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Shareholders' Equity
 12 Months Ended
Sep. 30, 2024
Equity, Attributable to Parent [Abstract]  
Shareholders' Equity SHAREHOLDERS’ EQUITY
The following table summarizes the Company’s repurchases of its common stock.
Year Ended September 30,
202420232022
Shares repurchased (in millions)
3.0 4.4 4.9 
Average price per share (a)
$101.74 $87.13 $90.02 
Total share repurchase costs (b)
$303.1 $387.1 $439.0 
(a)Average price per share excludes accrued excise tax and broker’s commissions, which are included in “Total share repurchase costs” within this table. Average price per share during the year ended September 30, 2022 was $103.79 prior to the BellRing Spin-off and $81.53 subsequent to the BellRing Spin-off.
(b)“Purchases of treasury stock” in the Consolidated Statements of Cash Flows for the year ended September 30, 2024 excluded $0.2 of repurchases of common stock that were accrued in fiscal 2024 but did not settle until fiscal 2025 and $2.2 of accrued excise tax that had not yet been paid as of September 30, 2024. “Purchases of treasury stock” in the Consolidated Statements of Cash Flows for the year ended September 30, 2022 included $4.0 of repurchases of common stock that were accrued in fiscal 2021 but did not settle until fiscal 2022.
In February 2024, the Company entered into a structured share repurchase arrangement, which consisted of purchased call options with a $0 strike price per option and written call options with a $99.45 strike price per option. The Company paid $50.0 of net premiums in connection with the contracts, which were included in “Payment for share repurchase contracts” in the Consolidated Statements of Cash Flows for the year ended September 30, 2024. Upon settlement, the Company had the right to receive approximately 0.5 million shares of Post common stock, to be settled in shares or cash, at the option of the Company. The contracts settled in May 2024, which resulted in the Company receiving cash proceeds of $50.9, which were included in “Proceeds from share repurchase contracts” in the Consolidated Statements of Cash Flows for the year ended September 30, 2024.
On April 28, 2023, the Company completed the Pet Food acquisition (see Note 6). A portion of the purchase price was paid with 5.4 million shares of Post common stock that the Company issued to Smucker. The shares of Post common stock were valued based on the price of Post’s common stock for total stock consideration of $492.3. The Company did not receive any cash proceeds from the issuance of the shares of Post common stock to Smucker.