v3.25.4
Derivative Financial Instruments and Hedging
 3 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments and Hedging DERIVATIVE FINANCIAL INSTRUMENTS
In the ordinary course of business, the Company is exposed to commodity price risks relating to the purchases of raw materials, supplies and energy, interest rate risks and foreign currency exchange rate risks. The Company utilizes derivative financial instruments, including (but not limited to) futures contracts, option contracts, forward contracts and swaps, to manage certain of these exposures by hedging when it is practical to do so. The Company does not hold or issue financial instruments for speculative or trading purposes.
At December 31, 2025, the Company’s derivative instruments, none of which were designated as hedging instruments under Accounting Standards Codification (“ASC”) Topic 815, “Derivatives and Hedging,” consisted of:
•commodity and energy futures, swaps and option contracts which relate to inputs that generally will be utilized within the next year;
•foreign currency forward contracts (“FX contracts”) maturing throughout fiscal 2026 that have the effect of hedging currency fluctuations between the U.S. Dollar and the Pound Sterling and between the Euro and the Pound Sterling; and
•pay-fixed, receive-variable interest rate swaps maturing in June 2033 that require monthly settlements and have the effect of hedging interest payments on debt expected to be issued but not yet priced.
The following table presents the notional amounts of derivative instruments held.
December 31,
2025		September 30, 2025
Commodity and energy contracts
$110.7 $113.2 
FX contracts35.9 4.3 
Interest rate swaps300.0 300.0 
The following table presents the balance sheet location and fair value of the Company’s derivative instruments. The Company does not offset derivative assets and liabilities within the Condensed Consolidated Balance Sheets.
Balance Sheet LocationDecember 31,
2025		September 30, 2025
Asset Derivatives:
Commodity and energy contracts
Prepaid expenses and other current assets$1.1 $2.2 
Interest rate swapsPrepaid expenses and other current assets— 0.3 
Interest rate swapsOther assets2.7 1.5 
$3.8 $4.0 
Liability Derivatives:
Commodity and energy contracts
Other current liabilities$6.6 $5.8 
FX contractsOther current liabilities0.8 0.1 
Interest rate swapsOther current liabilities0.7 0.3 
Interest rate swapsOther liabilities2.5 3.5 
$10.6 $9.7 
The following table presents the statement of operations location and loss (gain) recognized related to the Company’s derivative instruments.
Derivative InstrumentsStatement of Operations LocationThree Months Ended
December 31,
20252024
Commodity and energy contracts
Cost of goods sold$3.2 $0.8 
FX contracts
Selling, general and administrative expenses1.0 (2.3)
Interest rate swapsIncome on swaps, net(1.9)(15.4)
At December 31, 2025 and September 30, 2025, the Company had pledged collateral of $4.4 and $5.1, respectively, related to its commodity and energy contracts. These amounts were classified as “Restricted cash” on the Condensed Consolidated Balance Sheets.