4 months 9 days |
Dividend yield | 0.00% |
Stock-based compensation - Stoc
Stock-based compensation - Stock Options Outstanding and Activity During the Period (Detail) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Sep. 30, 2020 | |
Options Outstanding | ||
Balance as of September 30, 2020 | 2,500,000 | |
Granted | 300,000 | |
Exercised | (600,000) | |
Canceled/Forfeited | (100,000) | |
Expired | 0 | |
Balance as of March 31, 2021 | 2,100,000 | 2,500,000 |
Vested and expected to vest after March 31, 2021 | 2,100,000 | |
Exercisable as of March 31, 2021 | 1,400,000 | |
Weighted-Average Exercise Price | ||
Beginning Balance | $ 33.09 | |
Granted | 35.78 | |
Exercised | 28.83 | |
Canceled/Forfeited | 42.55 | |
Expired | 15.47 | |
Ending Balance | 34.57 | $ 33.09 |
Vested and expected to vest after March 31, 2021 | 34.60 | |
Exercisable as of March 31, 2021 | $ 35.86 | |
Weighted-Average Remaining Contractual Life | ||
Balance | 6 years 2 months 12 days | 5 years 10 months 24 days |
Vested and expected to vest after March 31, 2021 | 6 years 1 month 6 days | |
Exercisable as of March 31, 2021 | 4 years 9 months 18 days | |
Aggregate Intrinsic Value | ||
Balance | $ 38.2 | $ 6.9 |
Vested and expected to vest after March 31, 2021 | 37.4 | |
Exercisable as of March 31, 2021 | $ 23.6 |
Stock-based compensation - St_2
Stock-based compensation - Stock Option Grants, Vesting, and Exercises (Detail) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Weighted-average fair value of stock options granted | $ 15.62 | $ 10.70 |
Total grant date fair value of stock options vested | $ 5.3 | $ 3.9 |
Total intrinsic value of stock options exercised | $ 9.1 | $ 1.1 |
Stock-based Compensation - Rest
Stock-based Compensation - Restricted Shares and Units Outstanding and Activity During the Period (Detail) - $ / shares | 6 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Weighted - Average Grant Date Fair Value | ||
Granted | $ 36.98 | $ 33.59 |
Restricted Stock Units (RSUs) [Member] | ||
Outstanding | ||
Balance as of September 30, 2020 | 1,200,000 | |
Granted | 400,000 | |
Released | (400,000) | |
Canceled/Forfeited | (200,000) | |
Balance as of March 31, 2021 | 1,000,000 | |
Vested and expected to vest after March 31, 2021 | 900,000 | |
Weighted - Average Grant Date Fair Value | ||
Balance as of September 30, 2020 | $ 33.55 | |
Granted | 36.98 | |
Released | 42.51 | |
Canceled/Forfeited | 29.41 | |
Balance as of March 31, 2021 | 32.97 | |
Vested and expected to vest after March 31, 2021 | $ 32.97 |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule Of Restricted Stock Units Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Weighted-average fair value of RSUs granted | $ 36.98 | $ 33.59 |
Total grant date fair value of RSUs vested | $ 16.3 | $ 13.4 |
Total intrinsic value of RSUs released | $ 14.4 | $ 9.1 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Summary of Changes in goodwill (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Beginning balance | $ 1,756.1 | $ 1,756.3 |
Translation and other adjustments | 5.2 | (2) |
Ending balance | $ 1,761.3 | $ 1,754.3 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Millions | 6 Months Ended | |||
Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | ||
Finite Lived Intangible Assets [Line Items] | ||||
Amortizable intangible assets | $ 1,086.2 | $ 1,089.4 | $ 1,095 | |
Accumulated amortization | (631) | (581.2) | (525.7) | |
Total amortizable intangible assets, net | 455.2 | 508.2 | 569.3 | |
Indefinite-lived trademarks | 9.8 | 9.8 | 9.8 | |
Total intangibles, net | $ 465 | 518 | 579.1 | |
Weighted Average [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 31 years 9 months 18 days | |||
Minimum [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||
Maximum [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||
Noncompete Agreements [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortizable intangible assets | $ 0.2 | 0.2 | 0.2 | |
Noncompete Agreements [Member] | Weighted Average [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | [1] | 1 year 2 months 12 days | ||
Customer Relationships [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortizable intangible assets | $ 1,086 | 1,085.5 | 1,090.7 | |
Customer Relationships [Member] | Weighted Average [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | [1] | 31 years 9 months 18 days | ||
Trademarks [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortizable intangible assets | $ 3.7 | $ 4.1 | ||
[1] | As of March 31, 2021. |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Goodwill And Intangible Assets [Line Items] | ||||
Amortization | $ 27.6 | $ 168.8 | $ 53.1 | $ 200.8 |
Minimum [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||
Maximum [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||
Weighted Average [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 31 years 9 months 18 days | |||
Allied Acquisition [Member] | Tradenames [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Amortization | $ 142.6 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Summary of Estimated Future Amortization (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
2021 (Apr - Sept) | $ 50.2 | ||
2022 | 82.1 | ||
2023 | 66.2 | ||
2024 | 53.1 | ||
2025 | 42.8 | ||
Thereafter | 160.8 | ||
Total amortizable intangible assets, net | $ 455.2 | $ 508.2 | $ 569.3 |
Financing Arrangements - Outsta
Financing Arrangements - Outstanding Debt Presented Net of Unamortized debt Issuance Costs and Other Financing Arrangements (Detail) - USD ($) | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Jan. 02, 2018 | ||||
Debt Instrument [Line Items] | ||||||||
Borrowings under revolving lines of credit/term loans, net | $ 251,100,000 | $ 1,001,600,000 | ||||||
Current portion | $ 0 | 0 | 0 | |||||
Long-term borrowings under senior notes | 1,583,400,000 | 1,581,600,000 | 1,580,100,000 | |||||
Long-term debt, net | 2,079,300,000 | 2,494,200,000 | 2,494,800,000 | |||||
Equipment financing facilities | [1] | 1,000,000 | 2,600,000 | 4,700,000 | ||||
Long-term obligations under equipment financing, net | 1,000,000 | |||||||
2025 Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior Notes | [2] | 1,287,200,000 | 1,285,700,000 | 1,284,300,000 | ||||
2026 Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior Notes | [3] | 296,200,000 | 295,900,000 | 295,800,000 | ||||
Equipment Financing Facilities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Current portion | (1,000,000) | (2,600,000) | (3,700,000) | |||||
Long-term obligations under equipment financing, net | 1,000,000 | |||||||
Revolving Lines of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings under revolving lines of credit/term loans, net | 251,100,000 | 1,001,600,000 | ||||||
Revolving Lines of Credit [Member] | 2023 ABL [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings under revolving lines of credit/term loans, net | 0 | |||||||
Revolving Lines of Credit [Member] | 2023 ABL [Member] | U.S. [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total Borrowings under revolving lines of credit/term loans | [4] | 251,100,000 | 1,001,600,000 | |||||
Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Current portion | (9,700,000) | (9,700,000) | (9,700,000) | |||||
Borrowings under revolving lines of credit/term loans, net | 495,900,000 | 912,600,000 | 914,700,000 | |||||
Term Loan [Member] | 2025 Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total Borrowings under revolving lines of credit/term loans | $ 505,600,000 | [5] | $ 922,300,000 | [5] | $ 924,400,000 | [5] | $ 970,000,000 | |
[1] | Fixed interest rates ranging from 2.33% to 2.89% for all periods presented. | |||||||
[2] | Interest rate of 4.88% for all periods presented. | |||||||
[3] | Interest rate of 4.50% for all periods presented. | |||||||
[4] | Effective rate on borrowings of 1.89% and 2.33% as of September 30, 2020 and March 31, 2020, respectively. | |||||||
[5] | Interest rate of 2.36%, 2.41% and 3.85% as of March 31, 2021, September 30, 2020 and March 31, 2020, respectively. |
Financing Arrangements - Outs_2
Financing Arrangements - Outstanding Debt Presented Net of Unamortized debt Issuance Costs and Other Financing Arrangements (Parenthetical) (Detail) | Jan. 02, 2018 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | Oct. 25, 2017 |
Equipment Financing Facilities [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument maturity date | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | ||
Equipment Financing Facilities [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Equipment financing facilities, fixed interest rate percentage | 2.33% | 2.33% | 2.33% | ||
Equipment Financing Facilities [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Equipment financing facilities, fixed interest rate percentage | 2.89% | 2.89% | 2.89% | ||
2025 Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt interest rate at period end | 4.88% | 4.88% | 4.88% | 4.875% | |
Debt instrument maturity year | 2025 | 2025 | 2025 | ||
2026 Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt interest rate at period end | 4.50% | 4.50% | 4.50% | ||
Debt instrument maturity date | Nov. 15, 2026 | Nov. 15, 2026 | Nov. 15, 2026 | ||
Revolving Lines of Credit [Member] | 2023 ABL [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument maturity date | Jan. 2, 2023 | ||||
Revolving Lines of Credit [Member] | 2023 ABL [Member] | U.S. [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Interest Rate at Period End | 2.33% | 1.89% | |||
Line of Credit Facility, Expiration Date | Jan. 2, 2023 | Jan. 2, 2023 | |||
Term Loan [Member] | Term Loan, Matures January 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt interest rate at period end | 2.36% | 3.85% | 2.41% | ||
Debt instrument maturity date | Jan. 2, 2025 | Jan. 2, 2025 | Jan. 2, 2025 | Jan. 2, 2025 |
Financing Arrangements - 2026 S
Financing Arrangements - 2026 Senior Notes - Additional Information (Detail) - USD ($) | Oct. 28, 2019 | Oct. 09, 2019 | Jan. 02, 2018 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | Oct. 01, 2015 | |||
Debt Instrument [Line Items] | |||||||||||||
Loss on debt extinguishment | $ 9,500,000 | $ 0 | $ 9,500,000 | [1] | $ 14,700,000 | [1] | |||||||
Payments of debt issuance costs | $ 65,300,000 | $ 0 | [1] | $ 3,700,000 | [1] | ||||||||
Senior Notes, Matures October 2023 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, aggregate principal amount | $ 300,000,000 | ||||||||||||
Debt instrument interest rate | 4.50% | 6.38% | |||||||||||
Debt instrument, issue price percentage | 100.00% | ||||||||||||
Debt instrument maturity date | Nov. 15, 2026 | ||||||||||||
Debt instrument, interest payable commencement date | May 15, 2020 | ||||||||||||
Redemption of senior debt | $ 300,000,000 | ||||||||||||
Debt redemption price percentage of principal amount | 103.188% | ||||||||||||
Unamortized debt issuance costs | $ 5,100,000 | ||||||||||||
Senior Notes, Matures October 2023 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument interest rate | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% | ||||||||
Debt instrument maturity date | Nov. 15, 2026 | Nov. 15, 2026 | Nov. 15, 2026 | ||||||||||
Redemption of senior debt | $ 300,000,000 | ||||||||||||
Debt redemption price percentage of principal amount | 103.188% | ||||||||||||
Debt instrument, redemption description | On October 28, 2019, the Company used the net proceeds from the offering, together with cash on hand and available borrowings under the 2023 ABL (as defined below), to redeem all $300.0 million aggregate principal amount outstanding of the 2023 Senior Notes (as defined below) at a redemption price of 103.188% | ||||||||||||
Payments of debt issuance costs | $ 4,700,000 | ||||||||||||
Unamortized debt issuance costs | $ 3,800,000 | $ 3,800,000 | |||||||||||
Senior Notes Payable | [2] | $ 296,200,000 | $ 295,800,000 | $ 296,200,000 | $ 295,800,000 | $ 295,900,000 | |||||||
Refinancing the Existing 2023 Senior Notes with Issuance of 2026 Senior Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Loss on debt extinguishment | $ 14,700,000 | ||||||||||||
[1] | Unless otherwise noted, amounts include both continuing and discontinued operations. | ||||||||||||
[2] | Interest rate of 4.50% for all periods presented. |
Financing Arrangements - Financ
Financing Arrangements - Financing - Allied Acquisition - Additional Information (Detail) - USD ($) | Jan. 02, 2018 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | [2] | |||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,570,000,000 | |||||||
Borrowings under senior notes | [1] | $ 0 | $ 300,000,000 | |||||
Payments of debt issuance costs | 65,300,000 | 0 | [1] | 3,700,000 | [1] | |||
Senior Notes, Matures 2025 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings under senior notes | 1,300,000,000 | |||||||
Revolving Lines of Credit [Member] | 2023 ABL [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,300,000,000 | |||||||
Proceeds from Lines of Credit | 525,000,000 | |||||||
Term Loan [Member] | Term Loan, Matures January 2025 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term line of credit | $ 970,000,000 | $ 505,600,000 | [2] | $ 924,400,000 | [2] | $ 922,300,000 | ||
[1] | Unless otherwise noted, amounts include both continuing and discontinued operations. | |||||||
[2] | Interest rate of 2.36%, 2.41% and 3.85% as of March 31, 2021, September 30, 2020 and March 31, 2020, respectively. |
Financing Arrangements - 2023 A
Financing Arrangements - 2023 ABL - Additional Information (Detail) | Jan. 02, 2018USD ($) | Mar. 31, 2021USD ($)Covenant | Sep. 30, 2020USD ($) | Mar. 31, 2020USD ($) |
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,570,000,000 | |||
Borrowings under revolving lines of credit/term loans, net | $ 251,100,000 | $ 1,001,600,000 | ||
Revolving Lines of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Borrowings under revolving lines of credit/term loans, net | $ 251,100,000 | $ 1,001,600,000 | ||
Revolving Lines of Credit [Member] | 2023 ABL [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,300,000,000 | |||
Debt instrument maturity date | Jan. 2, 2023 | |||
Line of credit facility, unused fees | 0.25% | |||
Number of financial covenants | Covenant | 1 | |||
Debt instrument covenant compliance | Per the covenant, the Company’s FCCR must be a minimum of 1.00 at the end of each fiscal quarter, calculated on a trailing four quarter basis (or under certain circumstances, at the end of each fiscal month, calculated on a trailing twelve-month basis). Compliance is only required at such times as borrowing availability (subject to certain adjustments) is less than the greater of (i) 10% of the lesser of the borrowing base or the aggregate commitments or (ii) $90.0 million, and for a period of thirty days thereafter. The Company was in compliance with this covenant as of March 31, 2021. | |||
Debt Instrument Covenant Required Borrowings Base Percentage | 10.00% | |||
Debt Instrument Covenant Required Borrowings Availability | $ 90,000,000 | |||
Fixed charge coverage ratio | 100.00% | |||
Borrowings under revolving lines of credit/term loans, net | $ 0 | |||
Unamortized debt issuance costs | 4,600,000 | |||
Revolving Lines of Credit [Member] | U.S. [Member] | 2023 ABL [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,250,000,000 | |||
Standby letters of credit outstanding | $ 12,800,000 | |||
Revolving Lines of Credit [Member] | Canada [Member] | 2023 ABL [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 | |||
Revolving Lines of Credit [Member] | Base Rate [Member] | Minimum [Member] | 2023 ABL [Member] | ||||
Debt Instrument [Line Items] | ||||
Base rate borrowings | 0.25% | |||
Revolving Lines of Credit [Member] | Base Rate [Member] | Maximum [Member] | 2023 ABL [Member] | ||||
Debt Instrument [Line Items] | ||||
Base rate borrowings | 0.75% | |||
Revolving Lines of Credit [Member] | LIBOR [Member] | Minimum [Member] | 2023 ABL [Member] | ||||
Debt Instrument [Line Items] | ||||
Base rate borrowings | 1.25% | |||
Revolving Lines of Credit [Member] | LIBOR [Member] | Maximum [Member] | 2023 ABL [Member] | ||||
Debt Instrument [Line Items] | ||||
Base rate borrowings | 1.75% |
Financing Arrangements - 2025 T
Financing Arrangements - 2025 Term Loan - Additional Information (Detail) - USD ($) | Jan. 02, 2018 | Feb. 28, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | ||||||
Debt Instrument [Line Items] | |||||||||||||
Additional principal payment | [1] | $ 259,300,000 | $ 1,109,900,000 | ||||||||||
Loss on debt extinguishment | $ 9,500,000 | $ 0 | 9,500,000 | [1] | 14,700,000 | [1] | |||||||
Term Loan [Member] | Term Loan, Matures January 2025 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term line of credit | $ 970,000,000 | 505,600,000 | [2] | $ 924,400,000 | [2] | $ 505,600,000 | [2] | $ 924,400,000 | [2] | $ 922,300,000 | [2] | ||
Debt Instrument, Frequency of Periodic Payment | quarterly | ||||||||||||
Debt Instrument, Periodic Payment | $ 2,400,000 | ||||||||||||
Debt instrument maturity date | Jan. 2, 2025 | Jan. 2, 2025 | Jan. 2, 2025 | Jan. 2, 2025 | |||||||||
Additional principal payment | $ 423,900,000 | ||||||||||||
Loss on debt extinguishment | 9,500,000 | $ 9,500,000 | |||||||||||
Unamortized debt issuance costs | $ 11,400,000 | $ 11,400,000 | |||||||||||
Term Loan [Member] | Term Loan, Matures January 2025 [Member] | Base Rate [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Base rate borrowings | 1.25% | ||||||||||||
Term Loan [Member] | Term Loan, Matures January 2025 [Member] | LIBOR [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Base rate borrowings | 2.25% | ||||||||||||
[1] | Unless otherwise noted, amounts include both continuing and discontinued operations. | ||||||||||||
[2] | Interest rate of 2.36%, 2.41% and 3.85% as of March 31, 2021, September 30, 2020 and March 31, 2020, respectively. |
Financing Arrangements - 2025 S
Financing Arrangements - 2025 Senior Notes - Additional Information (Detail) - Senior Notes, Matures 2025 [Member] - USD ($) | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Oct. 25, 2017 | |
Debt Instrument [Line Items] | |||||
Debt instrument, aggregate principal amount | $ 1,300,000,000 | ||||
Debt instrument interest rate | 4.88% | 4.88% | 4.88% | 4.875% | |
Debt instrument, issue price percentage | 100.00% | ||||
Unamortized debt issuance costs | $ 12,900,000 | ||||
Senior Notes Payable | [1] | $ 1,287,200,000 | $ 1,285,700,000 | $ 1,284,300,000 | |
[1] | Interest rate of 4.88% for all periods presented. |
Financing Arrangements - 2023 S
Financing Arrangements - 2023 Senior Notes - Additional Information (Detail) - USD ($) $ in Millions | Oct. 28, 2019 | Oct. 01, 2015 | Mar. 31, 2021 | Mar. 31, 2020 | Oct. 09, 2019 | |
Debt Instrument [Line Items] | ||||||
Borrowings under senior notes | [1] | $ 0 | $ 300 | |||
Senior Notes, Matures October 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Borrowings under senior notes | $ 300 | |||||
Debt instrument interest rate | 6.38% | 4.50% | ||||
Debt instrument, coupon rate | 6.38% | |||||
Redemption of senior debt | $ 300 | |||||
Debt redemption price percentage of principal amount | 103.188% | |||||
Unamortized debt issuance costs | $ 5.1 | |||||
[1] | Unless otherwise noted, amounts include both continuing and discontinued operations. |
Financing Arrangements - Equipm
Financing Arrangements - Equipment Financing Facilities - Additional Information (Detail) - USD ($) | 6 Months Ended | |||
Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | ||
Debt Instrument [Line Items] | ||||
Equipment financing facilities, various maturities through September 2021 | [1] | $ 1,000,000 | $ 2,600,000 | $ 4,700,000 |
Equipment Financing Facilities [Member] | ||||
Debt Instrument [Line Items] | ||||
Equipment financing facilities, various maturities through September 2021 | $ 1,000,000 | |||
Debt instrument maturity date | Sep. 30, 2021 | |||
Minimum [Member] | Equipment Financing Facilities [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of fixed interest rate of equipment financing facilities | 2.33% | |||
Maximum [Member] | Equipment Financing Facilities [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of fixed interest rate of equipment financing facilities | 2.89% | |||
[1] | Fixed interest rates ranging from 2.33% to 2.89% for all periods presented. |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Reclassification out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | $ 1,544.8 | $ 1,840.7 | $ 1,760.9 | $ 1,862.3 | |
Other comprehensive income before reclassifications | 4.4 | (22.3) | 9.9 | (18.5) | |
Balance | 1,553.3 | 1,694.2 | 1,553.3 | 1,694.2 | |
Foreign Currency Translation | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | (19.7) | ||||
Other comprehensive income before reclassifications | 4.9 | ||||
Balance | (14.8) | (14.8) | |||
Derivative Financial Instruments | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | (15) | ||||
Other comprehensive income before reclassifications | 5 | ||||
Balance | (10) | (10) | |||
AOCI [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | [1] | (29.2) | (16.8) | (34.7) | (20.6) |
Other comprehensive income before reclassifications | 9.9 | ||||
Balance | [1] | $ (24.8) | $ (39.1) | $ (24.8) | $ (39.1) |
[1] | Accumulated Other Comprehensive Income (Loss) ("AOCI"). |
Geographic Data - Schedule Of G
Geographic Data - Schedule Of Geographic Information (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 |
Segment Reporting Information [Line Items] | |||
Long-lived assets | $ 680.5 | $ 718.1 | $ 776 |
U.S. [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | 670.3 | 708.2 | 765.5 |
Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | $ 10.2 | $ 9.9 | $ 10.5 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | |
2025 Senior Notes [Member] | |||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||
Debt instrument maturity year | 2025 | 2025 | 2025 |
Fair Value, Inputs, Level 2 [Member] | 2026 Senior Notes [Member] | |||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||
Debt instrument maturity year | 2026 | ||
Fair Value, Inputs, Level 2 [Member] | 2025 Senior Notes [Member] | |||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||
Debt instrument maturity year | 2025 | ||
Carrying Value [Member] | Fair Value, Inputs, Level 2 [Member] | 2026 Senior Notes [Member] | |||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||
Senior notes | $ 300 | ||
Carrying Value [Member] | Fair Value, Inputs, Level 2 [Member] | 2025 Senior Notes [Member] | |||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||
Senior notes | 1,300 | ||
Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | 2026 Senior Notes [Member] | |||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||
Senior notes | 311.3 | ||
Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | 2025 Senior Notes [Member] | |||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||
Senior notes | $ 1,330 |
Financial Derivatives - Additio
Financial Derivatives - Additional Information (Detail) | Sep. 11, 2019USD ($)Agreement | Mar. 31, 2021USD ($) |
Derivative [Line Items] | ||
Number of interest rate swap agreements | Agreement | 2 | |
5-Year Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | $ 250,000,000 | |
Term of derivative agreement | 5 years | |
Derivative, maturity date | Aug. 30, 2024 | |
Derivative, fixed interest rate | 1.49% | |
Derivative fair value, net of tax | $ 6,400,000 | |
3-Year Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | $ 250,000,000 | |
Term of derivative agreement | 3 years | |
Derivative, maturity date | Aug. 30, 2022 | |
Derivative, fixed interest rate | 1.50% | |
Derivative fair value, net of tax | $ 3,600,000 |
Financial Derivatives - Summary
Financial Derivatives - Summary of Combined Fair Values, Net of Tax of Interest Rate Derivative Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | |
Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Derivative [Line Items] | ||||
Derivative fair value, net of tax | [1] | $ (10) | $ (15) | $ (15) |
[1] | Assets are included on the consolidated balance sheets in prepaid expenses and other current assets, while liabilities are included in accrued expenses. |
Financial Derivatives - Summa_2
Financial Derivatives - Summary of Amounts of Gain (Loss) on Interest Rate Derivative Instruments Recognized in Other Comprehensive Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative [Line Items] | ||||
Gain (loss) on interest rate derivative instruments recognized in other comprehensive income | $ 3.4 | $ (15.9) | $ 5 | $ (13.4) |
Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | ||||
Derivative [Line Items] | ||||
Gain (loss) on interest rate derivative instruments recognized in other comprehensive income | $ 3.3 | $ (15.9) | $ 5 | $ (13.4) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Apr. 23, 2021 | Apr. 19, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Jan. 02, 2018 | Oct. 25, 2017 |
Subsequent Event [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,570,000,000 | ||||||
Borrowings under revolving lines of credit, net | $ 251,100,000 | $ 1,001,600,000 | |||||
Revolving Lines of Credit [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Borrowings under revolving lines of credit, net | $ 251,100,000 | $ 1,001,600,000 | |||||
Subsequent Event [Member] | New Senior Secured Credit Facilities [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Borrowings under revolving lines of credit, net | $ 1,000,000 | ||||||
2025 Senior Notes [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Debt instrument, aggregate principal amount | $ 1,300,000,000 | ||||||
Debt interest rate at period end | 4.88% | 4.88% | 4.88% | 4.875% | |||
2025 Senior Notes [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Debt instrument, aggregate principal amount | 1,300,000,000 | ||||||
A&R ABL Facility [Member] | Subsequent Event [Member] | Revolving Lines of Credit [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,300,000,000 | ||||||
2029 Senior Notes [Member] | Subsequent Event [Member] | BofA Securities, Inc., Citigroup Global Markets Inc. and Wells Fargo Securities, LLC [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Debt instrument, aggregate principal amount | $ 350,000,000 | ||||||
Debt interest rate at period end | 4.125% | ||||||
Senior Notes Due In November Two Thousand Twenty Five | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Debt instrument, aggregate principal amount | $ 1,300,000,000 |