v3.25.4
Fair Value Measurements
 3 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis and the basis for that measurement according to the levels in the fair value hierarchy in ASC Topic 820, “Fair Value Measurement.”
December 31, 2025September 30, 2025
TotalLevel 1Level 2TotalLevel 1Level 2
Assets:
Deferred compensation investments$19.9 $19.9 $— $19.1 $19.1 $— 
Derivative assets3.8 — 3.8 4.0 — 4.0 
Equity security investments
10.6 10.6 — 41.0 41.0 — 
$34.3 $30.5 $3.8 $64.1 $60.1 $4.0 
Liabilities:
Deferred compensation liabilities$47.3 $— $47.3 $49.0 $— $49.0 
Derivative liabilities10.6 — 10.6 9.7 — 9.7 
$57.9 $— $57.9 $58.7 $— $58.7 
Deferred Compensation
The deferred compensation investments are primarily invested in mutual funds, and their fair value is measured using the market approach. These investments are in the same funds, or funds that employ a similar investment strategy, and are purchased in substantially the same amounts, as the participants’ selected notional investment options (excluding Post common stock equivalents), which represent the underlying liabilities to participants in the Company’s deferred compensation plans.
Deferred compensation liabilities are recorded at amounts due to participants in cash, based on the fair value of participants’ selected notional investment options (excluding certain Post common stock equivalents to be distributed in shares) using the market approach.
Derivatives
The Company utilizes the income approach to measure fair value for its commodity and energy derivatives. The income approach uses pricing models that rely on market observable inputs such as yield curves and forward prices. FX contracts are valued using the spot rate less the forward rate multiplied by the notional amount. The Company’s calculation of the fair value of interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve. Refer to Note 12 for the classification of changes in fair value of derivative assets and liabilities measured at fair value on a recurring basis within the Condensed Consolidated Statements of Operations.
Equity Security Investments
The Company uses the market approach to measure the fair value of its equity security investments. At December 31, 2025 and September 30, 2025, the Company’s equity security investments were included in “Prepaid expenses and other current assets” on the Condensed Consolidated Balance Sheets.
Other Fair Value Measurements
The Company’s financial assets and liabilities also include cash, cash equivalents and restricted cash, receivables and accounts payable for which the carrying value approximates fair value due to their short maturities (less than 12 months). The Company does not record its current portion of long-term debt and long-term debt at fair value on the Condensed Consolidated Balance Sheets. The fair value of outstanding borrowings under the Revolving Credit Facility (as defined in Note 14) as of December 31, 2025 and September 30, 2025 approximated their carrying value. Based on current market rates, the fair value (Level 2) of the Company’s debt, excluding any outstanding borrowings under the municipal bond, Revolving Credit Facility and leaseback financial liabilities, was $7,061.0 and $6,999.6 as of December 31, 2025 and September 30, 2025, respectively, which included $621.5 and $647.5, respectively, related to the Company’s convertible senior notes.
Certain assets and liabilities, including property, goodwill, other intangible assets and assets and liabilities held for sale, are measured at fair value on a non-recurring basis using Level 3 inputs. At September 30, 2025, the Company had assets and liabilities classified as held for sale, which were measured at fair value based on the lower of the carrying amount or fair value less cost to sell. For additional information on assets and liabilities held for sale, see Note 6.