Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Nov. 30, 2013 | Mar. 31, 2013 | |
Document Information | ' | ' | ' |
Entity Registrant Name | 'Post Holdings, Inc. | ' | ' |
Entity Central Index Key | '0001530950 | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 32,688,799 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $1,379,983,347 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $291.70 | $257.30 | $248.20 | $236.90 | $247.20 | $241.90 | $250.50 | $219.30 | $1,034.10 | $958.90 | $968.20 |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 609.2 | 530 | 516.6 |
Gross Profit | 112.5 | 104.2 | 102.5 | 105.7 | 110.1 | 109.8 | 111 | 98 | 424.9 | 428.9 | 451.6 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 294.4 | 274.5 | 239.5 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 14.6 | 12.6 | 12.6 |
Restructuring Charges | ' | ' | ' | ' | ' | ' | ' | ' | 3.8 | 0 | 0 |
Impairment of goodwill and other intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 2.9 | 0 | 566.5 |
Other operating expenses, net | ' | ' | ' | ' | ' | ' | ' | ' | 1.4 | 2.7 | 1.6 |
Operating (Loss) Profit | ' | ' | ' | ' | ' | ' | ' | ' | 107.8 | 139.1 | -368.6 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 85.5 | 60.3 | 51.5 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1.6 | 10.5 |
(Loss) Earnings before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 22.3 | 80.4 | -430.6 |
Income tax benefit (provision) | ' | ' | ' | ' | ' | ' | ' | ' | 7.1 | 30.5 | -6.3 |
Net (Loss) Earnings | -0.9 | 3.4 | 5.1 | 7.6 | 10.8 | 15.8 | 10.5 | 12.8 | 15.2 | 49.9 | -424.3 |
Preferred stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | -5.4 | 0 | 0 |
Net Earnings (Loss) Available to Common Stockholders | -3.2 | 1.1 | 4.3 | 7.6 | ' | ' | ' | ' | 9.8 | 49.9 | -424.3 |
(Loss) Earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ($0.10) | $0.03 | $0.13 | $0.23 | $0.32 | $0.46 | $0.31 | $0.37 | $0.30 | $1.45 | ($12.33) |
Earnings Per Share, Diluted | ($0.10) | $0.03 | $0.13 | $0.23 | $0.31 | $0.46 | $0.30 | $0.37 | $0.30 | $1.45 | ($12.33) |
Weighted-Average Common Shares Outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | 32.7 | 34.3 | 34.4 |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 33 | 34.5 | 34.4 |
Retained Earnings [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (Loss) Earnings | ' | ' | ' | ' | ' | ' | ' | ' | $15.20 | $36.60 | ' |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' |
Net (loss) earnings | $15.20 | $49.90 | ($424.30) |
Pension and postretirement benefit adjustments, net of tax | 14.4 | -20.8 | -5.3 |
Foreign currency translation adjustments | -2.9 | -0.2 | 1.1 |
Total comprehensive (loss) income | 26.7 | 28.9 | -428.5 |
Retained Earnings [Member] | ' | ' | ' |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' |
Net (loss) earnings | $15.20 | $36.60 | ' |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' |
Pension and postretirement benefit tax adjustments | ($8.20) | $12.40 | $3.20 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $402 | $58.20 |
Restricted Cash and Cash Equivalents, Current | 38.1 | 0 |
Receivables, net | 83.2 | 56.5 |
Inventories | 121.9 | 78.6 |
Deferred income taxes | 11.9 | 1.1 |
Prepaid expenses and other current assets | 11 | 15.3 |
Total current assets | 668.1 | 209.7 |
Property, Plant and Equipment, Net | 388.5 | 405.1 |
Goodwill | 1,489.70 | 1,366.60 |
Other intangible assets, net | 898.4 | 736 |
Investment in partnership | 0 | 0 |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 2.4 | 0 |
Other assets | 26.7 | 14.9 |
Total Assets | 3,473.80 | 2,732.30 |
Liabilities and Ralcorp Equity | ' | ' |
Current portion of long-term debt | 0 | 15.3 |
Accounts payable | 77.1 | 50 |
Other current liabilities | 68.9 | 61.1 |
Total current liabilities | 146 | 126.4 |
Long-term Debt, Excluding Current Maturities | 1,408.60 | 930.3 |
Deferred income taxes | 304.3 | 314.9 |
Other Liabilities, Noncurrent | 116.3 | 129.2 |
Total liabilities | 1,975.20 | 1,500.80 |
Commitments and Contingencies | ' | ' |
Preferred Stock, 3.75% Series B Cumulative Perpetual Convertible, $0.01 par value, 5.0 shares authorized, 2.4 shares issued and outstanding | 0 | 0 |
Stockholders' Equity | ' | ' |
Common stock, $0.01 par value, 300.0 million authorized, 34.40 million shares issued, 32.65 million outstanding as of September 30, 2012 | 0.3 | 0.3 |
Additional paid-in capital | 1,517.20 | 1,272.60 |
Retained earnings | 47.6 | 36.6 |
Accumulated other comprehensive (loss) income | -13.1 | -24.6 |
Treasury Stock, Value | -53.4 | -53.4 |
Total Stockholders' Equity | 1,498.60 | 1,231.50 |
Total Liabilities and Stockholders' Equity | $3,473.80 | $2,732.30 |
Consolidated_Balance_Sheets_Co
Consolidated Balance Sheets Consolidated Balance Sheet (Parentheticals) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Millions, except Per Share data, unless otherwise specified | ||
Par value of preferred stock | $0.01 | $0.01 |
Preferred stock authorized | 50 | 50 |
Preferred stock issued | 2.4 | 0 |
Preferred stock outstanding | 2.4 | 0 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 300 | 300 |
Common Stock, Shares, Issued | 32.7 | 32.7 |
Treasury Stock, Shares | 1.8 | 1.8 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Separation related adjustments | ' | $191 | ' |
Cash Flows from Operating Activities: | ' | ' | ' |
Net (loss) earnings | 15.2 | 49.9 | -424.3 |
Adjustments to reconcile of net (loss) earnings to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 76.8 | 63.2 | 58.7 |
Premium from issuance of long-term debt | 35.1 | 0 | 0 |
Impairment of goodwill and other intangible assets | 2.9 | 0 | 566.5 |
Stock-based compensation expense | 10.5 | 4.5 | 1.7 |
Deferred income taxes | -29.1 | -2.6 | -69 |
Other, net | 0.9 | 4.1 | 1.6 |
Other changes in current assets and liabilities, net | ' | ' | ' |
Decrease (increase) in receivables | -9.7 | -45.9 | 55.6 |
Increase in receivable from Ralcorp | 0 | 41.3 | -41.3 |
Decrease (increase) in inventories | -10.8 | -11.7 | 3.7 |
(Increase) decrease in prepaid expenses and other current assets | 6.8 | -8.7 | -1.8 |
(Decrease) increase in accounts payable and other current liabilities | 20.6 | 49.9 | -7.6 |
Net cash provided by operating activities | 119.2 | 144 | 143.8 |
Cash Flows from Investing Activities: | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | -352.9 | 0 | 0 |
Additions to property and intangible assets | -32.8 | -30.9 | -14.9 |
Increase (Decrease) in Restricted Cash | -38.1 | 0 | 0 |
Net cash used by investing activities | -423.8 | -30.9 | -14.9 |
Cash Flows from Financing Activities: | ' | ' | ' |
Proceeds from issuance of Senior Notes | 600 | 775 | 0 |
Proceeds from issuance of preferred stock, net of issuance costs | 234 | 0 | 0 |
Proceeds from issuance of term loan | 0 | 175 | 0 |
Repayments of Related Party Debt | 0 | -900 | 0 |
Repayments of long-term debt | -170.6 | -4.4 | 0 |
Payments of preferred stock dividend | -4.2 | 0 | 0 |
Purchases of treasury stock | 0 | -53.4 | 0 |
Change in net investment of Ralcorp | 0 | -39.4 | -192.3 |
Other, net | 0.1 | 0 | 0 |
Payments of debt issuance costs | -10.5 | -17.7 | 0 |
Changes in intercompany debt | 0 | 7.8 | 60.2 |
Net cash used by financing activities | 648.8 | -57.1 | -132.1 |
Effect of exchange rate changes on cash | -0.4 | 0.5 | 0.1 |
Net (decrease) increase in cash and cash equivalents | 343.8 | 56.5 | -3.1 |
Cash and cash equivalents, beginning of year | 58.2 | 1.7 | 4.8 |
Cash and cash equivalents, end of year | 402 | 58.2 | 1.7 |
Retained Earnings [Member] | ' | ' | ' |
Cash Flows from Operating Activities: | ' | ' | ' |
Net (loss) earnings | 15.2 | 36.6 | ' |
Accumulated Translation Adjustment [Member] | ' | ' | ' |
Separation related adjustments | ' | ($1) | ' |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (USD $) | Total | Ralcorp investment | Net Investment [Member] | Retained Earnings [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Translation Adjustment [Member] | Treasury Stock [Member] | Common Stock Shares [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] |
In Millions, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Balance at beginning of period at Sep. 30, 2010 | $2,061.70 | $2,061.10 | ' | $0 | $0.70 | ($0.10) | ' | ' | $0 | $0 |
Common Stock, Shares, Outstanding | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net transfer to/from Ralcorp | -198.5 | -198.5 | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of preferred stock, net of issuance costs | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 1.1 | ' | ' | ' | ' | 1.1 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | -5.3 | ' | ' | ' | 5.3 | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent | -424.3 | ' | -424.3 | ' | ' | ' | ' | ' | ' | ' |
Balance at end of period at Sep. 30, 2011 | 1,434.70 | 1,438.30 | ' | 0 | -4.6 | 1 | 0 | ' | 0 | 0 |
Common Stock, Shares, Outstanding | ' | ' | ' | ' | ' | ' | ' | 32.7 | ' | ' |
Common Stock, Shares, Issued in Spinoff Transaction | ' | ' | ' | ' | ' | ' | ' | 34.4 | ' | ' |
Stock Repurchased During Period, Shares | ' | ' | ' | ' | ' | ' | ' | -1.7 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Separation related adjustments | 191 | ' | 182.8 | ' | -7.2 | -1 | ' | ' | ' | ' |
Net transfer to/from Ralcorp | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | 4.1 | ' | ' | ' | ' | ' | ' | ' | ' | 4.1 |
Issuance of Common Stock at Spin-off | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | -0.3 |
Stock Repurchased During Period, Value | -53.4 | ' | ' | ' | ' | ' | -53.4 | ' | ' | ' |
Proceeds from issuance of preferred stock, net of issuance costs | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to Additional Paid in Capital, Other | ' | ' | -1,268.80 | ' | ' | ' | ' | ' | ' | -1,268.80 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 0.8 | ' | ' | ' | ' | 0.8 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | -13.6 | ' | ' | ' | -13.6 | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent | 49.9 | ' | 13.3 | 36.6 | ' | ' | ' | ' | ' | ' |
Balance at end of period at Sep. 30, 2012 | 1,231.50 | 0 | 0 | 36.6 | -25.4 | 0.8 | 53.4 | ' | 0.3 | 1,272.60 |
Common Stock, Shares, Outstanding | ' | ' | ' | ' | ' | ' | ' | 32.7 | ' | ' |
Stock Repurchased During Period, Shares | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Separation related adjustments | ' | ' | 182.8 | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | 10.5 | ' | ' | ' | ' | ' | ' | ' | ' | 10.5 |
Stock Repurchased During Period, Value | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Dividends, Preferred Stock | -4.2 | ' | ' | -4.2 | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of preferred stock, net of issuance costs | 234 | ' | ' | ' | ' | ' | ' | ' | ' | 234 |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 0.1 | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | -2.9 | ' | ' | ' | ' | -2.9 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | 14.4 | ' | ' | ' | 14.4 | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent | 15.2 | ' | ' | 15.2 | ' | ' | ' | ' | ' | ' |
Balance at end of period at Sep. 30, 2013 | 1,498.60 | 0 | ' | 47.6 | -11 | -2.1 | 53.4 | ' | 0.3 | 1,517.20 |
Balance at beginning of period at Jun. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Outstanding | ' | ' | ' | ' | ' | ' | ' | 32.7 | ' | ' |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent | -0.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at end of period at Sep. 30, 2013 | $1,498.60 | $0 | ' | ' | ' | ' | ' | ' | $0.30 | ' |
Consolidated_Statement_of_Stoc1
Consolidated Statement of Stockholders' Equity (Parentheticals) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Net change in post retirement benefit plans, tax expense | ($8.20) | $12.40 | $3.20 |
Background
Background | 12 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Background | ' |
NOTE 1 — BACKGROUND | |
Post Holdings, Inc. (“Post” or the “Company”) is a manufacturer, marketer and distributor of branded and private label ready-to-eat cereals, snacks and active nutrition products in the United States and Canada. Most of the Company’s products are manufactured through a flexible production platform consisting of five primary facilities, four of which are owned by Post, and sold through a variety of channels such as grocery stores, mass merchandisers, club stores and drug stores. Post operates in three reportable segments: Post Foods, Attune Foods and Active Nutrition. The Post Foods segment predominately includes the Post branded ready-to-eat cereal business. The Attune Foods segment manufactures and distributes premium natural organic cereals and snacks and is comprised of the businesses of Attune Foods, Inc., which we acquired substantially all of the assets of in December 2012, and certain assets of the Hearthside Food Solutions private label and branded businesses, which we acquired in May 2013. The Active Nutrition segment includes the business of Premier Nutrition Corporation (“PNC”), which we acquired in September 2013. The Active Nutrition segment manufactures and sells high protein shakes and bars as well as nutritional supplements. Post’s portfolio of brands includes diverse offerings such as Honey Bunches of Oats®, Pebbles™, Post Selects®, Great Grains®, Spoon Size® Shredded Wheat, Post® Raisin Bran, Grape-Nuts®, Honeycomb®, Attune®, Uncle Sam®, Erewhon®, Golden Temple™, Peace Cereal®, Sweet Home Farm®, Willamette Valley Granola Company™, Premier Protein® and Joint Juice®. | |
Post Foods’ products are manufactured at four facilities located in Battle Creek, Michigan; Jonesboro, Arkansas; Modesto, California; and Niagara Falls, Ontario. Attune Foods’ products are primarily manufactured at a facility located in Eugene, Oregon, and Premier Nutrition Corporation’s products are manufactured under third-party co-manufacturing agreements. Refer to Note 3 for details regarding the announced closure of the Modesto, California facility. | |
On February 3, 2012, Post completed its legal separation from Ralcorp Holdings, Inc. (“Ralcorp”) via a tax free spin-off (the “Spin-Off”). In the Spin-Off, Ralcorp shareholders of record on January 30, 2012, the record date for the distribution, received one share of Post common stock for every two shares of Ralcorp common stock held; additionally Ralcorp retained approximately 6.8 million unregistered shares of Post common stock. At the time of distribution Ralcorp entered into a series of third party financing arrangements that effectively resulted in the contribution of its net investment in Post in exchange for the aforementioned 6.8 million shares of Post common stock and a $900.0 cash distribution which was funded through the incurrence of long-term debt by Post (see Note 14). Prior to Ralcorp’s contribution of its net investment, the net investment balance decreased due to separation related adjustments in the net amount of $182.8 primarily due to differences between the $900.0 cash distribution to Ralcorp compared to the settlement of intercompany debt of $784.5 and equity investment in partnership of $60.2 (see Note 21) that did not transfer to Post in connection with the Spin-Off. | |
On February 6, 2012, Post common stock began regular trading on the New York Stock Exchange under the ticker symbol “POST” as an independent, public company. | |
Unless otherwise stated or the context otherwise indicates, all references in this Form 10-K to “Post,” “the Company,” “us,” “our” or “we” mean Post Holdings, Inc. and its consolidated subsidiaries, and for periods prior to the Spin-Off from Ralcorp, the Branded Cereal Business of Ralcorp. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||
Summary of Signifcant Accounting Policies | ' | |||||||||||||||||||||||
NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||||||||
Principles of Consolidation — The consolidated financial statements include the operations of Post Holdings, Inc. and its wholly-owned subsidiaries. All intercompany transactions have been eliminated. As described in Note 1, for periods prior to the Spin-Off, these consolidated financial statements include the combined results of Post Foods, LLC and Post Foods Canada Corp., which comprised the operations of the Company prior to the Spin-Off. Transactions between the Company and Ralcorp are included in these financial statements. | ||||||||||||||||||||||||
Use of Estimates and Allocations — The consolidated financial statements of the Company are prepared in conformity with accounting principles generally accepted in the United States of America, which require certain elections as to accounting policy, estimates and assumptions that affect the reported amounts of assets, liabilities, the disclosure of contingent liabilities at the dates of the financial statements and the reported amount of net revenues and expenses during the reporting periods. Significant accounting policy elections, estimates and assumptions include, among others, pension and benefit plan assumptions, valuation assumptions of goodwill and other intangible assets, marketing programs and income taxes. Actual results could differ from those estimates. | ||||||||||||||||||||||||
Throughout the reported periods prior to the Spin-Off covered by these financial statements, operations of the Company were conducted and accounted for as a reportable segment within the consolidated financial statements of Ralcorp. The financial statements have been derived from Ralcorp’s historical accounting records and reflect significant allocations of direct costs and expenses (see Note 19). All of the allocations and estimates in these financial statements are based upon assumptions that management of the Company believe are reasonable. The financial statements for periods prior to the Spin-Off do not necessarily represent the financial position or results of operations of the Company had it been operated as a separate independent entity. | ||||||||||||||||||||||||
Cash Equivalents include all highly liquid investments with original maturities of less than three months. | ||||||||||||||||||||||||
Restricted Cash includes a $37.0 deposit with a third party escrow agent in connection with our announced acquisition of Dakota Growers Pasta Company. The deposit will be credited against the purchase price if the transaction closes. Restricted cash also includes a $1.1 cash deposit which serves as collateral for our high deductible workers’ compensation insurance program. | ||||||||||||||||||||||||
Receivables are reported at net realizable value. This value includes appropriate allowances for doubtful accounts, cash discounts, and other amounts which the Company does not ultimately expect to collect. The Company determines its allowance for doubtful accounts based on historical losses and the economic status of, and its relationship with, its customers, especially those identified as “at risk.” A receivable is considered past due if payments have not been received within the agreed upon invoice terms. Receivables are written off against the allowance when the customer files for bankruptcy protection or is otherwise deemed to be uncollectible based upon the Company’s evaluation of the customer’s solvency. | ||||||||||||||||||||||||
Inventories are generally valued at the lower of average cost (determined on a first-in, first-out basis) or market. Reported amounts have been reduced by an allowance for obsolete product and packaging materials based on a review of inventories on hand compared to estimated future usage and sales. | ||||||||||||||||||||||||
Property is recorded at cost, and depreciation expense is generally provided on a straight-line basis over the estimated useful lives of the properties. Estimated useful lives range from 1 to 20 years for machinery and equipment and 12 to 30 years for buildings and leasehold improvements. Total depreciation expense was $62.2, $50.6 and $46.1 in fiscal 2013, 2012 and 2011, respectively. Any gains and losses incurred on the sale or disposal of assets are included in "Other operating expenses." Repair and maintenance costs incurred in connection with planned major maintenance activities are accounted for under the direct expensing method. Property consisted of: | ||||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Land and land improvements | $ | 13 | $ | 13 | ||||||||||||||||||||
Buildings and leasehold improvements | 139.9 | 135.3 | ||||||||||||||||||||||
Machinery and equipment | 436.7 | 410.3 | ||||||||||||||||||||||
Software | 28.4 | 21.9 | ||||||||||||||||||||||
Construction in progress | 22.5 | 19 | ||||||||||||||||||||||
640.5 | 599.5 | |||||||||||||||||||||||
Accumulated depreciation | (252.0 | ) | (194.4 | ) | ||||||||||||||||||||
$ | 388.5 | $ | 405.1 | |||||||||||||||||||||
Other Intangible Assets consist primarily of customer relationships and trademarks/brands acquired in business combinations. Amortization expense related to intangible assets, which is provided on a straight-line basis over the estimated useful lives of the assets, was $14.6, $12.6, and $12.6 in fiscal 2013, 2012 and 2011, respectively. For the intangible assets recorded as of September 30, 2013, amortization expense of $22.8, $22.6, $22.0, $22.0, and $22.0 is scheduled for fiscal 2014, 2015, 2016, 2017 and 2018, respectively. Other intangible assets consisted of: | ||||||||||||||||||||||||
30-Sep-13 | September 30, 2012 | |||||||||||||||||||||||
Carrying | Accum. | Net | Carrying | Accum. | Net | |||||||||||||||||||
Amount | Amort. | Amount | Amount | Amort. | Amount | |||||||||||||||||||
Subject to amortization: | ||||||||||||||||||||||||
Customer relationships | $ | 258.6 | $ | (41.0 | ) | $ | 217.6 | $ | 153.9 | $ | (32.1 | ) | $ | 121.8 | ||||||||||
Trademarks/brands | 161.5 | (25.8 | ) | 135.7 | 91 | (20.4 | ) | 70.6 | ||||||||||||||||
Other | 4.7 | (0.3 | ) | 4.4 | — | — | — | |||||||||||||||||
424.8 | (67.1 | ) | 357.7 | 244.9 | (52.5 | ) | 192.4 | |||||||||||||||||
Not subject to amortization: | ||||||||||||||||||||||||
Trademarks/brands | 540.7 | — | 540.7 | 543.6 | — | 543.6 | ||||||||||||||||||
$ | 965.5 | $ | (67.1 | ) | $ | 898.4 | $ | 788.5 | $ | (52.5 | ) | $ | 736 | |||||||||||
Recoverability of Assets — The Company continually evaluates whether events or circumstances have occurred which might impair the recoverability of the carrying value of its assets, including property, identifiable intangibles and goodwill. Trademarks with indefinite lives are reviewed for impairment during the fourth quarter of each fiscal year following the annual forecasting process, or more frequently if facts and circumstances indicate the trademark may be impaired. The trademark impairment tests require us to estimate the fair value of the trademark and compare it to its carrying value. The estimated fair value is determined using an income-based approach (the relief-from-royalty method), which requires significant assumptions for each brand, including estimates regarding future revenue growth, discount rates, and appropriate royalty rates. Assumptions are determined after consideration of several factors for each brand, including profit levels, research of external royalty rates by third party experts and the relative importance of each brand to the Company. Revenue growth assumptions are based on historical trends and management’s expectations for future growth by brand. The discount rate is based on a weighted average cost of capital utilizing industry market data of similar companies. | ||||||||||||||||||||||||
In addition, definite-lived assets and indefinite-lived intangible assets are reassessed as needed when information becomes available that is believed to negatively impact the fair market value of an asset. In general, an asset is deemed impaired and written down to its fair value if estimated related future cash flows are less than its carrying amount. | ||||||||||||||||||||||||
In September 2013, the Company concluded two indefinite-lived trademarks were impaired and recorded impairment losses of $0.2 for the Post Shredded Wheat brand and $2.7 for the Post brand to record these trademarks at their estimated current fair values of $25.4 and $178.4, respectively. Both brands are part of the Post Foods segment. The impairments for these trademarks were the result of a variety of factors including a 100 basis point increase in the assumed discount rate compared to the discount rate assumed in the prior year and in the case of Post Shredded Wheat, weak current year performance and a corresponding lowering of expected future revenue growth for the brand. The Company's long range plan for Post Shredded Wheat assumes a reduction in the rate of revenue declines for the brand and ultimately stabilization of brand revenues. If the Company is unable to slow the rate of decline and ultimately stabilize brand revenues, additional impairment losses are likely. | ||||||||||||||||||||||||
In September 2011, a trademark impairment loss of $106.6 was recognized primarily related to the Honey Bunches of Oats, Post Selects, and Post trademarks in the Post Foods segment. Based upon a preliminary review conducted by the Company’s management team in October of 2011, sales declines in the fourth quarter of fiscal 2011 and continuing into October 2011, and weakness in the branded ready-to-eat cereal category and the broader economy at that time, management determined that additional strategic steps were needed to stabilize the business and the competitive position of its brands. The impact of these steps was the reduction of expected net sales growth rates and profitability of certain brands in the near term, thereby resulting in the trademark impairment. In June 2011, a trademark impairment loss of $32.1 was recognized related to the Post Shredded Wheat and Grape-Nuts trademarks based on reassessments triggered by the announced separation of the Company from Ralcorp. The trademark impairment was due to reductions in anticipated future sales as a result of competition, lack of consumer response to advertising and promotions for these brands and further reallocations of advertising and promotion expenditures to higher-return brands. These factors, particularly the lower than expected revenues during 2011 and further declines in market share, as well as further reduced future sales growth rates, led to lower assumed royalty rates for both the Post Shredded Wheat and Grape-Nuts brands resulting in a partial impairment of both brands. | ||||||||||||||||||||||||
These fair value measurements fell within Level 3 of the fair value hierarchy as described in Note 13. The trademark and goodwill impairment losses are reported in “Impairment of goodwill and other intangible assets” on the Consolidated Statement of Operations. See Note 6 for information about goodwill impairments. | ||||||||||||||||||||||||
Investments — The Company funds a portion of its deferred compensation liability by investing in certain mutual funds in the same amounts as selected by the participating employees. Because management’s intent is to invest in a manner that matches the deferral options chosen by the participants and those participants can elect to transfer amounts in or out of each of the designated deferral options at any time, these investments have been classified as trading assets and are stated at fair value in “Other Assets” (see Note 13). Both realized and unrealized gains and losses on these assets are included in “Selling, general and administrative expenses” and offset the related change in the deferred compensation liability. | ||||||||||||||||||||||||
Stockholders’ Equity — For periods prior to the Spin-Off, the net investment of Ralcorp in the Consolidated Balance Sheets represents Ralcorp’s historical investment in Post in excess of its accumulated net income after taxes and the net effect of the transactions with and allocations from Ralcorp. For the period subsequent to the Spin-Off, Stockholders’ Equity represents the initial investment contribution from Ralcorp, the par value of our common stock net of treasury stock at cost, accumulated other comprehensive loss and retained earnings. See Note 1 for additional information. Accumulated other comprehensive loss included foreign currency translation adjustments of $(2.1), $0.8 and $1.0 as of September 30, 2013, 2012 and 2011, respectively, as well as amounts related to postretirement benefit plans as presented in Note 16. | ||||||||||||||||||||||||
Revenue is recognized when title of goods is transferred to the customer, as specified by the shipping terms. Net sales reflect gross sales, including amounts billed to customers for shipping and handling, less sales discounts and trade allowances (including promotional price buy downs and new item promotional funding). Customer trade allowances are generally computed as a percentage of gross sales. Products are generally sold with no right of return except in the case of goods which do not meet product specifications or are damaged, and related reserves are maintained based on return history. If additional rights of return are granted, revenue recognition is deferred. Estimated reductions to revenue for customer incentive offerings are based upon customer redemption history. | ||||||||||||||||||||||||
Cost of Products Sold includes, among other things, inbound and outbound freight costs and depreciation expense related to assets used in production, while storage and other warehousing costs are included in “Selling, general, and administrative expenses.” Storage and other warehousing costs totaled $41.5, $40.6 and $45.3 in fiscal 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||
Advertising costs are expensed as incurred except for costs of producing media advertising such as television commercials or magazine advertisements, which are deferred until the first time the advertising takes place. The amount reported as assets on the balance sheet was insignificant as of September 30, 2013 and 2012. | ||||||||||||||||||||||||
Stock-based Compensation — The Company recognizes the cost of employee services received in exchange for awards of equity instruments based on the grant-date fair value of equity awards and the fair market value at each quarterly reporting date for liability awards. That cost is recognized over the period during which an employee is required to provide service in exchange for the award — the requisite service period (usually the vesting period). See Note 17 for disclosures related to stock-based compensation. | ||||||||||||||||||||||||
Income Tax Expense is estimated based on income taxes in each jurisdiction and includes the effects of both current tax exposures and the temporary differences resulting from differing treatment of items for tax and financial reporting purposes. These temporary differences result in deferred tax assets and liabilities. A valuation allowance would be established against the related deferred tax assets to the extent that it is not more likely than not that the future benefits will be realized. Reserves are recorded for estimated exposures associated with the Company’s tax filing positions, which are subject to periodic audits by governmental taxing authorities. Interest due to an underpayment of income taxes is classified as income taxes. The Company considers the undistributed earnings of its foreign subsidiaries to be permanently invested. Since its formation in connection with the Spin-Off, the Company's Canadian subsidiary, currently the Company's only foreign subsidiary, has not generated cumulative undistributed earnings. No U.S. taxes have been provided in relation to the Company's investment in its foreign subsidiary. See Note 7 for disclosures related to income taxes. |
Recently_Issued_and_Adopted_Ac
Recently Issued and Adopted Accounting Standards | 12 Months Ended |
Sep. 30, 2013 | |
Recently Issued Accounting Standards [Abstract] | ' |
Recently Issued Accounting Standards | ' |
NOTE 3 — RECENTLY ISSUED ACCOUNTING STANDARDS | |
In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-11, “Disclosures about Offsetting Assets and Liabilities” which provides new requirements for disclosures about instruments and transactions eligible for offset in the statement of financial position, as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, the standard requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. The amendments in this update are effective for annual reporting periods beginning on or after January 1, 2013 (i.e., Post’s financial statements for the year ending September 30, 2014), and interim periods within those annual periods. The adoption of this update is not expected to have a material effect on Post’s financial position, results of operations or cash flows. | |
In July 2012, the FASB issued ASU 2012-02, “Testing Indefinite-Lived Intangible Assets for Impairment.” ASU 2012-02 allows an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform a quantitative impairment test. The Company adopted this amendment as of September 30, 2013. Because the measurement of a potential impairment loss has not changed, the amended standards did not have an effect on the Company’s financial position, results of operations or cash flows. | |
On January 31, 2013, the FASB issued ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities,” which provides scope clarifications related to the previously issued ASU 2011-11. These ASU’s provide new requirements for disclosures about instruments and transactions eligible for offset in the statement of financial position, as well as instruments and transactions subject to an agreement similar to a master netting arrangement. The amendments in these updates are effective for annual reporting periods beginning on or after January 1, 2013 (i.e., Post’s financial statements for the year ending September 30, 2014), and interim periods within those annual periods. The adoption of this update is not expected to have a material effect on Post’s financial position, results of operations or cash flows. | |
On February 5, 2013, the FASB issued ASU 2013-02, “Reporting Amounts Reclassified out of Accumulated Other Comprehensive Income,” which requires additional disclosure of amounts recorded in Accumulated Other Comprehensive Income and amounts that are reclassified from Accumulated Other Comprehensive Income. This update is effective for fiscal years beginning after December 15, 2012 (i.e., Post’s financial statements for the year ending September 30, 2014), and interim periods within those annual periods. The adoption of this update is not expected to have a material effect on Post’s financial position, results of operations or cash flows. |
Restructuring_Notes
Restructuring (Notes) | 12 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Restructuring [Abstract] | ' | |||||||||||
Restructuring and Related Activities Disclosure [Text Block] | ' | |||||||||||
NOTE 4 — RESTRUCTURING | ||||||||||||
In April 2013, the Company announced management’s decision to close its plant located in Modesto, California as part of a cost savings and capacity rationalization effort. The transfer of production capabilities and closure of the plant is expected to be completed by September 2014. | ||||||||||||
Amounts related to the plant closure are shown in the following table. Costs are recognized in “Restructuring expenses” in the statements of operations with the exception of accelerated depreciation expense which is included in “Cost of goods sold.” These expenses are not included in the measure of segment performance for any segment (see Note 20). The Company has a liability of $2.1 related to accrued employee severance at September 30, 2013. The Company recorded $1.7 of expense related to a pension curtailment comprised of an increase to the pension liability of $1.6 and a reclassification of $0.1 from accumulated other comprehensive loss to expense. | ||||||||||||
Year ended September 30, 2013 | Cumulative Incurred to Date | Remaining Expense Expected to be Incurred | ||||||||||
Employee severance | $ | 2.1 | $ | 2.1 | $ | 1.4 | ||||||
Pension curtailment | 1.7 | 1.7 | — | |||||||||
Accelerated depreciation | 9.6 | 9.6 | 8.5 | |||||||||
$ | 13.4 | $ | 13.4 | $ | 9.9 | |||||||
Business_Combinations_Notes
Business Combinations (Notes) | 12 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
Business Combination Disclosure [Text Block] | ' | |||||||||||
NOTE 5 — BUSINESS COMBINATIONS | ||||||||||||
On December 31, 2012, Post Foods, LLC, a subsidiary of the Company, purchased substantially all of the assets of Attune Foods, Inc. (“Attune”), a marketer and distributor of branded premium healthy and organic cereals and snacks for approximately $9.2 of cash. | ||||||||||||
On May 28, 2013, the Company completed its acquisition of certain assets of the branded and private label cereal, granola and snacks business of Hearthside Food Solutions (“Hearthside”) for approximately $159.9 of cash. The transaction included the purchase of the Hearthside brands: Golden Temple, Peace Cereal, Sweet Home Farm and Willamette Valley Granola Company, as well as Hearthside’s private label granola business. Both the private label and the acquired brands are sold predominantly through the natural and health channels. The Company combined this business with the Attune business to form the Attune Foods reporting segment (see Note 20), accordingly, the preliminary combined goodwill amount of $75.1 is attributable to the Attune Foods segment. Based upon the finalized purchase price allocation for the Attune acquisition and the preliminary purchase price allocation for the Hearthside acquisition, the Company has recorded $51.5 of customer relationships to be amortized over a weighted-average period of 19 years, $14.2 to trademarks/brands to be amortized over a weighted-average period of 24 years, and $1.6 to other intangible assets to be amortized over a weighted-average period of 2 years. | ||||||||||||
On September 3, 2013, the Company completed its acquisition of Premier Nutrition Corporation (“PNC”), which was effective September 1, 2013, for approximately $185.9 of cash. PNC is a rapidly growing marketer and distributor of premium protein beverages and foods under its Premier Protein brand and nutritional supplements under its Joint Juice brand. PNC is reported in Post’s Active Nutrition segment (see Note 20). Based upon the preliminary purchase price allocation, the Company has recorded $53.2 of customer relationships to be amortized over a weighted-average period of 19 years, $56.3 to trademarks/brands to be amortized over a weighted-average period of 20 years, and $3.1 to other intangible assets to be amortized over a weighted-average period of 5 years. | ||||||||||||
Each of the acquisitions was accounted for using the acquisition method of accounting, whereby the results of operations of each are included in the financial statements from the date of acquisition. The respective purchase prices were allocated to acquired assets and liabilities based on their estimated fair values at the date of acquisition, and any excess was allocated to goodwill, as shown in the following table. Goodwill represents the value the Company expects to achieve through the implementation of operational synergies and the expansion of the business into new growing segments of the industry. The Company expects that the final fair value of goodwill will be fully deductible for U.S. income tax purposes for the Attune and Hearthside acquisitions. The goodwill generated by Post’s acquisition of PNC will not be tax deductible for U.S. income tax purposes, however, certain goodwill generated by PNC business combinations in periods prior to Post’s acquisition transferred to Post and is expected to be tax deductible. | ||||||||||||
Certain estimated values, including goodwill, intangible assets and deferred taxes, are not yet finalized pending the final settlement of the purchase price and purchase price allocations and are subject to change once additional information is obtained. | ||||||||||||
Attune | Hearthside | PNC | ||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 2.1 | ||||||
Receivables | 0.5 | 5.5 | 11.3 | |||||||||
Inventories | 2.6 | 6.3 | 23.9 | |||||||||
Deferred income taxes | — | — | 5.7 | |||||||||
Prepaid expenses and other current assets | 0.1 | 0.2 | 2.8 | |||||||||
Property | 0.1 | 15.6 | 0.7 | |||||||||
Goodwill | 3.6 | 71.5 | 48.3 | |||||||||
Other intangible assets | 3.8 | 63.5 | 112.6 | |||||||||
Accounts payable | (1.3 | ) | (2.1 | ) | (15.6 | ) | ||||||
Other current liabilities | (0.2 | ) | (0.3 | ) | (2.4 | ) | ||||||
Deferred income taxes | — | (0.3 | ) | (2.8 | ) | |||||||
Other liabilities | — | — | (0.7 | ) | ||||||||
Total acquisition cost | $ | 9.2 | $ | 159.9 | $ | 185.9 | ||||||
The following unaudited pro forma information presents a summary of the combined results of operations of the Company and the aggregate results of Attune, Hearthside and PNC for the periods presented as if the acquisitions had occurred on October 1, 2011, along with certain pro forma adjustments. These pro forma adjustments give effect to the amortization of certain definite-lived intangible assets, adjusted depreciation based upon fair value of assets acquired, interest expense related to the financing of the business combinations, and related income taxes. The pro forma results for the year ended September 30, 2012 include non-recurring expense adjustments of $1.4 related to the step up value of acquired inventory and $2.2 of transaction costs. The following unaudited pro forma information has been prepared for comparative purposes only and is not necessarily indicative of the results of operations as they would have been had the acquisition occurred on the assumed date, nor is it necessarily an indication of future operating results. | ||||||||||||
2013 | 2012 | |||||||||||
Pro forma net sales | $ | 1,211.90 | $ | 1,143.60 | ||||||||
Pro forma net earnings available to common stockholders | $ | 8.5 | $ | 42.3 | ||||||||
Pro forma basic earnings per share | $ | 0.26 | $ | 1.23 | ||||||||
Pro forma diluted earnings per share | $ | 0.26 | $ | 1.23 | ||||||||
Goodwill
Goodwill | 12 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Goodwill | ' | |||||||||||||||
NOTE 6 — GOODWILL | ||||||||||||||||
The changes in the carrying amount of goodwill by segment are noted in the following table. | ||||||||||||||||
Post Foods | Attune Foods | Active Nutrition | Total | |||||||||||||
Balance, September 30, 2011 | ||||||||||||||||
Goodwill (gross) | $ | 1,794.00 | $ | — | $ | — | $ | 1,794.00 | ||||||||
Accumulated impairment losses | (427.8 | ) | — | — | (427.8 | ) | ||||||||||
Goodwill (net) | $ | 1,366.20 | $ | — | $ | — | $ | 1,366.20 | ||||||||
Currency translation adjustment | 0.4 | — | — | 0.4 | ||||||||||||
Balance, September 30, 2012 | ||||||||||||||||
Goodwill (gross) | $ | 1,794.40 | $ | — | $ | — | $ | 1,794.40 | ||||||||
Accumulated impairment losses | (427.8 | ) | — | — | (427.8 | ) | ||||||||||
Goodwill (net) | $ | 1,366.60 | $ | — | $ | — | $ | 1,366.60 | ||||||||
Goodwill acquired | — | 75.1 | 48.3 | 123.4 | ||||||||||||
Currency translation adjustment | (0.3 | ) | — | — | (0.3 | ) | ||||||||||
Balance, September 30, 2013 | ||||||||||||||||
Goodwill (gross) | $ | 1,794.10 | $ | 75.1 | $ | 48.3 | $ | 1,917.50 | ||||||||
Accumulated impairment losses | (427.8 | ) | — | — | (427.8 | ) | ||||||||||
Goodwill (net) | $ | 1,366.30 | $ | 75.1 | $ | 48.3 | $ | 1,489.70 | ||||||||
Goodwill represents the excess of the cost of acquired businesses over the fair market value of their identifiable net assets. The Company conducts a goodwill impairment qualitative assessment during the fourth quarter of each fiscal year following the annual forecasting process, or more frequently if facts and circumstances indicate that goodwill may be impaired. The goodwill impairment qualitative assessment requires an assessment to determine if it is more likely than not that the fair value of the business is less than its carrying amount. If adverse qualitative trends are identified that could negatively impact the fair value of the business, a “step one” goodwill impairment test is performed. For fiscal 2013, the Company determined that the recency of the fiscal 2011 goodwill impairment was a significant qualitative factor which required the Company to complete the “step one” goodwill impairment test. The “step one” goodwill impairment test requires an estimate of the fair value of the business and certain assets and liabilities. The estimated fair value is determined using a combined income and market approach with a greater weighting on the income approach (75% of the calculation for Post Foods and Attune Foods and 100% of the calculation for Active Nutrition). The income approach is based on discounted future cash flows and requires significant assumptions, including estimates regarding future revenue, profitability, and capital requirements. The market approach (25% of the calculation for Post Foods and Attune Foods and 0% for Active Nutrition) is based on a market multiple (revenue and EBITDA which stands for earnings before interest, income taxes, depreciation, and amortization) and requires an estimate of appropriate multiples based on market data. | ||||||||||||||||
For the year ended September 30, 2013, the Company conducted an impairment review and concluded that there was no impairment as of September 30, 2013. | ||||||||||||||||
During the fourth fiscal quarter of 2011, the Company conducted an impairment test. In late September and October 2011, the Company’s management team conducted an extensive business review. Based upon this review, sales declines in the fourth quarter of fiscal 2011 and continuing into October 2011, and weakness in the branded ready-to-eat cereal category and the broader economy at that time, the Company’s management determined that additional strategic steps were needed to stabilize the business and the competitive position of its brands. As a result of the revised business outlook, a “step one” goodwill impairment analysis was performed. Because the Company’s carrying value was determined to be in excess of its fair value in the step one analysis, the Company performed “step two” of the impairment analysis to determine the amount of goodwill impairment to be recorded. The amount of the impairment was calculated by comparing the implied fair value of the goodwill to its carrying amount, which required the allocation of the fair value determined in the step one analysis to the individual assets and liabilities of the business. The remaining fair value represented the implied fair value of goodwill on the testing date. Based on the step two analysis, the Company recorded a pre-tax, non-cash impairment charge of $427.8 to reduce the carrying value of goodwill to its estimated fair value. Estimated fair values and the identifiable net assets were determined based on the results of a combination of valuation techniques including EBITDA and revenue multiples and expected present value of future cash flows using forecasts based on the additional strategic steps that Company management determined were necessary for the business. | ||||||||||||||||
These fair value measurements fell within Level 3 of the fair value hierarchy as described in Note 13. The goodwill impairment losses are aggregated with trademark impairment losses in “Impairment of goodwill and other intangible assets” in the Consolidated Statement of Operations. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||||||||
Income taxes | ' | |||||||||||||||||||||||
NOTE 7 — INCOME TAXES | ||||||||||||||||||||||||
The provision (benefit) for income taxes consisted of the following: | ||||||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Current: | ||||||||||||||||||||||||
Federal | $ | 33 | $ | 30.8 | $ | 55.6 | ||||||||||||||||||
State | 3.2 | 2.3 | 7.1 | |||||||||||||||||||||
Foreign | — | — | — | |||||||||||||||||||||
36.2 | 33.1 | 62.7 | ||||||||||||||||||||||
Deferred: | ||||||||||||||||||||||||
Federal | (26.8 | ) | (3.2 | ) | (63.0 | ) | ||||||||||||||||||
State | (1.8 | ) | (0.5 | ) | (5.0 | ) | ||||||||||||||||||
Foreign | (0.5 | ) | 1.1 | (1.0 | ) | |||||||||||||||||||
(29.1 | ) | (2.6 | ) | (69.0 | ) | |||||||||||||||||||
Income tax provision (benefit) | $ | 7.1 | $ | 30.5 | $ | (6.3 | ) | |||||||||||||||||
A reconciliation of income tax provision (benefit) with amounts computed at the statutory federal rate follows: | ||||||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Computed tax at federal statutory rate (35%) | $ | 7.8 | $ | 28.1 | $ | (150.7 | ) | |||||||||||||||||
Non-deductible goodwill impairment loss | — | — | 149.7 | |||||||||||||||||||||
Non-deductible compensation | 0.7 | — | — | |||||||||||||||||||||
Non-deductible transaction costs | 0.2 | 1.8 | — | |||||||||||||||||||||
Domestic production activities deduction | (2.9 | ) | (0.9 | ) | (5.5 | ) | ||||||||||||||||||
State income taxes, net of effect on federal tax | 1 | 2 | (0.1 | ) | ||||||||||||||||||||
Other, net (none in excess of 5% of computed tax) | 0.3 | (0.5 | ) | 0.3 | ||||||||||||||||||||
Income tax provision (benefit) | $ | 7.1 | $ | 30.5 | $ | (6.3 | ) | |||||||||||||||||
The effective tax rate for fiscal 2013 was 31.8% compared to 37.9% for fiscal 2012 and (1.5)% for fiscal 2011. The effective tax rate for fiscal 2013 was affected by approximately $0.7 of incremental tax expense resulting from non-deductible compensation in accordance with the provisions of Internal Revenue Code (“IRC”) section 162(m), and by approximately $0.2 of incremental tax expense resulting from non-deductible outside service expenses incurred in relation to merger and acquisition transactions. The effective tax rate for fiscal 2012 was affected by approximately $1.8 of incremental tax expense resulting from non-deductible outside service expenses, which were incurred prior to February 3, 2012, to effect the Spin-Off. In addition, we recorded approximately $2.7 of additional tax expense related to an uncertain tax position taken on our 2012 short-period tax return. The effective rate for 2011 was significantly affected by the non-deductible goodwill impairment loss, as shown above. For all three fiscal years, the effective tax rate was reduced by the effects of the Domestic Production Activities Deduction (DPAD), and also impacted by minor effects of shifts between the relative amounts of domestic and foreign income and state tax apportionment. The DPAD is a U.S. federal deduction of a percentage of taxable income from domestic manufacturing. Taxable income is affected by not only pre-tax book income, but also temporary differences in the timing and amounts of certain tax deductions, including significant amounts related to impairments of intangible assets, depreciation of property, and postretirement benefits. For fiscal 2011 and subsequent years, the DPAD percentage was 9% of qualifying taxable income. | ||||||||||||||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets (liabilities) were as follows: | ||||||||||||||||||||||||
30-Sep-13 | September 30, 2012 | |||||||||||||||||||||||
Assets | Liabilities | Net | Assets | Liabilities | Net | |||||||||||||||||||
Current: | ||||||||||||||||||||||||
Accrued vacation, incentive and severance | $ | 5.2 | $ | — | $ | 5.2 | $ | 1.1 | $ | — | $ | 1.1 | ||||||||||||
Other accrued liabilities | 1.6 | — | 1.6 | 0.2 | — | 0.2 | ||||||||||||||||||
Other items | 5.4 | (0.3 | ) | 5.1 | — | (0.2 | ) | (0.2 | ) | |||||||||||||||
12.2 | (0.3 | ) | 11.9 | 1.3 | (0.2 | ) | 1.1 | |||||||||||||||||
Noncurrent: | ||||||||||||||||||||||||
Property | — | (74.0 | ) | (74.0 | ) | — | (85.5 | ) | (85.5 | ) | ||||||||||||||
Intangible assets | — | (297.7 | ) | (297.7 | ) | — | (278.2 | ) | (278.2 | ) | ||||||||||||||
Pension and other postretirement benefits | 37 | — | 37 | 43.3 | — | 43.3 | ||||||||||||||||||
Stock-based and deferred compensation | 10.3 | — | 10.3 | 5.3 | — | 5.3 | ||||||||||||||||||
Net operating loss carryforwards | 21.6 | — | 21.6 | — | — | — | ||||||||||||||||||
Other items | 0.9 | — | 0.9 | 0.2 | — | 0.2 | ||||||||||||||||||
69.8 | (371.7 | ) | (301.9 | ) | 48.8 | (363.7 | ) | (314.9 | ) | |||||||||||||||
Total deferred taxes | $ | 82 | $ | (372.0 | ) | $ | (290.0 | ) | $ | 50.1 | $ | (363.9 | ) | $ | (313.8 | ) | ||||||||
As of September 30, 2013, Post had federal net operating loss (“NOL”) carryforwards totaling approximately $106.6 which have expiration dates beginning in fiscal 2021 and extending through fiscal 2033. As of September 30, 2013, Post had state NOL carryforwards totaling approximately $80.9 which have expiration dates beginning in fiscal 2015 and extending through fiscal 2033. All of these NOLs were obtained in the acquisition of PNC on September 1, 2013 (see Note 5). As a result of the ownership change of PNC, the deductibility of the federal NOLs is subject to limitation under section 382 of the IRC. For the first five years after the acquisition date, the annual limitation is approximately $12.5, and thereafter the annual limitation is approximately $4.2. Giving consideration to the section 382 limitations, the Company believes it will generate sufficient taxable income to fully utilize the federal NOLs before they expire with the exception of approximately $12.1 of NOLs subject to prior section 382 limitations resulting from PNC change of control transactions occurring in prior years. Additionally, approximately $23.3 of the federal NOLs resulted from uncertain tax positions taken by PNC on tax returns for years prior to the Company’s acquisition. The NOLs presented on the table above are reported net of these uncertain tax benefits and the NOLs subject to prior section 382 limits. The state NOLs acquired in the PNC transaction are similarly subject to annual limits and partially generated by uncertain tax positions taken by PNC on prior year tax returns. As a result of these limits and uncertain tax positions, and based on the Company’s estimates of taxable income to be generated by legal entity and by state, the Company believes its ability to obtain benefit from approximately $62.7 of state NOLs is remote. The state NOLs included in the table above are reported net of the benefits that are considered remote. | ||||||||||||||||||||||||
For fiscal 2013, 2012 and 2011, foreign income (loss) before income taxes was $(2.0), $4.5 and $(4.0), respectively. | ||||||||||||||||||||||||
Based on the provisions of the Tax Allocation Agreement between Post and Ralcorp, Ralcorp retained responsibility for income tax liabilities and income tax returns related to all periods prior to the Spin-Off date of February 3, 2012. There are no open income tax audits in any of Post’s filing jurisdictions for periods subsequent to the Spin-Off date. U.S. federal, U.S. state and Canada income tax returns for the tax year ended September 30, 2012 are subject to examination by the tax authorities in each respective jurisdiction. | ||||||||||||||||||||||||
Unrecognized Tax Benefits | ||||||||||||||||||||||||
The Company recognizes the tax benefit from uncertain tax positions only if it is “more likely than not” the tax position will be sustained on examination by the taxing authorities. The tax benefits recognized from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. To the extent the Company’s assessment of such tax positions changes, the change in estimate will be recorded in the period in which the determination is made. | ||||||||||||||||||||||||
The total amount of the net unrecognized tax benefits, which are recorded in the consolidated balance sheets as other long-term liabilities, was $3.6 and $2.7 at September 30, 2013 and 2012, respectively, related to tax positions the Company and its subsidiaries, including subsidiaries acquired during fiscal year 2013, have taken on previously filed tax returns. The amount of the net unrecognized tax benefits that, if recognized, would directly affect the effective tax rate is $3.6 at September 30, 2013. The Company does not expect any significant increases or decreases to the unrecognized tax benefits within twelve months of the reporting date. The Company had no unrecognized tax benefits for any periods prior to fiscal 2012. | ||||||||||||||||||||||||
The Company classifies tax-related interest and penalties as components of income tax expense. The accrued interest and penalties are not included in the table below. The Company accrued approximately $0.1 of interest at September 30, 2013. Interest was computed on the difference between the tax position recognized for financial reporting purposes and the amount previously taken on the Company’s tax returns. | ||||||||||||||||||||||||
Unrecognized tax benefits activity for the years ended September 30, 2013 and 2012 is presented in the following table: | ||||||||||||||||||||||||
Unrecognized tax benefits, September 30, 2011 | $ | — | ||||||||||||||||||||||
Additions based on current tax positions | 2.7 | |||||||||||||||||||||||
Reductions for prior year tax positions | — | |||||||||||||||||||||||
Settlements with tax authorities/statute expirations | — | |||||||||||||||||||||||
Unrecognized tax benefits, September 30, 2012 | $ | 2.7 | ||||||||||||||||||||||
Additions based on current tax positions and acquisitions | 0.9 | |||||||||||||||||||||||
Reductions for prior year tax positions | — | |||||||||||||||||||||||
Settlements with tax authorities/statue expirations | — | |||||||||||||||||||||||
Unrecognized tax benefits, September 30, 2013 | $ | 3.6 | ||||||||||||||||||||||
Earnings_per_Share
Earnings per Share | 12 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||
NOTE 8 – EARNINGS PER SHARE | ||||||||||||
Basic earnings per share is based on the average number of common shares outstanding during the period. Diluted earnings per share is based on the average number of shares used for the basic earnings per share calculation, adjusted for the dilutive effect of stock options, stock appreciation rights and restricted stock equivalents using the “treasury stock” method. The impact of potentially dilutive convertible preferred stock is calculated using the “if-converted” method. For the years ended September 30, 2012 and 2011, the computation of basic and diluted earnings per common share is calculated assuming the number of shares of Post common stock outstanding on February 3, 2012 had been outstanding at the beginning of the period. | ||||||||||||
In connection with the Spin-Off, Ralcorp stock settled stock appreciation right awards were converted to 0.3 million Post awards for certain employees and 0.1 million Post restricted shares were issued to holders of Ralcorp restricted shares. For periods prior to the Spin-Off it is assumed that there are no dilutive equity instruments as there were no equity awards in Post outstanding prior to the Spin-Off. See Note 1 for further discussion of the Spin-Off. | ||||||||||||
Year ended September 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net earnings | $ | 15.2 | $ | 49.9 | $ | (424.3 | ) | |||||
Preferred stock dividends | (5.4 | ) | — | — | ||||||||
Net Earnings Available to Common Stockholders | $ | 9.8 | $ | 49.9 | $ | (424.3 | ) | |||||
Weighted-average shares for basic earnings per share | 32.7 | 34.3 | 34.4 | |||||||||
Effect of dilutive securities: | ||||||||||||
Stock options | 0.1 | — | — | |||||||||
Stock appreciation rights | 0.1 | 0.1 | — | |||||||||
Restricted stock awards | 0.1 | 0.1 | — | |||||||||
Total dilutive securities | 0.3 | 0.2 | — | |||||||||
Weighted-average shares for diluted earnings per share | 33 | 34.5 | 34.4 | |||||||||
Basic earnings per share | $ | 0.3 | $ | 1.45 | $ | (12.33 | ) | |||||
Diluted earnings per share | $ | 0.3 | $ | 1.45 | $ | (12.33 | ) | |||||
For the years ended September 30, 2013 and 2012, weighted-average shares for diluted earnings per share excludes 0.3 million and 2.3 million equity awards, respectively, and 5.1 million shares related to the potential conversion of the Company’s convertible preferred stock (See Note 18) for the year ended September 30, 2013 as they were anti-dilutive. |
Supplemental_Operations_Statem
Supplemental Operations Statement Information (Notes) | 12 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Supplemental Operations Statement and Cash Flow Information [Abstract] | ' | |||||||||||
Supplemental Operations Statement and Cash Flow Information | ' | |||||||||||
NOTE 9 — SUPPLEMENTAL OPERATIONS STATEMENT AND CASH FLOW INFORMATION | ||||||||||||
Year Ended September 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Advertising and promotion expenses | $ | 118.4 | $ | 126.4 | $ | 117.3 | ||||||
Repair and maintenance expenses | 41.6 | 38.6 | 35.2 | |||||||||
Research and development expenses | 8.6 | 7.9 | 7.6 | |||||||||
Rent expense | 4.8 | 4.1 | 4 | |||||||||
Interest paid | 76.3 | 33.7 | — | |||||||||
Income taxes paid | 25.5 | 35.8 | — | |||||||||
Intercompany interest paid | — | 17.7 | 51.5 | |||||||||
Supplemental_Balance_Sheet_Inf
Supplemental Balance Sheet Information | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Balance Sheet Information [Abstract] | ' | |||||||
Supplemental Balance Sheet Information | ' | |||||||
NOTE 10 — SUPPLEMENTAL BALANCE SHEET INFORMATION | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Receivables, net | ||||||||
Trade | $ | 83.4 | $ | 55.3 | ||||
Other | 0.1 | 1.5 | ||||||
83.5 | 56.8 | |||||||
Allowance for doubtful accounts | (0.3 | ) | (0.3 | ) | ||||
$ | 83.2 | $ | 56.5 | |||||
Inventories | ||||||||
Raw materials and supplies | $ | 30.3 | $ | 18.2 | ||||
Finished products | 91.6 | 60.4 | ||||||
$ | 121.9 | $ | 78.6 | |||||
Accounts Payable | ||||||||
Trade | $ | 57.1 | $ | 30.7 | ||||
Book cash overdrafts | 7 | 10.6 | ||||||
Other items | 13 | 8.7 | ||||||
$ | 77.1 | $ | 50 | |||||
Other Current Liabilities | ||||||||
Advertising and promotion | $ | 12.6 | $ | 20.4 | ||||
Accrued interest | 13 | 7.4 | ||||||
Compensation | 18.9 | 13.8 | ||||||
Miscellaneous accrued taxes | 4 | 3.9 | ||||||
Deferred revenue | 8.3 | 10.2 | ||||||
Other | 12.1 | 5.4 | ||||||
$ | 68.9 | $ | 61.1 | |||||
Other Liabilities | ||||||||
Pension and other postretirement benefit obligations | $ | 97.8 | $ | 116.5 | ||||
Deferred compensation | 13.4 | 8.6 | ||||||
Other | 5.1 | 4.1 | ||||||
$ | 116.3 | $ | 129.2 | |||||
Allowance_for_Doubtful_Account
Allowance for Doubtful Accounts | 12 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Allowance for Doubtful Accounts [Abstract] | ' | |||||||||||
Allowance for Doubtful Accounts | ' | |||||||||||
NOTE 11 — ALLOWANCE FOR DOUBTFUL ACCOUNTS | ||||||||||||
Year Ended September 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance, beginning of year | $ | 0.3 | $ | — | $ | 0.3 | ||||||
Transfers to Ralcorp Receivables Corporation, net | — | — | (0.3 | ) | ||||||||
Transfers from Ralcorp Receivables Corporation, net | — | 0.3 | — | |||||||||
Balance, end of year | $ | 0.3 | $ | 0.3 | $ | — | ||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments and Hedging | 12 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||
Derivative financial instruments and hedging | ' | ||||||||||||||
NOTE 12 — DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING | |||||||||||||||
In the ordinary course of business, the Company is exposed to commodity price risks relating to the acquisition of raw materials and supplies, interest rate risks relating to debt, and foreign currency exchange rate risks relating to its foreign subsidiary. 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. | |||||||||||||||
Prior to the Spin-Off, Post participated in Ralcorp’s derivative instrument program which consisted of commodity contracts (options, futures and swaps) on raw material and fuel purchases. For periods prior to the Spin-Off, the fair value of the derivative instruments were not reflected in Post’s balance sheet because Post was not legally a party to the underlying derivative instruments and because there were no significant instruments that were allocable only to Post. The effects of Post’s participation in Ralcorp’s derivative instrument program on the statements of operations for the years ended September 30, 2012 and 2011 were losses of $2.0 and $13.6 respectively. There was no such earnings impact in 2013. Derivative instrument gains and losses are included in “cost of goods sold” for all periods presented. As of the Spin-Off date, Post no longer participated in the Ralcorp derivative instrument program. | |||||||||||||||
In the fourth quarter of fiscal 2012, the Company began entering into options and futures contracts which have been designated as economic hedges of raw materials and fuel and energy purchases. The following table presents the balance sheet location and fair value of the Company’s derivative instruments as of September 30, 2013 and 2012. | |||||||||||||||
Fair Value | |||||||||||||||
Balance Sheet Location | 2013 | 2012 | |||||||||||||
Asset Derivatives: | |||||||||||||||
Commodity contracts | Prepaid expenses and other current assets | $ | — | $ | 1.3 | ||||||||||
Natural gas futures | Prepaid expenses and other current assets | — | 0.3 | ||||||||||||
$ | — | $ | 1.6 | ||||||||||||
Liability Derivatives: | |||||||||||||||
Commodity contracts | Other current liabilities | $ | 0.1 | $ | — | ||||||||||
Natural gas and heating oil futures | Other current liabilities | 0.1 | — | ||||||||||||
$ | 0.2 | $ | — | ||||||||||||
The following table presents the gain or loss from derivative instruments that were not designated as hedging instruments and were recorded on the Company’s Statements of Operations for the years ended September 30, 2013, 2012 and 2011. | |||||||||||||||
Location of Gain (Loss) Recognized in Earnings | Amount of Gain (Loss) Recognized in Earnings | ||||||||||||||
Derivative Instrument | 2013 | 2012 | 2011 | ||||||||||||
Participation in Ralcorp’s derivative program | Cost of goods sold | $ | — | $ | (2.0 | ) | $ | (13.6 | ) | ||||||
Commodity contracts | Cost of goods sold | (0.6 | ) | — | — | ||||||||||
Natural gas futures | Cost of goods sold | (0.3 | ) | 0.3 | — | ||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair value measurements | ' | |||||||||||||||||||||||
NOTE 13 — FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||
The following table represents Post’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: | ||||||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Deferred compensation investment | $ | 8.5 | $ | 8.5 | $ | — | $ | 1.4 | $ | 1.4 | $ | — | ||||||||||||
Derivative assets | — | — | — | 1.6 | — | 1.6 | ||||||||||||||||||
$ | 8.5 | $ | 8.5 | $ | — | $ | 3 | $ | 1.4 | $ | 1.6 | |||||||||||||
Liabilities | ||||||||||||||||||||||||
Deferred compensation liabilities | 13.4 | — | 13.4 | 8.6 | — | 8.6 | ||||||||||||||||||
Derivative liabilities | 0.2 | — | 0.2 | — | — | — | ||||||||||||||||||
$ | 13.6 | $ | — | $ | 13.6 | $ | 8.6 | $ | — | $ | 8.6 | |||||||||||||
The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources, while unobservable inputs reflect a reporting entity’s pricing based upon their own market assumptions. The fair value hierarchy consists of three levels: | ||||||||||||||||||||||||
Level 1 — Inputs are quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||||||||||
Level 2 — Inputs are quoted prices of similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally from or corroborated by observable market data. | ||||||||||||||||||||||||
Level 3 — Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. | ||||||||||||||||||||||||
The deferred compensation investment is invested primarily in mutual funds and its fair value is measured using the market approach. This investment is in the same funds and purchased in substantially the same amounts as the participants’ selected 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 investment options (excluding certain Post common stock equivalents to be distributed in shares) using the market approach. The Company utilizes the income approach to measure fair value for its derivative assets, which include commodity options and futures contracts. The income approach uses pricing models that rely on market observable inputs such as yield curves and forward prices. | ||||||||||||||||||||||||
Changes in the fair value of assets and liabilities measured at fair value on a recurring basis are recorded as a component of selling, general and administrative expense, except for derivative instruments which are recorded in cost of goods sold. | ||||||||||||||||||||||||
The carrying amounts reported on the consolidated balance sheets for cash and cash equivalents, receivables and accounts payable approximate fair value because of the short maturities of these financial instruments. The fair value of long-term debt as of September 30, 2013 and 2012, (see Note 14) is approximately $1,450.6 and $992.1, respectively, based on the discounted cash flows analysis using observable inputs (Level 2). |
Long_Term_Debt
Long Term Debt | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||
Long-term Debt [Text Block] | ' | |||||||
NOTE 14 - LONG TERM DEBT | ||||||||
Long-term debt as of the dates indicated consists of the following: | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
7.375% Senior Notes maturing February 2022 | $ | 1,375.00 | $ | 775 | ||||
Term Loan maturing 2017 | — | 170.6 | ||||||
1,375.00 | 945.6 | |||||||
Plus: Unamortized premium | 33.6 | — | ||||||
Less: Current Portion | — | (15.3 | ) | |||||
Total long-term debt | $ | 1,408.60 | $ | 930.3 | ||||
On February 3, 2012, the Company issued 7.375% senior notes (the “Senior Notes”) in an aggregate principal amount of $775.0 to Ralcorp pursuant to a contribution agreement in connection with the internal reorganization. The Senior Notes were issued pursuant to an indenture dated as of February 3, 2012 among the Company, Post Foods, LLC, as guarantor, and Wells Fargo Bank, National Association, as trustee. Pursuant to a first supplemental indenture dated May 28, 2013, the Company’s subsidiary Attune Foods, LLC became a guarantor under the indenture. Pursuant to a second supplemental indenture dated as of September 3, 2013, PNC and its subsidiary became guarantors under the indenture. | ||||||||
On October 25, 2012, the Company issued additional Senior Notes with an aggregate principal value of $250.0 at a price of 106% of par value. On July 18, 2013, the Company issued additional Senior Notes with an aggregate principal value of $350.0 at a price of 105.75% of par value. The premiums related to these Senior Notes are amortized as a reduction to interest expense over the term of the Senior Notes. At September 30, 2013, the unamortized premium was $33.6. Interest payments on the Senior Notes are due semi-annually each February 15 and August 15. The maturity date of the Senior Notes is February 15, 2022. | ||||||||
The Senior Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by each of our existing and future domestic subsidiaries (other than immaterial subsidiaries or receivables finance subsidiaries). Our foreign subsidiaries will not guarantee the Senior Notes. These guarantees are subject to release in limited circumstances (only upon the occurrence of certain customary conditions). | ||||||||
The Senior Notes are subject to a registration rights agreement pursuant to which the Company and its subsidiary guarantors agreed to file exchange offer registration statements registering exchange notes with the Securities and Exchange Commission (“SEC”) that have substantially identical terms as the Senior Notes. The Company filed a registration statement on November 9, 2012 for Senior Notes with a principal value of $1,025.0 and it was declared effective on November 26, 2012. For the remaining $350.0 principal value of Senior Notes, the Company and its subsidiary guarantors have agreed to file a second registration statement with the SEC on or prior to May 4, 2014 and to use commercially reasonable efforts to have the registration statement declared effective on or prior to July 13, 2014. The Company and its subsidiary guarantors also agreed to file and to use commercially reasonable efforts to cause to become effective a shelf registration statement relating to the resale of the Senior Notes under certain circumstances. | ||||||||
As of September 30, 2012, the Company maintained a $350.0 senior secured credit facility (the “Credit Facility”). The Credit Facility provided for (i) a revolving credit facility in a principal amount of $175.0, and (ii) a term loan facility in an aggregate principal amount of $175.0. On February 28, 2013, the Company repaid the outstanding principal and accrued interest on the term loan facility using the proceeds from a preferred stock offering completed in February 2013 (see Note 18). On July 18, 2013, the Company terminated the revolving credit facility under the Credit Facility dated as of February 3, 2012 (as amended from time to time among the Company, the institutions from time to time party as lenders thereto, and Barclays Bank PLC). The revolving credit facility had a maturity date of February 3, 2017. There were no outstanding borrowings under the Credit Facility as of September 30, 2013 or 2012. | ||||||||
Borrowings under the Credit Facility bore interest at LIBOR or a base rate (as defined in the Credit Facility) plus an applicable margin ranging from 1.50% to 2.00% for LIBOR-based loans and from 0.50% to 1.00% for base rate-based loans, depending upon the Company’s consolidated leverage ratio. At September 30, 2012, the weighted average interest rate on the term loan borrowings under the Credit Facility was 2.2%. |
Commitments_and_Contingencies_
Commitments and Contingencies (Notes) | 12 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
NOTE 15 — COMMITMENTS AND CONTINGENCIES | |
Legal Proceedings | |
The Company is a party to a number of legal proceedings in various federal, state and foreign jurisdictions. These proceedings are in varying stages and many may proceed for protracted periods of time. Some proceedings involve complex questions of fact and law. Additionally, the operations of Post, like those of similar businesses, are subject to various federal, state, local and foreign laws and regulations intended to protect public health and the environment, including air and water quality and waste handling and disposal. | |
In the opinion of management, based upon the information presently known, the ultimate liability, if any, arising from the pending legal proceedings, as well as from asserted legal claims and known potential legal claims which are likely to be asserted, taking into account established accruals for estimated liabilities (if any), are not expected to be material individually and in the aggregate to Post’s consolidated financial position, results of operations or cash flows. In addition, while it is difficult to estimate the potential financial impact of actions regarding expenditures for compliance with regulatory matters, in the opinion of management, based upon the information currently available, the ultimate liability arising from such compliance matters are not expected to be material to Post’s consolidated financial position, results of operations or cash flows. | |
Post’s operations are also subject to various federal, state and local laws and regulations with respect to environmental matters, including air quality, waste water pretreatment, storm water, waste handling and disposal, and other regulations intended to protect public health and the environment. In the United States, the laws and regulations include the Clean Air Act, the Clean Water Act, the Resource Conservation and Recovery Act and Superfund, which imposes joint and several liability on each responsible party. The Company’s Canadian facility is subject to local and national Canadian regulations similar to those applicable to us in the United States. | |
The Environmental Protection Agency (“EPA”) and related environmental governmental agencies issued a notice that Post may be liable for improper air emissions at the Modesto, California facility. In September 2013, the Company entered into a consent decree with the EPA and related agencies, and pursuant to the decree, Post agreed to pay a penalty of $0.6. Payment is expected in the first quarter of 2014. The Company anticipates it will be indemnified for a significant portion of any remediation and penalties by a previous owner of the facility. | |
Lease Commitments | |
Future minimum rental payments under noncancelable operating leases in effect as of September 30, 2013 were $5.0, $4.5, $3.0, $1.4, $1.0 and $3.3 for fiscal 2014, 2015, 2016, 2017, 2018 and thereafter, respectively. |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefits | 12 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ' | |||||||||||||||||||||||
Pension and other postretirement benefits | ' | |||||||||||||||||||||||
NOTE 16 — PENSION AND OTHER POSTRETIREMENT BENEFITS | ||||||||||||||||||||||||
Certain of the Company’s employees are eligible to participate in the Company’s qualified and supplemental noncontributory defined benefit pension plans and other postretirement benefit plans (partially subsidized retiree health and life insurance) or separate plans for Post Foods Canada Inc. The following disclosures reflect amounts related to the Company’s employees based on separate actuarial valuations, projections and (for the U.S. plans for periods prior to the Spin-Off) certain allocations. In separating amounts in the U.S. plans between Post and Ralcorp, liabilities were calculated directly based on the participants of each group, and plan assets were allocated in accordance with the requirements of Internal Revenue Code Section 414(l) and ERISA Section 4044. The separation of the Post pension and other postretirement benefit plans from Ralcorp’s pension and other postretirement benefit plans resulted in a one-time separation adjustment of $11.5 ($7.2, net of tax) recognized in Accumulated Other Comprehensive Income as a component of Stockholders’ Equity. Amounts for the Canadian plans are included in these disclosures and are not disclosed separately because they do not constitute a significant portion of the combined amounts. | ||||||||||||||||||||||||
Effective January 1, 2011, benefit accruals for defined benefit pension plans were frozen for all administrative employees and certain production employees. | ||||||||||||||||||||||||
The following table provides a reconciliation of the changes in the plans’ benefit obligations and fair value of assets over the two year period ended September 30, 2013, and a statement of the funded status and amounts recognized in the combined balance sheets as of September 30 of both years. | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
Year Ended | Year Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||
Benefit obligation at beginning of period | $ | 39.9 | $ | 27 | $ | 101.3 | $ | 89.8 | ||||||||||||||||
Service cost | 4.2 | 3.7 | 2.4 | 2.3 | ||||||||||||||||||||
Interest cost | 1.8 | 1.5 | 4 | 4.1 | ||||||||||||||||||||
Plan participants’ contributions | 0.8 | 0.8 | — | — | ||||||||||||||||||||
Plan changes | — | — | (3.5 | ) | — | |||||||||||||||||||
Actuarial loss (gain) | (2.2 | ) | 7.4 | (14.9 | ) | 5.1 | ||||||||||||||||||
Separation related adjustments | — | 0.1 | — | — | ||||||||||||||||||||
Benefits paid | (1.7 | ) | (1.0 | ) | (1.3 | ) | (0.4 | ) | ||||||||||||||||
Curtailments | 1.2 | — | — | — | ||||||||||||||||||||
Special termination benefits | 0.4 | — | — | — | ||||||||||||||||||||
Currency translation | (0.3 | ) | 0.4 | (0.3 | ) | 0.4 | ||||||||||||||||||
Benefit obligation at end of period | $ | 44.1 | $ | 39.9 | $ | 87.7 | $ | 101.3 | ||||||||||||||||
Change in fair value of plan assets | ||||||||||||||||||||||||
Fair value of plan assets at beginning of period | $ | 23.2 | $ | 12.5 | $ | — | $ | — | ||||||||||||||||
Actual return on plan assets | 1.6 | 2.6 | — | — | ||||||||||||||||||||
Employer contributions | 8.5 | 6.3 | 1.3 | 0.4 | ||||||||||||||||||||
Separation related adjustments | — | 1.8 | — | — | ||||||||||||||||||||
Plan participants’ contributions | 0.8 | 0.8 | — | — | ||||||||||||||||||||
Benefits paid | (1.7 | ) | (1.0 | ) | (1.3 | ) | (0.4 | ) | ||||||||||||||||
Currency translation | (0.3 | ) | 0.2 | — | — | |||||||||||||||||||
Fair value of plan assets at end of period | 32.1 | 23.2 | — | — | ||||||||||||||||||||
Funded status | $ | (12.0 | ) | $ | (16.7 | ) | $ | (87.7 | ) | $ | (101.3 | ) | ||||||||||||
Amounts recognized in assets or liabilities | ||||||||||||||||||||||||
Other current liabilities | $ | — | $ | — | $ | (1.9 | ) | $ | (1.5 | ) | ||||||||||||||
Other liabilities | (12.0 | ) | (16.7 | ) | (85.8 | ) | (99.8 | ) | ||||||||||||||||
Net amount recognized | $ | (12.0 | ) | $ | (16.7 | ) | $ | (87.7 | ) | $ | (101.3 | ) | ||||||||||||
Amounts recognized in accumulated other comprehensive income or loss | ||||||||||||||||||||||||
Net actuarial loss (gain) | $ | 8.5 | $ | 11.8 | $ | 12.9 | $ | 29.6 | ||||||||||||||||
Prior service cost (credit) | 1.3 | 1.7 | (5.2 | ) | (2.9 | ) | ||||||||||||||||||
Total | $ | 9.8 | $ | 13.5 | $ | 7.7 | $ | 26.7 | ||||||||||||||||
Weighted-average assumptions used to determine benefit obligation | ||||||||||||||||||||||||
Discount rate — U.S. plans | 5.15 | % | 4.13 | % | 5.21 | % | 3.96 | % | ||||||||||||||||
Discount rate — Canadian plans | 4.87 | % | 4.25 | % | 5.01 | % | 4.39 | % | ||||||||||||||||
Rate of compensation increase | 3 | % | 3 | % | 3 | % | 3 | % | ||||||||||||||||
The accumulated benefit obligation exceeded the fair value of plan assets for the domestic pension plan at September 30, 2013 and for all pension plans at September 30, 2012. The aggregate accumulated benefit obligation for pension plans was $41.7 at September 30, 2013 and $37.0 at September 30, 2012. The Company recorded a benefit obligation reduction of $3.5 related to increases in beneficiary cost sharing. | ||||||||||||||||||||||||
The following tables provide the components of net periodic benefit cost for the plans and amounts recognized in other comprehensive income. | ||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Components of net periodic benefit cost | ||||||||||||||||||||||||
Service cost | $ | 4.2 | $ | 3.7 | $ | 3.6 | ||||||||||||||||||
Interest cost | 1.8 | 1.5 | 1.3 | |||||||||||||||||||||
Expected return on plan assets | (1.7 | ) | (1.5 | ) | (1.6 | ) | ||||||||||||||||||
Recognized net actuarial loss | 1.1 | 0.5 | 0.4 | |||||||||||||||||||||
Recognized prior service cost | 0.4 | 0.4 | 0.4 | |||||||||||||||||||||
Curtailments/settlements/special termination benefits | 1.7 | — | — | |||||||||||||||||||||
Net periodic benefit cost | $ | 7.5 | $ | 4.6 | $ | 4.1 | ||||||||||||||||||
Weighted-average assumptions used to determine net benefit cost | ||||||||||||||||||||||||
Discount rate — U.S. plans (Pre-Spin) | n/a | 5.05 | % | 5.4 | % | |||||||||||||||||||
Discount rate — U.S. plans (Post-Spin) | 4.13 | % | 4.82 | % | — | % | ||||||||||||||||||
Discount rate — Canadian plans | 4.25 | % | 5.15 | % | 5.4 | % | ||||||||||||||||||
Rate of compensation increase | 3 | % | 3 | % | 3.25 | % | ||||||||||||||||||
Expected return on plan assets — U.S. plans | 6 | % | 8.5 | % | 8.75 | % | ||||||||||||||||||
Expected return on plan assets — Canadian plans | 6.25 | % | 6.25 | % | 6.25 | % | ||||||||||||||||||
Changes benefit obligation recognized in other comprehensive income or loss | ||||||||||||||||||||||||
Net loss (gain) | $ | (2.1 | ) | $ | 6.3 | $ | (7.9 | ) | ||||||||||||||||
Recognized loss | (1.1 | ) | (0.6 | ) | (0.4 | ) | ||||||||||||||||||
Recognized prior service cost | (0.4 | ) | (0.4 | ) | (0.4 | ) | ||||||||||||||||||
Loss adjustment due to Spin-Off | — | 10.8 | — | |||||||||||||||||||||
Currency translation | — | 0.1 | — | |||||||||||||||||||||
Total recognized in other comprehensive income or loss (before tax effects) | $ | (3.6 | ) | $ | 16.2 | $ | (8.7 | ) | ||||||||||||||||
Other Benefits | ||||||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Components of net periodic benefit cost | ||||||||||||||||||||||||
Service cost | $ | 2.4 | $ | 2.3 | $ | 2.6 | ||||||||||||||||||
Interest cost | 4 | 4.1 | 3.7 | |||||||||||||||||||||
Recognized net actuarial loss | 1.7 | 0.6 | 0.1 | |||||||||||||||||||||
Recognized prior service credit | (1.1 | ) | (1.2 | ) | (1.2 | ) | ||||||||||||||||||
Net periodic benefit cost | $ | 7 | $ | 5.8 | $ | 5.2 | ||||||||||||||||||
Weighted-average assumptions used to determine net benefit cost | ||||||||||||||||||||||||
Discount rate — U.S. plans (Pre-Spin) | n/a | 5.13 | % | 5.13 | % | |||||||||||||||||||
Discount rate — U.S. plans (Post-Spin) | 3.96 | % | 4.86 | % | — | % | ||||||||||||||||||
Discount rate — Canadian plans | 4.39 | % | 5.26 | % | 5.26 | % | ||||||||||||||||||
Rate of compensation increase | 3 | % | 3 | % | 3.25 | % | ||||||||||||||||||
Changes in plan assets and benefit obligation recognized in other comprehensive income or loss | ||||||||||||||||||||||||
Net (gain) loss | $ | (14.9 | ) | $ | 5.1 | $ | 16.3 | |||||||||||||||||
Recognized loss | (1.7 | ) | (0.6 | ) | (0.1 | ) | ||||||||||||||||||
Prior service credit | (3.5 | ) | — | — | ||||||||||||||||||||
Recognized prior service credit | 1.1 | 1.2 | 1.1 | |||||||||||||||||||||
Loss adjustment due to Spin-Off | — | 11.2 | — | |||||||||||||||||||||
Currency translation | — | 0.1 | — | |||||||||||||||||||||
Total recognized in other comprehensive income or loss (before tax effects) | $ | (19.0 | ) | $ | 17 | $ | 17.3 | |||||||||||||||||
For pension benefits, the estimated net actuarial loss and prior service cost (credit) expected to be reclassified from accumulated other comprehensive income into net periodic benefit cost during 2014 related to pension benefits are $0.7 and $0.3, respectively. The corresponding amounts related to other postretirement benefits are $0.4 and $(2.4), respectively. | ||||||||||||||||||||||||
The expected return on pension plan assets was determined based on historical and expected future returns of the various asset classes, using the target allocation. The broad target allocations are 50% equity securities (comprised of 27.5% U.S. equities and 22.5% foreign equities), 39.5% debt securities, 10% real assets and 0.5% cash. At September 30, 2013, equity securities were 56%, debt securities were 38%, real assets were 5% and other was 1% of the fair value of total plan assets, approximately 85% of which was invested in passive index funds. At September 30, 2012, equity securities were 54%, debt securities were 38%, real assets were 6% and other was 2% of the fair value of total plan assets, approximately 84% of which was invested in passive index funds. The allocation guidelines were established based on management’s determination of the appropriate risk posture and long-term objectives. | ||||||||||||||||||||||||
The following table represents the pension plan’s assets measured at fair value on a recurring basis and the basis for that measurement (for more information on the fair value framework in ASC Topic 820, refer to Note 13). | ||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | |||||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equities | $ | 17.9 | $ | — | $ | 17.9 | $ | 12.5 | $ | — | $ | 12.5 | ||||||||||||
Bonds | 2.5 | 2.5 | — | 3.6 | 3.6 | — | ||||||||||||||||||
Pooled Assets | 2.2 | — | 2.2 | 1.6 | — | 1.6 | ||||||||||||||||||
Fixed income | 7.5 | — | 7.5 | 3.5 | — | 3.5 | ||||||||||||||||||
Real assets | 1.6 | — | 1.6 | 1.4 | — | 1.4 | ||||||||||||||||||
31.7 | 2.5 | 29.2 | 22.6 | 3.6 | 19 | |||||||||||||||||||
Cash | 0.4 | 0.4 | — | 0.6 | 0.6 | — | ||||||||||||||||||
$ | 32.1 | $ | 2.9 | $ | 29.2 | $ | 23.2 | $ | 4.2 | $ | 19 | |||||||||||||
The fair value of mutual funds is based on quoted net asset values of the shares held by the plan at year end. | ||||||||||||||||||||||||
For September 30, 2013 measurement purposes, the assumed annual rate of increase in the future per capita cost of covered health care benefits related to domestic plans for 2014 was 9.0% and 6.6% for participants under the age of 65 and over the age of 65, respectively, declining gradually to an ultimate rate of 5% for 2022 and beyond. For September 30, 2012 measurement purposes, the assumed annual rate of increase in the future per capita cost of covered health care benefits related to domestic plans for 2013 was 9.5% and 6.8% for participants under the age of 65 and over the age of 65, respectively, declining gradually to an ultimate rate of 5% for 2022 and beyond. For September 30, 2013 and 2012 measurement purposes, the assumed annual rate of increase in the future per capita cost of covered health care benefits related to Canadian plans for the following fiscal year was 6.5% and 7.0%, respectively, declining gradually to an ultimate rate of 5% for 2017 and beyond. A 1% change in assumed health care cost trend rates would result in the following changes in the accumulated postretirement benefit obligation and in the total service and interest cost components for fiscal 2013. | ||||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||
Effect on postretirement benefit obligation | $ | 16.6 | $ | (13.2 | ) | |||||||||||||||||||
Effect on total service and interest cost | 1.5 | (1.2 | ) | |||||||||||||||||||||
As of September 30, 2013, expected future benefit payments and related federal subsidy receipts (Medicare Part D) in the next ten fiscal years were as follows: | ||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019- | |||||||||||||||||||
2023 | ||||||||||||||||||||||||
Pension benefits | $ | 1.8 | $ | 2.3 | $ | 2.4 | $ | 2.3 | $ | 2.2 | $ | 13.8 | ||||||||||||
Other benefits | 2 | 2.5 | 3.1 | 3.6 | 4.1 | 24.4 | ||||||||||||||||||
Subsidy receipts | — | — | — | — | — | 0.8 | ||||||||||||||||||
In addition to the contributions made as benefit payments in unfunded plans and participant contributions, the Company expects to make $6.5 of contributions to its defined benefit pension plans during fiscal 2014. | ||||||||||||||||||||||||
In addition to the defined benefit plans described above, the Company sponsors a defined contribution 401(k) plan under which it makes matching contributions. The Company expensed $2.8, $1.8 and $1.7 for the fiscal years ended September 30, 2013, 2012 and 2011, respectively. |
StockBased_Compensation_Plans
Stock-Based Compensation Plans | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||
NOTE 17 — STOCK-BASED COMPENSATION | |||||||||||||
On February 3, 2012, the Company established the 2012 Long-Term Incentive Plan (the “Plan”) which permits the issuance of various stock-based compensation awards up to 6.5 million shares. The Plan allows the issuance of stock options, stock appreciation rights, performance shares, restricted stock, restricted stock units or other awards. Awards issued under the Plan have a maximum term of ten years, provided, however, that the compensation committee of the board of directors may, in its discretion, grant awards with a longer term to participants who are located outside the United States. | |||||||||||||
Total compensation cost for stock-based compensation awards recognized in the fiscal years ended 2013, 2012 and 2011 was $12.0, $5.0 and $1.7, respectively, and the related recognized deferred tax benefit for each of those periods was approximately $3.9, $1.9 and $0.6, respectively. As of September 30, 2013, the total compensation cost related to nonvested awards not yet recognized was $24.7, which is expected to be recognized over a weighted average period of 2.5 years. | |||||||||||||
Stock Appreciation Rights | |||||||||||||
Information about stock-settled stock appreciation rights (“SSARs”) is summarized in the following table. Upon exercise of each right, the holder of SSARs will receive the number of shares of Post common stock equal in value to the difference between the exercise price and the fair market value at the date of exercise, less all applicable taxes. The Company uses shares from the Plan to settle SSARs exercised. The total intrinsic value of SSARs exercised was $1.2, $0.1 and $0.1 in the fiscal years ended September 30, 2013, 2012 and 2011, respectively. | |||||||||||||
In February 2013 and 2012, the Company granted 35,000 and 70,000 SSARs, respectively, to its non-management members of the board of directors. Due to vesting provisions of these awards the Company determined that these awards had subjective acceleration rights such that the Company expensed the grant date fair value upon issuance and recognized $0.4 and $0.7 of related expense for the years ended September 30, 2013 and 2012, respectively. | |||||||||||||
Stock-Settled | Weighted | Weighted | Aggregate | ||||||||||
Stock | Average | Average | Intrinsic | ||||||||||
Appreciation Rights | Exercise | Remaining | Value | ||||||||||
Price Per Share | Contractual | ||||||||||||
Term in Years | |||||||||||||
Outstanding at September 30, 2012 | 356,243 | $ | 21.39 | ||||||||||
Granted | 35,000 | 37.89 | |||||||||||
Exercised | (69,130 | ) | 18.86 | ||||||||||
Forfeited | (6,348 | ) | 17.73 | ||||||||||
Expired | — | — | |||||||||||
Outstanding at September 30, 2013 | 315,765 | 23.84 | 6.94 | $ | 5.2 | ||||||||
Vested and expected to vest as of September 30, 2013 | 311,670 | 23.91 | 6.94 | 5.1 | |||||||||
Exercisable at September 30, 2013 | 102,855 | 19.79 | 5.53 | 2.1 | |||||||||
For SSARs granted to Company employees prior to the separation from Ralcorp, the assumptions used in the Black-Scholes model were based on Ralcorp’s history and stock characteristics. There were no SSARs issued in fiscal 2011. The following table provides the grant date fair value of each SSAR using the Black-Scholes valuation model, which uses assumptions of expected life (term), expected stock price volatility, risk-free interest rate, and expected dividends. The expected term is estimated based on the award’s vesting period and contractual term, along with historical exercise behavior on similar awards. Expected volatilities are based on historical volatility trends and other factors. The risk-free rate is the interpolated U.S. Treasury rate for a term equal to the expected term. The weighted average assumptions and fair values for SSARs granted during fiscal years ended 2013 and 2012 are summarized in the table below. | |||||||||||||
2013 | 2012 | ||||||||||||
Expected term (in years) | 6.5 | 6.5 | |||||||||||
Expected stock price volatility | 29.40% | 29.00% | |||||||||||
Risk-free interest rate | 1.26% | 1.20% | |||||||||||
Expected dividends | 0% | 0% | |||||||||||
Fair value (per right) | $12.19 | $9.96 | |||||||||||
Cash Settled Stock Appreciation Rights | |||||||||||||
Cash-Settled | Weighted | Weighted | Aggregate | ||||||||||
Stock | Average | Average | Intrinsic | ||||||||||
Appreciation Rights | Exercise | Remaining | Value | ||||||||||
Price Per Share | Contractual | ||||||||||||
Term in Years | |||||||||||||
Outstanding at September 30, 2012 | 31,735 | $ | 18.1 | ||||||||||
Granted | — | — | |||||||||||
Exercised | — | — | |||||||||||
Forfeited | (9,521 | ) | 18.1 | ||||||||||
Expired | — | — | |||||||||||
Outstanding at September 30, 2013 | 22,214 | 18.1 | 6.98 | $ | 0.5 | ||||||||
Vested and expected to vest as of September 30, 2013 | 21,350 | 18.1 | 6.98 | 0.5 | |||||||||
Exercisable at September 30, 2013 | 7,402 | 18.1 | 6.98 | 0.2 | |||||||||
The fair value of each cash settled stock appreciation right (“SAR”) was estimated each reporting period using the Black-Scholes valuation model, which uses assumptions of expected life (term), expected stock price volatility, risk-free interest rate, and expected dividends. The expected term is estimated based on the award’s vesting period and contractual term, along with historical exercise behavior on similar awards. Expected volatilities are based on historical volatility trends and other factors. The risk-free rate is the interpolated U.S. Treasury rate for a term equal to the expected term. Although no SARs were granted to Post employees during the fiscal years ended September 30, 2013, 2012 and 2011, the following table presents the assumptions used to remeasure the fair value of outstanding SARs at those dates. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Expected term | 3.5 | 4.5 | 5 | ||||||||||
Expected stock price volatility | 27.60% | 30.50% | 30.00% | ||||||||||
Risk-free interest rate | 0.82% | 0.70% | 0.96% | ||||||||||
Expected dividends | 0% | 0% | 0% | ||||||||||
Fair value (per right) | $23.09 | $14.15 | $30.27 | ||||||||||
Stock Options | |||||||||||||
Stock Options | Weighted | Weighted | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | |||||||||||
Price Per Share | Contractual | ||||||||||||
Term in Years | |||||||||||||
Outstanding at September 30, 2012 | 1,820,000 | $ | 31.25 | ||||||||||
Granted | 300,000 | 33.89 | |||||||||||
Exercised | — | — | |||||||||||
Forfeited | — | — | |||||||||||
Expired | — | — | |||||||||||
Outstanding at September 30, 2013 | 2,120,000 | 31.62 | 8.73 | $ | 18.5 | ||||||||
Vested and expected to vest as of September 30, 2013 | 2,120,000 | 31.62 | 8.73 | 18.5 | |||||||||
Exercisable at September 30, 2013 | 606,666 | 31.25 | 8.66 | 5.5 | |||||||||
The fair value of each stock option was estimated on the date of grant using the Black-Scholes valuation model, which uses assumptions of expected life (term), expected stock price volatility, risk-free interest rate, and expected dividends. The Company uses the simplified method for estimating a stock option term as it does not have sufficient historical share options exercise experience upon which to estimate an expected term. The expected term is estimated based on the award’s vesting period and contractual term, along with historical exercise behavior on similar awards. Expected volatilities are based on historical volatility trends and other factors. The risk-free rate is the interpolated U.S. Treasury rate for a term equal to the expected term. The weighted average assumptions and fair values for stock options granted during the years ended September 31, 2013 and 2012 are summarized in the table below. | |||||||||||||
2013 | 2012 | ||||||||||||
Expected term | 7.8 | 4.8 | |||||||||||
Expected stock price volatility | 28.32% | 30.24% | |||||||||||
Risk-free interest rate | 1.19% | 0.77% | |||||||||||
Expected dividends | 0% | 0% | |||||||||||
Fair value (per option) | 11.54 | 8.52 | |||||||||||
Restricted Stock Units | |||||||||||||
Restricted Stock Units | Weighted | ||||||||||||
Average | |||||||||||||
Grant Date Fair Value Per Share | |||||||||||||
Nonvested at September 30, 2012 | 362,500 | $ | 31.25 | ||||||||||
Granted | 57,000 | 33.89 | |||||||||||
Vested | (120,833 | ) | 31.25 | ||||||||||
Forfeited | — | — | |||||||||||
Nonvested at September 30, 2013 | 298,667 | 31.75 | |||||||||||
The fair value of each restricted stock award was determined based upon the closing price of the Company’s stock on the date of grant. Of the 120,833 RSUs that vested in fiscal 2013, 104,167 will be settled at a future date within 60 days after the holder of the RSUs is no longer an executive officer of the Company. The total vest date fair value of restricted stock units that vested during fiscal 2013 was $5.3. No shares vested in either 2012 or 2011. |
Preferred_Stock_Notes
Preferred Stock (Notes) | 12 Months Ended |
Sep. 30, 2013 | |
Preferred Stock [Abstract] | ' |
Preferred Stock [Text Block] | ' |
NOTE 18 - PREFERRED STOCK | |
In February 2013, the Company authorized and issued approximately 2.4 million shares of its 3.75% Series B Cumulative Perpetual Convertible Preferred Stock. The Company received net proceeds of $234.0 after paying offering related fees and expenses of approximately $7.5. The preferred stock has a $0.01 par value per share and a $100.00 liquidation value per share. The preferred stock earns cumulative dividends at a rate of 3.75% per annum payable quarterly on February 15, May 15, August 15 and November 15, beginning on May 15, 2013. The preferred stock is non-voting and ranks senior to our outstanding common stock upon the Company’s dissolution or liquidation. The preferred stock has no maturity date; however, holders of the preferred stock may convert their preferred stock at an initial conversion rate of 2.1192 shares of the Company’s common stock per share of convertible preferred stock, which is equivalent to a conversion price of $47.19 per share of common stock. Additionally, on or after February 15, 2018, the Company will have the option to redeem some or all the preferred stock at a redemption price equal to 100% of the liquidation preference per share, plus accrued and unpaid dividends if the closing sale price of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days during any 30 consecutive trading day period. |
Related_Party_Disclosures
Related Party Disclosures | 12 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
NOTE 19 — TRANSACTIONS WITH FORMER OWNER | |
Prior to the Spin-Off, Post operated under Ralcorp’s centralized cash management system, Post’s cash requirements were provided directly by Ralcorp, and cash generated by Post was generally remitted directly to Ralcorp. Transaction systems (e.g. payroll, employee benefits and accounts payable) used to record and account for cash disbursements were generally provided by Ralcorp. Ralcorp also provided centralized demand planning, order management, billing, credit and collection services to Post. Transaction systems (e.g. revenues, accounts receivable and cash application) used to record and account for cash receipts were generally provided by centralized Ralcorp organizations. These Ralcorp systems were generally designed to track assets/liabilities and receipts/payments on a business specific basis. After the Spin-Off, Ralcorp continued to provide many of these services to Post under a transition services agreement (“TSA”) between the companies. | |
At the time of the Spin-Off, Ralcorp contributed its net investment in Post in exchange for approximately 6.8 million shares of Post common stock and a $900.0 cash distribution which was funded through the incurrence of long-term debt by Post (see Note 14). Prior to Ralcorp’s contribution of its net investment, the net investment balance decreased due to separation related adjustments in the net amount of $182.8 primarily due to differences between the $900.0 cash distribution to Ralcorp compared to the settlement of intercompany debt of $784.5 and equity investment in a partnership of $60.2 (see Note 21) that did not transfer to Post in connection with the Spin-Off. | |
For periods prior to the Spin-Off, costs and expenses in the accompanying consolidated statements of operations represent direct and allocated costs and expenses related to Post. Costs for certain functions and services performed by centralized Ralcorp organizations were allocated to Post based upon reasonable activity bases (generally volume, revenues, net assets or a combination as compared to the total of Ralcorp and Post amounts) or other reasonable methods. The consolidated statements of operations include expense allocations for certain manufacturing, shipping, distribution and administration costs including information systems, procurement, accounting shared services, legal, tax, human resources, payroll, credit and accounts receivable, customer service and cash management. For the years ended September 30, 2012, and 2011, total allocated costs were $4.6, and $21.5 respectively, which are reported in “selling, general and administrative expenses.” There were no such costs for the year ended September 30, 2013. After the Spin-Off, costs for services provided by Ralcorp are based on agreed upon fees contained in the TSA. TSA charges were $5.2 and $8.1, for the years ended September 30, 2013 and 2012 respectively, and were reported in “Selling, general and administrative expenses.” | |
Post produces certain products for sale to Ralcorp. For periods prior to the Spin-Off, the amounts related to these transactions have been included in the accompanying financial statements based upon transfer prices in effect at the time of the individual transactions which were consistent with prices of similar arm’s-length transactions. For periods subsequent to the Spin-Off, these transactions were based upon pricing governed by the TSA with Ralcorp. Net sales related to those transactions was $15.3, $16.7 and $10.5 in the years ended September 30, 2013, 2012, and 2011, respectively. | |
At the time of the Spin-Off, Post became liable with respect to distributions of the accounts of three Ralcorp directors, who became directors of Post, under the Ralcorp Holdings, Inc. Deferred Compensation Plan for Non-Management Directors. This liability will be satisfied under the Post Deferred Compensation Plan for Non-Employee Directors. In connection with the Spin-Off, Ralcorp agreed to fund the balances of these former Ralcorp directors in an aggregate amount of approximately $6.7. | |
On February 3, 2012, we entered into an International Brokerage Management Agreement with Ralcorp pursuant to which Ralcorp agreed to act as our non-exclusive broker for our international sales and distribution, excluding Canada. During the fiscal year ended September 30, 2012, we paid Ralcorp approximately $0.2 pursuant to this agreement. | |
During fiscal 2012, Post incurred approximately $0.5 of outside legal and accounting fees in connection with the restatement of the Company’s financial statements for the fiscal year ended September 30, 2011 and the first fiscal quarter ended December 31, 2011 and in connection with Ralcorp’s disposition of its Post shares (see Note 1). Ralcorp agreed to reimburse Post for these costs. | |
Prior to the Spin-Off, Ralcorp maintained all debt obligations on a consolidated basis to fund and manage its operations. During the periods presented in these financial statements prior to the Spin-Off date, Post had no direct debt obligations; however, Ralcorp followed the policy of applying debt and related interest expense to the operations of Post based upon net debt assumed in the acquisition of Post from Kraft in August 2008. | |
On September 29, 2011, prior to the Spin-Off, Post Foods Canada Corp. issued a promissory note to Western Waffles Corp., an affiliate of Ralcorp, whereby Western Waffles Corp. became indebted to Post Foods Canada Corp. in the amount of $4.0 plus 4.0 Canadian dollars. The promissory note bore interest at the rate of 1% per annum and was payable on demand. The note was redeemed during December 2011. | |
On November 4, 2010, Post entered into an agreement to sell, on an ongoing basis, all of the trade accounts receivable of Post Foods, LLC to a wholly owned, bankruptcy-remote subsidiary of Ralcorp named Ralcorp Receivables Corporation (“RRC”). The accounts receivable of Post Foods Canada Corp. were not incorporated into the agreement and were not sold to RRC. The purchase price of the receivables sold was calculated with a discount factor of 1.18%. Post received a fee from RRC to service the receivables (with no significant servicing assets or liabilities). The discounts totaled $3.3 and $13.0 in the years ended September 30, 2012 and 2011, respectively, and were reported as a component of “Other (income) expense, net.” Servicing fee income was $0.8 and $3.7 in the years ended September 30, 2012 and 2011, respectively, and was reported as a reduction to “Selling, general and administrative expenses.” Post terminated its agreement with RRC in December 2011. | |
In connection with the Spin-Off, the Company entered into a series of agreements with Ralcorp which are intended to govern the relationship between the Company and Ralcorp and to facilitate an orderly separation of the Company from Ralcorp. These agreements include a Separation and Distribution Agreement, Tax Allocation Agreement and the TSA, among others. Additionally, the Company has agreed to indemnify Ralcorp for income taxes incurred if the Company violates certain provisions of the IRS private letter ruling obtained by Ralcorp. Under certain of these agreements, the Company will incur expenses payable to Ralcorp in connection with certain administrative services provided for varying lengths of time. The Company incurred separation related costs of $8.9, $12.5 and $2.8 in the years ended September 30, 2013, 2012 and 2011, respectively. These separation related costs incurred were primarily related to third party professional service fees to effect the Spin-Off and professional service fees and duplicative costs incurred by Post to establish stand-alone processes and systems for activities performed by Ralcorp under the TSA. These costs were reported as a component of “Selling, general and administrative expenses.” See Note 1 for additional information on the Spin-Off. As of September 30, 2013, the Company had a payable of $1.3 related to the net transactions from these agreements. The Company had no similar receivable or payable as of September 30, 2012. | |
Derivative financial instruments and hedging | |
See Note 12 for a discussion of Post’s participation in Ralcorp’s derivative financial instrument and hedging program. |
Segments_Notes
Segments (Notes) | 12 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Segments [Abstract] | ' | |||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||
NOTE 20 — SEGMENTS | ||||||||||||||
Management evaluates each segment’s performance based on its segment profit, which is its operating profit before impairment of intangible assets, accelerated depreciation on plant closures, restructuring expenses, and other unallocated corporate income and expenses. | ||||||||||||||
Post’s external revenues were primarily generated by sales within the United States; foreign (primarily Canadian) sales were approximately 13.6% of total net sales. Sales are attributed to individual countries based on the address to which the product is shipped. | ||||||||||||||
As of September 30, 2013 and 2012, the majority of Post’s tangible long-lived assets were located in the United States; the remainder is located in Canada and has a net carrying value of approximately $46.1 and $52.6, respectively. | ||||||||||||||
In the fiscal years ended September 30, 2013, 2012 and 2011, one customer accounted for $206.1, $204.2 and $206.9, respectively, or approximately 20% of total net sales. Each of the segments sells products to this major customer. | ||||||||||||||
The following tables present information about the Company’s operating segments, which are also its reportable segments. Note that “Additions to property and intangibles” excludes additions through business acquisitions (see Note 5). | ||||||||||||||
Year Ended September 30, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Net Sales | ||||||||||||||
Post Foods | $ | 982.8 | $ | 958.9 | $ | 968.2 | ||||||||
Attune Foods | 37.8 | — | — | |||||||||||
Active Nutrition | 13.9 | — | — | |||||||||||
Eliminations | (0.4 | ) | — | — | ||||||||||
Total | $ | 1,034.10 | $ | 958.9 | $ | 968.2 | ||||||||
Segment Profit | ||||||||||||||
Post Foods | $ | 168.1 | $ | 165.9 | $ | 206 | ||||||||
Attune Foods | 2.5 | — | — | |||||||||||
Active Nutrition | 1 | — | — | |||||||||||
Total segment profit | 171.6 | 165.9 | 206 | |||||||||||
General corporate expenses and other | 47.5 | 25.2 | 18.6 | |||||||||||
Accelerated depreciation on plant closure | 9.6 | — | — | |||||||||||
Restructuring expenses | 3.8 | — | — | |||||||||||
Impairment of goodwill and other intangible assets | 2.9 | — | 566.5 | |||||||||||
Interest expense | 85.5 | 60.3 | 51.5 | |||||||||||
Earnings before income taxes | $ | 22.3 | $ | 80.4 | $ | (430.6 | ) | |||||||
Additions to property and intangibles | ||||||||||||||
Post Foods | $ | 24.7 | $ | 21.6 | $ | 14.9 | ||||||||
Attune Foods | — | — | — | |||||||||||
Active Nutrition | — | — | — | |||||||||||
Corporate | 8.1 | 9.3 | — | |||||||||||
Total | $ | 32.8 | $ | 30.9 | $ | 14.9 | ||||||||
Depreciation and amortization | ||||||||||||||
Post Foods | $ | 58.8 | $ | 60.3 | $ | 58.7 | ||||||||
Attune Foods | 2.6 | — | — | |||||||||||
Active Nutrition | 0.5 | — | — | |||||||||||
Total segment depreciation and amortization | 61.9 | 60.3 | 58.7 | |||||||||||
Accelerated depreciation on plant closure | 9.6 | — | — | |||||||||||
Corporate | 5.3 | 2.9 | — | |||||||||||
Total | $ | 76.8 | $ | 63.2 | $ | 58.7 | ||||||||
September 30, | ||||||||||||||
2013 | 2012 | |||||||||||||
Assets, end of year | ||||||||||||||
Post Foods | $ | 2,614.90 | $ | 2,637.40 | ||||||||||
Attune Foods | 172 | — | ||||||||||||
Active Nutrition | 198 | — | ||||||||||||
Corporate | 488.9 | 94.9 | ||||||||||||
Total | $ | 3,473.80 | $ | 2,732.30 | ||||||||||
Investment_in_Partnership
Investment in Partnership | 12 Months Ended |
Sep. 30, 2013 | |
Investment in Partnership [Abstract] | ' |
Investment in Partnership | ' |
NOTE 21 — INVESTMENT IN PARTNERSHIP | |
On February 1, 2010, Post Foods Canada Corp. received a noncash equity contribution from its parent company in the form of ownership interests in a Canadian partnership named RAH Canada Limited Partnership. The investment was recorded at $58.6 and reflected a 48.15% ownership in the partnership. Another Ralcorp entity held the remainder of the ownership interests. | |
Post accounted for its investment in the partnership using the equity method. The amount of Post’s net investment that represents undistributed earnings from the partnership was $0.2 and $4.2 as of September 30, 2012 and 2011, respectively. The carrying value at September 30, 2011 approximated the market value of Post’s investment. This equity investment in RAH Canada did not transfer to Post in the Spin-Off. |
Guarantor_Financials
Guarantor Financials | 12 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Schedule Of Condensed Financial Statements [Abstract] | ' | |||||||||||||||||||
Guarantor Financials | ' | |||||||||||||||||||
NOTE 22 — CONDENSED FINANCIAL STATEMENTS OF GUARANTORS | ||||||||||||||||||||
On February 3, 2012, the Company issued the Senior Notes in an aggregate principal amount of $775.0 to Ralcorp pursuant to a contribution agreement in connection with the internal reorganization. The aggregate principal amount of the Senior Notes was increased to a total of $1,375.0 by subsequent issuances completed on October 25, 2012 and July 18, 2013. The Senior Notes were issued pursuant to an indenture dated as of February 3, 2012 among the Company, Post Foods, LLC, as guarantor, and Wells Fargo Bank, National Association, as trustee. Pursuant to a first supplemental indenture dated as of May 28, 2013, Attune Foods, LLC became a guarantor under the indenture. Pursuant to a second supplemental indenture dated as of September 3, 2013, PNC and its subsidiary became guarantors under the indenture. | ||||||||||||||||||||
The Senior Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by each of our existing and future domestic subsidiaries, the “Guarantors.” Our foreign subsidiaries, the “Non-Guarantors,” will not guarantee the Senior Notes. These guarantees are subject to release in limited circumstances (only upon the occurrence of certain customary conditions). | ||||||||||||||||||||
Set forth below are the condensed consolidating financial statements presenting the results of operations, financial position and cash flows of the Parent Company (Post Holdings, Inc.), the Guarantors on a combined basis, the Non-Guarantors on a combined basis and eliminations necessary to arrive at the information for the Company as reported, on a consolidated basis. The Condensed Consolidating Financial Statements present the Parent Company’s investments in subsidiaries using the equity method of accounting. Eliminations represent adjustments to eliminate investments in subsidiaries and intercompany balances and transactions between or among the Parent Company, the Guarantor and the Non-Guarantor subsidiaries. Post Foods, LLC, Attune Foods, LLC, Premier Nutrition Corporation and Premier Protein, Inc. are currently the Company’s only domestic subsidiaries and together with Post Holdings, Inc. form a single consolidated tax group for U.S. income tax purposes. Accordingly, income tax expense has been presented on the Guarantors’ Condensed Statements of Operations using the consolidated U.S. effective tax rate for the Company. Income tax payable and deferred tax items for the consolidated U.S. tax paying group reside solely on the Parent Company’s Condensed Balance Sheet. For periods prior to February 3, 2012, the Parent Company had no operations and therefore no Parent Company financial information is presented for those periods and accordingly the equity earnings of the Parent Company will not equal the earnings of the subsidiaries. | ||||||||||||||||||||
POST HOLDINGS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
Year Ended September 30, 2013 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Sales | $ | — | $ | 978.8 | $ | 73.5 | $ | (18.2 | ) | $ | 1,034.10 | |||||||||
Cost of goods sold | — | 570 | 57.4 | (18.2 | ) | 609.2 | ||||||||||||||
Gross Profit | — | 408.8 | 16.1 | — | 424.9 | |||||||||||||||
Selling, general and administrative expenses | 7.7 | 269 | 17.7 | — | 294.4 | |||||||||||||||
Amortization of intangible assets | — | 14.6 | — | — | 14.6 | |||||||||||||||
Restructuring expense | — | 3.8 | — | — | 3.8 | |||||||||||||||
Impairment of goodwill and other intangible assets | — | 2.9 | — | — | 2.9 | |||||||||||||||
Other operating expenses, net | — | 1 | 0.4 | — | 1.4 | |||||||||||||||
Operating (Loss) Profit | (7.7 | ) | 117.5 | (2.0 | ) | — | 107.8 | |||||||||||||
Interest expense | 85.5 | — | — | — | 85.5 | |||||||||||||||
(Loss) Earnings before Income Taxes | (93.2 | ) | 117.5 | (2.0 | ) | — | 22.3 | |||||||||||||
Income tax (benefit) expense | (30.0 | ) | 37.7 | (0.6 | ) | — | 7.1 | |||||||||||||
Net (Loss) Earnings before Equity in Subsidiaries | (63.2 | ) | 79.8 | (1.4 | ) | — | 15.2 | |||||||||||||
Equity earnings in subsidiary | 78.4 | — | — | (78.4 | ) | — | ||||||||||||||
Net Earnings (Loss) | $ | 15.2 | $ | 79.8 | $ | (1.4 | ) | $ | (78.4 | ) | $ | 15.2 | ||||||||
Total Comprehensive Income (Loss) | $ | 26.7 | $ | 92.4 | $ | (2.5 | ) | $ | (89.9 | ) | $ | 26.7 | ||||||||
Year Ended September 30, 2012 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Sales | $ | — | $ | 906.1 | $ | 70.9 | $ | (18.1 | ) | $ | 958.9 | |||||||||
Cost of goods sold | — | 495.2 | 52.9 | (18.1 | ) | 530 | ||||||||||||||
Gross Profit | — | 410.9 | 18 | — | 428.9 | |||||||||||||||
Selling, general and administrative expenses | 3.6 | 254 | 16.9 | — | 274.5 | |||||||||||||||
Amortization of intangible assets | — | 12.6 | — | — | 12.6 | |||||||||||||||
Other operating expenses, net | — | 2.7 | — | — | 2.7 | |||||||||||||||
Operating (Loss) Profit | (3.6 | ) | 141.6 | 1.1 | — | 139.1 | ||||||||||||||
Interest expense | 42.6 | 16.2 | 1.5 | — | 60.3 | |||||||||||||||
Other expense | — | 3.3 | (4.9 | ) | — | (1.6 | ) | |||||||||||||
(Loss) Earnings before Income Taxes | (46.2 | ) | 122.1 | 4.5 | — | 80.4 | ||||||||||||||
Income tax (benefit) expense | (17.3 | ) | 46.7 | 1.1 | — | 30.5 | ||||||||||||||
Net (Loss) Earnings before Equity in Subsidiaries | (28.9 | ) | 75.4 | 3.4 | — | 49.9 | ||||||||||||||
Equity earnings in subsidiary | 65.5 | — | — | (65.5 | ) | — | ||||||||||||||
Net Earnings | $ | 36.6 | $ | 75.4 | $ | 3.4 | $ | (65.5 | ) | $ | 49.9 | |||||||||
Total Comprehensive Income | $ | 22.2 | $ | 55.4 | $ | 2.4 | $ | (51.1 | ) | $ | 28.9 | |||||||||
Year Ended September 30, 2011 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Sales | $ | — | $ | 921.2 | $ | 68.5 | $ | (21.5 | ) | $ | 968.2 | |||||||||
Cost of goods sold | — | 482.8 | 55.3 | (21.5 | ) | 516.6 | ||||||||||||||
Gross Profit | — | 438.4 | 13.2 | — | 451.6 | |||||||||||||||
Selling, general and administrative expenses | — | 223.8 | 15.7 | — | 239.5 | |||||||||||||||
Amortization of intangible assets | — | 12.6 | — | — | 12.6 | |||||||||||||||
Impairment of goodwill and other intangible assets | — | 566.5 | — | — | 566.5 | |||||||||||||||
Other operating expenses, net | — | 1.5 | 0.1 | — | 1.6 | |||||||||||||||
Operating Loss | — | (366.0 | ) | (2.6 | ) | — | (368.6 | ) | ||||||||||||
Intercompany interest expense | — | 47.5 | 4 | — | 51.5 | |||||||||||||||
Other expense | — | 13.1 | (2.6 | ) | — | 10.5 | ||||||||||||||
Loss before Income Taxes | — | (426.6 | ) | (4.0 | ) | — | (430.6 | ) | ||||||||||||
Income tax benefit | — | (5.3 | ) | (1.0 | ) | — | (6.3 | ) | ||||||||||||
Net Loss | $ | — | $ | (421.3 | ) | $ | (3.0 | ) | $ | — | $ | (424.3 | ) | |||||||
Total Comprehensive Loss | $ | — | $ | (426.5 | ) | $ | (2.0 | ) | $ | — | $ | (428.5 | ) | |||||||
POST HOLDINGS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 391.4 | $ | 4.1 | $ | 8.2 | $ | (1.7 | ) | $ | 402 | |||||||||
Restricted cash | 38.1 | — | — | — | 38.1 | |||||||||||||||
Receivables, net | 0.3 | 75.9 | 10.9 | (3.9 | ) | 83.2 | ||||||||||||||
Inventories | — | 115.9 | 6 | — | 121.9 | |||||||||||||||
Deferred income taxes | 11.8 | — | 0.1 | — | 11.9 | |||||||||||||||
Prepaid expenses and other current assets | 3.2 | 7.4 | 0.4 | — | 11 | |||||||||||||||
Total Current Assets | 444.8 | 203.3 | 25.6 | (5.6 | ) | 668.1 | ||||||||||||||
Property, net | — | 342.4 | 46.1 | — | 388.5 | |||||||||||||||
Goodwill | — | 1,483.30 | 6.4 | — | 1,489.70 | |||||||||||||||
Other intangible assets, net | — | 898.4 | — | — | 898.4 | |||||||||||||||
Intercompany receivable | 391.9 | — | — | (391.9 | ) | — | ||||||||||||||
Investment in subsidiaries | 2,384.00 | — | — | (2,384.0 | ) | — | ||||||||||||||
Deferred income taxes | — | — | 2.4 | — | 2.4 | |||||||||||||||
Other assets | 24 | 2.7 | — | — | 26.7 | |||||||||||||||
Total Assets | $ | 3,244.70 | $ | 2,930.10 | $ | 80.5 | $ | (2,781.5 | ) | $ | 3,473.80 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Accounts payable | $ | 0.5 | $ | 76.9 | $ | 5.3 | $ | (5.6 | ) | $ | 77.1 | |||||||||
Other current liabilities | 18.5 | 43.8 | 6.6 | — | 68.9 | |||||||||||||||
Total Current Liabilities | 19 | 120.7 | 11.9 | (5.6 | ) | 146 | ||||||||||||||
Long-term debt | 1,408.60 | — | — | — | 1,408.60 | |||||||||||||||
Intercompany payable | — | 391.7 | 0.2 | (391.9 | ) | — | ||||||||||||||
Deferred income taxes | 304.3 | — | — | — | 304.3 | |||||||||||||||
Other liabilities | 14.2 | 94.9 | 7.2 | — | 116.3 | |||||||||||||||
Total Liabilities | 1,746.10 | 607.3 | 19.3 | (397.5 | ) | 1,975.20 | ||||||||||||||
Total Stockholders’ Equity | 1,498.60 | 2,322.80 | 61.2 | (2,384.0 | ) | 1,498.60 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 3,244.70 | $ | 2,930.10 | $ | 80.5 | $ | (2,781.5 | ) | $ | 3,473.80 | |||||||||
30-Sep-12 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 49.7 | $ | 2.2 | $ | 6.3 | $ | — | $ | 58.2 | ||||||||||
Receivables, net | — | 50.1 | 11.1 | (4.7 | ) | 56.5 | ||||||||||||||
Inventories | — | 71.6 | 7 | — | 78.6 | |||||||||||||||
Deferred income taxes | 1.1 | — | — | — | 1.1 | |||||||||||||||
Prepaid expenses and other current assets | 9.3 | 5.4 | 0.6 | — | 15.3 | |||||||||||||||
Total Current Assets | 60.1 | 129.3 | 25 | (4.7 | ) | 209.7 | ||||||||||||||
Property, net | — | 352.5 | 52.6 | — | 405.1 | |||||||||||||||
Goodwill | — | 1,359.90 | 6.7 | — | 1,366.60 | |||||||||||||||
Other intangible assets, net | — | 736 | — | — | 736 | |||||||||||||||
Intercompany Receivable | 371.9 | — | — | (371.9 | ) | — | ||||||||||||||
Investment in subsidiaries | 2,067.20 | — | — | (2,067.2 | ) | — | ||||||||||||||
Other assets | 13.4 | 1.4 | 2.7 | (2.6 | ) | 14.9 | ||||||||||||||
Total Assets | $ | 2,512.60 | $ | 2,579.10 | $ | 87 | $ | (2,446.4 | ) | $ | 2,732.30 | |||||||||
LIABILITIES AND RALCORP EQUITY | ||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Current portion of long-term debt | $ | 15.3 | $ | — | $ | — | $ | — | $ | 15.3 | ||||||||||
Accounts payable | — | 49.6 | 5.1 | (4.7 | ) | 50 | ||||||||||||||
Other current liabilities | 8.3 | 44.7 | 8.1 | — | 61.1 | |||||||||||||||
Total Current Liabilities | 23.6 | 94.3 | 13.2 | (4.7 | ) | 126.4 | ||||||||||||||
Long-term debt | 930.3 | — | — | — | 930.3 | |||||||||||||||
Intercompany payable | — | 371.9 | — | (371.9 | ) | — | ||||||||||||||
Deferred income taxes | 317.5 | — | — | (2.6 | ) | 314.9 | ||||||||||||||
Other liabilities | 9.7 | 109.4 | 10.1 | — | 129.2 | |||||||||||||||
Total Liabilities | 1,281.10 | 575.6 | 23.3 | (379.2 | ) | 1,500.80 | ||||||||||||||
Total Stockholders’ Equity | 1,231.50 | 2,003.50 | 63.7 | (2,067.2 | ) | 1,231.50 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 2,512.60 | $ | 2,579.10 | $ | 87 | $ | (2,446.4 | ) | $ | 2,732.30 | |||||||||
POST HOLDINGS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
Year Ended September 30, 2013 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Cash Provided by (Used in) by Operating Activities | $ | 37.7 | $ | 158.3 | $ | 4.8 | $ | (81.6 | ) | $ | 119.2 | |||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Business acquisitions, net of cash acquired | (345.8 | ) | (7.1 | ) | — | — | (352.9 | ) | ||||||||||||
Additions to property | — | (30.3 | ) | (2.5 | ) | — | (32.8 | ) | ||||||||||||
Restricted cash | (38.1 | ) | — | — | — | (38.1 | ) | |||||||||||||
Proceeds from equity distributions | 39.1 | — | — | (39.1 | ) | — | ||||||||||||||
Net Cash Used in Investing Activities | (344.8 | ) | (37.4 | ) | (2.5 | ) | (39.1 | ) | (423.8 | ) | ||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Proceeds from issuance of Senior Notes | 600 | — | — | — | 600 | |||||||||||||||
Proceeds from issuance of preferred stock, net of issuance costs | 234 | — | — | — | 234 | |||||||||||||||
Repayments of long-term debt | (170.6 | ) | — | — | — | (170.6 | ) | |||||||||||||
Payments of preferred stock dividend | (4.2 | ) | — | — | — | (4.2 | ) | |||||||||||||
Payments of debt issuance costs | (10.5 | ) | — | — | — | (10.5 | ) | |||||||||||||
Payments for equity distributions | — | (119.0 | ) | — | 119 | — | ||||||||||||||
Other, net | 0.1 | — | — | — | 0.1 | |||||||||||||||
Net Cash Provided by (Used in) by Financing Activities | 648.8 | (119.0 | ) | — | 119 | 648.8 | ||||||||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | — | (0.4 | ) | — | (0.4 | ) | |||||||||||||
Net Increase in Cash and Cash Equivalents | 341.7 | 1.9 | 1.9 | (1.7 | ) | 343.8 | ||||||||||||||
Cash and Cash Equivalents, Beginning of Year | 49.7 | 2.2 | 6.3 | — | 58.2 | |||||||||||||||
Cash and Cash Equivalents, End of Year | $ | 391.4 | $ | 4.1 | $ | 8.2 | $ | (1.7 | ) | $ | 402 | |||||||||
Year Ended September 30, 2012 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Cash (Used in) Provided by Operating Activities | $ | (3.1 | ) | $ | 201.5 | $ | 9.8 | $ | (64.2 | ) | $ | 144 | ||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Additions to property | — | (29.5 | ) | (1.4 | ) | — | (30.9 | ) | ||||||||||||
Payment for equity contributions | (6.0 | ) | — | — | 6 | — | ||||||||||||||
Proceeds from equity distributions | 84.3 | — | — | (84.3 | ) | — | ||||||||||||||
Net Cash Provided by (Used in) Investing Activities | 78.3 | (29.5 | ) | (1.4 | ) | (78.3 | ) | (30.9 | ) | |||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Proceeds from issuance of Senior Notes | 775 | — | — | — | 775 | |||||||||||||||
Proceeds from issuance of term loan | 175 | — | — | — | 175 | |||||||||||||||
Payment to Ralcorp | (900.0 | ) | — | — | — | (900.0 | ) | |||||||||||||
Repayments of long-term debt | (4.4 | ) | — | — | — | (4.4 | ) | |||||||||||||
Purchases of treasury stock | (53.4 | ) | — | — | — | (53.4 | ) | |||||||||||||
Change in net investment of Ralcorp | — | (21.3 | ) | (18.1 | ) | — | (39.4 | ) | ||||||||||||
Payments of debt issuance costs | (17.7 | ) | — | — | — | (17.7 | ) | |||||||||||||
Changes in intercompany debt | — | — | 7.8 | — | 7.8 | |||||||||||||||
Proceeds from equity contributions | — | — | 6 | (6.0 | ) | — | ||||||||||||||
Payments for equity distributions | — | (148.5 | ) | — | 148.5 | — | ||||||||||||||
Net Cash (Used in) Provided by Financing Activities | (25.5 | ) | (169.8 | ) | (4.3 | ) | 142.5 | (57.1 | ) | |||||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | — | 0.5 | — | 0.5 | |||||||||||||||
Net Increase in Cash and Cash Equivalents | 49.7 | 2.2 | 4.6 | — | 56.5 | |||||||||||||||
Cash and Cash Equivalents, Beginning of Year | — | — | 1.7 | — | 1.7 | |||||||||||||||
Cash and Cash Equivalents, End of Year | $ | 49.7 | $ | 2.2 | $ | 6.3 | $ | — | $ | 58.2 | ||||||||||
Year Ended September 30, 2011 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | — | $ | 144.6 | $ | (0.8 | ) | $ | — | $ | 143.8 | |||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Additions to property | — | (12.5 | ) | (2.4 | ) | — | (14.9 | ) | ||||||||||||
Net Cash Used in Investing Activities | — | (12.5 | ) | (2.4 | ) | — | (14.9 | ) | ||||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Change in net investment of Ralcorp | — | (132.1 | ) | (60.2 | ) | — | (192.3 | ) | ||||||||||||
Changes in intercompany debt | — | — | 60.2 | — | 60.2 | |||||||||||||||
Net Cash Used in Financing Activities | — | (132.1 | ) | — | — | (132.1 | ) | |||||||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | — | 0.1 | — | 0.1 | |||||||||||||||
Net Decrease in Cash and Cash Equivalents | — | — | (3.1 | ) | — | (3.1 | ) | |||||||||||||
Cash and Cash Equivalents, Beginning of Year | — | — | 4.8 | — | 4.8 | |||||||||||||||
Cash and Cash Equivalents, End of Year | $ | — | $ | — | $ | 1.7 | $ | — | $ | 1.7 | ||||||||||
Summary_Quarterly_Financial_In
Summary Quarterly Financial Information | 12 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Quarterly Financial Information [Abstract] | ' | |||||||||||||||
Quarterly Financial Information [Text Block] | ' | |||||||||||||||
NOTE 23 - SUMMARY QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Fiscal 2013 | ||||||||||||||||
Net sales | $ | 236.9 | $ | 248.2 | $ | 257.3 | $ | 291.7 | ||||||||
Gross profit | 105.7 | 102.5 | 104.2 | 112.5 | ||||||||||||
Net earnings (loss) | 7.6 | 5.1 | 3.4 | (0.9 | ) | |||||||||||
Net earnings (loss) available to common stockholders | 7.6 | 4.3 | 1.1 | (3.2 | ) | |||||||||||
Basic earnings (loss) per share | $ | 0.23 | $ | 0.13 | $ | 0.03 | $ | (0.10 | ) | |||||||
Diluted earnings (loss) per share | $ | 0.23 | $ | 0.13 | $ | 0.03 | $ | (0.10 | ) | |||||||
Fiscal 2012 | ||||||||||||||||
Net sales | $ | 219.3 | $ | 250.5 | $ | 241.9 | $ | 247.2 | ||||||||
Gross profit | 98 | 111 | 109.8 | 110.1 | ||||||||||||
Net earnings | 12.8 | 10.5 | 15.8 | 10.8 | ||||||||||||
Basic earnings per share | $ | 0.37 | $ | 0.31 | $ | 0.46 | $ | 0.32 | ||||||||
Diluted earnings per share | $ | 0.37 | $ | 0.3 | $ | 0.46 | $ | 0.31 | ||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
NOTE 24 — SUBSEQUENT EVENTS | |
Debt Issuance | |
On November 18, 2013, the Company issued $525.0 million principal value of 6.75% senior notes due in December 2021. The 6.75% senior notes were issued at par and the Company received $517.1 after paying investment banking fees of $7.9 which, along with other financing fees incurred, will be deferred and amortized to interest expense over the term of the notes. | |
Preferred Stock Dividend | |
On October 15, 2013, the Company's Board of Directors declared a quarterly dividend of $0.9375 per share, representing a pro-rata payment for the dividend period from the date of August 15, 2013 to November 14, 2013, on the Company’s 3.75% Series B Cumulative Perpetual Convertible Preferred Stock. The dividend was paid on November 15, 2013 to preferred shareholders as of November 1, 2013. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Principles of combination | ' | |||||||
Principles of Consolidation — The consolidated financial statements include the operations of Post Holdings, Inc. and its wholly-owned subsidiaries. All intercompany transactions have been eliminated. As described in Note 1, for periods prior to the Spin-Off, these consolidated financial statements include the combined results of Post Foods, LLC and Post Foods Canada Corp., which comprised the operations of the Company prior to the Spin-Off. Transactions between the Company and Ralcorp are included in these financial statements. | ||||||||
Use of estimates and allocations | ' | |||||||
Use of Estimates and Allocations — The consolidated financial statements of the Company are prepared in conformity with accounting principles generally accepted in the United States of America, which require certain elections as to accounting policy, estimates and assumptions that affect the reported amounts of assets, liabilities, the disclosure of contingent liabilities at the dates of the financial statements and the reported amount of net revenues and expenses during the reporting periods. Significant accounting policy elections, estimates and assumptions include, among others, pension and benefit plan assumptions, valuation assumptions of goodwill and other intangible assets, marketing programs and income taxes. Actual results could differ from those estimates. | ||||||||
Throughout the reported periods prior to the Spin-Off covered by these financial statements, operations of the Company were conducted and accounted for as a reportable segment within the consolidated financial statements of Ralcorp. The financial statements have been derived from Ralcorp’s historical accounting records and reflect significant allocations of direct costs and expenses (see Note 19). All of the allocations and estimates in these financial statements are based upon assumptions that management of the Company believe are reasonable. The financial statements for periods prior to the Spin-Off do not necessarily represent the financial position or results of operations of the Company had it been operated as a separate independent entity. | ||||||||
Cash equivalents | ' | |||||||
Throughout the reported periods prior to the Spin-Off covered by these financial statements, operations of | ||||||||
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |||||||
Restricted Cash includes a $37.0 deposit with a third party escrow agent in connection with our announced acquisition of Dakota Growers Pasta Company. The deposit will be credited against the purchase price if the transaction closes. Restricted cash also includes a $1.1 cash deposit which serves as collateral for our high deductible workers’ compensation insurance program. | ||||||||
Receivables | ' | |||||||
Receivables are reported at net realizable value. This value includes appropriate allowances for doubtful accounts, cash discounts, and other amounts which the Company does not ultimately expect to collect. The Company determines its allowance for doubtful accounts based on historical losses and the economic status of, and its relationship with, its customers, especially those identified as “at risk.” A receivable is considered past due if payments have not been received within the agreed upon invoice terms. Receivables are written off against the allowance when the customer files for bankruptcy protection or is otherwise deemed to be uncollectible based upon the Company’s evaluation of the customer’s solvency. | ||||||||
Inventories | ' | |||||||
Inventories are generally valued at the lower of average cost (determined on a first-in, first-out basis) or market. Reported amounts have been reduced by an allowance for obsolete product and packaging materials based on a review of inventories on hand compared to estimated future usage and sales. | ||||||||
Property | ' | |||||||
Property is recorded at cost, and depreciation expense is generally provided on a straight-line basis over the estimated useful lives of the properties. Estimated useful lives range from 1 to 20 years for machinery and equipment and 12 to 30 years for buildings and leasehold improvements. Total depreciation expense was $62.2, $50.6 and $46.1 in fiscal 2013, 2012 and 2011, respectively. Any gains and losses incurred on the sale or disposal of assets are included in "Other operating expenses." Repair and maintenance costs incurred in connection with planned major maintenance activities are accounted for under the direct expensing method. Property consisted of: | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Land and land improvements | $ | 13 | $ | 13 | ||||
Buildings and leasehold improvements | 139.9 | 135.3 | ||||||
Machinery and equipment | 436.7 | 410.3 | ||||||
Software | 28.4 | 21.9 | ||||||
Construction in progress | 22.5 | 19 | ||||||
640.5 | 599.5 | |||||||
Accumulated depreciation | (252.0 | ) | (194.4 | ) | ||||
$ | 388.5 | $ | 405.1 | |||||
Other Intangible | ||||||||
Other intangible assets | ' | |||||||
Other Intangible Assets consist primarily of customer relationships and trademarks/brands acquired in business combinations. Amortization expense related to intangible assets, which is provided on a straight-line basis over the estimated useful lives of the assets, was $14.6, $12.6, and $12.6 in fiscal 2013, 2012 and 2011, respectively. For the intangible assets recorded as of September 30, 2013, amortization expense of $22.8, $22.6, $22.0, $22.0, and $22.0 is scheduled for fiscal 2014, 2015, 2016, 2017 and 2018, respectively. | ||||||||
Recoverability of assets | ' | |||||||
Recoverability of Assets — The Company continually evaluates whether events or circumstances have occurred which might impair the recoverability of the carrying value of its assets, including property, identifiable intangibles and goodwill. Trademarks with indefinite lives are reviewed for impairment during the fourth quarter of each fiscal year following the annual forecasting process, or more frequently if facts and circumstances indicate the trademark may be impaired. The trademark impairment tests require us to estimate the fair value of the trademark and compare it to its carrying value. The estimated fair value is determined using an income-based approach (the relief-from-royalty method), which requires significant assumptions for each brand, including estimates regarding future revenue growth, discount rates, and appropriate royalty rates. Assumptions are determined after consideration of several factors for each brand, including profit levels, research of external royalty rates by third party experts and the relative importance of each brand to the Company. Revenue growth assumptions are based on historical trends and management’s expectations for future growth by brand. The discount rate is based on a weighted average cost of capital utilizing industry market data of similar companies. | ||||||||
In addition, definite-lived assets and indefinite-lived intangible assets are reassessed as needed when information becomes available that is believed to negatively impact the fair market value of an asset. In general, an asset is deemed impaired and written down to its fair value if estimated related future cash flows are less than its carrying amount. | ||||||||
In September 2013, the Company concluded two indefinite-lived trademarks were impaired and recorded impairment losses of $0.2 for the Post Shredded Wheat brand and $2.7 for the Post brand to record these trademarks at their estimated current fair values of $25.4 and $178.4, respectively. Both brands are part of the Post Foods segment. The impairments for these trademarks were the result of a variety of factors including a 100 basis point increase in the assumed discount rate compared to the discount rate assumed in the prior year and in the case of Post Shredded Wheat, weak current year performance and a corresponding lowering of expected future revenue growth for the brand. The Company's long range plan for Post Shredded Wheat assumes a reduction in the rate of revenue declines for the brand and ultimately stabilization of brand revenues. If the Company is unable to slow the rate of decline and ultimately stabilize brand revenues, additional impairment losses are likely. | ||||||||
In September 2011, a trademark impairment loss of $106.6 was recognized primarily related to the Honey Bunches of Oats, Post Selects, and Post trademarks in the Post Foods segment. Based upon a preliminary review conducted by the Company’s management team in October of 2011, sales declines in the fourth quarter of fiscal 2011 and continuing into October 2011, and weakness in the branded ready-to-eat cereal category and the broader economy at that time, management determined that additional strategic steps were needed to stabilize the business and the competitive position of its brands. The impact of these steps was the reduction of expected net sales growth rates and profitability of certain brands in the near term, thereby resulting in the trademark impairment. In June 2011, a trademark impairment loss of $32.1 was recognized related to the Post Shredded Wheat and Grape-Nuts trademarks based on reassessments triggered by the announced separation of the Company from Ralcorp. The trademark impairment was due to reductions in anticipated future sales as a result of competition, lack of consumer response to advertising and promotions for these brands and further reallocations of advertising and promotion expenditures to higher-return brands. These factors, particularly the lower than expected revenues during 2011 and further declines in market share, as well as further reduced future sales growth rates, led to lower assumed royalty rates for both the Post Shredded Wheat and Grape-Nuts brands resulting in a partial impairment of both brands. | ||||||||
These fair value measurements fell within Level 3 of the fair value hierarchy as described in Note 13. The trademark and goodwill impairment losses are reported in “Impairment of goodwill and other intangible assets” on the Consolidated Statement of Operations. See Note 6 for information about goodwill impairments. | ||||||||
Investments | ' | |||||||
Investments — The Company funds a portion of its deferred compensation liability by investing in certain mutual funds in the same amounts as selected by the participating employees. Because management’s intent is to invest in a manner that matches the deferral options chosen by the participants and those participants can elect to transfer amounts in or out of each of the designated deferral options at any time, these investments have been classified as trading assets and are stated at fair value in “Other Assets” (see Note 13). Both realized and unrealized gains and losses on these assets are included in “Selling, general and administrative expenses” and offset the related change in the deferred compensation liability. | ||||||||
Stockholders' Equity, Policy [Policy Text Block] | ' | |||||||
Stockholders’ Equity — For periods prior to the Spin-Off, the net investment of Ralcorp in the Consolidated Balance Sheets represents Ralcorp’s historical investment in Post in excess of its accumulated net income after taxes and the net effect of the transactions with and allocations from Ralcorp. For the period subsequent to the Spin-Off, Stockholders’ Equity represents the initial investment contribution from Ralcorp, the par value of our common stock net of treasury stock at cost, accumulated other comprehensive loss and retained earnings. See Note 1 for additional information. Accumulated other comprehensive loss included foreign currency translation adjustments of $(2.1), $0.8 and $1.0 as of September 30, 2013, 2012 and 2011, respectively, as well as amounts related to postretirement benefit plans as presented in Note 16. | ||||||||
Revenue | ' | |||||||
Revenue is recognized when title of goods is transferred to the customer, as specified by the shipping terms. Net sales reflect gross sales, including amounts billed to customers for shipping and handling, less sales discounts and trade allowances (including promotional price buy downs and new item promotional funding). Customer trade allowances are generally computed as a percentage of gross sales. Products are generally sold with no right of return except in the case of goods which do not meet product specifications or are damaged, and related reserves are maintained based on return history. If additional rights of return are granted, revenue recognition is deferred. Estimated reductions to revenue for customer incentive offerings are based upon customer redemption history. | ||||||||
Cost of products sold | ' | |||||||
Cost of Products Sold includes, among other things, inbound and outbound freight costs and depreciation expense related to assets used in production, while storage and other warehousing costs are included in “Selling, general, and administrative expenses.” Storage and other warehousing costs totaled $41.5, $40.6 and $45.3 in fiscal 2013, 2012 and 2011, respectively. | ||||||||
Advertising | ' | |||||||
Advertising costs are expensed as incurred except for costs of producing media advertising such as television commercials or magazine advertisements, which are deferred until the first time the advertising takes place. The amount reported as assets on the balance sheet was insignificant as of September 30, 2013 and 2012. | ||||||||
Stock-based compensation | ' | |||||||
Stock-based Compensation — The Company recognizes the cost of employee services received in exchange for awards of equity instruments based on the grant-date fair value of equity awards and the fair market value at each quarterly reporting date for liability awards. That cost is recognized over the period during which an employee is required to provide service in exchange for the award — the requisite service period (usually the vesting period). See Note 17 for disclosures related to stock-based compensation. | ||||||||
Income tax expense | ' | |||||||
Income Tax Expense is estimated based on income taxes in each jurisdiction and includes the effects of both current tax exposures and the temporary differences resulting from differing treatment of items for tax and financial reporting purposes. These temporary differences result in deferred tax assets and liabilities. A valuation allowance would be established against the related deferred tax assets to the extent that it is not more likely than not that the future benefits will be realized. Reserves are recorded for estimated exposures associated with the Company’s tax filing positions, which are subject to periodic audits by governmental taxing authorities. Interest due to an underpayment of income taxes is classified as income taxes. The Company considers the undistributed earnings of its foreign subsidiaries to be permanently invested. Since its formation in connection with the Spin-Off, the Company's Canadian subsidiary, currently the Company's only foreign subsidiary, has not generated cumulative undistributed earnings. No U.S. taxes have been provided in relation to the Company's investment in its foreign subsidiary. See Note 7 for disclosures related to income taxes. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||
Property | ' | |||||||||||||||||||||||
Property consisted of: | ||||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Land and land improvements | $ | 13 | $ | 13 | ||||||||||||||||||||
Buildings and leasehold improvements | 139.9 | 135.3 | ||||||||||||||||||||||
Machinery and equipment | 436.7 | 410.3 | ||||||||||||||||||||||
Software | 28.4 | 21.9 | ||||||||||||||||||||||
Construction in progress | 22.5 | 19 | ||||||||||||||||||||||
640.5 | 599.5 | |||||||||||||||||||||||
Accumulated depreciation | (252.0 | ) | (194.4 | ) | ||||||||||||||||||||
$ | 388.5 | $ | 405.1 | |||||||||||||||||||||
Other intangible assets | ' | |||||||||||||||||||||||
Other intangible assets consisted of: | ||||||||||||||||||||||||
30-Sep-13 | September 30, 2012 | |||||||||||||||||||||||
Carrying | Accum. | Net | Carrying | Accum. | Net | |||||||||||||||||||
Amount | Amort. | Amount | Amount | Amort. | Amount | |||||||||||||||||||
Subject to amortization: | ||||||||||||||||||||||||
Customer relationships | $ | 258.6 | $ | (41.0 | ) | $ | 217.6 | $ | 153.9 | $ | (32.1 | ) | $ | 121.8 | ||||||||||
Trademarks/brands | 161.5 | (25.8 | ) | 135.7 | 91 | (20.4 | ) | 70.6 | ||||||||||||||||
Other | 4.7 | (0.3 | ) | 4.4 | — | — | — | |||||||||||||||||
424.8 | (67.1 | ) | 357.7 | 244.9 | (52.5 | ) | 192.4 | |||||||||||||||||
Not subject to amortization: | ||||||||||||||||||||||||
Trademarks/brands | 540.7 | — | 540.7 | 543.6 | — | 543.6 | ||||||||||||||||||
$ | 965.5 | $ | (67.1 | ) | $ | 898.4 | $ | 788.5 | $ | (52.5 | ) | $ | 736 | |||||||||||
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||
Schedule of Restructuring and Related Costs [Table Text Block] | ' | |||||||||||
Year ended September 30, 2013 | Cumulative Incurred to Date | Remaining Expense Expected to be Incurred | ||||||||||
Employee severance | $ | 2.1 | $ | 2.1 | $ | 1.4 | ||||||
Pension curtailment | 1.7 | 1.7 | — | |||||||||
Accelerated depreciation | 9.6 | 9.6 | 8.5 | |||||||||
$ | 13.4 | $ | 13.4 | $ | 9.9 | |||||||
Business_Combinations_Tables
Business Combinations (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Business Acquisition [Line Items] | ' | |||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | |||||||||||
Attune | Hearthside | PNC | ||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 2.1 | ||||||
Receivables | 0.5 | 5.5 | 11.3 | |||||||||
Inventories | 2.6 | 6.3 | 23.9 | |||||||||
Deferred income taxes | — | — | 5.7 | |||||||||
Prepaid expenses and other current assets | 0.1 | 0.2 | 2.8 | |||||||||
Property | 0.1 | 15.6 | 0.7 | |||||||||
Goodwill | 3.6 | 71.5 | 48.3 | |||||||||
Other intangible assets | 3.8 | 63.5 | 112.6 | |||||||||
Accounts payable | (1.3 | ) | (2.1 | ) | (15.6 | ) | ||||||
Other current liabilities | (0.2 | ) | (0.3 | ) | (2.4 | ) | ||||||
Deferred income taxes | — | (0.3 | ) | (2.8 | ) | |||||||
Other liabilities | — | — | (0.7 | ) | ||||||||
Total acquisition cost | $ | 9.2 | $ | 159.9 | $ | 185.9 | ||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | |||||||||||
2013 | 2012 | |||||||||||
Pro forma net sales | $ | 1,211.90 | $ | 1,143.60 | ||||||||
Pro forma net earnings available to common stockholders | $ | 8.5 | $ | 42.3 | ||||||||
Pro forma basic earnings per share | $ | 0.26 | $ | 1.23 | ||||||||
Pro forma diluted earnings per share | $ | 0.26 | $ | 1.23 | ||||||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Changes in carrying amount of goodwill | ' | |||||||||||||||
The changes in the carrying amount of goodwill by segment are noted in the following table. | ||||||||||||||||
Post Foods | Attune Foods | Active Nutrition | Total | |||||||||||||
Balance, September 30, 2011 | ||||||||||||||||
Goodwill (gross) | $ | 1,794.00 | $ | — | $ | — | $ | 1,794.00 | ||||||||
Accumulated impairment losses | (427.8 | ) | — | — | (427.8 | ) | ||||||||||
Goodwill (net) | $ | 1,366.20 | $ | — | $ | — | $ | 1,366.20 | ||||||||
Currency translation adjustment | 0.4 | — | — | 0.4 | ||||||||||||
Balance, September 30, 2012 | ||||||||||||||||
Goodwill (gross) | $ | 1,794.40 | $ | — | $ | — | $ | 1,794.40 | ||||||||
Accumulated impairment losses | (427.8 | ) | — | — | (427.8 | ) | ||||||||||
Goodwill (net) | $ | 1,366.60 | $ | — | $ | — | $ | 1,366.60 | ||||||||
Goodwill acquired | — | 75.1 | 48.3 | 123.4 | ||||||||||||
Currency translation adjustment | (0.3 | ) | — | — | (0.3 | ) | ||||||||||
Balance, September 30, 2013 | ||||||||||||||||
Goodwill (gross) | $ | 1,794.10 | $ | 75.1 | $ | 48.3 | $ | 1,917.50 | ||||||||
Accumulated impairment losses | (427.8 | ) | — | — | (427.8 | ) | ||||||||||
Goodwill (net) | $ | 1,366.30 | $ | 75.1 | $ | 48.3 | $ | 1,489.70 | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||||||||
Reconciliation of provision (benefit) for income taxes | ' | |||||||||||||||||||||||
The provision (benefit) for income taxes consisted of the following: | ||||||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Current: | ||||||||||||||||||||||||
Federal | $ | 33 | $ | 30.8 | $ | 55.6 | ||||||||||||||||||
State | 3.2 | 2.3 | 7.1 | |||||||||||||||||||||
Foreign | — | — | — | |||||||||||||||||||||
36.2 | 33.1 | 62.7 | ||||||||||||||||||||||
Deferred: | ||||||||||||||||||||||||
Federal | (26.8 | ) | (3.2 | ) | (63.0 | ) | ||||||||||||||||||
State | (1.8 | ) | (0.5 | ) | (5.0 | ) | ||||||||||||||||||
Foreign | (0.5 | ) | 1.1 | (1.0 | ) | |||||||||||||||||||
(29.1 | ) | (2.6 | ) | (69.0 | ) | |||||||||||||||||||
Income tax provision (benefit) | $ | 7.1 | $ | 30.5 | $ | (6.3 | ) | |||||||||||||||||
Reconciliation of income tax (benefit) provision | ' | |||||||||||||||||||||||
A reconciliation of income tax provision (benefit) with amounts computed at the statutory federal rate follows: | ||||||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Computed tax at federal statutory rate (35%) | $ | 7.8 | $ | 28.1 | $ | (150.7 | ) | |||||||||||||||||
Non-deductible goodwill impairment loss | — | — | 149.7 | |||||||||||||||||||||
Non-deductible compensation | 0.7 | — | — | |||||||||||||||||||||
Non-deductible transaction costs | 0.2 | 1.8 | — | |||||||||||||||||||||
Domestic production activities deduction | (2.9 | ) | (0.9 | ) | (5.5 | ) | ||||||||||||||||||
State income taxes, net of effect on federal tax | 1 | 2 | (0.1 | ) | ||||||||||||||||||||
Other, net (none in excess of 5% of computed tax) | 0.3 | (0.5 | ) | 0.3 | ||||||||||||||||||||
Income tax provision (benefit) | $ | 7.1 | $ | 30.5 | $ | (6.3 | ) | |||||||||||||||||
Deferred tax assets (liabilities) | ' | |||||||||||||||||||||||
Deferred tax assets (liabilities) were as follows: | ||||||||||||||||||||||||
30-Sep-13 | September 30, 2012 | |||||||||||||||||||||||
Assets | Liabilities | Net | Assets | Liabilities | Net | |||||||||||||||||||
Current: | ||||||||||||||||||||||||
Accrued vacation, incentive and severance | $ | 5.2 | $ | — | $ | 5.2 | $ | 1.1 | $ | — | $ | 1.1 | ||||||||||||
Other accrued liabilities | 1.6 | — | 1.6 | 0.2 | — | 0.2 | ||||||||||||||||||
Other items | 5.4 | (0.3 | ) | 5.1 | — | (0.2 | ) | (0.2 | ) | |||||||||||||||
12.2 | (0.3 | ) | 11.9 | 1.3 | (0.2 | ) | 1.1 | |||||||||||||||||
Noncurrent: | ||||||||||||||||||||||||
Property | — | (74.0 | ) | (74.0 | ) | — | (85.5 | ) | (85.5 | ) | ||||||||||||||
Intangible assets | — | (297.7 | ) | (297.7 | ) | — | (278.2 | ) | (278.2 | ) | ||||||||||||||
Pension and other postretirement benefits | 37 | — | 37 | 43.3 | — | 43.3 | ||||||||||||||||||
Stock-based and deferred compensation | 10.3 | — | 10.3 | 5.3 | — | 5.3 | ||||||||||||||||||
Net operating loss carryforwards | 21.6 | — | 21.6 | — | — | — | ||||||||||||||||||
Other items | 0.9 | — | 0.9 | 0.2 | — | 0.2 | ||||||||||||||||||
69.8 | (371.7 | ) | (301.9 | ) | 48.8 | (363.7 | ) | (314.9 | ) | |||||||||||||||
Total deferred taxes | $ | 82 | $ | (372.0 | ) | $ | (290.0 | ) | $ | 50.1 | $ | (363.9 | ) | $ | (313.8 | ) | ||||||||
Income Tax Contingency [Line Items] | ' | |||||||||||||||||||||||
Summary of Income Tax Contingencies [Table Text Block] | ' | |||||||||||||||||||||||
Unrecognized tax benefits, September 30, 2011 | $ | — | ||||||||||||||||||||||
Additions based on current tax positions | 2.7 | |||||||||||||||||||||||
Reductions for prior year tax positions | — | |||||||||||||||||||||||
Settlements with tax authorities/statute expirations | — | |||||||||||||||||||||||
Unrecognized tax benefits, September 30, 2012 | $ | 2.7 | ||||||||||||||||||||||
Additions based on current tax positions and acquisitions | 0.9 | |||||||||||||||||||||||
Reductions for prior year tax positions | — | |||||||||||||||||||||||
Settlements with tax authorities/statue expirations | — | |||||||||||||||||||||||
Unrecognized tax benefits, September 30, 2013 | $ | 3.6 | ||||||||||||||||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | |||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||
Year ended September 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net earnings | $ | 15.2 | $ | 49.9 | $ | (424.3 | ) | |||||
Preferred stock dividends | (5.4 | ) | — | — | ||||||||
Net Earnings Available to Common Stockholders | $ | 9.8 | $ | 49.9 | $ | (424.3 | ) | |||||
Weighted-average shares for basic earnings per share | 32.7 | 34.3 | 34.4 | |||||||||
Effect of dilutive securities: | ||||||||||||
Stock options | 0.1 | — | — | |||||||||
Stock appreciation rights | 0.1 | 0.1 | — | |||||||||
Restricted stock awards | 0.1 | 0.1 | — | |||||||||
Total dilutive securities | 0.3 | 0.2 | — | |||||||||
Weighted-average shares for diluted earnings per share | 33 | 34.5 | 34.4 | |||||||||
Basic earnings per share | $ | 0.3 | $ | 1.45 | $ | (12.33 | ) | |||||
Diluted earnings per share | $ | 0.3 | $ | 1.45 | $ | (12.33 | ) | |||||
Supplemental_Operations_Statem1
Supplemental Operations Statement Information (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Supplemental Operations Statement and Cash Flow Information [Abstract] | ' | |||||||||||
Supplemental Operations Statement and Cash Flow Information | ' | |||||||||||
Year Ended September 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Advertising and promotion expenses | $ | 118.4 | $ | 126.4 | $ | 117.3 | ||||||
Repair and maintenance expenses | 41.6 | 38.6 | 35.2 | |||||||||
Research and development expenses | 8.6 | 7.9 | 7.6 | |||||||||
Rent expense | 4.8 | 4.1 | 4 | |||||||||
Interest paid | 76.3 | 33.7 | — | |||||||||
Income taxes paid | 25.5 | 35.8 | — | |||||||||
Intercompany interest paid | — | 17.7 | 51.5 | |||||||||
Supplemental_Balance_Sheet_Inf1
Supplemental Balance Sheet Information (Tables) | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Balance Sheet Information [Abstract] | ' | |||||||
Supplemental Balance Sheet Information | ' | |||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Receivables, net | ||||||||
Trade | $ | 83.4 | $ | 55.3 | ||||
Other | 0.1 | 1.5 | ||||||
83.5 | 56.8 | |||||||
Allowance for doubtful accounts | (0.3 | ) | (0.3 | ) | ||||
$ | 83.2 | $ | 56.5 | |||||
Inventories | ||||||||
Raw materials and supplies | $ | 30.3 | $ | 18.2 | ||||
Finished products | 91.6 | 60.4 | ||||||
$ | 121.9 | $ | 78.6 | |||||
Accounts Payable | ||||||||
Trade | $ | 57.1 | $ | 30.7 | ||||
Book cash overdrafts | 7 | 10.6 | ||||||
Other items | 13 | 8.7 | ||||||
$ | 77.1 | $ | 50 | |||||
Other Current Liabilities | ||||||||
Advertising and promotion | $ | 12.6 | $ | 20.4 | ||||
Accrued interest | 13 | 7.4 | ||||||
Compensation | 18.9 | 13.8 | ||||||
Miscellaneous accrued taxes | 4 | 3.9 | ||||||
Deferred revenue | 8.3 | 10.2 | ||||||
Other | 12.1 | 5.4 | ||||||
$ | 68.9 | $ | 61.1 | |||||
Other Liabilities | ||||||||
Pension and other postretirement benefit obligations | $ | 97.8 | $ | 116.5 | ||||
Deferred compensation | 13.4 | 8.6 | ||||||
Other | 5.1 | 4.1 | ||||||
$ | 116.3 | $ | 129.2 | |||||
Allowance_for_Doubtful_Account1
Allowance for Doubtful Accounts (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Allowance for Doubtful Accounts [Abstract] | ' | |||||||||||
Allowance for Doubtful Accounts | ' | |||||||||||
Year Ended September 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance, beginning of year | $ | 0.3 | $ | — | $ | 0.3 | ||||||
Transfers to Ralcorp Receivables Corporation, net | — | — | (0.3 | ) | ||||||||
Transfers from Ralcorp Receivables Corporation, net | — | 0.3 | — | |||||||||
Balance, end of year | $ | 0.3 | $ | 0.3 | $ | — | ||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments and Hedging Gain (Loss) Recognized in Earnings (Tables) | 12 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Derivatives, Fair Value [Line Items] | ' | ||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | ||||||||||||||
Fair Value | |||||||||||||||
Balance Sheet Location | 2013 | 2012 | |||||||||||||
Asset Derivatives: | |||||||||||||||
Commodity contracts | Prepaid expenses and other current assets | $ | — | $ | 1.3 | ||||||||||
Natural gas futures | Prepaid expenses and other current assets | — | 0.3 | ||||||||||||
$ | — | $ | 1.6 | ||||||||||||
Liability Derivatives: | |||||||||||||||
Commodity contracts | Other current liabilities | $ | 0.1 | $ | — | ||||||||||
Natural gas and heating oil futures | Other current liabilities | 0.1 | — | ||||||||||||
$ | 0.2 | $ | — | ||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | ' | ||||||||||||||
Location of Gain (Loss) Recognized in Earnings | Amount of Gain (Loss) Recognized in Earnings | ||||||||||||||
Derivative Instrument | 2013 | 2012 | 2011 | ||||||||||||
Participation in Ralcorp’s derivative program | Cost of goods sold | $ | — | $ | (2.0 | ) | $ | (13.6 | ) | ||||||
Commodity contracts | Cost of goods sold | (0.6 | ) | — | — | ||||||||||
Natural gas futures | Cost of goods sold | (0.3 | ) | 0.3 | — | ||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Assets and liabilities measured at fair value | ' | |||||||||||||||||||||||
The following table represents Post’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: | ||||||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Deferred compensation investment | $ | 8.5 | $ | 8.5 | $ | — | $ | 1.4 | $ | 1.4 | $ | — | ||||||||||||
Derivative assets | — | — | — | 1.6 | — | 1.6 | ||||||||||||||||||
$ | 8.5 | $ | 8.5 | $ | — | $ | 3 | $ | 1.4 | $ | 1.6 | |||||||||||||
Liabilities | ||||||||||||||||||||||||
Deferred compensation liabilities | 13.4 | — | 13.4 | 8.6 | — | 8.6 | ||||||||||||||||||
Derivative liabilities | 0.2 | — | 0.2 | — | — | — | ||||||||||||||||||
$ | 13.6 | $ | — | $ | 13.6 | $ | 8.6 | $ | — | $ | 8.6 | |||||||||||||
Long_Term_Debt_Tables
Long Term Debt (Tables) | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Instrument | ' | |||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||||
September 30, | ||||||||
2013 | 2012 | |||||||
7.375% Senior Notes maturing February 2022 | $ | 1,375.00 | $ | 775 | ||||
Term Loan maturing 2017 | — | 170.6 | ||||||
1,375.00 | 945.6 | |||||||
Plus: Unamortized premium | 33.6 | — | ||||||
Less: Current Portion | — | (15.3 | ) | |||||
Total long-term debt | $ | 1,408.60 | $ | 930.3 | ||||
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ' | |||||||||||||||||||||||
Schedule of change in projected benefit obligation, change in fair value of plan assets, and net funded status | ' | |||||||||||||||||||||||
The following table provides a reconciliation of the changes in the plans’ benefit obligations and fair value of assets over the two year period ended September 30, 2013, and a statement of the funded status and amounts recognized in the combined balance sheets as of September 30 of both years. | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
Year Ended | Year Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||
Benefit obligation at beginning of period | $ | 39.9 | $ | 27 | $ | 101.3 | $ | 89.8 | ||||||||||||||||
Service cost | 4.2 | 3.7 | 2.4 | 2.3 | ||||||||||||||||||||
Interest cost | 1.8 | 1.5 | 4 | 4.1 | ||||||||||||||||||||
Plan participants’ contributions | 0.8 | 0.8 | — | — | ||||||||||||||||||||
Plan changes | — | — | (3.5 | ) | — | |||||||||||||||||||
Actuarial loss (gain) | (2.2 | ) | 7.4 | (14.9 | ) | 5.1 | ||||||||||||||||||
Separation related adjustments | — | 0.1 | — | — | ||||||||||||||||||||
Benefits paid | (1.7 | ) | (1.0 | ) | (1.3 | ) | (0.4 | ) | ||||||||||||||||
Curtailments | 1.2 | — | — | — | ||||||||||||||||||||
Special termination benefits | 0.4 | — | — | — | ||||||||||||||||||||
Currency translation | (0.3 | ) | 0.4 | (0.3 | ) | 0.4 | ||||||||||||||||||
Benefit obligation at end of period | $ | 44.1 | $ | 39.9 | $ | 87.7 | $ | 101.3 | ||||||||||||||||
Change in fair value of plan assets | ||||||||||||||||||||||||
Fair value of plan assets at beginning of period | $ | 23.2 | $ | 12.5 | $ | — | $ | — | ||||||||||||||||
Actual return on plan assets | 1.6 | 2.6 | — | — | ||||||||||||||||||||
Employer contributions | 8.5 | 6.3 | 1.3 | 0.4 | ||||||||||||||||||||
Separation related adjustments | — | 1.8 | — | — | ||||||||||||||||||||
Plan participants’ contributions | 0.8 | 0.8 | — | — | ||||||||||||||||||||
Benefits paid | (1.7 | ) | (1.0 | ) | (1.3 | ) | (0.4 | ) | ||||||||||||||||
Currency translation | (0.3 | ) | 0.2 | — | — | |||||||||||||||||||
Fair value of plan assets at end of period | 32.1 | 23.2 | — | — | ||||||||||||||||||||
Funded status | $ | (12.0 | ) | $ | (16.7 | ) | $ | (87.7 | ) | $ | (101.3 | ) | ||||||||||||
Amounts recognized in assets or liabilities | ||||||||||||||||||||||||
Other current liabilities | $ | — | $ | — | $ | (1.9 | ) | $ | (1.5 | ) | ||||||||||||||
Other liabilities | (12.0 | ) | (16.7 | ) | (85.8 | ) | (99.8 | ) | ||||||||||||||||
Net amount recognized | $ | (12.0 | ) | $ | (16.7 | ) | $ | (87.7 | ) | $ | (101.3 | ) | ||||||||||||
Amounts recognized in accumulated other comprehensive income or loss | ||||||||||||||||||||||||
Net actuarial loss (gain) | $ | 8.5 | $ | 11.8 | $ | 12.9 | $ | 29.6 | ||||||||||||||||
Prior service cost (credit) | 1.3 | 1.7 | (5.2 | ) | (2.9 | ) | ||||||||||||||||||
Total | $ | 9.8 | $ | 13.5 | $ | 7.7 | $ | 26.7 | ||||||||||||||||
Weighted-average assumptions used to determine benefit obligation | ||||||||||||||||||||||||
Discount rate — U.S. plans | 5.15 | % | 4.13 | % | 5.21 | % | 3.96 | % | ||||||||||||||||
Discount rate — Canadian plans | 4.87 | % | 4.25 | % | 5.01 | % | 4.39 | % | ||||||||||||||||
Rate of compensation increase | 3 | % | 3 | % | 3 | % | 3 | % | ||||||||||||||||
Schedule of net benefit costs and assumptions used in calculation | ' | |||||||||||||||||||||||
The following tables provide the components of net periodic benefit cost for the plans and amounts recognized in other comprehensive income. | ||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Components of net periodic benefit cost | ||||||||||||||||||||||||
Service cost | $ | 4.2 | $ | 3.7 | $ | 3.6 | ||||||||||||||||||
Interest cost | 1.8 | 1.5 | 1.3 | |||||||||||||||||||||
Expected return on plan assets | (1.7 | ) | (1.5 | ) | (1.6 | ) | ||||||||||||||||||
Recognized net actuarial loss | 1.1 | 0.5 | 0.4 | |||||||||||||||||||||
Recognized prior service cost | 0.4 | 0.4 | 0.4 | |||||||||||||||||||||
Curtailments/settlements/special termination benefits | 1.7 | — | — | |||||||||||||||||||||
Net periodic benefit cost | $ | 7.5 | $ | 4.6 | $ | 4.1 | ||||||||||||||||||
Weighted-average assumptions used to determine net benefit cost | ||||||||||||||||||||||||
Discount rate — U.S. plans (Pre-Spin) | n/a | 5.05 | % | 5.4 | % | |||||||||||||||||||
Discount rate — U.S. plans (Post-Spin) | 4.13 | % | 4.82 | % | — | % | ||||||||||||||||||
Discount rate — Canadian plans | 4.25 | % | 5.15 | % | 5.4 | % | ||||||||||||||||||
Rate of compensation increase | 3 | % | 3 | % | 3.25 | % | ||||||||||||||||||
Expected return on plan assets — U.S. plans | 6 | % | 8.5 | % | 8.75 | % | ||||||||||||||||||
Expected return on plan assets — Canadian plans | 6.25 | % | 6.25 | % | 6.25 | % | ||||||||||||||||||
Changes benefit obligation recognized in other comprehensive income or loss | ||||||||||||||||||||||||
Net loss (gain) | $ | (2.1 | ) | $ | 6.3 | $ | (7.9 | ) | ||||||||||||||||
Recognized loss | (1.1 | ) | (0.6 | ) | (0.4 | ) | ||||||||||||||||||
Recognized prior service cost | (0.4 | ) | (0.4 | ) | (0.4 | ) | ||||||||||||||||||
Loss adjustment due to Spin-Off | — | 10.8 | — | |||||||||||||||||||||
Currency translation | — | 0.1 | — | |||||||||||||||||||||
Total recognized in other comprehensive income or loss (before tax effects) | $ | (3.6 | ) | $ | 16.2 | $ | (8.7 | ) | ||||||||||||||||
Other Benefits | ||||||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Components of net periodic benefit cost | ||||||||||||||||||||||||
Service cost | $ | 2.4 | $ | 2.3 | $ | 2.6 | ||||||||||||||||||
Interest cost | 4 | 4.1 | 3.7 | |||||||||||||||||||||
Recognized net actuarial loss | 1.7 | 0.6 | 0.1 | |||||||||||||||||||||
Recognized prior service credit | (1.1 | ) | (1.2 | ) | (1.2 | ) | ||||||||||||||||||
Net periodic benefit cost | $ | 7 | $ | 5.8 | $ | 5.2 | ||||||||||||||||||
Weighted-average assumptions used to determine net benefit cost | ||||||||||||||||||||||||
Discount rate — U.S. plans (Pre-Spin) | n/a | 5.13 | % | 5.13 | % | |||||||||||||||||||
Discount rate — U.S. plans (Post-Spin) | 3.96 | % | 4.86 | % | — | % | ||||||||||||||||||
Discount rate — Canadian plans | 4.39 | % | 5.26 | % | 5.26 | % | ||||||||||||||||||
Rate of compensation increase | 3 | % | 3 | % | 3.25 | % | ||||||||||||||||||
Changes in plan assets and benefit obligation recognized in other comprehensive income or loss | ||||||||||||||||||||||||
Net (gain) loss | $ | (14.9 | ) | $ | 5.1 | $ | 16.3 | |||||||||||||||||
Recognized loss | (1.7 | ) | (0.6 | ) | (0.1 | ) | ||||||||||||||||||
Prior service credit | (3.5 | ) | — | — | ||||||||||||||||||||
Recognized prior service credit | 1.1 | 1.2 | 1.1 | |||||||||||||||||||||
Loss adjustment due to Spin-Off | — | 11.2 | — | |||||||||||||||||||||
Currency translation | — | 0.1 | — | |||||||||||||||||||||
Total recognized in other comprehensive income or loss (before tax effects) | $ | (19.0 | ) | $ | 17 | $ | 17.3 | |||||||||||||||||
Pension plan's assets measured at fair value on a recurring basis | ' | |||||||||||||||||||||||
The following table represents the pension plan’s assets measured at fair value on a recurring basis and the basis for that measurement (for more information on the fair value framework in ASC Topic 820, refer to Note 13). | ||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | |||||||||||||||||||
Mutual funds: | ||||||||||||||||||||||||
Equities | $ | 17.9 | $ | — | $ | 17.9 | $ | 12.5 | $ | — | $ | 12.5 | ||||||||||||
Bonds | 2.5 | 2.5 | — | 3.6 | 3.6 | — | ||||||||||||||||||
Pooled Assets | 2.2 | — | 2.2 | 1.6 | — | 1.6 | ||||||||||||||||||
Fixed income | 7.5 | — | 7.5 | 3.5 | — | 3.5 | ||||||||||||||||||
Real assets | 1.6 | — | 1.6 | 1.4 | — | 1.4 | ||||||||||||||||||
31.7 | 2.5 | 29.2 | 22.6 | 3.6 | 19 | |||||||||||||||||||
Cash | 0.4 | 0.4 | — | 0.6 | 0.6 | — | ||||||||||||||||||
$ | 32.1 | $ | 2.9 | $ | 29.2 | $ | 23.2 | $ | 4.2 | $ | 19 | |||||||||||||
Change in accumulated postretirement benefit obligation from a 1% change in assumed health care cost trend | ' | |||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||
Effect on postretirement benefit obligation | $ | 16.6 | $ | (13.2 | ) | |||||||||||||||||||
Effect on total service and interest cost | 1.5 | (1.2 | ) | |||||||||||||||||||||
Expected future benefit payments and related federal subsidy receipts | ' | |||||||||||||||||||||||
As of September 30, 2013, expected future benefit payments and related federal subsidy receipts (Medicare Part D) in the next ten fiscal years were as follows: | ||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019- | |||||||||||||||||||
2023 | ||||||||||||||||||||||||
Pension benefits | $ | 1.8 | $ | 2.3 | $ | 2.4 | $ | 2.3 | $ | 2.2 | $ | 13.8 | ||||||||||||
Other benefits | 2 | 2.5 | 3.1 | 3.6 | 4.1 | 24.4 | ||||||||||||||||||
Subsidy receipts | — | — | — | — | — | 0.8 | ||||||||||||||||||
StockBased_Compensation_Plans_
Stock-Based Compensation Plans Stock-Based Compensation Plans (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] | ' | ||||||||||||
n | |||||||||||||
Cash-Settled | Weighted | Weighted | Aggregate | ||||||||||
Stock | Average | Average | Intrinsic | ||||||||||
Appreciation Rights | Exercise | Remaining | Value | ||||||||||
Price Per Share | Contractual | ||||||||||||
Term in Years | |||||||||||||
Outstanding at September 30, 2012 | 31,735 | $ | 18.1 | ||||||||||
Granted | — | — | |||||||||||
Exercised | — | — | |||||||||||
Forfeited | (9,521 | ) | 18.1 | ||||||||||
Expired | — | — | |||||||||||
Outstanding at September 30, 2013 | 22,214 | 18.1 | 6.98 | $ | 0.5 | ||||||||
Vested and expected to vest as of September 30, 2013 | 21,350 | 18.1 | 6.98 | 0.5 | |||||||||
Exercisable at September 30, 2013 | 7,402 | 18.1 | 6.98 | 0.2 | |||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||
2013 | 2012 | ||||||||||||
Expected term | 7.8 | 4.8 | |||||||||||
Expected stock price volatility | 28.32% | 30.24% | |||||||||||
Risk-free interest rate | 1.19% | 0.77% | |||||||||||
Expected dividends | 0% | 0% | |||||||||||
Fair value (per option) | 11.54 | 8.52 | |||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||
Stock Options | Weighted | Weighted | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | |||||||||||
Price Per Share | Contractual | ||||||||||||
Term in Years | |||||||||||||
Outstanding at September 30, 2012 | 1,820,000 | $ | 31.25 | ||||||||||
Granted | 300,000 | 33.89 | |||||||||||
Exercised | — | — | |||||||||||
Forfeited | — | — | |||||||||||
Expired | — | — | |||||||||||
Outstanding at September 30, 2013 | 2,120,000 | 31.62 | 8.73 | $ | 18.5 | ||||||||
Vested and expected to vest as of September 30, 2013 | 2,120,000 | 31.62 | 8.73 | 18.5 | |||||||||
Exercisable at September 30, 2013 | 606,666 | 31.25 | 8.66 | 5.5 | |||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | ||||||||||||
Restricted Stock Units | Weighted | ||||||||||||
Average | |||||||||||||
Grant Date Fair Value Per Share | |||||||||||||
Nonvested at September 30, 2012 | 362,500 | $ | 31.25 | ||||||||||
Granted | 57,000 | 33.89 | |||||||||||
Vested | (120,833 | ) | 31.25 | ||||||||||
Forfeited | — | — | |||||||||||
Nonvested at September 30, 2013 | 298,667 | 31.75 | |||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | ' | ||||||||||||
Cash-Settled | Weighted | ||||||||||||
Restricted Stock Units | Average | ||||||||||||
Grant Date Fair Value Per Share | |||||||||||||
Nonvested at September 30, 2012 | 76,750 | $ | 31.34 | ||||||||||
Granted | 95,750 | 41.47 | |||||||||||
Vested | (24,247 | ) | 31.34 | ||||||||||
Forfeited | (4,000 | ) | 31.34 | ||||||||||
Nonvested at September 30, 2013 | 144,253 | 38.06 | |||||||||||
Schedule of Share-based Payment award, Non-Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Expected term | 3.5 | 4.5 | 5 | ||||||||||
Expected stock price volatility | 27.60% | 30.50% | 30.00% | ||||||||||
Risk-free interest rate | 0.82% | 0.70% | 0.96% | ||||||||||
Expected dividends | 0% | 0% | 0% | ||||||||||
Fair value (per right) | $23.09 | $14.15 | $30.27 | ||||||||||
2013 | 2012 | ||||||||||||
Expected term (in years) | 6.5 | 6.5 | |||||||||||
Expected stock price volatility | 29.40% | 29.00% | |||||||||||
Risk-free interest rate | 1.26% | 1.20% | |||||||||||
Expected dividends | 0% | 0% | |||||||||||
Fair value (per right) | $12.19 | $9.96 |
Segments_Tables
Segments (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Segment Reporting Information [Line Items] | ' | |||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||
Year Ended September 30, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Net Sales | ||||||||||||||
Post Foods | $ | 982.8 | $ | 958.9 | $ | 968.2 | ||||||||
Attune Foods | 37.8 | — | — | |||||||||||
Active Nutrition | 13.9 | — | — | |||||||||||
Eliminations | (0.4 | ) | — | — | ||||||||||
Total | $ | 1,034.10 | $ | 958.9 | $ | 968.2 | ||||||||
Segment Profit | ||||||||||||||
Post Foods | $ | 168.1 | $ | 165.9 | $ | 206 | ||||||||
Attune Foods | 2.5 | — | — | |||||||||||
Active Nutrition | 1 | — | — | |||||||||||
Total segment profit | 171.6 | 165.9 | 206 | |||||||||||
General corporate expenses and other | 47.5 | 25.2 | 18.6 | |||||||||||
Accelerated depreciation on plant closure | 9.6 | — | — | |||||||||||
Restructuring expenses | 3.8 | — | — | |||||||||||
Impairment of goodwill and other intangible assets | 2.9 | — | 566.5 | |||||||||||
Interest expense | 85.5 | 60.3 | 51.5 | |||||||||||
Earnings before income taxes | $ | 22.3 | $ | 80.4 | $ | (430.6 | ) | |||||||
Additions to property and intangibles | ||||||||||||||
Post Foods | $ | 24.7 | $ | 21.6 | $ | 14.9 | ||||||||
Attune Foods | — | — | — | |||||||||||
Active Nutrition | — | — | — | |||||||||||
Corporate | 8.1 | 9.3 | — | |||||||||||
Total | $ | 32.8 | $ | 30.9 | $ | 14.9 | ||||||||
Depreciation and amortization | ||||||||||||||
Post Foods | $ | 58.8 | $ | 60.3 | $ | 58.7 | ||||||||
Attune Foods | 2.6 | — | — | |||||||||||
Active Nutrition | 0.5 | — | — | |||||||||||
Total segment depreciation and amortization | 61.9 | 60.3 | 58.7 | |||||||||||
Accelerated depreciation on plant closure | 9.6 | — | — | |||||||||||
Corporate | 5.3 | 2.9 | — | |||||||||||
Total | $ | 76.8 | $ | 63.2 | $ | 58.7 | ||||||||
September 30, | ||||||||||||||
2013 | 2012 | |||||||||||||
Assets, end of year | ||||||||||||||
Post Foods | $ | 2,614.90 | $ | 2,637.40 | ||||||||||
Attune Foods | 172 | — | ||||||||||||
Active Nutrition | 198 | — | ||||||||||||
Corporate | 488.9 | 94.9 | ||||||||||||
Total | $ | 3,473.80 | $ | 2,732.30 | ||||||||||
Guarantor_Financials_Tables
Guarantor Financials (Tables) | 12 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Schedule Of Condensed Financial Statements [Abstract] | ' | |||||||||||||||||||
Consolidated Statements of Operations (Consendsed) | ' | |||||||||||||||||||
POST HOLDINGS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
Year Ended September 30, 2013 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Sales | $ | — | $ | 978.8 | $ | 73.5 | $ | (18.2 | ) | $ | 1,034.10 | |||||||||
Cost of goods sold | — | 570 | 57.4 | (18.2 | ) | 609.2 | ||||||||||||||
Gross Profit | — | 408.8 | 16.1 | — | 424.9 | |||||||||||||||
Selling, general and administrative expenses | 7.7 | 269 | 17.7 | — | 294.4 | |||||||||||||||
Amortization of intangible assets | — | 14.6 | — | — | 14.6 | |||||||||||||||
Restructuring expense | — | 3.8 | — | — | 3.8 | |||||||||||||||
Impairment of goodwill and other intangible assets | — | 2.9 | — | — | 2.9 | |||||||||||||||
Other operating expenses, net | — | 1 | 0.4 | — | 1.4 | |||||||||||||||
Operating (Loss) Profit | (7.7 | ) | 117.5 | (2.0 | ) | — | 107.8 | |||||||||||||
Interest expense | 85.5 | — | — | — | 85.5 | |||||||||||||||
(Loss) Earnings before Income Taxes | (93.2 | ) | 117.5 | (2.0 | ) | — | 22.3 | |||||||||||||
Income tax (benefit) expense | (30.0 | ) | 37.7 | (0.6 | ) | — | 7.1 | |||||||||||||
Net (Loss) Earnings before Equity in Subsidiaries | (63.2 | ) | 79.8 | (1.4 | ) | — | 15.2 | |||||||||||||
Equity earnings in subsidiary | 78.4 | — | — | (78.4 | ) | — | ||||||||||||||
Net Earnings (Loss) | $ | 15.2 | $ | 79.8 | $ | (1.4 | ) | $ | (78.4 | ) | $ | 15.2 | ||||||||
Total Comprehensive Income (Loss) | $ | 26.7 | $ | 92.4 | $ | (2.5 | ) | $ | (89.9 | ) | $ | 26.7 | ||||||||
Year Ended September 30, 2012 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Sales | $ | — | $ | 906.1 | $ | 70.9 | $ | (18.1 | ) | $ | 958.9 | |||||||||
Cost of goods sold | — | 495.2 | 52.9 | (18.1 | ) | 530 | ||||||||||||||
Gross Profit | — | 410.9 | 18 | — | 428.9 | |||||||||||||||
Selling, general and administrative expenses | 3.6 | 254 | 16.9 | — | 274.5 | |||||||||||||||
Amortization of intangible assets | — | 12.6 | — | — | 12.6 | |||||||||||||||
Other operating expenses, net | — | 2.7 | — | — | 2.7 | |||||||||||||||
Operating (Loss) Profit | (3.6 | ) | 141.6 | 1.1 | — | 139.1 | ||||||||||||||
Interest expense | 42.6 | 16.2 | 1.5 | — | 60.3 | |||||||||||||||
Other expense | — | 3.3 | (4.9 | ) | — | (1.6 | ) | |||||||||||||
(Loss) Earnings before Income Taxes | (46.2 | ) | 122.1 | 4.5 | — | 80.4 | ||||||||||||||
Income tax (benefit) expense | (17.3 | ) | 46.7 | 1.1 | — | 30.5 | ||||||||||||||
Net (Loss) Earnings before Equity in Subsidiaries | (28.9 | ) | 75.4 | 3.4 | — | 49.9 | ||||||||||||||
Equity earnings in subsidiary | 65.5 | — | — | (65.5 | ) | — | ||||||||||||||
Net Earnings | $ | 36.6 | $ | 75.4 | $ | 3.4 | $ | (65.5 | ) | $ | 49.9 | |||||||||
Total Comprehensive Income | $ | 22.2 | $ | 55.4 | $ | 2.4 | $ | (51.1 | ) | $ | 28.9 | |||||||||
Year Ended September 30, 2011 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Sales | $ | — | $ | 921.2 | $ | 68.5 | $ | (21.5 | ) | $ | 968.2 | |||||||||
Cost of goods sold | — | 482.8 | 55.3 | (21.5 | ) | 516.6 | ||||||||||||||
Gross Profit | — | 438.4 | 13.2 | — | 451.6 | |||||||||||||||
Selling, general and administrative expenses | — | 223.8 | 15.7 | — | 239.5 | |||||||||||||||
Amortization of intangible assets | — | 12.6 | — | — | 12.6 | |||||||||||||||
Impairment of goodwill and other intangible assets | — | 566.5 | — | — | 566.5 | |||||||||||||||
Other operating expenses, net | — | 1.5 | 0.1 | — | 1.6 | |||||||||||||||
Operating Loss | — | (366.0 | ) | (2.6 | ) | — | (368.6 | ) | ||||||||||||
Intercompany interest expense | — | 47.5 | 4 | — | 51.5 | |||||||||||||||
Other expense | — | 13.1 | (2.6 | ) | — | 10.5 | ||||||||||||||
Loss before Income Taxes | — | (426.6 | ) | (4.0 | ) | — | (430.6 | ) | ||||||||||||
Income tax benefit | — | (5.3 | ) | (1.0 | ) | — | (6.3 | ) | ||||||||||||
Net Loss | $ | — | $ | (421.3 | ) | $ | (3.0 | ) | $ | — | $ | (424.3 | ) | |||||||
Total Comprehensive Loss | $ | — | $ | (426.5 | ) | $ | (2.0 | ) | $ | — | $ | (428.5 | ) | |||||||
Consolidated Balance Sheets (Condensed) | ' | |||||||||||||||||||
POST HOLDINGS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 391.4 | $ | 4.1 | $ | 8.2 | $ | (1.7 | ) | $ | 402 | |||||||||
Restricted cash | 38.1 | — | — | — | 38.1 | |||||||||||||||
Receivables, net | 0.3 | 75.9 | 10.9 | (3.9 | ) | 83.2 | ||||||||||||||
Inventories | — | 115.9 | 6 | — | 121.9 | |||||||||||||||
Deferred income taxes | 11.8 | — | 0.1 | — | 11.9 | |||||||||||||||
Prepaid expenses and other current assets | 3.2 | 7.4 | 0.4 | — | 11 | |||||||||||||||
Total Current Assets | 444.8 | 203.3 | 25.6 | (5.6 | ) | 668.1 | ||||||||||||||
Property, net | — | 342.4 | 46.1 | — | 388.5 | |||||||||||||||
Goodwill | — | 1,483.30 | 6.4 | — | 1,489.70 | |||||||||||||||
Other intangible assets, net | — | 898.4 | — | — | 898.4 | |||||||||||||||
Intercompany receivable | 391.9 | — | — | (391.9 | ) | — | ||||||||||||||
Investment in subsidiaries | 2,384.00 | — | — | (2,384.0 | ) | — | ||||||||||||||
Deferred income taxes | — | — | 2.4 | — | 2.4 | |||||||||||||||
Other assets | 24 | 2.7 | — | — | 26.7 | |||||||||||||||
Total Assets | $ | 3,244.70 | $ | 2,930.10 | $ | 80.5 | $ | (2,781.5 | ) | $ | 3,473.80 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Accounts payable | $ | 0.5 | $ | 76.9 | $ | 5.3 | $ | (5.6 | ) | $ | 77.1 | |||||||||
Other current liabilities | 18.5 | 43.8 | 6.6 | — | 68.9 | |||||||||||||||
Total Current Liabilities | 19 | 120.7 | 11.9 | (5.6 | ) | 146 | ||||||||||||||
Long-term debt | 1,408.60 | — | — | — | 1,408.60 | |||||||||||||||
Intercompany payable | — | 391.7 | 0.2 | (391.9 | ) | — | ||||||||||||||
Deferred income taxes | 304.3 | — | — | — | 304.3 | |||||||||||||||
Other liabilities | 14.2 | 94.9 | 7.2 | — | 116.3 | |||||||||||||||
Total Liabilities | 1,746.10 | 607.3 | 19.3 | (397.5 | ) | 1,975.20 | ||||||||||||||
Total Stockholders’ Equity | 1,498.60 | 2,322.80 | 61.2 | (2,384.0 | ) | 1,498.60 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 3,244.70 | $ | 2,930.10 | $ | 80.5 | $ | (2,781.5 | ) | $ | 3,473.80 | |||||||||
30-Sep-12 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 49.7 | $ | 2.2 | $ | 6.3 | $ | — | $ | 58.2 | ||||||||||
Receivables, net | — | 50.1 | 11.1 | (4.7 | ) | 56.5 | ||||||||||||||
Inventories | — | 71.6 | 7 | — | 78.6 | |||||||||||||||
Deferred income taxes | 1.1 | — | — | — | 1.1 | |||||||||||||||
Prepaid expenses and other current assets | 9.3 | 5.4 | 0.6 | — | 15.3 | |||||||||||||||
Total Current Assets | 60.1 | 129.3 | 25 | (4.7 | ) | 209.7 | ||||||||||||||
Property, net | — | 352.5 | 52.6 | — | 405.1 | |||||||||||||||
Goodwill | — | 1,359.90 | 6.7 | — | 1,366.60 | |||||||||||||||
Other intangible assets, net | — | 736 | — | — | 736 | |||||||||||||||
Intercompany Receivable | 371.9 | — | — | (371.9 | ) | — | ||||||||||||||
Investment in subsidiaries | 2,067.20 | — | — | (2,067.2 | ) | — | ||||||||||||||
Other assets | 13.4 | 1.4 | 2.7 | (2.6 | ) | 14.9 | ||||||||||||||
Total Assets | $ | 2,512.60 | $ | 2,579.10 | $ | 87 | $ | (2,446.4 | ) | $ | 2,732.30 | |||||||||
LIABILITIES AND RALCORP EQUITY | ||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Current portion of long-term debt | $ | 15.3 | $ | — | $ | — | $ | — | $ | 15.3 | ||||||||||
Accounts payable | — | 49.6 | 5.1 | (4.7 | ) | 50 | ||||||||||||||
Other current liabilities | 8.3 | 44.7 | 8.1 | — | 61.1 | |||||||||||||||
Total Current Liabilities | 23.6 | 94.3 | 13.2 | (4.7 | ) | 126.4 | ||||||||||||||
Long-term debt | 930.3 | — | — | — | 930.3 | |||||||||||||||
Intercompany payable | — | 371.9 | — | (371.9 | ) | — | ||||||||||||||
Deferred income taxes | 317.5 | — | — | (2.6 | ) | 314.9 | ||||||||||||||
Other liabilities | 9.7 | 109.4 | 10.1 | — | 129.2 | |||||||||||||||
Total Liabilities | 1,281.10 | 575.6 | 23.3 | (379.2 | ) | 1,500.80 | ||||||||||||||
Total Stockholders’ Equity | 1,231.50 | 2,003.50 | 63.7 | (2,067.2 | ) | 1,231.50 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 2,512.60 | $ | 2,579.10 | $ | 87 | $ | (2,446.4 | ) | $ | 2,732.30 | |||||||||
Consolidated Statements of Cash Flows (Condensed) | ' | |||||||||||||||||||
POST HOLDINGS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
Year Ended September 30, 2013 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Cash Provided by (Used in) by Operating Activities | $ | 37.7 | $ | 158.3 | $ | 4.8 | $ | (81.6 | ) | $ | 119.2 | |||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Business acquisitions, net of cash acquired | (345.8 | ) | (7.1 | ) | — | — | (352.9 | ) | ||||||||||||
Additions to property | — | (30.3 | ) | (2.5 | ) | — | (32.8 | ) | ||||||||||||
Restricted cash | (38.1 | ) | — | — | — | (38.1 | ) | |||||||||||||
Proceeds from equity distributions | 39.1 | — | — | (39.1 | ) | — | ||||||||||||||
Net Cash Used in Investing Activities | (344.8 | ) | (37.4 | ) | (2.5 | ) | (39.1 | ) | (423.8 | ) | ||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Proceeds from issuance of Senior Notes | 600 | — | — | — | 600 | |||||||||||||||
Proceeds from issuance of preferred stock, net of issuance costs | 234 | — | — | — | 234 | |||||||||||||||
Repayments of long-term debt | (170.6 | ) | — | — | — | (170.6 | ) | |||||||||||||
Payments of preferred stock dividend | (4.2 | ) | — | — | — | (4.2 | ) | |||||||||||||
Payments of debt issuance costs | (10.5 | ) | — | — | — | (10.5 | ) | |||||||||||||
Payments for equity distributions | — | (119.0 | ) | — | 119 | — | ||||||||||||||
Other, net | 0.1 | — | — | — | 0.1 | |||||||||||||||
Net Cash Provided by (Used in) by Financing Activities | 648.8 | (119.0 | ) | — | 119 | 648.8 | ||||||||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | — | (0.4 | ) | — | (0.4 | ) | |||||||||||||
Net Increase in Cash and Cash Equivalents | 341.7 | 1.9 | 1.9 | (1.7 | ) | 343.8 | ||||||||||||||
Cash and Cash Equivalents, Beginning of Year | 49.7 | 2.2 | 6.3 | — | 58.2 | |||||||||||||||
Cash and Cash Equivalents, End of Year | $ | 391.4 | $ | 4.1 | $ | 8.2 | $ | (1.7 | ) | $ | 402 | |||||||||
Year Ended September 30, 2012 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Cash (Used in) Provided by Operating Activities | $ | (3.1 | ) | $ | 201.5 | $ | 9.8 | $ | (64.2 | ) | $ | 144 | ||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Additions to property | — | (29.5 | ) | (1.4 | ) | — | (30.9 | ) | ||||||||||||
Payment for equity contributions | (6.0 | ) | — | — | 6 | — | ||||||||||||||
Proceeds from equity distributions | 84.3 | — | — | (84.3 | ) | — | ||||||||||||||
Net Cash Provided by (Used in) Investing Activities | 78.3 | (29.5 | ) | (1.4 | ) | (78.3 | ) | (30.9 | ) | |||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Proceeds from issuance of Senior Notes | 775 | — | — | — | 775 | |||||||||||||||
Proceeds from issuance of term loan | 175 | — | — | — | 175 | |||||||||||||||
Payment to Ralcorp | (900.0 | ) | — | — | — | (900.0 | ) | |||||||||||||
Repayments of long-term debt | (4.4 | ) | — | — | — | (4.4 | ) | |||||||||||||
Purchases of treasury stock | (53.4 | ) | — | — | — | (53.4 | ) | |||||||||||||
Change in net investment of Ralcorp | — | (21.3 | ) | (18.1 | ) | — | (39.4 | ) | ||||||||||||
Payments of debt issuance costs | (17.7 | ) | — | — | — | (17.7 | ) | |||||||||||||
Changes in intercompany debt | — | — | 7.8 | — | 7.8 | |||||||||||||||
Proceeds from equity contributions | — | — | 6 | (6.0 | ) | — | ||||||||||||||
Payments for equity distributions | — | (148.5 | ) | — | 148.5 | — | ||||||||||||||
Net Cash (Used in) Provided by Financing Activities | (25.5 | ) | (169.8 | ) | (4.3 | ) | 142.5 | (57.1 | ) | |||||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | — | 0.5 | — | 0.5 | |||||||||||||||
Net Increase in Cash and Cash Equivalents | 49.7 | 2.2 | 4.6 | — | 56.5 | |||||||||||||||
Cash and Cash Equivalents, Beginning of Year | — | — | 1.7 | — | 1.7 | |||||||||||||||
Cash and Cash Equivalents, End of Year | $ | 49.7 | $ | 2.2 | $ | 6.3 | $ | — | $ | 58.2 | ||||||||||
Year Ended September 30, 2011 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | — | $ | 144.6 | $ | (0.8 | ) | $ | — | $ | 143.8 | |||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Additions to property | — | (12.5 | ) | (2.4 | ) | — | (14.9 | ) | ||||||||||||
Net Cash Used in Investing Activities | — | (12.5 | ) | (2.4 | ) | — | (14.9 | ) | ||||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Change in net investment of Ralcorp | — | (132.1 | ) | (60.2 | ) | — | (192.3 | ) | ||||||||||||
Changes in intercompany debt | — | — | 60.2 | — | 60.2 | |||||||||||||||
Net Cash Used in Financing Activities | — | (132.1 | ) | — | — | (132.1 | ) | |||||||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | — | 0.1 | — | 0.1 | |||||||||||||||
Net Decrease in Cash and Cash Equivalents | — | — | (3.1 | ) | — | (3.1 | ) | |||||||||||||
Cash and Cash Equivalents, Beginning of Year | — | — | 4.8 | — | 4.8 | |||||||||||||||
Cash and Cash Equivalents, End of Year | $ | — | $ | — | $ | 1.7 | $ | — | $ | 1.7 | ||||||||||
Summary_Quarterly_Financial_In1
Summary Quarterly Financial Information (Tables) | 12 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Quarterly Financial Information [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Fiscal 2013 | ||||||||||||||||
Net sales | $ | 236.9 | $ | 248.2 | $ | 257.3 | $ | 291.7 | ||||||||
Gross profit | 105.7 | 102.5 | 104.2 | 112.5 | ||||||||||||
Net earnings (loss) | 7.6 | 5.1 | 3.4 | (0.9 | ) | |||||||||||
Net earnings (loss) available to common stockholders | 7.6 | 4.3 | 1.1 | (3.2 | ) | |||||||||||
Basic earnings (loss) per share | $ | 0.23 | $ | 0.13 | $ | 0.03 | $ | (0.10 | ) | |||||||
Diluted earnings (loss) per share | $ | 0.23 | $ | 0.13 | $ | 0.03 | $ | (0.10 | ) | |||||||
Fiscal 2012 | ||||||||||||||||
Net sales | $ | 219.3 | $ | 250.5 | $ | 241.9 | $ | 247.2 | ||||||||
Gross profit | 98 | 111 | 109.8 | 110.1 | ||||||||||||
Net earnings | 12.8 | 10.5 | 15.8 | 10.8 | ||||||||||||
Basic earnings per share | $ | 0.37 | $ | 0.31 | $ | 0.46 | $ | 0.32 | ||||||||
Diluted earnings per share | $ | 0.37 | $ | 0.3 | $ | 0.46 | $ | 0.31 | ||||||||
Background_Details
Background (Details) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Feb. 03, 2012 |
Shares Of Ralcorp Stock For Each Share of Post Common Stock | ' | ' | ' | 2 |
Shares of common stock retained by former parent in Spin-Off | ' | 6,800,000 | ' | ' |
Repayments of Related Party Debt | $0 | $900 | $0 | ' |
Separation related adjustments | ' | 191 | ' | ' |
Principal Owner [Member] | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | 784.5 | ' | ' |
Net Investment [Member] | ' | ' | ' | ' |
Separation related adjustments | $182.80 | $182.80 | ' | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Property (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Property, Plant and Equipment, Net [Abstract] | ' | ' | ' |
Property, plant and equipment, gross | $640.50 | $599.50 | ' |
Accumulated depreciation | -252 | -194.4 | ' |
Property, Plant and Equipment, Net | 388.5 | 405.1 | ' |
Depreciation | 62.2 | 50.6 | 46.1 |
Land | ' | ' | ' |
Property, Plant and Equipment, Net [Abstract] | ' | ' | ' |
Property, plant and equipment, gross | 13 | 13 | ' |
Building and leasehold improvements | ' | ' | ' |
Property, Plant and Equipment, Net [Abstract] | ' | ' | ' |
Property, plant and equipment, gross | 139.9 | 135.3 | ' |
Building and leasehold improvements | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment, Net [Abstract] | ' | ' | ' |
Useful life minimum | '12 years | ' | ' |
Building and leasehold improvements | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment, Net [Abstract] | ' | ' | ' |
Useful life minimum | '30 years | ' | ' |
Machinery and equipment | ' | ' | ' |
Property, Plant and Equipment, Net [Abstract] | ' | ' | ' |
Property, plant and equipment, gross | 436.7 | 410.3 | ' |
Machinery and equipment | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment, Net [Abstract] | ' | ' | ' |
Useful life minimum | '1 year | ' | ' |
Machinery and equipment | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment, Net [Abstract] | ' | ' | ' |
Useful life minimum | '20 years | ' | ' |
Software | ' | ' | ' |
Property, Plant and Equipment, Net [Abstract] | ' | ' | ' |
Property, plant and equipment, gross | 28.4 | 21.9 | ' |
Construction in Progress | ' | ' | ' |
Property, Plant and Equipment, Net [Abstract] | ' | ' | ' |
Property, plant and equipment, gross | $22.50 | $19 | ' |
Background_Background_Details
Background Background (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2012 | Feb. 01, 2010 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Separation related adjustments | $191 | ' |
Equity Investment in Affiliate | $60.20 | $58.60 |
Shares of common stock retained by former parent in Spin-Off | 6.8 | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Other Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Finite-Lived and Indefinite-Lived, Intangible Assets | ' | ' | ' |
Amortization of intangible assets | $14.60 | $12.60 | $12.60 |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ' | ' | ' |
2014 | 22.8 | ' | ' |
2015 | 22.6 | ' | ' |
2016 | 22 | ' | ' |
2017 | 22 | ' | ' |
2018 | 22 | ' | ' |
Finite-Lived Intangible Assets [Abstract] | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | 424.8 | 244.9 | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | -67.1 | -52.5 | ' |
Finite-Lived Intangible Assets, Net | 357.7 | 192.4 | ' |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Carrying amount, total | 965.5 | 788.5 | ' |
Other intangible assets, net | 898.4 | 736 | ' |
Trademarks [Member] | ' | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | ' | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 540.7 | 543.6 | ' |
Other Intangible Assets [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Abstract] | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | 4.7 | 0 | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | -0.3 | 0 | ' |
Finite-Lived Intangible Assets, Net | 4.4 | 0 | ' |
Customer Relationships [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Abstract] | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | 258.6 | 153.9 | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | -41 | -32.1 | ' |
Finite-Lived Intangible Assets, Net | 217.6 | 121.8 | ' |
Trademarks [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Abstract] | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | 161.5 | 91 | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | -25.8 | -20.4 | ' |
Finite-Lived Intangible Assets, Net | $135.70 | $70.60 | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Restricted Cash (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Millions, unless otherwise specified | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents, Current | $38.10 | $0 |
Acquisition Purcahse Price Deposit [Member] | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents, Current | 37 | ' |
Collateral Cash Deposit [Member] | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents, Current | $1.10 | ' |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Recoverability of Assets (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2011 | Jun. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2013 |
Trademarks [Member] | Trademarks [Member] | Post Shredded Wheat [Member] | Post Brand [Member] | Trademarks [Member] | Trademarks [Member] | Trademarks [Member] | Trademarks [Member] | ||||
Trademarks [Member] | Trademarks [Member] | Post Shredded Wheat [Member] | Post Brand [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of goodwill and other intangible assets | $2.90 | $0 | $566.50 | ' | ' | ' | ' | ' | ' | $0.20 | $2.70 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | ' | ' | ' | 540.7 | 543.6 | 25.4 | 178.4 | ' | ' | ' | ' |
Indefinite-lived Intangible Assets, Impairment Losses | ' | ' | ' | ' | ' | ' | ' | $106.60 | $32.10 | ' | ' |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Stockholders' Equity (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 |
In Millions, unless otherwise specified | ||||
Accounting Policies [Abstract] | ' | ' | ' | ' |
Stockholders' Equity Attributable to Parent | $1,498.60 | $1,231.50 | $1,434.70 | $2,061.70 |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' |
Accounting Policies [Abstract] | ' | ' | ' | ' |
Stockholders' Equity Attributable to Parent | ($2.10) | $0.80 | $1 | ($0.10) |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies - Cost of Products Sold (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Accounting Policies [Abstract] | ' | ' | ' |
Cost Of Goods Sold, Storage And Warehouse Costs | $41.50 | $40.60 | $45.30 |
Restructuring_Details
Restructuring (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | $3.80 | $0 | $0 |
Restructuring and Related Cost, Cost Incurred to Date | 13.4 | ' | ' |
Restructuring and Related Cost, Expected Cost | 9.9 | ' | ' |
Total Income Statement Impact [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | 13.4 | ' | ' |
Accelerated depreciation [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | 9.6 | 0 | 0 |
Restructuring and Related Cost, Cost Incurred to Date | 9.6 | ' | ' |
Restructuring and Related Cost, Expected Cost | 8.5 | ' | ' |
Accelerated depreciation [Member] | Cost of Sales [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | 9.6 | ' | ' |
Pension curtailment [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and Related Cost, Cost Incurred to Date | 1.7 | ' | ' |
Restructuring and Related Cost, Expected Cost | 0 | ' | ' |
Pension curtailment [Member] | Selling, General and Administrative Expenses [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | 1.7 | ' | ' |
Employee Severance [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | 2.1 | ' | ' |
Restructuring and Related Cost, Cost Incurred to Date | 2.1 | ' | ' |
Restructuring and Related Cost, Expected Cost | 1.4 | ' | ' |
Employee Severance [Member] | Selling, General and Administrative Expenses [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | 2.1 | ' | ' |
Pension curtailment recorded to pension liability [Member] | Pension curtailment [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | 1.6 | ' | ' |
Pension curtailment reclassified from Other Comprehensive Income [Member] | Pension curtailment [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | $0.10 | ' | ' |
Business_Combinations_Details
Business Combinations (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | 28-May-13 | Sep. 30, 2013 | Sep. 03, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Attune Foods, Inc. [Member] | Attune Foods, Inc. [Member] | Assets of Hearthside Food Solutions [Member] | Assets of Hearthside Food Solutions [Member] | Premier Nutrition Corporation [Member] | Premier Nutrition Corporation [Member] | Attune Foods segment [Member] | Trademarks [Member] | Trademarks [Member] | Other Intangible Assets [Member] | Other Intangible Assets [Member] | Customer Relationships [Member] | Customer Relationships [Member] | ||||
Assets of Hearthside Food Solutions [Member] | Premier Nutrition Corporation [Member] | Assets of Hearthside Food Solutions [Member] | Premier Nutrition Corporation [Member] | Assets of Hearthside Food Solutions [Member] | Premier Nutrition Corporation [Member] | |||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | ' | $9,200,000 | ' | $159,900,000 | ' | $185,900,000 | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 1,489,700,000 | 1,366,600,000 | 1,366,200,000 | ' | ' | ' | ' | ' | ' | 75,100,000 | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | 0 | ' | 0 | ' | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables | ' | ' | ' | 500,000 | ' | 5,500,000 | ' | 11,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories | ' | ' | ' | 2,600,000 | ' | 6,300,000 | ' | 23,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Deferred Taxes Asset (Liability), Net, Current | ' | ' | ' | 0 | ' | 0 | ' | 5,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid expenses and other current assets | ' | ' | ' | 100,000 | ' | 200,000 | ' | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Property | ' | ' | ' | 100,000 | ' | 15,600,000 | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Goodwill Amount | ' | ' | ' | 3,600,000 | ' | 71,500,000 | ' | 48,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill | ' | ' | ' | 3,800,000 | ' | 63,500,000 | ' | 112,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | ' | ' | ' | -1,300,000 | ' | -2,100,000 | ' | -15,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Other current liabilities | ' | ' | ' | -200,000 | ' | -300,000 | ' | -2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Deferred Taxes Asset (Liability), Net, Noncurrent | ' | ' | ' | 0 | ' | -300,000 | ' | -2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Other liabilities | ' | ' | ' | 0 | ' | 0 | ' | -700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Purchase Price | ' | ' | ' | 9,200,000 | ' | 159,900,000 | ' | 185,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,200,000 | 56,300,000 | 1,600,000 | 3,100,000 | 51,500,000 | 53,200,000 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '24 years | '20 years | '2 years | '5 years | '19 years | '19 years |
Pro forma net sales | 1,211,900,000 | 1,143,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro forma net earnings available to common stockholders | 8,500,000 | 42,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro forma basic earnings per share | $0.26 | $1.23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro forma diluted earnings per share | $0.26 | $1.23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combinations Non-Recurring Inventory Step Up adjustment | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | $2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill_Details
Goodwill (Details) (USD $) | 1 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2012 |
Goodwill [Line Items] | ' | ' | ' |
Goodwill (gross) | $1,794 | $1,917.50 | $1,794.40 |
Accumulated impairment losses | -427.8 | -427.8 | -427.8 |
Goodwill | ' | 1,366.60 | 1,366.20 |
Goodwill | 1,366.20 | 1,489.70 | 1,366.60 |
Goodwill acquired | ' | 123.4 | ' |
Goodwill, Impairment Loss | -427.8 | ' | ' |
Currency translation adjustment | ' | -0.3 | -0.4 |
Attune Foods, Inc. [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill (gross) | 0 | 75.1 | 0 |
Accumulated impairment losses | 0 | 0 | 0 |
Goodwill | ' | 0 | 0 |
Goodwill | ' | 75.1 | 0 |
Goodwill acquired | ' | 75.1 | ' |
Currency translation adjustment | ' | 0 | 0 |
Active Nutrition [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill (gross) | 0 | 48.3 | 0 |
Accumulated impairment losses | 0 | 0 | 0 |
Goodwill | ' | 0 | 0 |
Goodwill | ' | 48.3 | 0 |
Goodwill acquired | ' | 48.3 | ' |
Currency translation adjustment | ' | 0 | 0 |
Weight of income approach used in measurement of goodwill impairment | ' | 100.00% | ' |
Weight of market approach used in measurement of goodwill impairment | ' | 0.00% | ' |
Post Foods [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill (gross) | 1,794 | 1,794.10 | 1,794.40 |
Accumulated impairment losses | -427.8 | -427.8 | -427.8 |
Goodwill | ' | 1,366.60 | 1,366.20 |
Goodwill | ' | 1,366.30 | 1,366.60 |
Goodwill acquired | ' | 0 | ' |
Currency translation adjustment | ' | -0.3 | 0.4 |
Post Foods [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Weight of income approach used in measurement of goodwill impairment | ' | 75.00% | ' |
Weight of market approach used in measurement of goodwill impairment | ' | 25.00% | ' |
Assets of Hearthside Food Solutions [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Goodwill Amount | ' | 71.5 | ' |
Premier Nutrition Corporation [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Goodwill Amount | ' | 48.3 | ' |
Attune Foods, Inc. [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Goodwill Amount | ' | $3.60 | ' |
Income_Taxes_Income_tax_benefi
Income Taxes - Income tax (benefit) provision (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Current | ' | ' | ' |
Federal | $33 | $30.80 | $55.60 |
State | 3.2 | 2.3 | 7.1 |
Foreign | 0 | 0 | 0 |
Current | 36.2 | 33.1 | 62.7 |
Deferred | ' | ' | ' |
Federal | -26.8 | -3.2 | -63 |
State | -1.8 | -0.5 | -5 |
Foreign | -0.5 | 1.1 | -1 |
Deferred | -29.1 | -2.6 | -69 |
Income tax (benefit) provision | $7.10 | $30.50 | ($6.30) |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Income Tax (Benefit) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | ' | ' | ' |
Computed tax at federal statutory rate (35%) | $7.80 | $28.10 | ($150.70) |
Non-deductible goodwill impairment loss | 0 | 0 | 149.7 |
Non-deductible compensation | 0.7 | 0 | 0 |
Non-deductible Spin-Off transaction costs | 0.2 | 1.8 | 0 |
Domestic production activities deduction | -2.9 | -0.9 | -5.5 |
State income taxes, net of effect on federal tax | 1 | 2 | -0.1 |
Other, net (none in excess of 5% of computed tax) | 0.3 | -0.5 | 0.3 |
Income tax (benefit) provision | $7.10 | $30.50 | ($6.30) |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ' | ' | ' |
Federal statutory rate | 35.00% | 35.00% | 35.00% |
None in excess of 5% of computed tax | 5.00% | 5.00% | 5.00% |
Income_Taxes_Deferred_Taxes_De
Income Taxes - Deferred Taxes (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Millions, unless otherwise specified | ||
Components of Deferred Tax Liabilities [Abstract] | ' | ' |
Noncurrent deferred tax liabilities | $304.30 | $314.90 |
Assets [Member] | ' | ' |
Components of Deferred Tax Assets [Abstract] | ' | ' |
Total deferred tax assets, gross | 82 | 50.1 |
Assets [Member] | Current | ' | ' |
Components of Deferred Tax Assets [Abstract] | ' | ' |
Accrued vacation, incentive and severance | 5.2 | 1.1 |
Accrued liabilities | 1.6 | 0.2 |
Current deferred tax assets | 12.2 | 1.3 |
Other items, assets | 5.4 | 0 |
Assets [Member] | Noncurrent | ' | ' |
Components of Deferred Tax Assets [Abstract] | ' | ' |
Pension and other postretirement benefits | 37 | 43.3 |
Stock-based compensation awards | 10.3 | 5.3 |
Net operating loss carryforwards | 21.6 | 0 |
Other items, assets | 0.9 | 0.2 |
Noncurrent deferred tax assets | 69.8 | 48.8 |
Liability [Member] | ' | ' |
Components of Deferred Tax Liabilities [Abstract] | ' | ' |
Total deferred tax liabilities, gross | 372 | 363.9 |
Liability [Member] | Current | ' | ' |
Components of Deferred Tax Liabilities [Abstract] | ' | ' |
Other items, liabilities | -0.3 | -0.2 |
Current deferred tax liabilities | -0.3 | -0.2 |
Liability [Member] | Noncurrent | ' | ' |
Components of Deferred Tax Assets [Abstract] | ' | ' |
Property | -74 | -85.5 |
Intangible assets | -297.7 | -278.2 |
Components of Deferred Tax Liabilities [Abstract] | ' | ' |
Noncurrent deferred tax liabilities | 371.7 | 363.7 |
Net Assets [Member] | ' | ' |
Deferred Tax Assets (Liabilities), Net [Abstract] | ' | ' |
Total deferred tax assets (liabilities), net | -290 | -313.8 |
Net Assets [Member] | Current | ' | ' |
Components of Deferred Tax Assets [Abstract] | ' | ' |
Accrued vacation, incentive and severance | 5.2 | 1.1 |
Accrued liabilities | 1.6 | 0.2 |
Deferred Tax Assets (Liabilities), Net [Abstract] | ' | ' |
Other items, net | 5.1 | -0.2 |
Deferred Tax Assets (Liabilities), Net, Current | 11.9 | 1.1 |
Net Assets [Member] | Noncurrent | ' | ' |
Components of Deferred Tax Assets [Abstract] | ' | ' |
Property | -74 | -85.5 |
Intangible assets | -297.7 | -278.2 |
Pension and other postretirement benefits | 37 | 43.3 |
Stock-based compensation awards | 10.3 | 5.3 |
Net operating loss carryforwards | 21.6 | 0 |
Deferred Tax Assets (Liabilities), Net [Abstract] | ' | ' |
Other items, net | 0.9 | 0.2 |
Deferred Tax Assets (Liabilities), Net, Noncurrent | ($301.90) | ($314.90) |
Income_Taxes_Income_Taxes_Narr
Income Taxes - Income Taxes Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Income Tax Disclosures | ' | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $0.10 | ' | ' |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | 0 | 0 | ' |
Federal statutory rate | 35.00% | 35.00% | 35.00% |
None in excess of 5% of computed tax | 5.00% | 5.00% | 5.00% |
Effective tax rate | 31.80% | 37.90% | -1.50% |
DPAD percentage rate | 9.00% | ' | ' |
Foreign income (loss) before income taxes | -2 | 4.5 | -4 |
Acquired net operating losses | 23.3 | ' | ' |
Unrecognized Tax Benefits | 3.6 | 2.7 | 0 |
Non-deductible compensation | 0.7 | 0 | 0 |
Non-deductible Spin-Off transaction costs | 0.2 | 1.8 | 0 |
Income Tax Reconciliation, Nondeductible Expense, Other | 1.8 | ' | ' |
Internal Revenue Service (IRS) [Member] | ' | ' | ' |
Income Tax Disclosures | ' | ' | ' |
Operating loss carryforward | 106.6 | ' | ' |
Operating Loss Carryforwards, Limitations on Usage | 12.1 | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' |
Income Tax Disclosures | ' | ' | ' |
Operating loss carryforward | 80.9 | ' | ' |
Operating Loss Carryforwards, Limitations on Usage | 62.7 | ' | ' |
Minimum [Member] | Internal Revenue Service (IRS) [Member] | ' | ' | ' |
Income Tax Disclosures | ' | ' | ' |
Tax Credit Carryforward, Expiration Date | 1-Jan-21 | ' | ' |
Minimum [Member] | State and Local Jurisdiction [Member] | ' | ' | ' |
Income Tax Disclosures | ' | ' | ' |
Tax Credit Carryforward, Expiration Date | 1-Jan-15 | ' | ' |
Maximum [Member] | ' | ' | ' |
Income Tax Disclosures | ' | ' | ' |
Tax Credit Carryforward, Expiration Date | 31-Dec-33 | ' | ' |
Maximum [Member] | State and Local Jurisdiction [Member] | ' | ' | ' |
Income Tax Disclosures | ' | ' | ' |
Tax Credit Carryforward, Expiration Date | 31-Dec-33 | ' | ' |
First Five Years Subsequent to Acquisition [Member] | Internal Revenue Service (IRS) [Member] | ' | ' | ' |
Income Tax Disclosures | ' | ' | ' |
Annual Net Operating Loss Limitation | 12.5 | ' | ' |
First Five Years Subsequent to Acquisition [Member] | Greater Than Five Years After Acquisition [Member] | ' | ' | ' |
Income Tax Disclosures | ' | ' | ' |
Annual Net Operating Loss Limitation | $4.20 | ' | ' |
Unrecognized_tax_benefits_Deta
Unrecognized tax benefits (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Unrecognized Tax Benefits | $3.60 | $2.70 | $0 |
Unrecognized Tax Benefits, Increases Resulting from Current Period Tax Positions | 0.9 | 2.7 | ' |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | 0 | 0 | ' |
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | 0 | 0 | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $0 | ' | ' |
Earnings_per_Share_Details
Earnings per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Feb. 03, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Feb. 03, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Retained Earnings [Member] | Retained Earnings [Member] | ||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Instruments Granted In Spinoff Transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | ' | ' | ' | 0.3 | ' | ' |
Net Income (Loss) Attributable to Parent | ($0.90) | $3.40 | $5.10 | $7.60 | $10.80 | $15.80 | $10.50 | $12.80 | $15.20 | $49.90 | ($424.30) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15.20 | $36.60 |
Preferred stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | -5.4 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Earnings (Loss) Available to Common Stockholders | ($3.20) | $1.10 | $4.30 | $7.60 | ' | ' | ' | ' | $9.80 | $49.90 | ($424.30) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Number of Shares Outstanding, Basic | ' | ' | ' | ' | ' | ' | ' | ' | 32.7 | 34.3 | 34.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34.4 | ' | ' | ' |
Incremental Common Shares Attributable to Share-based Payment Arrangements | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | 0.2 | 0 | 0.1 | 0 | 0 | 0.1 | 0.1 | 0 | ' | 0.1 | 0.1 | 0 | ' | ' | ' |
Weighted Average Number of Shares Outstanding, Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 33 | 34.5 | 34.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Basic | ($0.10) | $0.03 | $0.13 | $0.23 | $0.32 | $0.46 | $0.31 | $0.37 | $0.30 | $1.45 | ($12.33) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Diluted | ($0.10) | $0.03 | $0.13 | $0.23 | $0.31 | $0.46 | $0.30 | $0.37 | $0.30 | $1.45 | ($12.33) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings_per_Share_Antidilutiv
Earnings per Share Antidilutive shares excluded from earnings per share (Details) | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.3 | 2.3 |
Anti-Dilutive shares of Preferred stock excluded from Diluted Earnings per Share calculation | 0 | ' |
Supplemental_Operations_Statem2
Supplemental Operations Statement Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Supplemental Operations Statement and Cash Flow Information [Abstract] | ' | ' | ' |
Advertising and promotion expense | $118.40 | $126.40 | $117.30 |
Repair and maintenance expenses | 41.6 | 38.6 | 35.2 |
Research and development expense | 8.6 | 7.9 | 7.6 |
Rent expense | 4.8 | 4.1 | 4 |
Interest Paid | 76.3 | 33.7 | 0 |
Income Taxes Paid | 25.5 | 35.8 | 0 |
Intercompany interest paid | $0 | $17.70 | $51.50 |
Supplemental_Balance_Sheet_Inf2
Supplemental Balance Sheet Information (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Millions, unless otherwise specified | ||
Receivables, net | ' | ' |
Receivables, gross | $83.40 | $55.30 |
Other Receivables, Gross, Current | 0.1 | 1.5 |
Accounts and other receivables, gross | 83.5 | 56.8 |
Allowance for doubtful accounts | -0.3 | -0.3 |
Receivables, net | 83.2 | 56.5 |
Inventories | ' | ' |
Raw materials and supplies | 30.3 | 18.2 |
Finished products | 91.6 | 60.4 |
Inventories | 121.9 | 78.6 |
Accounts payable | ' | ' |
Trade | 57.1 | 30.7 |
Book Overdrafts | 7 | 10.6 |
Accounts Payable, Other, Current | 13 | 8.7 |
Accounts payable | 77.1 | 50 |
Liabilities, Current [Abstract] | ' | ' |
Advertising and promotion | 12.6 | 20.4 |
Accrued intercompany interest | 13 | 7.4 |
Compensation | 18.9 | 13.8 |
Miscellaneous accrued taxes | 4 | 3.9 |
Deferred income | 8.3 | 10.2 |
Other | 12.1 | 5.4 |
Other current liabilities | 68.9 | 61.1 |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 97.8 | 116.5 |
Deferred Compensation Liability, Classified, Noncurrent | 13.4 | 8.6 |
Other Accrued Liabilities, Noncurrent | 5.1 | 4.1 |
Other Liabilities, Noncurrent | $116.30 | $129.20 |
Allowance_for_Doubtful_Account2
Allowance for Doubtful Accounts (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Allowance For Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' |
Balance, beginning of year | $0.30 | $0 | $0.30 |
Transfers to RRC, net | 0 | 0 | -0.3 |
Allowance For Doubtful Accounts Receivable, Transfers From Related Party, Net | 0 | 0.3 | 0 |
Balance, end of year | $0.30 | $0.30 | $0 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments and Hedging (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Other Assets [Member] | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Assets | $0 | $1,600,000 |
Other Liabilities [Member] | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Liabilities | 200,000 | 0 |
Commodity Contract [Member] | Other Assets [Member] | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Assets | 0 | 1,300,000 |
Commodity Contract [Member] | Other Liabilities [Member] | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Liabilities | 100,000 | 0 |
Future [Member] | Other Assets [Member] | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Assets | 0 | 300,000 |
Future [Member] | Other Liabilities [Member] | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Liabilities | $100,000 | $0 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments and Hedging Gain(Loss) recognized in earnings from derivative instruments (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | ' | ($2) | ($13.60) |
Participation in Ralcorp derivative program costs [Member] | Cost of Sales [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 0 | -2 | -13.6 |
Commodity Contract [Member] | Cost of Sales [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | -0.6 | 0 | 0 |
Future [Member] | Cost of Sales [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | ($0.30) | $0.30 | $0 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments and Hedging Derivative Financial Instruments and Hedging Narrative (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2011 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | ($2) | ($13.60) |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Fair value of long-term debt | $1,450,600,000 | $992,100,000 |
Total | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Deferred compensation investment | 8,500,000 | 1,400,000 |
Derivative instruments | 0 | 1,600,000 |
Assets, Fair Value Disclosure | 8,500,000 | 3,000,000 |
Deferred compensation liabilities | 13,400,000 | 8,600,000 |
Derivative Liabilities | 200,000 | 0 |
Liabilities, Fair Value Disclosure | 13,600,000 | 8,600,000 |
Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Deferred compensation investment | 8,500,000 | 1,400,000 |
Derivative instruments | 0 | 0 |
Assets, Fair Value Disclosure | 8,500,000 | 1,400,000 |
Deferred compensation liabilities | 0 | 0 |
Derivative Liabilities | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Deferred compensation investment | 0 | 0 |
Derivative instruments | 0 | 1,600,000 |
Assets, Fair Value Disclosure | 0 | 1,600,000 |
Deferred compensation liabilities | 13,400,000 | 8,600,000 |
Derivative Liabilities | 200,000 | 0 |
Liabilities, Fair Value Disclosure | $13,600,000 | $8,600,000 |
Long_Term_Debt_Details
Long Term Debt (Details) (USD $) | 3 Months Ended | ||||
Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | |
Debt Instrument | ' | ' | ' | ' | ' |
Senior Notes | ' | ' | ' | $1,375,000,000 | $775,000,000 |
Loans Payable to Bank | ' | ' | ' | 0 | 170,600,000 |
Long-term Debt, Gross | ' | ' | ' | 1,375,000,000 | 945,600,000 |
Plus: Unamortized premium | ' | ' | ' | 33,600,000 | 0 |
Long-term Debt, Current Maturities | ' | ' | ' | 0 | -15,300,000 |
Long-term Debt | ' | ' | ' | 1,408,600,000 | 930,300,000 |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | 175,000,000 | ' |
Loans payable to Bank initial borrowing | ' | ' | ' | ' | 175,000,000 |
Debt, Weighted Average Interest Rate | ' | ' | ' | 2.22% | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | 7.38% | ' |
Secured Debt | ' | ' | ' | ' | 350,000,000 |
Long-term Debt, Excluding Current Maturities | ' | ' | ' | 1,408,600,000 | 930,300,000 |
Debt Instrument, Increase, Additional Borrowings | 350,000,000 | ' | 250,000,000 | ' | ' |
Premium percentage on debt issuance | 105.75% | 106.00% | ' | ' | ' |
Libor Rate | Minimum [Member] | ' | ' | ' | ' | ' |
Debt Instrument | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | 1.50% | ' |
Libor Rate | Maximum [Member] | ' | ' | ' | ' | ' |
Debt Instrument | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ' | ' | ' | ' |
Base Rate-Based | Minimum [Member] | ' | ' | ' | ' | ' |
Debt Instrument | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | 0.50% | ' |
Base Rate-Based | Maximum [Member] | ' | ' | ' | ' | ' |
Debt Instrument | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ' | ' | ' | ' |
Registered debt [Member] | ' | ' | ' | ' | ' |
Debt Instrument | ' | ' | ' | ' | ' |
Senior Notes | ' | ' | ' | 1,025,000,000 | ' |
Non registered debt [Member] | ' | ' | ' | ' | ' |
Debt Instrument | ' | ' | ' | ' | ' |
Senior Notes | ' | ' | ' | $350,000,000 | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies Commitments and Contingencies(Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Accrual for Environmental Loss Contingencies | $600,000 | ' | ' |
Future Minimum Payments Due and Rent Expense | ' | ' | ' |
2014 | 5,000,000 | ' | ' |
2015 | 4,500,000 | ' | ' |
2016 | 3,000,000 | ' | ' |
2017 | 1,400,000 | ' | ' |
2018 | 1,000,000 | ' | ' |
Thereafter | 3,300,000 | ' | ' |
Future Minimum Payments Due and Rent Expense [Abstract] | ' | ' | ' |
Rent expense for operating leases | $4,800,000 | $4,100,000 | $4,000,000 |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefits - Change in Projected Benefit Obligation, Fair Value of Plan Assets, and Net Funded Status (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Change in benefit obligation [roll forward] | ' | ' | ' |
Separation related adjustments | ' | $191 | ' |
Amounts recognized in assets or liabilities [Abstract] | ' | ' | ' |
Other liabilities | -97.8 | -116.5 | ' |
Pension Benefits | ' | ' | ' |
Change in benefit obligation [roll forward] | ' | ' | ' |
Benefit obligation at beginning of period | 39.9 | 27 | ' |
Service cost | 4.2 | 3.7 | 3.6 |
Interest cost | 1.8 | 1.5 | 1.3 |
Plan participants' contributions | 0.8 | 0.8 | ' |
Amendments | 0 | 0 | ' |
Actuarial (gain) loss | -2.2 | 7.4 | ' |
Separation related adjustments | 0 | 0.1 | ' |
Benefits paid | -1.7 | -1 | ' |
Curtailments | 1.2 | 0 | ' |
Defined Benefit Plan, Special Termination Benefits | 0.4 | 0 | ' |
Currency translation | -0.3 | 0.4 | ' |
Benefit obligation at end of period | 44.1 | 39.9 | 27 |
Change in fair value of plan assets [roll forward] | ' | ' | ' |
Fair value of plan assets at beginning of period | 23.2 | 12.5 | ' |
Actual return on plan assets | 1.6 | 2.6 | ' |
Employer contributions | 8.5 | 6.3 | ' |
Separation related adjustments | 0 | 1.8 | ' |
Plan participants' contributions | 0.8 | 0.8 | ' |
Benefits paid | -1.7 | -1 | ' |
Currency translation | -0.3 | 0.2 | ' |
Fair value of plan assets at end of period | 32.1 | 23.2 | 12.5 |
Defined benefit plan, funded status of plan [Abstract] | ' | ' | ' |
Funded status | -12 | -16.7 | ' |
Amounts recognized in assets or liabilities [Abstract] | ' | ' | ' |
Other current liabilities | 0 | 0 | ' |
Other liabilities | -12 | -16.7 | ' |
Net amount recognized | -12 | -16.7 | ' |
Amounts recognized in accumulated other comprehensive income or loss [Abstract] | ' | ' | ' |
Net actuarial (gain) loss | 8.5 | 11.8 | ' |
Prior service cost (credit) | 1.3 | 1.7 | ' |
Total | 9.8 | 13.5 | ' |
Weighted-average assumptions used to determine benefit obligation [Abstract] | ' | ' | ' |
Rate of compensation increase | 3.00% | 3.00% | ' |
Plans with benefit obligations in excess of plan assets, aggregate benefit obligation | 41.7 | 37 | ' |
U.S. Plans, Pension Benefits | ' | ' | ' |
Weighted-average assumptions used to determine benefit obligation [Abstract] | ' | ' | ' |
Discount rate | 5.15% | 4.13% | ' |
Candian Plans, Pension Benefits | ' | ' | ' |
Weighted-average assumptions used to determine benefit obligation [Abstract] | ' | ' | ' |
Discount rate | 4.87% | 4.25% | ' |
Other Benefits | ' | ' | ' |
Change in benefit obligation [roll forward] | ' | ' | ' |
Benefit obligation at beginning of period | 101.3 | 89.8 | ' |
Service cost | 2.4 | 2.3 | 2.6 |
Interest cost | 4 | 4.1 | 3.7 |
Plan participants' contributions | 0 | 0 | ' |
Amendments | -3.5 | 0 | ' |
Actuarial (gain) loss | -14.9 | 5.1 | ' |
Separation related adjustments | 0 | 0 | ' |
Benefits paid | -1.3 | -0.4 | ' |
Curtailments | 0 | 0 | ' |
Defined Benefit Plan, Special Termination Benefits | 0 | 0 | ' |
Currency translation | -0.3 | 0.4 | ' |
Benefit obligation at end of period | 87.7 | 101.3 | 89.8 |
Change in fair value of plan assets [roll forward] | ' | ' | ' |
Fair value of plan assets at beginning of period | 0 | 0 | ' |
Actual return on plan assets | 0 | 0 | ' |
Employer contributions | 1.3 | 0.4 | ' |
Separation related adjustments | 0 | 0 | ' |
Plan participants' contributions | 0 | 0 | ' |
Benefits paid | -1.3 | -0.4 | ' |
Currency translation | 0 | 0 | ' |
Fair value of plan assets at end of period | 0 | 0 | 0 |
Defined benefit plan, funded status of plan [Abstract] | ' | ' | ' |
Funded status | -87.7 | -101.3 | ' |
Amounts recognized in assets or liabilities [Abstract] | ' | ' | ' |
Other current liabilities | -1.9 | -1.5 | ' |
Other liabilities | -85.8 | -99.8 | ' |
Net amount recognized | -87.7 | -101.3 | ' |
Amounts recognized in accumulated other comprehensive income or loss [Abstract] | ' | ' | ' |
Net actuarial (gain) loss | 12.9 | 29.6 | ' |
Prior service cost (credit) | -5.2 | -2.9 | ' |
Total | $7.70 | $26.70 | ' |
Weighted-average assumptions used to determine benefit obligation [Abstract] | ' | ' | ' |
Rate of compensation increase | 3.00% | 3.00% | ' |
U.S. Plans, Other Benefits | ' | ' | ' |
Weighted-average assumptions used to determine benefit obligation [Abstract] | ' | ' | ' |
Discount rate | 5.21% | 3.96% | ' |
Canadian Plans, Other Benefits | ' | ' | ' |
Weighted-average assumptions used to determine benefit obligation [Abstract] | ' | ' | ' |
Discount rate | 5.01% | 4.39% | ' |
Pension_and_Other_Postretireme3
Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Pension Benefits | ' | ' | ' |
Components of net periodic benefit cost [Abstract] | ' | ' | ' |
Service cost | $4.20 | $3.70 | $3.60 |
Interest cost | 1.8 | 1.5 | 1.3 |
Expected return on plan assets | -1.7 | -1.5 | -1.6 |
Recognized net actuarial loss | 1.1 | 0.5 | 0.4 |
Recognized prior service cost | 0.4 | 0.4 | 0.4 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 1.7 | 0 | 0 |
Net periodic benefit cost | 7.5 | 4.6 | 4.1 |
Weighted-average assumptions used to determine net benefit cost [Abstract] | ' | ' | ' |
Rate of compensation increase | 3.00% | 3.00% | 3.25% |
Changes in plan assets and benefit obligation recognized in other comprehensive income or loss [Abstract] | ' | ' | ' |
Net (gain) loss | -2.1 | 6.3 | -7.9 |
Recognized loss | -1.1 | -0.6 | -0.4 |
Recognized prior service cost | -0.4 | -0.4 | -0.4 |
Loss adjustment due to Spin-Off | 0 | 10.8 | 0 |
Currency translation | 0 | 0.1 | 0 |
Total recognized in other comprehensive income or loss (before tax effects) | -3.6 | 16.2 | -8.7 |
Estimated net actuarial loss to be reclassified from accumulated other comprehensive income into net periodic benefit cost | 0.7 | ' | ' |
Prior service cost expected to be reclassified from accumulated other comprehensive income into net periodic benefit cost | 0.3 | ' | ' |
U.S. Plans, Pension Benefits | ' | ' | ' |
Weighted-average assumptions used to determine net benefit cost [Abstract] | ' | ' | ' |
Expected return on plan assets | 6.00% | 8.50% | 8.75% |
Candian Plans, Pension Benefits | ' | ' | ' |
Weighted-average assumptions used to determine net benefit cost [Abstract] | ' | ' | ' |
Discount rate | 4.25% | 5.15% | 5.40% |
Expected return on plan assets | 6.25% | 6.25% | 6.25% |
Other Benefits | ' | ' | ' |
Components of net periodic benefit cost [Abstract] | ' | ' | ' |
Service cost | 2.4 | 2.3 | 2.6 |
Interest cost | 4 | 4.1 | 3.7 |
Recognized net actuarial loss | 1.7 | 0.6 | 0.1 |
Recognized prior service cost | -1.1 | -1.2 | -1.2 |
Net periodic benefit cost | 7 | 5.8 | 5.2 |
Weighted-average assumptions used to determine net benefit cost [Abstract] | ' | ' | ' |
Rate of compensation increase | 3.00% | 3.00% | 3.25% |
Changes in plan assets and benefit obligation recognized in other comprehensive income or loss [Abstract] | ' | ' | ' |
Net (gain) loss | -14.9 | 5.1 | 16.3 |
Recognized loss | -1.7 | -0.6 | -0.1 |
Prior service cost | -3.5 | 0 | 0 |
Recognized prior service cost | 1.1 | 1.2 | 1.1 |
Loss adjustment due to Spin-Off | 0 | 11.2 | 0 |
Currency translation | 0 | 0.1 | 0 |
Total recognized in other comprehensive income or loss (before tax effects) | -19 | 17 | 17.3 |
Estimated net actuarial loss to be reclassified from accumulated other comprehensive income into net periodic benefit cost | 0.4 | ' | ' |
Prior service cost expected to be reclassified from accumulated other comprehensive income into net periodic benefit cost | ($2.40) | ' | ' |
Canadian Plans, Other Benefits | ' | ' | ' |
Weighted-average assumptions used to determine net benefit cost [Abstract] | ' | ' | ' |
Discount rate | 4.39% | 5.26% | 5.26% |
(Pre Spin) | U.S. Plans, Pension Benefits | ' | ' | ' |
Weighted-average assumptions used to determine net benefit cost [Abstract] | ' | ' | ' |
Discount rate | ' | 5.05% | 5.40% |
(Pre Spin) | U.S. Plans, Other Benefits | ' | ' | ' |
Weighted-average assumptions used to determine net benefit cost [Abstract] | ' | ' | ' |
Discount rate | ' | 5.13% | 5.13% |
(Post-Spin) | U.S. Plans, Pension Benefits | ' | ' | ' |
Weighted-average assumptions used to determine net benefit cost [Abstract] | ' | ' | ' |
Discount rate | 4.13% | 4.82% | 0.00% |
(Post-Spin) | U.S. Plans, Other Benefits | ' | ' | ' |
Weighted-average assumptions used to determine net benefit cost [Abstract] | ' | ' | ' |
Discount rate | 3.96% | 4.86% | 0.00% |
Pension_and_Other_Postretireme4
Pension and Other Postretirement Benefits - Pension Plan Assets Measured at Fair Value on a Recurring Basis (Details) (Pension Benefits, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Defined Benefit Plan Disclosure | ' | ' | ' |
Pension plan's assets at fair value | $32.10 | $23.20 | $12.50 |
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | ' | ' | ' |
Defined Benefit Plan, Actual Allocation Of Assets, Other Securities | 1.00% | 2.00% | ' |
Actual allocations, index funds | 85.00% | 84.00% | ' |
Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Pension plan's assets at fair value | 2.9 | 4.2 | ' |
Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Pension plan's assets at fair value | 29.2 | 19 | ' |
Debt Securities [Member] | ' | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations | 39.50% | 38.00% | ' |
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | ' | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 38.00% | ' | ' |
Total mutual funds | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Pension plan's assets at fair value | 31.7 | 22.6 | ' |
Total mutual funds | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Pension plan's assets at fair value | 2.5 | 3.6 | ' |
Total mutual funds | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Pension plan's assets at fair value | 29.2 | 19 | ' |
Equities | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Pension plan's assets at fair value | 17.9 | 12.5 | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations | 50.00% | 54.00% | ' |
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | ' | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 56.00% | ' | ' |
Equities | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Pension plan's assets at fair value | 0 | 0 | ' |
Equities | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Pension plan's assets at fair value | 17.9 | 12.5 | ' |
Equity securities, domestic | ' | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations | 27.50% | ' | ' |
Equity Securities, Foreign [Member] | ' | ' | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations | 22.50% | ' | ' |
Bonds | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Pension plan's assets at fair value | 2.5 | 3.6 | ' |
Bonds | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Pension plan's assets at fair value | 2.5 | 3.6 | ' |
Bonds | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Pension plan's assets at fair value | 0 | 0 | ' |
Pooled Assets | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Pension plan's assets at fair value | 2.2 | 1.6 | ' |
Pooled Assets | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Pension plan's assets at fair value | 0 | 0 | ' |
Pooled Assets | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Pension plan's assets at fair value | 2.2 | 1.6 | ' |
Fixed income | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Pension plan's assets at fair value | 7.5 | 3.5 | ' |
Fixed income | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Pension plan's assets at fair value | 0 | 0 | ' |
Fixed income | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Pension plan's assets at fair value | 7.5 | 3.5 | ' |
Real assets | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Pension plan's assets at fair value | 1.6 | 1.4 | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations | 10.00% | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | ' | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 5.00% | 6.00% | ' |
Real assets | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Pension plan's assets at fair value | 0 | 0 | ' |
Real assets | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Pension plan's assets at fair value | 1.6 | 1.4 | ' |
Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Pension plan's assets at fair value | 0.4 | 0.6 | ' |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations | 0.50% | ' | ' |
Cash and Cash Equivalents [Member] | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Pension plan's assets at fair value | 0.4 | 0.6 | ' |
Cash and Cash Equivalents [Member] | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Pension plan's assets at fair value | $0 | $0 | ' |
Pension_and_Other_Postretireme5
Pension and Other Postretirement Benefits - Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ' | ' |
Effect on postretirement benefit obligation, increase | 16.6 | ' |
Effect on postretirement benefit obligation, decrease | -13.2 | ' |
Effect on total service and interest cost, increase | 1.5 | ' |
Effect on total service and interest cost, decrease | -1.2 | ' |
U.S. Plans, Pension Benefits | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Change in assumed health care cost trend rates | 1.00% | ' |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | 5.00% |
U.S. Plans, Pension Benefits | Participants Under 65 | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 9.00% | 9.50% |
U.S. Plans, Pension Benefits | Participants Over 65 [Member] | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 6.60% | 6.80% |
Candian Plans, Pension Benefits | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 6.50% | 7.00% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | ' |
Pension_and_Other_Postretireme6
Pension and Other Postretirement Benefits - Expected Future Benefit Payments and Related Federal Subsidy Receipts (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 6.5 | ' |
Disclosure of Expected Gross Prescription Drug Subsidy Receipts [Abstract] | ' | ' |
Subsidy receipts, 2014 | 0 | ' |
Subsidy receipts, 2015 | 0 | ' |
Subsidy receipts, 2016 | 0 | ' |
Subsidy receipts, 2017 | 0 | ' |
Subsidy receipts, 2018 | 0 | ' |
Subsidy receipts 2019 - 2023 | -0.8 | ' |
Candian Plans, Pension Benefits | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 6.50% | 7.00% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | ' |
Pension benefits | ' | ' |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | ' | ' |
Year 1 | 1.8 | ' |
Year 2 | 2.3 | ' |
Year 3 | 2.4 | ' |
Year 4 | 2.3 | ' |
Year 5 | 2.2 | ' |
Year 6 and thereafter | 13.8 | ' |
Other benefits | ' | ' |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | ' | ' |
Year 1 | 2 | ' |
Year 2 | 2.5 | ' |
Year 3 | 3.1 | ' |
Year 4 | 3.6 | ' |
Year 5 | 4.1 | ' |
Year 6 and thereafter | 24.4 | ' |
Pension_and_Other_Postretireme7
Pension and Other Postretirement Benefits Defined contribution plan expense (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Separation related adjustments, gross | ' | ($11.50) | ' |
Separation related adjustments | ' | 191 | ' |
Defined Contribution Plan, Cost Recognized | 2.8 | 1.8 | 1.7 |
Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Separation related adjustments | 0 | 0.1 | ' |
Defined Benefit Plan, Actual Allocation Of Assets, Other Securities | 1.00% | 2.00% | ' |
Pension Benefits | Real assets | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations | 10.00% | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 5.00% | 6.00% | ' |
Pension Benefits | Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations | 0.50% | ' | ' |
U.S. Plans, Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | 5.00% | ' |
Candian Plans, Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 6.50% | 7.00% | ' |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | ' | ' |
Participants Over 65 [Member] | U.S. Plans, Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 6.60% | 6.80% | ' |
Participants Under 65 | U.S. Plans, Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 9.00% | 9.50% | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Separation related adjustments | ' | ($7.20) | ' |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans - Stock Appreciation Rights Award Activity (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Stock Appreciation Rights | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '7 years 9 months 18 days | '4 years 9 months 18 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 28.32% | 30.24% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.19% | 0.77% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | ' |
Allocated Share-based Compensation Expense | $12 | $5 | $1.70 |
Stock Settled [Member] | ' | ' | ' |
Stock Appreciation Rights | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 315,765 | 356,243 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 35,000 | 70,000 | ' |
Share-Based Compensation Arrangement By Share-Based award other than options exercised during the period | -69,130 | ' | ' |
Share-Based Compensation Arrangement other than Options forfeited during the period | -6,348 | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Stock Appreciation Rights, Expirations In Period | 0 | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Vested And Expected To Vest, Outstanding, Number | 311,670 | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Exercisable, Number | 102,855 | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Weighted Average Exercise Price | $23.84 | $21.39 | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Non-Option Equity Instruments, Granted, Weighted Average Exercise Price | $37.89 | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Non-Option Equity Instruments, Exercises In Period, Weighted Average Exercise Price | $18.86 | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Non-Option Equity Instruments, Forfeitures In Period, Weighted Average Exercise Price | $17.73 | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Non-Option Equity Instruments, Expirations In Period, Weighted Average Exercise Price | $0 | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Vested And Expected To Vest, Outstanding, Weighted Average Exercise Price | $23.91 | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Exercisable, Weighted Average Exercise Price | $19.79 | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Outstanding, Weighted Average Remaining Contractual Term | '6 years 11 months 9 days | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Vested And Expected To Vest, Outstanding, Weighted Average Remaining Contractual Term | '6 years 11 months 10 days | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Exercisable, Weighted Average Remaining Contractual Term | '5 years 6 months 12 days | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Outstanding, Intrinsic Value | 5.2 | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Vested And Expected To Vest, Outstanding, Aggregate Intrinsic Value | 5.1 | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Exercisable, Aggregate Intrinsic Value | 2.1 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '6 years 6 months | '6 years 6 months | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 29.40% | 29.00% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.26% | 1.20% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Of Awards, Per Share | $12.19 | $9.96 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | 1.2 | 0.1 | 0.1 |
Allocated Share-based Compensation Expense | $0.40 | $0.70 | ' |
StockBased_Compensation_Plans_2
Stock-Based Compensation Plans - Stock-Based Compensation Plans Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 6.5 | ' | ' |
Matching contribution on Director Deferred Compensation | 33.00% | ' | ' |
Stock Based Compensation Awards [Abstract] | ' | ' | ' |
Allocated Share-based Compensation Expense | $12 | $5 | $1.70 |
Recognized deferred tax beneft | 3.9 | 1.9 | 0.6 |
Compensation cost related to nonvested awards not yet recognized | 24.7 | ' | ' |
Awards not yet recognized. weighted average period to be recognized | '2 years 6 months | ' | ' |
Restricted Stock Awards [Abstract] | ' | ' | ' |
Fair value of restricted stock awards vested | 5.3 | ' | ' |
Stock Settled [Member] | ' | ' | ' |
Stock Based Compensation Awards [Abstract] | ' | ' | ' |
Allocated Share-based Compensation Expense | 0.4 | 0.7 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $1.20 | $0.10 | $0.10 |
StockBased_Compensation_Plans_3
Stock-Based Compensation Plans -Cash Settled Stock Appreciation Rights Activity (Details) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '7 years 9 months 18 days | '4 years 9 months 18 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 28.32% | 30.24% | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.19% | 0.77% | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | ' | ' |
Cash Settled [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Outstanding at September 30, 2012 | 31,735 | ' | ' | 22,214 |
Weighted-average exercise price of shares reserved for issuance under non-option equity instrument agreements awarded that validly exist and are outstanding, including vested instruments. | ' | $18.10 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based award other than options exercised during the period | 0 | ' | ' | ' |
Share-Based Compensation Arrangement other than Options forfeited during the period | -9,521 | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Stock Appreciation Rights, Expirations In Period | 0 | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Vested And Expected To Vest, Outstanding, Number | 21,350 | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Exercisable, Number | 7,402 | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Weighted Average Exercise Price | $18.10 | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Non-Option Equity Instruments, Granted, Weighted Average Exercise Price | $0 | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Non-Option Equity Instruments, Forfeitures In Period, Weighted Average Exercise Price | $18.10 | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Non-Option Equity Instruments, Expirations In Period, Weighted Average Exercise Price | $0 | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Vested And Expected To Vest, Outstanding, Weighted Average Exercise Price | $18.10 | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Exercisable, Weighted Average Exercise Price | $18.10 | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Outstanding, Weighted Average Remaining Contractual Term | '6 years 11 months 23 days | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Vested And Expected To Vest, Outstanding, Weighted Average Remaining Contractual Term | '6 years 11 months 23 days | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Exercisable, Weighted Average Remaining Contractual Term | '6 years 11 months 23 days | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Outstanding, Intrinsic Value | $0.50 | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Vested And Expected To Vest, Outstanding, Aggregate Intrinsic Value | 0.5 | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Exercisable, Aggregate Intrinsic Value | $0.20 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '3 years 6 months | '4 years 6 months | '5 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 27.60% | 30.50% | 30.00% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.82% | 0.70% | 0.96% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Of Awards, Per Share | $23.09 | $14.15 | $30.27 | ' |
StockBased_Compensation_Plans_4
Stock-Based Compensation Plans - Stock Option award activity (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,120,000 | 1,820,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 300,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 2,120,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 606,666 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $31.62 | $31.25 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $33.89 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $31.62 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $31.25 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '8 years 8 months 22 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | '8 years 8 months 22 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '8 years 7 months 27 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $18.50 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 18.5 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $5.50 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '7 years 9 months 18 days | '4 years 9 months 18 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 28.32% | 30.24% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.19% | 0.77% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $11.54 | $8.52 |
StockBased_Compensation_Plans_5
Stock-Based Compensation Plans - Restricted Stock Units (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted stock units to be settled 60 days after leaving the company | 104,167 | ' |
Fair value of restricted stock awards vested | 5.3 | ' |
Cash Settled [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | ' |
Stock Settled [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 35,000 | 70,000 |
Cash Settled [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Nonvestsed restricted stock awards | 144,253 | 76,750 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 95,750 | ' |
Share-Based Compensation Arrangement By Share-Based award other than options exercised during the period | 24,247 | ' |
Share-Based Compensation Arrangement other than Options forfeited during the period | -4,000 | ' |
Grant date value per share | 38.06 | 31.34 |
Share-Based Compensation Arrangement By Share-Based Payment Award, Non-Option Equity Instruments, Granted, Weighted Average Exercise Price | 41.47 | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Non-Option Equity Instruments, Exercises In Period, Weighted Average Exercise Price | 31.34 | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Non-Option Equity Instruments, Forfeitures In Period, Weighted Average Exercise Price | 31.34 | ' |
Stock Settled [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Nonvestsed restricted stock awards | 298,667 | 362,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 57,000 | ' |
Share-Based Compensation Arrangement By Share-Based award other than options exercised during the period | -120,833 | ' |
Share-Based Compensation Arrangement other than Options forfeited during the period | 0 | ' |
Grant date value per share | 31.75 | 31.25 |
Share-Based Compensation Arrangement By Share-Based Payment Award, Non-Option Equity Instruments, Granted, Weighted Average Exercise Price | 33.89 | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Non-Option Equity Instruments, Exercises In Period, Weighted Average Exercise Price | 31.25 | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Non-Option Equity Instruments, Forfeitures In Period, Weighted Average Exercise Price | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Total Share-based Liabilities Paid | 1.1 | ' |
Preferred_Stock_Details
Preferred Stock (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Class of Stock [Line Items] | ' | ' | ' |
Preferred stock issued and authorized | 2,400,000 | ' | ' |
Preferred Stock, Dividend Rate, Percentage | 3.75% | ' | ' |
Proceeds from issuance of preferred stock, net of issuance costs | $234 | $0 | $0 |
Payments of Stock Issuance Costs | $7.50 | ' | ' |
Par value of preferred stock | $0.01 | $0.01 | ' |
Preferred Stock, Liquidation Preference Per Share | $100 | ' | ' |
Convertible Preferred Stock, Shares Issued upon Conversion | 2.1192 | ' | ' |
Conversion price of convertible preferred stock | $47.19 | ' | ' |
Preferred Stock, Redemption Price, Percentage of Liquidation Preference | 100.00% | ' | ' |
Stock Redemption Triggering Event, Common Stock as Percentage of Conversion Price In Effect | 130.00% | ' | ' |
Stock Redemption Triggering Event, Number of Trading during Thirty Day Consecutive Period, Conversion Price Percentage Met | '20 days | ' | ' |
Related_Party_Disclosures_Deta
Related Party Disclosures (Details) (USD $) | 8 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Feb. 01, 2010 |
Related Party Transactions | ' | ' | ' | ' | ' |
Shares of common stock retained by former parent in Spin-Off | ' | ' | 6.8 | ' | ' |
Repayments of Related Party Debt | ' | $0 | $900 | $0 | ' |
Separation related adjustments | ' | ' | 191 | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | 8.1 | 5.2 | ' | ' | ' |
Deferred Compensation Liability, Classified, Noncurrent | 8.6 | 13.4 | 8.6 | ' | ' |
Fees incurred on behalf of and due from related party | ' | 0.5 | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | 7.38% | ' | ' | ' |
Equity Investment in Affiliate | 60.2 | ' | 60.2 | ' | 58.6 |
Principal Owner [Member] | ' | ' | ' | ' | ' |
Related Party Transactions | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | 784.5 | ' | 784.5 | ' | ' |
Ralcorp [Member] | ' | ' | ' | ' | ' |
Related Party Transactions | ' | ' | ' | ' | ' |
Total allocated costs reported in selling, general and administrative expenses | ' | ' | 4.6 | 21.5 | ' |
Net sales, related party transactions | ' | 15.3 | 16.7 | 10.5 | ' |
Deferred Compensation Liability, Classified, Noncurrent | ' | 6.7 | ' | ' | ' |
Fees paid to related party for procurement services | ' | 0.2 | ' | ' | ' |
Discount factor on sale of receivables to related party | ' | 1.18% | ' | ' | ' |
Discount on receivables sold to related party | ' | ' | 3.3 | 13 | ' |
Servicing fee income from related party | ' | ' | 0.8 | 3.7 | ' |
Separation related expenses | ' | 8.9 | 12.5 | 2.8 | ' |
Western Waffles [Member] | ' | ' | ' | ' | ' |
Related Party Transactions | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | 1.00% | ' |
Western Waffles [Member] | U.S. Dollars | ' | ' | ' | ' | ' |
Related Party Transactions | ' | ' | ' | ' | ' |
Due from Related Parties | ' | ' | ' | 4 | ' |
Western Waffles [Member] | Candian Dollars | ' | ' | ' | ' | ' |
Related Party Transactions | ' | ' | ' | ' | ' |
Due from Related Parties | ' | ' | ' | 4 | ' |
Net Investment [Member] | ' | ' | ' | ' | ' |
Related Party Transactions | ' | ' | ' | ' | ' |
Separation related adjustments | ' | $182.80 | $182.80 | ' | ' |
Segments_Details
Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disclosure on Geographic Areas, Percent of Revenue from External Customers Attributed to Foreign Countries | ' | ' | ' | ' | ' | ' | ' | ' | 13.60% | ' | ' |
Net Sales | $291.70 | $257.30 | $248.20 | $236.90 | $247.20 | $241.90 | $250.50 | $219.30 | $1,034.10 | $958.90 | $968.20 |
Segment Reporting Information, Intersegment Revenue | ' | ' | ' | ' | ' | ' | ' | ' | -0.4 | 0 | 0 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 107.8 | 139.1 | -368.6 |
Other Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 47.5 | 25.2 | 18.6 |
Restructuring Charges | ' | ' | ' | ' | ' | ' | ' | ' | 3.8 | 0 | 0 |
Impairment of goodwill and other intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 2.9 | 0 | 566.5 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 85.5 | 60.3 | 51.5 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 22.3 | 80.4 | -430.6 |
Entity-Wide Revenue, Major Customer, Amount | ' | ' | ' | ' | ' | ' | ' | ' | 206.1 | 204.2 | 206.9 |
Entity-Wide Revenue, Major Customer, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | 20.00% | 20.00% |
Additions to property and intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 32.8 | 30.9 | 14.9 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 76.8 | 63.2 | 58.7 |
Assets | 3,473.80 | ' | ' | ' | 2,732.30 | ' | ' | ' | 3,473.80 | 2,732.30 | ' |
Disclosure on Geographic Areas, Long-Lived Assets in Foreign Countries | 46.1 | ' | ' | ' | 52.6 | ' | ' | ' | 46.1 | 52.6 | ' |
Post Foods [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 982.8 | 958.9 | 968.2 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 168.1 | 165.9 | 206 |
Additions to property and intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 24.7 | 21.6 | 14.9 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 58.8 | 60.3 | 58.7 |
Assets | 2,614.90 | ' | ' | ' | 2,637.40 | ' | ' | ' | 2,614.90 | 2,637.40 | ' |
Attune Foods, Inc. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Attune Foods segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 37.8 | 0 | 0 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 2.5 | ' | ' |
Additions to property and intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2.6 | 0 | 0 |
Assets | 172 | ' | ' | ' | 0 | ' | ' | ' | 172 | 0 | ' |
Active Nutrition [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 13.9 | 0 | 0 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 0 | 0 |
Additions to property and intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | 0 | 0 |
Assets | 198 | ' | ' | ' | 0 | ' | ' | ' | 198 | 0 | ' |
Total Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 171.6 | 165.9 | 206 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 61.9 | 60.3 | 58.7 |
Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additions to property and intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 8.1 | 9.3 | 0 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 5.3 | 2.9 | 0 |
Assets | 488.9 | ' | ' | ' | 94.9 | ' | ' | ' | 488.9 | 94.9 | ' |
Accelerated depreciation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Charges | ' | ' | ' | ' | ' | ' | ' | ' | $9.60 | $0 | $0 |
Investment_in_Partnership_Deta
Investment in Partnership (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Feb. 01, 2010 |
Investment in Partnership [Abstract] | ' | ' | ' |
Equity Investment in Affiliate | ' | $60.20 | $58.60 |
Equity method investment, ownership percentage | ' | ' | 48.15% |
Income (Loss) of Equity Investment in Affiiate | $0.20 | $4.20 | ' |
Guarantor_Financials_Combined_
Guarantor Financials - Combined Statements of Operations (Condensed) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Consolidated Statements Of Operations (Condensed) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $291.70 | $257.30 | $248.20 | $236.90 | $247.20 | $241.90 | $250.50 | $219.30 | $1,034.10 | $958.90 | $968.20 |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 609.2 | 530 | 516.6 |
Gross Profit | 112.5 | 104.2 | 102.5 | 105.7 | 110.1 | 109.8 | 111 | 98 | 424.9 | 428.9 | 451.6 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 294.4 | 274.5 | 239.5 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 14.6 | 12.6 | 12.6 |
Restructuring Charges | ' | ' | ' | ' | ' | ' | ' | ' | 3.8 | 0 | 0 |
Impairment of goodwill and other intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 2.9 | 0 | 566.5 |
Other operating expenses, net | ' | ' | ' | ' | ' | ' | ' | ' | 1.4 | 2.7 | 1.6 |
Operating (Loss) Profit | ' | ' | ' | ' | ' | ' | ' | ' | 107.8 | 139.1 | -368.6 |
Interest Expense, Related Party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.5 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 85.5 | 60.3 | 51.5 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1.6 | 10.5 |
(Loss) Earnings before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 22.3 | 80.4 | -430.6 |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 7.1 | 30.5 | -6.3 |
Net (Loss) Earnings before Equity in Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 15.2 | 49.9 | ' |
Equity in earnings of partnership | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Net (Loss) Earnings | -0.9 | 3.4 | 5.1 | 7.6 | 10.8 | 15.8 | 10.5 | 12.8 | 15.2 | 49.9 | -424.3 |
Total Comprehensive Loss | ' | ' | ' | ' | ' | ' | ' | ' | 26.7 | 28.9 | -428.5 |
Parent Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated Statements Of Operations (Condensed) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 7.7 | 3.6 | 0 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Restructuring Charges | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Impairment of goodwill and other intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 |
Other operating expenses, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Operating (Loss) Profit | ' | ' | ' | ' | ' | ' | ' | ' | -7.7 | -3.6 | 0 |
Interest Expense, Related Party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 85.5 | 42.6 | ' |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
(Loss) Earnings before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | -93.2 | -46.2 | 0 |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -30 | -17.3 | 0 |
Net (Loss) Earnings before Equity in Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -63.2 | -28.9 | ' |
Equity in earnings of partnership | ' | ' | ' | ' | ' | ' | ' | ' | 78.4 | 65.5 | ' |
Net (Loss) Earnings | ' | ' | ' | ' | ' | ' | ' | ' | 15.2 | 36.6 | 0 |
Total Comprehensive Loss | ' | ' | ' | ' | ' | ' | ' | ' | 26.7 | 22.2 | 0 |
Guarantors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated Statements Of Operations (Condensed) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 978.8 | 906.1 | 921.2 |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 570 | 495.2 | 482.8 |
Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | 408.8 | 410.9 | 438.4 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 269 | 254 | 223.8 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 14.6 | 12.6 | 12.6 |
Restructuring Charges | ' | ' | ' | ' | ' | ' | ' | ' | 3.8 | ' | ' |
Impairment of goodwill and other intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 2.9 | ' | 566.5 |
Other operating expenses, net | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 2.7 | 1.5 |
Operating (Loss) Profit | ' | ' | ' | ' | ' | ' | ' | ' | 117.5 | 141.6 | -366 |
Interest Expense, Related Party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47.5 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 16.2 | ' |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.3 | 13.1 |
(Loss) Earnings before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 117.5 | 122.1 | -426.6 |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 37.7 | 46.7 | -5.3 |
Net (Loss) Earnings before Equity in Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 79.8 | 75.4 | ' |
Equity in earnings of partnership | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Net (Loss) Earnings | ' | ' | ' | ' | ' | ' | ' | ' | 79.8 | 75.4 | -421.3 |
Total Comprehensive Loss | ' | ' | ' | ' | ' | ' | ' | ' | 92.4 | 55.4 | -426.5 |
Non-Guarantors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated Statements Of Operations (Condensed) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 73.5 | 70.9 | 68.5 |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 57.4 | 52.9 | 55.3 |
Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | 16.1 | 18 | 13.2 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 17.7 | 16.9 | 15.7 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Restructuring Charges | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Impairment of goodwill and other intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 |
Other operating expenses, net | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | 0 | 0.1 |
Operating (Loss) Profit | ' | ' | ' | ' | ' | ' | ' | ' | -2 | 1.1 | -2.6 |
Interest Expense, Related Party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1.5 | ' |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4.9 | -2.6 |
(Loss) Earnings before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | -2 | 4.5 | -4 |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -0.6 | 1.1 | -1 |
Net (Loss) Earnings before Equity in Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -1.4 | 3.4 | ' |
Equity in earnings of partnership | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Net (Loss) Earnings | ' | ' | ' | ' | ' | ' | ' | ' | -1.4 | 3.4 | -3 |
Total Comprehensive Loss | ' | ' | ' | ' | ' | ' | ' | ' | -2.5 | 2.4 | -2 |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated Statements Of Operations (Condensed) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | -18.2 | -18.1 | -21.5 |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | -18.2 | -18.1 | -21.5 |
Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Restructuring Charges | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Impairment of goodwill and other intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 |
Other operating expenses, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Operating (Loss) Profit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest Expense, Related Party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
(Loss) Earnings before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net (Loss) Earnings before Equity in Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Equity in earnings of partnership | ' | ' | ' | ' | ' | ' | ' | ' | -78.4 | -65.5 | ' |
Net (Loss) Earnings | ' | ' | ' | ' | ' | ' | ' | ' | -78.4 | -65.5 | 0 |
Total Comprehensive Loss | ' | ' | ' | ' | ' | ' | ' | ' | ($89.90) | ($51.10) | $0 |
Guarantor_Financials_Consolida
Guarantor Financials - Consolidated Balance Sheets (Condensed) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 |
In Millions, unless otherwise specified | ||||
Assets, Current [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents | $402 | $58.20 | $1.70 | $4.80 |
Restricted Cash and Cash Equivalents, Current | 38.1 | 0 | ' | ' |
Receivables, net | 83.2 | 56.5 | ' | ' |
Inventories | 121.9 | 78.6 | ' | ' |
Deferred income taxes | 11.9 | 1.1 | ' | ' |
Prepaid expenses and other current assets | 11 | 15.3 | ' | ' |
Total current assets | 668.1 | 209.7 | ' | ' |
Property, Plant and Equipment, Net | 388.5 | 405.1 | ' | ' |
Assets, Noncurrent [Abstract] | ' | ' | ' | ' |
Goodwill | 1,489.70 | 1,366.60 | 1,366.20 | ' |
Other intangible assets, net | 898.4 | 736 | ' | ' |
Intercompany receivable | 0 | 0 | ' | ' |
Investment in partnership | 0 | 0 | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 2.4 | 0 | ' | ' |
Other assets | 26.7 | 14.9 | ' | ' |
Total Assets | 3,473.80 | 2,732.30 | ' | ' |
Liabilities, Current [Abstract] | ' | ' | ' | ' |
Long-term Debt, Current Maturities | 0 | 15.3 | ' | ' |
Accounts payable | 77.1 | 50 | ' | ' |
Other current liabilities | 68.9 | 61.1 | ' | ' |
Total current liabilities | 146 | 126.4 | ' | ' |
Liabilities, Noncurrent [Abstract] | ' | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | 1,408.60 | 930.3 | ' | ' |
Intercompany payable | 0 | 0 | ' | ' |
Deferred income taxes | 304.3 | 314.9 | ' | ' |
Other Liabilities, Noncurrent | 116.3 | 129.2 | ' | ' |
Total liabilities | 1,975.20 | 1,500.80 | ' | ' |
Total Stockholders' Equity | 1,498.60 | 1,231.50 | 1,434.70 | 2,061.70 |
Total Liabilities and Stockholders' Equity | 3,473.80 | 2,732.30 | ' | ' |
Parent Company | ' | ' | ' | ' |
Assets, Current [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents | 391.4 | 49.7 | 0 | 0 |
Restricted Cash and Cash Equivalents, Current | 38.1 | ' | ' | ' |
Receivables, net | 0.3 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred income taxes | 11.8 | 1.1 | ' | ' |
Prepaid expenses and other current assets | 3.2 | 9.3 | ' | ' |
Total current assets | 444.8 | 60.1 | ' | ' |
Property, Plant and Equipment, Net | 0 | 0 | ' | ' |
Assets, Noncurrent [Abstract] | ' | ' | ' | ' |
Goodwill | 0 | ' | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Intercompany receivable | 391.9 | 371.9 | ' | ' |
Investment in partnership | 2,384 | 2,067.20 | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 0 | ' | ' | ' |
Other assets | 24 | 13.4 | ' | ' |
Total Assets | 3,244.70 | 2,512.60 | ' | ' |
Liabilities, Current [Abstract] | ' | ' | ' | ' |
Long-term Debt, Current Maturities | ' | 15.3 | ' | ' |
Accounts payable | 0.5 | 0 | ' | ' |
Other current liabilities | 18.5 | 8.3 | ' | ' |
Total current liabilities | 19 | 23.6 | ' | ' |
Liabilities, Noncurrent [Abstract] | ' | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | 1,408.60 | 930.3 | ' | ' |
Intercompany payable | 0 | 0 | ' | ' |
Deferred income taxes | 304.3 | 317.5 | ' | ' |
Other Liabilities, Noncurrent | 14.2 | 9.7 | ' | ' |
Total liabilities | 1,746.10 | 1,281.10 | ' | ' |
Total Stockholders' Equity | 1,498.60 | 1,231.50 | ' | ' |
Total Liabilities and Stockholders' Equity | 3,244.70 | 2,512.60 | ' | ' |
Guarantors | ' | ' | ' | ' |
Assets, Current [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents | 4.1 | 2.2 | 0 | 0 |
Restricted Cash and Cash Equivalents, Current | 0 | ' | ' | ' |
Receivables, net | 75.9 | 50.1 | ' | ' |
Inventories | 115.9 | 71.6 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Prepaid expenses and other current assets | 7.4 | 5.4 | ' | ' |
Total current assets | 203.3 | 129.3 | ' | ' |
Property, Plant and Equipment, Net | 342.4 | 352.5 | ' | ' |
Assets, Noncurrent [Abstract] | ' | ' | ' | ' |
Goodwill | 1,483.30 | 1,359.90 | ' | ' |
Other intangible assets, net | 898.4 | 736 | ' | ' |
Intercompany receivable | 0 | 0 | ' | ' |
Investment in partnership | 0 | 0 | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 0 | ' | ' | ' |
Other assets | 2.7 | 1.4 | ' | ' |
Total Assets | 2,930.10 | 2,579.10 | ' | ' |
Liabilities, Current [Abstract] | ' | ' | ' | ' |
Long-term Debt, Current Maturities | ' | 0 | ' | ' |
Accounts payable | 76.9 | 49.6 | ' | ' |
Other current liabilities | 43.8 | 44.7 | ' | ' |
Total current liabilities | 120.7 | 94.3 | ' | ' |
Liabilities, Noncurrent [Abstract] | ' | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | 0 | 0 | ' | ' |
Intercompany payable | 391.7 | 371.9 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other Liabilities, Noncurrent | 94.9 | 109.4 | ' | ' |
Total liabilities | 607.3 | 575.6 | ' | ' |
Total Stockholders' Equity | 2,322.80 | 2,003.50 | ' | ' |
Total Liabilities and Stockholders' Equity | 2,930.10 | 2,579.10 | ' | ' |
Non-Guarantors | ' | ' | ' | ' |
Assets, Current [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents | 8.2 | 6.3 | 1.7 | 4.8 |
Restricted Cash and Cash Equivalents, Current | 0 | ' | ' | ' |
Receivables, net | 10.9 | 11.1 | ' | ' |
Inventories | 6 | 7 | ' | ' |
Deferred income taxes | 0.1 | 0 | ' | ' |
Prepaid expenses and other current assets | 0.4 | 0.6 | ' | ' |
Total current assets | 25.6 | 25 | ' | ' |
Property, Plant and Equipment, Net | 46.1 | 52.6 | ' | ' |
Assets, Noncurrent [Abstract] | ' | ' | ' | ' |
Goodwill | 6.4 | 6.7 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Intercompany receivable | 0 | 0 | ' | ' |
Investment in partnership | 0 | 0 | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 2.4 | ' | ' | ' |
Other assets | 0 | 2.7 | ' | ' |
Total Assets | 80.5 | 87 | ' | ' |
Liabilities, Current [Abstract] | ' | ' | ' | ' |
Long-term Debt, Current Maturities | ' | 0 | ' | ' |
Accounts payable | 5.3 | 5.1 | ' | ' |
Other current liabilities | 6.6 | 8.1 | ' | ' |
Total current liabilities | 11.9 | 13.2 | ' | ' |
Liabilities, Noncurrent [Abstract] | ' | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | 0 | 0 | ' | ' |
Intercompany payable | 0.2 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other Liabilities, Noncurrent | 7.2 | 10.1 | ' | ' |
Total liabilities | 19.3 | 23.3 | ' | ' |
Total Stockholders' Equity | 61.2 | 63.7 | ' | ' |
Total Liabilities and Stockholders' Equity | 80.5 | 87 | ' | ' |
Eliminations | ' | ' | ' | ' |
Assets, Current [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents | -1.7 | 0 | 0 | 0 |
Restricted Cash and Cash Equivalents, Current | 0 | ' | ' | ' |
Receivables, net | -3.9 | -4.7 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Prepaid expenses and other current assets | 0 | 0 | ' | ' |
Total current assets | -5.6 | -4.7 | ' | ' |
Property, Plant and Equipment, Net | 0 | 0 | ' | ' |
Assets, Noncurrent [Abstract] | ' | ' | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Intercompany receivable | -391.9 | -371.9 | ' | ' |
Investment in partnership | -2,384 | -2,067.20 | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 0 | ' | ' | ' |
Other assets | 0 | -2.6 | ' | ' |
Total Assets | -2,781.50 | -2,446.40 | ' | ' |
Liabilities, Current [Abstract] | ' | ' | ' | ' |
Long-term Debt, Current Maturities | ' | 0 | ' | ' |
Accounts payable | -5.6 | -4.7 | ' | ' |
Other current liabilities | 0 | 0 | ' | ' |
Total current liabilities | -5.6 | -4.7 | ' | ' |
Liabilities, Noncurrent [Abstract] | ' | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | 0 | 0 | ' | ' |
Intercompany payable | -391.9 | -371.9 | ' | ' |
Deferred income taxes | 0 | -2.6 | ' | ' |
Other Liabilities, Noncurrent | 0 | 0 | ' | ' |
Total liabilities | -397.5 | -379.2 | ' | ' |
Total Stockholders' Equity | -2,384 | -2,067.20 | ' | ' |
Total Liabilities and Stockholders' Equity | ($2,781.50) | ($2,446.40) | ' | ' |
Guarantor_Financials_Consolida1
Guarantor Financials - Consolidated Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Cash Flows from Operating Activities: | ' | ' | ' |
Net cash provided by operating activities | $119.20 | $144 | $143.80 |
Cash Flows from Investing Activities: | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 352.9 | 0 | 0 |
Additions to property and intangible assets | -32.8 | -30.9 | -14.9 |
Increase (Decrease) in Restricted Cash | 38.1 | 0 | 0 |
Payment for equity contributions | ' | 0 | ' |
Proceeds from equity distributions | 0 | 0 | ' |
Net cash used by investing activities | -423.8 | -30.9 | -14.9 |
Cash Flows from Financing Activities: | ' | ' | ' |
Proceeds from issuance of Senior Notes | 600 | 775 | 0 |
Proceeds from Issuance of Secured Debt | 0 | 175 | 0 |
Repayments of Related Party Debt | 0 | -900 | 0 |
Proceeds from issuance of preferred stock, net of issuance costs | 234 | 0 | 0 |
Repayments of long-term debt | -170.6 | -4.4 | 0 |
Payments of preferred stock dividend | -4.2 | 0 | 0 |
Purchases of treasury stock | 0 | -53.4 | 0 |
Change in net investment of Ralcorp | 0 | -39.4 | -192.3 |
Payments of Debt Issuance Costs | -10.5 | -17.7 | 0 |
Changes in intercompany debt | 0 | 7.8 | 60.2 |
Proceeds from equity contributions | ' | 0 | ' |
Payments for equity ditributions | 0 | 0 | ' |
Other, net | 0.1 | 0 | 0 |
Net cash used by financing activities | 648.8 | -57.1 | -132.1 |
Effect of exchange rate changes on cash | -0.4 | 0.5 | 0.1 |
Net Decrease in Cash and Cash Equivalents | 343.8 | 56.5 | -3.1 |
Cash and cash equivalents, beginning of year | 58.2 | 1.7 | 4.8 |
Cash and cash equivalents, end of year | 402 | 58.2 | 1.7 |
Parent Company | ' | ' | ' |
Cash Flows from Operating Activities: | ' | ' | ' |
Net cash provided by operating activities | 37.7 | -3.1 | 0 |
Cash Flows from Investing Activities: | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | -345.8 | ' | ' |
Additions to property and intangible assets | 0 | 0 | 0 |
Increase (Decrease) in Restricted Cash | -38.1 | ' | ' |
Payment for equity contributions | ' | -6 | ' |
Proceeds from equity distributions | 39.1 | 84.3 | ' |
Net cash used by investing activities | -344.8 | 78.3 | 0 |
Cash Flows from Financing Activities: | ' | ' | ' |
Proceeds from issuance of Senior Notes | 600 | 775 | ' |
Proceeds from Issuance of Secured Debt | 234 | 175 | ' |
Repayments of Related Party Debt | ' | -900 | ' |
Repayments of long-term debt | -170.6 | -4.4 | ' |
Payments of preferred stock dividend | -4.2 | ' | ' |
Purchases of treasury stock | ' | -53.4 | ' |
Change in net investment of Ralcorp | ' | 0 | 0 |
Payments of Debt Issuance Costs | -10.5 | -17.7 | ' |
Changes in intercompany debt | ' | 0 | 0 |
Proceeds from equity contributions | ' | 0 | ' |
Payments for equity ditributions | 0 | 0 | ' |
Other, net | 0.1 | ' | ' |
Net cash used by financing activities | 648.8 | -25.5 | 0 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net Decrease in Cash and Cash Equivalents | 341.7 | 49.7 | 0 |
Cash and cash equivalents, beginning of year | 49.7 | 0 | 0 |
Cash and cash equivalents, end of year | 391.4 | 49.7 | 0 |
Guarantors | ' | ' | ' |
Cash Flows from Operating Activities: | ' | ' | ' |
Net cash provided by operating activities | 158.3 | 201.5 | 144.6 |
Cash Flows from Investing Activities: | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | -7.1 | ' | ' |
Additions to property and intangible assets | -30.3 | -29.5 | -12.5 |
Increase (Decrease) in Restricted Cash | 0 | ' | ' |
Payment for equity contributions | ' | 0 | ' |
Proceeds from equity distributions | 0 | 0 | ' |
Net cash used by investing activities | -37.4 | -29.5 | -12.5 |
Cash Flows from Financing Activities: | ' | ' | ' |
Proceeds from issuance of Senior Notes | 0 | 0 | ' |
Proceeds from Issuance of Secured Debt | 0 | ' | ' |
Repayments of Related Party Debt | ' | 0 | ' |
Repayments of long-term debt | 0 | 0 | ' |
Payments of preferred stock dividend | 0 | ' | ' |
Purchases of treasury stock | ' | 0 | ' |
Change in net investment of Ralcorp | ' | -21.3 | -132.1 |
Payments of Debt Issuance Costs | 0 | 0 | ' |
Changes in intercompany debt | ' | 0 | ' |
Proceeds from equity contributions | ' | 0 | ' |
Payments for equity ditributions | -119 | -148.5 | ' |
Other, net | 0 | ' | ' |
Net cash used by financing activities | -119 | -169.8 | -132.1 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net Decrease in Cash and Cash Equivalents | 1.9 | 2.2 | 0 |
Cash and cash equivalents, beginning of year | 2.2 | 0 | 0 |
Cash and cash equivalents, end of year | 4.1 | 2.2 | 0 |
Non-Guarantors | ' | ' | ' |
Cash Flows from Operating Activities: | ' | ' | ' |
Net cash provided by operating activities | 4.8 | 9.8 | -0.8 |
Cash Flows from Investing Activities: | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | ' | ' |
Additions to property and intangible assets | -2.5 | -1.4 | -2.4 |
Increase (Decrease) in Restricted Cash | 0 | ' | ' |
Payment for equity contributions | ' | 0 | ' |
Proceeds from equity distributions | 0 | 0 | ' |
Net cash used by investing activities | -2.5 | -1.4 | -2.4 |
Cash Flows from Financing Activities: | ' | ' | ' |
Proceeds from issuance of Senior Notes | 0 | 0 | ' |
Proceeds from Issuance of Secured Debt | 0 | 0 | ' |
Repayments of Related Party Debt | ' | 0 | ' |
Repayments of long-term debt | 0 | 0 | ' |
Payments of preferred stock dividend | 0 | ' | ' |
Purchases of treasury stock | ' | 0 | ' |
Change in net investment of Ralcorp | ' | -18.1 | -60.2 |
Payments of Debt Issuance Costs | 0 | 0 | ' |
Changes in intercompany debt | ' | 7.8 | 60.2 |
Proceeds from equity contributions | ' | 6 | ' |
Payments for equity ditributions | 0 | 0 | ' |
Other, net | 0 | ' | ' |
Net cash used by financing activities | 0 | -4.3 | 0 |
Effect of exchange rate changes on cash | -0.4 | 0.5 | 0.1 |
Net Decrease in Cash and Cash Equivalents | 1.9 | 4.6 | -3.1 |
Cash and cash equivalents, beginning of year | 6.3 | 1.7 | 4.8 |
Cash and cash equivalents, end of year | 8.2 | 6.3 | 1.7 |
Eliminations | ' | ' | ' |
Cash Flows from Operating Activities: | ' | ' | ' |
Net cash provided by operating activities | -81.6 | -64.2 | 0 |
Cash Flows from Investing Activities: | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | ' | ' |
Additions to property and intangible assets | 0 | 0 | 0 |
Increase (Decrease) in Restricted Cash | 0 | ' | ' |
Payment for equity contributions | ' | 6 | ' |
Proceeds from equity distributions | -39.1 | -84.3 | ' |
Net cash used by investing activities | -39.1 | -78.3 | 0 |
Cash Flows from Financing Activities: | ' | ' | ' |
Proceeds from issuance of Senior Notes | 0 | 0 | ' |
Proceeds from Issuance of Secured Debt | 0 | 0 | ' |
Repayments of Related Party Debt | ' | 0 | ' |
Repayments of long-term debt | 0 | 0 | ' |
Payments of preferred stock dividend | 0 | ' | ' |
Purchases of treasury stock | ' | 0 | ' |
Change in net investment of Ralcorp | ' | 0 | 0 |
Payments of Debt Issuance Costs | 0 | 0 | ' |
Changes in intercompany debt | ' | 0 | 0 |
Proceeds from equity contributions | ' | -6 | ' |
Payments for equity ditributions | 119 | 148.5 | ' |
Other, net | 0 | ' | ' |
Net cash used by financing activities | 119 | 142.5 | 0 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net Decrease in Cash and Cash Equivalents | -1.7 | 0 | 0 |
Cash and cash equivalents, beginning of year | 0 | 0 | 0 |
Cash and cash equivalents, end of year | ($1.70) | $0 | $0 |
Guarantor_Financials_Narrative
Guarantor Financials Narrative (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Millions, unless otherwise specified | ||
Statement of Cash Flows [Abstract] | ' | ' |
Senior Notes | $1,375 | $775 |
Summary_Quarterly_Financial_In2
Summary Quarterly Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $291.70 | $257.30 | $248.20 | $236.90 | $247.20 | $241.90 | $250.50 | $219.30 | $1,034.10 | $958.90 | $968.20 |
Gross Profit | 112.5 | 104.2 | 102.5 | 105.7 | 110.1 | 109.8 | 111 | 98 | 424.9 | 428.9 | 451.6 |
Net Income (Loss) Attributable to Parent | -0.9 | 3.4 | 5.1 | 7.6 | 10.8 | 15.8 | 10.5 | 12.8 | 15.2 | 49.9 | -424.3 |
Net Earnings (Loss) Available to Common Stockholders | ($3.20) | $1.10 | $4.30 | $7.60 | ' | ' | ' | ' | $9.80 | $49.90 | ($424.30) |
Earnings Per Share, Basic | ($0.10) | $0.03 | $0.13 | $0.23 | $0.32 | $0.46 | $0.31 | $0.37 | $0.30 | $1.45 | ($12.33) |
Earnings Per Share, Diluted | ($0.10) | $0.03 | $0.13 | $0.23 | $0.31 | $0.46 | $0.30 | $0.37 | $0.30 | $1.45 | ($12.33) |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Nov. 18, 2013 | Oct. 16, 2013 | Sep. 30, 2013 |
Subsequent Event | Subsequent Event | Subsequent Event | ||||||
Subsequent Event | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes | ' | ' | $1,375 | $775 | ' | $525 | ' | ' |
Preferred Stock, Dividend Rate, Per-Dollar-Amount | ' | ' | ' | ' | ' | ' | $0.94 | ' |
Debt Instrument, Increase, Additional Borrowings | 350 | 250 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 7.38% | ' | ' | 6.75% | ' | ' |
Proceeds before expenses on indenture issued | ' | ' | 600 | 775 | 0 | 517.1 | ' | ' |
Payments of Financing Costs | ' | ' | ' | ' | ' | $7.90 | ' | ' |
Preferred Stock, Dividend Rate, Percentage | ' | ' | 3.75% | ' | ' | ' | ' | 3.75% |