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Financing Arrangements (Tables)
3 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The following table reflects principal amounts of debt and debt net of discounts and issuance costs for the periods presented:
December 31, 2022September 30, 2022
(In millions)Principal amountNet of discounts and issuance costsPrincipal amountNet of discounts and issuance costs
Senior 6.125% Notes due September 15, 2028$1,000 $988 $1,000 $988 
Tranche B-1 Term Loans due December 15, 2027800 784 800 783 
Tranche B-2 Term Loans due December 15, 2027743 738 743 738 
Tranche B-3 Term Loans due December 15, 2027350 285 350 282 
Exchangeable 8.00% Senior Notes due December 15, 2027250 231 250 169 
Convertible 2.25% Senior Notes due June 15, 2023221 220 221 210 
ABL Credit Agreement due September 25, 202556 56 — — 
Total debt$3,420 $3,302 $3,364 $3,170 
Embedded derivatives liabilities56 56 72 72 
Debt maturing within one year(3,476)(3,358)(221)(210)
Long-term debt, net of current portion and derivatives$— $— $3,215 $3,032 
Convertible Debt
The net carrying amount of the Convertible Notes for the periods indicated was as follows:
(In millions)December 31, 2022September 30, 2022
Principal$221 $221 
Less:
Unamortized debt discount— (10)
Unamortized issuance costs(1)(1)
Net carrying amount$220 $210 
Convertible Debt, Equity Component
The net carrying amount of the equity component of the Convertible Notes for the periods indicated was as follows:
(In millions)
December 31, 2022 (1)
September 30, 2022
Debt discount for conversion option$79 $92 
Less:
Conversion option retirement— (10)
Issuance costs— (3)
Adoption of ASU 2020-06(56)— 
Net carrying amount$23 $79 
(1)Upon adoption of ASU 2020-06 on October 1, 2022, the Company recorded an adjustment to reclassify the debt discount for the conversion option and issuance costs associated with the equity component of the Convertible Notes. See Note 2, "Recent Accounting Pronouncements," for further information regarding the cumulative effect adjustment made by the Company upon adoption. The remaining equity component of the Convertible Notes is related to the $129 million of the Convertible Notes which were repurchased prior to the adoption of ASU 2020-06 as described above.
Exchangeable Debt
The net carrying amount of the Exchangeable Notes for the periods indicated was as follows:
(In millions)December 31, 2022September 30, 2022
Principal$250 $250 
Less:
Unamortized debt discount— (65)
Unamortized issuance costs(15)(12)
Unamortized debt discount - Embedded derivative liability(4)(4)
Net carrying amount$231 $169 
Exchangeable Debt, Equity Component
The net carrying amount of the equity component of the Exchangeable Notes for the period indicated was as follows:
(In millions)
December 31, 2022 (1)
September 30, 2022
Debt discount for conversion option$62 $66 
Less:
Issuance costs— (4)
Adoption of ASU 2020-06(62)— 
Net carrying amount$— $62 
(1)Upon adoption of ASU 2020-06 on October 1, 2022, The Company recorded an adjustment to reclassify the debt discount for the conversion option and issuance costs associated with the equity component of the Exchangeable Notes. See Note 2, "Recent Accounting Pronouncements," for further information regarding the cumulative effect adjustment made by the Company upon adoption.