Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Mar. 31, 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-Mar-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
Amendment Flag | 'false |
Entity Common Stock, Shares Outstanding | 38,456,241 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Net Sales | $438 | $248.20 | $735 | $485.10 |
Cost of goods sold | 308.6 | 145.7 | 491.1 | 276.9 |
Gross Profit | 129.4 | 102.5 | 243.9 | 208.2 |
Selling, general and administrative expenses | 104.8 | 69.9 | 186.2 | 142.1 |
Amortization of intangible assets | 12.7 | 3.2 | 18.4 | 6.4 |
Foreign Currency Transaction Gain (Loss), before Tax | -11.9 | -0.2 | -13.5 | -0.1 |
Restructuring expenses | 0.2 | 0 | 0.7 | 0 |
Other operating expenses, net | 0.1 | 0.3 | 0.2 | 0.4 |
Operating (Loss) Profit | -0.3 | 28.9 | 24.9 | 59.2 |
Interest expense | 37.3 | 21.6 | 66.3 | 40.8 |
(Loss) Earnings before Income Taxes | -37.6 | 7.3 | -41.4 | 18.4 |
Income Tax Expense (Benefit) | -19.3 | 2.2 | -20.7 | 5.7 |
Net (Loss) Earnings | -18.3 | 5.1 | -20.7 | 12.7 |
Preferred stock dividends | 4.3 | 0.8 | 6.9 | 0.8 |
Net Income (Loss) Available to Common Stockholders, Basic | ($22.60) | $4.30 | ($27.60) | $11.90 |
Earnings per share, Basic (in usd per share) | ($0.67) | $0.13 | ($0.83) | $0.36 |
Earnings Per Share, Diluted (in usd per share) | ($0.67) | $0.13 | ($0.83) | $0.36 |
Weighted-Average Common Shares Outstanding, Basic (in shares) | 33.6 | 32.7 | 33.1 | 32.6 |
Weighted-Average Common Shares Outstanding: Diluted (in shares) | 33.6 | 32.9 | 33.1 | 32.8 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Net (Loss) Earnings | ($18.30) | $5.10 | ($20.70) | $12.70 |
Net (Loss) Earnings before Equity in Subsidiaries | -18.3 | ' | ' | ' |
Pension and postretirement benefit adjustments, net of tax | -0.2 | 0.3 | -0.3 | 0.6 |
Foreign currency translation adjustments | 0.7 | -1.3 | -1.5 | -2.1 |
Total comprehensive (loss) income | -17.8 | 4.1 | -22.5 | 11.2 |
Pension and postretirement benefit tax adjustments | $0.10 | ($0.10) | $0.20 | ($0.30) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) Parentheticals (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Pension and postretirement benefit tax adjustments | $0.10 | ($0.10) | $0.20 | ($0.30) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Property, net | $491.10 | $388.50 |
Goodwill | 1,910.80 | 1,489.70 |
Other intangible assets, net | 1,420.70 | 898.4 |
Deferred Tax Assets, Net of Valuation Allowance | 2.1 | 2.4 |
Investment in partnership | 0 | 0 |
Other assets | 43.8 | 26.7 |
Total Assets | 5,184.10 | 3,473.80 |
Liabilities and Ralcorp Equity | ' | ' |
Long-term Debt, Excluding Current Maturities | 2,302.10 | 1,408.60 |
Deferred income taxes | 440.2 | 304.3 |
Other liabilities | 120.7 | 116.3 |
Total liabilities | 3,092.70 | 1,975.20 |
Stockholders' Equity | ' | ' |
Preferred stock | 0.1 | 0 |
Common stock | 0.4 | 0.3 |
Additional paid-in capital | 2,138.20 | 1,517.20 |
Retained earnings | 21 | 47.6 |
Accumulated other comprehensive (loss) income | -14.9 | -13.1 |
Treasury Stock, Value | -53.4 | -53.4 |
Total Stockholders' Equity | 2,091.40 | 1,498.60 |
Total Liabilities and Stockholders' Equity | $5,184.10 | $3,473.80 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash Flows from Operating Activities: | ' | ' |
Net (Loss) Earnings | ($20.70) | $12.70 |
Adjustments to reconcile of net (loss) earnings to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 51.2 | 32.4 |
Premium from issuance of long-term debt | 20.1 | 15 |
Loss (Gain) on Foreign Currency, Non Cash | 6.7 | 0 |
Stock-based compensation expense | 7.4 | 5.4 |
Deferred income taxes | -17.3 | -9.1 |
Other, net | -0.5 | -2.3 |
Other changes in current assets and liabilities, net | ' | ' |
Decrease (increase) in receivables | -34.6 | -13.5 |
Increase in receivable from Ralcorp | 0 | -4 |
Decrease (increase) in inventories | 10 | -16.4 |
(Increase) decrease in prepaid expenses and other current assets | -12.9 | -3.2 |
(Decrease) increase in accounts payable and other current liabilities | 9.1 | 1.6 |
Net Cash Provided by Operating Activities | 18.5 | 18.6 |
Cash Flows from Investing Activities: | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | -1,035.20 | -9.2 |
Increase Decrease in Cash Advance for Acquisition | -25 | 0 |
Additions to property and intangible assets | -26.7 | -11 |
Increase (Decrease) in Restricted Cash | 36.3 | 0 |
Net cash used by investing activities | -1,050.60 | -20.2 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from issuance of Senior Notes | -875 | -250 |
Proceeds from Issuance of Preferred Stock and Preference Stock | 310.2 | 234.1 |
Proceeds from Issuance of Common Stock | 303.5 | 0 |
Repayments of long-term debt | 0 | -170.6 |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | -5.9 | 0 |
Payments of debt issuance costs | -19.8 | -4.6 |
Proceeds from (Payments for) Other Financing Activities | 0.2 | 0.2 |
Net Cash Provided by (Used in) Financing Activities | 1,463.20 | 309.1 |
Effect of exchange rate changes on cash | -7.2 | -0.3 |
Net (decrease) increase in cash and cash equivalents | 423.9 | 307.2 |
Cash and cash equivalents, beginning of year | 402 | 58.2 |
Cash and cash equivalents, end of year | $825.90 | $365.40 |
Background
Background | 6 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Background | ' |
NOTE 1 — BACKGROUND | |
Post Holdings, Inc. (“Post” or the “Company”) is a consumer packaged goods holding company operating in the center-of-the-store, active nutrition and private label food categories. The Company’s products are sold through a variety of channels such as grocery, club and drug stores, mass merchandisers, foodservice, ingredient and via the Internet. Post operates in four reportable segments: Post Foods, Attune Foods, Active Nutrition and Private Brands. The Post Foods segment predominately includes the Post branded ready-to-eat cereal business. The Attune Foods segment manufactures and distributes premium natural and 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 was acquired in September 2013, as well as Dymatize Enterprises, LLC, which was acquired on February 1, 2014. The Active Nutrition segment markets and distributes high protein shakes, bars and powders as well as nutritional supplements. The Private Brands segment consists of our acquisition of Dakota Growers Pasta Company, Inc. and Golden Boy Foods Ltd., acquired January 1, 2014 and February 1, 2014, respectively. The Private Brands segment manufactures dry pasta, peanut butter and other nut butters, dried fruits and baking and snacking nuts, servicing the private label retail, foodservice and ingredient channels. 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®, Dymatize®, Supreme Protein® and Joint Juice®. | |
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 $(0.3) and $0.4 for the three month periods ended March 31, 2014 and 2013, $(0.5) and $0.9 for the six month periods), respectively. Amounts are classified as “Selling, general and administrative expenses” on the condensed consolidated statements of operations. |
Business_Combinations
Business Combinations | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
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). Net sales and operating profit included in the consolidated statement of operations related to this acquisition were $42.4 and $2.7, respectively, for the three months ended March 31, 2014 and $79.6 and $6.9, respectively, for the six months ended March 31, 2014. 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. In addition, during the second quarter, $1.2 of pre-acquisition net operating losses (“NOLs”) were identified and a deferred tax asset was recorded as well as a corresponding decrease to goodwill. As these adjustments did not have a significant impact on the condensed consolidated statements of income, balance sheets or cash flows, the financial statements have not been retrospectively adjusted. | ||||||||||||||||
On January 1, 2014, Post completed its acquisition from Viterra Inc. of all the stock of Agricore United Holdings Inc. (“Agricore”). Agricore is the parent company of Dakota Growers Pasta Company, Inc. (“Dakota Growers”), a manufacturer of dry pasta for the private label, foodservice and ingredient 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 $366.2. The parties have not yet agreed on the final net working capital adjustment. The Company currently estimates the final net working capital settlement, and other adjustments per the terms of the purchase agreement, will result in an amount due back to the Company of approximately $6.6. Dakota Growers is reported in Post’s Private Brands segment (see Note 15). Based upon the preliminary purchase price allocation, the Company has recorded $127.2 of customer relationships to be amortized over a weighted-average period of 12.5 years and $22.8 to trademarks/brands to be amortized over a weighted-average period of 18.9 years. Net sales and operating loss included in the condensed consolidated statements of operations related to this acquisition were $66.7 and $(1.1), for the three and six months ended March 31, 2014, respectively. | ||||||||||||||||
On February 1, 2014, Post completed its acquisition of Dymatize Enterprises, LLC (“Dymatize”), 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 $392.5. The parties have not yet agreed on a final net working capital adjustment. The Company currently estimates the final net working capital adjustment will result in an amount due back to the Company of approximately $6.0. In accordance with the terms of the purchase agreement, the sellers are eligible for an earn-out payment of up to $17.5 based on Dymatize’s level of performance against certain financial performance targets, as defined in the purchase agreement, during calendar year 2014. Using an option pricing model, the Company estimated the acquisition date fair value of the earn-out to be approximately $5.4. Dymatize is reported in Post’s Active Nutrition segment (see Note 15). Based upon the preliminary purchase price allocation, the Company has recorded $136.8 of customer relationships to be amortized over a weighted-average period of 18 years and $121.1 to trademarks/brands to be amortized over a weighted-average period of 20 years. Net sales and operating loss included in the condensed consolidated statements of operations related to this acquisition were $28.2 and $(2.5), for the three and six months ended March 31, 2014, respectively. | ||||||||||||||||
On February 1, 2014, Post completed its acquisition of Golden Boy Foods Ltd. (“Golden Boy”), a manufacturer of private label peanut and other nut butters, as well as dried fruits and baking 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. The parties have not yet agreed on the final net working capital adjustment. The Company currently estimates the final net working capital settlement will result in an amount due to the sellers of approximately CAD$1.0. Golden Boy is reported in Post’s Private Brands segment (see Note 15). Based upon the preliminary purchase price allocation, the Company has recorded $82.6 of customer relationships to be amortized over a weighted-average period of 11 years, $28.9 to trademarks/brands to be amortized over a weighted-average period of 20 years, and $20.0 to other intangible assets to be amortized over a weighted-average period of 11 years. Net sales and operating profit included in the condensed consolidated statements of operations related to this acquisition were $39.0 and $1.9, for the three and six months ended March 31, 2014, respectively. | ||||||||||||||||
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, as shown in the following table. Goodwill represents the value the Company expects to achieve through the implementation of operational synergies and the expansion of the business into new growing segments of the industry. The Company does not expect the final fair value of goodwill related to the current year acquisitions of Dakota Growers and Golden Boy to be deductible for U.S. income tax purposes. The Company estimates approximately $107.1 of tax deductible goodwill will result from the Dymatize acquisition pending final resolution of net working capital amounts and the earn-out. | ||||||||||||||||
Certain estimated values for the Dakota Growers, Dymatize and Golden Boy acquisitions, including goodwill, intangible assets and deferred taxes, are not yet finalized pending the final settlement of the purchase price and preliminary purchase price allocations and are subject to change once additional information is obtained. | ||||||||||||||||
The following table provides the allocation of the purchase price based upon the fair value of assets and liabilities assumed for each acquisition completed in fiscal 2014. | ||||||||||||||||
Dakota Growers | Dymatize | Golden Boy | ||||||||||||||
Cash and cash equivalents | $ | 2.9 | $ | 1.8 | $ | — | ||||||||||
Receivables | 25.3 | 24.4 | 18.6 | |||||||||||||
Inventories | 43.4 | 41.1 | 28.1 | |||||||||||||
Deferred income taxes | 0.3 | 2.9 | — | |||||||||||||
Prepaid expenses and other current assets | 0.4 | 0.7 | 0.7 | |||||||||||||
Property | 86 | 15.6 | 10.5 | |||||||||||||
Goodwill | 162.7 | 102.3 | 156.1 | |||||||||||||
Other intangible assets | 150 | 257.9 | 131.5 | |||||||||||||
Other assets | 1 | 0.1 | — | |||||||||||||
Accounts payable | (5.6 | ) | (17.8 | ) | (10.3 | ) | ||||||||||
Other current liabilities | (25.7 | ) | (7.1 | ) | (10.9 | ) | ||||||||||
Deferred income taxes | (80.9 | ) | (30.0 | ) | (33.8 | ) | ||||||||||
Other liabilities | (0.2 | ) | — | (2.1 | ) | |||||||||||
Total acquisition cost | $ | 359.6 | $ | 391.9 | $ | 288.4 | ||||||||||
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, PNC, Dakota Growers, Dymatize and Golden Boy for the periods presented as if the fiscal 2014 acquisitions had occurred on October 1, 2012 and the 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 acquisitions occurred on the assumed dates, nor is it necessarily an indication of future operating results. | ||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Pro forma net sales | $ | 465.2 | $ | 465.2 | $ | 946.3 | $ | 935.3 | ||||||||
Pro forma net earnings available to common stockholders | $ | (18.9 | ) | $ | (8.1 | ) | $ | (28.7 | ) | $ | (6.2 | ) | ||||
Pro forma basic earnings per share | $ | (0.56 | ) | $ | (0.25 | ) | $ | (0.87 | ) | $ | (0.19 | ) | ||||
Pro forma diluted earnings per share | $ | (0.56 | ) | $ | (0.25 | ) | $ | (0.87 | ) | $ | (0.19 | ) |
Restructuring_Notes
Restructuring (Notes) | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
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 condensed consolidated 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 March 31, 2014 | Six Months Ended March 31, 2014 | Cumulative Incurred to Date | Remaining Expense Expected to be Incurred | |||||||||||||
Employee severance | $ | 0.2 | $ | 0.7 | $ | 2.8 | $ | 0.7 | ||||||||
Pension curtailment | — | — | 1.7 | — | ||||||||||||
Accelerated depreciation | 2 | 4.7 | 14.3 | 3.8 | ||||||||||||
$ | 2.2 | $ | 5.4 | $ | 18.8 | $ | 4.5 | |||||||||
Liabilities recorded related to restructuring activities and changes therein are as follows: | ||||||||||||||||
30-Sep-13 | Costs Incurred and Charged to Expense | Cash Paid | 31-Mar-14 | |||||||||||||
Employee severance | $ | 2.1 | $ | 0.7 | $ | (0.9 | ) | $ | 1.9 | |||||||
Goodwill
Goodwill | 6 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
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 | Private Brands | 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 | ||||||||||
Goodwill acquired | — | — | 102.3 | 318.8 | 421.1 | |||||||||||||||
Purchase price true-up adjustment | — | — | (1.1 | ) | — | (1.1 | ) | |||||||||||||
Currency translation adjustment | (0.4 | ) | — | — | 1.5 | 1.1 | ||||||||||||||
Balance, March 31, 2014 | ||||||||||||||||||||
Goodwill (gross) | $ | 1,793.70 | $ | 75.1 | $ | 149.5 | $ | 320.3 | $ | 2,338.60 | ||||||||||
Accumulated impairment losses | (427.8 | ) | — | — | — | (427.8 | ) | |||||||||||||
Goodwill (net) | $ | 1,365.90 | $ | 75.1 | $ | 149.5 | $ | 320.3 | $ | 1,910.80 | ||||||||||
Intangible_Assets_net_Intangib
Intangible Assets, net Intangible Assets, net (Notes) | 6 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Intangible Assets, net | ' | ||||||||||||||||||||||||
NOTE 5 — INTANGIBLE ASSETS, NET | |||||||||||||||||||||||||
Total intangible assets are as follows: | |||||||||||||||||||||||||
31-Mar-14 | 30-Sep-13 | ||||||||||||||||||||||||
Carrying | Accumulated Amortization | Net | Carrying | Accumulated Amortization | Net | ||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||
Subject to amortization: | |||||||||||||||||||||||||
Customer relationships | $ | 606 | $ | (52.7 | ) | $ | 553.3 | $ | 258.6 | $ | (41.0 | ) | $ | 217.6 | |||||||||||
Trademarks/brands | 334.6 | (31.4 | ) | 303.2 | 161.5 | (25.8 | ) | 135.7 | |||||||||||||||||
Other intangible assets | 24.9 | (1.4 | ) | 23.5 | 4.7 | (0.3 | ) | 4.4 | |||||||||||||||||
$ | 965.5 | $ | (85.5 | ) | $ | 880 | $ | 424.8 | $ | (67.1 | ) | $ | 357.7 | ||||||||||||
Not subject to amortization: | |||||||||||||||||||||||||
Trademarks/brands | 540.7 | — | 540.7 | 540.7 | — | 540.7 | |||||||||||||||||||
$ | 1,506.20 | $ | (85.5 | ) | $ | 1,420.70 | $ | 965.5 | $ | (67.1 | ) | $ | 898.4 | ||||||||||||
Earnings_per_Share
Earnings per Share | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
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 and six months ended March 31, 2014 and 2013, respectively. | ||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net (loss) earnings | $ | (18.3 | ) | $ | 5.1 | $ | (20.7 | ) | $ | 12.7 | ||||||
Preferred stock dividends | (4.3 | ) | (0.8 | ) | (6.9 | ) | (0.8 | ) | ||||||||
Net (loss) earnings available to common stockholders | $ | (22.6 | ) | $ | 4.3 | $ | (27.6 | ) | $ | 11.9 | ||||||
Weighted-average shares for basic earnings per share | 33.6 | 32.7 | 33.1 | 32.6 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock options | — | — | — | — | ||||||||||||
Stock appreciation rights | — | 0.1 | — | 0.1 | ||||||||||||
Restricted stock units | — | 0.1 | — | 0.1 | ||||||||||||
Total dilutive securities | — | 0.2 | — | 0.2 | ||||||||||||
Weighted-average shares for diluted earnings per share | 33.6 | 32.9 | 33.1 | 32.8 | ||||||||||||
Basic (loss) earnings per common share | $ | (0.67 | ) | $ | 0.13 | $ | (0.83 | ) | $ | 0.36 | ||||||
Diluted (loss) earnings per common share | $ | (0.67 | ) | $ | 0.13 | $ | (0.83 | ) | $ | 0.36 | ||||||
For the three and six months ended March 31, 2014 and 2013, weighted-average shares for diluted (loss) earnings per common share excludes 3.8 million, 0.6 million, 3.8 million and 2.2 million equity awards, respectively, and for both the three and six months ended March 31, 2014 and 2013, excludes 11.0 million and 5.1 million shares, respectively, related to the potential conversion of the Company’s convertible preferred stock (see Note 11) as they were anti-dilutive. |
Inventories_Notes
Inventories (Notes) | 6 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory [Abstract] | ' | |||||||
Inventory Disclosure [Text Block] | ' | |||||||
NOTE 7 — INVENTORIES | ||||||||
31-Mar-14 | 30-Sep-13 | |||||||
Raw materials and supplies | $ | 83.5 | $ | 30.3 | ||||
Finished products | 141 | 91.6 | ||||||
$ | 224.5 | $ | 121.9 | |||||
Property_net_Notes
Property, net (Notes) | 6 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Line Items] | ' | |||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||
NOTE 8 — PROPERTY, NET | ||||||||
31-Mar-14 | 30-Sep-13 | |||||||
Property, at cost | $ | 773.5 | $ | 640.5 | ||||
Accumulated depreciation | (282.4 | ) | (252.0 | ) | ||||
$ | 491.1 | $ | 388.5 | |||||
Derivative_Financial_Instrumen
Derivative Financial Instruments and Hedging | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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 subsidiaries. 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 March 31, 2014 and September 30, 2013. | |||||||||||||||||
Fair Value of Assets as of March 31, 2014 | |||||||||||||||||
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 | $ | 0.6 | $ | — | $ | 0.6 | ||||||||||
Natural gas and heating oil futures | Prepaid expenses and other current assets | 0.3 | — | 0.3 | |||||||||||||
$ | 0.9 | $ | — | $ | 0.9 | ||||||||||||
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 condensed consolidated statements of operations. | |||||||||||||||||
Amount of Gain (Loss) Recognized in Earnings | |||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||
Derivative Instrument | Location of Gain (Loss) Recognized in Earnings | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Commodity contracts | Cost of goods sold | $ | 0.8 | $ | (0.3 | ) | 1 | (0.8 | ) | ||||||||
Natural gas and heating oil futures | Cost of goods sold | (0.2 | ) | 0.2 | 0.5 | — | |||||||||||
Foreign exchange contracts | Selling, general and administrative expenses | (5.6 | ) | — | (6.3 | ) | — | ||||||||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
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-Mar-14 | 30-Sep-13 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Deferred compensation investment | $ | 10.4 | $ | 10.4 | $ | — | $ | 8.5 | $ | 8.5 | $ | — | ||||||||||||
Derivative assets | 0.9 | — | 0.9 | — | — | — | ||||||||||||||||||
$ | 11.3 | $ | 10.4 | $ | 0.9 | $ | 8.5 | $ | 8.5 | $ | — | |||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deferred compensation liabilities | $ | 13.4 | $ | — | $ | 13.4 | $ | 13.4 | $ | — | $ | 13.4 | ||||||||||||
Derivative liabilities | — | — | — | 0.2 | — | 0.2 | ||||||||||||||||||
$ | 13.4 | $ | — | $ | 13.4 | $ | 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 March 31, 2014 and September 30, 2013 (see Note 12) is approximately $2,414.7 and $1,450.6, respectively, based on quoted market prices for the Company’s senior notes. |
Preferred_Stock_Notes
Preferred Stock (Notes) | 6 Months Ended |
Mar. 31, 2014 | |
Class of Stock [Line Items] | ' |
Preferred Stock [Text Block] | ' |
NOTE 11 — COMMON AND 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 additional shares of preferred stock. On January 14, 2014, the initial purchasers exercised their option and purchased an additional 0.2 million shares. The Company received net proceeds of $310.2 after paying offering related fees and expenses of approximately $9.8. 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. | |
In March 2014, the Company issued 5.75 million shares of common stock, par value $0.01 per share, at a price to the public of $55.00 per share. The Company received net proceeds of $303.5 after paying offering related fees and expenses of approximately $12.8. |
Long_Term_Debt_Long_Term_Debt_
Long Term Debt Long Term Debt (Notes) | 6 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
NOTE 12 — LONG TERM DEBT | ||||||||
Long-term debt as of the dates indicated consists of the following: | ||||||||
31-Mar-14 | September 30, 2013 | |||||||
7.375% Senior Notes maturing February 2022 | $ | 1,375.00 | $ | 1,375.00 | ||||
6.75% Senior Notes maturing December 2021 | 875 | — | ||||||
$ | 2,250.00 | $ | 1,375.00 | |||||
Plus: Unamortized premium | 52.1 | 33.6 | ||||||
Total long-term debt | $ | 2,302.10 | $ | 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. On March 19, 2014, the Company issued an additional $350.0 principal value of 6.75% senior notes due in December 2021. The additional 6.75% senior notes were issued at 105.75% of par value and the Company received $364.0 after paying investment banking and other fees of $6.1 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 material 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). | ||||||||
On January 29, 2014, the Company entered into a Credit Agreement (the “Credit Agreement”) among the Company, the institutions from time to time party thereto as Lenders (the “Lenders”), Barclays Bank PLC, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and Wells Fargo Securities, LLC, as Joint Lead Arrangers and Joint Bookrunners, Barclays Bank PLC, as Syndication Agent, Credit Suisse AG, Cayman Islands Branch and Goldman Sachs Bank USA, as Documentation Agents, and Wells Fargo Bank, National Association, as Administrative Agent for the Lenders (in such capacity, the “Agent”). The Credit Agreement provides for a revolving credit facility in an aggregate principal amount of $300.0 (the “Revolving Credit Facility”) and potential incremental revolving and term facilities at the request of the Company and at the discretion of the Lenders, on terms to be determined and in a maximum aggregate amount not to exceed the greater of $300.0 and an amount such that the Company’s pro forma senior secured leverage ratio would not exceed 2.50 to1.00. 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 outstanding amounts under the Revolving Credit Facility must be repaid on or before January 29, 2019. The Company incurred $2.4 of issuance costs in connection with the Credit Agreement. | ||||||||
Borrowings under the Revolving Credit Facility bear interest at the Eurodollar Rate or the Base Rate (as such terms are defined in the Credit Agreement) plus an applicable margin ranging from 2.00% to 2.50% for Eurodollar Rate-based loans and from 1.00% to 1.50% for Base Rate-based loans, depending upon the Company’s senior secured leverage ratio. | ||||||||
The Credit Agreement contains customary affirmative and negative covenants for agreements of this type, including delivery of financial and other information, compliance with laws, maintenance of property, existence, insurance and books and records, inspection rights, obligation to provide collateral and guarantees by new subsidiaries, preparation of environmental reports, participation in an annual meeting with the Agent and the Lenders, further assurances, satisfaction of post-closing obligations, limitations with respect to indebtedness, liens, fundamental changes, restrictive agreements, use of proceeds, amendments of organization documents, accounting changes, prepayments and amendments of indebtedness, dispositions of assets, acquisitions and other investments, sale leaseback transactions, conduct of business, transactions with affiliates, dividends and redemptions or repurchases of stock, capital expenditures, and granting liens on real property. | ||||||||
The Credit Agreement also contains customary financial covenants including (a) a quarterly maximum senior secured leverage ratio of 2.75 to 1.00, and (b) a quarterly minimum interest coverage ratio of 1.75 to 1.00. | ||||||||
The Credit Agreement provides for customary events of default, including material breach of representations and warranties, failure to make required payments, failure to comply with certain agreements or covenants, failure to pay, or default under, certain other material indebtedness, certain events of bankruptcy and insolvency, inability to pay debts, the occurrence of one or more unstayed or undischarged judgments in excess of $35.0 or attachments issued against a material part of the Company’s property, change in control, the invalidity of any loan document, the failure of the collateral documents to create a valid and perfected first priority lien, and certain ERISA events. Upon the occurrence of an event of default, the Agent will, at the request of, or may, with the consent of, lenders holding more than 50% in principal amount of lender commitments and outstanding loans under the Credit Agreement, cause the maturity of the loans to be accelerated and exercise other rights and remedies available at law or under the loan documents, including with respect to the collateral and guarantees for the Company’s obligations under the Credit Agreement. | ||||||||
The Company’s obligations under the Credit Agreement are unconditionally guaranteed by each of its existing and subsequently acquired or organized material domestic subsidiaries. The Company’s obligations under the Credit Agreement are secured by security interests on substantially all of the assets of the Company and the Guarantors, except for real property, which will be added to the collateral if the Company incurs additional debt in excess of $150.0 under the Credit Agreement. | ||||||||
In February 2014, the Company paid $2.5 of financing fees to the underwriters of a financing commitment the Company entered into in September 2013 to fund our acquisition of Dakota Growers. The commitment was not exercised and the Company has expensed the full amount to interest expense for the three and six months ended March 31, 2014. | ||||||||
Debt Covenants | ||||||||
The terms of the Credit Facility required the Company to comply with certain financial covenants consisting of ratios for maximum consolidated leverage and minimum interest expense coverage. As of March 31, 2014, the Company was in compliance with all such financial covenants. |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefits | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
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 March 31, | Six Months Ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Components of net periodic benefit cost | ||||||||||||||||
Service cost | $ | 0.9 | $ | 1 | $ | 1.8 | $ | 2.1 | ||||||||
Interest cost | 0.6 | 0.4 | 1.1 | 0.8 | ||||||||||||
Expected return on plan assets | (0.6 | ) | (0.4 | ) | (1.1 | ) | (0.8 | ) | ||||||||
Recognized net actuarial loss | 0.2 | 0.3 | 0.4 | 0.5 | ||||||||||||
Recognized prior service cost | 0.1 | 0.1 | 0.2 | 0.2 | ||||||||||||
Net periodic benefit cost | $ | 1.2 | $ | 1.4 | $ | 2.4 | $ | 2.8 | ||||||||
Other Benefits | ||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Components of net periodic benefit cost | ||||||||||||||||
Service cost | $ | 0.5 | $ | 0.6 | $ | 1 | $ | 1.2 | ||||||||
Interest cost | 1.2 | 1 | 2.3 | 2 | ||||||||||||
Recognized net actuarial loss | 0.1 | 0.5 | 0.2 | 0.9 | ||||||||||||
Recognized prior service credit | (0.6 | ) | (0.3 | ) | (1.2 | ) | (0.6 | ) | ||||||||
Net periodic benefit cost | $ | 1.2 | $ | 1.8 | $ | 2.3 | $ | 3.5 | ||||||||
Transaction_with_Former_Owner
Transaction with Former Owner | 6 Months Ended |
Mar. 31, 2014 | |
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 $0.1, $1.5, $0.5 and $3.1 for the three and six months ended March 31, 2014 and 2013, 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 $2.5, $3.5, $6.2 and $7.5 in the three and six months ended March 31, 2014 and 2013, 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 $0.1, $2.4, $0.3 and $5.2 during the three and six months ended March 31, 2014 and 2013, 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 | 6 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
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. During the first quarter of fiscal 2014, the Company changed its methodology for allocating certain corporate costs to segment profit. Accordingly, segment profit for the three and six months ended March 31, 2013 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. For a definition of the Company’s reportable segments, see Note 1. | ||||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Net Sales | ||||||||||||||||||
Post Foods | $ | 239.5 | $ | 245.4 | $ | 476.4 | $ | 482.3 | ||||||||||
Attune Foods | 22.2 | 2.8 | 45.4 | 2.8 | ||||||||||||||
Active Nutrition | 70.6 | — | 107.8 | — | ||||||||||||||
Private Brands | 105.7 | — | 105.7 | — | ||||||||||||||
Eliminations | — | — | (0.3 | ) | — | |||||||||||||
Total | $ | 438 | $ | 248.2 | $ | 735 | $ | 485.1 | ||||||||||
Segment Profit (Loss) | ||||||||||||||||||
Post Foods | $ | 41.7 | $ | 45.3 | $ | 88.2 | $ | 92.3 | ||||||||||
Attune Foods | 1.9 | (0.6 | ) | 4.5 | (0.6 | ) | ||||||||||||
Active Nutrition | 0.2 | — | 4.4 | — | ||||||||||||||
Private Brands | 0.8 | — | 0.8 | — | ||||||||||||||
Total segment profit | 44.6 | 44.7 | 97.9 | 91.7 | ||||||||||||||
General corporate expenses and other | 30.9 | 15.8 | 54.5 | 32.5 | ||||||||||||||
Accelerated depreciation on plant closure | 2 | — | 4.7 | — | ||||||||||||||
Losses on hedge of purchase price of foreign currency denominated acquisition | 11.8 | — | 13.1 | — | ||||||||||||||
Restructuring expenses | 0.2 | — | 0.7 | — | ||||||||||||||
Interest expense | 37.3 | 21.6 | 66.3 | 40.8 | ||||||||||||||
(Loss) earnings before income taxes | $ | (37.6 | ) | $ | 7.3 | $ | (41.4 | ) | $ | 18.4 | ||||||||
Depreciation and amortization | ||||||||||||||||||
Post Foods | $ | 12.7 | $ | 14.9 | $ | 25.9 | $ | 30 | ||||||||||
Attune Foods | 1.7 | 0.1 | 3.5 | 0.1 | ||||||||||||||
Active Nutrition | 4.3 | — | 5.9 | — | ||||||||||||||
Private Brands | 7.3 | — | 7.3 | — | ||||||||||||||
Total segment depreciation and amortization | 26 | 15 | 42.6 | 30.1 | ||||||||||||||
Accelerated depreciation on plant closure | 2 | — | 4.7 | — | ||||||||||||||
Corporate | 2.1 | 1.2 | 3.9 | 2.3 | ||||||||||||||
Total | $ | 30.1 | $ | 16.2 | $ | 51.2 | $ | 32.4 | ||||||||||
31-Mar-14 | 30-Sep-13 | |||||||||||||||||
Assets | ||||||||||||||||||
Post Foods | $ | 2,592.00 | $ | 2,614.90 | ||||||||||||||
Attune Foods | 171.2 | 172 | ||||||||||||||||
Active Nutrition | 646.3 | 198 | ||||||||||||||||
Private Brands | 819.9 | — | ||||||||||||||||
Corporate | 954.7 | 488.9 | ||||||||||||||||
Total | $ | 5,184.10 | $ | 3,473.80 | ||||||||||||||
Guarantor_Financials
Guarantor Financials | 6 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
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. | ||||||||||||||||||||
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 aggregate principal amount of the 6.75% senior notes was increased to a total of $875.0 by a subsequent issuance completed on March 19, 2014. | ||||||||||||||||||||
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 March 31, 2014 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Sales | $ | — | $ | 390.1 | $ | 51.2 | $ | (3.3 | ) | $ | 438 | |||||||||
Cost of goods sold | — | 267.8 | 44.1 | (3.3 | ) | 308.6 | ||||||||||||||
Gross Profit | — | 122.3 | 7.1 | — | 129.4 | |||||||||||||||
Selling, general and administrative expenses | 3.7 | 96.4 | 4.7 | — | 104.8 | |||||||||||||||
Amortization of intangible assets | — | 10.9 | 1.8 | — | 12.7 | |||||||||||||||
Loss on foreign currency | 11.8 | 0.1 | — | — | 11.9 | |||||||||||||||
Restructuring expense | — | 0.2 | — | — | 0.2 | |||||||||||||||
Other operating expenses, net | — | 0.1 | — | — | 0.1 | |||||||||||||||
Operating (Loss) Profit | (15.5 | ) | 14.6 | 0.6 | — | (0.3 | ) | |||||||||||||
Interest expense | 35.4 | — | 1.9 | — | 37.3 | |||||||||||||||
(Loss) Earnings before Income Taxes | (50.9 | ) | 14.6 | (1.3 | ) | — | (37.6 | ) | ||||||||||||
Income tax (benefit) expense | (30.1 | ) | 11.1 | (0.3 | ) | — | (19.3 | ) | ||||||||||||
Net (Loss) Earnings before Equity in Subsidiaries | (20.8 | ) | 3.5 | (1.0 | ) | — | (18.3 | ) | ||||||||||||
Equity earnings in subsidiaries | 2.5 | — | — | (2.5 | ) | — | ||||||||||||||
Net (Loss) Earnings | $ | (18.3 | ) | $ | 3.5 | $ | (1.0 | ) | $ | (2.5 | ) | $ | (18.3 | ) | ||||||
Total Comprehensive (Loss) Income | $ | (17.8 | ) | $ | 3.3 | $ | (0.3 | ) | $ | (3.0 | ) | $ | (17.8 | ) | ||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Sales | $ | — | $ | 236.7 | $ | 16.1 | $ | (4.6 | ) | $ | 248.2 | |||||||||
Cost of goods sold | — | 137.2 | 13.1 | (4.6 | ) | 145.7 | ||||||||||||||
Gross Profit | — | 99.5 | 3 | — | 102.5 | |||||||||||||||
Selling, general and administrative expenses | 2.7 | 63.1 | 4.1 | — | 69.9 | |||||||||||||||
Amortization of intangible assets | — | 3.2 | — | — | 3.2 | |||||||||||||||
Loss on foreign currency | — | — | 0.2 | — | 0.2 | |||||||||||||||
Other operating expenses, net | — | 0.3 | — | — | 0.3 | |||||||||||||||
Operating (Loss) Profit | (2.7 | ) | 32.9 | (1.3 | ) | — | 28.9 | |||||||||||||
Interest expense | 21.6 | — | — | — | 21.6 | |||||||||||||||
(Loss) Earnings before Income Taxes | (24.3 | ) | 32.9 | (1.3 | ) | — | 7.3 | |||||||||||||
Income tax (benefit) expense | (7.7 | ) | 10.3 | (0.4 | ) | — | 2.2 | |||||||||||||
Net (Loss) Earnings before Equity in Subsidiaries | (16.6 | ) | 22.6 | (0.9 | ) | — | 5.1 | |||||||||||||
Equity earnings in subsidiaries | 21.7 | — | — | (21.7 | ) | — | ||||||||||||||
Net Earnings (Loss) | $ | 5.1 | $ | 22.6 | $ | (0.9 | ) | $ | (21.7 | ) | $ | 5.1 | ||||||||
Total Comprehensive Income (Loss) | $ | 4.1 | $ | 22.9 | $ | (2.2 | ) | $ | (20.7 | ) | $ | 4.1 | ||||||||
Six Months Ended March 31, 2014 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Sales | $ | — | $ | 674.9 | $ | 70.8 | $ | (10.7 | ) | $ | 735 | |||||||||
Cost of goods sold | — | 441.9 | 59.9 | (10.7 | ) | 491.1 | ||||||||||||||
Gross Profit | — | 233 | 10.9 | — | 243.9 | |||||||||||||||
Selling, general and administrative expenses | 6.9 | 170.7 | 8.6 | — | 186.2 | |||||||||||||||
Amortization of intangible assets | — | 16.6 | 1.8 | — | 18.4 | |||||||||||||||
Loss on foreign currency | 13.1 | 0.4 | — | — | 13.5 | |||||||||||||||
Restructuring expense | — | 0.7 | — | — | 0.7 | |||||||||||||||
Other operating expenses, net | — | 0.2 | — | — | 0.2 | |||||||||||||||
Operating (Loss) Profit | (20.0 | ) | 44.4 | 0.5 | — | 24.9 | ||||||||||||||
Interest expense | 64.4 | — | 1.9 | — | 66.3 | |||||||||||||||
(Loss) Earnings before Income Taxes | (84.4 | ) | 44.4 | (1.4 | ) | — | (41.4 | ) | ||||||||||||
Income tax (benefit) expense | (42.0 | ) | 21.6 | (0.3 | ) | — | (20.7 | ) | ||||||||||||
Net (Loss) Earnings before Equity in Subsidiaries | (42.4 | ) | 22.8 | (1.1 | ) | — | (20.7 | ) | ||||||||||||
Equity earnings in subsidiaries | 21.7 | — | — | (21.7 | ) | — | ||||||||||||||
Net (Loss) Earnings | $ | (20.7 | ) | $ | 22.8 | $ | (1.1 | ) | $ | (21.7 | ) | $ | (20.7 | ) | ||||||
Total Comprehensive (Loss) Income | $ | (22.5 | ) | $ | 22.5 | $ | (2.6 | ) | $ | (19.9 | ) | $ | (22.5 | ) | ||||||
Six Months Ended March 31, 2013 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Sales | $ | — | $ | 460 | $ | 37 | $ | (11.9 | ) | $ | 485.1 | |||||||||
Cost of goods sold | — | 259.4 | 29.4 | (11.9 | ) | 276.9 | ||||||||||||||
Gross Profit | — | 200.6 | 7.6 | — | 208.2 | |||||||||||||||
Selling, general and administrative expenses | 5.2 | 128.5 | 8.4 | — | 142.1 | |||||||||||||||
Amortization of intangible assets | — | 6.4 | — | — | 6.4 | |||||||||||||||
Loss on foreign currency | — | — | 0.1 | — | 0.1 | |||||||||||||||
Other operating expenses, net | — | 0.4 | — | — | 0.4 | |||||||||||||||
Operating (Loss) Profit | (5.2 | ) | 65.3 | (0.9 | ) | — | 59.2 | |||||||||||||
Interest expense | 40.8 | — | — | — | 40.8 | |||||||||||||||
(Loss) Earnings before Income Taxes | (46.0 | ) | 65.3 | (0.9 | ) | — | 18.4 | |||||||||||||
Income tax (benefit) expense | (14.7 | ) | 20.7 | (0.3 | ) | — | 5.7 | |||||||||||||
Net (Loss) Earnings before Equity in Subsidiaries | (31.3 | ) | 44.6 | (0.6 | ) | — | 12.7 | |||||||||||||
Equity earnings in subsidiaries | 44 | — | — | (44.0 | ) | — | ||||||||||||||
Net Earnings (Loss) | $ | 12.7 | $ | 44.6 | $ | (0.6 | ) | $ | (44.0 | ) | $ | 12.7 | ||||||||
Total Comprehensive Income (Loss) | $ | 11.2 | $ | 45.1 | $ | (2.6 | ) | $ | (42.5 | ) | $ | 11.2 | ||||||||
POST HOLDINGS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS (Unaudited) | ||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 824.6 | $ | 2.4 | $ | 7.9 | $ | (9.0 | ) | $ | 825.9 | |||||||||
Restricted cash | 1.1 | — | 0.7 | — | 1.8 | |||||||||||||||
Receivables, net | 14.6 | 143.4 | 33 | (5.5 | ) | 185.5 | ||||||||||||||
Inventories | — | 191.8 | 32.7 | — | 224.5 | |||||||||||||||
Deferred income taxes | 24.7 | — | — | — | 24.7 | |||||||||||||||
Prepaid expenses and other current assets | 44.4 | 11.2 | 5.9 | (8.3 | ) | 53.2 | ||||||||||||||
Total Current Assets | 909.4 | 348.8 | 80.2 | (22.8 | ) | 1,315.60 | ||||||||||||||
Property, net | — | 443.4 | 47.7 | — | 491.1 | |||||||||||||||
Goodwill | — | 1,753.60 | 157.2 | — | 1,910.80 | |||||||||||||||
Other intangible assets, net | — | 1,289.70 | 131 | — | 1,420.70 | |||||||||||||||
Intercompany receivable | 697.1 | — | — | (697.1 | ) | — | ||||||||||||||
Investment in subsidiaries | 3,212.60 | 0.1 | — | (3,212.7 | ) | — | ||||||||||||||
Deferred income taxes | — | — | 2.1 | — | 2.1 | |||||||||||||||
Other assets | 37.8 | 4.9 | 1.1 | — | 43.8 | |||||||||||||||
Total Assets | $ | 4,856.90 | $ | 3,840.50 | $ | 419.3 | $ | (3,932.6 | ) | $ | 5,184.10 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Accounts payable | $ | — | $ | 109.7 | $ | 25.7 | $ | (22.8 | ) | $ | 112.6 | |||||||||
Other current liabilities | 43 | 59.3 | 14.8 | — | 117.1 | |||||||||||||||
Total Current Liabilities | 43 | 169 | 40.5 | (22.8 | ) | 229.7 | ||||||||||||||
Long-term debt | 2,302.10 | — | — | — | 2,302.10 | |||||||||||||||
Intercompany payable | — | 519.5 | 177.6 | (697.1 | ) | — | ||||||||||||||
Deferred income taxes | 407.2 | — | 33 | — | 440.2 | |||||||||||||||
Other liabilities | 13.2 | 98.2 | 9.3 | — | 120.7 | |||||||||||||||
Total Liabilities | 2,765.50 | 786.7 | 260.4 | (719.9 | ) | 3,092.70 | ||||||||||||||
Total Stockholders’ Equity | 2,091.40 | 3,053.80 | 158.9 | (3,212.7 | ) | 2,091.40 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 4,856.90 | $ | 3,840.50 | $ | 419.3 | $ | (3,932.6 | ) | $ | 5,184.10 | |||||||||
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) | ||||||||||||||||||||
Six Months Ended March 31, 2014 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Cash (Used In) Provided by Operating Activities | $ | (27.5 | ) | $ | 80.9 | $ | (4.7 | ) | $ | (30.2 | ) | $ | 18.5 | |||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Business acquisitions | (751.5 | ) | 4.7 | (288.4 | ) | — | (1,035.2 | ) | ||||||||||||
Cash advance for asset purchase | (25.0 | ) | — | — | — | (25.0 | ) | |||||||||||||
Additions to property | — | (25.9 | ) | (0.8 | ) | — | (26.7 | ) | ||||||||||||
Restricted cash | 37 | — | (0.7 | ) | — | 36.3 | ||||||||||||||
Proceeds from equity distributions | 38.5 | — | — | (38.5 | ) | — | ||||||||||||||
Capitalization of subsidiaries | (294.8 | ) | — | — | 294.8 | — | ||||||||||||||
Net Cash Used in Investing Activities | (995.8 | ) | (21.2 | ) | (289.9 | ) | 256.3 | (1,050.6 | ) | |||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Proceeds from issuance of senior notes | 875 | — | — | — | 875 | |||||||||||||||
Proceeds from issuance of preferred stock | 310.2 | — | — | — | 310.2 | |||||||||||||||
Proceeds from issuance of common stock | 303.5 | — | — | — | 303.5 | |||||||||||||||
Payment of dividend | (5.9 | ) | — | — | — | (5.9 | ) | |||||||||||||
Payments of debt issuance costs | (19.8 | ) | — | — | — | (19.8 | ) | |||||||||||||
Payments for equity distributions | — | (61.4 | ) | — | 61.4 | — | ||||||||||||||
Proceeds from Parent capitalization | — | — | 294.8 | (294.8 | ) | — | ||||||||||||||
Other | 0.2 | — | — | — | 0.2 | |||||||||||||||
Net Cash Provided by (Used in) Financing Activities | 1,463.20 | (61.4 | ) | 294.8 | (233.4 | ) | 1,463.20 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (6.7 | ) | — | (0.5 | ) | — | (7.2 | ) | ||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 433.2 | (1.7 | ) | (0.3 | ) | (7.3 | ) | 423.9 | ||||||||||||
Cash and Cash Equivalents, Beginning of Year | 391.4 | 4.1 | 8.2 | (1.7 | ) | 402 | ||||||||||||||
Cash and Cash Equivalents, End of Period | $ | 824.6 | $ | 2.4 | $ | 7.9 | $ | (9.0 | ) | $ | 825.9 | |||||||||
Six Months Ended March 31, 2013 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Cash Provided by Operating Activities | $ | — | $ | 58.9 | $ | 1.4 | $ | (41.7 | ) | $ | 18.6 | |||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Business acquisitions | — | (9.2 | ) | — | — | (9.2 | ) | |||||||||||||
Additions to property | — | (10.2 | ) | (0.8 | ) | — | (11.0 | ) | ||||||||||||
Payment for equity contributions | — | — | — | — | — | |||||||||||||||
Net Cash Used in Investing Activities | — | (19.4 | ) | (0.8 | ) | — | (20.2 | ) | ||||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Proceeds from issuance of senior notes | 250 | — | — | — | 250 | |||||||||||||||
Proceeds from issuance of Preferred Stock | 234.1 | — | — | — | 234.1 | |||||||||||||||
Repayments of long-term debt | (170.6 | ) | — | — | — | (170.6 | ) | |||||||||||||
Payments of debt issuance costs | (4.6 | ) | — | — | — | (4.6 | ) | |||||||||||||
Other, net | 0.2 | — | — | — | 0.2 | |||||||||||||||
Payments for equity distributions | — | (41.1 | ) | — | 41.1 | — | ||||||||||||||
Net Cash Provided by (Used in) by Financing Activities | 309.1 | (41.1 | ) | — | 41.1 | 309.1 | ||||||||||||||
Effect of Exchange Rate Changes on Cash | — | — | (0.3 | ) | — | (0.3 | ) | |||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 309.1 | (1.6 | ) | 0.3 | (0.6 | ) | 307.2 | |||||||||||||
Cash and Cash Equivalents, Beginning of Year | 49.7 | 2.2 | 6.3 | — | 58.2 | |||||||||||||||
Cash and Cash Equivalents, End of Period | $ | 358.8 | $ | 0.6 | $ | 6.6 | $ | (0.6 | ) | $ | 365.4 | |||||||||
Subsequent_Event_Notes
Subsequent Event (Notes) | 6 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
NOTE 17 — SUBSEQUENT EVENTS | |
Preferred Stock Dividend | |
On April 24, 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 February 15, 2014 to May 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 $0.625 per share, representing payment for the dividend period from February 15, 2014 to May 14, 2014, on the Company’s 2.5% Series C Cumulative Perpetual Convertible Preferred Stock. Both dividends will be paid on May 15, 2014 to preferred shareholders of record as of May 1, 2014. | |
Sunland Asset Purchase | |
On April 1, 2014, the Company purchased certain assets from the bankruptcy estate of Sunland, Inc., which previously operated a peanut butter manufacturing facility located in Portales, New Mexico, for $26.0. | |
Acquisition of Michael Foods | |
On April 17, 2014, Post announced it has agreed to acquire MFI Holding Corporation (“Michael Foods”) from affiliates of GS Capital Partners, affiliates of Thomas H. Lee Partners and other owners in a transaction expected to be completed in Post’s fiscal third quarter, subject to customary closing conditions. Post has agreed to pay $2,450.0 on a cash-free, debt-free basis, subject to working capital and other adjustments. In addition, Post will make a payment of $50.0 on the first anniversary of the closing date, which payment is intended to represent the parties’ estimate of the value of certain tax benefits that Michael Foods is expected to realize from payments to be made by or on its behalf in connection with the acquisition. | |
The acquisition is currently targeted to close on June 2, 2014. The acquisition is subject to customary closing conditions, and there can be no assurance that the acquisition will close at such time. Concurrent with the signing of the merger agreement for the acquisition, the Company obtained financing commitments under which various lenders have committed to provide up to $1,765.0 in credit facilities, including a committed bridge loan of up to $340.0. Committed facilities, together with cash on hand, are sufficient to fund the purchase price. The Company expects to finance the acquisition with approximately $635.0 of new term loan borrowings under committed facilities, with the remainder of the financing consisting of approximately $500.0 of newly-issued common and/or equity-linked securities and approximately $630.0 of newly-issued senior unsecured debt securities. The final structure and terms of the acquisition financing will be subject to market conditions, and may be materially different than current expectations. | |
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. Post management now expects this transaction to be completed in Post’s first fiscal quarter 2015, subject to customary closing conditions. Post has agreed to pay $150.0 for the brands, subject to working capital and other adjustments. | |
First Amendment to Credit Agreement | |
On May 1, 2014, the Company entered into a First Amendment to Credit Agreement (the “Amendment”) with Wells Fargo Bank, National Association, in its capacity as Administrative Agent and acting with the consent of the “Required Lenders,” and the “Required Lenders” and the “Guarantors” party thereto, to amend its Credit Agreement dated as of January 29, 2014. The Amendment includes certain amendments that are effective immediately to (i) facilitate the Company’s acquisition of Michael Foods and permit the additional financing contemplated as part of the acquisition and (ii) permit the Company to borrow under the revolving credit facility (the “Revolving Credit Facility”) established under the Credit Agreement, as amended by the Amendment, so long as its consolidated leverage ratio, calculated as provided in the Credit Agreement and Amendment, is not equal to or greater than 7.25 to 1.00 (increased from 5.75 to 1.00), provided that if the Michael Foods acquisition agreement is terminated, the Michael Foods acquisition is abandoned or the Michael Foods acquisition does not close on or before August 1, 2014, then the foregoing ratio will revert to 5.75 to 1.00. The Amendment also provides for certain amendments to be effective upon the closing of the Michael Foods acquisition to (a) facilitate the acquisition of Michael Foods and the additional financing contemplated as part of the acquisition, (b) remove entirely the condition to borrowing described in clause (ii) above, (c) increase the senior secured leverage ratio covenant, calculated as provided in the Credit Agreement, as amended by the Amendment, from 2.75 to 1.00 to 3.00 to 1.00, and (d) increase the amount of permitted capital expenditures. | |
Joinder Agreement No. 1 | |
On May 1, 2014, the Company also executed a Joinder Agreement No. 1 (the “Joinder No. 1”) to the Credit Agreement (as amended by the Amendment) that provides for, upon completion of the acquisition of Michael Foods and subject to certain other conditions, an incremental revolving commitment of $100.0, effectively increasing the maximum aggregate amount of the Revolving Credit Facility to $400.0. The Company intends to use the Revolving Credit Facility, as increased, for general corporate purposes including funding pending and future acquisitions, working capital and capital expenditures. |
Business_Combinations_Tables
Business Combinations (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | |||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | |||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Pro forma net sales | $ | 465.2 | $ | 465.2 | $ | 946.3 | $ | 935.3 | ||||||||
Pro forma net earnings available to common stockholders | $ | (18.9 | ) | $ | (8.1 | ) | $ | (28.7 | ) | $ | (6.2 | ) | ||||
Pro forma basic earnings per share | $ | (0.56 | ) | $ | (0.25 | ) | $ | (0.87 | ) | $ | (0.19 | ) | ||||
Pro forma diluted earnings per share | $ | (0.56 | ) | $ | (0.25 | ) | $ | (0.87 | ) | $ | (0.19 | ) |
Restructuring_Tables
Restructuring (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Schedule of Restructuring and Related Costs | ' | |||||||||||||||
Three Months Ended March 31, 2014 | Six Months Ended March 31, 2014 | Cumulative Incurred to Date | Remaining Expense Expected to be Incurred | |||||||||||||
Employee severance | $ | 0.2 | $ | 0.7 | $ | 2.8 | $ | 0.7 | ||||||||
Pension curtailment | — | — | 1.7 | — | ||||||||||||
Accelerated depreciation | 2 | 4.7 | 14.3 | 3.8 | ||||||||||||
$ | 2.2 | $ | 5.4 | $ | 18.8 | $ | 4.5 | |||||||||
Liabilities recorded related to restructuring activities and changes therein are as follows: | ||||||||||||||||
30-Sep-13 | Costs Incurred and Charged to Expense | Cash Paid | 31-Mar-14 | |||||||||||||
Employee severance | $ | 2.1 | $ | 0.7 | $ | (0.9 | ) | $ | 1.9 | |||||||
Business_Combinations_Schedule
Business Combinations Schedule of business combinations (Tables) | 6 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Business Acquisition [Line Items] | ' | |||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | |||||||||||
Dakota Growers | Dymatize | Golden Boy | ||||||||||
Cash and cash equivalents | $ | 2.9 | $ | 1.8 | $ | — | ||||||
Receivables | 25.3 | 24.4 | 18.6 | |||||||||
Inventories | 43.4 | 41.1 | 28.1 | |||||||||
Deferred income taxes | 0.3 | 2.9 | — | |||||||||
Prepaid expenses and other current assets | 0.4 | 0.7 | 0.7 | |||||||||
Property | 86 | 15.6 | 10.5 | |||||||||
Goodwill | 162.7 | 102.3 | 156.1 | |||||||||
Other intangible assets | 150 | 257.9 | 131.5 | |||||||||
Other assets | 1 | 0.1 | — | |||||||||
Accounts payable | (5.6 | ) | (17.8 | ) | (10.3 | ) | ||||||
Other current liabilities | (25.7 | ) | (7.1 | ) | (10.9 | ) | ||||||
Deferred income taxes | (80.9 | ) | (30.0 | ) | (33.8 | ) | ||||||
Other liabilities | (0.2 | ) | — | (2.1 | ) | |||||||
Total acquisition cost | $ | 359.6 | $ | 391.9 | $ | 288.4 | ||||||
Goodwill_Tables
Goodwill (Tables) | 6 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
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 | Private Brands | 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 | ||||||||||
Goodwill acquired | — | — | 102.3 | 318.8 | 421.1 | |||||||||||||||
Purchase price true-up adjustment | — | — | (1.1 | ) | — | (1.1 | ) | |||||||||||||
Currency translation adjustment | (0.4 | ) | — | — | 1.5 | 1.1 | ||||||||||||||
Balance, March 31, 2014 | ||||||||||||||||||||
Goodwill (gross) | $ | 1,793.70 | $ | 75.1 | $ | 149.5 | $ | 320.3 | $ | 2,338.60 | ||||||||||
Accumulated impairment losses | (427.8 | ) | — | — | — | (427.8 | ) | |||||||||||||
Goodwill (net) | $ | 1,365.90 | $ | 75.1 | $ | 149.5 | $ | 320.3 | $ | 1,910.80 | ||||||||||
Intangible_Assets_net_Intangib1
Intangible Assets, net Intangible Assets, net (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Total intangible assets | ' | ||||||||||||||||||||||||
31-Mar-14 | 30-Sep-13 | ||||||||||||||||||||||||
Carrying | Accumulated Amortization | Net | Carrying | Accumulated Amortization | Net | ||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||
Subject to amortization: | |||||||||||||||||||||||||
Customer relationships | $ | 606 | $ | (52.7 | ) | $ | 553.3 | $ | 258.6 | $ | (41.0 | ) | $ | 217.6 | |||||||||||
Trademarks/brands | 334.6 | (31.4 | ) | 303.2 | 161.5 | (25.8 | ) | 135.7 | |||||||||||||||||
Other intangible assets | 24.9 | (1.4 | ) | 23.5 | 4.7 | (0.3 | ) | 4.4 | |||||||||||||||||
$ | 965.5 | $ | (85.5 | ) | $ | 880 | $ | 424.8 | $ | (67.1 | ) | $ | 357.7 | ||||||||||||
Not subject to amortization: | |||||||||||||||||||||||||
Trademarks/brands | 540.7 | — | 540.7 | 540.7 | — | 540.7 | |||||||||||||||||||
$ | 1,506.20 | $ | (85.5 | ) | $ | 1,420.70 | $ | 965.5 | $ | (67.1 | ) | $ | 898.4 | ||||||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
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 and six months ended March 31, 2014 and 2013, respectively. | ||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net (loss) earnings | $ | (18.3 | ) | $ | 5.1 | $ | (20.7 | ) | $ | 12.7 | ||||||
Preferred stock dividends | (4.3 | ) | (0.8 | ) | (6.9 | ) | (0.8 | ) | ||||||||
Net (loss) earnings available to common stockholders | $ | (22.6 | ) | $ | 4.3 | $ | (27.6 | ) | $ | 11.9 | ||||||
Weighted-average shares for basic earnings per share | 33.6 | 32.7 | 33.1 | 32.6 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock options | — | — | — | — | ||||||||||||
Stock appreciation rights | — | 0.1 | — | 0.1 | ||||||||||||
Restricted stock units | — | 0.1 | — | 0.1 | ||||||||||||
Total dilutive securities | — | 0.2 | — | 0.2 | ||||||||||||
Weighted-average shares for diluted earnings per share | 33.6 | 32.9 | 33.1 | 32.8 | ||||||||||||
Basic (loss) earnings per common share | $ | (0.67 | ) | $ | 0.13 | $ | (0.83 | ) | $ | 0.36 | ||||||
Diluted (loss) earnings per common share | $ | (0.67 | ) | $ | 0.13 | $ | (0.83 | ) | $ | 0.36 | ||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory [Line Items] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
31-Mar-14 | 30-Sep-13 | |||||||
Raw materials and supplies | $ | 83.5 | $ | 30.3 | ||||
Finished products | 141 | 91.6 | ||||||
$ | 224.5 | $ | 121.9 | |||||
Property_net_Tables
Property, net (Tables) | 6 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
31-Mar-14 | 30-Sep-13 | |||||||
Property, at cost | $ | 773.5 | $ | 640.5 | ||||
Accumulated depreciation | (282.4 | ) | (252.0 | ) | ||||
$ | 491.1 | $ | 388.5 | |||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments and Hedging Gain (Loss) Recognized in Earnings (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Derivatives, Fair Value [Line Items] | ' | ||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position | ' | ||||||||||||||||
Fair Value of Assets as of March 31, 2014 | |||||||||||||||||
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 | $ | 0.6 | $ | — | $ | 0.6 | ||||||||||
Natural gas and heating oil futures | Prepaid expenses and other current assets | 0.3 | — | 0.3 | |||||||||||||
$ | 0.9 | $ | — | $ | 0.9 | ||||||||||||
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 March 31, | Six Months Ended March 31, | ||||||||||||||||
Derivative Instrument | Location of Gain (Loss) Recognized in Earnings | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Commodity contracts | Cost of goods sold | $ | 0.8 | $ | (0.3 | ) | 1 | (0.8 | ) | ||||||||
Natural gas and heating oil futures | Cost of goods sold | (0.2 | ) | 0.2 | 0.5 | — | |||||||||||
Foreign exchange contracts | Selling, general and administrative expenses | (5.6 | ) | — | (6.3 | ) | — | ||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
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-Mar-14 | 30-Sep-13 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Deferred compensation investment | $ | 10.4 | $ | 10.4 | $ | — | $ | 8.5 | $ | 8.5 | $ | — | ||||||||||||
Derivative assets | 0.9 | — | 0.9 | — | — | — | ||||||||||||||||||
$ | 11.3 | $ | 10.4 | $ | 0.9 | $ | 8.5 | $ | 8.5 | $ | — | |||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deferred compensation liabilities | $ | 13.4 | $ | — | $ | 13.4 | $ | 13.4 | $ | — | $ | 13.4 | ||||||||||||
Derivative liabilities | — | — | — | 0.2 | — | 0.2 | ||||||||||||||||||
$ | 13.4 | $ | — | $ | 13.4 | $ | 13.6 | $ | — | $ | 13.6 | |||||||||||||
Long_Term_Debt_Tables
Long Term Debt (Tables) | 6 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Long-term Debt Instruments | ' | |||||||
Long-term debt as of the dates indicated consists of the following: | ||||||||
31-Mar-14 | September 30, 2013 | |||||||
7.375% Senior Notes maturing February 2022 | $ | 1,375.00 | $ | 1,375.00 | ||||
6.75% Senior Notes maturing December 2021 | 875 | — | ||||||
$ | 2,250.00 | $ | 1,375.00 | |||||
Plus: Unamortized premium | 52.1 | 33.6 | ||||||
Total long-term debt | $ | 2,302.10 | $ | 1,408.60 | ||||
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefits (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
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 March 31, | Six Months Ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Components of net periodic benefit cost | ||||||||||||||||
Service cost | $ | 0.9 | $ | 1 | $ | 1.8 | $ | 2.1 | ||||||||
Interest cost | 0.6 | 0.4 | 1.1 | 0.8 | ||||||||||||
Expected return on plan assets | (0.6 | ) | (0.4 | ) | (1.1 | ) | (0.8 | ) | ||||||||
Recognized net actuarial loss | 0.2 | 0.3 | 0.4 | 0.5 | ||||||||||||
Recognized prior service cost | 0.1 | 0.1 | 0.2 | 0.2 | ||||||||||||
Net periodic benefit cost | $ | 1.2 | $ | 1.4 | $ | 2.4 | $ | 2.8 | ||||||||
Other Benefits | ||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Components of net periodic benefit cost | ||||||||||||||||
Service cost | $ | 0.5 | $ | 0.6 | $ | 1 | $ | 1.2 | ||||||||
Interest cost | 1.2 | 1 | 2.3 | 2 | ||||||||||||
Recognized net actuarial loss | 0.1 | 0.5 | 0.2 | 0.9 | ||||||||||||
Recognized prior service credit | (0.6 | ) | (0.3 | ) | (1.2 | ) | (0.6 | ) | ||||||||
Net periodic benefit cost | $ | 1.2 | $ | 1.8 | $ | 2.3 | $ | 3.5 | ||||||||
Segment_Information_Segments_T
Segment Information Segments (Tables) | 6 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Net Sales | ||||||||||||||||||
Post Foods | $ | 239.5 | $ | 245.4 | $ | 476.4 | $ | 482.3 | ||||||||||
Attune Foods | 22.2 | 2.8 | 45.4 | 2.8 | ||||||||||||||
Active Nutrition | 70.6 | — | 107.8 | — | ||||||||||||||
Private Brands | 105.7 | — | 105.7 | — | ||||||||||||||
Eliminations | — | — | (0.3 | ) | — | |||||||||||||
Total | $ | 438 | $ | 248.2 | $ | 735 | $ | 485.1 | ||||||||||
Segment Profit (Loss) | ||||||||||||||||||
Post Foods | $ | 41.7 | $ | 45.3 | $ | 88.2 | $ | 92.3 | ||||||||||
Attune Foods | 1.9 | (0.6 | ) | 4.5 | (0.6 | ) | ||||||||||||
Active Nutrition | 0.2 | — | 4.4 | — | ||||||||||||||
Private Brands | 0.8 | — | 0.8 | — | ||||||||||||||
Total segment profit | 44.6 | 44.7 | 97.9 | 91.7 | ||||||||||||||
General corporate expenses and other | 30.9 | 15.8 | 54.5 | 32.5 | ||||||||||||||
Accelerated depreciation on plant closure | 2 | — | 4.7 | — | ||||||||||||||
Losses on hedge of purchase price of foreign currency denominated acquisition | 11.8 | — | 13.1 | — | ||||||||||||||
Restructuring expenses | 0.2 | — | 0.7 | — | ||||||||||||||
Interest expense | 37.3 | 21.6 | 66.3 | 40.8 | ||||||||||||||
(Loss) earnings before income taxes | $ | (37.6 | ) | $ | 7.3 | $ | (41.4 | ) | $ | 18.4 | ||||||||
Depreciation and amortization | ||||||||||||||||||
Post Foods | $ | 12.7 | $ | 14.9 | $ | 25.9 | $ | 30 | ||||||||||
Attune Foods | 1.7 | 0.1 | 3.5 | 0.1 | ||||||||||||||
Active Nutrition | 4.3 | — | 5.9 | — | ||||||||||||||
Private Brands | 7.3 | — | 7.3 | — | ||||||||||||||
Total segment depreciation and amortization | 26 | 15 | 42.6 | 30.1 | ||||||||||||||
Accelerated depreciation on plant closure | 2 | — | 4.7 | — | ||||||||||||||
Corporate | 2.1 | 1.2 | 3.9 | 2.3 | ||||||||||||||
Total | $ | 30.1 | $ | 16.2 | $ | 51.2 | $ | 32.4 | ||||||||||
31-Mar-14 | 30-Sep-13 | |||||||||||||||||
Assets | ||||||||||||||||||
Post Foods | $ | 2,592.00 | $ | 2,614.90 | ||||||||||||||
Attune Foods | 171.2 | 172 | ||||||||||||||||
Active Nutrition | 646.3 | 198 | ||||||||||||||||
Private Brands | 819.9 | — | ||||||||||||||||
Corporate | 954.7 | 488.9 | ||||||||||||||||
Total | $ | 5,184.10 | $ | 3,473.80 | ||||||||||||||
Guarantor_Financials_Tables
Guarantor Financials (Tables) | 6 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Guarantor Balance Sheet [Abstract] | ' | |||||||||||||||||||
Schedule of Condensed Income Statement [Table Text Block] | ' | |||||||||||||||||||
POST HOLDINGS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Sales | $ | — | $ | 390.1 | $ | 51.2 | $ | (3.3 | ) | $ | 438 | |||||||||
Cost of goods sold | — | 267.8 | 44.1 | (3.3 | ) | 308.6 | ||||||||||||||
Gross Profit | — | 122.3 | 7.1 | — | 129.4 | |||||||||||||||
Selling, general and administrative expenses | 3.7 | 96.4 | 4.7 | — | 104.8 | |||||||||||||||
Amortization of intangible assets | — | 10.9 | 1.8 | — | 12.7 | |||||||||||||||
Loss on foreign currency | 11.8 | 0.1 | — | — | 11.9 | |||||||||||||||
Restructuring expense | — | 0.2 | — | — | 0.2 | |||||||||||||||
Other operating expenses, net | — | 0.1 | — | — | 0.1 | |||||||||||||||
Operating (Loss) Profit | (15.5 | ) | 14.6 | 0.6 | — | (0.3 | ) | |||||||||||||
Interest expense | 35.4 | — | 1.9 | — | 37.3 | |||||||||||||||
(Loss) Earnings before Income Taxes | (50.9 | ) | 14.6 | (1.3 | ) | — | (37.6 | ) | ||||||||||||
Income tax (benefit) expense | (30.1 | ) | 11.1 | (0.3 | ) | — | (19.3 | ) | ||||||||||||
Net (Loss) Earnings before Equity in Subsidiaries | (20.8 | ) | 3.5 | (1.0 | ) | — | (18.3 | ) | ||||||||||||
Equity earnings in subsidiaries | 2.5 | — | — | (2.5 | ) | — | ||||||||||||||
Net (Loss) Earnings | $ | (18.3 | ) | $ | 3.5 | $ | (1.0 | ) | $ | (2.5 | ) | $ | (18.3 | ) | ||||||
Total Comprehensive (Loss) Income | $ | (17.8 | ) | $ | 3.3 | $ | (0.3 | ) | $ | (3.0 | ) | $ | (17.8 | ) | ||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Sales | $ | — | $ | 236.7 | $ | 16.1 | $ | (4.6 | ) | $ | 248.2 | |||||||||
Cost of goods sold | — | 137.2 | 13.1 | (4.6 | ) | 145.7 | ||||||||||||||
Gross Profit | — | 99.5 | 3 | — | 102.5 | |||||||||||||||
Selling, general and administrative expenses | 2.7 | 63.1 | 4.1 | — | 69.9 | |||||||||||||||
Amortization of intangible assets | — | 3.2 | — | — | 3.2 | |||||||||||||||
Loss on foreign currency | — | — | 0.2 | — | 0.2 | |||||||||||||||
Other operating expenses, net | — | 0.3 | — | — | 0.3 | |||||||||||||||
Operating (Loss) Profit | (2.7 | ) | 32.9 | (1.3 | ) | — | 28.9 | |||||||||||||
Interest expense | 21.6 | — | — | — | 21.6 | |||||||||||||||
(Loss) Earnings before Income Taxes | (24.3 | ) | 32.9 | (1.3 | ) | — | 7.3 | |||||||||||||
Income tax (benefit) expense | (7.7 | ) | 10.3 | (0.4 | ) | — | 2.2 | |||||||||||||
Net (Loss) Earnings before Equity in Subsidiaries | (16.6 | ) | 22.6 | (0.9 | ) | — | 5.1 | |||||||||||||
Equity earnings in subsidiaries | 21.7 | — | — | (21.7 | ) | — | ||||||||||||||
Net Earnings (Loss) | $ | 5.1 | $ | 22.6 | $ | (0.9 | ) | $ | (21.7 | ) | $ | 5.1 | ||||||||
Total Comprehensive Income (Loss) | $ | 4.1 | $ | 22.9 | $ | (2.2 | ) | $ | (20.7 | ) | $ | 4.1 | ||||||||
Six Months Ended March 31, 2014 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Sales | $ | — | $ | 674.9 | $ | 70.8 | $ | (10.7 | ) | $ | 735 | |||||||||
Cost of goods sold | — | 441.9 | 59.9 | (10.7 | ) | 491.1 | ||||||||||||||
Gross Profit | — | 233 | 10.9 | — | 243.9 | |||||||||||||||
Selling, general and administrative expenses | 6.9 | 170.7 | 8.6 | — | 186.2 | |||||||||||||||
Amortization of intangible assets | — | 16.6 | 1.8 | — | 18.4 | |||||||||||||||
Loss on foreign currency | 13.1 | 0.4 | — | — | 13.5 | |||||||||||||||
Restructuring expense | — | 0.7 | — | — | 0.7 | |||||||||||||||
Other operating expenses, net | — | 0.2 | — | — | 0.2 | |||||||||||||||
Operating (Loss) Profit | (20.0 | ) | 44.4 | 0.5 | — | 24.9 | ||||||||||||||
Interest expense | 64.4 | — | 1.9 | — | 66.3 | |||||||||||||||
(Loss) Earnings before Income Taxes | (84.4 | ) | 44.4 | (1.4 | ) | — | (41.4 | ) | ||||||||||||
Income tax (benefit) expense | (42.0 | ) | 21.6 | (0.3 | ) | — | (20.7 | ) | ||||||||||||
Net (Loss) Earnings before Equity in Subsidiaries | (42.4 | ) | 22.8 | (1.1 | ) | — | (20.7 | ) | ||||||||||||
Equity earnings in subsidiaries | 21.7 | — | — | (21.7 | ) | — | ||||||||||||||
Net (Loss) Earnings | $ | (20.7 | ) | $ | 22.8 | $ | (1.1 | ) | $ | (21.7 | ) | $ | (20.7 | ) | ||||||
Total Comprehensive (Loss) Income | $ | (22.5 | ) | $ | 22.5 | $ | (2.6 | ) | $ | (19.9 | ) | $ | (22.5 | ) | ||||||
Six Months Ended March 31, 2013 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Sales | $ | — | $ | 460 | $ | 37 | $ | (11.9 | ) | $ | 485.1 | |||||||||
Cost of goods sold | — | 259.4 | 29.4 | (11.9 | ) | 276.9 | ||||||||||||||
Gross Profit | — | 200.6 | 7.6 | — | 208.2 | |||||||||||||||
Selling, general and administrative expenses | 5.2 | 128.5 | 8.4 | — | 142.1 | |||||||||||||||
Amortization of intangible assets | — | 6.4 | — | — | 6.4 | |||||||||||||||
Loss on foreign currency | — | — | 0.1 | — | 0.1 | |||||||||||||||
Other operating expenses, net | — | 0.4 | — | — | 0.4 | |||||||||||||||
Operating (Loss) Profit | (5.2 | ) | 65.3 | (0.9 | ) | — | 59.2 | |||||||||||||
Interest expense | 40.8 | — | — | — | 40.8 | |||||||||||||||
(Loss) Earnings before Income Taxes | (46.0 | ) | 65.3 | (0.9 | ) | — | 18.4 | |||||||||||||
Income tax (benefit) expense | (14.7 | ) | 20.7 | (0.3 | ) | — | 5.7 | |||||||||||||
Net (Loss) Earnings before Equity in Subsidiaries | (31.3 | ) | 44.6 | (0.6 | ) | — | 12.7 | |||||||||||||
Equity earnings in subsidiaries | 44 | — | — | (44.0 | ) | — | ||||||||||||||
Net Earnings (Loss) | $ | 12.7 | $ | 44.6 | $ | (0.6 | ) | $ | (44.0 | ) | $ | 12.7 | ||||||||
Total Comprehensive Income (Loss) | $ | 11.2 | $ | 45.1 | $ | (2.6 | ) | $ | (42.5 | ) | $ | 11.2 | ||||||||
Schedule of Condensed Balance Sheet [Table Text Block] | ' | |||||||||||||||||||
POST HOLDINGS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS (Unaudited) | ||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 824.6 | $ | 2.4 | $ | 7.9 | $ | (9.0 | ) | $ | 825.9 | |||||||||
Restricted cash | 1.1 | — | 0.7 | — | 1.8 | |||||||||||||||
Receivables, net | 14.6 | 143.4 | 33 | (5.5 | ) | 185.5 | ||||||||||||||
Inventories | — | 191.8 | 32.7 | — | 224.5 | |||||||||||||||
Deferred income taxes | 24.7 | — | — | — | 24.7 | |||||||||||||||
Prepaid expenses and other current assets | 44.4 | 11.2 | 5.9 | (8.3 | ) | 53.2 | ||||||||||||||
Total Current Assets | 909.4 | 348.8 | 80.2 | (22.8 | ) | 1,315.60 | ||||||||||||||
Property, net | — | 443.4 | 47.7 | — | 491.1 | |||||||||||||||
Goodwill | — | 1,753.60 | 157.2 | — | 1,910.80 | |||||||||||||||
Other intangible assets, net | — | 1,289.70 | 131 | — | 1,420.70 | |||||||||||||||
Intercompany receivable | 697.1 | — | — | (697.1 | ) | — | ||||||||||||||
Investment in subsidiaries | 3,212.60 | 0.1 | — | (3,212.7 | ) | — | ||||||||||||||
Deferred income taxes | — | — | 2.1 | — | 2.1 | |||||||||||||||
Other assets | 37.8 | 4.9 | 1.1 | — | 43.8 | |||||||||||||||
Total Assets | $ | 4,856.90 | $ | 3,840.50 | $ | 419.3 | $ | (3,932.6 | ) | $ | 5,184.10 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Accounts payable | $ | — | $ | 109.7 | $ | 25.7 | $ | (22.8 | ) | $ | 112.6 | |||||||||
Other current liabilities | 43 | 59.3 | 14.8 | — | 117.1 | |||||||||||||||
Total Current Liabilities | 43 | 169 | 40.5 | (22.8 | ) | 229.7 | ||||||||||||||
Long-term debt | 2,302.10 | — | — | — | 2,302.10 | |||||||||||||||
Intercompany payable | — | 519.5 | 177.6 | (697.1 | ) | — | ||||||||||||||
Deferred income taxes | 407.2 | — | 33 | — | 440.2 | |||||||||||||||
Other liabilities | 13.2 | 98.2 | 9.3 | — | 120.7 | |||||||||||||||
Total Liabilities | 2,765.50 | 786.7 | 260.4 | (719.9 | ) | 3,092.70 | ||||||||||||||
Total Stockholders’ Equity | 2,091.40 | 3,053.80 | 158.9 | (3,212.7 | ) | 2,091.40 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 4,856.90 | $ | 3,840.50 | $ | 419.3 | $ | (3,932.6 | ) | $ | 5,184.10 | |||||||||
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) | ||||||||||||||||||||
Six Months Ended March 31, 2014 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Cash (Used In) Provided by Operating Activities | $ | (27.5 | ) | $ | 80.9 | $ | (4.7 | ) | $ | (30.2 | ) | $ | 18.5 | |||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Business acquisitions | (751.5 | ) | 4.7 | (288.4 | ) | — | (1,035.2 | ) | ||||||||||||
Cash advance for asset purchase | (25.0 | ) | — | — | — | (25.0 | ) | |||||||||||||
Additions to property | — | (25.9 | ) | (0.8 | ) | — | (26.7 | ) | ||||||||||||
Restricted cash | 37 | — | (0.7 | ) | — | 36.3 | ||||||||||||||
Proceeds from equity distributions | 38.5 | — | — | (38.5 | ) | — | ||||||||||||||
Capitalization of subsidiaries | (294.8 | ) | — | — | 294.8 | — | ||||||||||||||
Net Cash Used in Investing Activities | (995.8 | ) | (21.2 | ) | (289.9 | ) | 256.3 | (1,050.6 | ) | |||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Proceeds from issuance of senior notes | 875 | — | — | — | 875 | |||||||||||||||
Proceeds from issuance of preferred stock | 310.2 | — | — | — | 310.2 | |||||||||||||||
Proceeds from issuance of common stock | 303.5 | — | — | — | 303.5 | |||||||||||||||
Payment of dividend | (5.9 | ) | — | — | — | (5.9 | ) | |||||||||||||
Payments of debt issuance costs | (19.8 | ) | — | — | — | (19.8 | ) | |||||||||||||
Payments for equity distributions | — | (61.4 | ) | — | 61.4 | — | ||||||||||||||
Proceeds from Parent capitalization | — | — | 294.8 | (294.8 | ) | — | ||||||||||||||
Other | 0.2 | — | — | — | 0.2 | |||||||||||||||
Net Cash Provided by (Used in) Financing Activities | 1,463.20 | (61.4 | ) | 294.8 | (233.4 | ) | 1,463.20 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (6.7 | ) | — | (0.5 | ) | — | (7.2 | ) | ||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 433.2 | (1.7 | ) | (0.3 | ) | (7.3 | ) | 423.9 | ||||||||||||
Cash and Cash Equivalents, Beginning of Year | 391.4 | 4.1 | 8.2 | (1.7 | ) | 402 | ||||||||||||||
Cash and Cash Equivalents, End of Period | $ | 824.6 | $ | 2.4 | $ | 7.9 | $ | (9.0 | ) | $ | 825.9 | |||||||||
Six Months Ended March 31, 2013 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Cash Provided by Operating Activities | $ | — | $ | 58.9 | $ | 1.4 | $ | (41.7 | ) | $ | 18.6 | |||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Business acquisitions | — | (9.2 | ) | — | — | (9.2 | ) | |||||||||||||
Additions to property | — | (10.2 | ) | (0.8 | ) | — | (11.0 | ) | ||||||||||||
Payment for equity contributions | — | — | — | — | — | |||||||||||||||
Net Cash Used in Investing Activities | — | (19.4 | ) | (0.8 | ) | — | (20.2 | ) | ||||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Proceeds from issuance of senior notes | 250 | — | — | — | 250 | |||||||||||||||
Proceeds from issuance of Preferred Stock | 234.1 | — | — | — | 234.1 | |||||||||||||||
Repayments of long-term debt | (170.6 | ) | — | — | — | (170.6 | ) | |||||||||||||
Payments of debt issuance costs | (4.6 | ) | — | — | — | (4.6 | ) | |||||||||||||
Other, net | 0.2 | — | — | — | 0.2 | |||||||||||||||
Payments for equity distributions | — | (41.1 | ) | — | 41.1 | — | ||||||||||||||
Net Cash Provided by (Used in) by Financing Activities | 309.1 | (41.1 | ) | — | 41.1 | 309.1 | ||||||||||||||
Effect of Exchange Rate Changes on Cash | — | — | (0.3 | ) | — | (0.3 | ) | |||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 309.1 | (1.6 | ) | 0.3 | (0.6 | ) | 307.2 | |||||||||||||
Cash and Cash Equivalents, Beginning of Year | 49.7 | 2.2 | 6.3 | — | 58.2 | |||||||||||||||
Cash and Cash Equivalents, End of Period | $ | 358.8 | $ | 0.6 | $ | 6.6 | $ | (0.6 | ) | $ | 365.4 | |||||||||
Background_Recently_Adopted_Ac
Background Recently Adopted Accounting Standards (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Background [Abstract] | ' | ' | ' | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | ($0.30) | $0.40 | ($0.50) | $0.90 |
Restructuring_Details
Restructuring (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Pension curtailment [Member] | Pension curtailment [Member] | Accelerated depreciation [Member] | Accelerated depreciation [Member] | Total Income Statement Impact [Member] | Total Income Statement Impact [Member] | |||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve | ' | ' | ' | ' | $1.90 | $1.90 | $2.10 | ' | ' | ' | ' | ' | ' |
Restructuring expense | 0.2 | 0 | 0.7 | 0 | 0.2 | 0.7 | ' | 0 | 0 | 2 | ' | 2.2 | 5.4 |
Restructuring and Related Cost, Cost Incurred to Date | ' | ' | ' | ' | ' | 2.8 | ' | ' | 1.7 | ' | 14.3 | ' | 18.8 |
Restructuring charges, expected cost remaining | ' | ' | ' | ' | ' | 0.7 | ' | ' | 0 | ' | 3.8 | ' | 4.5 |
Payments for Restructuring | ' | ' | ' | ' | ' | ($0.90) | ' | ' | ' | ' | ' | ' | ' |
Business_Combinations_Details
Business Combinations (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Apr. 02, 2014 | Dec. 31, 2012 | 29-May-13 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Jan. 02, 2014 | Mar. 31, 2014 | Feb. 01, 2014 | Mar. 31, 2014 | Feb. 02, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
Attune Foods segment [Member] | Attune Foods segment [Member] | Sunland [Member] | Attune Foods, Inc. [Member] | Assets of Hearthside Food Solutions [Member] | Premier Nutrition Corporation [Member] | Premier Nutrition Corporation [Member] | Premier Nutrition Corporation [Member] | Dakota Growers [Member] | Dakota Growers [Member] | Dymatize [Member] | Dymatize [Member] | Golden Boy [Member] | Golden Boy [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Trademarks [Member] | Trademarks [Member] | Trademarks [Member] | Other Intangible Assets [Member] | Net Working Capital Adjustment [Member] | Deferred Tax Asset [Domain] | ||||||
Dakota Growers [Member] | Dymatize [Member] | Golden Boy [Member] | Dakota Growers [Member] | Dymatize [Member] | Golden Boy [Member] | Golden Boy [Member] | Premier Nutrition Corporation [Member] | Premier Nutrition Corporation [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,900,000 | ' | $1,800,000 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | ' | ' | ' | ' | 26,000,000 | 9,200,000 | 159,900,000 | 186,000,000 | ' | ' | 366,200,000 | ' | 392,500,000 | ' | 321,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combinations, Purchase Price Adjustment, Net Working Capital Settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,600,000 | ' | 6,000,000 | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | 438,000,000 | 248,200,000 | 735,000,000 | 485,100,000 | ' | ' | ' | ' | ' | ' | ' | 42,400,000 | 79,600,000 | ' | 66,700,000 | ' | 28,200,000 | ' | 39,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Income (Loss) | -300,000 | 28,900,000 | 24,900,000 | 59,200,000 | ' | ' | ' | ' | ' | ' | ' | 2,700,000 | 6,900,000 | ' | -1,100,000 | ' | -2,500,000 | ' | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Purchase Accounting Adjustments | ' | ' | -1,100,000 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 1,200,000 |
Acquisition Purchase Price, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 370,000,000 | ' | 380,000,000 | ' | 320,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 years 6 months | '18 years | '11 years | '18 years 10 months 25 days | '20 years | '20 years | '11 years | ' | ' |
Finite-Lived Trademarks, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 127,200,000 | 136,800,000 | 82,600,000 | 22,800,000 | 121,100,000 | 28,900,000 | 20,000,000 | ' | ' |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 107,100,000 | ' | 107,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,300,000 | ' | 24,400,000 | ' | 18,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,400,000 | ' | 41,100,000 | ' | 28,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | 2,900,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid expenses and other current assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | 700,000 | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 86,000,000 | ' | 15,600,000 | ' | 10,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 1,910,800,000 | ' | 1,910,800,000 | ' | 1,489,700,000 | 75,100,000 | 75,100,000 | ' | ' | ' | ' | ' | ' | ' | 162,700,000 | ' | 102,300,000 | ' | 156,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | 257,900,000 | ' | 131,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | 100,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,600,000 | ' | -17,800,000 | ' | -10,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -25,700,000 | ' | -7,100,000 | ' | -10,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -80,900,000 | ' | -30,000,000 | ' | -33,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -200,000 | ' | 0 | ' | -2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $359,600,000 | ' | $391,900,000 | ' | $288,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business_Combinations_Business
Business Combinations Business combinations pro forma financial information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' | ' | ' |
Business Acquisition, Pro Forma Revenue | $465.20 | $465.20 | $946.30 | $935.30 |
Business Acquisition, Pro Forma Net Income (Loss) | ($18.90) | ($8.10) | ($28.70) | ($6.20) |
Business Acquisition, Pro Forma Earnings Per Share, Basic | ($0.56) | ($0.25) | ($0.87) | ($0.19) |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | ($0.56) | ($0.25) | ($0.87) | ($0.19) |
Goodwill_Details
Goodwill (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2013 |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Gross | $2,338.60 | $1,917.50 |
Goodwill, Impaired, Accumulated Impairment Loss | -427.8 | -427.8 |
Goodwill | 1,910.80 | 1,489.70 |
Goodwill, Acquired During Period | 421.1 | ' |
Goodwill, Purchase Accounting Adjustments | -1.1 | ' |
Currency translation adjustment | -1.1 | ' |
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, Acquired During Period | 0 | ' |
Goodwill, Purchase Accounting Adjustments | 0 | ' |
Currency translation adjustment | 0 | ' |
Active Nutrition segment [Member] [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Gross | 149.5 | 48.3 |
Goodwill, Impaired, Accumulated Impairment Loss | 0 | 0 |
Goodwill | 149.5 | 48.3 |
Goodwill, Acquired During Period | 102.3 | ' |
Goodwill, Purchase Accounting Adjustments | -1.1 | ' |
Currency translation adjustment | 0 | ' |
Private Brands segment [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Gross | 320.3 | 0 |
Goodwill, Impaired, Accumulated Impairment Loss | 0 | 0 |
Goodwill | 320.3 | 0 |
Goodwill, Acquired During Period | 318.8 | ' |
Goodwill, Purchase Accounting Adjustments | 0 | ' |
Currency translation adjustment | -1.5 | ' |
Post Foods segment [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Gross | 1,793.70 | 1,794.10 |
Goodwill, Impaired, Accumulated Impairment Loss | -427.8 | -427.8 |
Goodwill | 1,365.90 | 1,366.30 |
Goodwill, Acquired During Period | 0 | ' |
Goodwill, Purchase Accounting Adjustments | 0 | ' |
Currency translation adjustment | $0.40 | ' |
Intangible_Assets_net_Intangib2
Intangible Assets, net Intangible Assets, net (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Finite-Lived Intangible Assets [Abstract] | ' | ' |
Finite-Lived Intangible Assets, Gross | $965.50 | $424.80 |
Finite-Lived Intangible Assets, Accumulated Amortization | -85.5 | -67.1 |
Finite-Lived Intangible Assets, Net | 880 | 357.7 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' |
Carrying amount, total | 1,506.20 | 965.5 |
Other intangible assets, net | 1,420.70 | 898.4 |
Trademarks [Member] | ' | ' |
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 | 24.9 | 4.7 |
Finite-Lived Intangible Assets, Accumulated Amortization | -1.4 | -0.3 |
Finite-Lived Intangible Assets, Net | 23.5 | 4.4 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Abstract] | ' | ' |
Finite-Lived Intangible Assets, Gross | 606 | 258.6 |
Finite-Lived Intangible Assets, Accumulated Amortization | -52.7 | -41 |
Finite-Lived Intangible Assets, Net | 553.3 | 217.6 |
Trademarks [Member] | ' | ' |
Finite-Lived Intangible Assets [Abstract] | ' | ' |
Finite-Lived Intangible Assets, Gross | 334.6 | 161.5 |
Finite-Lived Intangible Assets, Accumulated Amortization | -31.4 | -25.8 |
Finite-Lived Intangible Assets, Net | $303.20 | $135.70 |
Earnings_per_Share_Details
Earnings per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
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 | 0.6 | 3.8 | 2.2 |
Net (Loss) Earnings before Equity in Subsidiaries | ($18.30) | ' | ' | ' |
Net (loss) earnings | -18.3 | 5.1 | -20.7 | 12.7 |
Preferred stock dividends | 4.3 | 0.8 | 6.9 | 0.8 |
Net (Loss) Earnings Available to Common Stockholders | ($22.60) | $4.30 | ($27.60) | $11.90 |
Weighted-average shares for basic earnings per share | 33.6 | 32.7 | 33.1 | 32.6 |
Stock appreciation rights | 0 | 0.2 | 0 | 0.2 |
Weighted-average shares for diluted earnings per share | 33.6 | 32.9 | 33.1 | 32.8 |
Basic earnings per share (in usd per share) | ($0.67) | $0.13 | ($0.83) | $0.36 |
Diluted earnings per share (in usd per share) | ($0.67) | $0.13 | ($0.83) | $0.36 |
Employee Stock Option [Member] | ' | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Stock appreciation rights | 0 | 0 | 0 | 0 |
Stock Appreciation Rights (SARs) [Member] | ' | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Stock appreciation rights | 0 | 0.1 | 0 | 0.1 |
Restricted Stock [Member] | ' | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Stock appreciation rights | 0 | 0.1 | 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 | 11 | ' | ' | 5.1 |
Earnings_per_Share_Antidilutiv
Earnings per Share Antidilutive shares excluded from earnings per share (Details) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3.8 | 0.6 | 3.8 | 2.2 |
Preferred Stock [Member] | ' | ' | ' | ' |
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 | 11 | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 11 | ' | ' | 5.1 |
Inventories_Details
Inventories (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Inventory [Abstract] | ' | ' |
Inventory, Raw Materials, Net of Reserves | $83.50 | $30.30 |
Inventory, Finished Goods, Net of Reserves | 141 | 91.6 |
Inventories | $224.50 | $121.90 |
Property_net_Details
Property, net (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ' | ' |
Property, Plant and Equipment, Gross | $773.50 | $640.50 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 282.4 | 252 |
Property, net | $491.10 | $388.50 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments and Hedging (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Other Current Assets [Member] | Other Assets [Member] | Assets [Member] | Assets [Member] | Commodity Contract [Member] | Commodity Contract [Member] | Natural Gas Futures [Member] | Natural Gas Futures [Member] |
Other Current Assets [Member] | Other Assets [Member] | Other Current Assets [Member] | Other Assets [Member] | |||||
Derivatives, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | $0.90 | $0 | ' | ' | $0.60 | $0 | $0.30 | $0 |
Derivative Liability, Current | 0 | 0.2 | ' | ' | 0 | 0.1 | 0 | 0.1 |
Derivative Assets (Liabilities), at Fair Value, Net | ' | ' | $0.20 | $0.90 | $0.60 | $0.10 | $0.30 | $0.10 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments and Hedging Gain(Loss) recognized in earnings from derivative instruments (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Commodity Contract [Member] | Cost of Sales [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $0.80 | ($0.30) | $1 | ($0.80) |
Natural Gas Futures [Member] | Cost of Sales [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | -0.2 | 0.2 | 0.5 | 0 |
Foreign Exchange Contract [Member] | Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | ($5.60) | $0 | ($6.30) | $0 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2014 | 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 | $2,414.70 | $1,450.60 |
Total | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Deferred Compensation Plan Assets | 10.4 | 8.5 |
Derivative instruments | 0.9 | 0 |
Assets, Fair Value Disclosure | 11.3 | 8.5 |
Deferred compensation liabilities | 13.4 | 13.4 |
Derivative Liability, Current | 0 | 0.2 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 13.4 | 13.6 |
Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Deferred Compensation Plan Assets | 10.4 | 8.5 |
Derivative instruments | 0 | 0 |
Assets, Fair Value Disclosure | 10.4 | 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 | 0.9 | 0 |
Assets, Fair Value Disclosure | 0.9 | 0 |
Deferred compensation liabilities | 13.4 | 13.4 |
Derivative Liability, Current | 0 | 0.2 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $13.40 | $13.60 |
Preferred_Stock_Details
Preferred Stock (Details) (USD $) | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Series B Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | Common Stock [Member] | |||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Issued | 200,000 | ' | 2,400,000 | 3,000,000 | 3,000,000 | ' |
Preferred Stock, Dividend Rate, Percentage | ' | ' | 3.75% | 2.50% | ' | ' |
Proceeds from Issuance of Preferred Stock and Preference Stock | $310.20 | $234.10 | $234 | ' | $310.20 | ' |
Payments of Stock Issuance Costs | ' | ' | 7.5 | ' | 9.8 | 12.8 |
Preferred Stock, Par or Stated Value Per Share | ' | ' | $0.01 | $0.01 | $0.01 | ' |
Preferred Stock, Liquidation Preference Per Share | ' | ' | $100 | $100 | $100 | ' |
Convertible Preferred Stock, Shares Issued upon Conversion | ' | ' | 2.1192 | 1.8477 | 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 | ' |
Common Stock, Shares, Issued | ' | ' | ' | ' | ' | 5,750,000 |
Common Stock, Par or Stated Value Per Share | ' | ' | ' | ' | ' | $0.01 |
Share Price | ' | ' | ' | ' | ' | $55 |
Proceeds from Issuance of Common Stock | $303.50 | $0 | ' | ' | ' | $303.50 |
Long_Term_Debt_Details
Long Term Debt (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | |
Debt Instrument | ' | ' | ' | ' |
Long-term Debt | $2,250,000,000 | ' | $2,250,000,000 | $1,375,000,000 |
Total long-term debt | 2,302,100,000 | ' | 2,302,100,000 | 1,408,600,000 |
Debt Issuance Cost | ' | 8,800,000 | 6,100,000 | ' |
Debt Covenant, Leverage Ratio | 2.5 | ' | 2.5 | ' |
Debt Covenant, Maximum Undischarged Judgments | 35,000,000 | ' | 35,000,000 | ' |
Limit for additional debt incurred before triggering real property to serve as collateral | 150,000,000 | ' | 150,000,000 | ' |
Premium percentage on debt issuance | 105.75% | ' | 105.75% | ' |
Debt Instrument, Unamortized Premium | 52,100,000 | ' | 52,100,000 | 33,600,000 |
Payments of Financing Costs | 2,500,000 | ' | ' | ' |
Parent Company | ' | ' | ' | ' |
Debt Instrument | ' | ' | ' | ' |
Total long-term debt | 2,302,100,000 | ' | 2,302,100,000 | 1,408,600,000 |
7.375% Senior Notes [Member] | ' | ' | ' | ' |
Debt Instrument | ' | ' | ' | ' |
Senior Notes | 1,375,000,000 | ' | 1,375,000,000 | 1,375,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 7.38% | ' | 7.38% | ' |
6.75% Senior Notes [Member] [Member] | ' | ' | ' | ' |
Debt Instrument | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | 525,000,000 | ' | ' |
Senior Notes | 875,000,000 | ' | 875,000,000 | 0 |
Debt Instrument, Increase, Additional Borrowings | 364,000,000 | 516,200,000 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | ' | 6.75% | ' |
Revolving Credit Facility [Member] | ' | ' | ' | ' |
Debt Instrument | ' | ' | ' | ' |
Debt Issuance Cost | ' | 2,400,000 | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 300,000,000 | ' | 300,000,000 | ' |
Revolver Incremental Borrowing Capacity [Member] | ' | ' | ' | ' |
Debt Instrument | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 300,000,000 | ' | 300,000,000 | ' |
Minimum [Member] | ' | ' | ' | ' |
Debt Instrument | ' | ' | ' | ' |
Debt Covenant, Leverage Ratio | 0 | ' | 0 | ' |
Maximum [Member] | ' | ' | ' | ' |
Debt Instrument | ' | ' | ' | ' |
Debt Covenant, Leverage Ratio | 0 | ' | 0 | ' |
Subsequent Issuance [Member] | 6.75% Senior Notes [Member] [Member] | ' | ' | ' | ' |
Debt Instrument | ' | ' | ' | ' |
Debt Instrument, Face Amount | $350,000,000 | ' | $350,000,000 | ' |
Eurodollar [Member] | Minimum [Member] | ' | ' | ' | ' |
Debt Instrument | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | 2.00% | ' |
Eurodollar [Member] | Maximum [Member] | ' | ' | ' | ' |
Debt Instrument | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | 2.50% | ' |
Base Rate [Member] | Minimum [Member] | ' | ' | ' | ' |
Debt Instrument | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | 1.00% | ' |
Base Rate [Member] | Maximum [Member] | ' | ' | ' | ' |
Debt Instrument | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | 1.50% | ' |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Benefits | ' | ' | ' | ' |
Components of net periodic benefit cost [Abstract] | ' | ' | ' | ' |
Service cost | $0.90 | $1 | $1.80 | $2.10 |
Interest cost | 0.6 | 0.4 | 1.1 | 0.8 |
Expected return on plan assets | -0.6 | -0.4 | -1.1 | -0.8 |
Recognized net actuarial loss | 0.2 | 0.3 | 0.4 | 0.5 |
Recognized prior service cost | 0.1 | 0.1 | 0.2 | 0.2 |
Net periodic benefit cost | 1.2 | 1.4 | 2.4 | 2.8 |
Other Benefits | ' | ' | ' | ' |
Components of net periodic benefit cost [Abstract] | ' | ' | ' | ' |
Service cost | 0.5 | 0.6 | 1 | 1.2 |
Interest cost | 1.2 | 1 | 2.3 | 2 |
Recognized net actuarial loss | 0.1 | 0.5 | 0.2 | 0.9 |
Recognized prior service cost | -0.6 | -0.3 | -1.2 | -0.6 |
Net periodic benefit cost | $1.20 | $1.80 | $2.30 | $3.50 |
Transaction_with_Former_Owner_
Transaction with Former Owner Transaction with Former Owner (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Ralcorp [Member] | ' | ' | ' | ' |
Related Party Transactions | ' | ' | ' | ' |
Related party costs reported in selling, general and administrative expenses | $0.10 | $1.50 | $0.50 | $3.10 |
Net sales, related party transactions | 2.5 | 3.5 | 6.2 | 7.5 |
Net Investment [Member] | ' | ' | ' | ' |
Related Party Transactions | ' | ' | ' | ' |
Separation related adjustments | $0.10 | $2.40 | $0.30 | $5.20 |
Segment_Information_Segments_D
Segment Information Segments (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Assets | $5,184.10 | ' | $5,184.10 | ' | $3,473.80 |
Net Sales | 438 | 248.2 | 735 | 485.1 | ' |
Other Expenses | 30.9 | 15.8 | 54.5 | 32.5 | ' |
Restructuring Reserve, Accelerated Depreciation | 2 | 0 | 4.7 | 0 | ' |
Foreign Currency Transaction Gain (Loss), before Tax | -11.9 | -0.2 | -13.5 | -0.1 | ' |
Restructuring expense | 0.2 | 0 | 0.7 | 0 | ' |
Interest Expense | 37.3 | 21.6 | 66.3 | 40.8 | ' |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | -37.6 | 7.3 | -41.4 | 18.4 | ' |
Depreciation and amortization | 30.1 | 16.2 | 51.2 | 32.4 | ' |
Post Foods segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Assets | 2,592 | ' | 2,592 | ' | 2,614.90 |
Segment Reporting Information, Revenue for Reportable Segment | 239.5 | 245.4 | 476.4 | 482.3 | ' |
Segment Profit | 41.7 | 45.3 | 88.2 | 92.3 | ' |
Depreciation and amortization | 12.7 | 14.9 | 25.9 | 30 | ' |
Attune Foods segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Assets | 171.2 | ' | 171.2 | ' | 172 |
Segment Reporting Information, Revenue for Reportable Segment | 22.2 | 2.8 | 45.4 | 2.8 | ' |
Segment Profit | 1.9 | -0.6 | 4.5 | -0.6 | ' |
Depreciation and amortization | 1.7 | 0.1 | 3.5 | 0.1 | ' |
Active Nutrition segment [Member] [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Assets | 646.3 | ' | 646.3 | ' | 198 |
Segment Reporting Information, Revenue for Reportable Segment | 70.6 | 0 | 107.8 | 0 | ' |
Segment Profit | 0.2 | 0 | 4.4 | 0 | ' |
Depreciation and amortization | 4.3 | 0 | 5.9 | 0 | ' |
Private Brands segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Assets | 819.9 | ' | 819.9 | ' | 0 |
Segment Reporting Information, Revenue for Reportable Segment | 105.7 | 0 | 105.7 | 0 | ' |
Segment Profit | 0.8 | 0 | 0.8 | 0 | ' |
Depreciation and amortization | 7.3 | 0 | 7.3 | 0 | ' |
Total Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Segment Profit | 44.6 | 44.7 | 97.9 | 91.7 | ' |
Depreciation and amortization | 26 | 15 | 42.6 | 30.1 | ' |
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | 0 | 0 | -0.3 | 0 | ' |
Corporate Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Assets | 954.7 | ' | 954.7 | ' | 488.9 |
Restructuring Reserve, Accelerated Depreciation | 2 | ' | ' | ' | ' |
Foreign Currency Transaction Gain (Loss), before Tax | 11.8 | 0 | 13.1 | 0 | ' |
Depreciation and amortization | $2.10 | $1.20 | $3.90 | $2.30 | ' |
Guarantor_Financials_Combined_
Guarantor Financials - Combined Statements of Operations (Condensed) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Condensed Financial Statements, Captions | ' | ' | ' | ' |
Equity earnings in subsidiaries | $0 | $0 | $0 | $0 |
Net (Loss) Earnings | -18,300,000 | 5,100,000 | -20,700,000 | 12,700,000 |
Consolidated Statements Of Operations (Condensed) [Abstract] | ' | ' | ' | ' |
Net Sales | 438,000,000 | 248,200,000 | 735,000,000 | 485,100,000 |
Cost of goods sold | 308,600,000 | 145,700,000 | 491,100,000 | 276,900,000 |
Gross Profit | 129,400,000 | 102,500,000 | 243,900,000 | 208,200,000 |
Selling, general and administrative expenses | 104,800,000 | 69,900,000 | 186,200,000 | 142,100,000 |
Amortization of intangible assets | 12,700,000 | 3,200,000 | 18,400,000 | 6,400,000 |
Foreign Currency Transaction Gain (Loss), before Tax | 11,900,000 | 200,000 | 13,500,000 | 100,000 |
Restructuring expense | 200,000 | 0 | 700,000 | 0 |
Other operating expenses, net | 100,000 | 300,000 | 200,000 | 400,000 |
Operating (Loss) Profit | -300,000 | 28,900,000 | 24,900,000 | 59,200,000 |
Interest Expense | 37,300,000 | 21,600,000 | 66,300,000 | 40,800,000 |
Net (Loss) Earnings before Equity in Subsidiaries | -18,300,000 | ' | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | -37,600,000 | 7,300,000 | -41,400,000 | 18,400,000 |
Income Tax Expense (Benefit) | -19,300,000 | 2,200,000 | -20,700,000 | 5,700,000 |
Total Comprehensive Loss | -17,800,000 | 4,100,000 | -22,500,000 | 11,200,000 |
Parent Company | ' | ' | ' | ' |
Condensed Financial Statements, Captions | ' | ' | ' | ' |
Equity earnings in subsidiaries | 2,500,000 | 21,700,000 | 21,700,000 | 44,000,000 |
Net (Loss) Earnings | -18,300,000 | 5,100,000 | -20,700,000 | 12,700,000 |
Consolidated Statements Of Operations (Condensed) [Abstract] | ' | ' | ' | ' |
Net Sales | 0 | 0 | 0 | 0 |
Cost of goods sold | 0 | 0 | 0 | 0 |
Gross Profit | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 3,700,000 | 2,700,000 | 6,900,000 | 5,200,000 |
Amortization of intangible assets | 0 | 0 | 0 | 0 |
Foreign Currency Transaction Gain (Loss), before Tax | 11,800,000 | 0 | 13,100,000 | 0 |
Restructuring expense | 0 | ' | 0 | ' |
Other operating expenses, net | 0 | 0 | 0 | 0 |
Operating (Loss) Profit | -15,500,000 | -2,700,000 | -20,000,000 | -5,200,000 |
Interest Expense | 35,400,000 | 21,600,000 | 64,400,000 | 40,800,000 |
Net (Loss) Earnings before Equity in Subsidiaries | -20,800,000 | -16,600,000 | -42,400,000 | -31,300,000 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | -50,900,000 | -24,300,000 | -84,400,000 | -46,000,000 |
Income Tax Expense (Benefit) | -30,100,000 | -7,700,000 | -42,000,000 | -14,700,000 |
Total Comprehensive Loss | -17,800,000 | 4,100,000 | -22,500,000 | 11,200,000 |
Guarantors | ' | ' | ' | ' |
Condensed Financial Statements, Captions | ' | ' | ' | ' |
Equity earnings in subsidiaries | 0 | 0 | 0 | 0 |
Net (Loss) Earnings | 3,500,000 | 22,600,000 | 22,800,000 | 44,600,000 |
Consolidated Statements Of Operations (Condensed) [Abstract] | ' | ' | ' | ' |
Net Sales | 390,100,000 | 236,700,000 | 674,900,000 | 460,000,000 |
Cost of goods sold | 267,800,000 | 137,200,000 | 441,900,000 | 259,400,000 |
Gross Profit | 122,300,000 | 99,500,000 | 233,000,000 | 200,600,000 |
Selling, general and administrative expenses | 96,400,000 | 63,100,000 | 170,700,000 | 128,500,000 |
Amortization of intangible assets | 10,900,000 | 3,200,000 | 16,600,000 | 6,400,000 |
Foreign Currency Transaction Gain (Loss), before Tax | 100,000 | 0 | 400,000 | 0 |
Restructuring expense | 200,000 | ' | 700,000 | ' |
Other operating expenses, net | 100,000 | 300,000 | 200,000 | 400,000 |
Operating (Loss) Profit | 14,600,000 | 32,900,000 | 44,400,000 | 65,300,000 |
Interest Expense | 0 | 0 | 0 | 0 |
Net (Loss) Earnings before Equity in Subsidiaries | 3,500,000 | 22,600,000 | 22,800,000 | 44,600,000 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 14,600,000 | 32,900,000 | 44,400,000 | 65,300,000 |
Income Tax Expense (Benefit) | 11,100,000 | 10,300,000 | 21,600,000 | 20,700,000 |
Total Comprehensive Loss | 3,300,000 | 22,900,000 | 22,500,000 | 45,100,000 |
Non-Guarantors | ' | ' | ' | ' |
Condensed Financial Statements, Captions | ' | ' | ' | ' |
Equity earnings in subsidiaries | 0 | 0 | 0 | 0 |
Net (Loss) Earnings | -1,000,000 | -900,000 | -1,100,000 | -600,000 |
Consolidated Statements Of Operations (Condensed) [Abstract] | ' | ' | ' | ' |
Net Sales | 51,200,000 | 16,100,000 | 70,800,000 | 37,000,000 |
Cost of goods sold | 44,100,000 | 13,100,000 | 59,900,000 | 29,400,000 |
Gross Profit | 7,100,000 | 3,000,000 | 10,900,000 | 7,600,000 |
Selling, general and administrative expenses | 4,700,000 | 4,100,000 | 8,600,000 | 8,400,000 |
Amortization of intangible assets | 1,800,000 | 0 | 1,800,000 | 0 |
Foreign Currency Transaction Gain (Loss), before Tax | 0 | 200,000 | 0 | 100,000 |
Restructuring expense | 0 | ' | 0 | ' |
Other operating expenses, net | 0 | 0 | 0 | 0 |
Operating (Loss) Profit | 600,000 | -1,300,000 | 500,000 | -900,000 |
Interest Expense | 1,900,000 | 0 | 1,900,000 | 0 |
Net (Loss) Earnings before Equity in Subsidiaries | -1,000,000 | -900,000 | -1,100,000 | -600,000 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | -1,300,000 | -1,300,000 | -1,400,000 | -900,000 |
Income Tax Expense (Benefit) | -300,000 | -400,000 | -300,000 | -300,000 |
Total Comprehensive Loss | -300,000 | -2,200,000 | -2,600,000 | -2,600,000 |
Eliminations | ' | ' | ' | ' |
Condensed Financial Statements, Captions | ' | ' | ' | ' |
Equity earnings in subsidiaries | -2,500,000 | -21,700,000 | -21,700,000 | -44,000,000 |
Net (Loss) Earnings | -2,500,000 | -21,700,000 | -21,700,000 | -44,000,000 |
Consolidated Statements Of Operations (Condensed) [Abstract] | ' | ' | ' | ' |
Net Sales | -3,300,000 | -4,600,000 | -10,700,000 | -11,900,000 |
Cost of goods sold | -3,300,000 | -4,600,000 | -10,700,000 | -11,900,000 |
Gross Profit | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 0 | 0 |
Foreign Currency Transaction Gain (Loss), before Tax | 0 | 0 | 0 | 0 |
Restructuring expense | 0 | ' | 0 | ' |
Other operating expenses, net | 0 | 0 | 0 | 0 |
Operating (Loss) Profit | 0 | ' | 0 | 0 |
Interest Expense | 0 | 0 | 0 | 0 |
Net (Loss) Earnings before Equity in Subsidiaries | 0 | ' | 0 | 0 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 0 | 0 | 0 | 0 |
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 |
Total Comprehensive Loss | ($3,000,000) | ($20,700,000) | ($19,900,000) | ($42,500,000) |
Guarantor_Financials_Consolida
Guarantor Financials - Consolidated Balance Sheets (Condensed) (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Mar. 31, 2014 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Mar. 31, 2014 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Mar. 31, 2014 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Mar. 31, 2014 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Millions, unless otherwise specified | Parent Company | Parent Company | Parent Company | Parent Company | Guarantors | Guarantors | Guarantors | Guarantors | Non-Guarantors | Non-Guarantors | Non-Guarantors | Non-Guarantors | Eliminations | Eliminations | Eliminations | Eliminations | ||||
Assets, Current [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $825.90 | $402 | $365.40 | $58.20 | $824.60 | $391.40 | $358.80 | $49.70 | $2.40 | $4.10 | $0.60 | $2.20 | $7.90 | $8.20 | $6.60 | $6.30 | ($9) | ($1.70) | ($0.60) | $0 |
Restricted Cash and Cash Equivalents, Current | 1.8 | 38.1 | ' | ' | 1.1 | 38.1 | ' | ' | 0 | 0 | ' | ' | 0.7 | 0 | ' | ' | 0 | 0 | ' | ' |
Receivables, net | 185.5 | 83.2 | ' | ' | 14.6 | 0.3 | ' | ' | 143.4 | 75.9 | ' | ' | 33 | 10.9 | ' | ' | -5.5 | -3.9 | ' | ' |
Inventories | 224.5 | 121.9 | ' | ' | 0 | 0 | ' | ' | 191.8 | 115.9 | ' | ' | 32.7 | 6 | ' | ' | 0 | 0 | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance, Current | 24.7 | 11.9 | ' | ' | 24.7 | 11.8 | ' | ' | 0 | 0 | ' | ' | 0 | 0.1 | ' | ' | 0 | 0 | ' | ' |
Prepaid expenses and other current assets | 53.2 | 11 | ' | ' | 44.4 | 3.2 | ' | ' | 11.2 | 7.4 | ' | ' | 5.9 | 0.4 | ' | ' | -8.3 | 0 | ' | ' |
Total current assets | 1,315.60 | 668.1 | ' | ' | 909.4 | 444.8 | ' | ' | 348.8 | 203.3 | ' | ' | 80.2 | 25.6 | ' | ' | -22.8 | -5.6 | ' | ' |
Assets, Noncurrent [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, net | 491.1 | 388.5 | ' | ' | 0 | 0 | ' | ' | 443.4 | 342.4 | ' | ' | 47.7 | 46.1 | ' | ' | 0 | 0 | ' | ' |
Goodwill | 1,910.80 | 1,489.70 | ' | ' | 0 | 0 | ' | ' | 1,753.60 | 1,483.30 | ' | ' | 157.2 | 6.4 | ' | ' | 0 | 0 | ' | ' |
Other intangible assets, net | 1,420.70 | 898.4 | ' | ' | 0 | 0 | ' | ' | 1,289.70 | 898.4 | ' | ' | 131 | 0 | ' | ' | 0 | 0 | ' | ' |
Intercompany receivable | 0 | 0 | ' | ' | 697.1 | 391.9 | ' | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | -697.1 | -391.9 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' | 3,212.60 | 2,384 | ' | ' | 0.1 | 0 | ' | ' | 0 | 0 | ' | ' | -3,212.70 | -2,384 | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance | 2.1 | 2.4 | ' | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | 2.1 | 2.4 | ' | ' | 0 | 0 | ' | ' |
Other assets | 43.8 | 26.7 | ' | ' | 37.8 | 24 | ' | ' | 4.9 | 2.7 | ' | ' | 1.1 | 0 | ' | ' | 0 | 0 | ' | ' |
Total Assets | 5,184.10 | 3,473.80 | ' | ' | 4,856.90 | 3,244.70 | ' | ' | 3,840.50 | 2,930.10 | ' | ' | 419.3 | 80.5 | ' | ' | -3,932.60 | -2,781.50 | ' | ' |
Liabilities, Current [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 112.6 | 77.1 | ' | ' | 0 | 0.5 | ' | ' | 109.7 | 76.9 | ' | ' | 25.7 | 5.3 | ' | ' | -22.8 | -5.6 | ' | ' |
Other current liabilities | 117.1 | 68.9 | ' | ' | 43 | 18.5 | ' | ' | 59.3 | 43.8 | ' | ' | 14.8 | 6.6 | ' | ' | 0 | 0 | ' | ' |
Total current liabilities | 229.7 | 146 | ' | ' | 43 | 19 | ' | ' | 169 | 120.7 | ' | ' | 40.5 | 11.9 | ' | ' | -22.8 | -5.6 | ' | ' |
Liabilities, Noncurrent [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | 2,302.10 | 1,408.60 | ' | ' | 2,302.10 | 1,408.60 | ' | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' |
Intercompany payable | 0 | 0 | ' | ' | 0 | 0 | ' | ' | 519.5 | 391.7 | ' | ' | 177.6 | 0.2 | ' | ' | -697.1 | -391.9 | ' | ' |
Deferred income taxes | 440.2 | 304.3 | ' | ' | 407.2 | 304.3 | ' | ' | 0 | 0 | ' | ' | 33 | 0 | ' | ' | 0 | 0 | ' | ' |
Other liabilities | 120.7 | 116.3 | ' | ' | 13.2 | 14.2 | ' | ' | 98.2 | 94.9 | ' | ' | 9.3 | 7.2 | ' | ' | 0 | 0 | ' | ' |
Total liabilities | 3,092.70 | 1,975.20 | ' | ' | 2,765.50 | 1,746.10 | ' | ' | 786.7 | 607.3 | ' | ' | 260.4 | 19.3 | ' | ' | -719.9 | -397.5 | ' | ' |
Total Stockholders' Equity | 2,091.40 | 1,498.60 | ' | ' | 2,091.40 | 1,498.60 | ' | ' | 3,053.80 | 2,322.80 | ' | ' | 158.9 | 61.2 | ' | ' | -3,212.70 | -2,384 | ' | ' |
Total Liabilities and Stockholders' Equity | $5,184.10 | $3,473.80 | ' | ' | $4,856.90 | $3,244.70 | ' | ' | $3,840.50 | $2,930.10 | ' | ' | $419.30 | $80.50 | ' | ' | ($3,932.60) | ($2,781.50) | ' | ' |
Guarantor_Financials_Consolida1
Guarantor Financials - Consolidated Statements of Cash Flows (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash Flows from Operating Activities: | ' | ' |
Net Cash Provided by (Used in) Operating Activities | $18.50 | $18.60 |
Cash Flows from Investing Activities: | ' | ' |
Additions to property and intangible assets | -26.7 | -11 |
Increase (Decrease) in Restricted Cash | 36.3 | 0 |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | ' |
Payments to Acquire Interest in Subsidiaries and Affiliates | 0 | 0 |
Payments to Acquire Businesses, Net of Cash Acquired | -1,035.20 | -9.2 |
Increase Decrease in Cash Advance for Acquisition | -25 | 0 |
Net cash used by investing activities | -1,050.60 | -20.2 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from Equity Contributions | 0 | 0 |
Proceeds from Contributions from Affiliates | 0 | ' |
Proceeds from issuance of Senior Notes | 875 | 250 |
Proceeds from Issuance of Preferred Stock and Preference Stock | 310.2 | 234.1 |
Proceeds from Issuance of Common Stock | 303.5 | 0 |
Repayments of long-term debt | 0 | -170.6 |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | -5.9 | 0 |
Payments of Debt Issuance Costs | -19.8 | -4.6 |
Proceeds from (Payments for) Other Financing Activities | 0.2 | 0.2 |
Net Cash Provided by (Used in) Financing Activities | 1,463.20 | 309.1 |
Effect of exchange rate changes on cash | -7.2 | -0.3 |
Net Decrease in Cash and Cash Equivalents | 423.9 | 307.2 |
Cash and cash equivalents, beginning of year | 402 | 58.2 |
Cash and cash equivalents, end of year | 825.9 | 365.4 |
Parent Company | ' | ' |
Cash Flows from Operating Activities: | ' | ' |
Net Cash Provided by (Used in) Operating Activities | -27.5 | 0 |
Cash Flows from Investing Activities: | ' | ' |
Additions to property and intangible assets | 0 | 0 |
Increase (Decrease) in Restricted Cash | 37 | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 38.5 | ' |
Payments to Acquire Interest in Subsidiaries and Affiliates | -294.8 | 0 |
Payments to Acquire Businesses, Net of Cash Acquired | -751.5 | 0 |
Increase Decrease in Cash Advance for Acquisition | -25 | ' |
Net cash used by investing activities | -995.8 | 0 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from Equity Contributions | 0 | 0 |
Proceeds from Contributions from Affiliates | 0 | ' |
Proceeds from issuance of Senior Notes | 875 | 250 |
Proceeds from Issuance of Preferred Stock and Preference Stock | 310.2 | 234.1 |
Proceeds from Issuance of Common Stock | 303.5 | ' |
Repayments of long-term debt | ' | -170.6 |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | -5.9 | ' |
Payments of Debt Issuance Costs | -19.8 | -4.6 |
Proceeds from (Payments for) Other Financing Activities | 0.2 | 0.2 |
Net Cash Provided by (Used in) Financing Activities | 1,463.20 | 309.1 |
Effect of exchange rate changes on cash | -6.7 | 0 |
Net Decrease in Cash and Cash Equivalents | 433.2 | ' |
Cash and cash equivalents, beginning of year | 391.4 | 49.7 |
Cash and cash equivalents, end of year | 824.6 | ' |
Guarantors | ' | ' |
Cash Flows from Operating Activities: | ' | ' |
Net Cash Provided by (Used in) Operating Activities | 80.9 | 58.9 |
Cash Flows from Investing Activities: | ' | ' |
Additions to property and intangible assets | -25.9 | -10.2 |
Increase (Decrease) in Restricted Cash | 0 | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | ' |
Payments to Acquire Interest in Subsidiaries and Affiliates | 0 | 0 |
Payments to Acquire Businesses, Net of Cash Acquired | 4.7 | -9.2 |
Increase Decrease in Cash Advance for Acquisition | 0 | ' |
Net cash used by investing activities | -21.2 | -19.4 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from Equity Contributions | -61.4 | -41.1 |
Proceeds from Contributions from Affiliates | 0 | ' |
Proceeds from issuance of Senior Notes | 0 | 0 |
Proceeds from Issuance of Preferred Stock and Preference Stock | 0 | 0 |
Proceeds from Issuance of Common Stock | 0 | ' |
Repayments of long-term debt | ' | 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 |
Net Cash Provided by (Used in) Financing Activities | -61.4 | -41.1 |
Effect of exchange rate changes on cash | 0 | 0 |
Net Decrease in Cash and Cash Equivalents | -1.7 | ' |
Cash and cash equivalents, beginning of year | 4.1 | 2.2 |
Cash and cash equivalents, end of year | 2.4 | ' |
Non-Guarantors | ' | ' |
Cash Flows from Operating Activities: | ' | ' |
Net Cash Provided by (Used in) Operating Activities | -4.7 | 1.4 |
Cash Flows from Investing Activities: | ' | ' |
Additions to property and intangible assets | -0.8 | -0.8 |
Increase (Decrease) in Restricted Cash | -0.7 | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | ' |
Payments to Acquire Interest in Subsidiaries and Affiliates | 0 | 0 |
Payments to Acquire Businesses, Net of Cash Acquired | -288.4 | 0 |
Increase Decrease in Cash Advance for Acquisition | 0 | ' |
Net cash used by investing activities | -289.9 | -0.8 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from Equity Contributions | 0 | 0 |
Proceeds from Contributions from Affiliates | 294.8 | ' |
Proceeds from issuance of Senior Notes | 0 | 0 |
Proceeds from Issuance of Preferred Stock and Preference Stock | 0 | 0 |
Proceeds from Issuance of Common Stock | 0 | ' |
Repayments of long-term debt | ' | 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 |
Net Cash Provided by (Used in) Financing Activities | 294.8 | 0 |
Effect of exchange rate changes on cash | -0.5 | -0.3 |
Net Decrease in Cash and Cash Equivalents | -0.3 | ' |
Cash and cash equivalents, beginning of year | 8.2 | 6.3 |
Cash and cash equivalents, end of year | 7.9 | ' |
Eliminations | ' | ' |
Cash Flows from Operating Activities: | ' | ' |
Net Cash Provided by (Used in) Operating Activities | -30.2 | -41.7 |
Cash Flows from Investing Activities: | ' | ' |
Additions to property and intangible assets | 0 | 0 |
Increase (Decrease) in Restricted Cash | 0 | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | -38.5 | ' |
Payments to Acquire Interest in Subsidiaries and Affiliates | 294.8 | 0 |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 0 |
Increase Decrease in Cash Advance for Acquisition | 0 | ' |
Net cash used by investing activities | 256.3 | 0 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from Equity Contributions | 61.4 | 41.1 |
Proceeds from Contributions from Affiliates | -294.8 | ' |
Proceeds from issuance of Senior Notes | 0 | 0 |
Proceeds from Issuance of Preferred Stock and Preference Stock | 0 | 0 |
Proceeds from Issuance of Common Stock | 0 | ' |
Repayments of long-term debt | ' | 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 |
Net Cash Provided by (Used in) Financing Activities | -233.4 | 41.1 |
Effect of exchange rate changes on cash | 0 | 0 |
Net Decrease in Cash and Cash Equivalents | -7.3 | ' |
Cash and cash equivalents, beginning of year | -1.7 | 0 |
Cash and cash equivalents, end of year | ($9) | ' |
Guarantor_Financials_Narrative
Guarantor Financials Narrative (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | |||
7.375% Senior Notes [Member] | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' |
Senior Notes | $1,375 | ' | $1,375 |
6.75% Senior Notes [Member] [Member] | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' |
Senior Notes | 875 | ' | 0 |
Debt Instrument, Face Amount | ' | 525 | ' |
Subsequent Issuance [Member] | 7.375% Senior Notes [Member] | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' |
Debt Instrument, Face Amount | 775 | ' | ' |
Subsequent Issuance [Member] | 6.75% Senior Notes [Member] [Member] | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' |
Debt Instrument, Face Amount | $525 | ' | ' |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 0 Months Ended | 6 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||
Share data in Millions, except Per Share data, unless otherwise specified | Apr. 18, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Apr. 02, 2014 | Apr. 18, 2014 | Feb. 02, 2014 | Feb. 01, 2014 | Feb. 02, 2014 | Sep. 30, 2013 | Jan. 10, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jan. 10, 2014 | Apr. 18, 2014 | Apr. 18, 2014 | Apr. 18, 2014 | 1-May-14 | 1-May-14 | 1-May-14 | 1-May-14 | 1-May-14 | 1-May-14 | Apr. 18, 2014 |
Sunland [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] | Term Loan [Member] | Equity Securities [Member] | Debt Securities [Member] | Revolver Incremental Borrowing Capacity [Member] | Scenario, Actual [Member] | Scenario, Actual [Member] | Scenario, Original [Member] | Scenario, Original [Member] | Capacity [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Dakota Growers [Member] | Dakota Growers [Member] | Dakota Growers [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Credit Agreement [Member] | Revolving Credit Facility [Member] | Credit Agreement [Member] | Revolving Credit Facility [Member] | Dakota Growers [Member] | |||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition Purchase Price, Gross | ' | ' | ' | ' | ' | $320,000,000 | $380,000,000 | $150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | 26,000,000 | 2,450,000,000 | 321,100,000 | 392,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 |
Committed Financing, Credit Facilities | 1,765,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | 400,000,000 | ' |
Committed Financing, Bridge Loan | 340,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Future Purchase Price Financing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 635,000,000 | 500,000,000 | 630,000,000 | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Per-Dollar-Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.94 | ' | ' | $0.63 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Issued | ' | 0.2 | ' | ' | ' | ' | ' | ' | 2.4 | ' | 3 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 3.75% | 3.75% | 2.50% | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Preferred Stock and Preference Stock | ' | 310,200,000 | 234,100,000 | ' | ' | ' | ' | ' | 234,000,000 | ' | ' | 310,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Covenant, Leverage Ratio | ' | $2.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.25 | $3 | $5.75 | $2.75 | ' | ' |