Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Dec. 31, 2013 | Feb. 05, 2014 | |
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-Q | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 32,693,019 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | ' | ' |
Net Sales | $297 | $236.90 |
Cost of goods sold | 182.5 | 131.2 |
Gross Profit | 114.5 | 105.7 |
Selling, general and administrative expenses | 83 | 72.1 |
Amortization of intangible assets | 5.7 | 3.2 |
Restructuring expense | 0.5 | 0 |
Other operating expenses, net | 0.1 | 0.1 |
Operating (Loss) Profit | 25.2 | 30.3 |
Interest Expense | 29 | 19.2 |
Earnings before Income Taxes | -3.8 | 11.1 |
Income tax benefit (provision) | -1.4 | 3.5 |
Net Earnings | -2.4 | 7.6 |
Income (Loss) From Continuing Operations, Before Equity Method Investments, Net of Taxes | -2.4 | ' |
Preferred stock dividends | -2.6 | 0 |
Net (Loss) Earnings Available to Common Stockholders | ($5) | $7.60 |
Earnings per share, Basic (in usd per share) | ($0.15) | $0.23 |
Earnings Per Share, Diluted (in usd per share) | ($0.15) | $0.23 |
Weighted-Average Common Shares Outstanding, Basic (in shares) | 32.7 | 32.6 |
Weighted-Average Common Shares Outstanding: Diluted (in shares) | 32.7 | 32.7 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Net Earnings | ($2.40) | $7.60 |
Pension and postretirement benefit adjustments, net of tax | -0.1 | 0.3 |
Foreign currency translation adjustments | -2.2 | -0.8 |
Total comprehensive (loss) income | -4.7 | 7.1 |
Pension and postretirement benefit tax adjustments | $0.10 | ($0.20) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) Parentheticals (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Pension and postretirement benefit tax adjustments | $0.10 | ($0.20) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $884.90 | $402 |
Restricted Cash and Cash Equivalents, Current | 1.1 | 38.1 |
Receivables, net | 84.9 | 83.2 |
Inventories | 120.8 | 121.9 |
Deferred Tax Assets, Net of Valuation Allowance, Current | 12.1 | 11.9 |
Prepaid expenses and other current assets | 10.8 | 11 |
Total current assets | 1,114.60 | 668.1 |
Property, net | 387.7 | 388.5 |
Goodwill | 1,489.60 | 1,489.70 |
Other intangible assets, net | 892.7 | 898.4 |
Cash Advance for Acquisition | 366.2 | 0 |
Deferred Tax Assets, Net of Valuation Allowance | 2.2 | 2.4 |
Investment in partnership | 0 | 0 |
Other assets | 36.1 | 26.7 |
Total Assets | 4,289.10 | 3,473.80 |
Liabilities and Ralcorp Equity | ' | ' |
Accounts payable | 56.8 | 77.1 |
Other current liabilities | 94.3 | 68.9 |
Total current liabilities | 151.1 | 146 |
Long-term Debt, Excluding Current Maturities | 1,932.90 | 1,408.60 |
Deferred income taxes | 302.4 | 304.3 |
Other liabilities | 117 | 116.3 |
Total liabilities | 2,503.40 | 1,975.20 |
Stockholders' Equity | ' | ' |
Preferred stock | 0.1 | 0 |
Common stock | 0.3 | 0.3 |
Additional paid-in capital | 1,811.20 | 1,517.20 |
Retained earnings | 42.9 | 47.6 |
Accumulated other comprehensive (loss) income | -15.4 | -13.1 |
Treasury Stock, Value | -53.4 | -53.4 |
Total Stockholders' Equity | 1,785.70 | 1,498.60 |
Total Liabilities and Stockholders' Equity | $4,289.10 | $3,473.80 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Cash Flows from Operating Activities: | ' | ' |
Net Earnings | ($2,400,000) | $7,600,000 |
Adjustments to reconcile of net (loss) earnings to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 21,100,000 | 16,200,000 |
Premium from issuance of long-term debt | 0 | 15,000,000 |
Stock-based compensation expense | 3,400,000 | 2,500,000 |
Deferred income taxes | -1,800,000 | -3,800,000 |
Other, net | -1,900,000 | 200,000 |
Other changes in current assets and liabilities, net | ' | ' |
Decrease (increase) in receivables | -2,000,000 | -9,800,000 |
Increase in receivable from Ralcorp | 0 | -900,000 |
Decrease (increase) in inventories | 800,000 | -19,000,000 |
(Increase) decrease in prepaid expenses and other current assets | 1,400,000 | 5,700,000 |
(Decrease) increase in accounts payable and other current liabilities | 6,300,000 | 9,900,000 |
Net Cash Provided by Operating Activities | 24,900,000 | 23,600,000 |
Cash Flows from Investing Activities: | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | -9,200,000 |
Increase Decrease in Cash Advance for Acquisition | -366,200,000 | 0 |
Additions to property and intangible assets | -16,500,000 | -5,000,000 |
Increase (Decrease) in Restricted Cash | 37,000,000 | 0 |
Net cash used by investing activities | -345,700,000 | -14,200,000 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from issuance of Senior Notes | -525,000,000 | -250,000,000 |
Proceeds from Issuance of Preferred Stock and Preference Stock | 290,800,000 | 0 |
Repayments of long-term debt | 0 | -2,200,000 |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | -2,300,000 | 0 |
Payments of debt issuance costs | -8,800,000 | -4,600,000 |
Proceeds from (Payments for) Other Financing Activities | -100,000 | 200,000 |
Net Cash Provided by (Used in) Financing Activities | 804,600,000 | 243,400,000 |
Effect of exchange rate changes on cash | -900,000 | -100,000 |
Net (decrease) increase in cash and cash equivalents | 482,900,000 | 252,700,000 |
Cash and cash equivalents, beginning of year | 402,000,000 | 58,200,000 |
Cash and cash equivalents, end of year | $884,900,000 | $310,900,000 |
Background
Background | 3 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Background | ' |
NOTE 1 — BACKGROUND | |
Post Holdings, Inc. (“Post” or the “Company”) is a consumer goods company operating in the center-of-the-store, active nutrition and private label food categories. 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 2 for details regarding the announced closure of the Modesto, California facility. | |
Unless otherwise stated or the context otherwise indicates, all references in this Form 10-Q to “Post,” “the Company,” “us,” “our” or “we” mean Post Holdings, Inc. and its consolidated subsidiaries. | |
Basis of Presentation | |
These unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), under the rules and regulations of the United States Securities and Exchange Commission (the “SEC”), and on a basis substantially consistent with the audited consolidated financial statements of the Company as of and for the fiscal year ended September 30, 2013. These unaudited condensed consolidated financial statements should be read in conjunction with such audited consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K filed with the SEC on November 27, 2013. | |
These unaudited condensed consolidated financial statements include all adjustments (consisting of normal recurring adjustments and accruals) that management considers necessary for a fair statement of its financial position, results of operations, comprehensive income and cash flows for the interim periods presented. Interim results are not necessarily indicative of the results for any other interim period or for the entire fiscal year. | |
The financial position and operating results of foreign operations are consolidated using the local currency as the functional currency. Local currency assets and liabilities are translated at the rates of exchange on the balance sheet date, and local currency revenues and expenses are translated at average rates of exchange during the period. Resulting translation gains or losses are included in the condensed consolidated balance sheet as a component of accumulated other comprehensive loss. | |
Use of Estimates | |
The preparation of the financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the condensed consolidated financial statements and footnotes thereto. Actual results could differ from those estimates. Significant estimates inherent in the preparation of the condensed consolidated financial statements include accounting for reserves established for doubtful accounts, stock-based compensation, impairment analyses, depreciation and amortization, income taxes, litigation matters and contingencies. | |
Recently Adopted Accounting Standards | |
In the first quarter of fiscal 2014, Post adopted Accounting Standards Update 2013-02, “Reporting Amounts Reclassified out of Accumulated Other Comprehensive Income.” The only reclassification out of accumulated other comprehensive income for the reported periods is amortization of actuarial (benefit) loss and prior service cost for pension and postretirement benefits totaling $(0.2) and $0.5 for the periods ended December 31, 2013 and 2012, respectively. Amounts are classified as “Selling, general and administrative expenses” on the statements of operations. |
Business_Combinations
Business Combinations | 3 Months Ended | |||
Dec. 31, 2013 | ||||
Business Combinations [Abstract] | ' | |||
Business Combinations | ' | |||
NOTE 3 — 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”) for approximately $9.2 of cash. On October 1, 2013, these assets were contributed to Post Holdings, Inc. in a non-cash tax-free transaction. | ||||
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 Company combined this business with the Attune business to form the Attune Foods reporting segment (see Note 15). | ||||
On September 3, 2013, the Company completed its acquisition of Premier Nutrition Corporation (“PNC”), which was effective September 1, 2013, for approximately $186.0 of cash. PNC is reported in Post’s Active Nutrition segment (see Note 15). During the first quarter of fiscal 2014, a final settlement of net working capital, as defined in the PNC purchase agreement, was reached resulting in an increase in total consideration of approximately $0.1 and a corresponding increase in goodwill. As this adjustment did not have a significant impact on the consolidated statement of income, balance sheets or cash flows, the financial statements have not been retrospectively adjusted. | ||||
Each of the acquisitions was accounted for using the acquisition method of accounting, whereby their results of operations 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. Certain estimated values for the Hearthside and PNC acquisitions, 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. | ||||
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 those fiscal 2013 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 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. | ||||
Three Months Ended December 31, 2012 | ||||
Pro forma net sales | $ | 284.2 | ||
Pro forma net earnings available to common stockholders | $ | 4.9 | ||
Pro forma basic earnings per share | $ | 0.15 | ||
Pro forma diluted earnings per share | $ | 0.15 | ||
Restructuring_Notes
Restructuring (Notes) | 3 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Restructuring | ' | |||||||||||||||
NOTE 2 — 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 expense” 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. | ||||||||||||||||
Three Months Ended December 31, 2013 | Cumulative Incurred to Date | Remaining Expense Expected to be Incurred | ||||||||||||||
Employee severance | $ | 0.5 | $ | 2.6 | $ | 0.9 | ||||||||||
Pension curtailment | — | 1.7 | — | |||||||||||||
Accelerated depreciation | 2.7 | 12.3 | 5.8 | |||||||||||||
$ | 3.2 | $ | 16.6 | $ | 6.7 | |||||||||||
Liabilities recorded related to restructuring activities and changes therein are as follows: | ||||||||||||||||
30-Sep-13 | Costs Incurred and Charged to Expense | Cash Paid | 31-Dec-13 | |||||||||||||
Employee severance | $ | 2.1 | $ | 0.5 | $ | (0.8 | ) | $ | 1.8 | |||||||
Goodwill
Goodwill | 3 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Goodwill | ' | |||||||||||||||
NOTE 4 — 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, 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 | ||||||||
Purchase price true-up adjustment | — | — | 0.1 | 0.1 | ||||||||||||
Currency translation adjustment | (0.2 | ) | — | — | (0.2 | ) | ||||||||||
Balance, December 31, 2013 | ||||||||||||||||
Goodwill (gross) | $ | 1,793.90 | $ | 75.1 | $ | 48.4 | $ | 1,917.40 | ||||||||
Accumulated impairment losses | (427.8 | ) | — | — | (427.8 | ) | ||||||||||
Goodwill (net) | $ | 1,366.10 | $ | 75.1 | $ | 48.4 | $ | 1,489.60 | ||||||||
Intangible_Assets_net_Intangib
Intangible Assets, net Intangible Assets, net (Notes) | 3 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Intangible Assets, net | ' | ||||||||||||||||||||||||
NOTE 5 — INTANGIBLE ASSETS, NET | |||||||||||||||||||||||||
Total intangible assets are as follows: | |||||||||||||||||||||||||
31-Dec-13 | 30-Sep-13 | ||||||||||||||||||||||||
Carrying | Accumulated Amortization | Net | Carrying | Accumulated Amortization | Net | ||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||
Subject to amortization: | |||||||||||||||||||||||||
Customer relationships | $ | 258.6 | $ | (44.3 | ) | $ | 214.3 | $ | 258.6 | $ | (41.0 | ) | $ | 217.6 | |||||||||||
Trademarks/brands | 161.5 | (27.8 | ) | 133.7 | 161.5 | (25.8 | ) | 135.7 | |||||||||||||||||
Other intangible assets | 4.7 | (0.7 | ) | 4 | 4.7 | (0.3 | ) | 4.4 | |||||||||||||||||
$ | 424.8 | $ | (72.8 | ) | $ | 352 | $ | 424.8 | $ | (67.1 | ) | $ | 357.7 | ||||||||||||
Not subject to amortization: | |||||||||||||||||||||||||
Trademarks/brands | 540.7 | — | 540.7 | 540.7 | — | 540.7 | |||||||||||||||||||
$ | 965.5 | $ | (72.8 | ) | $ | 892.7 | $ | 965.5 | $ | (67.1 | ) | $ | 898.4 | ||||||||||||
Earnings_per_Share
Earnings per Share | 3 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings per Share | ' | |||||||
NOTE 6 — 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. | ||||||||
The following table sets forth the computation of basic and diluted earnings per share for the three months ended December 31, 2013 and 2012, respectively. | ||||||||
Three Months Ended December 31, | ||||||||
2013 | 2012 | |||||||
Net (loss) earnings | $ | (2.4 | ) | $ | 7.6 | |||
Preferred stock dividends | (2.6 | ) | — | |||||
Net (loss) earnings available to common stockholders | $ | (5.0 | ) | $ | 7.6 | |||
Weighted-average shares for basic earnings per share | 32.7 | 32.6 | ||||||
Effect of dilutive securities: | ||||||||
Stock appreciation rights | — | 0.1 | ||||||
Total dilutive securities | — | 0.1 | ||||||
Weighted-average shares for diluted earnings per share | 32.7 | 32.7 | ||||||
Basic (loss) earnings per common share | $ | (0.15 | ) | $ | 0.23 | |||
Diluted (loss) earnings per common share | $ | (0.15 | ) | $ | 0.23 | |||
For the three months ended December 31, 2013 and 2012, weighted-average shares for diluted (loss) earnings per common share excludes 3.8 million and 2.2 million equity awards, respectively, and for the quarter ended December 31, 2013 excludes 10.7 million shares related to the potential conversion of the Company’s convertible preferred stock (see Note 11) as they were anti-dilutive. |
Inventories_Notes
Inventories (Notes) | 3 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory [Abstract] | ' | |||||||
Inventory Disclosure [Text Block] | ' | |||||||
NOTE 7 — INVENTORIES | ||||||||
31-Dec-13 | 30-Sep-13 | |||||||
Raw materials and supplies | $ | 33.1 | $ | 30.3 | ||||
Finished products | 87.7 | 91.6 | ||||||
$ | 120.8 | $ | 121.9 | |||||
Property_net_Notes
Property, net (Notes) | 3 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Line Items] | ' | |||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||
NOTE 8 — PROPERTY, NET | ||||||||
31-Dec-13 | 30-Sep-13 | |||||||
Property, at cost | $ | 653.7 | $ | 640.5 | ||||
Accumulated depreciation | (266.0 | ) | (252.0 | ) | ||||
$ | 387.7 | $ | 388.5 | |||||
Derivative_Financial_Instrumen
Derivative Financial Instruments and Hedging | 3 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||
Derivative financial instruments and hedging | ' | ||||||||||||||
NOTE 9 — 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. | |||||||||||||||
The Company maintains options and futures contracts which have been designated as economic hedges of raw materials, fuel and energy purchases. The following tables present the balance sheet location and fair value of the Company’s derivative instruments on a gross and net basis as of December 31, 2013 and September 30, 2013. | |||||||||||||||
Fair Value of Assets as of December 31, 2013 | |||||||||||||||
Balance Sheet Location | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet | ||||||||||||
Commodity contracts | Prepaid expenses and other current assets | $ | — | $ | (0.2 | ) | $ | (0.2 | ) | ||||||
Natural gas and heating oil futures | Prepaid expenses and other current assets | 0.6 | — | 0.6 | |||||||||||
$ | 0.6 | $ | (0.2 | ) | $ | 0.4 | |||||||||
Fair Value of Liabilities as of December 31, 2013 | |||||||||||||||
Balance Sheet Location | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet | ||||||||||||
Foreign exchange contracts | Other current liabilities | $ | 1.3 | $ | — | $ | 1.3 | ||||||||
Fair Value of Liabilities as of September 30, 2013 | |||||||||||||||
Balance Sheet Location | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet | ||||||||||||
Commodity contracts | Other current liabilities | $ | 0.1 | $ | — | $ | 0.1 | ||||||||
Natural gas and heating oil futures | Other current liabilities | 0.1 | — | 0.1 | |||||||||||
$ | 0.2 | $ | — | $ | 0.2 | ||||||||||
The following table presents the loss from derivative instruments that were not designated as hedging instruments which were recorded on the Company’s Statements of Operations. | |||||||||||||||
Amount of Gain (Loss) Recognized in Earnings | |||||||||||||||
Three Months Ended December 31, | |||||||||||||||
Derivative Instrument | Location of Gain (Loss) Recognized in Earnings | 2013 | 2012 | ||||||||||||
Commodity contracts | Cost of goods sold | $ | 0.2 | $ | (0.5 | ) | |||||||||
Natural gas and heating oil futures | Cost of goods sold | 0.7 | (0.2 | ) | |||||||||||
Foreign exchange contracts | Selling, general and administrative expenses | (0.7 | ) | — | |||||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair value measurements | ' | |||||||||||||||||||||||
NOTE 10 — 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: | ||||||||||||||||||||||||
31-Dec-13 | 30-Sep-13 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Deferred compensation investment | $ | 10 | $ | 10 | $ | — | $ | 8.5 | $ | 8.5 | $ | — | ||||||||||||
Derivative assets | 0.4 | — | 0.4 | — | — | — | ||||||||||||||||||
$ | 10.4 | $ | 10 | $ | 0.4 | $ | 8.5 | $ | 8.5 | $ | — | |||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deferred compensation liabilities | $ | 16.3 | $ | — | $ | 16.3 | $ | 13.4 | $ | — | $ | 13.4 | ||||||||||||
Derivative liabilities | 1.3 | — | 1.3 | 0.2 | — | 0.2 | ||||||||||||||||||
$ | 17.6 | $ | — | $ | 17.6 | $ | 13.6 | $ | — | $ | 13.6 | |||||||||||||
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 December 31, 2013 (see Note 12) is approximately $2,012.7 based on quoted market prices for the Company’s senior notes. |
Preferred_Stock_Notes
Preferred Stock (Notes) | 3 Months Ended |
Dec. 31, 2013 | |
Class of Stock [Line Items] | ' |
Preferred Stock [Text Block] | ' |
NOTE 11 — 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. | |
In December 2013, the Company authorized and issued approximately 3.0 million shares of its 2.5% Series C Cumulative Perpetual Convertible Preferred Stock. The Company also granted the initial purchasers of the preferred stock a 30-day option to purchase up to an additional 450,000 shares of preferred stock (see Note 17). The Company received net proceeds of $290.8 after paying offering related fees and expenses of approximately $9.2. 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 2.5% per annum payable quarterly on February 15, May 15, August 15 and November 15, beginning on February 15, 2014. 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 1.8477 shares of the Company’s common stock per share of convertible preferred stock, which is equivalent to a conversion price of $54.12 per share of common stock. Additionally, on or after February 15, 2019, 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 150% of the conversion price then in effect for at least 20 trading days during any 30 consecutive trading day period. |
Long_Term_Debt_Long_Term_Debt_
Long Term Debt Long Term Debt (Notes) | 3 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
NOTE 12 — LONG TERM DEBT | ||||||||
Long-term debt as of the dates indicated consists of the following: | ||||||||
31-Dec-13 | September 30, 2013 | |||||||
7.375% Senior Notes maturing February 2022 | $ | 1,375.00 | $ | 1,375.00 | ||||
6.75% Senior Notes maturing December 2021 | 525 | — | ||||||
$ | 1,900.00 | $ | 1,375.00 | |||||
Plus: Unamortized premium | 32.9 | 33.6 | ||||||
Total long-term debt | $ | 1,932.90 | $ | 1,408.60 | ||||
On November 18, 2013, the Company issued $525.0 principal value of 6.75% senior notes due in December 2021. The 6.75% senior notes were issued at par and the Company received $516.2 after paying investment banking and other fees of $8.8 which will be deferred and amortized to interest expense over the term of the notes. | ||||||||
The 7.375% senior notes and the 6.75% 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 do not guarantee the senior notes. These guarantees are subject to release in limited circumstances (only upon the occurrence of certain customary conditions). |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefits | 3 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ' | |||||||
Pension and other postretirement benefits | ' | |||||||
NOTE 13 — 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. 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. | ||||||||
The following tables provide the components of net periodic benefit cost for the plans. | ||||||||
Pension Benefits | ||||||||
Three Months Ended December 31, | ||||||||
2013 | 2012 | |||||||
Components of net periodic benefit cost | ||||||||
Service cost | $ | 0.9 | $ | 1.1 | ||||
Interest cost | 0.5 | 0.4 | ||||||
Expected return on plan assets | (0.5 | ) | (0.4 | ) | ||||
Recognized net actuarial loss | 0.2 | 0.2 | ||||||
Recognized prior service cost | 0.1 | 0.1 | ||||||
Net periodic benefit cost | $ | 1.2 | $ | 1.4 | ||||
Other Benefits | ||||||||
Three Months Ended December 31, | ||||||||
2013 | 2012 | |||||||
Components of net periodic benefit cost | ||||||||
Service cost | $ | 0.5 | $ | 0.6 | ||||
Interest cost | 1.1 | 1 | ||||||
Recognized net actuarial loss | 0.1 | 0.4 | ||||||
Recognized prior service credit | (0.6 | ) | (0.3 | ) | ||||
Net periodic benefit cost | $ | 1.1 | $ | 1.7 | ||||
Transaction_with_Former_Owner
Transaction with Former Owner | 3 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
NOTE 14 — TRANSACTIONS WITH FORMER OWNER | |
Prior to Post’s legal separation from Ralcorp Holdings, Inc. (“Ralcorp”) on February 3, 2012 (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 continues to provide certain of these services to Post under a transition services agreement (“TSA”) between the companies. TSA charges were $0.4 and $1.6, for the three months ended December 31, 2013 and 2012, respectively, and were reported in “Selling, general and administrative expenses.” | |
Post produces certain products for sale to Ralcorp. For periods subsequent to the Spin-Off, these transactions were based upon pricing governed by the TSA. Net sales related to those transactions were $3.7 and $4.0 in the three months ended December 31, 2013 and 2012, respectively. | |
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 $0.2 and $2.8 during the three months ended December 31, 2013 and 2012, 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.” |
Segment_Information_Segment_In
Segment Information Segment Information | 3 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Segment Reporting [Abstract] | ' | |||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||
NOTE 15 — 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. For the three months ended December 31, 2013, the Company has changed its methodology for allocating certain Corporate costs to segment profit. Accordingly, segment profit for the three months ended December 31, 2012 has been adjusted to align with current year presentation. The following tables present information about the Company’s operating segments, which are also its reportable segments, including corresponding amounts for the prior year. | ||||||||||
Three Months Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
Net Sales | ||||||||||
Post Foods | $ | 236.9 | $ | 236.9 | ||||||
Attune Foods | 23.2 | — | ||||||||
Active Nutrition | 37.2 | — | ||||||||
Eliminations | (0.3 | ) | — | |||||||
Total | $ | 297 | $ | 236.9 | ||||||
Segment Profit | ||||||||||
Post Foods | $ | 46.5 | $ | 47 | ||||||
Attune Foods | 2.6 | — | ||||||||
Active Nutrition | 4.2 | — | ||||||||
Total segment profit | 53.3 | 47 | ||||||||
General corporate expenses and other | 24.9 | 16.7 | ||||||||
Accelerated depreciation on plant closure | 2.7 | — | ||||||||
Restructuring expenses | 0.5 | — | ||||||||
Interest expense | 29 | 19.2 | ||||||||
(Loss) earnings before income taxes | $ | (3.8 | ) | $ | 11.1 | |||||
Depreciation and amortization | ||||||||||
Post Foods | $ | 13.2 | $ | 15 | ||||||
Attune Foods | 1.8 | — | ||||||||
Active Nutrition | 1.6 | — | ||||||||
Total segment depreciation and amortization | 16.6 | 15 | ||||||||
Accelerated depreciation on plant closure | 2.7 | — | ||||||||
Corporate | 1.8 | 1.2 | ||||||||
Total | $ | 21.1 | $ | 16.2 | ||||||
31-Dec-13 | 30-Sep-13 | |||||||||
Assets | ||||||||||
Post Foods | $ | 2,598.50 | $ | 2,614.90 | ||||||
Attune Foods | 170.3 | 172 | ||||||||
Active Nutrition | 199.2 | 198 | ||||||||
Corporate | 1,321.10 | 488.9 | ||||||||
Total | $ | 4,289.10 | $ | 3,473.80 | ||||||
Guarantor_Financials
Guarantor Financials | 3 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Schedule Of Condensed Financial Statements [Abstract] | ' | |||||||||||||||||||
Guarantor Financials | ' | |||||||||||||||||||
NOTE 16 — CONDENSED FINANCIAL STATEMENTS OF GUARANTORS | ||||||||||||||||||||
On February 3, 2012, the Company issued the 7.375% senior notes due February 2022 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 7.375% senior notes was increased to a total of $1,375.0 by subsequent issuances completed on October 25, 2012 and July 18, 2013. The 7.375% 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. | ||||||||||||||||||||
On November 18, 2013, the Company issued 6.75% senior notes due December 2021 in an aggregate principal amount of $525.0 to certain qualified institutional buyers. The 6.75% senior notes were issued pursuant to an indenture dated as of November 18, 2013, among the Company, Post Foods, LLC, Attune Foods, LLC and PNC and its subsidiary, as guarantors and Wells Fargo Bank National Association, as trustee. | ||||||||||||||||||||
The 7.375% senior notes and the 6.75% 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,” do not guarantee the senior notes. These guarantees are subject to release in limited circumstances (only upon the occurrence of certain customary conditions). | ||||||||||||||||||||
POST HOLDINGS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) | ||||||||||||||||||||
Three Months Ended December 31, 2013 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Sales | $ | — | $ | 284.8 | $ | 18.8 | $ | (6.6 | ) | $ | 297 | |||||||||
Cost of goods sold | — | 174.1 | 15 | (6.6 | ) | 182.5 | ||||||||||||||
Gross Profit | — | 110.7 | 3.8 | — | 114.5 | |||||||||||||||
Selling, general and administrative expenses | 4.5 | 74.6 | 3.9 | — | 83 | |||||||||||||||
Amortization of intangible assets | — | 5.7 | — | — | 5.7 | |||||||||||||||
Restructuring expense | — | 0.5 | — | — | 0.5 | |||||||||||||||
Other operating expenses, net | — | 0.1 | — | — | 0.1 | |||||||||||||||
Operating (Loss) Profit | (4.5 | ) | 29.8 | (0.1 | ) | — | 25.2 | |||||||||||||
Interest expense | 29 | — | — | — | 29 | |||||||||||||||
(Loss) Earnings before Income Taxes | (33.5 | ) | 29.8 | (0.1 | ) | — | (3.8 | ) | ||||||||||||
Income tax (benefit) expense | (11.9 | ) | 10.5 | — | — | (1.4 | ) | |||||||||||||
Net (Loss) Earnings before Equity in Subsidiaries | (21.6 | ) | 19.3 | (0.1 | ) | — | (2.4 | ) | ||||||||||||
Equity earnings in subsidiary | 19.2 | — | — | (19.2 | ) | — | ||||||||||||||
Net Earnings (Loss) | $ | (2.4 | ) | $ | 19.3 | $ | (0.1 | ) | $ | (19.2 | ) | $ | (2.4 | ) | ||||||
Total Comprehensive (Loss) Income | $ | (4.7 | ) | $ | 19.2 | $ | (2.3 | ) | $ | (16.9 | ) | $ | (4.7 | ) | ||||||
Three Months Ended December 31, 2012 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Sales | $ | — | $ | 223.3 | $ | 20.9 | $ | (7.3 | ) | $ | 236.9 | |||||||||
Cost of goods sold | — | 122.2 | 16.3 | (7.3 | ) | 131.2 | ||||||||||||||
Gross Profit | — | 101.1 | 4.6 | — | 105.7 | |||||||||||||||
Selling, general and administrative expenses | 2.5 | 65.4 | 4.2 | — | 72.1 | |||||||||||||||
Amortization of intangible assets | — | 3.2 | — | — | 3.2 | |||||||||||||||
Other operating expenses, net | — | 0.1 | — | — | 0.1 | |||||||||||||||
Operating (Loss) Profit | (2.5 | ) | 32.4 | 0.4 | — | 30.3 | ||||||||||||||
Interest expense | 19.2 | — | — | — | 19.2 | |||||||||||||||
(Loss) Earnings before Income Taxes | (21.7 | ) | 32.4 | 0.4 | — | 11.1 | ||||||||||||||
Income tax (benefit) expense | (7.0 | ) | 10.4 | 0.1 | — | 3.5 | ||||||||||||||
Net (Loss) Earnings before Equity in Subsidiaries | (14.7 | ) | 22 | 0.3 | — | 7.6 | ||||||||||||||
Equity earnings in subsidiary | 22.3 | — | — | (22.3 | ) | — | ||||||||||||||
Net Earnings | $ | 7.6 | $ | 22 | $ | 0.3 | $ | (22.3 | ) | $ | 7.6 | |||||||||
Total Comprehensive Income (Loss) | $ | 7.1 | $ | 22.2 | $ | (0.4 | ) | $ | (21.8 | ) | $ | 7.1 | ||||||||
POST HOLDINGS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS (Unaudited) | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 877.9 | $ | 0.9 | $ | 8.6 | $ | (2.5 | ) | $ | 884.9 | |||||||||
Restricted cash | 1.1 | — | — | — | 1.1 | |||||||||||||||
Receivables, net | — | 78.3 | 9.8 | (3.2 | ) | 84.9 | ||||||||||||||
Inventories | — | 116.3 | 4.5 | — | 120.8 | |||||||||||||||
Deferred income taxes | 12.1 | — | — | — | 12.1 | |||||||||||||||
Prepaid expenses and other current assets | 3.9 | 6.6 | 0.3 | — | 10.8 | |||||||||||||||
Total Current Assets | 895 | 202.1 | 23.2 | (5.7 | ) | 1,114.60 | ||||||||||||||
Property, net | — | 344.4 | 43.3 | — | 387.7 | |||||||||||||||
Goodwill | — | 1,483.40 | 6.2 | — | 1,489.60 | |||||||||||||||
Other intangible assets, net | — | 892.7 | — | — | 892.7 | |||||||||||||||
Intercompany receivable | 394.8 | — | — | (394.8 | ) | — | ||||||||||||||
Investment in subsidiaries | 2,396.30 | — | — | (2,396.3 | ) | — | ||||||||||||||
Cash advance for acquisitions | 366.2 | — | — | — | 366.2 | |||||||||||||||
Deferred income taxes | — | — | 2.2 | — | 2.2 | |||||||||||||||
Other assets | 31.5 | 3.9 | 0.7 | — | 36.1 | |||||||||||||||
Total Assets | $ | 4,083.80 | $ | 2,926.50 | $ | 75.6 | $ | (2,796.8 | ) | $ | 4,289.10 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Accounts payable | $ | 0.6 | $ | 57.7 | $ | 4.2 | $ | (5.7 | ) | $ | 56.8 | |||||||||
Other current liabilities | 49.7 | 39.6 | 5 | — | 94.3 | |||||||||||||||
Total Current Liabilities | 50.3 | 97.3 | 9.2 | (5.7 | ) | 151.1 | ||||||||||||||
Long-term debt | 1,932.90 | — | — | — | 1,932.90 | |||||||||||||||
Intercompany payable | — | 394.5 | 0.3 | (394.8 | ) | — | ||||||||||||||
Deferred income taxes | 302.4 | — | — | — | 302.4 | |||||||||||||||
Other liabilities | 12.5 | 97.3 | 7.2 | — | 117 | |||||||||||||||
Total Liabilities | 2,298.10 | 589.1 | 16.7 | (400.5 | ) | 2,503.40 | ||||||||||||||
Total Stockholders’ Equity | 1,785.70 | 2,337.40 | 58.9 | (2,396.3 | ) | 1,785.70 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 4,083.80 | $ | 2,926.50 | $ | 75.6 | $ | (2,796.8 | ) | $ | 4,289.10 | |||||||||
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 | |||||||||
POST HOLDINGS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Unaudited) | ||||||||||||||||||||
Three Months Ended December 31, 2013 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Cash Provided by Operating Activities | $ | 11.7 | $ | 26.9 | $ | 1 | $ | (14.7 | ) | $ | 24.9 | |||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Cash advance for acquisition | (366.2 | ) | — | — | — | (366.2 | ) | |||||||||||||
Additions to property | — | (16.2 | ) | (0.3 | ) | — | (16.5 | ) | ||||||||||||
Restricted cash | 37 | — | — | — | 37 | |||||||||||||||
Net Cash Used in Investing Activities | (329.2 | ) | (16.2 | ) | (0.3 | ) | — | (345.7 | ) | |||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Proceeds from issuance of senior notes | 525 | — | — | — | 525 | |||||||||||||||
Proceeds from issuance of preferred stock | 290.8 | — | — | — | 290.8 | |||||||||||||||
Repayments of long-term debt | — | — | — | — | — | |||||||||||||||
Payment of dividend | (2.3 | ) | — | — | — | (2.3 | ) | |||||||||||||
Payments of debt issuance costs | (8.8 | ) | — | — | — | (8.8 | ) | |||||||||||||
Other | (0.1 | ) | — | — | — | (0.1 | ) | |||||||||||||
Payments for equity distributions | — | (13.9 | ) | — | 13.9 | — | ||||||||||||||
Net Cash Provided (Used) by Financing Activities | 804.6 | (13.9 | ) | — | 13.9 | 804.6 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (0.6 | ) | — | (0.3 | ) | — | (0.9 | ) | ||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 486.5 | (3.2 | ) | 0.4 | (0.8 | ) | 482.9 | |||||||||||||
Cash and Cash Equivalents, Beginning of Year | 391.4 | 4.1 | 8.2 | (1.7 | ) | 402 | ||||||||||||||
Cash and Cash Equivalents, End of Period | $ | 877.9 | $ | 0.9 | $ | 8.6 | $ | (2.5 | ) | $ | 884.9 | |||||||||
Three Months Ended December 31, 2012 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Cash Provided by Operating Activities | $ | 17.5 | $ | 6.3 | $ | (0.2 | ) | $ | — | $ | 23.6 | |||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Business acquisitions | — | (9.2 | ) | — | — | (9.2 | ) | |||||||||||||
Additions to property | — | (4.8 | ) | (0.2 | ) | — | (5.0 | ) | ||||||||||||
Payment for equity contributions | (8.1 | ) | — | — | 8.1 | — | ||||||||||||||
Net Cash Provided by (Used in) Investing Activities | (8.1 | ) | (14.0 | ) | (0.2 | ) | 8.1 | (14.2 | ) | |||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Proceeds from issuance of senior notes | 250 | — | — | — | 250 | |||||||||||||||
Repayments of long-term debt | (2.2 | ) | — | — | — | (2.2 | ) | |||||||||||||
Payments of debt issuance costs | (4.6 | ) | — | — | — | (4.6 | ) | |||||||||||||
Other, net | 0.2 | — | — | — | 0.2 | |||||||||||||||
Proceeds from equity contributions | — | 8.1 | — | (8.1 | ) | — | ||||||||||||||
Net Cash Provided (Used) by Financing Activities | 243.4 | 8.1 | — | (8.1 | ) | 243.4 | ||||||||||||||
Effect of Exchange Rate Changes on Cash | — | — | (0.1 | ) | — | (0.1 | ) | |||||||||||||
Net Increase in Cash and Cash Equivalents | 252.8 | 0.4 | (0.5 | ) | — | 252.7 | ||||||||||||||
Cash and Cash Equivalents, Beginning of Year | 49.7 | 2.2 | 6.3 | — | 58.2 | |||||||||||||||
Cash and Cash Equivalents, End of Period | $ | 302.5 | $ | 2.6 | $ | 5.8 | $ | — | $ | 310.9 | ||||||||||
Subsequent_Event_Notes
Subsequent Event (Notes) | 3 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
NOTE 17 — SUBSEQUENT EVENTS | |
Acquisition of Dakota Growers Pasta Company, Inc. | |
On January 1, 2014, Post completed its previously announced acquisition from Viterra Inc. of all of the stock of Agricore United Holdings Inc. (“Agricore”). Agricore is the parent company of Dakota Growers Pasta Company, Inc., a manufacturer of dry pasta for retail and institutional markets. The purchase price for the transaction was $370.0 in cash, subject to a working capital adjustment, which resulted in a payment at closing of approximately $366.2, and was funded through Post’s existing cash resources. | |
Preferred Stock Dividend | |
On January 9, 2014, the Company’s Board of Directors declared a quarterly dividend of $0.9375 per share, representing payment for the dividend period from the date of November 15, 2013 to February 14, 2014, on the Company’s 3.75% Series B Cumulative Perpetual Convertible Preferred Stock. The Board of Directors also declared a quarterly dividend of $0.42361 per share, representing a pro-rata payment for the partial dividend period from the issue date of December 16, 2013 to February 14, 2014, on the Company’s 2.5% Series C Cumulative Perpetual Convertible Preferred Stock. Both dividends will be paid on February 15, 2014 to preferred shareholders as of February 1, 2014. | |
Preferred Stock Issuance | |
On January 14, 2014, the Company closed an issuance of an additional 200,000 shares of its 2.5% Series C Cumulative Perpetual Convertible Preferred Stock pursuant to the partial exercise by the initial purchasers of their option to purchase additional shares of preferred stock. The net proceeds to the Company from the exercise of the option, after deducting the initial purchasers’ discounts and commissions, were approximately $19.4. | |
Revolving Credit Facility | |
On January 29, 2014, the Company entered into a $300.0 million revolving credit facility. The Company intends to use the proceeds of loans under the Credit Agreement for general corporate purposes, which may include, among other things, financing acquisitions, working capital and capital expenditures. The revolving credit facility must be repaid on or before January 29, 2019. No amount was drawn against the facility at execution. | |
Acquisition of Golden Boy Foods Ltd. | |
On February 1, 2014, Post completed its previously announced acquisition of Golden Boy Foods Ltd., a manufacturer of private label peanut and other nut butters, as well as dried fruits and snacking nuts. The purchase price for the transaction was CAD$320.0 in cash, subject to a working capital adjustment, which resulted in a payment at closing of approximately CAD$321.1, and was funded through Post’s existing cash resources. | |
Acquisition of Dymatize Enterprises, LLC | |
On February 1, 2014, Post completed its previously announced acquisition of Dymatize Enterprises, LLC, a manufacturer and marketer of premium protein powders, bars and nutritional supplements. The purchase price for the transaction was $380.0 in cash, subject to a working capital adjustment, which resulted in a payment at closing of approximately $392.5, and was funded through Post’s existing cash resources. | |
Acquisition of PowerBar and Musashi | |
In a release dated February 3, 2014, Post announced it has agreed to acquire the PowerBar and Musashi brands and related worldwide assets from Nestlé S.A in a transaction expected to be completed in Post’s fiscal third quarter, subject to customary closing conditions. Post has agreed to pay $150.0 for the brands, subject to working capital and other adjustments. |
Business_Combinations_Tables
Business Combinations (Tables) | 3 Months Ended | |||
Dec. 31, 2013 | ||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | |||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | |||
Three Months Ended December 31, 2012 | ||||
Pro forma net sales | $ | 284.2 | ||
Pro forma net earnings available to common stockholders | $ | 4.9 | ||
Pro forma basic earnings per share | $ | 0.15 | ||
Pro forma diluted earnings per share | $ | 0.15 | ||
Restructuring_Tables
Restructuring (Tables) | 3 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Schedule of Restructuring and Related Costs | ' | |||||||||||||||
Three Months Ended December 31, 2013 | Cumulative Incurred to Date | Remaining Expense Expected to be Incurred | ||||||||||||||
Employee severance | $ | 0.5 | $ | 2.6 | $ | 0.9 | ||||||||||
Pension curtailment | — | 1.7 | — | |||||||||||||
Accelerated depreciation | 2.7 | 12.3 | 5.8 | |||||||||||||
$ | 3.2 | $ | 16.6 | $ | 6.7 | |||||||||||
Liabilities recorded related to restructuring activities and changes therein are as follows: | ||||||||||||||||
30-Sep-13 | Costs Incurred and Charged to Expense | Cash Paid | 31-Dec-13 | |||||||||||||
Employee severance | $ | 2.1 | $ | 0.5 | $ | (0.8 | ) | $ | 1.8 | |||||||
Goodwill_Tables
Goodwill (Tables) | 3 Months Ended | |||||||||||||||
Dec. 31, 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, 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 | ||||||||
Purchase price true-up adjustment | — | — | 0.1 | 0.1 | ||||||||||||
Currency translation adjustment | (0.2 | ) | — | — | (0.2 | ) | ||||||||||
Balance, December 31, 2013 | ||||||||||||||||
Goodwill (gross) | $ | 1,793.90 | $ | 75.1 | $ | 48.4 | $ | 1,917.40 | ||||||||
Accumulated impairment losses | (427.8 | ) | — | — | (427.8 | ) | ||||||||||
Goodwill (net) | $ | 1,366.10 | $ | 75.1 | $ | 48.4 | $ | 1,489.60 | ||||||||
Intangible_Assets_net_Intangib1
Intangible Assets, net Intangible Assets, net (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Total intangible assets | ' | ||||||||||||||||||||||||
31-Dec-13 | 30-Sep-13 | ||||||||||||||||||||||||
Carrying | Accumulated Amortization | Net | Carrying | Accumulated Amortization | Net | ||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||
Subject to amortization: | |||||||||||||||||||||||||
Customer relationships | $ | 258.6 | $ | (44.3 | ) | $ | 214.3 | $ | 258.6 | $ | (41.0 | ) | $ | 217.6 | |||||||||||
Trademarks/brands | 161.5 | (27.8 | ) | 133.7 | 161.5 | (25.8 | ) | 135.7 | |||||||||||||||||
Other intangible assets | 4.7 | (0.7 | ) | 4 | 4.7 | (0.3 | ) | 4.4 | |||||||||||||||||
$ | 424.8 | $ | (72.8 | ) | $ | 352 | $ | 424.8 | $ | (67.1 | ) | $ | 357.7 | ||||||||||||
Not subject to amortization: | |||||||||||||||||||||||||
Trademarks/brands | 540.7 | — | 540.7 | 540.7 | — | 540.7 | |||||||||||||||||||
$ | 965.5 | $ | (72.8 | ) | $ | 892.7 | $ | 965.5 | $ | (67.1 | ) | $ | 898.4 | ||||||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 3 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Computation of basic and diluted earnings per share | ' | |||||||
The following table sets forth the computation of basic and diluted earnings per share for the three months ended December 31, 2013 and 2012, respectively. | ||||||||
Three Months Ended December 31, | ||||||||
2013 | 2012 | |||||||
Net (loss) earnings | $ | (2.4 | ) | $ | 7.6 | |||
Preferred stock dividends | (2.6 | ) | — | |||||
Net (loss) earnings available to common stockholders | $ | (5.0 | ) | $ | 7.6 | |||
Weighted-average shares for basic earnings per share | 32.7 | 32.6 | ||||||
Effect of dilutive securities: | ||||||||
Stock appreciation rights | — | 0.1 | ||||||
Total dilutive securities | — | 0.1 | ||||||
Weighted-average shares for diluted earnings per share | 32.7 | 32.7 | ||||||
Basic (loss) earnings per common share | $ | (0.15 | ) | $ | 0.23 | |||
Diluted (loss) earnings per common share | $ | (0.15 | ) | $ | 0.23 | |||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory [Line Items] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
31-Dec-13 | 30-Sep-13 | |||||||
Raw materials and supplies | $ | 33.1 | $ | 30.3 | ||||
Finished products | 87.7 | 91.6 | ||||||
$ | 120.8 | $ | 121.9 | |||||
Property_net_Tables
Property, net (Tables) | 3 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
31-Dec-13 | 30-Sep-13 | |||||||
Property, at cost | $ | 653.7 | $ | 640.5 | ||||
Accumulated depreciation | (266.0 | ) | (252.0 | ) | ||||
$ | 387.7 | $ | 388.5 | |||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments and Hedging Gain (Loss) Recognized in Earnings (Tables) | 3 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Derivatives, Fair Value [Line Items] | ' | ||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position | ' | ||||||||||||||
Fair Value of Assets as of December 31, 2013 | |||||||||||||||
Balance Sheet Location | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet | ||||||||||||
Commodity contracts | Prepaid expenses and other current assets | $ | — | $ | (0.2 | ) | $ | (0.2 | ) | ||||||
Natural gas and heating oil futures | Prepaid expenses and other current assets | 0.6 | — | 0.6 | |||||||||||
$ | 0.6 | $ | (0.2 | ) | $ | 0.4 | |||||||||
Fair Value of Liabilities as of December 31, 2013 | |||||||||||||||
Balance Sheet Location | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet | ||||||||||||
Foreign exchange contracts | Other current liabilities | $ | 1.3 | $ | — | $ | 1.3 | ||||||||
Fair Value of Liabilities as of September 30, 2013 | |||||||||||||||
Balance Sheet Location | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet | ||||||||||||
Commodity contracts | Other current liabilities | $ | 0.1 | $ | — | $ | 0.1 | ||||||||
Natural gas and heating oil futures | Other current liabilities | 0.1 | — | 0.1 | |||||||||||
$ | 0.2 | $ | — | $ | 0.2 | ||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ' | ||||||||||||||
Amount of Gain (Loss) Recognized in Earnings | |||||||||||||||
Three Months Ended December 31, | |||||||||||||||
Derivative Instrument | Location of Gain (Loss) Recognized in Earnings | 2013 | 2012 | ||||||||||||
Commodity contracts | Cost of goods sold | $ | 0.2 | $ | (0.5 | ) | |||||||||
Natural gas and heating oil futures | Cost of goods sold | 0.7 | (0.2 | ) | |||||||||||
Foreign exchange contracts | Selling, general and administrative expenses | (0.7 | ) | — | |||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||||||||
Dec. 31, 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: | ||||||||||||||||||||||||
31-Dec-13 | 30-Sep-13 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Deferred compensation investment | $ | 10 | $ | 10 | $ | — | $ | 8.5 | $ | 8.5 | $ | — | ||||||||||||
Derivative assets | 0.4 | — | 0.4 | — | — | — | ||||||||||||||||||
$ | 10.4 | $ | 10 | $ | 0.4 | $ | 8.5 | $ | 8.5 | $ | — | |||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deferred compensation liabilities | $ | 16.3 | $ | — | $ | 16.3 | $ | 13.4 | $ | — | $ | 13.4 | ||||||||||||
Derivative liabilities | 1.3 | — | 1.3 | 0.2 | — | 0.2 | ||||||||||||||||||
$ | 17.6 | $ | — | $ | 17.6 | $ | 13.6 | $ | — | $ | 13.6 | |||||||||||||
Long_Term_Debt_Tables
Long Term Debt (Tables) | 3 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Long-term Debt Instruments | ' | |||||||
Long-term debt as of the dates indicated consists of the following: | ||||||||
31-Dec-13 | September 30, 2013 | |||||||
7.375% Senior Notes maturing February 2022 | $ | 1,375.00 | $ | 1,375.00 | ||||
6.75% Senior Notes maturing December 2021 | 525 | — | ||||||
$ | 1,900.00 | $ | 1,375.00 | |||||
Plus: Unamortized premium | 32.9 | 33.6 | ||||||
Total long-term debt | $ | 1,932.90 | $ | 1,408.60 | ||||
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefits (Tables) | 3 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ' | |||||||
Schedule of net benefit costs and assumptions used in calculation | ' | |||||||
The following tables provide the components of net periodic benefit cost for the plans. | ||||||||
Pension Benefits | ||||||||
Three Months Ended December 31, | ||||||||
2013 | 2012 | |||||||
Components of net periodic benefit cost | ||||||||
Service cost | $ | 0.9 | $ | 1.1 | ||||
Interest cost | 0.5 | 0.4 | ||||||
Expected return on plan assets | (0.5 | ) | (0.4 | ) | ||||
Recognized net actuarial loss | 0.2 | 0.2 | ||||||
Recognized prior service cost | 0.1 | 0.1 | ||||||
Net periodic benefit cost | $ | 1.2 | $ | 1.4 | ||||
Other Benefits | ||||||||
Three Months Ended December 31, | ||||||||
2013 | 2012 | |||||||
Components of net periodic benefit cost | ||||||||
Service cost | $ | 0.5 | $ | 0.6 | ||||
Interest cost | 1.1 | 1 | ||||||
Recognized net actuarial loss | 0.1 | 0.4 | ||||||
Recognized prior service credit | (0.6 | ) | (0.3 | ) | ||||
Net periodic benefit cost | $ | 1.1 | $ | 1.7 | ||||
Segment_Information_Segments_T
Segment Information Segments (Tables) | 3 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Segment Reporting [Abstract] | ' | |||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||
Three Months Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
Net Sales | ||||||||||
Post Foods | $ | 236.9 | $ | 236.9 | ||||||
Attune Foods | 23.2 | — | ||||||||
Active Nutrition | 37.2 | — | ||||||||
Eliminations | (0.3 | ) | — | |||||||
Total | $ | 297 | $ | 236.9 | ||||||
Segment Profit | ||||||||||
Post Foods | $ | 46.5 | $ | 47 | ||||||
Attune Foods | 2.6 | — | ||||||||
Active Nutrition | 4.2 | — | ||||||||
Total segment profit | 53.3 | 47 | ||||||||
General corporate expenses and other | 24.9 | 16.7 | ||||||||
Accelerated depreciation on plant closure | 2.7 | — | ||||||||
Restructuring expenses | 0.5 | — | ||||||||
Interest expense | 29 | 19.2 | ||||||||
(Loss) earnings before income taxes | $ | (3.8 | ) | $ | 11.1 | |||||
Depreciation and amortization | ||||||||||
Post Foods | $ | 13.2 | $ | 15 | ||||||
Attune Foods | 1.8 | — | ||||||||
Active Nutrition | 1.6 | — | ||||||||
Total segment depreciation and amortization | 16.6 | 15 | ||||||||
Accelerated depreciation on plant closure | 2.7 | — | ||||||||
Corporate | 1.8 | 1.2 | ||||||||
Total | $ | 21.1 | $ | 16.2 | ||||||
31-Dec-13 | 30-Sep-13 | |||||||||
Assets | ||||||||||
Post Foods | $ | 2,598.50 | $ | 2,614.90 | ||||||
Attune Foods | 170.3 | 172 | ||||||||
Active Nutrition | 199.2 | 198 | ||||||||
Corporate | 1,321.10 | 488.9 | ||||||||
Total | $ | 4,289.10 | $ | 3,473.80 | ||||||
Guarantor_Financials_Tables
Guarantor Financials (Tables) | 3 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Guarantor Balance Sheet [Abstract] | ' | |||||||||||||||||||
Schedule of Condensed Income Statement [Table Text Block] | ' | |||||||||||||||||||
POST HOLDINGS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) | ||||||||||||||||||||
Three Months Ended December 31, 2013 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Sales | $ | — | $ | 284.8 | $ | 18.8 | $ | (6.6 | ) | $ | 297 | |||||||||
Cost of goods sold | — | 174.1 | 15 | (6.6 | ) | 182.5 | ||||||||||||||
Gross Profit | — | 110.7 | 3.8 | — | 114.5 | |||||||||||||||
Selling, general and administrative expenses | 4.5 | 74.6 | 3.9 | — | 83 | |||||||||||||||
Amortization of intangible assets | — | 5.7 | — | — | 5.7 | |||||||||||||||
Restructuring expense | — | 0.5 | — | — | 0.5 | |||||||||||||||
Other operating expenses, net | — | 0.1 | — | — | 0.1 | |||||||||||||||
Operating (Loss) Profit | (4.5 | ) | 29.8 | (0.1 | ) | — | 25.2 | |||||||||||||
Interest expense | 29 | — | — | — | 29 | |||||||||||||||
(Loss) Earnings before Income Taxes | (33.5 | ) | 29.8 | (0.1 | ) | — | (3.8 | ) | ||||||||||||
Income tax (benefit) expense | (11.9 | ) | 10.5 | — | — | (1.4 | ) | |||||||||||||
Net (Loss) Earnings before Equity in Subsidiaries | (21.6 | ) | 19.3 | (0.1 | ) | — | (2.4 | ) | ||||||||||||
Equity earnings in subsidiary | 19.2 | — | — | (19.2 | ) | — | ||||||||||||||
Net Earnings (Loss) | $ | (2.4 | ) | $ | 19.3 | $ | (0.1 | ) | $ | (19.2 | ) | $ | (2.4 | ) | ||||||
Total Comprehensive (Loss) Income | $ | (4.7 | ) | $ | 19.2 | $ | (2.3 | ) | $ | (16.9 | ) | $ | (4.7 | ) | ||||||
Three Months Ended December 31, 2012 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Sales | $ | — | $ | 223.3 | $ | 20.9 | $ | (7.3 | ) | $ | 236.9 | |||||||||
Cost of goods sold | — | 122.2 | 16.3 | (7.3 | ) | 131.2 | ||||||||||||||
Gross Profit | — | 101.1 | 4.6 | — | 105.7 | |||||||||||||||
Selling, general and administrative expenses | 2.5 | 65.4 | 4.2 | — | 72.1 | |||||||||||||||
Amortization of intangible assets | — | 3.2 | — | — | 3.2 | |||||||||||||||
Other operating expenses, net | — | 0.1 | — | — | 0.1 | |||||||||||||||
Operating (Loss) Profit | (2.5 | ) | 32.4 | 0.4 | — | 30.3 | ||||||||||||||
Interest expense | 19.2 | — | — | — | 19.2 | |||||||||||||||
(Loss) Earnings before Income Taxes | (21.7 | ) | 32.4 | 0.4 | — | 11.1 | ||||||||||||||
Income tax (benefit) expense | (7.0 | ) | 10.4 | 0.1 | — | 3.5 | ||||||||||||||
Net (Loss) Earnings before Equity in Subsidiaries | (14.7 | ) | 22 | 0.3 | — | 7.6 | ||||||||||||||
Equity earnings in subsidiary | 22.3 | — | — | (22.3 | ) | — | ||||||||||||||
Net Earnings | $ | 7.6 | $ | 22 | $ | 0.3 | $ | (22.3 | ) | $ | 7.6 | |||||||||
Total Comprehensive Income (Loss) | $ | 7.1 | $ | 22.2 | $ | (0.4 | ) | $ | (21.8 | ) | $ | 7.1 | ||||||||
Schedule of Condensed Balance Sheet [Table Text Block] | ' | |||||||||||||||||||
POST HOLDINGS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS (Unaudited) | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 877.9 | $ | 0.9 | $ | 8.6 | $ | (2.5 | ) | $ | 884.9 | |||||||||
Restricted cash | 1.1 | — | — | — | 1.1 | |||||||||||||||
Receivables, net | — | 78.3 | 9.8 | (3.2 | ) | 84.9 | ||||||||||||||
Inventories | — | 116.3 | 4.5 | — | 120.8 | |||||||||||||||
Deferred income taxes | 12.1 | — | — | — | 12.1 | |||||||||||||||
Prepaid expenses and other current assets | 3.9 | 6.6 | 0.3 | — | 10.8 | |||||||||||||||
Total Current Assets | 895 | 202.1 | 23.2 | (5.7 | ) | 1,114.60 | ||||||||||||||
Property, net | — | 344.4 | 43.3 | — | 387.7 | |||||||||||||||
Goodwill | — | 1,483.40 | 6.2 | — | 1,489.60 | |||||||||||||||
Other intangible assets, net | — | 892.7 | — | — | 892.7 | |||||||||||||||
Intercompany receivable | 394.8 | — | — | (394.8 | ) | — | ||||||||||||||
Investment in subsidiaries | 2,396.30 | — | — | (2,396.3 | ) | — | ||||||||||||||
Cash advance for acquisitions | 366.2 | — | — | — | 366.2 | |||||||||||||||
Deferred income taxes | — | — | 2.2 | — | 2.2 | |||||||||||||||
Other assets | 31.5 | 3.9 | 0.7 | — | 36.1 | |||||||||||||||
Total Assets | $ | 4,083.80 | $ | 2,926.50 | $ | 75.6 | $ | (2,796.8 | ) | $ | 4,289.10 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Accounts payable | $ | 0.6 | $ | 57.7 | $ | 4.2 | $ | (5.7 | ) | $ | 56.8 | |||||||||
Other current liabilities | 49.7 | 39.6 | 5 | — | 94.3 | |||||||||||||||
Total Current Liabilities | 50.3 | 97.3 | 9.2 | (5.7 | ) | 151.1 | ||||||||||||||
Long-term debt | 1,932.90 | — | — | — | 1,932.90 | |||||||||||||||
Intercompany payable | — | 394.5 | 0.3 | (394.8 | ) | — | ||||||||||||||
Deferred income taxes | 302.4 | — | — | — | 302.4 | |||||||||||||||
Other liabilities | 12.5 | 97.3 | 7.2 | — | 117 | |||||||||||||||
Total Liabilities | 2,298.10 | 589.1 | 16.7 | (400.5 | ) | 2,503.40 | ||||||||||||||
Total Stockholders’ Equity | 1,785.70 | 2,337.40 | 58.9 | (2,396.3 | ) | 1,785.70 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 4,083.80 | $ | 2,926.50 | $ | 75.6 | $ | (2,796.8 | ) | $ | 4,289.10 | |||||||||
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 | |||||||||
Schedule of Condensed Cash Flow Statement [Table Text Block] | ' | |||||||||||||||||||
POST HOLDINGS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Unaudited) | ||||||||||||||||||||
Three Months Ended December 31, 2013 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Cash Provided by Operating Activities | $ | 11.7 | $ | 26.9 | $ | 1 | $ | (14.7 | ) | $ | 24.9 | |||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Cash advance for acquisition | (366.2 | ) | — | — | — | (366.2 | ) | |||||||||||||
Additions to property | — | (16.2 | ) | (0.3 | ) | — | (16.5 | ) | ||||||||||||
Restricted cash | 37 | — | — | — | 37 | |||||||||||||||
Net Cash Used in Investing Activities | (329.2 | ) | (16.2 | ) | (0.3 | ) | — | (345.7 | ) | |||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Proceeds from issuance of senior notes | 525 | — | — | — | 525 | |||||||||||||||
Proceeds from issuance of preferred stock | 290.8 | — | — | — | 290.8 | |||||||||||||||
Repayments of long-term debt | — | — | — | — | — | |||||||||||||||
Payment of dividend | (2.3 | ) | — | — | — | (2.3 | ) | |||||||||||||
Payments of debt issuance costs | (8.8 | ) | — | — | — | (8.8 | ) | |||||||||||||
Other | (0.1 | ) | — | — | — | (0.1 | ) | |||||||||||||
Payments for equity distributions | — | (13.9 | ) | — | 13.9 | — | ||||||||||||||
Net Cash Provided (Used) by Financing Activities | 804.6 | (13.9 | ) | — | 13.9 | 804.6 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (0.6 | ) | — | (0.3 | ) | — | (0.9 | ) | ||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 486.5 | (3.2 | ) | 0.4 | (0.8 | ) | 482.9 | |||||||||||||
Cash and Cash Equivalents, Beginning of Year | 391.4 | 4.1 | 8.2 | (1.7 | ) | 402 | ||||||||||||||
Cash and Cash Equivalents, End of Period | $ | 877.9 | $ | 0.9 | $ | 8.6 | $ | (2.5 | ) | $ | 884.9 | |||||||||
Three Months Ended December 31, 2012 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Cash Provided by Operating Activities | $ | 17.5 | $ | 6.3 | $ | (0.2 | ) | $ | — | $ | 23.6 | |||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Business acquisitions | — | (9.2 | ) | — | — | (9.2 | ) | |||||||||||||
Additions to property | — | (4.8 | ) | (0.2 | ) | — | (5.0 | ) | ||||||||||||
Payment for equity contributions | (8.1 | ) | — | — | 8.1 | — | ||||||||||||||
Net Cash Provided by (Used in) Investing Activities | (8.1 | ) | (14.0 | ) | (0.2 | ) | 8.1 | (14.2 | ) | |||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Proceeds from issuance of senior notes | 250 | — | — | — | 250 | |||||||||||||||
Repayments of long-term debt | (2.2 | ) | — | — | — | (2.2 | ) | |||||||||||||
Payments of debt issuance costs | (4.6 | ) | — | — | — | (4.6 | ) | |||||||||||||
Other, net | 0.2 | — | — | — | 0.2 | |||||||||||||||
Proceeds from equity contributions | — | 8.1 | — | (8.1 | ) | — | ||||||||||||||
Net Cash Provided (Used) by Financing Activities | 243.4 | 8.1 | — | (8.1 | ) | 243.4 | ||||||||||||||
Effect of Exchange Rate Changes on Cash | — | — | (0.1 | ) | — | (0.1 | ) | |||||||||||||
Net Increase in Cash and Cash Equivalents | 252.8 | 0.4 | (0.5 | ) | — | 252.7 | ||||||||||||||
Cash and Cash Equivalents, Beginning of Year | 49.7 | 2.2 | 6.3 | — | 58.2 | |||||||||||||||
Cash and Cash Equivalents, End of Period | $ | 302.5 | $ | 2.6 | $ | 5.8 | $ | — | $ | 310.9 | ||||||||||
Background_Recently_Adopted_Ac
Background Recently Adopted Accounting Standards (Details) (USD $) | 3 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Background [Abstract] | ' | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | ($0.20) | $0.50 |
Restructuring_Details
Restructuring (Details) (USD $) | 3 Months Ended | 3 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Employee Severance [Member] | Employee Severance [Member] | Pension curtailment [Member] | Accelerated depreciation [Member] | Total Income Statement Impact [Member] | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve | ' | ' | $1,800,000 | $2,100,000 | ' | ' | ' |
Restructuring expense | 500,000 | 0 | 500,000 | ' | 0 | 2,700,000 | 3,200,000 |
Restructuring and Related Cost, Cost Incurred to Date | ' | ' | 2,600,000 | ' | 1,700,000 | 12,300,000 | 16,600,000 |
Restructuring charges, expected cost remaining | ' | ' | 900,000 | ' | 0 | 5,800,000 | 6,700,000 |
Payments for Restructuring | ' | ' | ($800,000) | ' | ' | ' | ' |
Business_Combinations_Details
Business Combinations (Details) (USD $) | 3 Months Ended | 0 Months Ended | 1 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | 29-May-13 | Sep. 30, 2013 |
Attune Foods segment [Member] | Attune Foods, Inc. [Member] | Assets of Hearthside Food Solutions [Member] | Premier Nutrition Corporation [Member] | ||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | $9.20 | $159.90 | $186 |
Goodwill, Purchase Accounting Adjustments | $0.10 | $0 | ' | ' | ' |
Business_Combinations_Business
Business Combinations Business combinations pro forma financial information (Details) (USD $) | 3 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2012 |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' |
Business Acquisition, Pro Forma Revenue | $284.20 |
Business Acquisition, Pro Forma Net Income (Loss) | $4.90 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $0.15 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $0.15 |
Goodwill_Details
Goodwill (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Gross | $1,917.40 | $1,917.50 |
Goodwill, Impaired, Accumulated Impairment Loss | -427.8 | -427.8 |
Goodwill | 1,489.60 | 1,489.70 |
Goodwill, Purchase Accounting Adjustments | 0.1 | ' |
Currency translation adjustment | 0.2 | ' |
Attune Foods segment [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Gross | 75.1 | 75.1 |
Goodwill, Impaired, Accumulated Impairment Loss | 0 | 0 |
Goodwill | 75.1 | 75.1 |
Goodwill, Purchase Accounting Adjustments | 0 | ' |
Currency translation adjustment | 0 | ' |
Active Nutrition segment [Member] [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Gross | 48.4 | 48.3 |
Goodwill, Impaired, Accumulated Impairment Loss | 0 | 0 |
Goodwill | 48.4 | 48.3 |
Goodwill, Purchase Accounting Adjustments | 0.1 | ' |
Currency translation adjustment | 0 | ' |
Post Foods segment [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Gross | 1,793.90 | 1,794.10 |
Goodwill, Impaired, Accumulated Impairment Loss | -427.8 | -427.8 |
Goodwill | 1,366.10 | 1,366.30 |
Goodwill, Purchase Accounting Adjustments | 0 | ' |
Currency translation adjustment | $0.20 | ' |
Intangible_Assets_net_Intangib2
Intangible Assets, net Intangible Assets, net (Details) (USD $) | Dec. 31, 2013 | Sep. 30, 2012 |
In Millions, unless otherwise specified | ||
Finite-Lived Intangible Assets [Abstract] | ' | ' |
Finite-Lived Intangible Assets, Gross | $424.80 | $424.80 |
Finite-Lived Intangible Assets, Accumulated Amortization | -72.8 | -67.1 |
Finite-Lived Intangible Assets, Net | 352 | 357.7 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' |
Carrying amount, total | 965.5 | 965.5 |
Other intangible assets, net | 892.7 | 898.4 |
Trademarks/brands | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | ' | ' |
Carrying amount | 540.7 | 540.7 |
Other Intangible Assets [Member] | ' | ' |
Finite-Lived Intangible Assets [Abstract] | ' | ' |
Finite-Lived Intangible Assets, Gross | 4.7 | 4.7 |
Finite-Lived Intangible Assets, Accumulated Amortization | -0.7 | -0.3 |
Finite-Lived Intangible Assets, Net | 4 | 4.4 |
Customer relationships | ' | ' |
Finite-Lived Intangible Assets [Abstract] | ' | ' |
Finite-Lived Intangible Assets, Gross | 258.6 | 258.6 |
Finite-Lived Intangible Assets, Accumulated Amortization | -44.3 | -41 |
Finite-Lived Intangible Assets, Net | 214.3 | 217.6 |
Trademarks/brands | ' | ' |
Finite-Lived Intangible Assets [Abstract] | ' | ' |
Finite-Lived Intangible Assets, Gross | 161.5 | 161.5 |
Finite-Lived Intangible Assets, Accumulated Amortization | -27.8 | -25.8 |
Finite-Lived Intangible Assets, Net | $133.70 | $135.70 |
Earnings_per_Share_Details
Earnings per Share (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3.8 | 2.2 |
Income (Loss) From Continuing Operations, Before Equity Method Investments, Net of Taxes | ($2.40) | ' |
Net (loss) earnings | -2.4 | 7.6 |
Preferred stock dividends | 2.6 | 0 |
Net (Loss) Earnings Available to Common Stockholders | ($5) | $7.60 |
Weighted-average shares for basic earnings per share | 32.7 | 32.6 |
Stock appreciation rights | 0 | 0.1 |
Weighted-average shares for diluted earnings per share | 32.7 | 32.7 |
Basic earnings per share (in usd per share) | ($0.15) | $0.23 |
Diluted earnings per share (in usd per share) | ($0.15) | $0.23 |
Stock Appreciation Rights (SARs) [Member] | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' |
Stock appreciation rights | 0 | 0.1 |
Preferred Stock [Member] | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 10.7 | ' |
Earnings_per_Share_Antidilutiv
Earnings per Share Antidilutive shares excluded from earnings per share (Details) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-Dilutive shares of Preferred stock excluded from Diluted Earnings per Share calculation | 5.1 | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3.8 | 2.2 |
Preferred Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 10.7 | ' |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Inventory [Abstract] | ' | ' |
Inventory, Raw Materials, Net of Reserves | $33.10 | $30.30 |
Inventory, Finished Goods, Net of Reserves | 87.7 | 91.6 |
Inventories | $120.80 | $121.90 |
Property_net_Details
Property, net (Details) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ' | ' |
Property, Plant and Equipment, Gross | $653.70 | $640.50 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 266 | 252 |
Property, net | $387.70 | $388.50 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments and Hedging (Details) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Liability, Current | ($0.20) | ' |
Other Assets [Member] | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Asset, Fair Value, Gross Asset | ' | 0 |
Derivative Liability, Current | ' | 0.2 |
Assets [Member] | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | 1.3 | 0.2 |
Assets [Member] | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | 0.4 | ' |
Commodity Contract [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | ' |
Derivative Liability, Current | -0.2 | ' |
Derivative Assets (Liabilities), at Fair Value, Net | -0.2 | ' |
Commodity Contract [Member] | Other Assets [Member] | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Asset, Fair Value, Gross Asset | ' | 0 |
Derivative Liability, Current | ' | 0.1 |
Derivative Assets (Liabilities), at Fair Value, Net | ' | 0.1 |
Foreign Exchange Contract [Member] | Other Assets [Member] | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | ' |
Derivative Liability, Current | 1.3 | ' |
Natural Gas Futures [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0.6 | ' |
Derivative Liability, Current | 0 | ' |
Derivative Assets (Liabilities), at Fair Value, Net | 0.6 | ' |
Natural Gas Futures [Member] | Other Assets [Member] | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Asset, Fair Value, Gross Asset | ' | 0 |
Derivative Liability, Current | ' | 0.1 |
Derivative Assets (Liabilities), at Fair Value, Net | ' | $0.10 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments and Hedging Gain(Loss) recognized in earnings from derivative instruments (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Commodity Contract [Member] | Cost of Sales [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $0.20 | ($0.50) |
Natural Gas Futures [Member] | Cost of Sales [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 0.7 | -0.2 |
Foreign Exchange Contract [Member] | Selling, General and Administrative Expenses [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | ($0.70) | $0 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Fair value of long-term debt | $2,012.70 | ' |
Total | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Deferred Compensation Plan Assets | 10 | 8.5 |
Derivative instruments | 0.4 | 0 |
Assets, Fair Value Disclosure | 10.4 | 8.5 |
Deferred compensation liabilities | 16.3 | 13.4 |
Derivative Liability, Current | 1.3 | 0.2 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 17.6 | 13.6 |
Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Deferred Compensation Plan Assets | 10 | 8.5 |
Derivative instruments | 0 | 0 |
Assets, Fair Value Disclosure | 10 | 8.5 |
Deferred compensation liabilities | 0 | 0 |
Derivative Liability, Current | 0 | 0 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 |
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Deferred Compensation Plan Assets | 0 | 0 |
Derivative instruments | 0.4 | 0 |
Assets, Fair Value Disclosure | 0.4 | 0 |
Deferred compensation liabilities | 16.3 | 13.4 |
Derivative Liability, Current | 1.3 | 0.2 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $17.60 | $13.60 |
Preferred_Stock_Details
Preferred Stock (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | |
Jan. 14, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | |
Series B Preferred Stock [Member] | Series C Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Preferred Stock, Shares Issued | 200,000 | ' | ' | 2.4 | 3 |
Preferred Stock, Dividend Rate, Percentage | ' | ' | ' | 3.75% | 2.50% |
Preferred Stock Purchase Option | ' | ' | ' | ' | 450,000 |
Proceeds from Issuance of Preferred Stock and Preference Stock | $19,400,000 | $290,800,000 | $0 | $234 | $290.80 |
Payments of Stock Issuance Costs | ' | ' | ' | $7.50 | $9.20 |
Preferred Stock, Par or Stated Value Per Share | ' | ' | ' | $0.01 | $0.01 |
Preferred Stock, Liquidation Preference Per Share | ' | ' | ' | $100 | $100 |
Convertible Preferred Stock, Shares Issued upon Conversion | ' | ' | ' | 2.1192 | 1.8477 |
Conversion price of convertible preferred stock | ' | ' | ' | $47.19 | $54.12 |
Preferred Stock, Redemption Price, Percentage of Liquidation Preference | ' | ' | ' | 100.00% | 100.00% |
Stock Redemption Triggering Event, Common Stock as Percentage of Conversion Price In Effect | ' | ' | ' | 130.00% | 150.00% |
Stock Redemption Triggering Event, Number of Trading during Thirty Day Consecutive Period, Conversion Price Percentage Met | ' | ' | ' | '20 days | '20 days |
Long_Term_Debt_Details
Long Term Debt (Details) (USD $) | 3 Months Ended | 3 Months Ended | |||||||
Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | |
Parent Company | Parent Company | 7.375% Senior Notes [Member] | 7.375% Senior Notes [Member] | 7.375% Senior Notes [Member] | 6.75% Senior Notes [Member] [Member] | 6.75% Senior Notes [Member] [Member] | |||
Debt Instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | $525,000,000 | ' |
Senior Notes | ' | ' | ' | ' | 1,375,000,000 | 1,375,000,000 | 775,000,000 | 525,000,000 | 0 |
Long-term Debt | 1,900,000,000 | 1,375,000,000 | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt | 1,932,900,000 | 1,408,600,000 | 1,932,900,000 | 1,408,600,000 | ' | ' | ' | ' | ' |
Debt Instrument, Increase, Additional Borrowings | ' | ' | ' | ' | ' | ' | ' | 516,200,000 | ' |
Debt Issuance Cost | 8,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | 7.38% | ' | ' | 6.75% | ' |
Debt Instrument, Unamortized Premium | $32,900,000 | $33,600,000 | ' | ' | ' | ' | ' | ' | ' |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits | ' | ' |
Components of net periodic benefit cost [Abstract] | ' | ' |
Service cost | $0.90 | $1.10 |
Interest cost | 0.5 | 0.4 |
Expected return on plan assets | -0.5 | -0.4 |
Recognized net actuarial loss | 0.2 | 0.2 |
Recognized prior service cost | 0.1 | 0.1 |
Net periodic benefit cost | 1.2 | 1.4 |
Other Benefits | ' | ' |
Components of net periodic benefit cost [Abstract] | ' | ' |
Service cost | 0.5 | 0.6 |
Interest cost | 1.1 | 1 |
Recognized net actuarial loss | 0.1 | 0.4 |
Recognized prior service cost | -0.6 | -0.3 |
Net periodic benefit cost | $1.10 | $1.70 |
Transaction_with_Former_Owner_
Transaction with Former Owner Transaction with Former Owner (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Ralcorp [Member] | ' | ' |
Related Party Transactions | ' | ' |
Related party costs reported in selling, general and administrative expenses | $0.40 | $1.60 |
Net sales, related party transactions | 3.7 | 4 |
Net Investment [Member] | ' | ' |
Related Party Transactions | ' | ' |
Separation related adjustments | $0.20 | $2.80 |
Segment_Information_Segments_D
Segment Information Segments (Details) (USD $) | 3 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | |
Segment Reporting Information [Line Items] | ' | ' | ' |
Assets | $4,289,100,000 | ' | $3,473,800,000 |
Net Sales | 297,000,000 | 236,900,000 | ' |
Other Expenses | 24,900,000 | 16,700,000 | ' |
Restructuring Reserve, Accelerated Depreciation | 2,700,000 | 0 | ' |
Restructuring expense | 500,000 | 0 | ' |
Interest Expense | 29,000,000 | 19,200,000 | ' |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | -3,800,000 | 11,100,000 | ' |
Depreciation and amortization | 21,100,000 | 16,200,000 | ' |
Post Foods segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Assets | 2,598,500,000 | ' | 2,614,900,000 |
Segment Reporting Information, Revenue for Reportable Segment | 236,900,000 | 236,900,000 | ' |
Segment Profit | 46,500,000 | 47,000,000 | ' |
Depreciation and amortization | 13,200,000 | 15,000,000 | ' |
Attune Foods segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Assets | 170,300,000 | ' | 172,000,000 |
Segment Reporting Information, Revenue for Reportable Segment | 23,200,000 | 0 | ' |
Segment Profit | 2,600,000 | 0 | ' |
Depreciation and amortization | 1,800,000 | 0 | ' |
Active Nutrition segment [Member] [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Assets | 199,200,000 | ' | 198,000,000 |
Segment Reporting Information, Revenue for Reportable Segment | 37,200,000 | 0 | ' |
Segment Profit | 4,200,000 | 0 | ' |
Depreciation and amortization | 1,600,000 | 0 | ' |
Total Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Segment Profit | 53,300,000 | 47,000,000 | ' |
Depreciation and amortization | 16,600,000 | 15,000,000 | ' |
Intersegment Eliminations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales | -300,000 | 0 | ' |
Corporate Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Assets | 1,321,100,000 | ' | 488,900,000 |
Restructuring Reserve, Accelerated Depreciation | 2,700,000 | ' | ' |
Depreciation and amortization | $1,800,000 | $1,200,000 | ' |
Guarantor_Financials_Combined_
Guarantor Financials - Combined Statements of Operations (Condensed) (Details) (USD $) | 3 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Consolidated Statements Of Operations (Condensed) [Abstract] | ' | ' |
Net Sales | $297,000,000 | $236,900,000 |
Cost of goods sold | 182,500,000 | 131,200,000 |
Gross Profit | 114,500,000 | 105,700,000 |
Selling, general and administrative expenses | 83,000,000 | 72,100,000 |
Amortization of intangible assets | 5,700,000 | 3,200,000 |
Restructuring expense | 500,000 | 0 |
Other operating expenses, net | 100,000 | 100,000 |
Operating (Loss) Profit | 25,200,000 | 30,300,000 |
Interest Expense | 29,000,000 | 19,200,000 |
Earnings before Income Taxes | -3,800,000 | 11,100,000 |
Income tax benefit | -1,400,000 | 3,500,000 |
Net (Loss) Earnings before Equity in Subsidiaries | -2,400,000 | ' |
Equity in earnings of partnership | 0 | 0 |
Net Earnings | -2,400,000 | 7,600,000 |
Total Comprehensive Loss | -4,700,000 | 7,100,000 |
Parent Company | ' | ' |
Consolidated Statements Of Operations (Condensed) [Abstract] | ' | ' |
Net Sales | 0 | 0 |
Cost of goods sold | 0 | 0 |
Gross Profit | 0 | 0 |
Selling, general and administrative expenses | 4,500,000 | 2,500,000 |
Amortization of intangible assets | 0 | 0 |
Restructuring expense | 0 | ' |
Other operating expenses, net | 0 | 0 |
Operating (Loss) Profit | -4,500,000 | -2,500,000 |
Interest Expense | 29,000,000 | 19,200,000 |
Earnings before Income Taxes | -33,500,000 | -21,700,000 |
Income tax benefit | -11,900,000 | -7,000,000 |
Net (Loss) Earnings before Equity in Subsidiaries | -21,600,000 | -14,700,000 |
Equity in earnings of partnership | 19,200,000 | 22,300,000 |
Net Earnings | -2,400,000 | 7,600,000 |
Total Comprehensive Loss | -4,700,000 | 7,100,000 |
Guarantors | ' | ' |
Consolidated Statements Of Operations (Condensed) [Abstract] | ' | ' |
Net Sales | 284,800,000 | 223,300,000 |
Cost of goods sold | 174,100,000 | 122,200,000 |
Gross Profit | 110,700,000 | 101,100,000 |
Selling, general and administrative expenses | 74,600,000 | 65,400,000 |
Amortization of intangible assets | 5,700,000 | 3,200,000 |
Restructuring expense | 500,000 | ' |
Other operating expenses, net | 100,000 | 100,000 |
Operating (Loss) Profit | 29,800,000 | 32,400,000 |
Interest Expense | 0 | 0 |
Earnings before Income Taxes | 29,800,000 | 32,400,000 |
Income tax benefit | 10,500,000 | 10,400,000 |
Net (Loss) Earnings before Equity in Subsidiaries | 19,300,000 | 22,000,000 |
Equity in earnings of partnership | 0 | 0 |
Net Earnings | 19,300,000 | 22,000,000 |
Total Comprehensive Loss | 19,200,000 | 22,200,000 |
Non-Guarantors | ' | ' |
Consolidated Statements Of Operations (Condensed) [Abstract] | ' | ' |
Net Sales | 18,800,000 | 20,900,000 |
Cost of goods sold | 15,000,000 | 16,300,000 |
Gross Profit | 3,800,000 | 4,600,000 |
Selling, general and administrative expenses | 3,900,000 | 4,200,000 |
Amortization of intangible assets | 0 | 0 |
Restructuring expense | 0 | ' |
Other operating expenses, net | 0 | 0 |
Operating (Loss) Profit | -100,000 | 400,000 |
Interest Expense | 0 | 0 |
Earnings before Income Taxes | -100,000 | 400,000 |
Income tax benefit | 0 | 100,000 |
Net (Loss) Earnings before Equity in Subsidiaries | -100,000 | 300,000 |
Equity in earnings of partnership | 0 | 0 |
Net Earnings | -100,000 | 300,000 |
Total Comprehensive Loss | -2,300,000 | -400,000 |
Eliminations | ' | ' |
Consolidated Statements Of Operations (Condensed) [Abstract] | ' | ' |
Net Sales | -6,600,000 | -7,300,000 |
Cost of goods sold | -6,600,000 | -7,300,000 |
Gross Profit | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 |
Amortization of intangible assets | 0 | 0 |
Restructuring expense | 0 | ' |
Other operating expenses, net | 0 | 0 |
Operating (Loss) Profit | 0 | 0 |
Interest Expense | 0 | 0 |
Earnings before Income Taxes | 0 | 0 |
Income tax benefit | 0 | 0 |
Net (Loss) Earnings before Equity in Subsidiaries | 0 | 0 |
Equity in earnings of partnership | -19,200,000 | -22,300,000 |
Net Earnings | -19,200,000 | -22,300,000 |
Total Comprehensive Loss | ($16,900,000) | ($21,800,000) |
Guarantor_Financials_Consolida
Guarantor Financials - Consolidated Balance Sheets (Condensed) (Details) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Millions, unless otherwise specified | ||||
Assets, Current [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents | $884.90 | $402 | $310.90 | $58.20 |
Restricted Cash and Cash Equivalents, Current | 1.1 | 38.1 | ' | ' |
Receivables, net | 84.9 | 83.2 | ' | ' |
Inventories | 120.8 | 121.9 | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance, Current | 12.1 | 11.9 | ' | ' |
Prepaid expenses and other current assets | 10.8 | 11 | ' | ' |
Total current assets | 1,114.60 | 668.1 | ' | ' |
Assets, Noncurrent [Abstract] | ' | ' | ' | ' |
Property, net | 387.7 | 388.5 | ' | ' |
Goodwill | 1,489.60 | 1,489.70 | ' | ' |
Other intangible assets, net | 892.7 | 898.4 | ' | ' |
Intercompany receivable | 0 | 0 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Cash Advance for Acquisition | 366.2 | 0 | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance | 2.2 | 2.4 | ' | ' |
Other assets | 36.1 | 26.7 | ' | ' |
Total Assets | 4,289.10 | 3,473.80 | ' | ' |
Liabilities, Current [Abstract] | ' | ' | ' | ' |
Accounts payable | 56.8 | 77.1 | ' | ' |
Other current liabilities | 94.3 | 68.9 | ' | ' |
Total current liabilities | 151.1 | 146 | ' | ' |
Liabilities, Noncurrent [Abstract] | ' | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | 1,932.90 | 1,408.60 | ' | ' |
Intercompany payable | 0 | 0 | ' | ' |
Deferred income taxes | 302.4 | 304.3 | ' | ' |
Other liabilities | 117 | 116.3 | ' | ' |
Total liabilities | 2,503.40 | 1,975.20 | ' | ' |
Total Stockholders' Equity | 1,785.70 | 1,498.60 | ' | ' |
Total Liabilities and Stockholders' Equity | 4,289.10 | 3,473.80 | ' | ' |
Parent Company | ' | ' | ' | ' |
Assets, Current [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents | 877.9 | 391.4 | 302.5 | 49.7 |
Restricted Cash and Cash Equivalents, Current | 1.1 | 38.1 | ' | ' |
Receivables, net | 0 | 0.3 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance, Current | 12.1 | 11.8 | ' | ' |
Prepaid expenses and other current assets | 3.9 | 3.2 | ' | ' |
Total current assets | 895 | 444.8 | ' | ' |
Assets, Noncurrent [Abstract] | ' | ' | ' | ' |
Property, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Intercompany receivable | 394.8 | 391.9 | ' | ' |
Investment in subsidiaries | 2,396.30 | 2,384 | ' | ' |
Cash Advance for Acquisition | 366.2 | ' | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance | 0 | 0 | ' | ' |
Other assets | 31.5 | 24 | ' | ' |
Total Assets | 4,083.80 | 3,244.70 | ' | ' |
Liabilities, Current [Abstract] | ' | ' | ' | ' |
Accounts payable | 0.6 | 0.5 | ' | ' |
Other current liabilities | 49.7 | 18.5 | ' | ' |
Total current liabilities | 50.3 | 19 | ' | ' |
Liabilities, Noncurrent [Abstract] | ' | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | 1,932.90 | 1,408.60 | ' | ' |
Intercompany payable | 0 | 0 | ' | ' |
Deferred income taxes | 302.4 | 304.3 | ' | ' |
Other liabilities | 12.5 | 14.2 | ' | ' |
Total liabilities | 2,298.10 | 1,746.10 | ' | ' |
Total Stockholders' Equity | 1,785.70 | 1,498.60 | ' | ' |
Total Liabilities and Stockholders' Equity | 4,083.80 | 3,244.70 | ' | ' |
Guarantors | ' | ' | ' | ' |
Assets, Current [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents | 0.9 | 4.1 | 2.6 | 2.2 |
Restricted Cash and Cash Equivalents, Current | 0 | 0 | ' | ' |
Receivables, net | 78.3 | 75.9 | ' | ' |
Inventories | 116.3 | 115.9 | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance, Current | 0 | 0 | ' | ' |
Prepaid expenses and other current assets | 6.6 | 7.4 | ' | ' |
Total current assets | 202.1 | 203.3 | ' | ' |
Assets, Noncurrent [Abstract] | ' | ' | ' | ' |
Property, net | 344.4 | 342.4 | ' | ' |
Goodwill | 1,483.40 | 1,483.30 | ' | ' |
Other intangible assets, net | 892.7 | 898.4 | ' | ' |
Intercompany receivable | 0 | 0 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Cash Advance for Acquisition | 0 | ' | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance | 0 | 0 | ' | ' |
Other assets | 3.9 | 2.7 | ' | ' |
Total Assets | 2,926.50 | 2,930.10 | ' | ' |
Liabilities, Current [Abstract] | ' | ' | ' | ' |
Accounts payable | 57.7 | 76.9 | ' | ' |
Other current liabilities | 39.6 | 43.8 | ' | ' |
Total current liabilities | 97.3 | 120.7 | ' | ' |
Liabilities, Noncurrent [Abstract] | ' | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | 0 | 0 | ' | ' |
Intercompany payable | 394.5 | 391.7 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other liabilities | 97.3 | 94.9 | ' | ' |
Total liabilities | 589.1 | 607.3 | ' | ' |
Total Stockholders' Equity | 2,337.40 | 2,322.80 | ' | ' |
Total Liabilities and Stockholders' Equity | 2,926.50 | 2,930.10 | ' | ' |
Non-Guarantors | ' | ' | ' | ' |
Assets, Current [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents | 8.6 | 8.2 | 5.8 | 6.3 |
Restricted Cash and Cash Equivalents, Current | 0 | 0 | ' | ' |
Receivables, net | 9.8 | 10.9 | ' | ' |
Inventories | 4.5 | 6 | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance, Current | 0 | 0.1 | ' | ' |
Prepaid expenses and other current assets | 0.3 | 0.4 | ' | ' |
Total current assets | 23.2 | 25.6 | ' | ' |
Assets, Noncurrent [Abstract] | ' | ' | ' | ' |
Property, net | 43.3 | 46.1 | ' | ' |
Goodwill | 6.2 | 6.4 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Intercompany receivable | 0 | 0 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Cash Advance for Acquisition | 0 | ' | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance | 2.2 | 2.4 | ' | ' |
Other assets | 0.7 | 0 | ' | ' |
Total Assets | 75.6 | 80.5 | ' | ' |
Liabilities, Current [Abstract] | ' | ' | ' | ' |
Accounts payable | 4.2 | 5.3 | ' | ' |
Other current liabilities | 5 | 6.6 | ' | ' |
Total current liabilities | 9.2 | 11.9 | ' | ' |
Liabilities, Noncurrent [Abstract] | ' | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | 0 | 0 | ' | ' |
Intercompany payable | 0.3 | 0.2 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other liabilities | 7.2 | 7.2 | ' | ' |
Total liabilities | 16.7 | 19.3 | ' | ' |
Total Stockholders' Equity | 58.9 | 61.2 | ' | ' |
Total Liabilities and Stockholders' Equity | 75.6 | 80.5 | ' | ' |
Eliminations | ' | ' | ' | ' |
Assets, Current [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents | -2.5 | -1.7 | 0 | 0 |
Restricted Cash and Cash Equivalents, Current | 0 | 0 | ' | ' |
Receivables, net | -3.2 | -3.9 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance, Current | 0 | 0 | ' | ' |
Prepaid expenses and other current assets | 0 | 0 | ' | ' |
Total current assets | -5.7 | -5.6 | ' | ' |
Assets, Noncurrent [Abstract] | ' | ' | ' | ' |
Property, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Intercompany receivable | -394.8 | -391.9 | ' | ' |
Investment in subsidiaries | -2,396.30 | -2,384 | ' | ' |
Cash Advance for Acquisition | 0 | ' | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance | 0 | 0 | ' | ' |
Other assets | 0 | 0 | ' | ' |
Total Assets | -2,796.80 | -2,781.50 | ' | ' |
Liabilities, Current [Abstract] | ' | ' | ' | ' |
Accounts payable | -5.7 | -5.6 | ' | ' |
Other current liabilities | 0 | 0 | ' | ' |
Total current liabilities | -5.7 | -5.6 | ' | ' |
Liabilities, Noncurrent [Abstract] | ' | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | 0 | 0 | ' | ' |
Intercompany payable | -394.8 | -391.9 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other liabilities | 0 | 0 | ' | ' |
Total liabilities | -400.5 | -397.5 | ' | ' |
Total Stockholders' Equity | -2,396.30 | -2,384 | ' | ' |
Total Liabilities and Stockholders' Equity | ($2,796.80) | ($2,781.50) | ' | ' |
Guarantor_Financials_Consolida1
Guarantor Financials - Consolidated Statements of Cash Flows (Details) (USD $) | 3 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Cash Flows from Operating Activities: | ' | ' |
Net Cash Provided by (Used in) Operating Activities | $24,900,000 | $23,600,000 |
Cash Flows from Investing Activities: | ' | ' |
Additions to property and intangible assets | -16,500,000 | -5,000,000 |
Increase (Decrease) in Restricted Cash | 37,000,000 | 0 |
Payments to Acquire Interest in Subsidiaries and Affiliates | ' | 0 |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | -9,200,000 |
Increase Decrease in Cash Advance for Acquisition | -366,200,000 | 0 |
Net cash used by investing activities | -345,700,000 | -14,200,000 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from Equity Contributions | 0 | ' |
Proceeds from issuance of Senior Notes | 525,000,000 | 250,000,000 |
Proceeds from Issuance of Preferred Stock and Preference Stock | 290,800,000 | 0 |
Repayments of long-term debt | 0 | -2,200,000 |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | -2,300,000 | 0 |
Payments of Debt Issuance Costs | -8,800,000 | -4,600,000 |
Proceeds from (Payments for) Other Financing Activities | -100,000 | 200,000 |
Proceeds from Equity Contributions to Subsidiary | ' | 0 |
Net Cash Provided by (Used in) Financing Activities | 804,600,000 | 243,400,000 |
Effect of exchange rate changes on cash | -900,000 | -100,000 |
Net Decrease in Cash and Cash Equivalents | 482,900,000 | 252,700,000 |
Cash and cash equivalents, beginning of year | 402,000,000 | 58,200,000 |
Cash and cash equivalents, end of year | 884,900,000 | 310,900,000 |
Parent Company | ' | ' |
Cash Flows from Operating Activities: | ' | ' |
Net Cash Provided by (Used in) Operating Activities | 11,700,000 | 17,500,000 |
Cash Flows from Investing Activities: | ' | ' |
Additions to property and intangible assets | 0 | 0 |
Increase (Decrease) in Restricted Cash | 37,000,000 | ' |
Payments to Acquire Interest in Subsidiaries and Affiliates | ' | -8,100,000 |
Payments to Acquire Businesses, Net of Cash Acquired | ' | 0 |
Increase Decrease in Cash Advance for Acquisition | -366,200,000 | ' |
Net cash used by investing activities | -329,200,000 | -8,100,000 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from Equity Contributions | 0 | ' |
Proceeds from issuance of Senior Notes | 525,000,000 | 250,000,000 |
Proceeds from Issuance of Preferred Stock and Preference Stock | 290,800,000 | ' |
Repayments of long-term debt | 0 | -2,200,000 |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | -2,300,000 | ' |
Payments of Debt Issuance Costs | -8,800,000 | -4,600,000 |
Proceeds from (Payments for) Other Financing Activities | -100,000 | 200,000 |
Proceeds from Equity Contributions to Subsidiary | ' | 0 |
Net Cash Provided by (Used in) Financing Activities | 804,600,000 | 243,400,000 |
Effect of exchange rate changes on cash | -600,000 | 0 |
Net Decrease in Cash and Cash Equivalents | 486,500,000 | 252,800,000 |
Cash and cash equivalents, beginning of year | 391,400,000 | 49,700,000 |
Cash and cash equivalents, end of year | 877,900,000 | 302,500,000 |
Guarantors | ' | ' |
Cash Flows from Operating Activities: | ' | ' |
Net Cash Provided by (Used in) Operating Activities | 26,900,000 | 6,300,000 |
Cash Flows from Investing Activities: | ' | ' |
Additions to property and intangible assets | -16,200,000 | -4,800,000 |
Increase (Decrease) in Restricted Cash | 0 | ' |
Payments to Acquire Interest in Subsidiaries and Affiliates | ' | 0 |
Payments to Acquire Businesses, Net of Cash Acquired | ' | -9,200,000 |
Increase Decrease in Cash Advance for Acquisition | 0 | ' |
Net cash used by investing activities | -16,200,000 | -14,000,000 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from Equity Contributions | -13,900,000 | ' |
Proceeds from issuance of Senior Notes | 0 | 0 |
Proceeds from Issuance of Preferred Stock and Preference Stock | 0 | ' |
Repayments of long-term debt | 0 | 0 |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | 0 | ' |
Payments of Debt Issuance Costs | 0 | 0 |
Proceeds from (Payments for) Other Financing Activities | 0 | 0 |
Proceeds from Equity Contributions to Subsidiary | ' | 8,100,000 |
Net Cash Provided by (Used in) Financing Activities | -13,900,000 | 8,100,000 |
Effect of exchange rate changes on cash | 0 | 0 |
Net Decrease in Cash and Cash Equivalents | -3,200,000 | 400,000 |
Cash and cash equivalents, beginning of year | 4,100,000 | 2,200,000 |
Cash and cash equivalents, end of year | 900,000 | 2,600,000 |
Non-Guarantors | ' | ' |
Cash Flows from Operating Activities: | ' | ' |
Net Cash Provided by (Used in) Operating Activities | 1,000,000 | -200,000 |
Cash Flows from Investing Activities: | ' | ' |
Additions to property and intangible assets | -300,000 | -200,000 |
Increase (Decrease) in Restricted Cash | 0 | ' |
Payments to Acquire Interest in Subsidiaries and Affiliates | ' | 0 |
Payments to Acquire Businesses, Net of Cash Acquired | ' | 0 |
Increase Decrease in Cash Advance for Acquisition | 0 | ' |
Net cash used by investing activities | -300,000 | -200,000 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from Equity Contributions | 0 | ' |
Proceeds from issuance of Senior Notes | 0 | 0 |
Proceeds from Issuance of Preferred Stock and Preference Stock | 0 | ' |
Repayments of long-term debt | 0 | 0 |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | 0 | ' |
Payments of Debt Issuance Costs | 0 | 0 |
Proceeds from (Payments for) Other Financing Activities | 0 | 0 |
Proceeds from Equity Contributions to Subsidiary | ' | 0 |
Net Cash Provided by (Used in) Financing Activities | 0 | 0 |
Effect of exchange rate changes on cash | -300,000 | -100,000 |
Net Decrease in Cash and Cash Equivalents | 400,000 | -500,000 |
Cash and cash equivalents, beginning of year | 8,200,000 | 6,300,000 |
Cash and cash equivalents, end of year | 8,600,000 | 5,800,000 |
Eliminations | ' | ' |
Cash Flows from Operating Activities: | ' | ' |
Net Cash Provided by (Used in) Operating Activities | -14,700,000 | 0 |
Cash Flows from Investing Activities: | ' | ' |
Additions to property and intangible assets | 0 | 0 |
Increase (Decrease) in Restricted Cash | 0 | ' |
Payments to Acquire Interest in Subsidiaries and Affiliates | ' | 8,100,000 |
Payments to Acquire Businesses, Net of Cash Acquired | ' | 0 |
Increase Decrease in Cash Advance for Acquisition | 0 | ' |
Net cash used by investing activities | 0 | 8,100,000 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from Equity Contributions | 13,900,000 | ' |
Proceeds from issuance of Senior Notes | 0 | 0 |
Proceeds from Issuance of Preferred Stock and Preference Stock | 0 | ' |
Repayments of long-term debt | 0 | 0 |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | 0 | ' |
Payments of Debt Issuance Costs | 0 | 0 |
Proceeds from (Payments for) Other Financing Activities | 0 | 0 |
Proceeds from Equity Contributions to Subsidiary | ' | -8,100,000 |
Net Cash Provided by (Used in) Financing Activities | 13,900,000 | -8,100,000 |
Effect of exchange rate changes on cash | 0 | 0 |
Net Decrease in Cash and Cash Equivalents | -800,000 | 0 |
Cash and cash equivalents, beginning of year | -1,700,000 | 0 |
Cash and cash equivalents, end of year | ($2,500,000) | $0 |
Guarantor_Financials_Narrative
Guarantor Financials Narrative (Details) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2012 |
In Millions, unless otherwise specified | |||
7.375% Senior Notes [Member] | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' |
Senior Notes | $1,375 | $1,375 | $775 |
6.75% Senior Notes [Member] [Member] | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' |
Senior Notes | 525 | 0 | ' |
Debt Instrument, Face Amount | $525 | ' | ' |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||||||
Jan. 14, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 29, 2014 | Jan. 02, 2014 | Feb. 02, 2014 | Feb. 02, 2014 | Feb. 02, 2014 | Sep. 30, 2013 | Jan. 10, 2014 | Dec. 31, 2013 | Jan. 14, 2014 | Jan. 10, 2014 | |
Subsequent Event [Member] | Dakota Growers [Member] | Golden Boy [Member] | Dymatize [Member] | PowerBar and Musashi [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | ||||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition Purchase Price, Gross | ' | ' | ' | ' | $370,000,000 | $320,000,000 | $380,000,000 | $150,000,000 | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | ' | 366,200,000 | 321,100,000 | 392,500,000 | ' | ' | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Per-Dollar-Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.94 | ' | ' | $0.42 |
Preferred Stock, Shares Issued | 200,000 | ' | ' | ' | ' | ' | ' | ' | 2.4 | ' | 3 | ' | ' |
Preferred Stock, Dividend Rate, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 3.75% | 3.75% | 2.50% | 2.50% | 2.50% |
Proceeds from Issuance of Preferred Stock and Preference Stock | 19,400,000 | 290,800,000 | 0 | ' | ' | ' | ' | ' | 234 | ' | 290.8 | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | $300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |