Post Holdings, Inc.POST
Post Holdings, Inc. Fair Value Disclosure
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.”
| September 30, 2025 | September 30, 2024 | ||||||||||||||||||||||||||||||||||
| Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | ||||||||||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||||||||||||||
| Deferred compensation investments | $ | 19.1 | $ | 19.1 | $ | — | $ | 16.3 | $ | 16.3 | $ | — | |||||||||||||||||||||||
| Derivative assets | 4.0 | — | 4.0 | 5.3 | — | 5.3 | |||||||||||||||||||||||||||||
Equity security investments | 41.0 | 41.0 | — | 35.7 | 35.7 | — | |||||||||||||||||||||||||||||
| $ | 64.1 | $ | 60.1 | $ | 4.0 | $ | 57.3 | $ | 52.0 | $ | 5.3 | ||||||||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||||||||||||||
| Deferred compensation liabilities | $ | 49.0 | $ | — | $ | 49.0 | $ | 49.9 | $ | — | $ | 49.9 | |||||||||||||||||||||||
| Derivative liabilities | 9.7 | — | 9.7 | 14.8 | — | 14.8 | |||||||||||||||||||||||||||||
| $ | 58.7 | $ | — | $ | 58.7 | $ | 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 13 for the classification of changes in fair value of derivative assets and liabilities measured at fair value on a recurring basis within the Consolidated Statements of Operations.
Equity Security Investments
The Company uses the market approach to measure the fair value of its equity security investments. At September 30, 2025 and 2024, the Company’s equity security investments were included in “Prepaid expenses and other current assets” on the 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 Consolidated Balance Sheets. The fair value of any outstanding borrowings under the Revolving Credit Facility (as defined in Note 16) as of September 30, 2025 and 2024 approximated its 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 $6,999.6 and $6,880.7 as of September 30, 2025 and 2024, respectively, which included $647.5 and $684.9 related to the Company’s convertible senior notes, respectively.
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. During the year ended September 30, 2025, the Company recorded a goodwill impairment charge of $29.8 related to its Cheese and Dairy reporting unit, which was recorded in “Impairment of goodwill” in the Consolidated Statements of Operations. There were no goodwill impairment charges recorded during the year ended September 30, 2024. For additional information on goodwill, see Notes 2 and 8. For additional information on assets and liabilities held for sale, see Notes 2 and 7.
For information regarding the fair value of the Company’s pension plan assets, see Note 18.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Nov 21, 2025 | Showing above |
| 2024 | Nov 15, 2024 | |
| 2023 | Nov 17, 2023 | |
| 2022 | Nov 17, 2022 | |
| 2021 | Nov 19, 2021 | |
| 2020 | Nov 20, 2020 | |
| 2019 | Nov 22, 2019 | |
| 2018 | Nov 16, 2018 | |
| 2016 | Nov 18, 2016 | |
| 2015 | Nov 25, 2015 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.