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Subsequent Events
9 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]  
Subsequent Events

N. Subsequent Events

In July 2021, the Company’s Specialty Compounds manufacturing and research and development facility in Pepinster, Belgium experienced significant flooding. The Company continues to assess the impact of the flooding on ongoing operations at the plant and is working with its insurance carriers to assess the amount of damage to equipment and inventory. It is anticipated that the plant will not be able to produce product for at least the remainder of fiscal year 2021. The Company currently estimates that a charge for the damages will be in a range of $10 million to $15 million. The Company anticipates that it may be able to recover a substantial portion of the losses from insurance proceeds, however, the amount and timing of any insurance recovery is not certain at this time.

Effective August 6, 2021, the Company entered into a new corporate revolving credit agreement (the “2021 Credit Agreement”), and terminated its existing corporate revolving credit agreement, which was scheduled to mature on October 23, 2022. The borrowing capacity under the 2021 Credit Agreement, which matures on August 6, 2026, subject to two one-year options to extend the maturity, exercisable prior to the first and second anniversaries of the effective date of the 2021 Credit Agreement, is $1 billion. The 2021 Credit Agreement supports the Company’s issuance of commercial paper, and borrowings under it may be used for working capital, letters of credit and other general corporate purposes.  The Credit Agreement contains affirmative and negative covenants, a financial leverage test requiring the ratio of net debt (with the ability to offset such debt by the lesser of (i) unrestricted cash and cash equivalents and (ii) $150 million) to consolidated EBITDA not to exceed 3.50 to 1.00, and annual sustainability performance targets related to the Company’s reduction in its nitrogen oxide and sulfur dioxide emissions intensity, the achievement of which may adjust pricing under the Credit Agreement.