Debt: | Debt: On July 20, 2011, in connection with the Transaction, the Company (i) entered into senior secured credit facilities, consisting of an $875.0 million Term Loan B Facility and a $100.0 million Revolver, or the Credit Agreement, and (ii) issued $400.0 million aggregate principal amount of 11% Senior Notes due 2019. The Term Loan B Facility was issued at a discount of $8.75 million . At June 30, 2015 and September 30, 2015 , debt consisted of the following (in thousands): June 30, September 30, Secured Term Loan B Facility $ 664,167 $ 664,167 Less: Unamortized discount (4,007 ) (3,702 ) Secured Term Loan B Facility, net 660,160 660,465 Senior Notes due 2019 at 11% 400,000 400,000 Total debt 1,060,160 1,060,465 Current portion of long-term debt — — Long-term debt $ 1,060,160 $ 1,060,465 As of September 30, 2015 , the estimated fair value of the Company’s outstanding debt was approximately $1,088.2 million . The estimated fair value of this outstanding debt was determined based on quoted prices for similar instruments in active markets (Level 2 inputs). The senior secured credit facilities and the indenture governing the Senior Notes issued in connection with the Transaction limit the Company’s ability to incur certain additional indebtedness, pay dividends or make other distributions or repurchase capital stock, make certain investments, enter into certain types of transactions with affiliates, use assets as security in other transactions, and sell certain assets. The Company is required to meet a net senior secured leverage ratio, or NSSLR, covenant quarterly if any revolving loan, swing-line loan or letter of credit is outstanding on the last day of the quarter. The Company had no outstanding debt, letters of credit or borrowings on its Revolver as of June 30, 2015 and September 30, 2015. If the Company had any borrowings on its Revolver, it would have been required to maintain a NSSLR of less than or equal to 4.5x as of September 30, 2015 . The ratio is calculated as the consolidated net secured indebtedness as of the last day of the quarter (defined as the consolidated net debt secured by any lien minus any cash and permitted investments) to the preceding four quarters’ consolidated EBITDA (as defined in the Credit Agreement). The Company’s NSSLR was 2.9x as of June 30, 2015 and 3.1x as of September 30, 2015 . As of September 30, 2015 , the Company was in compliance with all of its covenants. See Note 10 for discussion regarding the notice of conditional redemption of the Senior Notes. Senior Secured Credit Facilities Borrowings under the senior secured credit facilities bear interest at a rate equal to an applicable margin plus London Interbank Offered Rate, or LIBOR, with a 1.25% floor, or, at the Company’s option, an applicable margin plus an alternative base rate determined by reference to the higher of the prime rate or the federal funds rate plus 0.5% , with a 2.25% floor. In addition to paying interest on outstanding principal under the senior secured credit facilities, the Company pays a per annum commitment fee on undrawn amounts under the revolving credit facility and customary administrative fees. The senior secured credit facilities are guaranteed by the Company’s wholly-owned subsidiaries and by Sterling Parent. The Term Loan B Facility matures in July 2018 and the Revolver matures in July 2016 . In addition, the senior secured credit facilities require the Company to prepay outstanding term loans, subject to certain exceptions, in the case of excess cash flow, or ECF, and in the event of certain asset sales, condemnation events and issuances of debt. The Company is required to make annual payments equal to 50% of ECF based upon achievement of a net senior secured leverage ratio, or NSSLR, between 2.75x and 3.5x . The required annual payments adjust to 75% of ECF when NSSLR is greater than 3.5x , 25% of ECF when NSSLR is between 2x and 2.75x , and zero if NSSLR is less than 2x . Any required ECF payments are due in October each year, subject to acceptance by the lenders. The Company repaid $140.0 million of its Term Loan B Facility in fiscal 2012, which satisfied all of the Company’s required quarterly principal payments and required ECF principal payments for fiscal 2012. The Company repaid $20.0 million of its Term Loan B Facility in fiscal 2013, which satisfied the Company’s required ECF principal payments for fiscal 2013. The Company's fiscal 2014 ECF requirement was $61.5 million , of which the Company repaid $40.0 million during fiscal 2014. The remainder was tendered as payment in October 2014, of which $10.6 million was declined by the lenders and returned to the Company, as permitted by the facility. No amount was due in October 2015 based on the terms of the agreement. The $8.75 million Term Loan B Facility original issue discount is being amortized to interest expense using the effective interest method and added to the recorded debt amount over the seven-year term of the loan. During each of the three months ended September 30, 2014 and 2015 , $0.3 million of the original issue discount were amortized and reflected in interest expense in the condensed consolidated statements of operations. Costs incurred in connection with the issuance of the debt are amortized using the effective interest method over the life of the related debt and accelerated to the extent that any repayment is made. During each of the the three months ended September 30, 2014 and 2015 , $ 1.7 million of costs were amortized and reflected in interest expense in the condensed consolidated statements of operations. As of September 30, 2015 , interest accrued at a rate of 6.5% for the senior secured credit facilities. Interest payments of $18.9 million and $10.9 million were made in the three months ended September 30, 2014 and 2015 , respectively, including $0.2 million and $0.2 million of commitment fees for the same periods. Senior Notes due 2019 The Senior Notes due 2019 are guaranteed by SRA’s wholly-owned domestic subsidiaries. Interest on the Senior Notes is payable semi-annually. The Senior Notes are redeemable, in whole or in part, at the redemption prices set forth in the indenture governing the Senior Notes, including a redemption price of 105.5% during the twelve-month period beginning on October 1, 2015, plus accrued and unpaid interest, if any, to the redemption date. As of September 30, 2015 , interest accrued at 11.0% for the Senior Notes. See Note 10 for discussion regarding the notice of conditional redemption of the Senior Notes. |