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Fair Value Measurements
 3 Months Ended
Dec. 31, 2024
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, 2024September 30, 2024
TotalLevel 1Level 2TotalLevel 1Level 2
Assets:
Deferred compensation investments$17.6 $17.6 $— $16.3 $16.3 $— 
Derivative assets14.3 — 14.3 5.3 — 5.3 
Equity security investments
43.8 43.8 — 35.7 35.7 — 
$75.7 $61.4 $14.3 $57.3 $52.0 $5.3 
Liabilities:
Deferred compensation liabilities$50.9 $— $50.9 $49.9 $— $49.9 
Derivative liabilities2.8 — 2.8 14.8 — 14.8 
$53.7 $— $53.7 $64.7 $— $64.7 
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 11 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.
Other Fair Value Measurements
The Company uses the market approach to measure the fair value of its equity security investments, which were included in “Prepaid expenses and other current assets” on the Condensed Consolidated Balance Sheets as of December 31, 2024 and September 30, 2024. The Company’s financial assets and liabilities also include cash and cash equivalents, 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 the municipal bond as of December 31, 2024 and September 30, 2024 approximated its carrying value. Based on current market rates, the fair value (Level 2) of the Company’s debt, excluding the municipal bond, was $6,801.1 and $6,880.7 as of December 31, 2024 and September 30, 2024, respectively, which included $676.6 and $684.9 related to the Company’s convertible senior notes, respectively.
Certain assets and liabilities, including property, goodwill and other intangible assets, are measured at fair value on a non-recurring basis using Level 3 inputs.