Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Dec. 31, 2014 | Feb. 03, 2015 | |
Document Information | ||
Entity Registrant Name | Post Holdings, Inc. | |
Entity Central Index Key | 1530950 | |
Current Fiscal Year End Date | -21 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 52,343,009 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Net Sales | $1,073.90 | $297 |
Cost of goods sold | 824.8 | 182.5 |
Gross Profit | 249.1 | 114.5 |
Selling, general and administrative expenses | 166 | 81.9 |
Amortization of intangible assets | 33.5 | 5.7 |
(Gain) loss on foreign currency | 1.2 | 1.6 |
Other operating expenses, net | 7.5 | 0.1 |
Operating Profit | 40.9 | 25.2 |
Interest expense, net | 60.1 | 29 |
Other expense, net | -54.6 | 0 |
(Loss) Earnings before Income Taxes | -73.8 | -3.8 |
Income tax (benefit) provision | 23.5 | -1.4 |
Net (Loss) Earnings | -97.3 | -2.4 |
Income (Loss) From Continuing Operations, Before Equity Method Investments, Net of Taxes | -97.3 | -2.4 |
Preferred stock dividends | -4.3 | -2.6 |
Net (Loss) Earnings Available to Common Stockholders | ($101.60) | ($5) |
Earnings per share, Basic (in usd per share) | ($2.04) | ($0.15) |
Earnings Per Share, Diluted (in usd per share) | ($2.04) | ($0.15) |
Weighted-Average Common Shares Outstanding, Basic (in shares) | 49.8 | 32.7 |
Weighted-Average Common Shares Outstanding: Diluted (in shares) | 49.8 | 32.7 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Net (Loss) Earnings | ($97.30) | ($2.40) |
Pension and postretirement benefit adjustments, net of tax | 0.2 | -0.1 |
Foreign currency translation adjustments | -14.1 | -2.2 |
Total comprehensive (loss) income | ($111.20) | ($4.70) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) Parentheticals (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ||
Pension and postretirement benefit tax adjustments | ($0.10) | $0.10 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Millions, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | $176.70 | $268.40 |
Restricted cash | 13.6 | 84.8 |
Receivables, net | 409 | 413.7 |
Inventories | 436.5 | 380.7 |
Deferred income taxes | 21.8 | 27 |
Prepaid expenses and other current assets | 38.7 | 44.4 |
Total Current Assets | 1,096.30 | 1,219 |
Property, net | 860.1 | 831.9 |
Goodwill | 2,948.40 | 2,886.70 |
Other intangible assets, net | 2,737.50 | 2,643 |
Other assets | 74.4 | 150.5 |
Total Assets | 7,716.70 | 7,731.10 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Current portion of long-term debt | 24.7 | 25.6 |
Accounts payable | 231.8 | 225 |
Other current liabilities | 328.2 | 269.3 |
Total Current Liabilities | 584.7 | 519.9 |
Long-term debt | 3,823.40 | 3,830.50 |
Deferred income taxes | 895.1 | 915.1 |
Other liabilities | 240.2 | 182.4 |
Total liabilities | 5,543.40 | 5,447.90 |
Stockholders' Equity | ||
Preferred stock | 0.1 | 0.1 |
Common stock | 0.5 | 0.5 |
Additional paid-in capital | 2,670.60 | 2,669.30 |
(Accumulated deficit) retained earnings | -403 | -305.7 |
Accumulated other comprehensive loss | -41.5 | -27.6 |
Treasury stock, at cost | -53.4 | -53.4 |
Total Stockholders' Equity | 2,173.30 | 2,283.20 |
Total Liabilities and Stockholders' Equity | $7,716.70 | $7,731.10 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Cash Flows from Operating Activities: | ||
Net Loss | ($97.30) | ($2.40) |
Adjustments to reconcile of net (loss) earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 63.1 | 21.1 |
Loss on interest rate swaps | 54.6 | 0 |
Loss on foreign currency | 0.9 | 0 |
Loss on assets held for sale | 7.1 | 0 |
Stock-based compensation expense | 6.3 | 3.4 |
Deferred income taxes | -34.7 | -1.8 |
Other, net | 0.8 | -1.9 |
Other changes in current assets and liabilities, net | ||
Decrease (increase) in receivables, net | 21.6 | -2 |
(Increase) decrease in inventories | -18.2 | 0.8 |
(Increase) decrease in prepaid expenses and other current assets | -1.1 | 1.4 |
Increase in accounts payable and other current and non-current liabilities | 54.1 | 6.3 |
Net Cash Provided by Operating Activities | 57.2 | 24.9 |
Cash Flows from Investing Activities: | ||
Business acquisitions, net of cash acquired | -184.2 | 0 |
Cash advance for asset purchase | 0 | -366.2 |
Additions to property | -23.7 | -16.5 |
Restricted cash | 71.2 | 37 |
Net Cash Used by Investing Activities | -136.7 | -345.7 |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of long term debt | 0 | 525 |
Proceeds from issuance of preferred stock, net of issuance costs | 0 | 290.8 |
Repayments of long-term debt | -6.7 | 0 |
Payment of preferred stock dividend | -4.3 | -2.3 |
Payments of debt issuance costs | 0 | -8.8 |
Other, net | -0.6 | -0.1 |
Net Cash (Used in) Provided by Financing Activities | -11.6 | 804.6 |
Effect of exchange rate changes on cash | -0.6 | -0.9 |
Net (Decrease) Increase in Cash and Cash Equivalents | -91.7 | 482.9 |
Cash and cash equivalents, beginning of year | 268.4 | 402 |
Cash and cash equivalents, end of year | $176.70 | $884.90 |
Background
Background | 3 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background | NOTE 1 — 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, 2014. 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 28, 2014. | |
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 the Company’s financial position, results of operations, comprehensive loss 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. Certain prior year amounts have been reclassified to conform with the 2015 presentation. | |
Related to the closure of its Modesto, California facility, the Company has land, building and equipment classified as assets held for sale as of December 31, 2014. The Company has committed to a plan for selling the assets, is actively and reasonably marketing them utilizing a third party broker, and sale is reasonably expected within one year. An impairment loss of $7.1 was recorded to adjust the carrying value of the assets to their fair value less estimated selling costs. The loss is included in “Other operating expenses, net” on the Condensed Consolidated Statement of Operations. At December 31, 2014, the $9.3 carrying value of the assets are included in “Prepaid expenses and other current assets” on the Condensed Consolidated Balance Sheets. | |
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. |
Business_Combinations
Business Combinations | 3 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Business Combinations [Abstract] | ||||||||
Business Combinations | NOTE 3 — BUSINESS COMBINATIONS | |||||||
On January 1, 2014, Post completed its acquisition of all the stock of Agricore United Holdings Inc. (“Agricore”) from Viterra Inc. 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. Dakota Growers is reported in Post’s Michael Foods Group segment (see Note 15). Net sales and operating profit included in the condensed consolidated statements of operations related to this acquisition were $65.2 and $4.5, respectively, for the three months ended December 31, 2014. | ||||||||
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. In accordance with the terms of the purchase agreement, the sellers were 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. As of December 31, 2014, the Company updated its estimate of the fair value of the earn-out and concluded the fair value was zero, resulting in a gain of approximately $0.7 recognized in the first quarter of fiscal 2015, which was recorded as a component of selling, general and administrative expenses in the Condensed Consolidated Statement of Operations. 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. Dymatize is reported in Post’s Consumer Brands segment (see Note 15). Net sales and operating loss included in the condensed consolidated statements of operations related to this acquisition were $47.0 and $(4.5), respectively, for the three months ended December 31, 2014. | ||||||||
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. Golden Boy is reported in Post’s Private Label segment (see Note 15). Net sales and operating profit included in the Condensed Consolidated Statements of Operations related to this acquisition were $102.5 and $4.0, respectively, for the three months ended December 31, 2014. Net sales and operating profit amounts are inclusive of American Blanching Company (“ABC”), which is discussed further below. | ||||||||
On June 2, 2014, the Company completed its acquisition of MFI Holding Corporation (“Michael Foods”) from affiliates of GS Capital Partners, affiliates of Thomas H. Lee Partners and other owners, which is reported in Post’s Michael Foods Group segment (see Note 15). Michael Foods manufactures and distributes egg products and refrigerated potato products and also distributes cheese and other dairy case products to the retail, food service and food ingredient channels. Net sales and operating profit included in the condensed consolidated statements of operations related to this acquisition were $534.1 and $37.6, respectively, for the three months ended December 31, 2014. | ||||||||
On August 1, 2014, Post Foods, LLC, a subsidiary of the Company, acquired a cereal brand and related inventory for $20.4. The brand is reported as part of the Consumer Brands segment. | ||||||||
On October 1, 2014, the Company completed its acquisition of the PowerBar and Musashi brands and related worldwide assets from Nestlé S.A (“PowerBar”) for $150.0, subject to a working capital adjustment, which resulted in a payment at closing of $136.1. 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 $1.9. PowerBar manufactures and markets a variety of products in the sports nutrition segment. PowerBar is reported in Post’s Consumer Brands segment (see Note 15). Based upon the preliminary purchase price allocation, the Company has recorded $21.3 of customer relationships to be amortized over a weighted-average period of 18.3 years and $40.0 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 $35.0 and $(4.5), respectively, for the three months ended December 31, 2014. | ||||||||
On November 1, 2014, the Company completed its acquisition of ABC for $128.0, after consideration of working capital and other adjustments, on a debt-free, cash-free basis. ABC is a manufacturer of peanut butter for national brands, private label retail and industrial markets and provider of peanut blanching, granulation and roasting services for the commercial peanut industry. ABC is reported in Post’s Private Label segment (see Note 15). Based upon the preliminary purchase price allocation, the Company has recorded $63.9 of customer relationships to be amortized over a weighted-average period of 17 years and $8.0 to trademarks/brands to be amortized over a weighted-average period of 10 years. ABC operations have been integrated into the Golden Boy business. Due to the level of integration, discrete sales and operating profit data is not available for ABC. | ||||||||
Each of the acquisitions was accounted for using the acquisition method of accounting, whereby the results of operations are included in the financial statements from the date of acquisition. The respective purchase prices were allocated to acquired assets and assumed 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 or growing segments of the industry. The Company expects substantially all of the final fair value of goodwill related to the current year acquisition of PowerBar to be deductible for U.S. income tax purposes and does not expect the final fair value of goodwill related to the current year acquisition of ABC to be deductible for U.S. income tax purposes. | ||||||||
Certain estimated values for the Dymatize, PowerBar and ABC acquisitions, including goodwill, intangible assets, inventory 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 2015. | ||||||||
PowerBar | ABC | |||||||
Cash and cash equivalents | $ | 2.4 | $ | 0.6 | ||||
Receivables | 6.5 | 12.8 | ||||||
Inventories | 24.3 | 15.5 | ||||||
Prepaid expenses and other current assets | 0.1 | 0.4 | ||||||
Property | 17.3 | 19.7 | ||||||
Goodwill | 18.3 | 49.6 | ||||||
Other intangible assets | 61.3 | 71.9 | ||||||
Deferred tax asset - long-term | 11.7 | — | ||||||
Other assets | — | 0.4 | ||||||
Accounts payable | (1.2 | ) | (9.0 | ) | ||||
Deferred tax liability - current | (0.8 | ) | (0.4 | ) | ||||
Other current liabilities | (4.6 | ) | (2.8 | ) | ||||
Deferred tax liability - long-term | (1.1 | ) | (30.7 | ) | ||||
Total acquisition cost | $ | 134.2 | $ | 128 | ||||
The following unaudited pro forma information presents a summary of the combined results of operations of the Company and the aggregate results of Dakota Growers, Dymatize, Golden Boy, Michael Foods, PowerBar and ABC for the periods presented as if the fiscal 2015 acquisitions had occurred on October 1, 2013 and the fiscal 2014 acquisitions had occurred on October 1, 2012, 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 December 31, | ||||||||
2014 | 2013 | |||||||
Pro forma net sales | $ | 1,086.40 | $ | 1,067.30 | ||||
Pro forma net loss available to common shareholders | $ | (97.0 | ) | $ | (5.2 | ) | ||
Pro forma basic loss per share | $ | (1.95 | ) | $ | (0.16 | ) | ||
Pro forma diluted loss per share | $ | (1.95 | ) | $ | (0.16 | ) |
Restructuring_Notes
Restructuring (Notes) | 3 Months Ended |
Dec. 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. During the three months ended December 31, 2013, the Company incurred $3.2 of costs related to accelerated depreciation and employee severance. The transfer of production capabilities and closure of the plant was completed during September 2014, and no additional costs were incurred in the three months ended December 31, 2014. The Company had liabilities of $0.2 and $0.7 related to employee severance at December 31, 2014 and September 30, 2014, respectively. |
Goodwill
Goodwill | 3 Months Ended | |||||||||||||||
Dec. 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. | ||||||||||||||||
Consumer Brands | Michael Foods Group | Private Label | Total | |||||||||||||
Balance, September 30, 2014 | ||||||||||||||||
Goodwill (gross) | $ | 1,950.60 | $ | 1,347.20 | $ | 229.3 | $ | 3,527.10 | ||||||||
Accumulated impairment losses | (640.4 | ) | — | — | (640.4 | ) | ||||||||||
Goodwill (net) | $ | 1,310.20 | $ | 1,347.20 | $ | 229.3 | $ | 2,886.70 | ||||||||
Goodwill acquired | 18.3 | — | 49.6 | 67.9 | ||||||||||||
Currency translation adjustment | (0.2 | ) | — | (6.0 | ) | (6.2 | ) | |||||||||
Balance, December 31, 2014 | ||||||||||||||||
Goodwill (gross) | $ | 1,968.70 | $ | 1,347.20 | $ | 272.9 | $ | 3,588.80 | ||||||||
Accumulated impairment losses | (640.4 | ) | — | — | (640.4 | ) | ||||||||||
Goodwill (net) | $ | 1,328.30 | $ | 1,347.20 | $ | 272.9 | $ | 2,948.40 | ||||||||
Income_Taxes_Notes
Income Taxes (Notes) | 3 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 5 — INCOME TAXES |
For the three months ended December 31, 2014, the effective income tax rate is negative 31.8%. In accordance with Accounting Standards Codification (“ASC”) Topic 740, the Company has recorded tax expense for the three months ended December 31, 2014 using the estimated annual effective tax rate for the Company’s full fiscal year. The estimated annual effective tax rate differs significantly from the statutory tax rate primarily due to the Company’s estimate of full year earnings before income taxes which causes small variations in estimated permanent differences to have a magnified impact on the effective income tax rate percentage, the expectation that nondeductible merger and acquisition expenses and other permanently nondeductible expenses will have an unfavorable impact on the effective income tax rate and the expectation that the Domestic Production Activities Deduction and tax planning strategies implemented for certain recent acquisitions will have a favorable impact on the effective income tax rate. |
Intangible_Assets_net_Intangib
Intangible Assets, net Intangible Assets, net (Notes) | 3 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Intangible Assets, net | NOTE 6 — INTANGIBLE ASSETS, NET | ||||||||||||||||||||||||
Total intangible assets are as follows: | |||||||||||||||||||||||||
31-Dec-14 | 30-Sep-14 | ||||||||||||||||||||||||
Carrying | Accumulated Amortization | Net | Carrying | Accumulated Amortization | Net | ||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||
Subject to amortization: | |||||||||||||||||||||||||
Customer relationships | $ | 1,825.30 | $ | (115.4 | ) | $ | 1,709.90 | $ | 1,743.70 | $ | (90.9 | ) | $ | 1,652.80 | |||||||||||
Trademarks/brands | 609.7 | (51.8 | ) | 557.9 | 554.7 | (43.9 | ) | 510.8 | |||||||||||||||||
Other intangible assets | 23.9 | (3.7 | ) | 20.2 | 24.7 | (3.0 | ) | 21.7 | |||||||||||||||||
2,458.90 | (170.9 | ) | 2,288.00 | 2,323.10 | (137.8 | ) | 2,185.30 | ||||||||||||||||||
Not subject to amortization: | |||||||||||||||||||||||||
Trademarks/brands | 449.5 | — | 449.5 | 457.7 | — | 457.7 | |||||||||||||||||||
$ | 2,908.40 | $ | (170.9 | ) | $ | 2,737.50 | $ | 2,780.80 | $ | (137.8 | ) | $ | 2,643.00 | ||||||||||||
Loss_Per_Share
Loss Per Share | 3 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings per Share | ||||||||
NOTE 7 — LOSS PER SHARE | ||||||||
Basic loss per share is based on the average number of common shares outstanding during the period. Diluted loss 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 Company’s tangible equity units (“TEUs”) are assumed to be settled at the minimum settlement amount of 1.7114 shares per TEU for weighted-average shares for basic loss per share. For diluted loss per share, the shares, to the extent dilutive, are assumed to be settled at a conversion factor based on the Company’s daily volume-weighted average price per share of the Company’s common stock not to exceed 2.0964 shares per TEU. | ||||||||
The following table sets forth the computation of basic and diluted loss per share for the three months ended December 31, 2014 and 2013, respectively. | ||||||||
Three Months Ended December 31, | ||||||||
2014 | 2013 | |||||||
Net loss available to common shareholders | $ | (101.6 | ) | $ | (5.0 | ) | ||
Weighted-average shares outstanding | 44.9 | 32.7 | ||||||
Effect of TEUs on weighted-average shares for basic earnings per share | 4.9 | — | ||||||
Weighted-average shares for basic earnings per share | 49.8 | 32.7 | ||||||
Total dilutive securities | — | — | ||||||
Weighted-average shares for diluted earnings per share | 49.8 | 32.7 | ||||||
Basic loss per common share | $ | (2.04 | ) | $ | (0.15 | ) | ||
Diluted loss per common share | $ | (2.04 | ) | $ | (0.15 | ) | ||
For the three months ended December 31, 2014 and 2013, weighted-average shares for diluted loss per common share excludes 5.1 million and 3.8 million equity awards, respectively, and for the three months ended December 31, 2014 and 2013, excludes 11.0 million and 10.7 million shares, respectively, related to the potential conversion of the Company’s convertible preferred stock (see Note 12) as they were anti-dilutive. For the three months ended December 31, 2014, there were 1.1 million tangible equity units excluded from diluted loss per share as they were anti-dilutive. |
Inventories_Notes
Inventories (Notes) | 3 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory [Abstract] | ||||||||
Inventory Disclosure [Text Block] | NOTE 8 — INVENTORIES | |||||||
31-Dec-14 | 30-Sep-14 | |||||||
Raw materials and supplies | $ | 90.2 | $ | 99.2 | ||||
Work in process | 15.1 | 16.3 | ||||||
Finished products | 301.7 | 235.8 | ||||||
Flocks | 29.5 | 29.4 | ||||||
$ | 436.5 | $ | 380.7 | |||||
Property_net_Notes
Property, net (Notes) | 3 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | NOTE 9 — PROPERTY, NET | |||||||
31-Dec-14 | 30-Sep-14 | |||||||
Property, at cost | $ | 1,176.90 | $ | 1,121.00 | ||||
Accumulated depreciation | (316.8 | ) | (289.1 | ) | ||||
$ | 860.1 | $ | 831.9 | |||||
Derivative_Financial_Instrumen
Derivative Financial Instruments and Hedging | 3 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||
Derivative financial instruments and hedging | NOTE 10 — 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 floating rate 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, futures contracts and interest rate swaps which have been designated as economic hedges of raw materials, fuel and energy purchases and variable rate debt. | |||||||||||||||
As of December 31, 2014, the Company has interest rate swaps with a notional amount of $869.5 that have the effect of converting our variable interest rate term loan debt to fixed interest rates beginning in June 2016. In addition, as of December 31, 2014, the Company has interest rate swaps with a $750.0 notional amount that obligate Post to pay a weighted average fixed rate of approximately 4% and receive three-month LIBOR and will result in a net settlement in July 2018. These swaps have the effect of locking in current low interest rates for anticipated future debt issuances to fund strategic investments, refinance existing debt or other strategic purposes. In connection with the acquisition of Michael Foods, the Company acquired additional interest rate swaps with a notional amount of $300.0 that were not settled at the closing of the acquisition and remain outstanding at December 31, 2014. The notional amounts of natural gas and heating oil futures and commodity contracts were $33.2 and $37.1, respectively, at December 31, 2014. These contracts relate to inputs that generally will be utilized within the next 12 months. | |||||||||||||||
The Company’s calculation of the fair value of interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve. Commodity, natural gas and heating oil derivatives are valued using an income approach based on index prices less the contract rate multiplied by the notional amount. | |||||||||||||||
The following tables present the balance sheet location and fair value of the Company’s derivative instruments on a gross and net basis as of December 31, 2014 and September 30, 2014. | |||||||||||||||
Fair Value of Assets as of December 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 | $ | 1.1 | $ | (0.2 | ) | $ | 0.9 | |||||||
Fair Value of Liabilities as of December 31, 2014 | |||||||||||||||
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 | $ | 0.5 | $ | (0.2 | ) | $ | 0.3 | |||||||
Natural gas and heating oil futures | Other current liabilities | 8.1 | — | 8.1 | |||||||||||
Interest rate swaps | Other current liabilities | 1.7 | — | 1.7 | |||||||||||
Interest rate swaps | Other liabilities | 95 | — | 95 | |||||||||||
$ | 105.3 | $ | (0.2 | ) | $ | 105.1 | |||||||||
Fair Value of Liabilities as of September 30, 2014 | |||||||||||||||
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 | $ | 8 | $ | — | $ | 8 | ||||||||
Natural gas and heating oil futures | Other current liabilities | 0.9 | — | 0.9 | |||||||||||
Interest rate swaps | Other current liabilities | 2.7 | — | 2.7 | |||||||||||
Interest rate swaps | Other liabilities | 40.4 | — | 40.4 | |||||||||||
$ | 52 | $ | — | $ | 52 | ||||||||||
The following table presents the gain (loss) from derivative instruments that were not designated as hedging instruments and were recorded on the Company’s condensed consolidated statements of operations. | |||||||||||||||
Gain (Loss) Recognized in Earnings | |||||||||||||||
Three Months Ended December 31, | |||||||||||||||
Derivative Instrument | Location of Gain (Loss) Recognized in Earnings | 2014 | 2013 | ||||||||||||
Commodity contracts | Cost of goods sold | $ | 8.2 | $ | 0.2 | ||||||||||
Natural gas and heating oil futures | Cost of goods sold | (8.5 | ) | 0.7 | |||||||||||
Foreign exchange contracts | Selling, general and administrative expenses | — | (0.7 | ) | |||||||||||
Interest rate swaps | Other expense, net | (54.6 | ) | — | |||||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||
Fair value measurements | NOTE 11 — FAIR VALUE MEASUREMENTS | |||||||||||||||||||||||
The following table represents Post’s assets and liabilities measured at fair value on a recurring basis and the basis for that measurement according to the levels in the fair value hierarchy in ASC Topic 820: | ||||||||||||||||||||||||
31-Dec-14 | 30-Sep-14 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Deferred compensation investment | $ | 10.8 | $ | 10.8 | $ | — | $ | 10.2 | $ | 10.2 | $ | — | ||||||||||||
Derivative assets | 0.9 | — | 0.9 | — | — | — | ||||||||||||||||||
$ | 11.7 | $ | 10.8 | $ | 0.9 | $ | 10.2 | $ | 10.2 | $ | — | |||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deferred compensation liabilities | $ | 14 | $ | — | $ | 14 | $ | 12.3 | $ | — | $ | 12.3 | ||||||||||||
Derivative liabilities | 105.1 | — | 105.1 | 52 | — | 52 | ||||||||||||||||||
$ | 119.1 | $ | — | $ | 119.1 | $ | 64.3 | $ | — | $ | 64.3 | |||||||||||||
The following table represents the fair value of Post’s long-term debt, which is not recorded at fair value in the Condensed Consolidated Balance Sheets, and is classified as Level 2 in the fair value hierarchy per ASC Topic 820: | ||||||||||||||||||||||||
31-Dec-14 | 30-Sep-14 | |||||||||||||||||||||||
Senior notes | $ | 2,826.20 | $ | 2,768.20 | ||||||||||||||||||||
Term loan | 875.4 | 872.9 | ||||||||||||||||||||||
TEUs | 31.2 | 29.5 | ||||||||||||||||||||||
$ | 3,732.80 | $ | 3,670.60 | |||||||||||||||||||||
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 deferred compensation investment and related liability are recorded as a component of selling, general and administrative expenses. | ||||||||||||||||||||||||
Refer to Note 10 for the classification of changes in fair value of derivative assets and liabilities measured at fair value on a recurring basis within the condensed consolidated statements of operations. | ||||||||||||||||||||||||
The carrying amounts reported on the Condensed Consolidated Balance Sheets for cash and cash equivalents, receivables and accounts payable approximate fair value because of the short maturities of these financial instruments. |
Shareholders_Equity_Notes
Shareholders' Equity (Notes) | 3 Months Ended |
Dec. 31, 2014 | |
Class of Stock [Line Items] | |
Preferred Stock [Text Block] | NOTE 12 — SHAREHOLDERS’ EQUITY |
In the first quarter of fiscal 2014, Post adopted ASU 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 loss (benefit) and prior service cost for pension and postretirement benefits totaling $0.2 and $(0.2) for the three month periods ended December 31, 2014 and 2013, respectively. Amounts are primarily classified as “Cost of goods sold” on the condensed consolidated statements of operations. |
Long_Term_Debt_Long_Term_Debt_
Long Term Debt Long Term Debt (Notes) | 3 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Long-Term Debt | NOTE 13 — LONG TERM DEBT | |||||||
Long-term debt as of the dates indicated consists of the following: | ||||||||
31-Dec-14 | September 30, 2014 | |||||||
7.375% Senior Notes maturing February 2022 | $ | 1,375.00 | $ | 1,375.00 | ||||
6.75% Senior Notes maturing December 2021 | 875 | 875 | ||||||
6.00% Senior Notes maturing December 2022 | 630 | 630 | ||||||
Term loan | 880.6 | 882.8 | ||||||
TEUs | 35.2 | 38.4 | ||||||
4.57% 2012 Series Bond maturing September 2017 | 4.8 | 4.8 | ||||||
Secured notes | — | 1.1 | ||||||
Capital leases | 3.5 | 3.8 | ||||||
$ | 3,804.10 | $ | 3,810.90 | |||||
Less: Current portion | (24.7 | ) | (25.6 | ) | ||||
Plus: Unamortized premium (discount), net | 44 | 45.2 | ||||||
Total long-term debt | $ | 3,823.40 | $ | 3,830.50 | ||||
On January 29, 2014, the Company entered into a Credit Agreement as amended on May 1, 2014 (the “Credit Agreement”). The Credit Agreement provided for a revolving credit facility with an aggregate principal value of $400.0. The revolving credit facility has outstanding letters of credit of $0.5 which reduces the available borrowing capacity to $399.5 at December 31, 2014. | ||||||||
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 3.00 to 1.00, and (b) a quarterly minimum interest coverage ratio of 1.75 to 1.00. However, among other provisions, the Credit Agreement permits the Company to incur additional unsecured debt only if its consolidated leverage ratio, calculated as provided in the Credit Agreement, would be less than 5.75 to 1.00 after giving effect to such new debt. | ||||||||
Debt Covenants | ||||||||
Under the terms of the Credit Agreement, we are required to comply with certain financial covenants consisting of ratios for maximum consolidated leverage and minimum interest expense coverage. As of December 31, 2014, we were in compliance with all such financial covenants. |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefits | 3 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ||||||||
Pension and other postretirement benefits | NOTE 14 — PENSION AND OTHER POSTRETIREMENT BENEFITS | |||||||
Certain of the Company’s employees are eligible to participate in the Company’s qualified and supplemental noncontributory defined benefit pension plans and other postretirement benefit plans (partially subsidized retiree health and life insurance) or separate plans for Post Foods Canada Inc. Amounts for the Canadian plans are included in these disclosures and are not disclosed separately because they do not constitute a significant portion of the combined amounts. | ||||||||
The following tables provide the components of net periodic benefit cost for the plans. | ||||||||
Pension Benefits | ||||||||
Three Months Ended December 31, | ||||||||
2014 | 2013 | |||||||
Components of net periodic benefit cost | ||||||||
Service cost | $ | 1 | $ | 0.9 | ||||
Interest cost | 0.6 | 0.5 | ||||||
Expected return on plan assets | (0.7 | ) | (0.5 | ) | ||||
Recognized net actuarial loss | 0.2 | 0.2 | ||||||
Recognized prior service cost | 0.1 | 0.1 | ||||||
Net periodic benefit cost | $ | 1.2 | $ | 1.2 | ||||
Other Benefits | ||||||||
Three Months Ended December 31, | ||||||||
2014 | 2013 | |||||||
Components of net periodic benefit cost | ||||||||
Service cost | $ | 0.5 | $ | 0.5 | ||||
Interest cost | 1.2 | 1.1 | ||||||
Recognized net actuarial loss | 0.4 | 0.1 | ||||||
Recognized prior service credit | (0.4 | ) | (0.6 | ) | ||||
Net periodic benefit cost | $ | 1.7 | $ | 1.1 | ||||
Segment_Information_Segment_In
Segment Information Segment Information | 3 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Segment Reporting [Abstract] | ||||||||||
Segment Reporting Disclosure [Text Block] | NOTE 15 — SEGMENTS | |||||||||
Effective October 1, 2014, the Company reorganized its management reporting and realigned its reportable segments in accordance with ASC 280, “Segment Reporting.” | ||||||||||
For the year ended September 30, 2014, Post operated in the following reportable business segments: | ||||||||||
• | Post Foods: including the Post branded ready-to-eat (“RTE”) cereal business; | |||||||||
• | Michael Foods: including egg, potato, cheese and other dairy; | |||||||||
• | Active Nutrition: including high protein shakes, bars, powders and nutritional supplements; | |||||||||
• | Private Brands: including dry pasta, peanut butter and other nut butters, dried fruits and baking and snacking nuts; and | |||||||||
• | Attune Foods: including premium natural and organic cereals and snacks. | |||||||||
In connection with a reorganization of our business units, effective as of October 1, 2014, the reportable segments were changed as follows: | ||||||||||
• | Consumer Brands: including the Post branded RTE cereal business, the legacy Active Nutrition businesses and PowerBar; | |||||||||
• | Michael Foods Group: including the Michael Foods legacy businesses and the dry pasta business; and | |||||||||
• | Private Label: including the peanut butter and other nut butters (inclusive of the ABC business), dried fruits and baking and snacking nuts businesses and the legacy Attune Foods businesses. | |||||||||
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 2015, the Company changed its methodology for allocating certain corporate costs to segment profit. Accordingly, segment profit for the three months ended December 31, 2013 has been adjusted to align with current year presentation. The following tables present information about the Company’s reportable segments, including corresponding amounts for the prior year. | ||||||||||
Three Months Ended December 31, | ||||||||||
2014 | 2013 | |||||||||
Net Sales | ||||||||||
Consumer Brands | $ | 347.9 | $ | 274.1 | ||||||
Michael Foods Group | 599.3 | — | ||||||||
Private Label | 127.8 | 23.2 | ||||||||
Eliminations | (1.1 | ) | (0.3 | ) | ||||||
Total | $ | 1,073.90 | $ | 297 | ||||||
Segment Profit | ||||||||||
Consumer Brands | $ | 31.3 | $ | 47.4 | ||||||
Michael Foods Group | 42.1 | — | ||||||||
Private Label | 6.9 | 2.6 | ||||||||
Total segment profit | 80.3 | 50 | ||||||||
General corporate expenses and other | 32.3 | 20.8 | ||||||||
Accelerated depreciation on plant closure | — | 2.7 | ||||||||
Losses on hedge of purchase price of foreign currency denominated acquisition | — | 1.3 | ||||||||
Loss on assets held for sale | 7.1 | — | ||||||||
Interest expense | 60.1 | 29 | ||||||||
Other expense, net | 54.6 | — | ||||||||
Loss before income taxes | $ | (73.8 | ) | $ | (3.8 | ) | ||||
Depreciation and amortization | ||||||||||
Consumer Brands | $ | 19.1 | $ | 14.8 | ||||||
Michael Foods Group | 36.6 | — | ||||||||
Private Label | 6 | 1.8 | ||||||||
Total segment depreciation and amortization | 61.7 | 16.6 | ||||||||
Accelerated depreciation on plant closure | — | 2.7 | ||||||||
Corporate | 1.4 | 1.8 | ||||||||
Total | $ | 63.1 | $ | 21.1 | ||||||
31-Dec-14 | 30-Sep-14 | |||||||||
Assets | ||||||||||
Consumer Brands | $ | 3,061.60 | $ | 2,931.90 | ||||||
Michael Foods Group | 3,651.90 | 3,726.80 | ||||||||
Private Label | 716.3 | 558.6 | ||||||||
Corporate | 286.9 | 513.8 | ||||||||
Total | $ | 7,716.70 | $ | 7,731.10 | ||||||
Guarantor_Financials
Guarantor Financials | 3 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Schedule Of Condensed Financial Statements [Abstract] | ||||||||||||||||||||
Guarantor Financials | NOTE 16 — CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF GUARANTORS | |||||||||||||||||||
On February 3, 2012, the Company issued 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. | ||||||||||||||||||||
On June 2, 2014, the Company issued 6.00% senior notes due December 2022 in an aggregate principal amount of $630.0 to certain qualified institutional buyers. | ||||||||||||||||||||
The 7.375% senior notes, the 6.75% senior notes and the 6.00% senior notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by each of our existing and future domestic subsidiaries, the “Guarantors.” Our foreign subsidiaries, the “Non-Guarantors,” do not guarantee the senior notes. These guarantees are subject to release in limited circumstances (only upon the occurrence of certain customary conditions). | ||||||||||||||||||||
POST HOLDINGS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) | ||||||||||||||||||||
Three Months Ended December 31, 2014 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Sales | $ | — | $ | 960.9 | $ | 123.4 | $ | (10.4 | ) | $ | 1,073.90 | |||||||||
Cost of goods sold | — | 728.9 | 106.3 | (10.4 | ) | 824.8 | ||||||||||||||
Gross Profit | — | 232 | 17.1 | — | 249.1 | |||||||||||||||
Selling, general and administrative expenses | 3.1 | 149 | 13.9 | — | 166 | |||||||||||||||
Amortization of intangible assets | — | 30.8 | 2.7 | — | 33.5 | |||||||||||||||
Loss (gain) on foreign currency | 0.4 | 0.9 | (0.1 | ) | — | 1.2 | ||||||||||||||
Other operating expenses, net | — | 7.5 | — | — | 7.5 | |||||||||||||||
Operating (Loss) Profit | (3.5 | ) | 43.8 | 0.6 | — | 40.9 | ||||||||||||||
Interest expense (income), net | 57.1 | (0.3 | ) | 3.3 | — | 60.1 | ||||||||||||||
Other expense, net | 54.6 | — | — | — | 54.6 | |||||||||||||||
(Loss) Earnings before Income Taxes | (115.2 | ) | 44.1 | (2.7 | ) | — | (73.8 | ) | ||||||||||||
Income tax expense (benefit) | 37.9 | (13.9 | ) | (0.5 | ) | — | 23.5 | |||||||||||||
Net (Loss) Earnings before Equity in Subsidiaries | (153.1 | ) | 58 | (2.2 | ) | — | (97.3 | ) | ||||||||||||
Equity earnings (loss) in subsidiaries | 55.8 | (0.5 | ) | — | (55.3 | ) | — | |||||||||||||
Net (Loss) Earnings | $ | (97.3 | ) | $ | 57.5 | $ | (2.2 | ) | $ | (55.3 | ) | $ | (97.3 | ) | ||||||
Total Comprehensive (Loss) Income | $ | (111.2 | ) | $ | 57.7 | $ | (9.2 | ) | $ | (48.5 | ) | $ | (111.2 | ) | ||||||
Three Months Ended December 31, 2013 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Sales | $ | — | $ | 284.8 | $ | 18.8 | $ | (6.6 | ) | $ | 297 | |||||||||
Cost of goods sold | — | 174.1 | 15 | (6.6 | ) | 182.5 | ||||||||||||||
Gross Profit | — | 110.7 | 3.8 | — | 114.5 | |||||||||||||||
Selling, general and administrative expenses | 3.2 | 74.8 | 3.9 | — | 81.9 | |||||||||||||||
Amortization of intangible assets | — | 5.7 | — | — | 5.7 | |||||||||||||||
Loss on foreign currency | 1.3 | 0.3 | — | — | 1.6 | |||||||||||||||
Other operating expenses, net | — | 0.1 | — | — | 0.1 | |||||||||||||||
Operating (Loss) Profit | (4.5 | ) | 29.8 | (0.1 | ) | — | 25.2 | |||||||||||||
Interest expense, net | 29 | — | — | — | 29 | |||||||||||||||
(Loss) Earnings before Income Taxes | (33.5 | ) | 29.8 | (0.1 | ) | — | (3.8 | ) | ||||||||||||
Income tax (benefit) expense | (11.9 | ) | 10.5 | — | — | (1.4 | ) | |||||||||||||
Net (Loss) Earnings before Equity in Subsidiaries | (21.6 | ) | 19.3 | (0.1 | ) | — | (2.4 | ) | ||||||||||||
Equity earnings in subsidiaries | 19.2 | — | — | (19.2 | ) | — | ||||||||||||||
Net (Loss) Earnings | $ | (2.4 | ) | $ | 19.3 | $ | (0.1 | ) | $ | (19.2 | ) | $ | (2.4 | ) | ||||||
Total Comprehensive (Loss) Income | $ | (4.7 | ) | $ | 19.2 | $ | (2.3 | ) | $ | (16.9 | ) | $ | (4.7 | ) | ||||||
POST HOLDINGS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS (Unaudited) | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 166.8 | $ | 3.6 | $ | 12.5 | $ | (6.2 | ) | $ | 176.7 | |||||||||
Restricted cash | 1.1 | 11.3 | 1.2 | — | 13.6 | |||||||||||||||
Receivables, net | 73.6 | 292.5 | 60.6 | (17.7 | ) | 409 | ||||||||||||||
Inventories | — | 384 | 52.5 | — | 436.5 | |||||||||||||||
Deferred income taxes | 21.8 | — | — | — | 21.8 | |||||||||||||||
Intercompany notes receivable | 3 | — | — | (3.0 | ) | — | ||||||||||||||
Prepaid expenses and other current assets | 11.9 | 25.3 | 1.5 | — | 38.7 | |||||||||||||||
Total Current Assets | 278.2 | 716.7 | 128.3 | (26.9 | ) | 1,096.30 | ||||||||||||||
Property, net | — | 801.2 | 58.9 | — | 860.1 | |||||||||||||||
Goodwill | — | 2,800.70 | 147.7 | — | 2,948.40 | |||||||||||||||
Other intangible assets, net | — | 2,617.30 | 120.2 | — | 2,737.50 | |||||||||||||||
Intercompany receivable | 973.2 | — | — | (973.2 | ) | — | ||||||||||||||
Intercompany notes receivable | 171.4 | — | — | (171.4 | ) | — | ||||||||||||||
Investment in subsidiaries | 5,665.70 | 25.4 | — | (5,691.1 | ) | — | ||||||||||||||
Other assets | 59.7 | 13 | 1.7 | — | 74.4 | |||||||||||||||
Total Assets | $ | 7,148.20 | $ | 6,974.30 | $ | 456.8 | $ | (6,862.6 | ) | $ | 7,716.70 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Current portion of long-term debt | $ | 22.4 | $ | 1.9 | $ | 0.4 | $ | — | $ | 24.7 | ||||||||||
Accounts payable | 0.1 | 212.1 | 43.5 | (23.9 | ) | 231.8 | ||||||||||||||
Intercompany notes payable | — | — | 3 | (3.0 | ) | — | ||||||||||||||
Other current liabilities | 157.9 | 151.2 | 19.1 | — | 328.2 | |||||||||||||||
Total Current Liabilities | 180.4 | 365.2 | 66 | (26.9 | ) | 584.7 | ||||||||||||||
Long-term debt | 3,817.40 | 2.9 | 3.1 | — | 3,823.40 | |||||||||||||||
Intercompany payable | — | 971.5 | 1.7 | (973.2 | ) | — | ||||||||||||||
Intercompany notes payable | — | — | 171.4 | (171.4 | ) | — | ||||||||||||||
Deferred income taxes | 864.6 | — | 30.5 | — | 895.1 | |||||||||||||||
Other liabilities | 112.5 | 117.2 | 10.5 | — | 240.2 | |||||||||||||||
Total Liabilities | 4,974.90 | 1,456.80 | 283.2 | (1,171.5 | ) | 5,543.40 | ||||||||||||||
Total Shareholders’ Equity | 2,173.30 | 5,517.50 | 173.6 | (5,691.1 | ) | 2,173.30 | ||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 7,148.20 | $ | 6,974.30 | $ | 456.8 | $ | (6,862.6 | ) | $ | 7,716.70 | |||||||||
30-Sep-14 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 246.6 | $ | 15.7 | $ | 10 | $ | (3.9 | ) | $ | 268.4 | |||||||||
Restricted cash | 1.1 | 79.8 | 3.9 | — | 84.8 | |||||||||||||||
Receivables, net | 78 | 305.2 | 45.9 | (15.4 | ) | 413.7 | ||||||||||||||
Inventories | — | 336.5 | 44.2 | — | 380.7 | |||||||||||||||
Deferred income taxes | 27 | — | — | — | 27 | |||||||||||||||
Intercompany notes receivable | 6.3 | — | — | (6.3 | ) | — | ||||||||||||||
Prepaid expenses and other current assets | 11.4 | 30.4 | 2.6 | — | 44.4 | |||||||||||||||
Total Current Assets | 370.4 | 767.6 | 106.6 | (25.6 | ) | 1,219.00 | ||||||||||||||
Property, net | — | 775.9 | 56 | — | 831.9 | |||||||||||||||
Goodwill | — | 2,732.80 | 153.9 | — | 2,886.70 | |||||||||||||||
Other intangible assets, net | — | 2,518.50 | 124.5 | — | 2,643.00 | |||||||||||||||
Intercompany receivable | 1,015.40 | — | — | (1,015.4 | ) | — | ||||||||||||||
Intercompany notes receivable | 178.9 | — | — | (178.9 | ) | — | ||||||||||||||
Investment in subsidiaries | 5,543.10 | 8.1 | — | (5,551.2 | ) | — | ||||||||||||||
Other assets | 61.7 | 86.1 | 2.7 | — | 150.5 | |||||||||||||||
Total Assets | $ | 7,169.50 | $ | 6,889.00 | $ | 443.7 | $ | (6,771.1 | ) | $ | 7,731.10 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Current portion of long-term debt | $ | 22.2 | $ | 3 | $ | 0.4 | $ | — | $ | 25.6 | ||||||||||
Accounts payable | — | 212.2 | 32.1 | (19.3 | ) | 225 | ||||||||||||||
Intercompany notes payable | — | — | 6.3 | (6.3 | ) | — | ||||||||||||||
Other current liabilities | 100.4 | 153.8 | 15.1 | — | 269.3 | |||||||||||||||
Total Current Liabilities | 122.6 | 369 | 53.9 | (25.6 | ) | 519.9 | ||||||||||||||
Long-term debt | 3,824.20 | 2.9 | 3.4 | — | 3,830.50 | |||||||||||||||
Intercompany payable | — | 1,013.80 | 1.6 | (1,015.4 | ) | — | ||||||||||||||
Intercompany notes payable | — | — | 178.9 | (178.9 | ) | — | ||||||||||||||
Deferred income taxes | 883.8 | — | 31.3 | — | 915.1 | |||||||||||||||
Other liabilities | 55.7 | 115.9 | 10.8 | — | 182.4 | |||||||||||||||
Total Liabilities | 4,886.30 | 1,501.60 | 279.9 | (1,219.9 | ) | 5,447.90 | ||||||||||||||
Total Shareholders’ Equity | 2,283.20 | 5,387.40 | 163.8 | (5,551.2 | ) | 2,283.20 | ||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 7,169.50 | $ | 6,889.00 | $ | 443.7 | $ | (6,771.1 | ) | $ | 7,731.10 | |||||||||
POST HOLDINGS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Unaudited) | ||||||||||||||||||||
Three Months Ended December 31, 2014 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Cash (Used In) Provided by Operating Activities | $ | (18.0 | ) | $ | 72 | $ | 5.5 | $ | (2.3 | ) | $ | 57.2 | ||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Business acquisitions | — | (183.0 | ) | (1.2 | ) | — | (184.2 | ) | ||||||||||||
Additions to property | — | (22.5 | ) | (1.2 | ) | — | (23.7 | ) | ||||||||||||
Restricted cash | — | 68.5 | 2.7 | — | 71.2 | |||||||||||||||
Capitalization of subsidiaries | (57.6 | ) | — | — | 57.6 | — | ||||||||||||||
Receipt of intercompany loan payments | 6.3 | — | — | (6.3 | ) | — | ||||||||||||||
Net Cash (Used in) Provided by Investing Activities | (51.3 | ) | (137.0 | ) | 0.3 | 51.3 | (136.7 | ) | ||||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Repayments of long-term debt | (5.6 | ) | (1.1 | ) | — | — | (6.7 | ) | ||||||||||||
Payment of dividend | (4.3 | ) | — | — | — | (4.3 | ) | |||||||||||||
Proceeds from Parent capitalization | — | 54 | 3.6 | (57.6 | ) | — | ||||||||||||||
Repayments of intercompany loans | — | — | (6.3 | ) | 6.3 | — | ||||||||||||||
Other, net | (0.6 | ) | — | — | — | (0.6 | ) | |||||||||||||
Net Cash (Used in) Provided by Financing Activities | (10.5 | ) | 52.9 | (2.7 | ) | (51.3 | ) | (11.6 | ) | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (0.6 | ) | — | (0.6 | ) | |||||||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | (79.8 | ) | (12.1 | ) | 2.5 | (2.3 | ) | (91.7 | ) | |||||||||||
Cash and Cash Equivalents, Beginning of Year | 246.6 | 15.7 | 10 | (3.9 | ) | 268.4 | ||||||||||||||
Cash and Cash Equivalents, End of Period | $ | 166.8 | $ | 3.6 | $ | 12.5 | $ | (6.2 | ) | $ | 176.7 | |||||||||
Three Months Ended December 31, 2013 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Cash Provided by Operating Activities | $ | 11.7 | $ | 26.9 | $ | 1 | $ | (14.7 | ) | $ | 24.9 | |||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Cash advance for acquisitions | (366.2 | ) | — | — | — | (366.2 | ) | |||||||||||||
Additions to property | — | (16.2 | ) | (0.3 | ) | — | (16.5 | ) | ||||||||||||
Restricted cash | 37 | — | — | — | 37 | |||||||||||||||
Net Cash Used in Investing Activities | (329.2 | ) | (16.2 | ) | (0.3 | ) | — | (345.7 | ) | |||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Proceeds from issuance of senior notes | 525 | — | — | — | 525 | |||||||||||||||
Proceeds from issuance of Preferred Stock | 290.8 | — | — | — | 290.8 | |||||||||||||||
Payment of preferred stock dividend | (2.3 | ) | — | — | — | (2.3 | ) | |||||||||||||
Payments of debt issuance costs | (8.8 | ) | — | — | — | (8.8 | ) | |||||||||||||
Other, net | (0.1 | ) | — | — | — | (0.1 | ) | |||||||||||||
Payments for equity distributions | — | (13.9 | ) | — | 13.9 | — | ||||||||||||||
Net Cash Provided by (Used in) by Financing Activities | 804.6 | (13.9 | ) | — | 13.9 | 804.6 | ||||||||||||||
Effect of Exchange Rate Changes on Cash | (0.6 | ) | — | (0.3 | ) | — | (0.9 | ) | ||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 486.5 | (3.2 | ) | 0.4 | (0.8 | ) | 482.9 | |||||||||||||
Cash and Cash Equivalents, Beginning of Year | 391.4 | 4.1 | 8.2 | (1.7 | ) | 402 | ||||||||||||||
Cash and Cash Equivalents, End of Period | $ | 877.9 | $ | 0.9 | $ | 8.6 | $ | (2.5 | ) | $ | 884.9 | |||||||||
Subsequent_Event_Notes
Subsequent Event (Notes) | 3 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 17 — SUBSEQUENT EVENTS |
Preferred Stock Dividend | |
On January 23, 2015, the Company’s Board of Directors declared a quarterly dividend of $0.9375 per share, representing payment for the dividend period from the date of November 15, 2014 to February 14, 2015, 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 November 15, 2014 to February 14, 2015, on the Company’s 2.5% Series C Cumulative Perpetual Convertible Preferred Stock. Both dividends will be paid on February 17, 2015 to preferred shareholders of record as of February 1, 2015. | |
Acquisition of MOM Brands Company | |
On January 26, 2015, the Company announced it had agreed to acquire privately-owned MOM Brands Company (“MOM Brands”). The transaction is expected to be completed by Post’s fiscal fourth quarter, subject to customary closing conditions including the expiration of waiting periods under U.S. antitrust laws. The transaction has been approved by MOM Brands’ shareholders. | |
Post will acquire MOM Brands for $1,150.0 on a cash-free, debt-free basis, subject to working capital and other customary closing adjustments. Under the terms of the agreement, at closing, Post will pay $1,050.0 in cash and issue the current owners of MOM Brands approximately 2.45 million shares of Post common stock. | |
Common Stock Offering | |
In February 2015, Post issued 7.475 million shares of common stock, par value $0.01 per share, at a price to the public of $47.50 per share. The Company received net proceeds of $341.7 after paying commissions or discounts to the underwriters of the offering of approximately $13.4. |
Business_Combinations_Schedule
Business Combinations Schedule of business combinations (Tables) | 3 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Business Acquisition [Line Items] | ||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ||||||||
PowerBar | ABC | |||||||
Cash and cash equivalents | $ | 2.4 | $ | 0.6 | ||||
Receivables | 6.5 | 12.8 | ||||||
Inventories | 24.3 | 15.5 | ||||||
Prepaid expenses and other current assets | 0.1 | 0.4 | ||||||
Property | 17.3 | 19.7 | ||||||
Goodwill | 18.3 | 49.6 | ||||||
Other intangible assets | 61.3 | 71.9 | ||||||
Deferred tax asset - long-term | 11.7 | — | ||||||
Other assets | — | 0.4 | ||||||
Accounts payable | (1.2 | ) | (9.0 | ) | ||||
Deferred tax liability - current | (0.8 | ) | (0.4 | ) | ||||
Other current liabilities | (4.6 | ) | (2.8 | ) | ||||
Deferred tax liability - long-term | (1.1 | ) | (30.7 | ) | ||||
Total acquisition cost | $ | 134.2 | $ | 128 | ||||
Business_Combinations_Tables
Business Combinations (Tables) | 3 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Business Combinations [Abstract] | ||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ||||||||
Three Months Ended December 31, | ||||||||
2014 | 2013 | |||||||
Pro forma net sales | $ | 1,086.40 | $ | 1,067.30 | ||||
Pro forma net loss available to common shareholders | $ | (97.0 | ) | $ | (5.2 | ) | ||
Pro forma basic loss per share | $ | (1.95 | ) | $ | (0.16 | ) | ||
Pro forma diluted loss per share | $ | (1.95 | ) | $ | (0.16 | ) |
Goodwill_Tables
Goodwill (Tables) | 3 Months Ended | |||||||||||||||
Dec. 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. | |||||||||||||||
Consumer Brands | Michael Foods Group | Private Label | Total | |||||||||||||
Balance, September 30, 2014 | ||||||||||||||||
Goodwill (gross) | $ | 1,950.60 | $ | 1,347.20 | $ | 229.3 | $ | 3,527.10 | ||||||||
Accumulated impairment losses | (640.4 | ) | — | — | (640.4 | ) | ||||||||||
Goodwill (net) | $ | 1,310.20 | $ | 1,347.20 | $ | 229.3 | $ | 2,886.70 | ||||||||
Goodwill acquired | 18.3 | — | 49.6 | 67.9 | ||||||||||||
Currency translation adjustment | (0.2 | ) | — | (6.0 | ) | (6.2 | ) | |||||||||
Balance, December 31, 2014 | ||||||||||||||||
Goodwill (gross) | $ | 1,968.70 | $ | 1,347.20 | $ | 272.9 | $ | 3,588.80 | ||||||||
Accumulated impairment losses | (640.4 | ) | — | — | (640.4 | ) | ||||||||||
Goodwill (net) | $ | 1,328.30 | $ | 1,347.20 | $ | 272.9 | $ | 2,948.40 | ||||||||
Intangible_Assets_net_Intangib1
Intangible Assets, net Intangible Assets, net (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Total intangible assets | |||||||||||||||||||||||||
31-Dec-14 | 30-Sep-14 | ||||||||||||||||||||||||
Carrying | Accumulated Amortization | Net | Carrying | Accumulated Amortization | Net | ||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||
Subject to amortization: | |||||||||||||||||||||||||
Customer relationships | $ | 1,825.30 | $ | (115.4 | ) | $ | 1,709.90 | $ | 1,743.70 | $ | (90.9 | ) | $ | 1,652.80 | |||||||||||
Trademarks/brands | 609.7 | (51.8 | ) | 557.9 | 554.7 | (43.9 | ) | 510.8 | |||||||||||||||||
Other intangible assets | 23.9 | (3.7 | ) | 20.2 | 24.7 | (3.0 | ) | 21.7 | |||||||||||||||||
2,458.90 | (170.9 | ) | 2,288.00 | 2,323.10 | (137.8 | ) | 2,185.30 | ||||||||||||||||||
Not subject to amortization: | |||||||||||||||||||||||||
Trademarks/brands | 449.5 | — | 449.5 | 457.7 | — | 457.7 | |||||||||||||||||||
$ | 2,908.40 | $ | (170.9 | ) | $ | 2,737.50 | $ | 2,780.80 | $ | (137.8 | ) | $ | 2,643.00 | ||||||||||||
Loss_Per_Share_Tables
Loss Per Share (Tables) | 3 Months Ended | |||||||
Dec. 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 loss per share for the three months ended December 31, 2014 and 2013, respectively. | |||||||
Three Months Ended December 31, | ||||||||
2014 | 2013 | |||||||
Net loss available to common shareholders | $ | (101.6 | ) | $ | (5.0 | ) | ||
Weighted-average shares outstanding | 44.9 | 32.7 | ||||||
Effect of TEUs on weighted-average shares for basic earnings per share | 4.9 | — | ||||||
Weighted-average shares for basic earnings per share | 49.8 | 32.7 | ||||||
Total dilutive securities | — | — | ||||||
Weighted-average shares for diluted earnings per share | 49.8 | 32.7 | ||||||
Basic loss per common share | $ | (2.04 | ) | $ | (0.15 | ) | ||
Diluted loss per common share | $ | (2.04 | ) | $ | (0.15 | ) |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory [Line Items] | ||||||||
Schedule of Inventory, Current [Table Text Block] | ||||||||
31-Dec-14 | 30-Sep-14 | |||||||
Raw materials and supplies | $ | 90.2 | $ | 99.2 | ||||
Work in process | 15.1 | 16.3 | ||||||
Finished products | 301.7 | 235.8 | ||||||
Flocks | 29.5 | 29.4 | ||||||
$ | 436.5 | $ | 380.7 | |||||
Property_net_Tables
Property, net (Tables) | 3 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment [Table Text Block] | ||||||||
31-Dec-14 | 30-Sep-14 | |||||||
Property, at cost | $ | 1,176.90 | $ | 1,121.00 | ||||
Accumulated depreciation | (316.8 | ) | (289.1 | ) | ||||
$ | 860.1 | $ | 831.9 | |||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments and Hedging Gain (Loss) Recognized in Earnings (Tables) | 3 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position | |||||||||||||||
Fair Value of Assets as of December 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 | $ | 1.1 | $ | (0.2 | ) | $ | 0.9 | |||||||
Fair Value of Liabilities as of December 31, 2014 | |||||||||||||||
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 | $ | 0.5 | $ | (0.2 | ) | $ | 0.3 | |||||||
Natural gas and heating oil futures | Other current liabilities | 8.1 | — | 8.1 | |||||||||||
Interest rate swaps | Other current liabilities | 1.7 | — | 1.7 | |||||||||||
Interest rate swaps | Other liabilities | 95 | — | 95 | |||||||||||
$ | 105.3 | $ | (0.2 | ) | $ | 105.1 | |||||||||
Fair Value of Liabilities as of September 30, 2014 | |||||||||||||||
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 | $ | 8 | $ | — | $ | 8 | ||||||||
Natural gas and heating oil futures | Other current liabilities | 0.9 | — | 0.9 | |||||||||||
Interest rate swaps | Other current liabilities | 2.7 | — | 2.7 | |||||||||||
Interest rate swaps | Other liabilities | 40.4 | — | 40.4 | |||||||||||
$ | 52 | $ | — | $ | 52 | ||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | |||||||||||||||
Gain (Loss) Recognized in Earnings | |||||||||||||||
Three Months Ended December 31, | |||||||||||||||
Derivative Instrument | Location of Gain (Loss) Recognized in Earnings | 2014 | 2013 | ||||||||||||
Commodity contracts | Cost of goods sold | $ | 8.2 | $ | 0.2 | ||||||||||
Natural gas and heating oil futures | Cost of goods sold | (8.5 | ) | 0.7 | |||||||||||
Foreign exchange contracts | Selling, general and administrative expenses | — | (0.7 | ) | |||||||||||
Interest rate swaps | Other expense, net | (54.6 | ) | — | |||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||||||||
Dec. 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-Dec-14 | 30-Sep-14 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Deferred compensation investment | $ | 10.8 | $ | 10.8 | $ | — | $ | 10.2 | $ | 10.2 | $ | — | ||||||||||||
Derivative assets | 0.9 | — | 0.9 | — | — | — | ||||||||||||||||||
$ | 11.7 | $ | 10.8 | $ | 0.9 | $ | 10.2 | $ | 10.2 | $ | — | |||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deferred compensation liabilities | $ | 14 | $ | — | $ | 14 | $ | 12.3 | $ | — | $ | 12.3 | ||||||||||||
Derivative liabilities | 105.1 | — | 105.1 | 52 | — | 52 | ||||||||||||||||||
$ | 119.1 | $ | — | $ | 119.1 | $ | 64.3 | $ | — | $ | 64.3 | |||||||||||||
The following table represents the fair value of Post’s long-term debt, which is not recorded at fair value in the Condensed Consolidated Balance Sheets, and is classified as Level 2 in the fair value hierarchy per ASC Topic 820: | ||||||||||||||||||||||||
31-Dec-14 | 30-Sep-14 | |||||||||||||||||||||||
Senior notes | $ | 2,826.20 | $ | 2,768.20 | ||||||||||||||||||||
Term loan | 875.4 | 872.9 | ||||||||||||||||||||||
TEUs | 31.2 | 29.5 | ||||||||||||||||||||||
$ | 3,732.80 | $ | 3,670.60 | |||||||||||||||||||||
Long_Term_Debt_Tables
Long Term Debt (Tables) | 3 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of Long-term Debt Instruments | Long-term debt as of the dates indicated consists of the following: | |||||||
31-Dec-14 | September 30, 2014 | |||||||
7.375% Senior Notes maturing February 2022 | $ | 1,375.00 | $ | 1,375.00 | ||||
6.75% Senior Notes maturing December 2021 | 875 | 875 | ||||||
6.00% Senior Notes maturing December 2022 | 630 | 630 | ||||||
Term loan | 880.6 | 882.8 | ||||||
TEUs | 35.2 | 38.4 | ||||||
4.57% 2012 Series Bond maturing September 2017 | 4.8 | 4.8 | ||||||
Secured notes | — | 1.1 | ||||||
Capital leases | 3.5 | 3.8 | ||||||
$ | 3,804.10 | $ | 3,810.90 | |||||
Less: Current portion | (24.7 | ) | (25.6 | ) | ||||
Plus: Unamortized premium (discount), net | 44 | 45.2 | ||||||
Total long-term debt | $ | 3,823.40 | $ | 3,830.50 | ||||
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefits (Tables) | 3 Months Ended | |||||||
Dec. 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 December 31, | ||||||||
2014 | 2013 | |||||||
Components of net periodic benefit cost | ||||||||
Service cost | $ | 1 | $ | 0.9 | ||||
Interest cost | 0.6 | 0.5 | ||||||
Expected return on plan assets | (0.7 | ) | (0.5 | ) | ||||
Recognized net actuarial loss | 0.2 | 0.2 | ||||||
Recognized prior service cost | 0.1 | 0.1 | ||||||
Net periodic benefit cost | $ | 1.2 | $ | 1.2 | ||||
Other Benefits | ||||||||
Three Months Ended December 31, | ||||||||
2014 | 2013 | |||||||
Components of net periodic benefit cost | ||||||||
Service cost | $ | 0.5 | $ | 0.5 | ||||
Interest cost | 1.2 | 1.1 | ||||||
Recognized net actuarial loss | 0.4 | 0.1 | ||||||
Recognized prior service credit | (0.4 | ) | (0.6 | ) | ||||
Net periodic benefit cost | $ | 1.7 | $ | 1.1 | ||||
Segment_Information_Segments_T
Segment Information Segments (Tables) | 3 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Segment Reporting [Abstract] | ||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ||||||||||
Three Months Ended December 31, | ||||||||||
2014 | 2013 | |||||||||
Net Sales | ||||||||||
Consumer Brands | $ | 347.9 | $ | 274.1 | ||||||
Michael Foods Group | 599.3 | — | ||||||||
Private Label | 127.8 | 23.2 | ||||||||
Eliminations | (1.1 | ) | (0.3 | ) | ||||||
Total | $ | 1,073.90 | $ | 297 | ||||||
Segment Profit | ||||||||||
Consumer Brands | $ | 31.3 | $ | 47.4 | ||||||
Michael Foods Group | 42.1 | — | ||||||||
Private Label | 6.9 | 2.6 | ||||||||
Total segment profit | 80.3 | 50 | ||||||||
General corporate expenses and other | 32.3 | 20.8 | ||||||||
Accelerated depreciation on plant closure | — | 2.7 | ||||||||
Losses on hedge of purchase price of foreign currency denominated acquisition | — | 1.3 | ||||||||
Loss on assets held for sale | 7.1 | — | ||||||||
Interest expense | 60.1 | 29 | ||||||||
Other expense, net | 54.6 | — | ||||||||
Loss before income taxes | $ | (73.8 | ) | $ | (3.8 | ) | ||||
Depreciation and amortization | ||||||||||
Consumer Brands | $ | 19.1 | $ | 14.8 | ||||||
Michael Foods Group | 36.6 | — | ||||||||
Private Label | 6 | 1.8 | ||||||||
Total segment depreciation and amortization | 61.7 | 16.6 | ||||||||
Accelerated depreciation on plant closure | — | 2.7 | ||||||||
Corporate | 1.4 | 1.8 | ||||||||
Total | $ | 63.1 | $ | 21.1 | ||||||
31-Dec-14 | 30-Sep-14 | |||||||||
Assets | ||||||||||
Consumer Brands | $ | 3,061.60 | $ | 2,931.90 | ||||||
Michael Foods Group | 3,651.90 | 3,726.80 | ||||||||
Private Label | 716.3 | 558.6 | ||||||||
Corporate | 286.9 | 513.8 | ||||||||
Total | $ | 7,716.70 | $ | 7,731.10 | ||||||
Guarantor_Financials_Tables
Guarantor Financials (Tables) | 3 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Schedule Of Condensed Financial Statements [Abstract] | ||||||||||||||||||||
Schedule of Condensed Income Statement [Table Text Block] | POST HOLDINGS, INC. | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) | ||||||||||||||||||||
Three Months Ended December 31, 2014 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Sales | $ | — | $ | 960.9 | $ | 123.4 | $ | (10.4 | ) | $ | 1,073.90 | |||||||||
Cost of goods sold | — | 728.9 | 106.3 | (10.4 | ) | 824.8 | ||||||||||||||
Gross Profit | — | 232 | 17.1 | — | 249.1 | |||||||||||||||
Selling, general and administrative expenses | 3.1 | 149 | 13.9 | — | 166 | |||||||||||||||
Amortization of intangible assets | — | 30.8 | 2.7 | — | 33.5 | |||||||||||||||
Loss (gain) on foreign currency | 0.4 | 0.9 | (0.1 | ) | — | 1.2 | ||||||||||||||
Other operating expenses, net | — | 7.5 | — | — | 7.5 | |||||||||||||||
Operating (Loss) Profit | (3.5 | ) | 43.8 | 0.6 | — | 40.9 | ||||||||||||||
Interest expense (income), net | 57.1 | (0.3 | ) | 3.3 | — | 60.1 | ||||||||||||||
Other expense, net | 54.6 | — | — | — | 54.6 | |||||||||||||||
(Loss) Earnings before Income Taxes | (115.2 | ) | 44.1 | (2.7 | ) | — | (73.8 | ) | ||||||||||||
Income tax expense (benefit) | 37.9 | (13.9 | ) | (0.5 | ) | — | 23.5 | |||||||||||||
Net (Loss) Earnings before Equity in Subsidiaries | (153.1 | ) | 58 | (2.2 | ) | — | (97.3 | ) | ||||||||||||
Equity earnings (loss) in subsidiaries | 55.8 | (0.5 | ) | — | (55.3 | ) | — | |||||||||||||
Net (Loss) Earnings | $ | (97.3 | ) | $ | 57.5 | $ | (2.2 | ) | $ | (55.3 | ) | $ | (97.3 | ) | ||||||
Total Comprehensive (Loss) Income | $ | (111.2 | ) | $ | 57.7 | $ | (9.2 | ) | $ | (48.5 | ) | $ | (111.2 | ) | ||||||
Three Months Ended December 31, 2013 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Sales | $ | — | $ | 284.8 | $ | 18.8 | $ | (6.6 | ) | $ | 297 | |||||||||
Cost of goods sold | — | 174.1 | 15 | (6.6 | ) | 182.5 | ||||||||||||||
Gross Profit | — | 110.7 | 3.8 | — | 114.5 | |||||||||||||||
Selling, general and administrative expenses | 3.2 | 74.8 | 3.9 | — | 81.9 | |||||||||||||||
Amortization of intangible assets | — | 5.7 | — | — | 5.7 | |||||||||||||||
Loss on foreign currency | 1.3 | 0.3 | — | — | 1.6 | |||||||||||||||
Other operating expenses, net | — | 0.1 | — | — | 0.1 | |||||||||||||||
Operating (Loss) Profit | (4.5 | ) | 29.8 | (0.1 | ) | — | 25.2 | |||||||||||||
Interest expense, net | 29 | — | — | — | 29 | |||||||||||||||
(Loss) Earnings before Income Taxes | (33.5 | ) | 29.8 | (0.1 | ) | — | (3.8 | ) | ||||||||||||
Income tax (benefit) expense | (11.9 | ) | 10.5 | — | — | (1.4 | ) | |||||||||||||
Net (Loss) Earnings before Equity in Subsidiaries | (21.6 | ) | 19.3 | (0.1 | ) | — | (2.4 | ) | ||||||||||||
Equity earnings in subsidiaries | 19.2 | — | — | (19.2 | ) | — | ||||||||||||||
Net (Loss) Earnings | $ | (2.4 | ) | $ | 19.3 | $ | (0.1 | ) | $ | (19.2 | ) | $ | (2.4 | ) | ||||||
Total Comprehensive (Loss) Income | $ | (4.7 | ) | $ | 19.2 | $ | (2.3 | ) | $ | (16.9 | ) | $ | (4.7 | ) | ||||||
Schedule of Condensed Balance Sheet [Table Text Block] | POST HOLDINGS, INC. | |||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS (Unaudited) | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 166.8 | $ | 3.6 | $ | 12.5 | $ | (6.2 | ) | $ | 176.7 | |||||||||
Restricted cash | 1.1 | 11.3 | 1.2 | — | 13.6 | |||||||||||||||
Receivables, net | 73.6 | 292.5 | 60.6 | (17.7 | ) | 409 | ||||||||||||||
Inventories | — | 384 | 52.5 | — | 436.5 | |||||||||||||||
Deferred income taxes | 21.8 | — | — | — | 21.8 | |||||||||||||||
Intercompany notes receivable | 3 | — | — | (3.0 | ) | — | ||||||||||||||
Prepaid expenses and other current assets | 11.9 | 25.3 | 1.5 | — | 38.7 | |||||||||||||||
Total Current Assets | 278.2 | 716.7 | 128.3 | (26.9 | ) | 1,096.30 | ||||||||||||||
Property, net | — | 801.2 | 58.9 | — | 860.1 | |||||||||||||||
Goodwill | — | 2,800.70 | 147.7 | — | 2,948.40 | |||||||||||||||
Other intangible assets, net | — | 2,617.30 | 120.2 | — | 2,737.50 | |||||||||||||||
Intercompany receivable | 973.2 | — | — | (973.2 | ) | — | ||||||||||||||
Intercompany notes receivable | 171.4 | — | — | (171.4 | ) | — | ||||||||||||||
Investment in subsidiaries | 5,665.70 | 25.4 | — | (5,691.1 | ) | — | ||||||||||||||
Other assets | 59.7 | 13 | 1.7 | — | 74.4 | |||||||||||||||
Total Assets | $ | 7,148.20 | $ | 6,974.30 | $ | 456.8 | $ | (6,862.6 | ) | $ | 7,716.70 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Current portion of long-term debt | $ | 22.4 | $ | 1.9 | $ | 0.4 | $ | — | $ | 24.7 | ||||||||||
Accounts payable | 0.1 | 212.1 | 43.5 | (23.9 | ) | 231.8 | ||||||||||||||
Intercompany notes payable | — | — | 3 | (3.0 | ) | — | ||||||||||||||
Other current liabilities | 157.9 | 151.2 | 19.1 | — | 328.2 | |||||||||||||||
Total Current Liabilities | 180.4 | 365.2 | 66 | (26.9 | ) | 584.7 | ||||||||||||||
Long-term debt | 3,817.40 | 2.9 | 3.1 | — | 3,823.40 | |||||||||||||||
Intercompany payable | — | 971.5 | 1.7 | (973.2 | ) | — | ||||||||||||||
Intercompany notes payable | — | — | 171.4 | (171.4 | ) | — | ||||||||||||||
Deferred income taxes | 864.6 | — | 30.5 | — | 895.1 | |||||||||||||||
Other liabilities | 112.5 | 117.2 | 10.5 | — | 240.2 | |||||||||||||||
Total Liabilities | 4,974.90 | 1,456.80 | 283.2 | (1,171.5 | ) | 5,543.40 | ||||||||||||||
Total Shareholders’ Equity | 2,173.30 | 5,517.50 | 173.6 | (5,691.1 | ) | 2,173.30 | ||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 7,148.20 | $ | 6,974.30 | $ | 456.8 | $ | (6,862.6 | ) | $ | 7,716.70 | |||||||||
30-Sep-14 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 246.6 | $ | 15.7 | $ | 10 | $ | (3.9 | ) | $ | 268.4 | |||||||||
Restricted cash | 1.1 | 79.8 | 3.9 | — | 84.8 | |||||||||||||||
Receivables, net | 78 | 305.2 | 45.9 | (15.4 | ) | 413.7 | ||||||||||||||
Inventories | — | 336.5 | 44.2 | — | 380.7 | |||||||||||||||
Deferred income taxes | 27 | — | — | — | 27 | |||||||||||||||
Intercompany notes receivable | 6.3 | — | — | (6.3 | ) | — | ||||||||||||||
Prepaid expenses and other current assets | 11.4 | 30.4 | 2.6 | — | 44.4 | |||||||||||||||
Total Current Assets | 370.4 | 767.6 | 106.6 | (25.6 | ) | 1,219.00 | ||||||||||||||
Property, net | — | 775.9 | 56 | — | 831.9 | |||||||||||||||
Goodwill | — | 2,732.80 | 153.9 | — | 2,886.70 | |||||||||||||||
Other intangible assets, net | — | 2,518.50 | 124.5 | — | 2,643.00 | |||||||||||||||
Intercompany receivable | 1,015.40 | — | — | (1,015.4 | ) | — | ||||||||||||||
Intercompany notes receivable | 178.9 | — | — | (178.9 | ) | — | ||||||||||||||
Investment in subsidiaries | 5,543.10 | 8.1 | — | (5,551.2 | ) | — | ||||||||||||||
Other assets | 61.7 | 86.1 | 2.7 | — | 150.5 | |||||||||||||||
Total Assets | $ | 7,169.50 | $ | 6,889.00 | $ | 443.7 | $ | (6,771.1 | ) | $ | 7,731.10 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Current portion of long-term debt | $ | 22.2 | $ | 3 | $ | 0.4 | $ | — | $ | 25.6 | ||||||||||
Accounts payable | — | 212.2 | 32.1 | (19.3 | ) | 225 | ||||||||||||||
Intercompany notes payable | — | — | 6.3 | (6.3 | ) | — | ||||||||||||||
Other current liabilities | 100.4 | 153.8 | 15.1 | — | 269.3 | |||||||||||||||
Total Current Liabilities | 122.6 | 369 | 53.9 | (25.6 | ) | 519.9 | ||||||||||||||
Long-term debt | 3,824.20 | 2.9 | 3.4 | — | 3,830.50 | |||||||||||||||
Intercompany payable | — | 1,013.80 | 1.6 | (1,015.4 | ) | — | ||||||||||||||
Intercompany notes payable | — | — | 178.9 | (178.9 | ) | — | ||||||||||||||
Deferred income taxes | 883.8 | — | 31.3 | — | 915.1 | |||||||||||||||
Other liabilities | 55.7 | 115.9 | 10.8 | — | 182.4 | |||||||||||||||
Total Liabilities | 4,886.30 | 1,501.60 | 279.9 | (1,219.9 | ) | 5,447.90 | ||||||||||||||
Total Shareholders’ Equity | 2,283.20 | 5,387.40 | 163.8 | (5,551.2 | ) | 2,283.20 | ||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 7,169.50 | $ | 6,889.00 | $ | 443.7 | $ | (6,771.1 | ) | $ | 7,731.10 | |||||||||
Schedule of Condensed Cash Flow Statement [Table Text Block] | POST HOLDINGS, INC. | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Unaudited) | ||||||||||||||||||||
Three Months Ended December 31, 2014 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Cash (Used In) Provided by Operating Activities | $ | (18.0 | ) | $ | 72 | $ | 5.5 | $ | (2.3 | ) | $ | 57.2 | ||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Business acquisitions | — | (183.0 | ) | (1.2 | ) | — | (184.2 | ) | ||||||||||||
Additions to property | — | (22.5 | ) | (1.2 | ) | — | (23.7 | ) | ||||||||||||
Restricted cash | — | 68.5 | 2.7 | — | 71.2 | |||||||||||||||
Capitalization of subsidiaries | (57.6 | ) | — | — | 57.6 | — | ||||||||||||||
Receipt of intercompany loan payments | 6.3 | — | — | (6.3 | ) | — | ||||||||||||||
Net Cash (Used in) Provided by Investing Activities | (51.3 | ) | (137.0 | ) | 0.3 | 51.3 | (136.7 | ) | ||||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Repayments of long-term debt | (5.6 | ) | (1.1 | ) | — | — | (6.7 | ) | ||||||||||||
Payment of dividend | (4.3 | ) | — | — | — | (4.3 | ) | |||||||||||||
Proceeds from Parent capitalization | — | 54 | 3.6 | (57.6 | ) | — | ||||||||||||||
Repayments of intercompany loans | — | — | (6.3 | ) | 6.3 | — | ||||||||||||||
Other, net | (0.6 | ) | — | — | — | (0.6 | ) | |||||||||||||
Net Cash (Used in) Provided by Financing Activities | (10.5 | ) | 52.9 | (2.7 | ) | (51.3 | ) | (11.6 | ) | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (0.6 | ) | — | (0.6 | ) | |||||||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | (79.8 | ) | (12.1 | ) | 2.5 | (2.3 | ) | (91.7 | ) | |||||||||||
Cash and Cash Equivalents, Beginning of Year | 246.6 | 15.7 | 10 | (3.9 | ) | 268.4 | ||||||||||||||
Cash and Cash Equivalents, End of Period | $ | 166.8 | $ | 3.6 | $ | 12.5 | $ | (6.2 | ) | $ | 176.7 | |||||||||
Three Months Ended December 31, 2013 | ||||||||||||||||||||
Parent | Non- | |||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | ||||||||||||||||
Net Cash Provided by Operating Activities | $ | 11.7 | $ | 26.9 | $ | 1 | $ | (14.7 | ) | $ | 24.9 | |||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Cash advance for acquisitions | (366.2 | ) | — | — | — | (366.2 | ) | |||||||||||||
Additions to property | — | (16.2 | ) | (0.3 | ) | — | (16.5 | ) | ||||||||||||
Restricted cash | 37 | — | — | — | 37 | |||||||||||||||
Net Cash Used in Investing Activities | (329.2 | ) | (16.2 | ) | (0.3 | ) | — | (345.7 | ) | |||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Proceeds from issuance of senior notes | 525 | — | — | — | 525 | |||||||||||||||
Proceeds from issuance of Preferred Stock | 290.8 | — | — | — | 290.8 | |||||||||||||||
Payment of preferred stock dividend | (2.3 | ) | — | — | — | (2.3 | ) | |||||||||||||
Payments of debt issuance costs | (8.8 | ) | — | — | — | (8.8 | ) | |||||||||||||
Other, net | (0.1 | ) | — | — | — | (0.1 | ) | |||||||||||||
Payments for equity distributions | — | (13.9 | ) | — | 13.9 | — | ||||||||||||||
Net Cash Provided by (Used in) by Financing Activities | 804.6 | (13.9 | ) | — | 13.9 | 804.6 | ||||||||||||||
Effect of Exchange Rate Changes on Cash | (0.6 | ) | — | (0.3 | ) | — | (0.9 | ) | ||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 486.5 | (3.2 | ) | 0.4 | (0.8 | ) | 482.9 | |||||||||||||
Cash and Cash Equivalents, Beginning of Year | 391.4 | 4.1 | 8.2 | (1.7 | ) | 402 | ||||||||||||||
Cash and Cash Equivalents, End of Period | $ | 877.9 | $ | 0.9 | $ | 8.6 | $ | (2.5 | ) | $ | 884.9 | |||||||||
Background_Accounting_Policies
Background Accounting Policies (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Basis of Presentation [Abstract] | ||
Loss on assets held for sale | $7.10 | $0 |
Assets Held-for-sale, Long Lived, Fair Value Disclosure | $9.30 |
Restructuring_Details
Restructuring (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Sep. 30, 2014 |
Restructuring and Related Activities [Abstract] | |||
Restructuring Reserve | $0.20 | $0.70 | |
Restructuring expense | $3.20 |
Business_Combinations_Details
Business Combinations (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 01, 2014 | Oct. 02, 2014 | Nov. 01, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Oct. 01, 2014 |
Business Acquisition [Line Items] | ||||||||
Net Sales | $1,073.90 | $297 | ||||||
Operating Profit | 40.9 | 25.2 | ||||||
Goodwill | 2,948.40 | 2,886.70 | ||||||
Dakota Growers [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Net Sales | 65.2 | |||||||
Operating Profit | 4.5 | |||||||
Dymatize [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Combinations, Purchase Price Adjustment, Net Working Capital Settlement | 6 | |||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 17.5 | |||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | 0 | 5.4 | ||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 0.7 | |||||||
Net Sales | 47 | |||||||
Operating Profit | -4.5 | |||||||
Golden Boy [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Net Sales | 102.5 | |||||||
Operating Profit | 4 | |||||||
Michael Foods [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Net Sales | 534.1 | |||||||
Operating Profit | 37.6 | |||||||
Oh's Brand [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Combination, Consideration Transferred | 20.4 | |||||||
PowerBar and Musashi [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Payments to Acquire Businesses, Gross | 150 | |||||||
Business Combination, Consideration Transferred | 136.1 | |||||||
Business Combinations, Purchase Price Adjustment, Net Working Capital Settlement | 1.9 | |||||||
Net Sales | 35 | |||||||
Operating Profit | -4.5 | |||||||
Cash and cash equivalents | 2.4 | |||||||
Receivables | 6.5 | |||||||
Inventories | 24.3 | |||||||
Prepaid expenses and other current assets | 0.1 | |||||||
Property | 17.3 | |||||||
Goodwill | 18.3 | |||||||
Other intangible assets | 61.3 | |||||||
Deferred tax assets, noncurrent | 11.7 | |||||||
Other assets | 0 | |||||||
Accounts payable | -1.2 | |||||||
Deferred Tax Liabilities, Current | -0.8 | |||||||
Other current liabilities | -4.6 | |||||||
Deferred income taxes, noncurrent | -1.1 | |||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 134.2 | |||||||
American Blanching Company [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Combination, Consideration Transferred | 128 | |||||||
Cash and cash equivalents | 0.6 | |||||||
Receivables | 12.8 | |||||||
Inventories | 15.5 | |||||||
Prepaid expenses and other current assets | 0.4 | |||||||
Property | 19.7 | |||||||
Goodwill | 49.6 | |||||||
Other intangible assets | 71.9 | |||||||
Deferred tax assets, noncurrent | 0 | |||||||
Other assets | 0.4 | |||||||
Accounts payable | -9 | |||||||
Deferred Tax Liabilities, Current | -0.4 | |||||||
Other current liabilities | -2.8 | |||||||
Deferred income taxes, noncurrent | -30.7 | |||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 128 | |||||||
Customer Relationships [Member] | PowerBar and Musashi [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Finite-lived Intangible Assets Acquired | 21.3 | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 18 years 3 months | |||||||
Customer Relationships [Member] | American Blanching Company [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Finite-lived Intangible Assets Acquired | 63.9 | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 17 years | |||||||
Trademarks [Member] | PowerBar and Musashi [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Finite-lived Intangible Assets Acquired | 40 | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | |||||||
Trademarks [Member] | American Blanching Company [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Finite-lived Intangible Assets Acquired | $8 | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
Business_Combinations_Business
Business Combinations Business combinations pro forma financial information (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Business Acquisition, Pro Forma Revenue | $1,086.40 | $1,067.30 |
Business Acquisition, Pro Forma Net Income (Loss) | ($97) | ($5.20) |
Business Acquisition, Pro Forma Earnings Per Share, Basic | ($1.95) | ($0.16) |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | ($1.95) | ($0.16) |
Goodwill_Details
Goodwill (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 |
Goodwill [Roll Forward] | ||
Goodwill, Gross | $3,588.80 | $3,527.10 |
Goodwill, Impaired, Accumulated Impairment Loss | -640.4 | -640.4 |
Goodwill | 2,948.40 | 2,886.70 |
Goodwill, Acquired During Period | 67.9 | |
Currency translation adjustment | -6.2 | |
Consumer Brands Segment [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Gross | 1,968.70 | 1,950.60 |
Goodwill, Impaired, Accumulated Impairment Loss | -640.4 | -640.4 |
Goodwill | 1,328.30 | 1,310.20 |
Goodwill, Acquired During Period | 18.3 | |
Currency translation adjustment | -0.2 | |
Michael Foods Group Segment [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Gross | 1,347.20 | 1,347.20 |
Goodwill, Impaired, Accumulated Impairment Loss | 0 | 0 |
Goodwill | 1,347.20 | 1,347.20 |
Goodwill, Acquired During Period | 0 | |
Currency translation adjustment | 0 | |
Private Label Segment [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Gross | 272.9 | 229.3 |
Goodwill, Impaired, Accumulated Impairment Loss | 0 | 0 |
Goodwill | 272.9 | 229.3 |
Goodwill, Acquired During Period | 49.6 | |
Currency translation adjustment | ($6) |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Effective Income Tax Rate Reconciliation, Percent | 31.80% |
Intangible_Assets_net_Intangib2
Intangible Assets, net Intangible Assets, net (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Millions, unless otherwise specified | ||
Finite-Lived Intangible Assets [Abstract] | ||
Finite-Lived Intangible Assets, Gross | $2,458.90 | $2,323.10 |
Finite-Lived Intangible Assets, Accumulated Amortization | -170.9 | -137.8 |
Finite-Lived Intangible Assets, Net | 2,288 | 2,185.30 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Carrying amount, total | 2,908.40 | 2,780.80 |
Other intangible assets, net | 2,737.50 | 2,643 |
Trademarks [Member] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | ||
Carrying amount | 449.5 | 457.7 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Finite-Lived Intangible Assets, Gross | 1,825.30 | 1,743.70 |
Finite-Lived Intangible Assets, Accumulated Amortization | -115.4 | -90.9 |
Finite-Lived Intangible Assets, Net | 1,709.90 | 1,652.80 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Finite-Lived Intangible Assets, Gross | 609.7 | 554.7 |
Finite-Lived Intangible Assets, Accumulated Amortization | -51.8 | -43.9 |
Finite-Lived Intangible Assets, Net | 557.9 | 510.8 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Finite-Lived Intangible Assets, Gross | 23.9 | 24.7 |
Finite-Lived Intangible Assets, Accumulated Amortization | -3.7 | -3 |
Finite-Lived Intangible Assets, Net | $20.20 | $21.70 |
Loss_Per_Share_Details
Loss Per Share (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Net (Loss) Earnings Available to Common Stockholders | ($101.60) | ($5) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 44,900,000 | 32,700,000 |
Dilutive Securities, Effect on Basic Earnings Per Share | 4,900,000 | 0 |
Weighted-average shares for basic earnings per share | 49,800,000 | 32,700,000 |
Stock appreciation rights | 0 | 0 |
Weighted-average shares for diluted earnings per share | 49,800,000 | 32,700,000 |
Basic earnings per share (in usd per share) | ($2.04) | ($0.15) |
Diluted earnings per share (in usd per share) | ($2.04) | ($0.15) |
Minimum [Member] | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Tangible Equity Unit, Equity Component, Settlement Rate per Unit | 1.7114 | |
Maximum [Member] | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Tangible Equity Unit, Equity Component, Settlement Rate per Unit | 2.0964 |
Loss_Per_Share_Antidilutive_sh
Loss Per Share Antidilutive shares excluded from earnings per share (Details) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Stock Appreciation Rights (SARs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5.1 | 3.8 |
Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 11 | 10.7 |
Tangible Equity Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.1 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Millions, unless otherwise specified | ||
Inventory [Abstract] | ||
Inventory, Raw Materials, Net of Reserves | $90.20 | $99.20 |
Inventory, Work in Process, Gross | 15.1 | 16.3 |
Inventory, Finished Goods, Net of Reserves | 301.7 | 235.8 |
Flock Inventory | 29.5 | 29.4 |
Inventories | $436.50 | $380.70 |
Property_net_Details
Property, net (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ||
Property, Plant and Equipment, Gross | $1,176.90 | $1,121 |
Accumulated Depreciation | -316.8 | -289.1 |
Property, net | $860.10 | $831.90 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments and Hedging (Details) (USD $) | 3 Months Ended | |
Dec. 31, 2014 | Sep. 30, 2014 | |
Derivatives, Fair Value | ||
Derivative, Remaining Maturity | 12 months | |
Derivative Liability, Current | $105,100,000 | $52,000,000 |
Derivative Assets | 900,000 | 0 |
Total Liabilities [Member] | ||
Derivatives, Fair Value | ||
Derivative Asset, Fair Value, Gross Asset | -200,000 | 0 |
Derivative Liability, Current | 105,300,000 | 52,000,000 |
Derivative Assets (Liabilities), at Fair Value, Net | 105,100,000 | 52,000,000 |
Interest rate swap, rate lock swaps [Member] | ||
Derivatives, Fair Value | ||
Derivative, Notional Amount | 750,000,000 | |
Derivative, Fixed Interest Rate | 4.00% | |
Commodity Contract [Member] | ||
Derivatives, Fair Value | ||
Derivative, Notional Amount | 37,100,000 | |
Commodity Contract [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value | ||
Derivative Asset, Fair Value, Gross Asset | 1,100,000 | |
Derivative Liability, Current | -200,000 | |
Derivative Assets (Liabilities), at Fair Value, Net | 900,000 | |
Commodity Contract [Member] | Other Assets [Member] | ||
Derivatives, Fair Value | ||
Derivative Asset, Fair Value, Gross Asset | -200,000 | 0 |
Derivative Liability, Current | 500,000 | 8,000,000 |
Derivative Assets (Liabilities), at Fair Value, Net | 300,000 | 8,000,000 |
Future [Member] | ||
Derivatives, Fair Value | ||
Derivative, Notional Amount | 33,200,000 | |
Future [Member] | Other Assets [Member] | ||
Derivatives, Fair Value | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Current | 8,100,000 | 900,000 |
Derivative Assets (Liabilities), at Fair Value, Net | 8,100,000 | 900,000 |
Interest Rate Swap [Member] | ||
Derivatives, Fair Value | ||
Derivative, Notional Amount | 869,500,000 | |
Interest Rate Swap [Member] | Other Assets [Member] | ||
Derivatives, Fair Value | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Current | 1,700,000 | 2,700,000 |
Derivative Assets (Liabilities), at Fair Value, Net | 1,700,000 | 2,700,000 |
Interest Rate Swap [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Current | 95,000,000 | 40,400,000 |
Derivative Assets (Liabilities), at Fair Value, Net | 95,000,000 | 40,400,000 |
Michael Foods [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value | ||
Derivative, Notional Amount | $300,000,000 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments and Hedging Gain(Loss) recognized in earnings from derivative instruments (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Commodity Contract [Member] | Cost of Sales [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $8.20 | $0.20 |
Natural Gas Futures [Member] | Cost of Sales [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | -8.5 | 0.7 |
Foreign Exchange Contract [Member] | Selling, General and Administrative Expenses [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 0 | -0.7 |
Interest Rate Swap [Member] | Operating Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | ($54.60) | $0 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Deferred Compensation Plan Assets | $10.80 | $10.20 |
Derivative instruments | 0.9 | 0 |
Assets, Fair Value Disclosure | 11.7 | 10.2 |
Deferred compensation liabilities | 14 | 12.3 |
Derivative Liability, Current | 105.1 | 52 |
Other Liabilities, Fair Value Disclosure | 119.1 | 64.3 |
Long-term Debt, Fair Value | 3,732.80 | 3,670.60 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Deferred Compensation Plan Assets | 10.8 | 10.2 |
Derivative instruments | 0 | 0 |
Assets, Fair Value Disclosure | 10.8 | 10.2 |
Deferred compensation liabilities | 0 | 0 |
Derivative Liability, Current | 0 | 0 |
Other 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 | 14 | 12.3 |
Derivative Liability, Current | 105.1 | 52 |
Other Liabilities, Fair Value Disclosure | 119.1 | 64.3 |
Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Long-term Debt, Fair Value | 2,826.20 | 2,768.20 |
Term Loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Long-term Debt, Fair Value | 875.4 | 872.9 |
TEUs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Long-term Debt, Fair Value | $31.20 | $29.50 |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 3 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Preferred Stock [Abstract] | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | $0.20 | ($0.20) |
Long_Term_Debt_Details
Long Term Debt (Details) (USD $) | 3 Months Ended | |
Dec. 31, 2014 | Sep. 30, 2014 | |
Debt Instrument | ||
Loans Payable to Bank | $880,600,000 | $882,800,000 |
Secured Debt, Other | 4,800,000 | 4,800,000 |
Secured Debt | 0 | 1,100,000 |
Capital Lease Obligations | 3,500,000 | 3,800,000 |
Long-term Debt | 3,804,100,000 | 3,810,900,000 |
Current portion of long-term debt | -24,700,000 | -25,600,000 |
Plus: Unamortized premium (discount), net | 44,000,000 | 45,200,000 |
Total long-term debt | 3,823,400,000 | 3,830,500,000 |
Line of Credit Facility, Maximum Borrowing Capacity | 400,000,000 | |
Letters of Credit Outstanding, Amount | 500,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | 399,500,000 | |
Debt Covenant, Leverage Ratio | 3 | |
Debt covenant, interest coverage ratio | 1.75 | |
Debt Covenant, Maximum Undischarged Judgments | 5.75 | |
7.375% Senior Notes [Member] | ||
Debt Instrument | ||
Senior Notes | 1,375,000,000 | 1,375,000,000 |
6.75% Senior Notes [Member] | ||
Debt Instrument | ||
Senior Notes | 875,000,000 | 875,000,000 |
6.00% Senior Notes [Member] | ||
Debt Instrument | ||
Senior Notes | 630,000,000 | 630,000,000 |
Tangible Equity Units Debt Component [Member] | ||
Debt Instrument | ||
Tangible Equity Units, Debt Component | $35,200,000 | $38,400,000 |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Pension Benefits | ||
Components of net periodic benefit cost [Abstract] | ||
Service cost | $1 | $0.90 |
Interest cost | 0.6 | 0.5 |
Expected return on plan assets | -0.7 | -0.5 |
Recognized net actuarial loss | 0.2 | 0.2 |
Recognized prior service cost | 0.1 | 0.1 |
Net periodic benefit cost | 1.2 | 1.2 |
Other Benefits | ||
Components of net periodic benefit cost [Abstract] | ||
Service cost | 0.5 | 0.5 |
Interest cost | 1.2 | 1.1 |
Recognized net actuarial loss | 0.4 | 0.1 |
Recognized prior service cost | -0.4 | -0.6 |
Net periodic benefit cost | $1.70 | $1.10 |
Segment_Information_Segments_D
Segment Information Segments (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
Segment Reporting Information [Line Items] | |||
Net Sales | $1,073.90 | $297 | |
Accelerated depreciation on plant closure | 0 | 2.7 | |
Losses on hedge of purchase price of foreign currency denominated acquisition | -1.2 | -1.6 | |
Loss on assets held for sale | 7.1 | 0 | |
Interest Expense | 60.1 | 29 | |
Other expense, net | 54.6 | 0 | |
Loss before income taxes | -73.8 | -3.8 | |
Depreciation and amortization | 63.1 | 21.1 | |
Assets | 7,716.70 | 7,731.10 | |
Consumer Brands Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 347.9 | 274.1 | |
Segment Profit | 31.3 | 47.4 | |
Depreciation and amortization | 19.1 | 14.8 | |
Assets | 3,061.60 | 2,931.90 | |
Michael Foods Group Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 599.3 | 0 | |
Segment Profit | 42.1 | 0 | |
Depreciation and amortization | 36.6 | 0 | |
Assets | 3,651.90 | 3,726.80 | |
Private Label Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 127.8 | 23.2 | |
Segment Profit | 6.9 | 2.6 | |
Depreciation and amortization | 6 | 1.8 | |
Assets | 716.3 | 558.6 | |
Total Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment Profit | 80.3 | 50 | |
Depreciation and amortization | 61.7 | 16.6 | |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | -1.1 | -0.3 | |
Corporate Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Other Expenses | 32.3 | 20.8 | |
Losses on hedge of purchase price of foreign currency denominated acquisition | 0 | 1.3 | |
Depreciation and amortization | 1.4 | 1.8 | |
Assets | $286.90 | $513.80 |
Guarantor_Financials_Combined_
Guarantor Financials - Combined Statements of Operations (Condensed) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ||
Net Sales | $1,073.90 | $297 |
Cost of goods sold | 824.8 | 182.5 |
Gross Profit | 249.1 | 114.5 |
Selling, general and administrative expenses | 166 | 81.9 |
Amortization of intangible assets | 33.5 | 5.7 |
(Gain) loss on foreign currency | 1.2 | 1.6 |
Other operating expenses, net | 7.5 | 0.1 |
Operating Profit | 40.9 | 25.2 |
Interest Expense | 60.1 | 29 |
Other expense, net | 54.6 | 0 |
(Loss) Earnings before Income Taxes | -73.8 | -3.8 |
Income tax (benefit) provision | 23.5 | -1.4 |
Net (Loss) Earnings before Equity in Subsidiaries | -97.3 | -2.4 |
Equity earnings (loss) in subsidiaries | 0 | 0 |
Net (Loss) Earnings | -97.3 | -2.4 |
Total Comprehensive Loss | -111.2 | -4.7 |
Parent Company | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net Sales | 0 | 0 |
Cost of goods sold | 0 | 0 |
Gross Profit | 0 | 0 |
Selling, general and administrative expenses | 3.1 | 3.2 |
Amortization of intangible assets | 0 | 0 |
(Gain) loss on foreign currency | 0.4 | 1.3 |
Other operating expenses, net | 0 | 0 |
Operating Profit | -3.5 | -4.5 |
Interest Expense | 57.1 | 29 |
Other expense, net | 54.6 | |
(Loss) Earnings before Income Taxes | -115.2 | -33.5 |
Income tax (benefit) provision | 37.9 | -11.9 |
Net (Loss) Earnings before Equity in Subsidiaries | -153.1 | -21.6 |
Equity earnings (loss) in subsidiaries | 55.8 | 19.2 |
Net (Loss) Earnings | -97.3 | -2.4 |
Total Comprehensive Loss | -111.2 | -4.7 |
Guarantors | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net Sales | 960.9 | 284.8 |
Cost of goods sold | 728.9 | 174.1 |
Gross Profit | 232 | 110.7 |
Selling, general and administrative expenses | 149 | 74.8 |
Amortization of intangible assets | 30.8 | 5.7 |
(Gain) loss on foreign currency | 0.9 | 0.3 |
Other operating expenses, net | 7.5 | 0.1 |
Operating Profit | 43.8 | 29.8 |
Interest Expense | -0.3 | 0 |
Other expense, net | 0 | |
(Loss) Earnings before Income Taxes | 44.1 | 29.8 |
Income tax (benefit) provision | -13.9 | 10.5 |
Net (Loss) Earnings before Equity in Subsidiaries | 58 | 19.3 |
Equity earnings (loss) in subsidiaries | -0.5 | 0 |
Net (Loss) Earnings | 57.5 | 19.3 |
Total Comprehensive Loss | 57.7 | 19.2 |
Non-Guarantors | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net Sales | 123.4 | 18.8 |
Cost of goods sold | 106.3 | 15 |
Gross Profit | 17.1 | 3.8 |
Selling, general and administrative expenses | 13.9 | 3.9 |
Amortization of intangible assets | 2.7 | 0 |
(Gain) loss on foreign currency | -0.1 | 0 |
Other operating expenses, net | 0 | 0 |
Operating Profit | 0.6 | -0.1 |
Interest Expense | 3.3 | 0 |
Other expense, net | 0 | |
(Loss) Earnings before Income Taxes | -2.7 | -0.1 |
Income tax (benefit) provision | -0.5 | 0 |
Net (Loss) Earnings before Equity in Subsidiaries | -2.2 | -0.1 |
Equity earnings (loss) in subsidiaries | 0 | 0 |
Net (Loss) Earnings | -2.2 | -0.1 |
Total Comprehensive Loss | -9.2 | -2.3 |
Eliminations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net Sales | -10.4 | -6.6 |
Cost of goods sold | -10.4 | -6.6 |
Gross Profit | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 |
Amortization of intangible assets | 0 | 0 |
(Gain) loss on foreign currency | 0 | 0 |
Other operating expenses, net | 0 | 0 |
Operating Profit | 0 | |
Interest Expense | 0 | 0 |
Other expense, net | 0 | |
(Loss) Earnings before Income Taxes | 0 | 0 |
Income tax (benefit) provision | 0 | 0 |
Net (Loss) Earnings before Equity in Subsidiaries | 0 | |
Equity earnings (loss) in subsidiaries | -55.3 | -19.2 |
Net (Loss) Earnings | -55.3 | -19.2 |
Total Comprehensive Loss | ($48.50) | ($16.90) |
Guarantor_Financials_Consolida
Guarantor Financials - Consolidated Balance Sheets (Condensed) (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||||
Assets, Current [Abstract] | ||||
Cash and cash equivalents | $176.70 | $268.40 | $884.90 | $402 |
Restricted cash | 13.6 | 84.8 | ||
Receivables, net | 409 | 413.7 | ||
Inventories | 436.5 | 380.7 | ||
Deferred income taxes | 21.8 | 27 | ||
Note Receivable, Intercompany, Current | 0 | 0 | ||
Prepaid expenses and other current assets | 38.7 | 44.4 | ||
Total Current Assets | 1,096.30 | 1,219 | ||
Assets, Noncurrent [Abstract] | ||||
Property, net | 860.1 | 831.9 | ||
Goodwill | 2,948.40 | 2,886.70 | ||
Other intangible assets, net | 2,737.50 | 2,643 | ||
Intercompany receivable | 0 | 0 | ||
Note Receivable, Intercompany, Noncurrent | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Other assets | 74.4 | 150.5 | ||
Total Assets | 7,716.70 | 7,731.10 | ||
Liabilities, Current [Abstract] | ||||
Current portion of long-term debt | 24.7 | 25.6 | ||
Accounts payable | 231.8 | 225 | ||
Notes Payable, Intercompany, Current | 0 | 0 | ||
Other current liabilities | 328.2 | 269.3 | ||
Total current liabilities | 584.7 | 519.9 | ||
Liabilities, Noncurrent [Abstract] | ||||
Long-term Debt, Excluding Current Maturities | 3,823.40 | 3,830.50 | ||
Intercompany payable | 0 | 0 | ||
Notes Payable, Intercompany, Noncurrent | 0 | 0 | ||
Deferred income taxes | 895.1 | 915.1 | ||
Other liabilities | 240.2 | 182.4 | ||
Total liabilities | 5,543.40 | 5,447.90 | ||
Total Stockholders' Equity | 2,173.30 | 2,283.20 | ||
Total Liabilities and Stockholders' Equity | 7,716.70 | 7,731.10 | ||
Parent Company | ||||
Assets, Current [Abstract] | ||||
Cash and cash equivalents | 166.8 | 246.6 | 877.9 | 391.4 |
Restricted cash | 1.1 | 1.1 | ||
Receivables, net | 73.6 | 78 | ||
Inventories | 0 | 0 | ||
Deferred income taxes | 21.8 | 27 | ||
Note Receivable, Intercompany, Current | 3 | 6.3 | ||
Prepaid expenses and other current assets | 11.9 | 11.4 | ||
Total Current Assets | 278.2 | 370.4 | ||
Assets, Noncurrent [Abstract] | ||||
Property, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Intercompany receivable | 973.2 | 1,015.40 | ||
Note Receivable, Intercompany, Noncurrent | 171.4 | 178.9 | ||
Investment in subsidiaries | 5,665.70 | 5,543.10 | ||
Other assets | 59.7 | 61.7 | ||
Total Assets | 7,148.20 | 7,169.50 | ||
Liabilities, Current [Abstract] | ||||
Current portion of long-term debt | 22.4 | 22.2 | ||
Accounts payable | 0.1 | 0 | ||
Notes Payable, Intercompany, Current | 0 | 0 | ||
Other current liabilities | 157.9 | 100.4 | ||
Total current liabilities | 180.4 | 122.6 | ||
Liabilities, Noncurrent [Abstract] | ||||
Long-term Debt, Excluding Current Maturities | 3,817.40 | 3,824.20 | ||
Intercompany payable | 0 | 0 | ||
Notes Payable, Intercompany, Noncurrent | 0 | 0 | ||
Deferred income taxes | 864.6 | 883.8 | ||
Other liabilities | 112.5 | 55.7 | ||
Total liabilities | 4,974.90 | 4,886.30 | ||
Total Stockholders' Equity | 2,173.30 | 2,283.20 | ||
Total Liabilities and Stockholders' Equity | 7,148.20 | 7,169.50 | ||
Guarantors | ||||
Assets, Current [Abstract] | ||||
Cash and cash equivalents | 3.6 | 15.7 | 0.9 | 4.1 |
Restricted cash | 11.3 | 79.8 | ||
Receivables, net | 292.5 | 305.2 | ||
Inventories | 384 | 336.5 | ||
Deferred income taxes | 0 | 0 | ||
Note Receivable, Intercompany, Current | 0 | |||
Prepaid expenses and other current assets | 25.3 | 30.4 | ||
Total Current Assets | 716.7 | 767.6 | ||
Assets, Noncurrent [Abstract] | ||||
Property, net | 801.2 | 775.9 | ||
Goodwill | 2,800.70 | 2,732.80 | ||
Other intangible assets, net | 2,617.30 | 2,518.50 | ||
Intercompany receivable | 0 | 0 | ||
Note Receivable, Intercompany, Noncurrent | 0 | |||
Investment in subsidiaries | 25.4 | 8.1 | ||
Other assets | 13 | 86.1 | ||
Total Assets | 6,974.30 | 6,889 | ||
Liabilities, Current [Abstract] | ||||
Current portion of long-term debt | 1.9 | 3 | ||
Accounts payable | 212.1 | 212.2 | ||
Notes Payable, Intercompany, Current | 0 | 0 | ||
Other current liabilities | 151.2 | 153.8 | ||
Total current liabilities | 365.2 | 369 | ||
Liabilities, Noncurrent [Abstract] | ||||
Long-term Debt, Excluding Current Maturities | 2.9 | 2.9 | ||
Intercompany payable | 971.5 | 1,013.80 | ||
Notes Payable, Intercompany, Noncurrent | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 117.2 | 115.9 | ||
Total liabilities | 1,456.80 | 1,501.60 | ||
Total Stockholders' Equity | 5,517.50 | 5,387.40 | ||
Total Liabilities and Stockholders' Equity | 6,974.30 | 6,889 | ||
Non-Guarantors | ||||
Assets, Current [Abstract] | ||||
Cash and cash equivalents | 12.5 | 10 | 8.6 | 8.2 |
Restricted cash | 1.2 | 3.9 | ||
Receivables, net | 60.6 | 45.9 | ||
Inventories | 52.5 | 44.2 | ||
Deferred income taxes | 0 | 0 | ||
Note Receivable, Intercompany, Current | 0 | 0 | ||
Prepaid expenses and other current assets | 1.5 | 2.6 | ||
Total Current Assets | 128.3 | 106.6 | ||
Assets, Noncurrent [Abstract] | ||||
Property, net | 58.9 | 56 | ||
Goodwill | 147.7 | 153.9 | ||
Other intangible assets, net | 120.2 | 124.5 | ||
Intercompany receivable | 0 | 0 | ||
Note Receivable, Intercompany, Noncurrent | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Other assets | 1.7 | 2.7 | ||
Total Assets | 456.8 | 443.7 | ||
Liabilities, Current [Abstract] | ||||
Current portion of long-term debt | 0.4 | 0.4 | ||
Accounts payable | 43.5 | 32.1 | ||
Notes Payable, Intercompany, Current | 3 | 6.3 | ||
Other current liabilities | 19.1 | 15.1 | ||
Total current liabilities | 66 | 53.9 | ||
Liabilities, Noncurrent [Abstract] | ||||
Long-term Debt, Excluding Current Maturities | 3.1 | 3.4 | ||
Intercompany payable | 1.7 | 1.6 | ||
Notes Payable, Intercompany, Noncurrent | 171.4 | 178.9 | ||
Deferred income taxes | 30.5 | 31.3 | ||
Other liabilities | 10.5 | 10.8 | ||
Total liabilities | 283.2 | 279.9 | ||
Total Stockholders' Equity | 173.6 | 163.8 | ||
Total Liabilities and Stockholders' Equity | 456.8 | 443.7 | ||
Eliminations | ||||
Assets, Current [Abstract] | ||||
Cash and cash equivalents | -6.2 | -3.9 | -2.5 | -1.7 |
Restricted cash | 0 | 0 | ||
Receivables, net | -17.7 | -15.4 | ||
Inventories | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Note Receivable, Intercompany, Current | -3 | -6.3 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total Current Assets | -26.9 | -25.6 | ||
Assets, Noncurrent [Abstract] | ||||
Property, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Intercompany receivable | -973.2 | -1,015.40 | ||
Note Receivable, Intercompany, Noncurrent | -171.4 | -178.9 | ||
Investment in subsidiaries | -5,691.10 | -5,551.20 | ||
Other assets | 0 | 0 | ||
Total Assets | -6,862.60 | -6,771.10 | ||
Liabilities, Current [Abstract] | ||||
Current portion of long-term debt | 0 | 0 | ||
Accounts payable | -23.9 | -19.3 | ||
Notes Payable, Intercompany, Current | -3 | -6.3 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | -26.9 | -25.6 | ||
Liabilities, Noncurrent [Abstract] | ||||
Long-term Debt, Excluding Current Maturities | 0 | 0 | ||
Intercompany payable | -973.2 | -1,015.40 | ||
Notes Payable, Intercompany, Noncurrent | -171.4 | -178.9 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | -1,171.50 | -1,219.90 | ||
Total Stockholders' Equity | -5,691.10 | -5,551.20 | ||
Total Liabilities and Stockholders' Equity | ($6,862.60) | ($6,771.10) |
Guarantor_Financials_Consolida1
Guarantor Financials - Consolidated Statements of Cash Flows (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Cash Flows from Operating Activities: | ||
Net Cash Provided by (Used in) Operating Activities | $57.20 | $24.90 |
Cash Flows from Investing Activities: | ||
Business acquisitions, net of cash acquired | -184.2 | 0 |
Cash advance for asset purchase | 0 | -366.2 |
Additions to property | -23.7 | -16.5 |
Restricted cash | 71.2 | 37 |
Capitalization of subsidiaries | 0 | |
Receipt of intercompany loan payments | 0 | |
Net Cash Used by Investing Activities | -136.7 | -345.7 |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of Senior Notes | 0 | 525 |
Proceeds from issuance of preferred stock, net of issuance costs | 0 | 290.8 |
Repayments of long-term debt | -6.7 | 0 |
Payment of preferred stock dividend | -4.3 | -2.3 |
Payments of Debt Issuance Costs | 0 | -8.8 |
Proceeds from Parent capitalization | 0 | |
Payments for equity distributions | 0 | |
Repayments of intercompany loans | 0 | |
Other, net | -0.6 | -0.1 |
Net Cash (Used in) Provided by Financing Activities | 11.6 | -804.6 |
Effect of exchange rate changes on cash | -0.6 | -0.9 |
Net (Decrease) Increase in Cash and Cash Equivalents | -91.7 | 482.9 |
Cash and cash equivalents, beginning of year | 268.4 | 402 |
Cash and cash equivalents, end of year | 176.7 | 884.9 |
Parent Company | ||
Cash Flows from Operating Activities: | ||
Net Cash Provided by (Used in) Operating Activities | -18 | 11.7 |
Cash Flows from Investing Activities: | ||
Business acquisitions, net of cash acquired | 0 | |
Cash advance for asset purchase | -366.2 | |
Additions to property | 0 | 0 |
Restricted cash | 0 | 37 |
Capitalization of subsidiaries | -57.6 | |
Receipt of intercompany loan payments | 6.3 | |
Net Cash Used by Investing Activities | -51.3 | -329.2 |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of Senior Notes | 525 | |
Proceeds from issuance of preferred stock, net of issuance costs | 290.8 | |
Repayments of long-term debt | -5.6 | |
Payment of preferred stock dividend | -4.3 | -2.3 |
Payments of Debt Issuance Costs | -8.8 | |
Proceeds from Parent capitalization | 0 | |
Payments for equity distributions | 0 | |
Repayments of intercompany loans | 0 | |
Other, net | -0.6 | -0.1 |
Net Cash (Used in) Provided by Financing Activities | 10.5 | -804.6 |
Effect of exchange rate changes on cash | 0 | -0.6 |
Net (Decrease) Increase in Cash and Cash Equivalents | -79.8 | 486.5 |
Cash and cash equivalents, beginning of year | 246.6 | 391.4 |
Cash and cash equivalents, end of year | 166.8 | 877.9 |
Guarantors | ||
Cash Flows from Operating Activities: | ||
Net Cash Provided by (Used in) Operating Activities | 72 | 26.9 |
Cash Flows from Investing Activities: | ||
Business acquisitions, net of cash acquired | -183 | |
Cash advance for asset purchase | 0 | |
Additions to property | -22.5 | -16.2 |
Restricted cash | 68.5 | 0 |
Capitalization of subsidiaries | 0 | |
Receipt of intercompany loan payments | 0 | |
Net Cash Used by Investing Activities | -137 | -16.2 |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of Senior Notes | 0 | |
Proceeds from issuance of preferred stock, net of issuance costs | 0 | |
Repayments of long-term debt | -1.1 | |
Payment of preferred stock dividend | 0 | 0 |
Payments of Debt Issuance Costs | 0 | |
Proceeds from Parent capitalization | 54 | |
Payments for equity distributions | -13.9 | |
Repayments of intercompany loans | 0 | |
Other, net | 0 | 0 |
Net Cash (Used in) Provided by Financing Activities | -52.9 | -13.9 |
Effect of exchange rate changes on cash | 0 | 0 |
Net (Decrease) Increase in Cash and Cash Equivalents | -12.1 | -3.2 |
Cash and cash equivalents, beginning of year | 15.7 | 4.1 |
Cash and cash equivalents, end of year | 3.6 | 0.9 |
Non-Guarantors | ||
Cash Flows from Operating Activities: | ||
Net Cash Provided by (Used in) Operating Activities | 5.5 | 1 |
Cash Flows from Investing Activities: | ||
Business acquisitions, net of cash acquired | -1.2 | |
Cash advance for asset purchase | 0 | |
Additions to property | -1.2 | -0.3 |
Restricted cash | 2.7 | 0 |
Capitalization of subsidiaries | 0 | |
Receipt of intercompany loan payments | 0 | |
Net Cash Used by Investing Activities | 0.3 | -0.3 |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of Senior Notes | 0 | |
Proceeds from issuance of preferred stock, net of issuance costs | 0 | |
Repayments of long-term debt | 0 | |
Payment of preferred stock dividend | 0 | 0 |
Payments of Debt Issuance Costs | 0 | |
Proceeds from Parent capitalization | 3.6 | |
Payments for equity distributions | 0 | |
Repayments of intercompany loans | -6.3 | |
Other, net | 0 | 0 |
Net Cash (Used in) Provided by Financing Activities | 2.7 | 0 |
Effect of exchange rate changes on cash | -0.6 | -0.3 |
Net (Decrease) Increase in Cash and Cash Equivalents | 2.5 | 0.4 |
Cash and cash equivalents, beginning of year | 10 | 8.2 |
Cash and cash equivalents, end of year | 12.5 | 8.6 |
Eliminations | ||
Cash Flows from Operating Activities: | ||
Net Cash Provided by (Used in) Operating Activities | -2.3 | -14.7 |
Cash Flows from Investing Activities: | ||
Business acquisitions, net of cash acquired | 0 | |
Cash advance for asset purchase | 0 | |
Additions to property | 0 | 0 |
Restricted cash | 0 | 0 |
Capitalization of subsidiaries | 57.6 | |
Receipt of intercompany loan payments | -6.3 | |
Net Cash Used by Investing Activities | 51.3 | 0 |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of Senior Notes | 0 | |
Proceeds from issuance of preferred stock, net of issuance costs | 0 | |
Repayments of long-term debt | 0 | |
Payment of preferred stock dividend | 0 | 0 |
Payments of Debt Issuance Costs | 0 | |
Proceeds from Parent capitalization | -57.6 | |
Payments for equity distributions | 13.9 | |
Repayments of intercompany loans | 6.3 | |
Other, net | 0 | 0 |
Net Cash (Used in) Provided by Financing Activities | 51.3 | 13.9 |
Effect of exchange rate changes on cash | 0 | 0 |
Net (Decrease) Increase in Cash and Cash Equivalents | -2.3 | -0.8 |
Cash and cash equivalents, beginning of year | -3.9 | -1.7 |
Cash and cash equivalents, end of year | ($6.20) | ($2.50) |
Guarantor_Financials_Narrative
Guarantor Financials Narrative (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Millions, unless otherwise specified | ||
7.375% Senior Notes [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.38% | |
Senior Notes | $1,375 | $1,375 |
6.75% Senior Notes [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | |
Senior Notes | 875 | 875 |
6.00% Senior Notes [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |
Senior Notes | 630 | 630 |
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] | ||
Guarantor Obligations [Line Items] | ||
Debt Instrument, Face Amount | $525 |
Subsequent_Event_Details
Subsequent Event (Details) (Subsequent Event [Member], USD $) | 0 Months Ended | ||
Feb. 02, 2015 | Jan. 26, 2015 | Jan. 23, 2015 | |
Subsequent Event [Line Items] | |||
Common Stock, Shares, Issued | 7.475 | ||
Common Stock, Par or Stated Value Per Share | $0.01 | ||
Share Price | $47.50 | ||
Proceeds from Issuance of Common Stock | $341,700,000 | ||
Payments of Stock Issuance Costs | 13,400,000 | ||
MOM Brands Company [Member] | |||
Subsequent Event [Line Items] | |||
Payments to Acquire Businesses, Gross | 1,150,000,000 | ||
Business Combination, Consideration Transferred | $1,050,000,000 | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 2,450,000 | ||
Series B Preferred Stock [Member] | |||
Subsequent Event [Line Items] | |||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $0.94 | ||
Preferred Stock, Dividend Rate, Percentage | 3.75% | ||
Series C Preferred Stock [Member] | |||
Subsequent Event [Line Items] | |||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $0.63 | ||
Preferred Stock, Dividend Rate, Percentage | 2.50% |