Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2015 | Nov. 16, 2015 | Mar. 31, 2015 | |
Document Information | |||
Entity Registrant Name | Post Holdings, Inc. | ||
Entity Central Index Key | 1,530,950 | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 62,080,447 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2,421,540,228 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Net Sales | $ 4,648.2 | $ 2,411.1 | $ 1,034.1 |
Cost of goods sold | 3,473.8 | 1,789.9 | 609.2 |
Gross Profit | 1,174.4 | 621.2 | 424.9 |
Selling, general and administrative expenses | 734.1 | 459.5 | 298.2 |
Amortization of intangible assets | 141.7 | 70.8 | 14.6 |
Impairment of goodwill and other intangible assets | 60.8 | 295.6 | 2.9 |
Other operating expenses, net | 25.1 | 3 | 1.4 |
Operating Profit (Loss) | 212.7 | (207.7) | 107.8 |
Interest expense, net | 287.5 | 183.7 | 85.5 |
Other expense | 92.5 | 35.5 | 0 |
(Loss) Earnings before Income Taxes | (167.3) | (426.9) | 22.3 |
Income tax (benefit) expense | (52) | (83.7) | 7.1 |
Net (Loss) Earnings | (115.3) | (343.2) | 15.2 |
Preferred stock dividends | (17) | (15.4) | (5.4) |
Net (Loss) Earnings Available to Common Shareholders | $ (132.3) | $ (358.6) | $ 9.8 |
(Loss) Earnings per share: | |||
Basic (loss) earnings per common share | $ (2.33) | $ (9.03) | $ 0.30 |
Diluted (loss) earnings per common share | $ (2.33) | $ (9.03) | $ 0.30 |
Weighted-Average Common Shares Outstanding: | |||
Weighted-average shares for basic (loss) earnings per share | 56.7 | 39.7 | 32.7 |
Weighted-average shares for diluted (loss) earnings per share | 56.7 | 39.7 | 33 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Net (loss) earnings | $ (115.3) | $ (343.2) | $ 15.2 |
Pension and postretirement benefit adjustments, net of tax | (5.2) | (10.4) | 14.4 |
Foreign currency translation adjustments | (56.3) | (4.1) | (2.9) |
Total comprehensive (loss) income | $ (176.8) | $ (357.7) | $ 26.7 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Pension and postretirement benefit tax adjustments | $ 3.3 | $ 5.1 | $ (8.2) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 |
Current Assets | ||
Cash and cash equivalents | $ 841.4 | $ 268.4 |
Restricted cash | 18.8 | 84.8 |
Receivables, net | 366.2 | 413.7 |
Inventories | 465.3 | 380.7 |
Deferred income taxes | 47.7 | 27 |
Prepaid expenses and other current assets | 42.3 | 44.4 |
Total Current Assets | 1,781.7 | 1,219 |
Property, net | 1,333.2 | 831.9 |
Goodwill | 3,072.8 | 2,886.7 |
Other intangible assets, net | 2,969.3 | 2,643 |
Other assets | 63.4 | 150.5 |
Total Assets | 9,220.4 | 7,731.1 |
Current Liabilities | ||
Current portion of long-term debt | 16 | 25.6 |
Accounts payable | 265.2 | 225 |
Other current liabilities | 329.8 | 269.3 |
Total Current Liabilities | 611 | 519.9 |
Long-term debt | 4,511.4 | 3,830.5 |
Deferred income taxes | 831.8 | 915.1 |
Other liabilities | 290.2 | 182.4 |
Total Liabilities | $ 6,244.4 | $ 5,447.9 |
Commitments and Contingencies | ||
Shareholders’ Equity | ||
Preferred Stock, Value, Issued | $ 0.1 | $ 0.1 |
Common stock, $0.01 par value, 300.0 shares authorized, 62.1 and 44.8 shares outstanding, respectively | 0.6 | 0.5 |
Additional paid-in capital | 3,538.8 | 2,669.3 |
Accumulated deficit | (421) | (305.7) |
Accumulated other comprehensive loss | (89.1) | (27.6) |
Treasury stock, at cost, 1.8 shares in each year | 53.4 | 53.4 |
Total Shareholders’ Equity | 2,976 | 2,283.2 |
Total Liabilities and Shareholders’ Equity | $ 9,220.4 | $ 7,731.1 |
Consolidated Balance Sheets Con
Consolidated Balance Sheets Consolidated Balance Sheet (Parentheticals) - $ / shares shares in Thousands | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Par value of preferred stock | $ 0.01 | $ 0.01 |
Preferred stock authorized | 50,000 | 50,000 |
Preferred stock issued | 5,600 | 5,600 |
Preferred Stock, Shares Outstanding | 5,600 | 5,600 |
Common Stock, Shares, Issued | 62,100 | 44,800 |
Par value of common stock | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 300,000 | 300,000 |
Treasury Stock, Shares | 1,800 | 1,800 |
Series B Preferred Stock [Member] | ||
Preferred Stock, Dividend Rate, Percentage | 3.75% | 3.75% |
Series C Preferred Stock | ||
Par value of preferred stock | $ 0.01 | |
Preferred stock issued | 3,200 | |
Preferred Stock, Dividend Rate, Percentage | 2.50% | 2.50% |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Cash Flows from Operating Activities: | |||
Net (loss) earnings | $ (115.3) | $ (343.2) | $ 15.2 |
Adjustments to reconcile of net (loss) earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 272.8 | 155.8 | 76.8 |
Premium from issuance of long-term debt | 0 | 20.1 | 35.1 |
Amortization of deferred financing costs and debt discount/premium, net | 36.2 | 15.3 | 4.2 |
Impairment of goodwill and other intangible assets | 60.8 | 295.6 | 2.9 |
Unrealized loss on interest rate swaps | 92.5 | 40.4 | 0 |
Loss on write-down of assets held for sale | 34.2 | 5.4 | 0 |
Non-cash stock-based compensation expense | 22.7 | 14.5 | 10.5 |
Deferred income taxes | (120.1) | (87.5) | (29.1) |
Other, net | 7.2 | 2.7 | (3.3) |
Other changes in current assets and liabilities, net | |||
Decrease (increase) in receivables | 89.5 | (50.3) | (9.7) |
Decrease (increase) in inventories | 30.5 | 30.7 | (10.8) |
(Increase) decrease in prepaid expenses and other current assets | (7) | (0.2) | 6.8 |
Increase in accounts payable and other current and non-current liabilities | 47.6 | 83.8 | 20.6 |
Net Cash Provided by Operating Activities | 451.6 | 183.1 | 119.2 |
Cash Flows from Investing Activities | |||
Business acquisitions, net of cash acquired | (1,239.2) | (3,564.1) | (352.9) |
Additions to property | (107.9) | (115.5) | (32.8) |
Restricted cash | 72.1 | (43.3) | (38.1) |
Proceeds from sale of property | 20.4 | 0 | 0 |
Proceeds from sale of business | 3.8 | 0 | 0 |
Cash advance for acquisition | 0 | (75) | 0 |
Insurance proceeds on loss of property | 2.1 | 4.3 | 0 |
Net Cash Used in Investing Activities | (1,248.7) | (3,793.6) | (423.8) |
Cash Flows from Financing Activities | |||
Proceeds from issuance of long-term debt | 1,896.5 | 2,385.6 | 600 |
Proceeds from issuance of preferred stock, net of issuance costs | 0 | 310.2 | 234 |
Proceeds from issuance of common stock, net of issuance costs | 732.7 | 593.4 | 0 |
Proceeds from issuance of equity component of tangible equity units, net of issuance costs | 0 | 238.1 | 0 |
Proceeds from issuance of debt component of tangible equity units | 0 | 41.8 | 0 |
Repayments of long-term debt | (1,225.1) | (6.9) | (170.6) |
Payments of preferred stock dividends | (17.1) | (14.4) | (4.2) |
Payments of debt issuance costs | (31.5) | (64) | (10.5) |
Proceeds from exercise of stock awards | 15.5 | 0 | 0 |
Other, net | 1.4 | 0.4 | 0.1 |
Net Cash Provided by Financing Activities | 1,372.4 | 3,484.2 | 648.8 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (2.3) | (7.3) | (0.4) |
Net Increase (Decrease) in Cash and Cash Equivalents | 573 | (133.6) | 343.8 |
Cash and Cash Equivalents, Beginning of Year | 268.4 | 402 | 58.2 |
Cash and Cash Equivalents, End of Year | $ 841.4 | $ 268.4 | $ 402 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Translation Adjustment [Member] | Treasury Stock [Member] | Tangible Equity Units | Tangible Equity UnitsAdditional Paid-in Capital | Common Stock | Common StockCommon Stock | Common StockAdditional Paid-in Capital | Preferred Stock | Preferred StockPreferred Stock | Preferred StockAdditional Paid-in Capital |
Preferred Stock, Shares Outstanding | 0 | |||||||||||||||
Common Stock, Shares, Outstanding | 32.7 | |||||||||||||||
Common Stock, Shares, Issued | 2.4 | |||||||||||||||
Balance at beginning of period at Sep. 30, 2012 | $ 1,231.5 | $ 0 | $ 0.3 | $ 1,272.6 | $ 36.6 | $ (25.4) | $ 0.8 | $ (53.4) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net (loss) earnings | 15.2 | 15.2 | ||||||||||||||
Preferred stock dividends declared | (4.2) | (4.2) | ||||||||||||||
Stock Issued During Period, Value, New Issues | 234 | $ 234 | ||||||||||||||
Proceeds from issuance of equity component of tangible equity units, net of issuance costs | 0 | |||||||||||||||
Activity under stock and deferred compensation plans | 0.1 | 0.1 | ||||||||||||||
Stock-based compensation expense | 10.5 | 10.5 | ||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||
Net change in retirement benefits, net of tax | 14.4 | 14.4 | ||||||||||||||
Foreign currency translation adjustments | (2.9) | (2.9) | ||||||||||||||
Balance at end of period at Sep. 30, 2013 | 1,498.6 | 0 | 0.3 | 1,517.2 | 47.6 | (11) | (2.1) | (53.4) | ||||||||
Preferred Stock, Shares Outstanding | 2.4 | |||||||||||||||
Common Stock, Shares, Outstanding | 32.7 | |||||||||||||||
Common Stock, Shares, Issued | 12.1 | 3.2 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net (loss) earnings | (343.2) | (343.2) | ||||||||||||||
Preferred stock dividends declared | (14.4) | (4.3) | (10.1) | |||||||||||||
Stock Issued During Period, Value, New Issues | $ 238.1 | $ 238.1 | $ 593.4 | $ 0.2 | $ 593.2 | $ 310.2 | $ 0.1 | $ 310.1 | ||||||||
Proceeds from issuance of equity component of tangible equity units, net of issuance costs | 238.1 | |||||||||||||||
Activity under stock and deferred compensation plans | 0.5 | 0.5 | ||||||||||||||
Stock-based compensation expense | 14.5 | 14.5 | ||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||
Net change in retirement benefits, net of tax | (10.4) | (10.4) | ||||||||||||||
Foreign currency translation adjustments | (4.1) | (4.1) | ||||||||||||||
Balance at end of period at Sep. 30, 2014 | $ 2,283.2 | 0.1 | 0.5 | 2,669.3 | (305.7) | (21.4) | (6.2) | (53.4) | ||||||||
Preferred Stock, Shares Outstanding | 5.6 | 5.6 | ||||||||||||||
Common Stock, Shares, Outstanding | 44.8 | |||||||||||||||
Common Stock, Shares, Issued | 16.7 | |||||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 0.6 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net (loss) earnings | $ (115.3) | (115.3) | ||||||||||||||
Preferred stock dividends declared | (17.1) | (17.1) | 0 | |||||||||||||
Stock Issued During Period, Value, New Issues | 847.1 | 847 | $ 0.1 | |||||||||||||
Proceeds from issuance of equity component of tangible equity units, net of issuance costs | 0 | |||||||||||||||
Activity under stock and deferred compensation plans | 16.9 | 16.9 | ||||||||||||||
Stock-based compensation expense | 22.7 | 22.7 | ||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||
Net change in retirement benefits, net of tax | (5.2) | (5.2) | ||||||||||||||
Foreign currency translation adjustments | (56.3) | (56.3) | ||||||||||||||
Balance at end of period at Sep. 30, 2015 | $ 2,976 | $ 0.1 | $ 0.6 | $ 3,538.8 | $ (421) | $ (26.6) | $ (62.5) | $ (53.4) | ||||||||
Preferred Stock, Shares Outstanding | 5.6 | 5.6 | ||||||||||||||
Common Stock, Shares, Outstanding | 62.1 |
Background
Background | 12 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background | Post Holdings, Inc. (“Post” or the “Company”) is a consumer packaged goods holding company operating in the center-of-the-store, foodservice, food ingredient, refrigerated, active nutrition and private brand food categories. The Company’s products are sold through a variety of channels such as grocery, club and drug stores, mass merchandisers, foodservice, ingredient and via the internet. Post operates in four reportable segments: Post Consumer Brands, Michael Foods Group, Active Nutrition and Private Brands. The Post Consumer Brands segment primarily consists of the ready-to-eat (“RTE”) cereal business, the Michael Foods Group segment includes predominantly foodservice and food ingredient egg, potato and pasta businesses and the retail cheese business, the Active Nutrition segment includes protein shakes, bars and powders and nutritional supplements and the Private Brands segment primarily consists of peanut and other nut butters, dried fruit and nuts and granola. On February 6, 2012, Post common stock began trading on the New York Stock Exchange under the ticker symbol “POST.” Unless otherwise stated or the context otherwise indicates, all references in this Form 10-K to “Post,” “the Company,” “us,” “our” or “we” mean Post Holdings, Inc. and its consolidated subsidiaries. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Signifcant Accounting Policies | Principles of Consolidation — The consolidated financial statements include the operations of Post Holdings, Inc. and its wholly-owned subsidiaries. All intercompany transactions have been eliminated. Use of Estimates and Allocations — The consolidated financial statements of the Company are prepared in conformity with accounting principles generally accepted in the United States of America, which require certain elections as to accounting policy, estimates and assumptions that affect the reported amounts of assets, liabilities, the disclosure of contingent liabilities at the dates of the financial statements and the reported amount of net revenues and expenses during the reporting periods. Significant accounting policy elections, estimates and assumptions include, among others, pension and benefit plan assumptions, valuation assumptions of goodwill and other intangible assets, marketing programs and income taxes. Actual results could differ from those estimates. Business Combinations — The Company uses the acquisition method in accounting for acquired businesses. Under the acquisition method, our financial statements reflect the operations of an acquired business starting from the completion of the acquisition. The assets acquired and liabilities assumed are recorded at their respective estimated fair values at the date of the acquisition. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. Cash Equivalents — Cash equivalents include all highly liquid investments with original maturities of less than three months. Restricted Cash — Restricted cash includes items such as cash deposits which serve as collateral for certain commodity hedging contracts as well as the Company's high deductible workers’ compensation insurance program. In fiscal 2014 , restricted cash also included deposits with third party escrow agents in connection with acquisitions that were credited against the purchase price when the transactions closed. Receivables — Receivables are reported at net realizable value. This value includes appropriate allowances for doubtful accounts, cash discounts, and other amounts which the Company does not ultimately expect to collect. The Company determines its allowance for doubtful accounts based on historical losses and the economic status of, and its relationship with its customers, especially those identified as “at risk.” A receivable is considered past due if payments have not been received within the agreed upon invoice terms. Receivables are written off against the allowance when the customer files for bankruptcy protection or is otherwise deemed to be uncollectible based upon the Company’s evaluation of the customer’s solvency. Inventories — Inventories, other than flocks, are generally valued at the lower of average cost (determined on a first-in, first-out basis) or market. Reported amounts have been reduced by an allowance for obsolete product and packaging materials based on a review of inventories on hand compared to estimated future usage and sales. Flock inventory represents the cost of purchasing and raising chicken flocks to egg laying maturity. The costs included in our flock inventory include the costs of the chicks, the feed fed to the birds and the labor and overhead costs incurred to operate the pullet facilities until the birds are transferred into the laying facilities, at which time their cost is amortized to operations, as cost of goods sold, over their expected useful lives of one to two years. Restructuring Expenses and Assets Held For Sale — Restructuring charges principally consist of severance and other employee separation costs, accelerated depreciation and certain long-lived asset impairments. The Company recognizes restructuring obligations and liabilities for exit and disposal activities at fair value in the period the liability is incurred. Employee severance costs are expensed when they become probable and reasonably estimable under established severance plans. Depreciation expense related to assets that will be disposed of or idled as a part of the restructuring activity is accelerated through the expected date of the asset shut down. Assets are classified as held for sale if the Company has committed to a plan for selling the assets, is actively and reasonably marketing them, and sale is reasonably expected within one year. The carrying value of assets held for sale is included in “Prepaid expenses and other current assets” on the Consolidated Balance Sheets. See Note 4 for information about assets held for sale. Property — Property is recorded at cost, and depreciation expense is generally provided on a straight-line basis over the estimated useful lives of the properties. Estimated useful lives range from 1 to 20 years for machinery and equipment and 3 to 40 years for buildings, building improvements and leasehold improvements, and 1 to 5 years for software. Total depreciation expense was $131.1 , $85.0 and $62.2 in fiscal 2015 , 2014 and 2013 , respectively. Any gains and losses incurred on the sale or disposal of assets are included in "Other operating expenses, net." Repair and maintenance costs incurred in connection with on-going and planned major maintenance activities are accounted for under the direct expensing method. During the year ended September 30, 2015, the Company had non-monetary exchanges of fixed assets. The cash and non-cash portions of these transactions were $9.8 and $12.6 , respectively. Property consisted of: September 30, 2015 2014 Land and land improvements $ 52.8 $ 25.6 Buildings and leasehold improvements 791.7 295.0 Machinery and equipment 806.0 714.2 Software 49.2 31.5 Construction in progress 38.0 54.7 1,737.7 1,121.0 Accumulated depreciation (404.5 ) (289.1 ) $ 1,333.2 $ 831.9 Other Intangible Assets — Other intangible assets consist primarily of customer relationships and trademarks/brands acquired in business combinations and includes both indefinite and definite-lived assets. Amortization expense related to definite-lived intangible assets, which is provided on a straight-line basis over the estimated useful lives of the assets, was $141.7 , $70.8 , and $14.6 in fiscal 2015 , 2014 and 2013 , respectively. For the definite-lived intangible assets recorded as of September 30, 2015 , amortization expense of $152.6 , $152.6 , $152.5 , $151.7 and $151.6 is scheduled for fiscal 2016 , 2017 , 2018 , 2019 and 2020 , respectively. Other intangible assets consisted of: September 30, 2015 September 30, 2014 Carrying Amount Accum. Amort. Net Amount Carrying Amount Accum. Amort. Net Amount Subject to amortization: Customer relationships $ 1,998.6 $ (192.7 ) $ 1,805.9 $ 1,743.7 $ (90.9 ) $ 1,652.8 Trademarks/brands 780.9 (79.1 ) 701.8 554.7 (43.9 ) 510.8 Other 21.3 (5.4 ) 15.9 24.7 (3.0 ) 21.7 2,800.8 (277.2 ) 2,523.6 2,323.1 (137.8 ) 2,185.3 Not subject to amortization: Trademarks/brands 445.7 — 445.7 457.7 — 457.7 $ 3,246.5 $ (277.2 ) $ 2,969.3 $ 2,780.8 $ (137.8 ) $ 2,643.0 Recoverability of Assets — The Company continually evaluates whether events or circumstances have occurred which might impair the recoverability of the carrying value of its assets, including property, identifiable intangibles and goodwill. Trademarks with indefinite lives are reviewed for impairment during the fourth quarter of each fiscal year following the annual forecasting process, or more frequently if facts and circumstances indicate the trademark may be impaired. The trademark impairment tests require us to estimate the fair value of the trademark and compare it to its carrying value. The estimated fair value is determined using an income-based approach (the relief-from-royalty method), which requires significant assumptions for each brand, including estimates regarding future revenue growth, discount rates, and appropriate royalty rates. Assumptions are determined after consideration of several factors for each brand, including profit levels, research of external royalty rates by third party experts and the relative importance of each brand to the Company. Revenue growth assumptions are based on historical trends and management’s expectations for future growth by brand. The discount rate is based on a weighted-average cost of capital utilizing industry market data of similar companies. In addition, definite-lived assets and indefinite-lived intangible assets are reassessed as needed when information becomes available that is believed to negatively impact the fair market value of an asset. In general, an asset is deemed impaired and written down to its fair value if estimated related future cash flows are less than its carrying amount. At September 30, 2015, Post recorded impairment losses of $3.7 for the Grape-Nuts brand and $0.1 for the 100% Bran brand to record these trademarks at their estimated current fair values of $11.2 and zero , respectively. Due to repeated past impairments, continued weakness in the brand forecasts and a lack of sales growth from recent brand support efforts, as of October, 1 2015, the Grape-Nuts brand will be converted to a definite-lived asset and assigned a 20 year useful life. At September 30, 2014, Post recorded impairment losses in the Post Consumer Brands segment of $34.4 for the Post brand, $23.0 for the Honey Bunches of Oats brand, $17.2 for the Post Shredded Wheat brand and $8.4 for the Grape-Nuts brand to record these trademarks at their estimated current fair values of $144.0 , $243.9 , $8.2 and $14.9 , respectively. Due to repeated past impairments, continued weakness in the brand forecasts and a lack of sales growth from recent brand support efforts, as of October 1, 2014, the Post Shredded Wheat brand was converted to a definite-lived asset and assigned a 20 year useful life. At September 30, 2013, Post recorded impairment losses in the Post Consumer Brands segment of $0.2 for the Post Shredded Wheat brand and $2.7 for the Post brand to record these trademarks at their estimated current fair values of $25.4 and $178.4 , respectively. These fair value measurements fell within Level 3 of the fair value hierarchy as described in Note 13. The trademark and goodwill impairment losses are reported in “Impairment of goodwill and other intangible assets” on the Consolidated Statements of Operations. See Note 6 for information about goodwill impairments. Investments — The Company funds a portion of its deferred compensation liability by investing in certain mutual funds in the same amounts as selected by the participating employees. Because management’s intent is to invest in a manner that matches the deferral options chosen by the participants and those participants can elect to transfer amounts in or out of each of the designated deferral options at any time, these investments have been classified as trading assets and are stated at fair value in “Prepaid expenses and other current assets” and “Other Assets” (see Note 13). Both realized and unrealized gains and losses on these assets are included in “Selling, general and administrative expenses” and offset the related change in the deferred compensation liability. Revenue — Revenue is recognized when title of goods and risk of loss is transferred to the customer, as specified by the shipping terms. Net sales reflect gross sales, including amounts billed to customers for shipping and handling, less sales discounts and trade allowances (including promotional price buy downs and new item promotional funding). Customer trade allowances are generally computed as a percentage of gross sales. Products are generally sold with no right of return except in the case of goods which do not meet product specifications or are damaged, and related reserves are maintained based on return history. If additional rights of return are granted, revenue recognition is deferred. Estimated reductions to revenue for customer incentive offerings are based upon customer redemption history. Cost of Goods Sold — Cost of goods sold includes, among other things, inbound and outbound freight costs and depreciation expense related to assets used in production, while storage and other warehousing costs are included in “Selling, general and administrative expenses.” Storage and other warehousing costs totaled $ 103.4 , $ 65.4 and $ 41.5 in fiscal 2015 , 2014 and 2013 , respectively. Advertising — Advertising costs are expensed as incurred except for costs of producing media advertising such as television commercials or magazine advertisements, which are deferred until the first time the advertising takes place. The amount reported as assets on the balance sheet was insignificant as of September 30, 2015 and 2014 . Stock-based Compensation — The Company recognizes the cost of employee services received in exchange for awards of equity instruments based on the grant-date fair value of equity awards and the fair market value at each quarterly reporting date for liability awards. That cost is recognized over the period during which an employee is required to provide service in exchange for the award — the requisite service period (usually the vesting period). See Note 17 for disclosures related to stock-based compensation. Income Tax (Benefit) Provision — Income tax (benefit) provision is estimated based on income taxes in each jurisdiction and includes the effects of both current tax exposures and the temporary differences resulting from differing treatment of items for tax and financial reporting purposes. These temporary differences result in deferred tax assets and liabilities. A valuation allowance is established against the related deferred tax assets to the extent that it is not more likely than not that the future benefits will be realized. Reserves are recorded for estimated exposures associated with the Company’s tax filing positions, which are subject to periodic audits by governmental taxing authorities. Interest due to an underpayment of income taxes is classified as income taxes. The Company considers the undistributed earnings of its foreign subsidiaries to be permanently invested, so no U.S. taxes have been provided in relation to the Company's investment in its foreign subsidiaries. See Note 7 for disclosures related to income taxes. |
Recently Issued and Adopted Acc
Recently Issued and Adopted Accounting Standards | 12 Months Ended |
Sep. 30, 2015 | |
Recently Issued Accounting Standards [Abstract] | |
Recently Issued Accounting Standards | In September 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. The standard requires that adjustments made to provisional amounts recognized in a business combination be recorded in the period such adjustments are determined, rather than retrospectively adjusting previously reported amounts. ASU 2015-16 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, and early adoption is permitted. Post early adopted this ASU at September 30, 2015 and all disclosures are made in Note 5. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory (Topic 330). The standard requires most inventory to be measured at the lower of cost and net realizable value (“NRV”), thereby simplifying the previous guidance under which an entity must measure inventory at the lower of cost or market. Market is defined as replacement cost, NRV, or NRV less a normal profit margin. The ASU will not apply to inventory that is measured using either the last-in, first-out method or the retail inventory method. ASU 2015-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is permitted. The Company is currently in the process of determining the method of adoption and evaluating the impact of adopting this guidance. In the quarter ended June 30, 2015, Post early adopted ASU 2014-08 “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” issued by the FASB in April 2014. ASU 2014-08 provides a revised definition of discontinued operations. The standard update requires that only disposals of components of an entity (or groups of components) that represent a strategic shift that has or will have a major effect on the reporting entity’s operations are reported in the financial statements as discontinued operations. The standard also provides guidance on the financial statement presentations and disclosures of discontinued operations. The implementation of this standard did not have a significant impact on the Company’s consolidated financial statements. In April 2015, the FASB issued ASU 2015-03 “Simplifying the Presentation of Debt Issuance Costs,” which changes the presentation of debt issuance costs in financial statements. The standards update requires an entity to present debt issuance costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. In August 2015, the FASB issued ASU 2015-15 “Presentation and Subsequent Measurement of Debt issuance Costs Associated with Line-of-Credit,” which indicates the Securities and Exchange Commission (“SEC”) staff would not object to an entity deferring and presenting debt issuance costs related to line-of-credit arrangements as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU 2015-03 requires retrospective application and is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted. The Company has not determined the date of adoption, however, at September 30, 2015, the amount of deferred financing fees reported as an asset, excluding amounts related to our line-of-credit arrangement, was $56.5 . In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)," which will supersede all existing revenue recognition guidance under U.S. Generally Accepted Accounting Principles. The standard's core principle is that a company will recognize revenue when it transfers promised goods or services to a customer in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In August 2015, FASB issued ASU 2015-14, “Revenue from Contracts with Customers: Deferral of the Effective Date” to defer for one year the effective date of the new revenue standard, making it effective for annual and interim periods beginning on or after December 15, 2017 (i.e. Post’s financial statements for the year ending September 30, 2019), and adoption is not permitted prior to the original effective date of the ASU (i.e. Post’s financial statements for the year ending September 30, 2018). Entities will have the option of using either a full retrospective approach or a modified approach to adopt the guidance in the ASU. The Company is currently in the process of determining the method of adoption and evaluating the impact of adopting this guidance. |
Restructuring Restructuring
Restructuring Restructuring | 12 Months Ended |
Sep. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | In September 2015, the Company announced its plan to close its Dymatize manufacturing facility located in Farmers Branch, Texas and permanently transfer production to third party facilities under co-manufacturing agreements. Plant production ceased in the fourth quarter of 2015. In May 2015, the Company announced its plan to consolidate its cereal business administrative offices in Lakeville, Minnesota. As a result of the announcement, the Company plans to close its office located in Parsippany, New Jersey and relocate those functions as well as certain functions located in Battle Creek, Michigan to the Lakeville office. The Parsippany office closure is expected to be completed by May 2016. In March 2015, the Company announced its plan to close its facility in Boise, Idaho, which manufactures certain PowerBar products distributed in North America. Plant production ceased in June 2015 and the facility was sold in September 2015. In April 2013, the Company announced management’s decision to close its plant located in Modesto, California as part of a cost savings and capacity rationalization effort. The transfer of production capabilities and closure of the plant was completed during September 2014, and no additional restructuring costs were incurred in the year ended September 30, 2015. Amounts related to the restructuring events are shown in the following table. Costs are recognized in “Selling, general and administrative expenses” in the Consolidated Statements of Operations with the exception of the accelerated depreciation expense recorded in fiscal years 2014 and 2013, which is included in “Cost of goods sold.” These expenses are not included in the measure of segment performance for any segment (see Note 20). Employee-Related Costs Pension Curtailment Accelerated Depreciation Total Balance, September 30, 2012 $ — $ — $ — $ — Charge to expense 2.1 1.7 9.6 13.4 Cash payments — — — — Non-cash charges — (1.7 ) (9.6 ) (11.3 ) Balance, September 30, 2013 $ 2.1 $ — $ — $ 2.1 Charge to expense 1.1 — 8.0 9.1 Cash payments (2.5 ) — — (2.5 ) Non-cash charges — — (8.0 ) (8.0 ) Balance, September 30, 2014 $ 0.7 $ — $ — $ 0.7 Charge to expense 13.2 — 2.1 15.3 Cash payments (3.4 ) — — (3.4 ) Non-cash charges — — (2.1 ) (2.1 ) Balance, September 30, 2015 $ 10.5 $ — $ — $ 10.5 Total expected restructuring charge $ 16.4 $ 1.7 $ 20.1 $ 38.2 Cumulative incurred to date 16.4 1.7 19.7 37.8 Remaining expected restructuring charge $ — $ — $ 0.4 $ 0.4 Assets Held for Sale Related to the closure of its Modesto, California facility, the Company has land, building and equipment classified as assets held for sale as of September 30, 2015 and 2014. Related to the manufacturing shutdown of its Dymatize facility, the Company has machinery and equipment classified as assets held for sale as of September 30, 2015. The carrying value of the assets included in “Prepaid expenses and other current assets” on the Consolidated Balance Sheets was $11.4 and $16.4 as of September 30, 2015 and 2014, respectively. Held for sale losses of $34.2 and $5.4 were recorded in fiscal 2015 and 2014 , respectively, to adjust the carrying value of the assets to their fair value less estimated selling costs. The held for sale losses recorded in fiscal 2015 include amounts related to the Modesto facility and Dymatize machinery and equipment, as well as held for sale losses of its facilities located in Portales, New Mexico (sold on July 29, 2015) and Boise, Idaho (sold on September 22, 2015), as well as its Australian business and Musashi trademark (sold on July 1, 2015), all of which were classified as held for sale during fiscal 2015. The losses are reported as “Other operating expenses, net” on the Consolidated Statements of Operations. |
Business Combinations Business
Business Combinations Business Combinations | 12 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure | Fiscal 2015 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 . In March 2015, a final settlement of net working capital and other adjustments was reached, resulting in an amount back to the Company of approximately $1.7 . PowerBar is reported in Post’s Active Nutrition segment (see Note 20). Based upon the purchase price allocation, the Company has recorded $21.0 of customer relationships to be amortized over a weighted-average period of 18.3 years and $40.0 to trademarks and brands to be amortized over a weighted-average period of 20 years. Net sales and operating loss included in the Consolidated Statements of Operations related to PowerBar were $136.4 and $(7.8) , respectively, for the fiscal year ended September 30, 2015. On July 1, 2015, we sold the PowerBar Australian assets and Musashi trademark for $3.8 . On November 1, 2014, the Company completed its acquisition of American Blanching Company (“ABC”) for $128.0 . 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 Brands segment (see Note 20). 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 and brands to be amortized over a weighted-average period of 10 years. ABC’s operations have been integrated into the Company’s existing peanut butter business, and due to the level of integration, discrete sales and operating profit data is not available for ABC. On May 4, 2015, Post completed its acquisition of MOM Brands, a manufacturer and distributer of ready-to-eat (“RTE”) cereals. MOM Brands is reported in the Post Consumer Brands segment (see Note 20). The closing purchase price of the transaction was $1,181.5 and was partially paid by the issuance of 2.45 million shares of the Company’s common stock to the former owners of MOM Brands. The shares were valued at the May 1, 2015 closing price of $46.60 per share for a total issuance of $114.4 . In September 2015, a final settlement of net working capital and other adjustments was reached, resulting in an amount back to the Company of approximately $4.0 . Net sales and operating profit included in the Consolidated Statements of Operations related to MOM Brands were $329.7 and $15.9 , respectively, for the year ended September 30, 2015. Based upon the preliminary purchase price allocation, the Company has recorded $185.6 of customer relationships to be amortized over a weighted-average period of 20 years and $178.8 to trademarks and brands to be amortized over a weighted-average period of 20 years. 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 table below. 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 acquisitions of PowerBar and MOM Brands to be deductible for U.S. income tax purposes and does not expect the final fair value of goodwill related to the acquisition of ABC to be deductible for U.S. income tax purposes. Certain estimated values for the MOM Brands acquisition, including goodwill, intangible assets, inventory and deferred taxes, are not yet finalized pending the final 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. Measurement period adjustments have been made to the allocation of purchase price for current year acquisitions since the date of acquisition related to working capital settlements and the final determination of workers compensation, general liability and auto liability insurance accruals. PowerBar ABC MOM Brands Cash and cash equivalents $ 2.4 $ 0.6 $ 11.1 Receivables 6.5 12.8 41.7 Inventories 23.1 15.5 97.9 Prepaid expenses and other current assets 0.1 0.4 6.2 Property 17.9 19.7 532.1 Goodwill 18.6 49.6 195.6 Other intangible assets 61.0 71.9 364.4 Deferred tax asset - long-term 11.7 — — Other assets — 0.4 — Accounts payable (1.2 ) (9.0 ) (33.0 ) Deferred tax liability - current (0.2 ) (0.4 ) (5.4 ) Other current liabilities (4.4 ) (2.8 ) (24.9 ) Deferred tax liability - long-term (1.1 ) (30.7 ) (6.9 ) Other liabilities — — (1.3 ) Total acquisition cost $ 134.4 $ 128.0 $ 1,177.5 Fiscal 2014 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, a manufacturer of dry pasta for the private label, foodservice and ingredient markets. The purchase price for the transaction was $370.0 in cash, subject to a working capital adjustment, which resulted in a payment at closing of $366.2 . In May 2014, a final settlement of net working capital and other adjustments was reached, resulting in a payment to the Company of $6.5 . Dakota Growers is reported in Post’s Michael Foods Group segment (see Note 20). Based upon the purchase price allocation, the Company recorded $127.2 of customer relationships to be amortized over a weighted-average period of 12.5 years and $22.8 to trademarks/brands to be amortized over a weighted-average period of 18.9 years. On February 1, 2014, Post completed its acquisition of Dymatize, a manufacturer and marketer of premium protein powders, bars and nutritional supplements. The purchase price for the transaction was $380.0 in cash, subject to a working capital adjustment, which resulted in a payment at closing of $392.5 . In September 2015, a final settlement of net working capital and other adjustments was reached, resulting in a payment to the Company of $12.0 , of which $2.5 relieved a previously recorded receivable and the remaining $9.5 was recorded as “Selling, general and administrative expenses.” Dymatize is reported in Post’s Active Nutrition segment (see Note 20). Based upon the purchase price allocation, the Company has recorded $136.8 of customer relationships to be amortized over a weighted-average period of 18 years and $121.1 to trademarks/brands to be amortized over a weighted-average period of 20 years. On February 1, 2014, Post completed its acquisition of Golden Boy, a manufacturer of private label peanut and other nut butters, as well as dried fruits and baking and snacking nuts. The purchase price for the transaction was CAD $320.0 in cash, subject to a working capital adjustment, which resulted in a payment at closing of approximately CAD $321.1 . In May 2014, a final settlement of net working capital and other adjustments was reached, resulting in an amount paid to the sellers of CAD $2.1 . Golden Boy is reported in Post’s Private Brands segment (see Note 20). Based upon the purchase price allocation, the Company recorded $82.6 of customer relationships to be amortized over a weighted-average period of 11 years, $28.9 to trademarks/brands to be amortized over a weighted-average period of 20 years, and $20.0 to other intangible assets to be amortized over a weighted-average period of 11 years. On June 2, 2014, the Company completed its acquisition of 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 20). Michael Foods manufactures and distributes egg products and refrigerated potato products and also distributes cheese and other dairy case products to the retail, foodservice and food ingredient channels. The purchase price the Company paid for the transaction was approximately $2,450.0 , subject to working capital and other adjustments which resulted in a cash payment at closing of approximately $2,539.1 . In August 2014, a final settlement of net working capital and other adjustments was reached, resulting in an amount paid to Post of $10.0 . Based upon the purchase price allocation, the Company recorded $1,126.6 of customer relationships to be amortized over a weighted-average period of 20 years and $217.7 to trademarks/brands to be amortized over a weighted-average period of 19.3 years. 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 Post Consumer Brands segment (see Note 20). Based upon the purchase price allocation, the Company recorded $11.8 of customer relationships to be amortized over a weighted-average period of 20 years and $2.6 to trademarks/brands to be amortized over a weighted-average period of 10 years. In addition to the intangibles acquired, the Company purchased $0.4 of inventory and recorded $5.6 of goodwill. Each of the acquisitions was accounted for using the acquisition method of accounting, whereby the results of operations of each are included in the financial statements from the date of acquisition. The respective purchase prices were allocated to acquired assets and liabilities based on their estimated fair values at the date of acquisition, and any excess was allocated to goodwill, as shown in the following table and discussed above. Goodwill represents the value the Company expects to achieve through the implementation of operational synergies and the expansion of the business into new growing segments of the industry. The Company does not expect the final fair value of goodwill related to the acquisitions of Dakota Growers, Golden Boy and Michael Foods to be deductible for U.S. income tax purposes. The Company estimates approximately $104.4 of tax deductible goodwill and intangible assets will result from the Dymatize acquisition. The Company expects the fair value of goodwill generated by the cereal brand acquisition to be fully tax deductible. Dakota Growers Dymatize Golden Boy Michael Foods Cash and cash equivalents $ 2.9 $ 1.8 $ — $ 69.1 Restricted cash — — — 3.4 Receivables 25.3 22.5 16.4 155.1 Income tax receivable — — — 62.5 Inventories 43.4 41.0 29.8 175.7 Deferred tax asset - current 0.3 3.0 — 2.8 Prepaid expenses and other current assets 0.4 0.7 0.7 7.5 Property 86.0 15.7 10.5 328.3 Goodwill 160.5 114.9 154.1 1,181.1 Other intangible assets 150.0 257.9 131.5 1,344.3 Other assets 1.0 0.1 — 8.0 Current portion of long-term debt — — — (3.7 ) Accounts payable (5.6 ) (17.5 ) (10.3 ) (109.0 ) Other current liabilities (25.7 ) (8.2 ) (8.4 ) (79.5 ) Long-term debt — — — (8.4 ) Deferred tax liability - long-term (78.4 ) (36.5 ) (33.8 ) (541.4 ) Other liabilities (0.2 ) — (2.1 ) (18.5 ) Total acquisition cost $ 359.9 $ 395.4 $ 288.4 $ 2,577.3 The following table summarizes the provisional amounts recognized related to fiscal 2014 acquisitions as of September 30, 2014, as well as measurement period adjustments made in the year ended September 30, 2015 (all of which were recorded in the quarter ended March 31, 2015). All purchase price allocations for fiscal 2014 acquisitions are final as of September 30, 2015. Acquisition Date Amounts Recognized as of September 30, 2014 (a) Adjustments During the Twelve Months Ended September 30, 2015 Acquisition Date Amounts Recognized (as Adjusted) Cash and cash equivalents $ 73.8 $ — $ 73.8 Restricted cash 3.4 — 3.4 Receivables (b) (d) 219.6 (0.3 ) 219.3 Income tax receivable 62.5 — 62.5 Inventories 289.9 — 289.9 Deferred tax asset - current (b) 5.4 0.7 6.1 Prepaid expenses and other current assets 9.3 — 9.3 Property 440.5 — 440.5 Goodwill 1,605.4 5.2 1,610.6 Other intangible assets 1,883.7 — 1,883.7 Other assets 9.1 — 9.1 Current portion of long-term debt (3.7 ) — (3.7 ) Accounts payable (d) (142.6 ) 0.2 (142.4 ) Other current liabilities (d) (121.5 ) (0.3 ) (121.8 ) Long-term debt (8.4 ) — (8.4 ) Deferred tax liability - long-term (b) (697.1 ) 7.0 (690.1 ) Other liabilities (b) (11.8 ) (9.0 ) (20.8 ) Total acquisition cost (c) $ 3,617.5 $ 3.5 $ 3,621.0 Adjustments during the year ended September 30, 2015: (a) As previously reported in Post’s Current Report on Form 8-K filed with the SEC on May 11, 2015; (b) The adjustments to “Receivables,” “Deferred income taxes” and “Other liabilities” reflect: 1) the impact on deferred tax assets and related reserves for uncertain tax positions of certain state tax elections made on final pre-acquisition short period tax returns and 2) the impact of certain return to provision adjustments; (c) Dymatize working capital adjustment; and (d) Other Dymatize adjustments Fiscal 2013 On December 31, 2012, the Company purchased substantially all of the assets of Attune Foods, Inc. (“Attune”) for approximately $9.2 of cash. On May 28, 2013, the Company completed its acquisition of certain assets of the branded and private label cereal, granola and snacks business of Hearthside Food Solutions (“Hearthside”) for approximately $159.9 of cash. The Company integrated this business with the Attune business and the combined results are reported in the Private Brands segment (see Note 20). Based upon the purchase price allocations for the Attune and Hearthside acquisitions, the Company recorded $51.5 of customer relationships to be amortized over a weighted-average period of 19 years, $14.2 to trademarks/brands to be amortized over a weighted-average period of 24 years, and $1.6 to other intangible assets to be amortized over a weighted-average period of 2 years. On September 3, 2013, the Company completed its acquisition of Premier Nutrition Corporation (“PNC”) for approximately $186.0 of cash. PNC is reported in Post’s Active Nutrition segment (see Note 20). Based upon the purchase price allocation, the Company recorded $53.2 of customer relationships to be amortized over a weighted-average period of 19 years, $56.3 to trademarks/brands to be amortized over a weighted-average period of 20 years, and $3.1 to other intangible assets to be amortized over a weighted-average period of 5 years. During the first quarter of fiscal 2014, a final settlement of net working capital was reached, resulting in an increase in total consideration of approximately $0.1 and a corresponding increase in goodwill. In addition, during the second quarter of fiscal 2014, $1.2 of pre-acquisition net operating losses (“NOLs”) were identified and a deferred tax asset was recorded as well as a corresponding decrease to goodwill. Each of the acquisitions was accounted for using the acquisition method of accounting, whereby the results of operations of each are included in the financial statements from the date of acquisition. The respective purchase prices were allocated to acquired assets and liabilities based on their estimated fair values at the date of acquisition, and any excess was allocated to goodwill, as shown in the following table. Goodwill represents the value the Company expects to achieve through the implementation of operational synergies and the expansion of the business into new growing segments of the industry. The Company expects that the final fair value of goodwill will be fully deductible for U.S. income tax purposes for the Attune and Hearthside acquisitions. The goodwill generated by Post’s acquisition of PNC will not be tax deductible for U.S. income tax purposes, however, certain goodwill generated by PNC business combinations in periods prior to Post’s acquisition transferred to Post and is expected to be tax deductible. Attune Hearthside PNC Cash and cash equivalents $ — $ — $ 2.1 Receivables 0.5 5.5 11.3 Inventories 2.6 6.3 23.9 Deferred tax asset - current — — 6.9 Prepaid expenses and other current assets 0.1 0.2 2.8 Property 0.1 15.6 0.7 Goodwill 3.6 71.5 47.2 Other intangible assets 3.8 63.5 112.6 Accounts payable (1.3 ) (2.1 ) (15.6 ) Other current liabilities (0.2 ) (0.3 ) (2.4 ) Deferred tax liability - long-term — (0.3 ) (2.8 ) Other liabilities — — (0.7 ) Total acquisition cost $ 9.2 $ 159.9 $ 186.0 Acquisition related costs During the years ended September 30, 2015, 2014 and 2013, the Company incurred acquisition related expenses of $14.1 , $29.7 and $5.7 , respectively, recorded as “Selling, general and administrative expenses.” These costs include amounts for transactions that were signed, spending for due diligence on potential acquisitions that were not signed or announced at the time of the Company’s annual reporting, and spending for divestiture transactions. Pro Forma Information The following unaudited pro forma information presents a summary of the combined results of operations of the Company and the aggregate results of all businesses acquired in fiscal years 2015 , 2014 and 2013 for the periods presented as if the fiscal 2015 acquisitions had occurred on October 1, 2013, the fiscal 2014 acquisitions had occurred on October 1, 2012 and the fiscal 2013 acquisitions had occurred on October 1, 2011 along with certain pro forma adjustments. These pro forma adjustments give effect to the amortization of certain definite-lived intangible assets, adjusted depreciation based upon fair value of assets acquired, interest expense related to the financing of the business combinations, inventory revaluation adjustment on acquired business 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. 2015 2014 2013 Pro forma net sales $ 5,123.1 $ 5,005.8 $ 3,874.7 Pro forma net (loss) earnings available to common shareholders $ (89.9 ) $ (342.3 ) $ 11.0 Pro forma basic (loss) earnings per share $ (1.59 ) $ (8.62 ) $ 0.34 Pro forma diluted (loss) earnings per share $ (1.59 ) $ (8.62 ) $ 0.33 |
Goodwill
Goodwill | 12 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | The changes in the carrying amount of goodwill by segment are noted in the following table. Post Consumer Brands Michael Foods Group Active Nutrition Private Brands Total Balance, September 30, 2013 Goodwill (gross) $ 1,794.1 $ — $ 48.3 $ 75.1 $ 1,917.5 Accumulated impairment losses (427.8 ) — — — (427.8 ) Goodwill (net) $ 1,366.3 $ — $ 48.3 $ 75.1 $ 1,489.7 Goodwill acquired 5.6 1,347.2 104.1 154.1 1,611.0 Impairment loss (181.3 ) — (31.3 ) — (212.6 ) Purchase price true-up adjustment — — (1.1 ) — (1.1 ) Currency translation adjustment (0.4 ) — — 0.1 (0.3 ) Balance, September 30, 2014 Goodwill (gross) $ 1,799.3 $ 1,347.2 $ 151.3 $ 229.3 $ 3,527.1 Accumulated impairment losses (609.1 ) — (31.3 ) — (640.4 ) Goodwill (net) $ 1,190.2 $ 1,347.2 $ 120.0 $ 229.3 $ 2,886.7 Goodwill acquired 195.6 — 18.6 49.6 263.8 Impairment loss — — (57.0 ) — (57.0 ) Purchase price true-up adjustment — (5.6 ) 10.8 — 5.2 Currency translation adjustment (1.0 ) — — (24.9 ) (25.9 ) Balance, September 30, 2015 Goodwill (gross) $ 1,993.9 $ 1,341.6 $ 180.7 $ 254.0 $ 3,770.2 Accumulated impairment losses (609.1 ) — (88.3 ) — (697.4 ) Goodwill (net) $ 1,384.8 $ 1,341.6 $ 92.4 $ 254.0 $ 3,072.8 Goodwill represents the excess of the cost of acquired businesses over the fair market value of their identifiable net assets. The Company conducts a goodwill impairment qualitative assessment during the fourth quarter of each fiscal year following the annual forecasting process, or more frequently if facts and circumstances indicate that goodwill may be impaired. The goodwill impairment qualitative assessment requires an assessment to determine if it is more likely than not that the fair value of the business is less than its carrying amount. If adverse qualitative trends are identified that could negatively impact the fair value of the business, a quantitative goodwill impairment test is performed. In fiscal years 2015, 2014 and 2013, the Company elected not to perform a qualitative assessment and instead performed a quantitative impairment test for all reporting units. The estimated fair value is determined using a combined income and market approach with a greater weighting on the income approach ( 75% of the calculation for all reporting units, excluding Dymatize and the international operations of PowerBar which are 100% ). The income approach is based on discounted future cash flows and requires significant assumptions, including estimates regarding future revenue, profitability, and capital requirements. The market approach ( 25% of the calculation for all reporting units, excluding Dymatize and the international operations of PowerBar which are 0% ) is based on a market multiple (revenue and EBITDA which stands for earnings before interest, income taxes, depreciation, and amortization) and requires an estimate of appropriate multiples based on market data. As of September 30, 2015, the Company recorded a charge of $57.0 for the impairment of goodwill. The impairment charge relates to the Active Nutrition segment and is primarily the result of fourth quarter production issues at Dymatize which resulted in the Company’s decision to close its manufacturing facility and permanently transfer production to third party facilities under co-manufacturing agreements. As of September 30, 2014, the Company recorded a total charge of $212.6 for the impairment of goodwill. The Post Consumer Brands segment recognized $181.3 primarily resulting from the acceleration of declines within the branded ready-to-eat cereal category. Additionally, the expectation was that revenue and profit growth would be challenged in the medium to long-term. The Active Nutrition segment recognized charges of $31.3 resulting from reduced near-term profitability related to supply chain disruptions at Dymatize, which were identified subsequent to the initial valuation at the acquisition date of February 1, 2014, and incremental remediation expenses. For the year ended September 30, 2013, the Company conducted an impairment review and concluded that there was no impairment of goodwill as of September 30, 2013. These fair value measurements fell within Level 3 of the fair value hierarchy as described in Note 13. The goodwill impairment losses are aggregated with trademark impairment losses in “Impairment of goodwill and other intangible assets” in the Consolidated Statements of Operations. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income taxes | The (benefit) provision for income taxes consisted of the following: Year Ended September 30, 2015 2014 2013 Current: Federal $ 59.5 $ 0.9 $ 33.0 State 2.9 — 3.2 Foreign 5.7 2.9 — 68.1 3.8 36.2 Deferred: Federal (116.0 ) (80.1 ) (26.8 ) State (2.1 ) (7.3 ) (1.8 ) Foreign (2.0 ) (0.1 ) (0.5 ) (120.1 ) (87.5 ) (29.1 ) Income tax (benefit) provision $ (52.0 ) $ (83.7 ) $ 7.1 A reconciliation of income tax (benefit) provision with amounts computed at the statutory federal rate follows: Year Ended September 30, 2015 2014 2013 Computed tax at federal statutory rate (35%) $ (58.6 ) $ (149.4 ) $ 7.8 Non-deductible goodwill impairment loss 16.5 70.9 — Non-deductible compensation 0.4 0.8 0.7 Non-deductible transaction costs 0.6 2.8 0.2 Domestic production activities deduction (5.9 ) — (2.9 ) State income taxes, net of effect on federal tax (7.2 ) (6.6 ) 1.0 Non-taxable interest income (2.7 ) (2.9 ) — Valuation allowances 6.7 2.3 — Change in deferred tax rates 4.9 (0.9 ) 0.3 Uncertain tax positions (3.4 ) (0.2 ) 0.1 Other, net (none in excess of 5% of computed tax) (3.3 ) (0.5 ) (0.1 ) Income tax (benefit) provision $ (52.0 ) $ (83.7 ) $ 7.1 The effective tax rate for fiscal 2015 was 31.1% compared to 19.6% for fiscal 2014 and 31.8% for fiscal 2013. The effective tax rate for fiscal 2015 was affected by incremental tax expense (benefit) of $16.5 related to the non-deductible goodwill impairment loss, $0.4 resulting from non-deductible compensation in accordance with the provisions of Internal Revenue Code (“IRC”) section 162(m), $0.6 resulting from non-deductible outside service expenses incurred in relation to merger and acquisition transactions, $6.7 resulting from recording valuation allowances against the net deferred tax assets of various subsidiaries, $(2.7) resulting from the receipt of non-taxable interest income, $4.9 resulting from changes in deferred tax rates and $(3.4) resulting from changes in uncertain tax positions. The effective tax rate for fiscal 2014 was affected by incremental tax expense (benefit) of $70.9 related to the non-deductible goodwill impairment loss, $0.8 resulting from non-deductible compensation in accordance with the provisions of IRC section 162(m), $2.8 resulting from non-deductible outside service expenses incurred in relation to merger and acquisition transactions, $2.3 resulting from recording a valuation allowance against the net deferred tax assets of a Canadian subsidiary, and $(2.9) resulting from the receipt of non-taxable interest income. The effective tax rate for fiscal 2013 was affected by $0.7 of incremental tax expense resulting from non-deductible compensation in accordance with the provisions of IRC section 162(m), and $0.2 of incremental tax expense resulting from non-deductible outside service expenses incurred in relation to merger and acquisition transactions. For fiscal 2015 and 2013, the effective tax rate was reduced by the effects of the Domestic Production Activities Deduction (“DPAD”) of $(5.9) and $(2.9) , respectively. There was no DPAD effect on the fiscal 2014 effective tax rate. The effective tax rate was also impacted in all three fiscal years by minor effects of shifts between the relative amounts of domestic and foreign income and state tax apportionment. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets (liabilities) were as follows: September 30, 2015 September 30, 2014 Assets Liabilities Net Assets Liabilities Net Current: Accrued vacation, incentive and severance $ 21.4 $ — $ 21.4 $ 6.5 $ — $ 6.5 Net operating loss carryforwards, credits 5.0 — 5.0 7.3 — 7.3 Stock-based and deferred compensation 0.6 — 0.6 2.7 — 2.7 Inventory 15.6 — 15.6 5.6 — 5.6 Accrued liabilities 4.5 — 4.5 7.1 — 7.1 Other items 5.4 (4.0 ) 1.4 1.4 (3.3 ) (1.9 ) Total gross deferred income taxes, current 52.5 (4.0 ) 48.5 30.6 (3.3 ) 27.3 Valuation allowance (0.8 ) — (0.8 ) (0.3 ) — (0.3 ) Total current deferred income taxes 51.7 (4.0 ) 47.7 30.3 (3.3 ) 27.0 Noncurrent: Property — (150.4 ) (150.4 ) — (142.5 ) (142.5 ) Intangible assets — (819.6 ) (819.6 ) — (863.1 ) (863.1 ) Pension and other postretirement benefits 47.4 — 47.4 42.9 — 42.9 Stock-based and deferred compensation 20.9 — 20.9 14.7 — 14.7 Derivative mark-to-market adjustments 48.8 — 48.8 15.4 — 15.4 Net operating loss carryforwards, credits 21.2 — 21.2 23.4 — 23.4 Other items 10.2 — 10.2 1.5 — 1.5 Total gross deferred income taxes, noncurrent 148.5 (970.0 ) (821.5 ) 97.9 (1,005.6 ) (907.7 ) Valuation allowance (10.3 ) — (10.3 ) (7.4 ) — (7.4 ) Total non-current deferred income taxes 138.2 (970.0 ) (831.8 ) 90.5 (1,005.6 ) (915.1 ) Total deferred taxes $ 189.9 $ (974.0 ) $ (784.1 ) $ 120.8 $ (1,008.9 ) $ (888.1 ) As of September 30, 2015, Post had federal net operating loss (“NOL”) carryforwards totaling approximately $85.1 which have expiration dates beginning in fiscal 2021 and extending through fiscal 2034 , state NOL carryforwards totaling approximately $112.3 which have expiration dates beginning in fiscal 2016 and extending through fiscal 2034 and NOL carryforwards in foreign jurisdictions of approximately $14.1 which have expiration dates beginning in fiscal 2026 and extending through fiscal 2034 . Certain of these NOLs and carryforwards were acquired through acquisitions made during fiscal 2013 and 2014. As a result of these ownership changes, the deductibility of the NOLs is subject to limitation under section 382 of the IRC and similar limitations under state tax law. Giving consideration to the section 382 and state limitations, the Company believes it will generate sufficient taxable income to fully utilize the federal and certain state NOLs before they expire. Approximately $3.8 of the State NOLs have been offset by a valuation allowance based on management’s judgment that it is more likely than not that the benefits of those deferred tax assets will not be realized in the future. The tax benefit of foreign NOLs and certain other deferred tax assets in foreign jurisdictions have been offset by a valuation allowance based on management’s judgment that it is more likely than not that the benefits of those deferred tax assets will not be realized in the future. No provision has been made for income taxes on undistributed earnings of consolidated non-U.S. subsidiaries of $11.9 at September 30, 2015 since it is our intention to indefinitely reinvest undistributed earnings of our foreign subsidiaries. It is not practicable to estimate the additional income taxes and applicable foreign withholding taxes that would be payable on the remittance of such undistributed earnings. For fiscal 2015, 2014 and 2013, foreign income (loss) before income taxes was $7.0 , $0.6 and $(2.0) , respectively. Unrecognized Tax Benefits The Company recognizes the tax benefit from uncertain tax positions only if it is “more likely than not” the tax position will be sustained on examination by the taxing authorities. The tax benefits recognized from such positions are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. To the extent the Company’s assessment of such tax positions changes, the change in estimate will be recorded in the period in which the determination is made. Unrecognized tax benefits activity for the years ended September 30, 2015 and 2014 is presented in the following table: Unrecognized tax benefits, September 30, 2013 $ 3.6 Additions for tax positions taken in current year and acquisitions 4.3 Reductions for tax positions taken in prior years — Settlements with tax authorities/statute expirations (0.5 ) Unrecognized tax benefits, September 30, 2014 $ 7.4 Additions for tax positions taken in current year and acquisitions 7.2 Reductions for tax positions taken in prior years (2.8 ) Settlements with tax authorities/statute expirations (0.5 ) Unrecognized tax benefits, September 30, 2015 $ 11.3 The amount of the net unrecognized tax benefits that, if recognized, would directly affect the effective tax rate is $7.9 at September 30, 2015. The Company believes that, due to expiring statutes of limitations and settlements with authorities, it is reasonably possible that the total unrecognized tax benefits may decrease by approximately $2.2 within twelve months of the reporting date. The Company classifies tax-related interest and penalties as components of income tax expense. The accrued interest and penalties are not included in the table above. The Company had accrued interest and penalties of approximately $2.5 and $0.9 at September 30, 2015 and September 30, 2014, respectively. The Company had net expense of approximately $0.0 , $0.8 and $0.1 for interest and penalties in the Consolidated Statements of Operations for the years ended September 30, 2015, 2014 and 2013, respectively. Interest and penalties were computed on the difference between the tax position recognized for financial reporting purposes and the amount previously taken on the Company’s tax returns. Based on the provisions of the Tax Allocation Agreement between Post and its former owner, the former owner retained responsibility for income tax liabilities and income tax returns related to all periods prior to the separation date of February 3, 2012. U.S. federal, U.S. state and Canadian income tax returns for the tax years ended September 30, 2014, 2013 and 2012 are subject to examination by the tax authorities in each respective jurisdiction. For the acquisitions made in 2015, 2014 and 2013, the seller generally retained responsibility for all income tax liabilities through the date of acquisition. With respect to the Michael Foods acquisition, Post assumed all income tax liabilities for those jurisdictions which remain subject to examination, consisting of tax years 2012 through the short year ended June 2, 2014, the date of acquisition. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Basic (loss) earnings per share is based on the average number of common shares outstanding during the period. Diluted (loss) earnings per share is based on the average number of shares used for the basic 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”) (see Note 18) are assumed to be settled at the minimum settlement amount for weighted-average shares for basic (loss) earnings per share. For diluted (loss) earnings per share, the shares, to the extent dilutive, are assumed to be settled as described in Note 18. Year ended September 30, 2015 2014 2013 Net (loss) earnings for basic (loss) earnings per share $ (132.3 ) $ (358.6 ) $ 9.8 Net (loss) earnings for diluted (loss) earnings per share $ (132.3 ) $ (358.6 ) $ 9.8 Weighted-average shares outstanding 51.8 38.0 32.7 Effect of TEUs on weighted-average shares for basic (loss) earnings per share 4.9 1.7 — Weighted-average shares for basic (loss) earnings per share 56.7 39.7 32.7 Effect of dilutive securities: Stock options — — 0.1 Stock appreciation rights — — 0.1 Restricted stock awards — — 0.1 Total dilutive securities — — 0.3 Weighted-average shares for diluted (loss) earnings per share 56.7 39.7 33.0 Basic (loss) earnings per common share $ (2.33 ) $ (9.03 ) $ 0.30 Diluted (loss) earnings per common share $ (2.33 ) $ (9.03 ) $ 0.30 The following table details the securities that have been excluded from the calculation of weighted-average shares for diluted (loss) earnings per share as they were anti-dilutive. Year ended September 30, 2015 2014 2013 Stock options 4.2 3.0 0.3 Stock appreciation rights 0.3 0.3 — Restricted stock awards 0.5 0.4 — TEUs — 1.1 — Preferred shares conversion to common 11.0 11.0 5.1 |
Supplemental Operations Stateme
Supplemental Operations Statement Information | 12 Months Ended |
Sep. 30, 2015 | |
Supplemental Operations Statement and Cash Flow Information [Abstract] | |
Supplemental Operations Statement and Cash Flow Information | Year Ended September 30, 2015 2014 2013 Advertising and promotion expenses $ 137.3 $ 121.8 $ 118.4 Repair and maintenance expenses 92.1 58.6 41.6 Research and development expenses 16.8 10.2 8.6 Rent expense 23.3 11.3 4.8 Loss on foreign currency 6.0 14.0 0.1 Interest income (0.8 ) (1.0 ) (0.3 ) Interest paid 235.5 143.3 76.3 Income taxes paid 46.4 11.9 25.5 |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 12 Months Ended |
Sep. 30, 2015 | |
Supplemental Balance Sheet Information [Abstract] | |
Supplemental Balance Sheet Information | September 30, 2015 2014 Receivables, net Trade $ 360.2 $ 332.2 Income tax receivable 1.0 67.1 Other 7.0 15.8 368.2 415.1 Allowance for doubtful accounts (2.0 ) (1.4 ) $ 366.2 $ 413.7 Inventories Raw materials and supplies $ 142.5 $ 99.2 Work in process 15.3 16.3 Finished products 286.8 235.8 Flocks 20.7 29.4 $ 465.3 $ 380.7 Accounts Payable Trade $ 226.4 $ 194.3 Book cash overdrafts 8.8 12.1 Other 30.0 18.6 $ 265.2 $ 225.0 Other Current Liabilities Advertising and promotion $ 61.9 $ 60.9 Accrued interest 58.6 47.8 Accrued compensation 109.0 32.4 Acquisition-related accruals 1.4 50.7 Income and other taxes payable 19.1 5.8 Other 79.8 71.7 $ 329.8 $ 269.3 Other Liabilities Pension and other postretirement benefit obligations $ 124.1 $ 114.1 Interest rate swaps 127.9 40.4 Accrued compensation - long-term 15.9 12.3 Other 22.3 15.6 $ 290.2 $ 182.4 |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts | 12 Months Ended |
Sep. 30, 2015 | |
Allowance for Doubtful Accounts [Abstract] | |
Allowance for Doubtful Accounts | September 30, 2015 2014 2013 Balance, beginning of year $ 1.4 $ 0.3 $ 0.3 Provision charged to expense 0.7 0.3 — Write-offs, less recoveries (0.3 ) (0.2 ) — Impact of acquisitions 0.2 1.0 — Balance, end of year $ 2.0 $ 1.4 $ 0.3 |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging | 12 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
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, energy purchases and variable rate debt. As of September 30, 2015, the notional amounts of commodity contracts and energy futures were $42.2 and $19.9 , respectively. These contracts relate to raw materials that generally will be utilized within the next 12 months. At September 30, 2015 and September 30, 2014, the Company had pledged collateral of $10.7 and $12.6 , respectively, related to its commodity and energy hedging contracts. These amounts are classified as “Restricted cash” on the Consolidated Balance Sheets. As of September 30, 2015, the Company had interest rate swaps with a notional amount of $727.6 that obligate Post to pay a fixed rate of 3.1% and receive one-month LIBOR and will result in cash payments beginning in June 2016 and ending in May 2021. In addition, the Company has interest rate swaps with a $750.0 notional amount that obligate Post to pay a weighted average fixed rate of approximately 4.0% and receive three-month LIBOR and will result in a net settlement in July 2018. Commodity and energy derivatives are valued using an income approach based on index prices less the contract rate multiplied by the notional amount. The Company’s calculation of the fair value of interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the relevant interest rate curve. 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 September 30, 2015 and 2014. Fair Value of Assets as of September 30, 2015 Balance Sheet Location Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Commodity contracts Prepaid expenses and other current assets $ 0.4 $ — $ 0.4 Energy futures Prepaid expenses and other current assets 0.2 — 0.2 $ 0.6 $ — $ 0.6 Fair Value of Liabilities as of September 30, 2015 Balance Sheet Location Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Commodity contracts Other current liabilities $ 1.2 $ — $ 1.2 Energy futures Other current liabilities 4.7 — 4.7 Interest rate swaps Other current liabilities 4.9 — 4.9 Interest rate swaps Other liabilities 127.9 — 127.9 $ 138.7 $ — $ 138.7 Fair Value of Liabilities as of September 30, 2014 Balance Sheet Location Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Commodity contracts Other current liabilities $ 8.0 $ — $ 8.0 Energy 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 $ 52.0 $ — $ 52.0 The following table presents the recognized (gain) or loss from derivative instruments that were not designated as qualified hedging instruments on the Company’s Consolidated Statements of Operations for the years ended September 30, 2015 , 2014 and 2013 . Location of (Gain) Loss Recognized in Earnings Amount of (Gain) Loss Recognized in Earnings 2015 2014 2013 Commodity contracts Cost of goods sold $ (5.2 ) $ 12.4 $ 0.6 Energy futures Cost of goods sold 12.8 0.4 0.3 Foreign exchange contracts Selling, general and administrative expenses — 6.3 — Interest rate swaps Other expense 92.5 35.5 — |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | The following table presents the 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: September 30, 2015 September 30, 2014 Total Level 1 Level 2 Total Level 1 Level 2 Assets Deferred compensation investment $ 10.3 $ 10.3 $ — $ 10.2 $ 10.2 $ — Derivative assets 0.6 — 0.6 — — — $ 10.9 $ 10.3 $ 0.6 $ 10.2 $ 10.2 $ — Liabilities Deferred compensation liabilities $ 14.2 $ — $ 14.2 $ 12.3 $ — $ 12.3 Derivative liabilities 138.7 — 138.7 52.0 — 52.0 $ 152.9 $ — $ 152.9 $ 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 Consolidated Balance Sheets, but is classified as Level 2 in the fair value hierarchy per ASC Topic 820: September 30, September 30, Senior notes $ 4,112.5 $ 2,768.2 Term loan 374.0 872.9 TEUs (debt component; see Note 18) 28.6 29.5 4.57% 2012 Series Bond maturing September 2017 2.9 4.8 Secured notes — 1.1 Capital leases 2.8 3.8 $ 4,520.8 $ 3,680.3 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. Refer to Note 12 for the classification of changes in fair value of derivative assets and liabilities measured at fair value on a recurring basis within the Consolidated Statements of Operations. As stated previously (see Note 4), the Company has land, building and equipment classified as assets held for sale as of September 30, 2015 and 2014 related to the closure of its Modesto, California facility as well as equipment held for sale at September 30, 2015 related to the closure of its Dymatize facility. At September 30, 2015 and September 30, 2014, the carrying value and estimated fair value less estimated costs to sell of the assets held for sale was $11.4 and $16.4 , respectively, and is included in “Prepaid expenses and other current assets” on the Consolidated Balance Sheets. The fair value of the assets held for sale related to the Modesto, California facility were measured at fair value on a nonrecurring basis based on a third-party offer to purchase the facility. The fair value of the assets held for sale related to the Dymatize machinery and equipment was measured at fair value on a nonrecurring basis based on information provided by external sources, along with management’s own assumptions. The fair value measurement was categorized as Level 3, as the fair values utilize significant unobservable inputs. The carrying amounts reported on the Consolidated Balance Sheets for cash and cash equivalents, receivables and accounts payable approximate fair value because of the short maturities (less than 12 months) of these financial instruments. |
Long Term Debt
Long Term Debt | 12 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | Long-term debt as of the dates indicated consists of the following: September 30, 2015 2014 7.375% Senior Notes maturing February 2022 $ 1,375.0 $ 1,375.0 6.75% Senior Notes maturing December 2021 875.0 875.0 6.00% Senior Notes maturing December 2022 630.0 630.0 7.75% Senior Notes maturing March 2024 800.0 — 8.00% Senior Notes maturing July 2025 400.0 — Term Loan 374.4 882.8 TEUs (see Note 18) 25.1 38.4 4.57% 2012 Series Bond maturing September 2017 2.9 4.8 Secured notes — 1.1 Capital leases 2.8 3.8 4,485.2 3,810.9 Less: Current Portion (16.0 ) (25.6 ) Plus: Unamortized premium (discount), net 42.2 45.2 Total long-term debt $ 4,511.4 $ 3,830.5 On February 3, 2012, the Company issued 7.375% senior notes due in February 2022 in an aggregate principal amount of $775.0 to Post’s former owner pursuant to a contribution agreement in connection with the internal reorganization. The 7.375% senior notes were issued pursuant to an indenture dated as of February 3, 2012 among the Company, Post Foods, LLC, as guarantor, and Wells Fargo Bank, National Association, as trustee. On October 25, 2012, the Company issued additional 7.375% senior notes with an aggregate principal value of $250.0 at a price of 106% of par value. On July 18, 2013, the Company issued additional 7.375% senior notes with an aggregate principal value of $350.0 at a price of 105.75% of par value. The premiums related to these 7.375% senior notes are amortized as a reduction to interest expense over the term of the senior notes. Interest payments on the 7.375% senior notes are due semi-annually each February 15 and August 15. On November 18, 2013, the Company issued $525.0 principal value of 6.75% senior notes due in December 2021. The 6.75% senior notes were issued at par and the Company received $516.2 after paying investment banking and other fees of $8.8 , which will be deferred and amortized to interest expense over the terms of the notes. On March 19, 2014, the Company issued an additional $350.0 principal value of 6.75% senior notes due in December 2021. The additional 6.75% senior notes were issued at 105.75% of par value and the Company received $364.0 after paying investment banking and other fees of $6.1 , which will be deferred and amortized to interest expense over the term of the notes. Interest payments on the 6.75% senior notes are due semi-annually each June 1 and December 1. On June 2, 2014, the Company issued $630.0 principal value of 6.00% senior notes due in December 2022. The 6.00% senior notes were issued at par and the Company received $619.0 after paying investment banking and other fees of $11.0 , which will be deferred and amortized to interest expense over the term of the notes. Interest payments on the 6.00% senior notes are due semi-annually each June 15 and December 15. On August 18, 2015, the Company issued $800.0 principal value of 7.75% senior notes due in March 2024 and $400.0 principal value of 8.00% senior notes due in July 2025. The 7.75% and 8.00% senior notes were issued at par. The Company received $1,187.9 after paying investment banking and other fees of $12.1 , which will be deferred and amortized to interest expense over the term of the notes. Interest payments on the 7.75% senior notes are due semi-annually each March 15 and September 15. Interest payments on the 8.00% senior notes are due semi-annually each January 15 and July 15. All of the Company’s senior notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by each of our existing and future material domestic subsidiaries, with the exception of immaterial subsidiaries (the “Guarantors”). Our foreign subsidiaries do not guarantee the senior notes. These guarantees are subject to release in limited circumstances (only upon the occurrence of certain customary conditions). See Note 21 for additional information. On January 29, 2014, the Company entered into a Credit Agreement (as amended, the “Credit Agreement”) among the Company, the institutions from time to time party thereto as Lenders (the “Lenders”), Barclays Bank PLC, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and Wells Fargo Securities, LLC, as Joint Lead Arrangers and Joint Bookrunners, Barclays Bank PLC, as Syndication Agent, Credit Suisse AG, Cayman Islands Branch and Goldman Sachs Bank USA, as Documentation Agents, and Wells Fargo Bank, National Association, as Administrative Agent for the Lenders. The Credit Agreement, together with a Joinder Agreement No. 1, dated May 1, 2014, provided for a revolving credit facility in an aggregate principal amount of $400.0 (the “Revolving Credit Facility”) and potential incremental revolving and term facilities at the request of the Company and at the discretion of the Lenders, on terms to be determined and in a maximum aggregate amount not to exceed the greater of $600.0 and an amount such that the Company’s pro forma senior secured leverage ratio would not exceed 2.50 to 1.00. The outstanding amounts under the Revolving Credit Facility must be repaid on or before January 29, 2019. The Company incurred $3.6 of issuance costs in connection with the Credit Agreement. The revolving credit facility has outstanding letters of credit of $4.2 which reduces the available borrowing capacity to $395.8 at September 30, 2015. Borrowings under the Revolving Credit Facility bear interest at the Eurodollar Rate or the Base Rate (as such terms are defined in the Credit Agreement) plus an applicable margin ranging from 2.00% to 2.50% for Eurodollar Rate-based loans and from 1.00% to 1.50% for Base Rate-based loans, depending upon the Company’s senior secured leverage ratio. On June 2, 2014, the Company entered into a Joinder Agreement No. 2 (the “Joinder No. 2”), by and among Barclays Bank PLC, the Company and the guarantors party thereto, and consented to by Wells Fargo Bank, National Association, as Administrative Agent. The Joinder No. 2 provided for, upon completion of the acquisition of Michael Foods and subject to certain other conditions, an incremental term loan of $885.0 (the “Prior Term Loan”) under the Company’s existing Credit Agreement. Pursuant to the Joinder No. 2, the Company borrowed approximately $885.0 as a Term Loan under the Credit Agreement. The loan was issued at 99.5% of par and the Company received $860.9 after accounting for the original issue discount of $4.4 and paying investment banking and other fees of $19.7 . On March 6, 2015, the Company entered into a Second Amendment to the Credit Agreement. On May 4, 2015, Post entered into a Joinder Agreement No. 3 (the “Joinder No. 3”), by and among Credit Suisse AG, Cayman Islands Branch, the Company and the guarantors party thereto, and consented to by Wells Fargo Bank, National Association, as Administrative Agent. The Joinder No. 3 provided for, in connection with the completion of the Company’s acquisition of MOM Brands, an incremental term loan of $700.0 (the “New Term Loan”) under the Company’s Credit Agreement. The Company incurred $19.4 of issuance costs in connection with the Credit Agreement and the New Term Loan as of September 30, 2015. The outstanding amounts under the New Term Loan bear interest at the same rate as the outstanding amounts under the Prior Term Loan. On May 4, 2015, Wells Fargo Bank, National Association resigned as Administrative Agent under the Credit Agreement and was replaced by Barclays Bank PLC. The Company utilized a portion of the net proceeds from the issuance of the 7.75% senior notes and the 8.00% senior notes, together with the net proceeds from the August 18, 2015 common stock issuance to repay $1,200.0 of the Prior Term Loan and the New Term Loan outstanding under the Credit Agreement. As a result of this repayment, the Company is no longer required to make quarterly term loan principal installment payments. In connection with the early repayment of the term loan, the Company expensed $30.0 of deferred financing fees and unamortized debt discount in the year ended September, 30, 2015. 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, 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, transactions with affiliates, dividends and redemptions or repurchases of stock, capital expenditures, and granting liens on certain 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. With limited exceptions, the Credit Agreement permits the Company to incur additional unsecured debt only if its consolidated interest coverage ratio, calculated as provided in the Credit Agreement, would be greater than 2.00 to 1.00 after giving effect to such new debt. The Credit Agreement provides for customary events of default, including material breach of representations and warranties, failure to make required payments, failure to comply with certain agreements or covenants, failure to pay, or default under, certain other material indebtedness, certain events of bankruptcy and insolvency, inability to pay debts, the occurrence of one or more unstayed or undischarged judgments in excess of $75.0 , or attachments issued against a material part of the Company’s property, change in control, the invalidity of any loan document, the failure of the collateral documents to create a valid and perfected first priority lien and certain ERISA events. Upon the occurrence of an event of default, the maturity of the loans under the Credit Agreement may be accelerated and the agent and lenders under the Credit Agreement may exercise other rights and remedies available at law or under the loan documents, including with respect to the collateral and guarantees for the Company’s obligations under the Credit Agreement. The Company’s obligations under the Credit Agreement are unconditionally guaranteed by each of its existing and subsequently acquired or organized material domestic subsidiaries. The Company’s obligations under the Credit Agreement are secured by security interests on substantially all of the personal property assets of the Company and the Guarantors and are secured by the material domestic real property assets of the Company and the Guarantors. In February 2014, the Company paid $2.5 of financing fees to the underwriters of a financing commitment the Company entered into in September 2013 to fund our acquisition of Dakota Growers. The commitment was not exercised and the Company expensed the full amount to interest expense in the year ended September 30, 2014. In addition, financing costs of $4.3 related to the unused bridge loan and $6.7 for the portion of the term loan commitment not used were immediately recorded to interest expense during the year ended September 30, 2014. In connection with the acquisition of Michael Foods, the Company assumed debt consisting of a 4.57% 2012 Series Bond and the secured notes. The 4.57% 2012 Series Bond guarantees the repayment of certain industrial revenue bonds used for the expansion of the wastewater treatment facility in Wakefield, Nebraska. The bond bears interest at a rate of 4.57% and matures September 15, 2017. The secured notes, which had a maturity date of November 30, 2014 and were secured by equipment used in Michael Foods’ potato products facility, were paid in full on November 28, 2014. At September 30, 2015, capital leases consisted of a lease, with an outstanding balance of $2.8 , on Michael Foods’ Winnipeg, Manitoba egg products processing facility which expires August 31, 2022. Debt Covenants The terms of the Credit Facility require the Company to comply with certain financial covenants consisting of ratios for maximum senior secured leverage and minimum interest expense coverage. As of September 30, 2015, the Company was in compliance with all such financial covenants. The Company does not believe non-compliance is reasonably likely in the foreseeable future. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Legal Proceedings Antitrust claims: In late 2008 and early 2009, some 22 class-action lawsuits were filed in various federal courts against Michael Foods, Inc. and approximately 20 other defendants (producers of shell eggs, manufacturers of processed egg products, and egg industry organizations), alleging violations of federal and state antitrust laws in connection with the production and sale of shell eggs and egg products, and seeking unspecified damages. In December 2008, the Judicial Panel on Multidistrict Litigation ordered the transfer of all cases to the Eastern District of Pennsylvania for coordinated and/or consolidated pretrial proceedings. Between late 2010 and early 2012, a number of companies, each of which would be part of the purported class in the antitrust action, brought separate actions against defendants. These “opt-out” cases, brought primarily by various grocery chains and food companies, assert the same allegations as in the main action. The opt-out cases are also pending in the Eastern District of Pennsylvania where they are being treated as related to the main action. On September 18, 2015, the court denied the motion of the Indirect Purchaser Plaintiffs for class certification. On September 21, 2015, the court granted the motion of the Direct Purchaser Plaintiffs to certify a shell-egg subclass, but denied their motion to certify an egg-products subclass. Michael Foods received a Civil Investigative Demand (“CID”) issued by the Florida Attorney General on November 27, 2008, regarding an investigation of possible anticompetitive activities “relating to the production and sale of eggs or egg products.” The CID requested information and documents related to the pricing and supply of shell eggs and egg products, as well as Michael Foods’ participation in various programs of United Egg Producers. The Florida Attorney General’s Office has not taken any further enforcement action during the pendency of proceedings in the civil antitrust litigation referenced above. Further compliance is suspended pending proceedings in the civil antitrust litigation referenced above. Post does not believe it is possible to estimate the possible loss in connection with these litigated matters. Accordingly, the Company cannot predict what impact, if any, these matters and any results from such matters could have on the future results of operations. Other: The Company is subject to various other legal proceedings and actions arising in the normal course of business. In the opinion of management, based upon the information presently known, the ultimate liability, if any, arising from such pending legal proceedings, as well as from asserted legal claims and known potential legal claims which are likely to be asserted, taking into account established accruals for estimated liabilities (if any), are not expected to be material individually and in the aggregate to the consolidated financial position, results of operations or cash flows. In addition, while it is difficult to estimate the potential financial impact of actions regarding expenditures for compliance with regulatory matters, in the opinion of management, based upon the information currently available, the ultimate liability arising from such compliance matters is not expected to be material to the consolidated financial position, results of operations or cash flows. Post’s operations are also subject to various federal, state and local laws and regulations with respect to environmental matters, including air quality, wastewater discharge and pretreatment, storm water, waste handling and disposal, and other regulations intended to protect public health and the environment. In the United States, the laws and regulations include the Clean Air Act, the Clean Water Act and the Resource Conservation and Recovery Act. The Company’s foreign facilities are subject to local and national regulations similar to those applicable to us in the United States. Additionally, many of the Michael Foods facilities discharge wastewater pursuant to wastewater discharge permits. The Company disposes of waste from its internal egg production primarily by transferring it to farmers for use as fertilizer and disposes of solid waste from potato processing primarily by transferring it to one or more processors who convert it to animal feed. Post has made, and will continue to make, expenditures to ensure environmental compliance. Lease Commitments Future minimum rental payments under noncancelable operating leases in effect as of September 30, 2015 were $14.3 , $13.6 , $8.4 , $7.6 , $6.1 and $10.9 for fiscal 2016 , 2017 , 2018 , 2019 , 2020 and thereafter, respectively. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 12 Months Ended |
Sep. 30, 2015 | |
Pension and Other Postretirement Benefit Expense [Abstract] | |
Pension and other postretirement benefits | The Company maintains qualified defined benefit plans in the United States and Canada for our Post Foods business. Certain of the Company’s employees are eligible to participate in the Company’s qualified and supplemental noncontributory defined benefit pension plans and other postretirement benefit plans (partially subsidized retiree health and life insurance) or separate plans for Post Foods Canada Inc. The following disclosures reflect amounts related to the Company’s employees based on separate actuarial valuations, projections and certain allocations. Amounts for the Canadian plans are included in these disclosures and are not disclosed separately because they do not constitute a significant portion of the combined amounts. Effective January 1, 2011, benefit accruals for defined benefit pension plans were frozen for all administrative employees and certain production employees. The following table provides a reconciliation of the changes in the plans’ benefit obligations and fair value of assets over the two year period ended September 30, 2015 , and a statement of the funded status and amounts recognized in the combined balance sheets as of September 30 of both years. Pension Benefits Other Benefits Year Ended Year Ended 2015 2014 2015 2014 Change in benefit obligation Benefit obligation at beginning of period $ 51.7 $ 44.1 $ 105.2 $ 87.7 Service cost 3.8 3.5 2.0 1.9 Interest cost 2.2 2.2 4.8 4.5 Plan participants’ contributions 0.7 0.7 — — Actuarial loss (gain) 3.7 3.7 3.1 12.8 Benefits paid (2.4 ) (1.9 ) (1.3 ) (1.1 ) Currency translation (1.6 ) (0.6 ) (1.4 ) (0.6 ) Benefit obligation at end of period $ 58.1 $ 51.7 $ 112.4 $ 105.2 Change in fair value of plan assets Fair value of plan assets at beginning of period $ 41.9 $ 32.1 $ — $ — Actual return on plan assets (0.3 ) 3.9 — — Employer contributions 6.2 7.7 1.3 1.1 Plan participants’ contributions 0.7 0.7 — — Benefits paid (2.4 ) (1.9 ) (1.3 ) (1.1 ) Currency translation (1.7 ) (0.6 ) — — Fair value of plan assets at end of period 44.4 41.9 — — Funded status $ (13.7 ) $ (9.8 ) $ (112.4 ) $ (105.2 ) Amounts recognized in assets or liabilities Other assets $ 0.5 $ 1.2 $ — $ — Other current liabilities — — (2.5 ) (2.1 ) Other liabilities (14.2 ) (11.0 ) (109.9 ) (103.1 ) Net amount recognized $ (13.7 ) $ (9.8 ) $ (112.4 ) $ (105.2 ) Amounts recognized in accumulated other comprehensive loss Net actuarial loss $ 15.1 $ 9.6 $ 26.7 $ 25.3 Prior service cost (credit) 0.6 0.9 (1.3 ) (2.8 ) Total $ 15.7 $ 10.5 $ 25.4 $ 22.5 Weighted-average assumptions used to determine benefit obligation Discount rate — U.S. plans 4.55 % 4.56 % 4.60 % 4.61 % Discount rate — Canadian plans 3.82 % 4.25 % 3.91 % 4.45 % Rate of compensation increase — U.S. plans 3.00 % 3.00 % 3.00 % 3.00 % Rate of compensation increase — Canadian plans 2.75 % 2.75 % 2.75 % 2.75 % The accumulated benefit obligation exceeded the fair value of plan assets for the domestic pension plans at September 30, 2015 and September 30, 2014. The aggregate accumulated benefit obligation for pension plans was $55.1 at September 30, 2015 and $48.7 at September 30, 2014 . The following tables provide the components of net periodic benefit cost for the plans and amounts recognized in other comprehensive income. Pension Benefits Year Ended September 30, 2015 2014 2013 Components of net periodic benefit cost Service cost $ 3.8 $ 3.5 $ 4.2 Interest cost 2.2 2.2 1.8 Expected return on plan assets (2.4 ) (2.0 ) (1.7 ) Recognized net actuarial loss 0.9 0.7 1.1 Recognized prior service cost 0.3 0.3 0.4 Curtailments/settlements/special termination benefits — — 1.7 Net periodic benefit cost $ 4.8 $ 4.7 $ 7.5 Weighted-average assumptions used to determine net benefit cost Discount rate — U.S. plans 4.56 % 5.15 % 4.13 % Discount rate — Canadian plans 4.25 % 4.87 % 4.25 % Rate of compensation increase — U.S. plans 3.00 % 3.00 % 3.00 % Rate of compensation increase — Canadian plans 2.75 % 2.75 % 3.00 % Expected return on plan assets — U.S. plans 5.72 % 5.99 % 6.00 % Expected return on plan assets — Canadian plans 6.00 % 6.00 % 6.25 % Changes in benefit obligation recognized in Total Comprehensive (Loss) Income Net loss (gain) $ 6.4 $ 1.7 $ (2.1 ) Recognized loss (0.9 ) (0.7 ) (1.1 ) Recognized prior service cost (0.3 ) (0.3 ) (0.4 ) Total recognized in other comprehensive income or loss (before tax effects) $ 5.2 $ 0.7 $ (3.6 ) Other Benefits Year Ended September 30, 2015 2014 2013 Components of net periodic benefit cost Service cost $ 2.0 $ 1.9 $ 2.4 Interest cost 4.8 4.5 4.0 Recognized net actuarial loss 1.4 0.4 1.7 Recognized prior service credit (1.6 ) (2.4 ) (1.1 ) Net periodic benefit cost $ 6.6 $ 4.4 $ 7.0 Weighted-average assumptions used to determine net benefit cost Discount rate — U.S. plans 4.61 % 5.21 % 3.96 % Discount rate — Canadian plans 4.45 % 5.01 % 4.39 % Rate of compensation increase — U.S. plans 3.00 % 3.00 % 3.00 % Rate of compensation increase — Canadian plans 2.75 % 2.75 % 3.00 % Changes in plan assets and benefit obligation recognized in Total Comprehensive (Loss) Income Net loss (gain) $ 3.1 $ 12.8 $ (14.9 ) Recognized loss (1.4 ) (0.4 ) (1.7 ) Prior service credit — — (3.5 ) Recognized prior service credit 1.6 2.4 1.1 Currency translation (0.3 ) — — Total recognized in other comprehensive income or loss (before tax effects) $ 3.0 $ 14.8 $ (19.0 ) For pension benefits, the estimated net actuarial loss and prior service cost (credit) expected to be reclassified from accumulated other comprehensive loss into net periodic benefit cost during 2016 related to pension benefits are $1.1 and $0.3 , respectively. The corresponding amounts related to other postretirement benefits are $1.5 and $(1.1) , respectively. The expected return on pension plan assets was determined based on historical and expected future returns of the various asset classes, using the target allocation. The broad target allocations are 50.0% equity securities (comprised of 27.5% U.S. equities and 22.5% foreign equities), 39.5% debt securities, 10.0% real assets and 0.5% cash. At September 30, 2015, equity securities were 48.6% , debt securities were 45.2% , real assets were 4.4% and other was 1.8% of the fair value of total plan assets, approximately 80.0% of which was invested in passive index funds. At September 30, 2014, equity securities were 55.8% , debt securities were 37.3% , real assets were 5.7% and other was 1.2% of the fair value of total plan assets, approximately 85.0% of which was invested in passive index funds. The allocation guidelines were established based on management’s determination of the appropriate risk posture and long-term objectives. The following table represents the pension plan’s assets measured at fair value on a recurring basis and the basis for that measurement (for more information on the fair value framework in ASC Topic 820, refer to Note 13). September 30, 2015 September 30, 2014 Total Level 1 Level 2 Total Level 1 Level 2 Mutual funds: Equities $ 21.5 $ — $ 21.5 $ 23.4 $ — $ 23.4 Bonds 4.8 4.8 — 2.6 2.6 — Pooled Assets 3.9 — 3.9 3.0 — 3.0 Fixed income 11.4 — 11.4 10.0 — 10.0 Real assets 2.0 — 2.0 2.4 — 2.4 43.6 4.8 38.8 41.4 2.6 38.8 Cash 0.8 0.8 — 0.5 0.5 — $ 44.4 $ 5.6 $ 38.8 $ 41.9 $ 3.1 $ 38.8 The fair value of mutual funds is based on quoted net asset values of the shares held by the plan at year end. For September 30, 2015 measurement purposes, the assumed annual rate of increase in the future per capita cost of covered health care benefits related to domestic plans for 2016 was 8.0% and 6.2% for participants under the age of 65 and over the age of 65, respectively, declining gradually to an ultimate rate of 5.0% for 2022 and beyond. For September 30, 2014 measurement purposes, the assumed annual rate of increase in the future per capita cost of covered health care benefits related to domestic plans for 2015 was 8.5% and 6.4% for participants under the age of 65 and over the age of 65, respectively, declining gradually to an ultimate rate of 5.0% for 2022 and beyond. For September 30, 2015 and 2014 measurement purposes, the assumed annual rate of increase in the future per capita cost of covered health care benefits related to Canadian plans for the following fiscal year was 7.5% and 6.0% , respectively, declining gradually to an ultimate rate of 5.0% for 2021 and beyond for the year ended September 30, 2015 and 5.0% for 2017 and beyond for the year ended September 30, 2014. A 1% change in assumed health care cost trend rates would result in the following changes in the accumulated postretirement benefit obligation and in the total service and interest cost components for fiscal 2015 . Increase Decrease Effect on postretirement benefit obligation $ 23.6 $ (18.5 ) Effect on total service and interest cost 1.6 (1.2 ) As of September 30, 2015 , expected future benefit payments and related federal subsidy receipts (Medicare Part D) in the next ten fiscal years were as follows: 2016 2017 2018 2019 2020 2021- 2025 Pension benefits $ 2.4 $ 2.2 $ 2.0 $ 2.1 $ 2.2 $ 15.0 Other benefits 2.6 3.1 3.6 4.0 4.2 24.8 Subsidy receipts — — — — 0.1 1.5 In addition to the above expected benefit payments, the Company expects to make contributions of $6.1 to its defined benefit pension plans and $2.6 to its postretirement medical benefit plans during fiscal 2016. In addition to the defined benefit plans described above, the Company sponsors a defined contribution 401(k) plan under which it makes matching contributions. The Company expensed $ 11.7 , $ 7.1 and $ 2.8 for the fiscal years ended September 30, 2015 , 2014 and 2013 , respectively. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Sep. 30, 2015 | |
Stock-Based Compensation [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | On February 3, 2012, the Company established the 2012 Long-Term Incentive Plan (the “Plan”) which permits the issuance of various stock-based compensation awards up to 6.5 million shares. The Plan allows the issuance of stock options, stock appreciation rights, performance shares, restricted stock, restricted stock units or other awards. Awards issued under the Plan have a maximum term of 10 years, provided, however, that the Compensation Committee of the Board of Directors may, in its discretion, grant awards with a longer term to participants who are located outside the United States. Total compensation cost for cash and non-cash stock-based compensation awards recognized in the fiscal years ended 2015 , 2014 and 2013 was $29.2 , $16.6 and $12.0 , respectively, and the related recognized deferred tax benefit for each of those periods was approximately $10.6 , $5.4 and $3.9 , respectively. As of September 30, 2015 , the total compensation cost related to nonvested awards not yet recognized was $27.8 , which is expected to be recognized over a weighted average period of 2.6 years. In connection with an employee retirement and reorganization initiatives in fiscal 2015, the Company accelerated the vesting of unvested equity awards for four employees. As a result of this acceleration, the Company recorded $8.0 of incremental stock-based compensation expense in the year ended September 30, 2015. Stock Appreciation Rights Information about stock-settled stock appreciation rights (“SSAR”) is summarized in the following table. Upon exercise of each SSAR, the holder will receive the number of shares of Post common stock equal in value to the difference between the exercise price and the fair market value at the date of exercise, less all applicable taxes. The Company uses shares from the Plan to settle SSARs exercised. The total intrinsic value of SSARs exercised was $2.1 , $2.4 and $1.2 in the fiscal years ended September 30, 2015 , 2014 and 2013 , respectively. Stock-Settled Stock Appreciation Rights Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term in Years Aggregate Intrinsic Value Outstanding at September 30, 2014 266,856 $ 28.68 Granted 40,000 51.14 Exercised (64,521 ) 19.75 Forfeited — — Expired — — Outstanding at September 30, 2015 242,335 34.76 6.40 $ 6.0 Vested and expected to vest as of September 30, 2015 242,335 34.76 6.40 6.0 Exercisable at September 30, 2015 157,335 27.41 5.25 5.0 In 2015, 2014 and 2013, the Company granted 40,000 , 30,000 and 35,000 SSARs, respectively, to its non-management members of the Board of Directors. Due to vesting provisions of these awards the Company determined that these awards had subjective acceleration rights such that the Company expensed the grant date fair value upon issuance and recognized $0.7 , $0.5 and $0.4 of related expense for the years ended September 30, 2015 , 2014 and 2013 , respectively. The following table provides the weighted-average grant date fair value of SSARs granted calculated using the Black-Scholes valuation model, which uses assumptions of expected life (term), expected stock price volatility, risk-free interest rate, and expected dividends (collectively, the “Black-Scholes Model”). The expected term is estimated based on the award’s vesting period and contractual term, along with historical exercise behavior on similar awards. Expected volatilities are based on historical volatility trends and other factors. The risk-free rate is the interpolated U.S. Treasury rate for a term equal to the expected term. The weighted average assumptions and grant date fair values for SSARs granted during fiscal years ended 2015 , 2014 and 2013 are summarized in the table below. For SSARs granted to Company employees prior to the separation from its former owner, the assumptions used in the Black-Scholes model were based on the former owner’s history and stock characteristics. 2015 2014 2013 Expected term (in years) 6.5 6.5 6.5 Expected stock price volatility 29.2% 28.3% 29.4% Risk-free interest rate 1.58% 1.92% 1.26% Expected dividends 0% 0% 0% Fair value (per SSAR) $16.72 $17.69 $12.19 Cash Settled Stock Appreciation Rights Cash-Settled Stock Appreciation Rights Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term in Years Aggregate Intrinsic Value Outstanding at September 30, 2014 20,628 $ 18.10 Granted 100,000 47.70 Exercised (1,587 ) 18.10 Forfeited — — Expired — — Outstanding at September 30, 2015 119,041 42.97 8.86 $ 1.9 Vested and expected to vest as of September 30, 2015 119,041 42.97 8.86 1.9 Exercisable at September 30, 2015 19,041 18.10 4.98 0.8 The fair value of each cash settled stock appreciation right (“SAR”) was estimated each reporting period using the Black-Scholes Model. The expected term is estimated based on the award’s vesting period and contractual term, along with historical exercise behavior on similar awards. Expected volatilities are based on historical volatility trends and other factors. The risk-free rate is the interpolated U.S. Treasury rate for a term equal to the expected term. The following table presents the assumptions used to remeasure the fair value of outstanding SARs at September 30, 2015, 2014 and 2013. 2015 2014 2013 Expected term 4.79 2.5 3.5 Expected stock price volatility 29.7% 27.6% 27.6% Risk-free interest rate 1.26% 0.83% 0.82% Expected dividends 0% 0% 0% Fair value (per right) $29.10 $15.80 $23.09 Stock Options Stock Options Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term in Years Aggregate Intrinsic Value Outstanding at September 30, 2014 3,020,000 $ 34.21 Granted 1,625,000 49.74 Exercised (470,000 ) 32.91 Forfeited — — Expired — — Outstanding at September 30, 2015 4,175,000 40.40 7.73 $ 78.1 Vested and expected to vest as of September 30, 2015 4,175,000 40.40 7.73 78.1 Exercisable at September 30, 2015 2,083,333 33.13 6.68 54.1 The fair value of each stock option was estimated on the date of grant using the Black-Scholes Model. The Company uses the simplified method for estimating a stock option term as it does not have sufficient historical share options exercise experience upon which to estimate an expected term. The expected term is estimated based on the award’s vesting period and contractual term, along with historical exercise behavior on similar awards. Expected volatilities are based on historical volatility trends and other factors. The risk-free rate is the interpolated U.S. Treasury rate for a term equal to the expected term. The weighted average assumptions and fair values for stock options granted during the years ended September 30, 2015 , 2014 and 2013 are summarized in the table below. 2015 2014 2013 Expected term 5.3 5.2 7.8 Expected stock price volatility 27.93% 26.11% 28.32% Risk-free interest rate 1.57% 1.48% 1.19% Expected dividends 0% 0% 0% Fair value (per option) $7.22 $10.65 $11.54 Restricted Stock Units Restricted Stock Units Weighted Average Grant Date Fair Value Per Share Nonvested at September 30, 2014 228,502 $ 34.09 Granted 227,719 40.52 Vested (217,638 ) 33.75 Forfeited (7,603 ) 42.74 Nonvested at September 30, 2015 230,980 40.47 The grant date fair value of each restricted stock award was determined based upon the closing price of the Company’s stock on the date of grant. Of the 217,638 RSUs that vested in fiscal 2015 , 104,166 will be settled at a future date within 60 days after the holder of the RSUs is no longer an executive officer of the Company. The total vest date fair value of restricted stock units that vested during fiscal 2015 , 2014 and 2013 was $9.3 , $6.3 and $5.3 , respectively. Cash Settled Restricted Stock Units Cash-Settled Restricted Stock Units Weighted- Average Grant Date Fair Value Per Share Nonvested at September 30, 2014 174,613 $ 45.38 Granted 110,000 34.04 Vested (58,997 ) 40.04 Forfeited (15,951 ) 49.94 Nonvested at September 30, 2015 209,665 40.59 Cash settled restricted stock awards are liability awards and as such, their fair value is based upon the closing price of the Company’s stock for each reporting period, with the exception of 49,000 units that are valued at the greater of the closing stock price or the grant price of $51.43 . Cash used by the Company to settle restricted stock units was $3.4 , $1.8 and $1.1 for the years ended September 30, 2015 , 2014 and 2013 , respectively. Deferred Compensation Post provides for a deferred compensation plan for directors and key employees through which eligible participants may elect to defer payment of all or a portion of their compensation or bonus until some later date. Deferrals for employee participants may be made into Post common stock equivalents (Equity Option) or into a number of funds operated by The Vanguard Group Inc. with a variety of investment strategies and objectives (Vanguard Funds). Deferrals for director participants must be made into Post common stock equivalents and also receive a 33% matching contribution. Deferrals into the Equity Option are distributed in Post stock for employees and cash for directors, while deferrals into the Vanguard Funds are distributed in cash. There are no significant costs related to this deferred compensation plan. Post funds its deferred compensation liability (potential cash distributions) by investing in the Vanguard Funds in the same amounts as selected by the participating employees. Both realized and unrealized gains and losses on these investments are included in “Selling, general and administrative expenses” and offset the related change in the deferred compensation liability. |
Tangible Equity Units Tangible
Tangible Equity Units Tangible Equity Units | 12 Months Ended |
Sep. 30, 2015 | |
Tangible Equity Units [Abstract] | |
Tangible Equity Units [Text Block] | In May 2014, the Company completed a public offering of 2.875 million TEUs, each with a stated value of $100.00 . Each TEU is comprised of a prepaid stock purchase contract and a senior amortizing note due June 1, 2017. The prepaid common stock purchase contracts were recorded as additional paid-in capital, net of issuance costs, and the senior notes have been recorded as long-term debt. Issuance costs associated with the debt component were recorded as deferred financing costs within “Prepaid expenses and other current assets” and “Other assets” on the consolidated balance sheets and are being amortized using the effective interest rate method over the term of the instrument to June 1, 2017. Post allocated the proceeds from the issuance of the TEUs to equity and debt based on the relative fair values of the respective components of each TEU. The proceeds received in the offering were $278.6 , which were net of financing fees of $8.9 . The aggregate values assigned upon issuance of each component of the TEUs were as follows (amounts in millions except price per TEU): Equity Component Debt Component TEUs Total Price per TEU $ 85.48 $ 14.52 $ 100.00 Gross proceeds $ 245.7 $ 41.8 $ 287.5 Issuance costs (7.6 ) (1.3 ) (8.9 ) Net proceeds $ 238.1 $ 40.5 $ 278.6 Balance sheet impact (at issuance) Prepaid expenses and other current assets (deferred financing fees) $ — $ 0.7 $ 0.7 Other assets (deferred financing fees) — 0.6 0.6 Current portion of long-term debt — 13.3 13.3 Long-term debt — 28.5 28.5 Additional paid-in capital 238.1 — 238.1 The senior amortizing note component of each TEU’s initial principal amount of $14.5219 , bears interest at 5.25% per annum and has a final installment payment date on June 1, 2017. The Company pays equal quarterly cash installments of $1.3125 per amortizing note on March 1, June 1, September 1 and December 1 of each year. Payments commenced on September 1, 2014. Each installment constitutes a payment of interest and a partial repayment of principal. Unless settled earlier at the holder’s or the Company’s option, each purchase contract will automatically settle on June 1, 2017 (subject to postponement in certain limited circumstances), and the Company will deliver not more than 2.0964 shares and not less than 1.7114 shares of its common stock per purchase contract, each subject to adjustment. For each purchase contract, the Company will deliver on the third business day immediately following the last trading day of the observation period a number of shares of its common stock determined as described below. The “observation period” will be the 20 consecutive trading day period beginning on, and including, the 22nd scheduled trading day immediately preceding June 1, 2017 (the “mandatory settlement date”). The number of shares of the Company’s common stock issuable upon mandatory settlement of each purchase contract (the “settlement amount”) will be equal to the sum of the “daily settlement amounts” (as defined below) for each of the 20 consecutive trading days during the relevant observation period. The daily settlement amount for each purchase contract and for each of the 20 consecutive trading days during the observation period will consist of: • if the daily volume-weighted average price (“VWAP”) is equal to or greater than $58.4325 per share (the “threshold appreciation price”), subject to adjustment, a number of shares of the Company’s common stock equal to (i) 1.7114 shares of common stock, subject to adjustment (the “minimum settlement rate”) divided by (ii) 20; • if the daily VWAP is less than $58.4325 per share, subject to adjustment, but greater than $47.70 per share (the “reference price”), subject to adjustment, a number of shares of the Company’s common stock equal to (i) $100.00 divided by the daily VWAP (ii) divided by 20 ; and • if the daily VWAP of our common stock is less than or equal to $47.70 per share, subject to adjustment, a number of shares of the Company’s common stock equal to (i) 2.0964 shares of common stock, subject to adjustment (the “maximum settlement rate”), divided by (ii) 20. The initial minimum settlement rate is approximately equal to the TEU stated amount of $100.00 divided by the initial threshold appreciation price of $58.4325 per share. The initial maximum settlement rate is approximately equal to the TEU stated amount of $100.0 divided by the initial reference price of $47.70 per share. |
Stockholders' Equity Stockholde
Stockholders' Equity Stockholders' Equity | 12 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stockholders' Equity [Text Block] | In fiscal 2014, the Company issued approximately 3.2 million shares of its 2.5% Series C Cumulative Perpetual Convertible Preferred Stock and received net proceeds of $310.2 after paying offering-related fees and expenses of approximately $9.8 . The preferred stock has a $0.01 par value per share and a $100.00 liquidation value per share. The preferred stock earns cumulative dividends at a rate of 2.5% per annum payable quarterly on February 15, May 15, August 15 and November 15, beginning on February 15, 2014. The preferred stock is non-voting and ranks senior to our outstanding common stock upon the Company’s dissolution or liquidation. The preferred stock has no maturity date; however, holders of the preferred stock may convert their preferred stock at an initial conversion rate of 1.8477 shares of the Company’s common stock per share of convertible preferred stock, which is equivalent to a conversion price of $54.12 per share of common stock. Additionally, on or after February 15, 2019, the Company will have the option to redeem some or all the preferred stock at a redemption price equal to 100% of the liquidation preference per share, plus accrued and unpaid dividends if the closing sale price of the Company’s common stock has been at least 150% of the conversion price then in effect for at least 20 trading days during any 30 consecutive trading day period. In March 2014, the Company issued 5.75 million shares of common stock at a price to the public of $55.00 per share. The Company received net proceeds of $303.5 after paying offering related fees and expenses of approximately $12.8 . In May 2014, the Company issued 6.33 million shares of common stock at a price to the public of $47.70 per share. The Company received net proceeds of $289.9 after paying offering-related fees and expenses of approximately $11.8 . In February 2015, the Company issued 7.48 million shares of common stock at a price to the public of $47.50 per share. The Company received net proceeds of $341.4 after paying offering related fees and expenses of approximately $13.7 . On May 4, 2015, the Company completed its acquisition of MOM Brands. The purchase price was partially funded by the issuance of 2.45 million shares of the Company’s common stock to the former owners of MOM Brands. The shares were valued at the May 1, 2015 closing price of $46.60 per share for a total issuance of $114.4 . The Company did not receive any of the proceeds from these shares of common stock. In August 2015, the Company issued 6.73 million shares of common stock at a price to the public of $60.00 per share. The Company received net proceeds of $391.3 after paying offering related fees and expenses of approximately $12.3 . Reclassifications out of accumulated other comprehensive income (loss) into accumulated deficit for the reported periods include the amortization of actuarial loss and prior service cost (credit) for pension and postretirement benefits totaling $1.0 , $(1.0) and $2.1 for the years ended September 30, 2015 , 2014 and 2013 , respectively. Amounts are primarily classified as “Cost of goods sold” on the Consolidated Statements of Operations |
Segments (Notes)
Segments (Notes) | 12 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | During the third quarter of fiscal 2015, the Company reorganized its management reporting and realigned its reportable segments in accordance with ASC 280, “Segment Reporting.” At September 30, 2015, the reportable segments were as follows: • Post Consumer Brands: primarily consisting of RTE cereals; • Michael Foods Group: including the predominantly foodservice and food ingredient egg, potato and pasta businesses and the retail cheese business; • Active Nutrition: including protein shakes, bars and powders and nutritional supplements; and • Private Brands: primarily consisting of peanut and other nut butters, dried fruit and nuts, and granola. Management evaluates each segment’s performance based on its segment profit, which is its operating profit before impairment of property and intangible assets, facility closure related costs, restructuring expenses, losses on assets held for sale, gain on sale of plant 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 years ended September 30, 2014 and 2013 has been adjusted to align with current year presentation. Post’s external revenues were primarily generated by sales within the United States; foreign (primarily located in Canada) sales were approximately 9% of total net sales. Sales are attributed to individual countries based on the address to which the product is shipped. As of September 30, 2015 and 2014 , the majority of Post’s tangible long-lived assets were located in the United States; the remainder is located primarily in Canada and has a net carrying value of approximately $47.2 and $56.0 , respectively. In the fiscal years ended September 30, 2015 , 2014 and 2013 , one customer accounted for $464.1 , $276.8 and $206.1 , respectively, or approximately 10% , 11% and 20% of total net sales, respectively. Each of the segments sells products to this major customer. The following tables present information about the Company’s operating segments, which are also its reportable segments. Note that “Additions to property and intangibles” excludes additions through business acquisitions (see Note 5) and includes the non-monetary portion of the asset exchange (see Note 2). Year Ended September 30, 2015 2014 2013 Net Sales Post Consumer Brands $ 1,260.8 $ 963.1 $ 982.8 Michael Foods Group 2,305.7 874.8 — Active Nutrition 555.0 293.3 13.9 Private Brands 529.7 280.6 37.8 Eliminations (3.0 ) (0.7 ) (0.4 ) Total $ 4,648.2 $ 2,411.1 $ 1,034.1 Segment Profit (Loss) Post Consumer Brands $ 205.5 $ 173.4 $ 174.1 Michael Foods Group 188.2 21.6 — Active Nutrition (13.8 ) (1.8 ) 1.0 Private Brands 41.5 19.0 2.5 Total segment profit 421.4 212.2 177.6 General corporate expenses and other 147.9 124.3 66.9 Impairment of goodwill and other intangibles 60.8 295.6 2.9 Interest expense 287.5 183.7 85.5 Other expense, net 92.5 35.5 — (Loss) earnings before income taxes $ (167.3 ) $ (426.9 ) $ 22.3 Additions to property and intangibles Post Consumer Brands $ 19.6 $ 37.0 $ 24.7 Michael Foods Group 60.5 29.2 — Active Nutrition 7.2 2.0 — Private Brands 6.2 37.6 — Corporate 27.0 9.7 8.1 Total $ 120.5 $ 115.5 $ 32.8 Depreciation and amortization Post Consumer Brands $ 71.2 $ 51.6 $ 58.8 Michael Foods Group 142.3 56.6 — Active Nutrition 26.9 17.0 0.5 Private Brands 24.9 15.7 2.6 Total segment depreciation and amortization 265.3 140.9 61.9 Corporate and accelerated depreciation 7.5 14.9 14.9 Total $ 272.8 $ 155.8 $ 76.8 September 30, 2015 2014 Assets, end of year Post Consumer Brands $ 3,473.0 $ 2,325.1 Michael Foods Group 3,506.0 3,726.5 Active Nutrition 645.4 607.1 Private Brands 651.6 558.6 Corporate 944.4 513.8 Total $ 9,220.4 $ 7,731.1 |
Guarantor Financials
Guarantor Financials | 12 Months Ended |
Sep. 30, 2015 | |
Schedule Of Condensed Financial Statements [Abstract] | |
Guarantor Financials | All of the Company’s senior notes (see Note 14) are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by each of our existing 100% owned domestic subsidiaries 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). Set forth below are the condensed consolidating financial statements presenting the results of operations, financial position and cash flows of the Parent Company (Post Holdings, Inc.), the Guarantors on a combined basis, the Non-Guarantors on a combined basis and eliminations necessary to arrive at the information for the Company as reported, on a consolidated basis. The Condensed Consolidating Financial Statements present the Parent Company’s investments in subsidiaries using the equity method of accounting. Eliminations represent adjustments to eliminate investments in subsidiaries and intercompany balances and transactions between or among the Parent Company, the Guarantor and the Non-Guarantor subsidiaries. Post Holdings, Inc. and all of its domestic subsidiaries form a single consolidated tax group for U.S. income tax purposes. Accordingly, income tax expense has been presented on the Guarantors’ Condensed Statements of Operations using the consolidated U.S. effective tax rate for the Company. Income tax payable and deferred tax items for the consolidated U.S. tax paying group reside solely on the Parent Company’s Condensed Balance Sheet. POST HOLDINGS, INC. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended September 30, 2015 Parent Non- Company Guarantors Guarantors Eliminations Total Net Sales $ — $ 4,177.2 $ 521.9 $ (50.9 ) $ 4,648.2 Cost of goods sold — 3,082.8 441.9 (50.9 ) 3,473.8 Gross Profit — 1,094.4 80.0 — 1,174.4 Selling, general and administrative expenses 8.1 675.9 50.1 — 734.1 Amortization of intangible assets — 131.7 10.0 — 141.7 Impairment of goodwill and other intangible assets — 60.8 — — 60.8 Other operating expenses, net 1.3 23.6 0.2 — 25.1 Operating (Loss) Profit (9.4 ) 202.4 19.7 — 212.7 Interest expense 275.8 (1.0 ) 12.7 — 287.5 Other expense 92.4 0.1 — — 92.5 (Loss) Earnings before Income Taxes (377.6 ) 203.3 7.0 — (167.3 ) Income tax (benefit) expense (165.9 ) 110.4 3.5 — (52.0 ) Net (Loss) Earnings before Equity in Subsidiaries (211.7 ) 92.9 3.5 — (115.3 ) Equity earnings in subsidiaries 96.4 (2.3 ) — (94.1 ) — Net (Loss) Earnings $ (115.3 ) $ 90.6 $ 3.5 $ (94.1 ) $ (115.3 ) Total Comprehensive (Loss) Income $ (176.8 ) $ 85.3 $ (23.3 ) $ (62.0 ) $ (176.8 ) Year Ended September 30, 2014 Parent Non- Company Guarantors Guarantors Eliminations Total Net Sales $ — $ 2,170.1 $ 266.3 $ (25.3 ) $ 2,411.1 Cost of goods sold — 1,588.2 227.0 (25.3 ) 1,789.9 Gross Profit — 581.9 39.3 — 621.2 Selling, general and administrative expenses 20.5 416.2 22.8 — 459.5 Amortization of intangible assets — 63.5 7.3 — 70.8 Impairment of goodwill and other intangible assets — 295.6 — — 295.6 Other operating expenses, net — 3.0 — — 3.0 Operating (Loss) Profit (20.5 ) (196.4 ) 9.2 — (207.7 ) Interest expense 175.4 (0.4 ) 8.7 — 183.7 Other expense 35.5 — — — 35.5 (Loss) Earnings before Income Taxes (231.4 ) (196.0 ) 0.5 — (426.9 ) Income tax (benefit) expense (88.7 ) 2.3 2.7 — (83.7 ) Net (Loss) Earnings before Equity in Subsidiaries (142.7 ) (198.3 ) (2.2 ) — (343.2 ) Equity (loss) earnings in subsidiaries (200.5 ) 0.7 — 199.8 — Net (Loss) Earnings $ (343.2 ) $ (197.6 ) $ (2.2 ) $ 199.8 $ (343.2 ) Total Comprehensive (Loss) Income $ (357.7 ) $ (206.3 ) $ (8.1 ) $ 214.4 $ (357.7 ) Year Ended September 30, 2013 Parent Non- Company Guarantors Guarantors Eliminations Total Net Sales $ — $ 978.8 $ 73.5 $ (18.2 ) $ 1,034.1 Cost of goods sold — 570.0 57.4 (18.2 ) 609.2 Gross Profit — 408.8 16.1 — 424.9 Selling, general and administrative expenses 7.7 272.8 17.7 — 298.2 Amortization of intangible assets — 14.6 — — 14.6 Impairment of goodwill and other intangible assets — 2.9 — — 2.9 Other operating expenses, net — 1.0 0.4 — 1.4 Operating (Loss) Profit (7.7 ) 117.5 (2.0 ) — 107.8 Interest expense 85.5 — — — 85.5 (Loss) Earnings before Income Taxes (93.2 ) 117.5 (2.0 ) — 22.3 Income tax (benefit) expense (30.0 ) 37.7 (0.6 ) — 7.1 Net (Loss) Earnings before Equity in Subsidiaries (63.2 ) 79.8 (1.4 ) — 15.2 Equity earnings in subsidiaries 78.4 — — (78.4 ) — Net Earnings (Loss) $ 15.2 $ 79.8 $ (1.4 ) $ (78.4 ) $ 15.2 Total Comprehensive Income (Loss) $ 26.7 $ 92.4 $ (2.5 ) $ (89.9 ) $ 26.7 POST HOLDINGS, INC. CONDENSED CONSOLIDATING BALANCE SHEETS September 30, 2015 Parent Non- Company Guarantors Guarantors Eliminations Total ASSETS Current Assets Cash and cash equivalents $ 809.6 $ 30.5 $ 19.2 $ (17.9 ) $ 841.4 Restricted cash 1.1 17.0 0.7 — 18.8 Receivables, net 8.5 310.0 61.7 (14.0 ) 366.2 Inventories — 396.1 69.2 — 465.3 Deferred income taxes 47.5 — 0.2 — 47.7 Intercompany notes receivable 7.7 — — (7.7 ) — Prepaid expenses and other current assets 12.7 27.9 1.7 — 42.3 Total Current Assets 887.1 781.5 152.7 (39.6 ) 1,781.7 Property, net — 1,286.0 47.2 — 1,333.2 Goodwill — 2,944.8 128.0 — 3,072.8 Other intangible assets, net — 2,873.3 96.0 — 2,969.3 Intercompany receivable 1,129.8 — — (1,129.8 ) — Intercompany notes receivable 146.2 — — (146.2 ) — Investment in subsidiaries 6,311.9 21.9 — (6,333.8 ) — Other assets 57.4 5.3 0.7 — 63.4 Total Assets $ 8,532.4 $ 7,912.8 $ 424.6 $ (7,649.4 ) $ 9,220.4 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities Current portion of long-term debt $ 14.1 $ 1.6 $ 0.3 $ — $ 16.0 Accounts payable — 254.0 43.1 (31.9 ) 265.2 Intercompany notes payable — — 7.7 (7.7 ) — Other current liabilities 76.1 225.7 28.0 — 329.8 Total Current Liabilities 90.2 481.3 79.1 (39.6 ) 611.0 Long-term debt 4,507.7 1.3 2.4 — 4,511.4 Intercompany payable — 1,124.2 5.6 (1,129.8 ) — Intercompany notes payable — — 146.2 (146.2 ) — Deferred income taxes 807.0 — 24.8 — 831.8 Other liabilities 151.5 130.9 7.8 — 290.2 Total Liabilities 5,556.4 1,737.7 265.9 (1,315.6 ) 6,244.4 Total Shareholders’ Equity 2,976.0 6,175.1 158.7 (6,333.8 ) 2,976.0 Total Liabilities and Shareholders’ Equity $ 8,532.4 $ 7,912.8 $ 424.6 $ (7,649.4 ) $ 9,220.4 September 30, 2014 Parent Non- Company Guarantors Guarantors Eliminations Total ASSETS Current Assets Cash and cash equivalents $ 246.6 $ 15.7 $ 10.0 $ (3.9 ) $ 268.4 Restricted cash 1.1 79.8 3.9 — 84.8 Receivables, net 78.0 305.2 45.9 (15.4 ) 413.7 Inventories — 336.5 44.2 — 380.7 Deferred income taxes 27.0 — — — 27.0 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 ) 1,219.0 Property, net — 775.9 56.0 — 831.9 Goodwill — 2,732.8 153.9 — 2,886.7 Other intangible assets, net — 2,518.5 124.5 — 2,643.0 Intercompany receivable 1,015.4 — — (1,015.4 ) — Intercompany notes receivable 178.9 — — (178.9 ) — Investment in subsidiaries 5,543.1 8.1 — (5,551.2 ) — Other assets 61.7 86.1 2.7 — 150.5 Total Assets $ 7,169.5 $ 6,889.0 $ 443.7 $ (6,771.1 ) $ 7,731.1 LIABILITIES AND SHAREOLDERS' EQUITY Current Liabilities Current portion of long-term debt $ 22.2 $ 3.0 $ 0.4 $ — $ 25.6 Accounts payable — 212.2 32.1 (19.3 ) 225.0 Intercompany notes payable — — 6.3 (6.3 ) — Other current liabilities 100.4 153.8 15.1 — 269.3 Total Current Liabilities 122.6 369.0 53.9 (25.6 ) 519.9 Long-term debt 3,824.2 2.9 3.4 — 3,830.5 Intercompany payable — 1,013.8 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 4,886.3 1,501.6 279.9 (1,219.9 ) 5,447.9 Total Shareholders’ Equity 2,283.2 5,387.4 163.8 (5,551.2 ) 2,283.2 Total Liabilities and Shareholders’ Equity $ 7,169.5 $ 6,889.0 $ 443.7 $ (6,771.1 ) $ 7,731.1 POST HOLDINGS, INC. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended September 30, 2015 Parent Non- Company Guarantors Guarantors Eliminations Total Net Cash Provided by by Operating Activities $ (155.4 ) $ 703.3 $ 10.6 $ (106.9 ) $ 451.6 Cash Flows from Investing Activities Business acquisitions, net of cash acquired (1,060.5 ) (177.5 ) (1.2 ) — (1,239.2 ) Additions to property — (104.0 ) (3.9 ) — (107.9 ) Restricted cash — 69.1 3.0 — 72.1 Proceeds from sale of property — 20.4 — — 20.4 Proceeds from sale of business 2.3 1.5 — — 3.8 Insurance proceeds on loss of property — 2.1 — — 2.1 Proceeds from equity distributions 542.8 0.2 — (543.0 ) — Capitalization of subsidiaries (138.5 ) — — 138.5 — Net payments for intercompany revolver (3.5 ) — — 3.5 — Net Cash Used in Investing Activities (657.4 ) (188.2 ) (2.1 ) (401.0 ) (1,248.7 ) Cash Flows from Financing Activities Proceeds from issuance of long-term debt 1,896.5 — — — 1,896.5 Proceeds from issuance of common stock, net of issuance costs 732.7 — — — 732.7 Repayments of long-term debt (1,221.7 ) (3.0 ) (0.4 ) — (1,225.1 ) Payments of preferred stock dividend (17.1 ) — — — (17.1 ) Payments of debt issuance costs (31.5 ) — — — (31.5 ) Proceeds from exercise of stock awards 15.5 — — — 15.5 Other, net 1.4 — — — 1.4 Proceeds from Parent capitalization — 128.0 0.9 (128.9 ) — Payments for equity distributions — (625.3 ) (1.0 ) 626.3 — Net receipts from intercompany revolver — — 3.5 (3.5 ) — Net Cash Provided by (Used in) by Financing Activities 1,375.8 (500.3 ) 3.0 493.9 1,372.4 Effect of Exchange Rate Changes on Cash and Cash Equivalents — — (2.3 ) — (2.3 ) Net Increase in Cash and Cash Equivalents 563.0 14.8 9.2 (14.0 ) 573.0 Cash and Cash Equivalents, Beginning of Year 246.6 15.7 10.0 (3.9 ) 268.4 Cash and Cash Equivalents, End of Year $ 809.6 $ 30.5 $ 19.2 $ (17.9 ) $ 841.4 Year Ended September 30, 2014 Parent Non- Company Guarantors Guarantors Eliminations Total Net Cash (Used in) Provided by Operating Activities $ (110.6 ) $ 294.1 $ 1.8 $ (2.2 ) $ 183.1 Cash Flows from Investing Activities Business acquisitions, net of cash acquired (3,329.1 ) 52.2 (287.2 ) — (3,564.1 ) Additions to property — (111.2 ) (4.3 ) — (115.5 ) Restricted cash 37.0 (76.3 ) (4.0 ) — (43.3 ) Cash advance for acquisition — (73.7 ) (1.3 ) — (75.0 ) Insurance proceeds on loss of property — 4.3 — — 4.3 Proceeds from equity distributions 102.8 — — (102.8 ) — Capitalization of subsidiaries (323.7 ) — — 323.7 — Net payments for intercompany revolver — 0.1 — (0.1 ) — Net Cash Used in Investing Activities (3,513.0 ) (204.6 ) (296.8 ) 220.8 (3,793.6 ) Cash Flows from Financing Activities Proceeds from issuance of long-term debt 2,385.6 — — — 2,385.6 Proceeds from issuance of preferred stock, net of issuance costs 310.2 — — — 310.2 Proceeds from issuance of common stock, net of issuance costs 593.4 — — — 593.4 Proceeds from issuance of equity component of tangible equity units, net of issuance costs 238.1 — — — 238.1 Proceeds from issuance of debt component of tangible equity units 41.8 — — — 41.8 Repayments of long-term debt (5.6 ) (1.3 ) — — (6.9 ) Payments of preferred stock dividend (14.4 ) — — — (14.4 ) Payments of debt issuance costs (64.0 ) — — — (64.0 ) Payments for equity distributions — (102.8 ) — 102.8 — Proceeds from Parent capitalization — 26.2 297.5 (323.7 ) — Net receipts from intercompany revolver — — (0.1 ) 0.1 — Other, net 0.4 — — — 0.4 Net Cash Provided by (Used in) Financing Activities 3,485.5 (77.9 ) 297.4 (220.8 ) 3,484.2 Effect of Exchange Rate Changes on Cash and Cash Equivalents (6.7 ) — (0.6 ) — (7.3 ) Net (Decrease) Increase in Cash and Cash Equivalents (144.8 ) 11.6 1.8 (2.2 ) (133.6 ) Cash and Cash Equivalents, Beginning of Year 391.4 4.1 8.2 (1.7 ) 402.0 Cash and Cash Equivalents, End of Year $ 246.6 $ 15.7 $ 10.0 $ (3.9 ) $ 268.4 Year Ended September 30, 2013 Parent Non- Company Guarantors Guarantors Eliminations Total Net Cash (Used in) Provided by Operating Activities $ 37.7 $ 158.3 $ 4.8 $ (81.6 ) $ 119.2 Cash Flows from Investing Activities Business acquisitions, net of cash acquired (345.8 ) (7.1 ) — — (352.9 ) Additions to property — (30.3 ) (2.5 ) — (32.8 ) Restricted cash (38.1 ) — — — (38.1 ) Payment for equity contributions 39.1 — — (39.1 ) — Net Cash Provided by (Used in) Investing Activities (344.8 ) (37.4 ) (2.5 ) (39.1 ) (423.8 ) Cash Flows from Financing Activities Proceeds from issuance of long-term debt 600.0 — — — 600.0 Proceeds from issuance of preferred stock, net of issuance costs 234.0 — — — 234.0 Repayments of long-term debt (170.6 ) — — — (170.6 ) Payments of preferred stock dividend (4.2 ) — — — (4.2 ) Payments of debt issuance costs (10.5 ) — — — (10.5 ) Payments for equity distributions — (119.0 ) — 119.0 — Other, net 0.1 — — — 0.1 Net Cash Provided by (Used in) Financing Activities 648.8 (119.0 ) — 119.0 648.8 Effect of Exchange Rate Changes on Cash and Cash Equivalents — — (0.4 ) — (0.4 ) Net Increase in Cash and Cash Equivalents 341.7 1.9 1.9 (1.7 ) 343.8 Cash and Cash Equivalents, Beginning of Year 49.7 2.2 6.3 — 58.2 Cash and Cash Equivalents, End of Year $ 391.4 $ 4.1 $ 8.2 $ (1.7 ) $ 402.0 |
Summary Quarterly Financial Inf
Summary Quarterly Financial Information | 12 Months Ended |
Sep. 30, 2015 | |
Quarterly Financial Information [Abstract] | |
Quarterly Financial Information [Text Block] | First Second Third Fourth Quarter Quarter Quarter Quarter Fiscal 2015 Net sales $ 1,073.9 $ 1,052.7 $ 1,211.8 $ 1,309.8 Gross profit 249.1 275.5 316.5 333.3 Impairment of goodwill and other intangible assets — — — 60.8 Net (loss) earnings (97.3 ) 30.5 24.0 (72.5 ) Net (loss) earnings available to common shareholders (101.6 ) 26.3 19.8 (76.8 ) Basic (loss) earnings per share $ (2.04 ) $ 0.48 $ 0.34 $ (1.21 ) Diluted (loss) earnings per share $ (2.04 ) $ 0.45 $ 0.33 $ (1.21 ) Fiscal 2014 Net sales $ 297.0 $ 438.0 $ 633.0 $ 1,043.1 Gross profit 114.5 129.4 148.6 228.7 Impairment of goodwill and other intangible assets — — — 295.6 Net loss (2.4 ) (18.3 ) (35.1 ) (287.4 ) Net loss available to common shareholders (5.0 ) (22.6 ) (39.3 ) (291.7 ) Basic loss per share $ (0.15 ) $ (0.67 ) $ (0.92 ) $ (5.86 ) Diluted loss per share $ (0.15 ) $ (0.67 ) $ (0.92 ) $ (5.86 ) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | On October 3, 2015, the Company completed the previously announced acquisition of Willamette Egg Farms, LLC (“Willamette Egg”) for $90.0 , subject to net working capital and other adjustments. Willamette Egg is a producer, processor and wholesale distributor of eggs and egg products. Willamette Egg produces shell eggs, specialty shell eggs (including cage-free and organic eggs) and value-added egg products (including liquid and hard cooked eggs). Upon completion of the acquisition, Willamette Egg will be combined with Post’s existing Michael Foods egg business. The transaction will be accounted for as a business combination under the acquisition method of accounting. The Company will record the assets acquired and liabilities assumed at their fair values as of the acquisition date. Due to the limited time since closing of the acquisition, the valuation efforts and related acquisition accounting are incomplete at the time of filing of the consolidated financial statements. As a result, the Company is unable to provide amounts recognized as of the acquisition date for major classes of assets and liabilities acquired, including goodwill. In addition, because the acquisition accounting is incomplete, the Company is unable to provide the supplemental pro forma revenue and earnings for the combined entity, as the pro forma adjustments are expected to primarily consist of estimates for the amortization of identifiable intangible assets acquired and related income tax effects which will result from the purchase price allocation and determination of the fair values for the assets acquired and liabilities assumed. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Principles of combination | Principles of Consolidation — The consolidated financial statements include the operations of Post Holdings, Inc. and its wholly-owned subsidiaries. All intercompany transactions have been eliminated. |
Use of estimates and allocations | Use of Estimates and Allocations — The consolidated financial statements of the Company are prepared in conformity with accounting principles generally accepted in the United States of America, which require certain elections as to accounting policy, estimates and assumptions that affect the reported amounts of assets, liabilities, the disclosure of contingent liabilities at the dates of the financial statements and the reported amount of net revenues and expenses during the reporting periods. Significant accounting policy elections, estimates and assumptions include, among others, pension and benefit plan assumptions, valuation assumptions of goodwill and other intangible assets, marketing programs and income taxes. Actual results could differ from those estimates. |
Business combinations | Business Combinations — The Company uses the acquisition method in accounting for acquired businesses. Under the acquisition method, our financial statements reflect the operations of an acquired business starting from the completion of the acquisition. The assets acquired and liabilities assumed are recorded at their respective estimated fair values at the date of the acquisition. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. |
Cash equivalents | Cash Equivalents — Cash equivalents include all highly liquid investments with original maturities of less than three months. |
Restricted cash | Restricted Cash — Restricted cash includes items such as cash deposits which serve as collateral for certain commodity hedging contracts as well as the Company's high deductible workers’ compensation insurance program. |
Receivables | Receivables — Receivables are reported at net realizable value. This value includes appropriate allowances for doubtful accounts, cash discounts, and other amounts which the Company does not ultimately expect to collect. The Company determines its allowance for doubtful accounts based on historical losses and the economic status of, and its relationship with its customers, especially those identified as “at risk.” A receivable is considered past due if payments have not been received within the agreed upon invoice terms. Receivables are written off against the allowance when the customer files for bankruptcy protection or is otherwise deemed to be uncollectible based upon the Company’s evaluation of the customer’s solvency. |
Inventories | Inventories — Inventories, other than flocks, are generally valued at the lower of average cost (determined on a first-in, first-out basis) or market. Reported amounts have been reduced by an allowance for obsolete product and packaging materials based on a review of inventories on hand compared to estimated future usage and sales. Flock inventory represents the cost of purchasing and raising chicken flocks to egg laying maturity. The costs included in our flock inventory include the costs of the chicks, the feed fed to the birds and the labor and overhead costs incurred to operate the pullet facilities until the birds are transferred into the laying facilities, at which time their cost is amortized to operations, as cost of goods sold, over their expected useful lives of one to two years. |
Restructuring Expenses and Assets Held-for-sale | Restructuring Expenses and Assets Held For Sale — Restructuring charges principally consist of severance and other employee separation costs, accelerated depreciation and certain long-lived asset impairments. The Company recognizes restructuring obligations and liabilities for exit and disposal activities at fair value in the period the liability is incurred. Employee severance costs are expensed when they become probable and reasonably estimable under established severance plans. Depreciation expense related to assets that will be disposed of or idled as a part of the restructuring activity is accelerated through the expected date of the asset shut down. Assets are classified as held for sale if the Company has committed to a plan for selling the assets, is actively and reasonably marketing them, and sale is reasonably expected within one year. The carrying value of assets held for sale is included in “Prepaid expenses and other current assets” on the Consolidated Balance Sheets. See Note 4 for information about assets held for sale. |
Property | Property — Property is recorded at cost, and depreciation expense is generally provided on a straight-line basis over the estimated useful lives of the properties. Estimated useful lives range from 1 to 20 years for machinery and equipment and 3 to 40 years for buildings, building improvements and leasehold improvements, and 1 to 5 years for software. Total depreciation expense was $131.1 , $85.0 and $62.2 in fiscal 2015 , 2014 and 2013 , respectively. Any gains and losses incurred on the sale or disposal of assets are included in "Other operating expenses, net." Repair and maintenance costs incurred in connection with on-going and planned major maintenance activities are accounted for under the direct expensing method. During the year ended September 30, 2015, the Company had non-monetary exchanges of fixed assets. The cash and non-cash portions of these transactions were $9.8 and $12.6 , respectively. Property consisted of: September 30, 2015 2014 Land and land improvements $ 52.8 $ 25.6 Buildings and leasehold improvements 791.7 295.0 Machinery and equipment 806.0 714.2 Software 49.2 31.5 Construction in progress 38.0 54.7 1,737.7 1,121.0 Accumulated depreciation (404.5 ) (289.1 ) $ 1,333.2 $ 831.9 |
Other intangible assets | Other Intangible Assets — Other intangible assets consist primarily of customer relationships and trademarks/brands acquired in business combinations and includes both indefinite and definite-lived assets. Amortization expense related to definite-lived intangible assets, which is provided on a straight-line basis over the estimated useful lives of the assets, was $141.7 , $70.8 , and $14.6 in fiscal 2015 , 2014 and 2013 , respectively. For the definite-lived intangible assets recorded as of September 30, 2015 , amortization expense of $152.6 , $152.6 , $152.5 , $151.7 and $151.6 is scheduled for fiscal 2016 , 2017 , 2018 , 2019 and 2020 , respectively. Other intangible assets consisted of: September 30, 2015 September 30, 2014 Carrying Amount Accum. Amort. Net Amount Carrying Amount Accum. Amort. Net Amount Subject to amortization: Customer relationships $ 1,998.6 $ (192.7 ) $ 1,805.9 $ 1,743.7 $ (90.9 ) $ 1,652.8 Trademarks/brands 780.9 (79.1 ) 701.8 554.7 (43.9 ) 510.8 Other 21.3 (5.4 ) 15.9 24.7 (3.0 ) 21.7 2,800.8 (277.2 ) 2,523.6 2,323.1 (137.8 ) 2,185.3 Not subject to amortization: Trademarks/brands 445.7 — 445.7 457.7 — 457.7 $ 3,246.5 $ (277.2 ) $ 2,969.3 $ 2,780.8 $ (137.8 ) $ 2,643.0 |
Recoverability of assets | Recoverability of Assets — The Company continually evaluates whether events or circumstances have occurred which might impair the recoverability of the carrying value of its assets, including property, identifiable intangibles and goodwill. Trademarks with indefinite lives are reviewed for impairment during the fourth quarter of each fiscal year following the annual forecasting process, or more frequently if facts and circumstances indicate the trademark may be impaired. The trademark impairment tests require us to estimate the fair value of the trademark and compare it to its carrying value. The estimated fair value is determined using an income-based approach (the relief-from-royalty method), which requires significant assumptions for each brand, including estimates regarding future revenue growth, discount rates, and appropriate royalty rates. Assumptions are determined after consideration of several factors for each brand, including profit levels, research of external royalty rates by third party experts and the relative importance of each brand to the Company. Revenue growth assumptions are based on historical trends and management’s expectations for future growth by brand. The discount rate is based on a weighted-average cost of capital utilizing industry market data of similar companies. In addition, definite-lived assets and indefinite-lived intangible assets are reassessed as needed when information becomes available that is believed to negatively impact the fair market value of an asset. In general, an asset is deemed impaired and written down to its fair value if estimated related future cash flows are less than its carrying amount. At September 30, 2015, Post recorded impairment losses of $3.7 for the Grape-Nuts brand and $0.1 for the 100% Bran brand to record these trademarks at their estimated current fair values of $11.2 and zero , respectively. Due to repeated past impairments, continued weakness in the brand forecasts and a lack of sales growth from recent brand support efforts, as of October, 1 2015, the Grape-Nuts brand will be converted to a definite-lived asset and assigned a 20 year useful life. At September 30, 2014, Post recorded impairment losses in the Post Consumer Brands segment of $34.4 for the Post brand, $23.0 for the Honey Bunches of Oats brand, $17.2 for the Post Shredded Wheat brand and $8.4 for the Grape-Nuts brand to record these trademarks at their estimated current fair values of $144.0 , $243.9 , $8.2 and $14.9 , respectively. Due to repeated past impairments, continued weakness in the brand forecasts and a lack of sales growth from recent brand support efforts, as of October 1, 2014, the Post Shredded Wheat brand was converted to a definite-lived asset and assigned a 20 year useful life. At September 30, 2013, Post recorded impairment losses in the Post Consumer Brands segment of $0.2 for the Post Shredded Wheat brand and $2.7 for the Post brand to record these trademarks at their estimated current fair values of $25.4 and $178.4 , respectively. These fair value measurements fell within Level 3 of the fair value hierarchy as described in Note 13. The trademark and goodwill impairment losses are reported in “Impairment of goodwill and other intangible assets” on the Consolidated Statements of Operations. See Note 6 for information about goodwill impairments. |
Investments | Investments — The Company funds a portion of its deferred compensation liability by investing in certain mutual funds in the same amounts as selected by the participating employees. Because management’s intent is to invest in a manner that matches the deferral options chosen by the participants and those participants can elect to transfer amounts in or out of each of the designated deferral options at any time, these investments have been classified as trading assets and are stated at fair value in “Prepaid expenses and other current assets” and “Other Assets” (see Note 13). Both realized and unrealized gains and losses on these assets are included in “Selling, general and administrative expenses” and offset the related change in the deferred compensation liability. |
Revenue | Revenue — Revenue is recognized when title of goods and risk of loss is transferred to the customer, as specified by the shipping terms. Net sales reflect gross sales, including amounts billed to customers for shipping and handling, less sales discounts and trade allowances (including promotional price buy downs and new item promotional funding). Customer trade allowances are generally computed as a percentage of gross sales. Products are generally sold with no right of return except in the case of goods which do not meet product specifications or are damaged, and related reserves are maintained based on return history. If additional rights of return are granted, revenue recognition is deferred. Estimated reductions to revenue for customer incentive offerings are based upon customer redemption history. |
Cost of products sold | Cost of Goods Sold — Cost of goods sold includes, among other things, inbound and outbound freight costs and depreciation expense related to assets used in production, while storage and other warehousing costs are included in “Selling, general and administrative expenses.” Storage and other warehousing costs totaled $ 103.4 , $ 65.4 and $ 41.5 in fiscal 2015 , 2014 and 2013 , respectively. |
Advertising | Advertising — Advertising costs are expensed as incurred except for costs of producing media advertising such as television commercials or magazine advertisements, which are deferred until the first time the advertising takes place. The amount reported as assets on the balance sheet was insignificant as of September 30, 2015 and 2014 . |
Stock-based compensation | Stock-based Compensation — The Company recognizes the cost of employee services received in exchange for awards of equity instruments based on the grant-date fair value of equity awards and the fair market value at each quarterly reporting date for liability awards. That cost is recognized over the period during which an employee is required to provide service in exchange for the award — the requisite service period (usually the vesting period). See Note 17 for disclosures related to stock-based compensation. |
Income tax expense | Income Tax (Benefit) Provision — Income tax (benefit) provision is estimated based on income taxes in each jurisdiction and includes the effects of both current tax exposures and the temporary differences resulting from differing treatment of items for tax and financial reporting purposes. These temporary differences result in deferred tax assets and liabilities. A valuation allowance is established against the related deferred tax assets to the extent that it is not more likely than not that the future benefits will be realized. Reserves are recorded for estimated exposures associated with the Company’s tax filing positions, which are subject to periodic audits by governmental taxing authorities. Interest due to an underpayment of income taxes is classified as income taxes. The Company considers the undistributed earnings of its foreign subsidiaries to be permanently invested, so no U.S. taxes have been provided in relation to the Company's investment in its foreign subsidiaries. See Note 7 for disclosures related to income taxes. |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Property | roperty consisted of: September 30, 2015 2014 Land and land improvements $ 52.8 $ 25.6 Buildings and leasehold improvements 791.7 295.0 Machinery and equipment 806.0 714.2 Software 49.2 31.5 Construction in progress 38.0 54.7 1,737.7 1,121.0 Accumulated depreciation (404.5 ) (289.1 ) $ 1,333.2 $ 831.9 |
Other intangible assets | ther intangible assets consisted of: September 30, 2015 September 30, 2014 Carrying Amount Accum. Amort. Net Amount Carrying Amount Accum. Amort. Net Amount Subject to amortization: Customer relationships $ 1,998.6 $ (192.7 ) $ 1,805.9 $ 1,743.7 $ (90.9 ) $ 1,652.8 Trademarks/brands 780.9 (79.1 ) 701.8 554.7 (43.9 ) 510.8 Other 21.3 (5.4 ) 15.9 24.7 (3.0 ) 21.7 2,800.8 (277.2 ) 2,523.6 2,323.1 (137.8 ) 2,185.3 Not subject to amortization: Trademarks/brands 445.7 — 445.7 457.7 — 457.7 $ 3,246.5 $ (277.2 ) $ 2,969.3 $ 2,780.8 $ (137.8 ) $ 2,643.0 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Restructuring Cost and Reserve | |
Schedule of Restructuring and Related Costs [Table Text Block] | Employee-Related Costs Pension Curtailment Accelerated Depreciation Total Balance, September 30, 2012 $ — $ — $ — $ — Charge to expense 2.1 1.7 9.6 13.4 Cash payments — — — — Non-cash charges — (1.7 ) (9.6 ) (11.3 ) Balance, September 30, 2013 $ 2.1 $ — $ — $ 2.1 Charge to expense 1.1 — 8.0 9.1 Cash payments (2.5 ) — — (2.5 ) Non-cash charges — — (8.0 ) (8.0 ) Balance, September 30, 2014 $ 0.7 $ — $ — $ 0.7 Charge to expense 13.2 — 2.1 15.3 Cash payments (3.4 ) — — (3.4 ) Non-cash charges — — (2.1 ) (2.1 ) Balance, September 30, 2015 $ 10.5 $ — $ — $ 10.5 Total expected restructuring charge $ 16.4 $ 1.7 $ 20.1 $ 38.2 Cumulative incurred to date 16.4 1.7 19.7 37.8 Remaining expected restructuring charge $ — $ — $ 0.4 $ 0.4 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Business Acquisition | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Dakota Growers Dymatize Golden Boy Michael Foods Cash and cash equivalents $ 2.9 $ 1.8 $ — $ 69.1 Restricted cash — — — 3.4 Receivables 25.3 22.5 16.4 155.1 Income tax receivable — — — 62.5 Inventories 43.4 41.0 29.8 175.7 Deferred tax asset - current 0.3 3.0 — 2.8 Prepaid expenses and other current assets 0.4 0.7 0.7 7.5 Property 86.0 15.7 10.5 328.3 Goodwill 160.5 114.9 154.1 1,181.1 Other intangible assets 150.0 257.9 131.5 1,344.3 Other assets 1.0 0.1 — 8.0 Current portion of long-term debt — — — (3.7 ) Accounts payable (5.6 ) (17.5 ) (10.3 ) (109.0 ) Other current liabilities (25.7 ) (8.2 ) (8.4 ) (79.5 ) Long-term debt — — — (8.4 ) Deferred tax liability - long-term (78.4 ) (36.5 ) (33.8 ) (541.4 ) Other liabilities (0.2 ) — (2.1 ) (18.5 ) Total acquisition cost $ 359.9 $ 395.4 $ 288.4 $ 2,577.3 Attune Hearthside PNC Cash and cash equivalents $ — $ — $ 2.1 Receivables 0.5 5.5 11.3 Inventories 2.6 6.3 23.9 Deferred tax asset - current — — 6.9 Prepaid expenses and other current assets 0.1 0.2 2.8 Property 0.1 15.6 0.7 Goodwill 3.6 71.5 47.2 Other intangible assets 3.8 63.5 112.6 Accounts payable (1.3 ) (2.1 ) (15.6 ) Other current liabilities (0.2 ) (0.3 ) (2.4 ) Deferred tax liability - long-term — (0.3 ) (2.8 ) Other liabilities — — (0.7 ) Total acquisition cost $ 9.2 $ 159.9 $ 186.0 PowerBar ABC MOM Brands Cash and cash equivalents $ 2.4 $ 0.6 $ 11.1 Receivables 6.5 12.8 41.7 Inventories 23.1 15.5 97.9 Prepaid expenses and other current assets 0.1 0.4 6.2 Property 17.9 19.7 532.1 Goodwill 18.6 49.6 195.6 Other intangible assets 61.0 71.9 364.4 Deferred tax asset - long-term 11.7 — — Other assets — 0.4 — Accounts payable (1.2 ) (9.0 ) (33.0 ) Deferred tax liability - current (0.2 ) (0.4 ) (5.4 ) Other current liabilities (4.4 ) (2.8 ) (24.9 ) Deferred tax liability - long-term (1.1 ) (30.7 ) (6.9 ) Other liabilities — — (1.3 ) Total acquisition cost $ 134.4 $ 128.0 $ 1,177.5 |
Business Acquisition, Pro Forma Information [Table Text Block] | 2015 2014 2013 Pro forma net sales $ 5,123.1 $ 5,005.8 $ 3,874.7 Pro forma net (loss) earnings available to common shareholders $ (89.9 ) $ (342.3 ) $ 11.0 Pro forma basic (loss) earnings per share $ (1.59 ) $ (8.62 ) $ 0.34 Pro forma diluted (loss) earnings per share $ (1.59 ) $ (8.62 ) $ 0.33 |
Purchase Price Adjustments by Business Combination [Table Text Block] | Acquisition Date Amounts Recognized as of September 30, 2014 (a) Adjustments During the Twelve Months Ended September 30, 2015 Acquisition Date Amounts Recognized (as Adjusted) Cash and cash equivalents $ 73.8 $ — $ 73.8 Restricted cash 3.4 — 3.4 Receivables (b) (d) 219.6 (0.3 ) 219.3 Income tax receivable 62.5 — 62.5 Inventories 289.9 — 289.9 Deferred tax asset - current (b) 5.4 0.7 6.1 Prepaid expenses and other current assets 9.3 — 9.3 Property 440.5 — 440.5 Goodwill 1,605.4 5.2 1,610.6 Other intangible assets 1,883.7 — 1,883.7 Other assets 9.1 — 9.1 Current portion of long-term debt (3.7 ) — (3.7 ) Accounts payable (d) (142.6 ) 0.2 (142.4 ) Other current liabilities (d) (121.5 ) (0.3 ) (121.8 ) Long-term debt (8.4 ) — (8.4 ) Deferred tax liability - long-term (b) (697.1 ) 7.0 (690.1 ) Other liabilities (b) (11.8 ) (9.0 ) (20.8 ) Total acquisition cost (c) $ 3,617.5 $ 3.5 $ 3,621.0 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in carrying amount of goodwill | The changes in the carrying amount of goodwill by segment are noted in the following table. Post Consumer Brands Michael Foods Group Active Nutrition Private Brands Total Balance, September 30, 2013 Goodwill (gross) $ 1,794.1 $ — $ 48.3 $ 75.1 $ 1,917.5 Accumulated impairment losses (427.8 ) — — — (427.8 ) Goodwill (net) $ 1,366.3 $ — $ 48.3 $ 75.1 $ 1,489.7 Goodwill acquired 5.6 1,347.2 104.1 154.1 1,611.0 Impairment loss (181.3 ) — (31.3 ) — (212.6 ) Purchase price true-up adjustment — — (1.1 ) — (1.1 ) Currency translation adjustment (0.4 ) — — 0.1 (0.3 ) Balance, September 30, 2014 Goodwill (gross) $ 1,799.3 $ 1,347.2 $ 151.3 $ 229.3 $ 3,527.1 Accumulated impairment losses (609.1 ) — (31.3 ) — (640.4 ) Goodwill (net) $ 1,190.2 $ 1,347.2 $ 120.0 $ 229.3 $ 2,886.7 Goodwill acquired 195.6 — 18.6 49.6 263.8 Impairment loss — — (57.0 ) — (57.0 ) Purchase price true-up adjustment — (5.6 ) 10.8 — 5.2 Currency translation adjustment (1.0 ) — — (24.9 ) (25.9 ) Balance, September 30, 2015 Goodwill (gross) $ 1,993.9 $ 1,341.6 $ 180.7 $ 254.0 $ 3,770.2 Accumulated impairment losses (609.1 ) — (88.3 ) — (697.4 ) Goodwill (net) $ 1,384.8 $ 1,341.6 $ 92.4 $ 254.0 $ 3,072.8 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of provision (benefit) for income taxes | The (benefit) provision for income taxes consisted of the following: Year Ended September 30, 2015 2014 2013 Current: Federal $ 59.5 $ 0.9 $ 33.0 State 2.9 — 3.2 Foreign 5.7 2.9 — 68.1 3.8 36.2 Deferred: Federal (116.0 ) (80.1 ) (26.8 ) State (2.1 ) (7.3 ) (1.8 ) Foreign (2.0 ) (0.1 ) (0.5 ) (120.1 ) (87.5 ) (29.1 ) Income tax (benefit) provision $ (52.0 ) $ (83.7 ) $ 7.1 |
Reconciliation of income tax (benefit) provision | A reconciliation of income tax (benefit) provision with amounts computed at the statutory federal rate follows: Year Ended September 30, 2015 2014 2013 Computed tax at federal statutory rate (35%) $ (58.6 ) $ (149.4 ) $ 7.8 Non-deductible goodwill impairment loss 16.5 70.9 — Non-deductible compensation 0.4 0.8 0.7 Non-deductible transaction costs 0.6 2.8 0.2 Domestic production activities deduction (5.9 ) — (2.9 ) State income taxes, net of effect on federal tax (7.2 ) (6.6 ) 1.0 Non-taxable interest income (2.7 ) (2.9 ) — Valuation allowances 6.7 2.3 — Change in deferred tax rates 4.9 (0.9 ) 0.3 Uncertain tax positions (3.4 ) (0.2 ) 0.1 Other, net (none in excess of 5% of computed tax) (3.3 ) (0.5 ) (0.1 ) Income tax (benefit) provision $ (52.0 ) $ (83.7 ) $ 7.1 |
Deferred tax assets (liabilities) | Deferred tax assets (liabilities) were as follows: September 30, 2015 September 30, 2014 Assets Liabilities Net Assets Liabilities Net Current: Accrued vacation, incentive and severance $ 21.4 $ — $ 21.4 $ 6.5 $ — $ 6.5 Net operating loss carryforwards, credits 5.0 — 5.0 7.3 — 7.3 Stock-based and deferred compensation 0.6 — 0.6 2.7 — 2.7 Inventory 15.6 — 15.6 5.6 — 5.6 Accrued liabilities 4.5 — 4.5 7.1 — 7.1 Other items 5.4 (4.0 ) 1.4 1.4 (3.3 ) (1.9 ) Total gross deferred income taxes, current 52.5 (4.0 ) 48.5 30.6 (3.3 ) 27.3 Valuation allowance (0.8 ) — (0.8 ) (0.3 ) — (0.3 ) Total current deferred income taxes 51.7 (4.0 ) 47.7 30.3 (3.3 ) 27.0 Noncurrent: Property — (150.4 ) (150.4 ) — (142.5 ) (142.5 ) Intangible assets — (819.6 ) (819.6 ) — (863.1 ) (863.1 ) Pension and other postretirement benefits 47.4 — 47.4 42.9 — 42.9 Stock-based and deferred compensation 20.9 — 20.9 14.7 — 14.7 Derivative mark-to-market adjustments 48.8 — 48.8 15.4 — 15.4 Net operating loss carryforwards, credits 21.2 — 21.2 23.4 — 23.4 Other items 10.2 — 10.2 1.5 — 1.5 Total gross deferred income taxes, noncurrent 148.5 (970.0 ) (821.5 ) 97.9 (1,005.6 ) (907.7 ) Valuation allowance (10.3 ) — (10.3 ) (7.4 ) — (7.4 ) Total non-current deferred income taxes 138.2 (970.0 ) (831.8 ) 90.5 (1,005.6 ) (915.1 ) Total deferred taxes $ 189.9 $ (974.0 ) $ (784.1 ) $ 120.8 $ (1,008.9 ) $ (888.1 ) |
Income Tax Contingency [Line Items] | |
Summary of Income Tax Contingencies [Table Text Block] | Unrecognized tax benefits, September 30, 2013 $ 3.6 Additions for tax positions taken in current year and acquisitions 4.3 Reductions for tax positions taken in prior years — Settlements with tax authorities/statute expirations (0.5 ) Unrecognized tax benefits, September 30, 2014 $ 7.4 Additions for tax positions taken in current year and acquisitions 7.2 Reductions for tax positions taken in prior years (2.8 ) Settlements with tax authorities/statute expirations (0.5 ) Unrecognized tax benefits, September 30, 2015 $ 11.3 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share, Diluted | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year ended September 30, 2015 2014 2013 Net (loss) earnings for basic (loss) earnings per share $ (132.3 ) $ (358.6 ) $ 9.8 Net (loss) earnings for diluted (loss) earnings per share $ (132.3 ) $ (358.6 ) $ 9.8 Weighted-average shares outstanding 51.8 38.0 32.7 Effect of TEUs on weighted-average shares for basic (loss) earnings per share 4.9 1.7 — Weighted-average shares for basic (loss) earnings per share 56.7 39.7 32.7 Effect of dilutive securities: Stock options — — 0.1 Stock appreciation rights — — 0.1 Restricted stock awards — — 0.1 Total dilutive securities — — 0.3 Weighted-average shares for diluted (loss) earnings per share 56.7 39.7 33.0 Basic (loss) earnings per common share $ (2.33 ) $ (9.03 ) $ 0.30 Diluted (loss) earnings per common share $ (2.33 ) $ (9.03 ) $ 0.30 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year ended September 30, 2015 2014 2013 Stock options 4.2 3.0 0.3 Stock appreciation rights 0.3 0.3 — Restricted stock awards 0.5 0.4 — TEUs — 1.1 — Preferred shares conversion to common 11.0 11.0 5.1 |
Supplemental Operations State39
Supplemental Operations Statement Information (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Supplemental Operations Statement and Cash Flow Information [Abstract] | |
Supplemental Operations Statement and Cash Flow Information | Year Ended September 30, 2015 2014 2013 Advertising and promotion expenses $ 137.3 $ 121.8 $ 118.4 Repair and maintenance expenses 92.1 58.6 41.6 Research and development expenses 16.8 10.2 8.6 Rent expense 23.3 11.3 4.8 Loss on foreign currency 6.0 14.0 0.1 Interest income (0.8 ) (1.0 ) (0.3 ) Interest paid 235.5 143.3 76.3 Income taxes paid 46.4 11.9 25.5 |
Supplemental Balance Sheet In40
Supplemental Balance Sheet Information (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Supplemental Balance Sheet Information [Abstract] | |
Supplemental Balance Sheet Information | September 30, 2015 2014 Receivables, net Trade $ 360.2 $ 332.2 Income tax receivable 1.0 67.1 Other 7.0 15.8 368.2 415.1 Allowance for doubtful accounts (2.0 ) (1.4 ) $ 366.2 $ 413.7 Inventories Raw materials and supplies $ 142.5 $ 99.2 Work in process 15.3 16.3 Finished products 286.8 235.8 Flocks 20.7 29.4 $ 465.3 $ 380.7 Accounts Payable Trade $ 226.4 $ 194.3 Book cash overdrafts 8.8 12.1 Other 30.0 18.6 $ 265.2 $ 225.0 Other Current Liabilities Advertising and promotion $ 61.9 $ 60.9 Accrued interest 58.6 47.8 Accrued compensation 109.0 32.4 Acquisition-related accruals 1.4 50.7 Income and other taxes payable 19.1 5.8 Other 79.8 71.7 $ 329.8 $ 269.3 Other Liabilities Pension and other postretirement benefit obligations $ 124.1 $ 114.1 Interest rate swaps 127.9 40.4 Accrued compensation - long-term 15.9 12.3 Other 22.3 15.6 $ 290.2 $ 182.4 |
Allowance for Doubtful Accoun41
Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Allowance for Doubtful Accounts [Abstract] | |
Allowance for Doubtful Accounts | September 30, 2015 2014 2013 Balance, beginning of year $ 1.4 $ 0.3 $ 0.3 Provision charged to expense 0.7 0.3 — Write-offs, less recoveries (0.3 ) (0.2 ) — Impact of acquisitions 0.2 1.0 — Balance, end of year $ 2.0 $ 1.4 $ 0.3 |
Derivative Financial Instrume42
Derivative Financial Instruments and Hedging Gain (Loss) Recognized in Earnings (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Fair Value of Assets as of September 30, 2015 Balance Sheet Location Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Commodity contracts Prepaid expenses and other current assets $ 0.4 $ — $ 0.4 Energy futures Prepaid expenses and other current assets 0.2 — 0.2 $ 0.6 $ — $ 0.6 Fair Value of Liabilities as of September 30, 2015 Balance Sheet Location Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Commodity contracts Other current liabilities $ 1.2 $ — $ 1.2 Energy futures Other current liabilities 4.7 — 4.7 Interest rate swaps Other current liabilities 4.9 — 4.9 Interest rate swaps Other liabilities 127.9 — 127.9 $ 138.7 $ — $ 138.7 Fair Value of Liabilities as of September 30, 2014 Balance Sheet Location Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Commodity contracts Other current liabilities $ 8.0 $ — $ 8.0 Energy 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 $ 52.0 $ — $ 52.0 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | Location of (Gain) Loss Recognized in Earnings Amount of (Gain) Loss Recognized in Earnings 2015 2014 2013 Commodity contracts Cost of goods sold $ (5.2 ) $ 12.4 $ 0.6 Energy futures Cost of goods sold 12.8 0.4 0.3 Foreign exchange contracts Selling, general and administrative expenses — 6.3 — Interest rate swaps Other expense 92.5 35.5 — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |
Assets and liabilities measured at fair value | September 30, 2015 September 30, 2014 Total Level 1 Level 2 Total Level 1 Level 2 Assets Deferred compensation investment $ 10.3 $ 10.3 $ — $ 10.2 $ 10.2 $ — Derivative assets 0.6 — 0.6 — — — $ 10.9 $ 10.3 $ 0.6 $ 10.2 $ 10.2 $ — Liabilities Deferred compensation liabilities $ 14.2 $ — $ 14.2 $ 12.3 $ — $ 12.3 Derivative liabilities 138.7 — 138.7 52.0 — 52.0 $ 152.9 $ — $ 152.9 $ 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 Consolidated Balance Sheets, but is classified as Level 2 in the fair value hierarchy per ASC Topic 820: September 30, September 30, Senior notes $ 4,112.5 $ 2,768.2 Term loan 374.0 872.9 TEUs (debt component; see Note 18) 28.6 29.5 4.57% 2012 Series Bond maturing September 2017 2.9 4.8 Secured notes — 1.1 Capital leases 2.8 3.8 $ 4,520.8 $ 3,680.3 |
Long Term Debt (Tables)
Long Term Debt (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Debt Instrument | |
Schedule of Long-term Debt Instruments [Table Text Block] | September 30, 2015 2014 7.375% Senior Notes maturing February 2022 $ 1,375.0 $ 1,375.0 6.75% Senior Notes maturing December 2021 875.0 875.0 6.00% Senior Notes maturing December 2022 630.0 630.0 7.75% Senior Notes maturing March 2024 800.0 — 8.00% Senior Notes maturing July 2025 400.0 — Term Loan 374.4 882.8 TEUs (see Note 18) 25.1 38.4 4.57% 2012 Series Bond maturing September 2017 2.9 4.8 Secured notes — 1.1 Capital leases 2.8 3.8 4,485.2 3,810.9 Less: Current Portion (16.0 ) (25.6 ) Plus: Unamortized premium (discount), net 42.2 45.2 Total long-term debt $ 4,511.4 $ 3,830.5 |
Pension and Other Postretirem45
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Pension and Other Postretirement Benefit Expense [Abstract] | |
Schedule of change in projected benefit obligation, change in fair value of plan assets, and net funded status | The following table provides a reconciliation of the changes in the plans’ benefit obligations and fair value of assets over the two year period ended September 30, 2015 , and a statement of the funded status and amounts recognized in the combined balance sheets as of September 30 of both years. Pension Benefits Other Benefits Year Ended Year Ended 2015 2014 2015 2014 Change in benefit obligation Benefit obligation at beginning of period $ 51.7 $ 44.1 $ 105.2 $ 87.7 Service cost 3.8 3.5 2.0 1.9 Interest cost 2.2 2.2 4.8 4.5 Plan participants’ contributions 0.7 0.7 — — Actuarial loss (gain) 3.7 3.7 3.1 12.8 Benefits paid (2.4 ) (1.9 ) (1.3 ) (1.1 ) Currency translation (1.6 ) (0.6 ) (1.4 ) (0.6 ) Benefit obligation at end of period $ 58.1 $ 51.7 $ 112.4 $ 105.2 Change in fair value of plan assets Fair value of plan assets at beginning of period $ 41.9 $ 32.1 $ — $ — Actual return on plan assets (0.3 ) 3.9 — — Employer contributions 6.2 7.7 1.3 1.1 Plan participants’ contributions 0.7 0.7 — — Benefits paid (2.4 ) (1.9 ) (1.3 ) (1.1 ) Currency translation (1.7 ) (0.6 ) — — Fair value of plan assets at end of period 44.4 41.9 — — Funded status $ (13.7 ) $ (9.8 ) $ (112.4 ) $ (105.2 ) Amounts recognized in assets or liabilities Other assets $ 0.5 $ 1.2 $ — $ — Other current liabilities — — (2.5 ) (2.1 ) Other liabilities (14.2 ) (11.0 ) (109.9 ) (103.1 ) Net amount recognized $ (13.7 ) $ (9.8 ) $ (112.4 ) $ (105.2 ) Amounts recognized in accumulated other comprehensive loss Net actuarial loss $ 15.1 $ 9.6 $ 26.7 $ 25.3 Prior service cost (credit) 0.6 0.9 (1.3 ) (2.8 ) Total $ 15.7 $ 10.5 $ 25.4 $ 22.5 Weighted-average assumptions used to determine benefit obligation Discount rate — U.S. plans 4.55 % 4.56 % 4.60 % 4.61 % Discount rate — Canadian plans 3.82 % 4.25 % 3.91 % 4.45 % Rate of compensation increase — U.S. plans 3.00 % 3.00 % 3.00 % 3.00 % Rate of compensation increase — Canadian plans 2.75 % 2.75 % 2.75 % 2.75 % |
Schedule of net benefit costs and assumptions used in calculation | The following tables provide the components of net periodic benefit cost for the plans and amounts recognized in other comprehensive income. Pension Benefits Year Ended September 30, 2015 2014 2013 Components of net periodic benefit cost Service cost $ 3.8 $ 3.5 $ 4.2 Interest cost 2.2 2.2 1.8 Expected return on plan assets (2.4 ) (2.0 ) (1.7 ) Recognized net actuarial loss 0.9 0.7 1.1 Recognized prior service cost 0.3 0.3 0.4 Curtailments/settlements/special termination benefits — — 1.7 Net periodic benefit cost $ 4.8 $ 4.7 $ 7.5 Weighted-average assumptions used to determine net benefit cost Discount rate — U.S. plans 4.56 % 5.15 % 4.13 % Discount rate — Canadian plans 4.25 % 4.87 % 4.25 % Rate of compensation increase — U.S. plans 3.00 % 3.00 % 3.00 % Rate of compensation increase — Canadian plans 2.75 % 2.75 % 3.00 % Expected return on plan assets — U.S. plans 5.72 % 5.99 % 6.00 % Expected return on plan assets — Canadian plans 6.00 % 6.00 % 6.25 % Changes in benefit obligation recognized in Total Comprehensive (Loss) Income Net loss (gain) $ 6.4 $ 1.7 $ (2.1 ) Recognized loss (0.9 ) (0.7 ) (1.1 ) Recognized prior service cost (0.3 ) (0.3 ) (0.4 ) Total recognized in other comprehensive income or loss (before tax effects) $ 5.2 $ 0.7 $ (3.6 ) Other Benefits Year Ended September 30, 2015 2014 2013 Components of net periodic benefit cost Service cost $ 2.0 $ 1.9 $ 2.4 Interest cost 4.8 4.5 4.0 Recognized net actuarial loss 1.4 0.4 1.7 Recognized prior service credit (1.6 ) (2.4 ) (1.1 ) Net periodic benefit cost $ 6.6 $ 4.4 $ 7.0 Weighted-average assumptions used to determine net benefit cost Discount rate — U.S. plans 4.61 % 5.21 % 3.96 % Discount rate — Canadian plans 4.45 % 5.01 % 4.39 % Rate of compensation increase — U.S. plans 3.00 % 3.00 % 3.00 % Rate of compensation increase — Canadian plans 2.75 % 2.75 % 3.00 % Changes in plan assets and benefit obligation recognized in Total Comprehensive (Loss) Income Net loss (gain) $ 3.1 $ 12.8 $ (14.9 ) Recognized loss (1.4 ) (0.4 ) (1.7 ) Prior service credit — — (3.5 ) Recognized prior service credit 1.6 2.4 1.1 Currency translation (0.3 ) — — Total recognized in other comprehensive income or loss (before tax effects) $ 3.0 $ 14.8 $ (19.0 ) |
Pension plan's assets measured at fair value on a recurring basis | September 30, 2015 September 30, 2014 Total Level 1 Level 2 Total Level 1 Level 2 Mutual funds: Equities $ 21.5 $ — $ 21.5 $ 23.4 $ — $ 23.4 Bonds 4.8 4.8 — 2.6 2.6 — Pooled Assets 3.9 — 3.9 3.0 — 3.0 Fixed income 11.4 — 11.4 10.0 — 10.0 Real assets 2.0 — 2.0 2.4 — 2.4 43.6 4.8 38.8 41.4 2.6 38.8 Cash 0.8 0.8 — 0.5 0.5 — $ 44.4 $ 5.6 $ 38.8 $ 41.9 $ 3.1 $ 38.8 |
Change in accumulated postretirement benefit obligation from a 1% change in assumed health care cost trend | Increase Decrease Effect on postretirement benefit obligation $ 23.6 $ (18.5 ) Effect on total service and interest cost 1.6 (1.2 ) |
Expected future benefit payments and related federal subsidy receipts | 2016 2017 2018 2019 2020 2021- 2025 Pension benefits $ 2.4 $ 2.2 $ 2.0 $ 2.1 $ 2.2 $ 15.0 Other benefits 2.6 3.1 3.6 4.0 4.2 24.8 Subsidy receipts — — — — 0.1 1.5 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Share-based Payment Award [Line Items] | |
Stock Options, Activity [Table Text Block] | Stock Options Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term in Years Aggregate Intrinsic Value Outstanding at September 30, 2014 3,020,000 $ 34.21 Granted 1,625,000 49.74 Exercised (470,000 ) 32.91 Forfeited — — Expired — — Outstanding at September 30, 2015 4,175,000 40.40 7.73 $ 78.1 Vested and expected to vest as of September 30, 2015 4,175,000 40.40 7.73 78.1 Exercisable at September 30, 2015 2,083,333 33.13 6.68 54.1 |
Stock Options, Valuation Assumptions [Table Text Block] | 2015 2014 2013 Expected term 5.3 5.2 7.8 Expected stock price volatility 27.93% 26.11% 28.32% Risk-free interest rate 1.57% 1.48% 1.19% Expected dividends 0% 0% 0% Fair value (per option) $7.22 $10.65 $11.54 |
Stock Settled | |
Share-based Payment Award [Line Items] | |
Stock Appreciation Rights, Activity [Table Text Block] | Stock-Settled Stock Appreciation Rights Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term in Years Aggregate Intrinsic Value Outstanding at September 30, 2014 266,856 $ 28.68 Granted 40,000 51.14 Exercised (64,521 ) 19.75 Forfeited — — Expired — — Outstanding at September 30, 2015 242,335 34.76 6.40 $ 6.0 Vested and expected to vest as of September 30, 2015 242,335 34.76 6.40 6.0 Exercisable at September 30, 2015 157,335 27.41 5.25 5.0 |
Stock Appreciation Rights, Valuation Assumptions [Table Text Block] | 2015 2014 2013 Expected term (in years) 6.5 6.5 6.5 Expected stock price volatility 29.2% 28.3% 29.4% Risk-free interest rate 1.58% 1.92% 1.26% Expected dividends 0% 0% 0% Fair value (per SSAR) $16.72 $17.69 $12.19 |
Restricted Stock Units, Activity [Table Text Block] | Restricted Stock Units Weighted Average Grant Date Fair Value Per Share Nonvested at September 30, 2014 228,502 $ 34.09 Granted 227,719 40.52 Vested (217,638 ) 33.75 Forfeited (7,603 ) 42.74 Nonvested at September 30, 2015 230,980 40.47 |
Cash Settled | |
Share-based Payment Award [Line Items] | |
Stock Appreciation Rights, Activity [Table Text Block] | Cash-Settled Stock Appreciation Rights Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term in Years Aggregate Intrinsic Value Outstanding at September 30, 2014 20,628 $ 18.10 Granted 100,000 47.70 Exercised (1,587 ) 18.10 Forfeited — — Expired — — Outstanding at September 30, 2015 119,041 42.97 8.86 $ 1.9 Vested and expected to vest as of September 30, 2015 119,041 42.97 8.86 1.9 Exercisable at September 30, 2015 19,041 18.10 4.98 0.8 |
Stock Appreciation Rights, Valuation Assumptions [Table Text Block] | 2015 2014 2013 Expected term 4.79 2.5 3.5 Expected stock price volatility 29.7% 27.6% 27.6% Risk-free interest rate 1.26% 0.83% 0.82% Expected dividends 0% 0% 0% Fair value (per right) $29.10 $15.80 $23.09 |
Restricted Stock Units, Activity [Table Text Block] | Cash-Settled Restricted Stock Units Weighted- Average Grant Date Fair Value Per Share Nonvested at September 30, 2014 174,613 $ 45.38 Granted 110,000 34.04 Vested (58,997 ) 40.04 Forfeited (15,951 ) 49.94 Nonvested at September 30, 2015 209,665 40.59 |
Tangible Equity Units (Tables)
Tangible Equity Units (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Tangible Equity Units [Abstract] | |
Tangible Equity Units Table [Table Text Block] | Equity Component Debt Component TEUs Total Price per TEU $ 85.48 $ 14.52 $ 100.00 Gross proceeds $ 245.7 $ 41.8 $ 287.5 Issuance costs (7.6 ) (1.3 ) (8.9 ) Net proceeds $ 238.1 $ 40.5 $ 278.6 Balance sheet impact (at issuance) Prepaid expenses and other current assets (deferred financing fees) $ — $ 0.7 $ 0.7 Other assets (deferred financing fees) — 0.6 0.6 Current portion of long-term debt — 13.3 13.3 Long-term debt — 28.5 28.5 Additional paid-in capital 238.1 — 238.1 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended September 30, 2015 2014 2013 Net Sales Post Consumer Brands $ 1,260.8 $ 963.1 $ 982.8 Michael Foods Group 2,305.7 874.8 — Active Nutrition 555.0 293.3 13.9 Private Brands 529.7 280.6 37.8 Eliminations (3.0 ) (0.7 ) (0.4 ) Total $ 4,648.2 $ 2,411.1 $ 1,034.1 Segment Profit (Loss) Post Consumer Brands $ 205.5 $ 173.4 $ 174.1 Michael Foods Group 188.2 21.6 — Active Nutrition (13.8 ) (1.8 ) 1.0 Private Brands 41.5 19.0 2.5 Total segment profit 421.4 212.2 177.6 General corporate expenses and other 147.9 124.3 66.9 Impairment of goodwill and other intangibles 60.8 295.6 2.9 Interest expense 287.5 183.7 85.5 Other expense, net 92.5 35.5 — (Loss) earnings before income taxes $ (167.3 ) $ (426.9 ) $ 22.3 Additions to property and intangibles Post Consumer Brands $ 19.6 $ 37.0 $ 24.7 Michael Foods Group 60.5 29.2 — Active Nutrition 7.2 2.0 — Private Brands 6.2 37.6 — Corporate 27.0 9.7 8.1 Total $ 120.5 $ 115.5 $ 32.8 Depreciation and amortization Post Consumer Brands $ 71.2 $ 51.6 $ 58.8 Michael Foods Group 142.3 56.6 — Active Nutrition 26.9 17.0 0.5 Private Brands 24.9 15.7 2.6 Total segment depreciation and amortization 265.3 140.9 61.9 Corporate and accelerated depreciation 7.5 14.9 14.9 Total $ 272.8 $ 155.8 $ 76.8 September 30, 2015 2014 Assets, end of year Post Consumer Brands $ 3,473.0 $ 2,325.1 Michael Foods Group 3,506.0 3,726.5 Active Nutrition 645.4 607.1 Private Brands 651.6 558.6 Corporate 944.4 513.8 Total $ 9,220.4 $ 7,731.1 |
Guarantor Financials (Tables)
Guarantor Financials (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Schedule Of Condensed Financial Statements [Abstract] | |
Consolidated Statements of Operations (Consendsed) | POST HOLDINGS, INC. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended September 30, 2015 Parent Non- Company Guarantors Guarantors Eliminations Total Net Sales $ — $ 4,177.2 $ 521.9 $ (50.9 ) $ 4,648.2 Cost of goods sold — 3,082.8 441.9 (50.9 ) 3,473.8 Gross Profit — 1,094.4 80.0 — 1,174.4 Selling, general and administrative expenses 8.1 675.9 50.1 — 734.1 Amortization of intangible assets — 131.7 10.0 — 141.7 Impairment of goodwill and other intangible assets — 60.8 — — 60.8 Other operating expenses, net 1.3 23.6 0.2 — 25.1 Operating (Loss) Profit (9.4 ) 202.4 19.7 — 212.7 Interest expense 275.8 (1.0 ) 12.7 — 287.5 Other expense 92.4 0.1 — — 92.5 (Loss) Earnings before Income Taxes (377.6 ) 203.3 7.0 — (167.3 ) Income tax (benefit) expense (165.9 ) 110.4 3.5 — (52.0 ) Net (Loss) Earnings before Equity in Subsidiaries (211.7 ) 92.9 3.5 — (115.3 ) Equity earnings in subsidiaries 96.4 (2.3 ) — (94.1 ) — Net (Loss) Earnings $ (115.3 ) $ 90.6 $ 3.5 $ (94.1 ) $ (115.3 ) Total Comprehensive (Loss) Income $ (176.8 ) $ 85.3 $ (23.3 ) $ (62.0 ) $ (176.8 ) Year Ended September 30, 2014 Parent Non- Company Guarantors Guarantors Eliminations Total Net Sales $ — $ 2,170.1 $ 266.3 $ (25.3 ) $ 2,411.1 Cost of goods sold — 1,588.2 227.0 (25.3 ) 1,789.9 Gross Profit — 581.9 39.3 — 621.2 Selling, general and administrative expenses 20.5 416.2 22.8 — 459.5 Amortization of intangible assets — 63.5 7.3 — 70.8 Impairment of goodwill and other intangible assets — 295.6 — — 295.6 Other operating expenses, net — 3.0 — — 3.0 Operating (Loss) Profit (20.5 ) (196.4 ) 9.2 — (207.7 ) Interest expense 175.4 (0.4 ) 8.7 — 183.7 Other expense 35.5 — — — 35.5 (Loss) Earnings before Income Taxes (231.4 ) (196.0 ) 0.5 — (426.9 ) Income tax (benefit) expense (88.7 ) 2.3 2.7 — (83.7 ) Net (Loss) Earnings before Equity in Subsidiaries (142.7 ) (198.3 ) (2.2 ) — (343.2 ) Equity (loss) earnings in subsidiaries (200.5 ) 0.7 — 199.8 — Net (Loss) Earnings $ (343.2 ) $ (197.6 ) $ (2.2 ) $ 199.8 $ (343.2 ) Total Comprehensive (Loss) Income $ (357.7 ) $ (206.3 ) $ (8.1 ) $ 214.4 $ (357.7 ) Year Ended September 30, 2013 Parent Non- Company Guarantors Guarantors Eliminations Total Net Sales $ — $ 978.8 $ 73.5 $ (18.2 ) $ 1,034.1 Cost of goods sold — 570.0 57.4 (18.2 ) 609.2 Gross Profit — 408.8 16.1 — 424.9 Selling, general and administrative expenses 7.7 272.8 17.7 — 298.2 Amortization of intangible assets — 14.6 — — 14.6 Impairment of goodwill and other intangible assets — 2.9 — — 2.9 Other operating expenses, net — 1.0 0.4 — 1.4 Operating (Loss) Profit (7.7 ) 117.5 (2.0 ) — 107.8 Interest expense 85.5 — — — 85.5 (Loss) Earnings before Income Taxes (93.2 ) 117.5 (2.0 ) — 22.3 Income tax (benefit) expense (30.0 ) 37.7 (0.6 ) — 7.1 Net (Loss) Earnings before Equity in Subsidiaries (63.2 ) 79.8 (1.4 ) — 15.2 Equity earnings in subsidiaries 78.4 — — (78.4 ) — Net Earnings (Loss) $ 15.2 $ 79.8 $ (1.4 ) $ (78.4 ) $ 15.2 Total Comprehensive Income (Loss) $ 26.7 $ 92.4 $ (2.5 ) $ (89.9 ) $ 26.7 |
Consolidated Balance Sheets (Condensed) | POST HOLDINGS, INC. CONDENSED CONSOLIDATING BALANCE SHEETS September 30, 2015 Parent Non- Company Guarantors Guarantors Eliminations Total ASSETS Current Assets Cash and cash equivalents $ 809.6 $ 30.5 $ 19.2 $ (17.9 ) $ 841.4 Restricted cash 1.1 17.0 0.7 — 18.8 Receivables, net 8.5 310.0 61.7 (14.0 ) 366.2 Inventories — 396.1 69.2 — 465.3 Deferred income taxes 47.5 — 0.2 — 47.7 Intercompany notes receivable 7.7 — — (7.7 ) — Prepaid expenses and other current assets 12.7 27.9 1.7 — 42.3 Total Current Assets 887.1 781.5 152.7 (39.6 ) 1,781.7 Property, net — 1,286.0 47.2 — 1,333.2 Goodwill — 2,944.8 128.0 — 3,072.8 Other intangible assets, net — 2,873.3 96.0 — 2,969.3 Intercompany receivable 1,129.8 — — (1,129.8 ) — Intercompany notes receivable 146.2 — — (146.2 ) — Investment in subsidiaries 6,311.9 21.9 — (6,333.8 ) — Other assets 57.4 5.3 0.7 — 63.4 Total Assets $ 8,532.4 $ 7,912.8 $ 424.6 $ (7,649.4 ) $ 9,220.4 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities Current portion of long-term debt $ 14.1 $ 1.6 $ 0.3 $ — $ 16.0 Accounts payable — 254.0 43.1 (31.9 ) 265.2 Intercompany notes payable — — 7.7 (7.7 ) — Other current liabilities 76.1 225.7 28.0 — 329.8 Total Current Liabilities 90.2 481.3 79.1 (39.6 ) 611.0 Long-term debt 4,507.7 1.3 2.4 — 4,511.4 Intercompany payable — 1,124.2 5.6 (1,129.8 ) — Intercompany notes payable — — 146.2 (146.2 ) — Deferred income taxes 807.0 — 24.8 — 831.8 Other liabilities 151.5 130.9 7.8 — 290.2 Total Liabilities 5,556.4 1,737.7 265.9 (1,315.6 ) 6,244.4 Total Shareholders’ Equity 2,976.0 6,175.1 158.7 (6,333.8 ) 2,976.0 Total Liabilities and Shareholders’ Equity $ 8,532.4 $ 7,912.8 $ 424.6 $ (7,649.4 ) $ 9,220.4 September 30, 2014 Parent Non- Company Guarantors Guarantors Eliminations Total ASSETS Current Assets Cash and cash equivalents $ 246.6 $ 15.7 $ 10.0 $ (3.9 ) $ 268.4 Restricted cash 1.1 79.8 3.9 — 84.8 Receivables, net 78.0 305.2 45.9 (15.4 ) 413.7 Inventories — 336.5 44.2 — 380.7 Deferred income taxes 27.0 — — — 27.0 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 ) 1,219.0 Property, net — 775.9 56.0 — 831.9 Goodwill — 2,732.8 153.9 — 2,886.7 Other intangible assets, net — 2,518.5 124.5 — 2,643.0 Intercompany receivable 1,015.4 — — (1,015.4 ) — Intercompany notes receivable 178.9 — — (178.9 ) — Investment in subsidiaries 5,543.1 8.1 — (5,551.2 ) — Other assets 61.7 86.1 2.7 — 150.5 Total Assets $ 7,169.5 $ 6,889.0 $ 443.7 $ (6,771.1 ) $ 7,731.1 LIABILITIES AND SHAREOLDERS' EQUITY Current Liabilities Current portion of long-term debt $ 22.2 $ 3.0 $ 0.4 $ — $ 25.6 Accounts payable — 212.2 32.1 (19.3 ) 225.0 Intercompany notes payable — — 6.3 (6.3 ) — Other current liabilities 100.4 153.8 15.1 — 269.3 Total Current Liabilities 122.6 369.0 53.9 (25.6 ) 519.9 Long-term debt 3,824.2 2.9 3.4 — 3,830.5 Intercompany payable — 1,013.8 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 4,886.3 1,501.6 279.9 (1,219.9 ) 5,447.9 Total Shareholders’ Equity 2,283.2 5,387.4 163.8 (5,551.2 ) 2,283.2 Total Liabilities and Shareholders’ Equity $ 7,169.5 $ 6,889.0 $ 443.7 $ (6,771.1 ) $ 7,731.1 |
Consolidated Statements of Cash Flows (Condensed) | POST HOLDINGS, INC. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended September 30, 2015 Parent Non- Company Guarantors Guarantors Eliminations Total Net Cash Provided by by Operating Activities $ (155.4 ) $ 703.3 $ 10.6 $ (106.9 ) $ 451.6 Cash Flows from Investing Activities Business acquisitions, net of cash acquired (1,060.5 ) (177.5 ) (1.2 ) — (1,239.2 ) Additions to property — (104.0 ) (3.9 ) — (107.9 ) Restricted cash — 69.1 3.0 — 72.1 Proceeds from sale of property — 20.4 — — 20.4 Proceeds from sale of business 2.3 1.5 — — 3.8 Insurance proceeds on loss of property — 2.1 — — 2.1 Proceeds from equity distributions 542.8 0.2 — (543.0 ) — Capitalization of subsidiaries (138.5 ) — — 138.5 — Net payments for intercompany revolver (3.5 ) — — 3.5 — Net Cash Used in Investing Activities (657.4 ) (188.2 ) (2.1 ) (401.0 ) (1,248.7 ) Cash Flows from Financing Activities Proceeds from issuance of long-term debt 1,896.5 — — — 1,896.5 Proceeds from issuance of common stock, net of issuance costs 732.7 — — — 732.7 Repayments of long-term debt (1,221.7 ) (3.0 ) (0.4 ) — (1,225.1 ) Payments of preferred stock dividend (17.1 ) — — — (17.1 ) Payments of debt issuance costs (31.5 ) — — — (31.5 ) Proceeds from exercise of stock awards 15.5 — — — 15.5 Other, net 1.4 — — — 1.4 Proceeds from Parent capitalization — 128.0 0.9 (128.9 ) — Payments for equity distributions — (625.3 ) (1.0 ) 626.3 — Net receipts from intercompany revolver — — 3.5 (3.5 ) — Net Cash Provided by (Used in) by Financing Activities 1,375.8 (500.3 ) 3.0 493.9 1,372.4 Effect of Exchange Rate Changes on Cash and Cash Equivalents — — (2.3 ) — (2.3 ) Net Increase in Cash and Cash Equivalents 563.0 14.8 9.2 (14.0 ) 573.0 Cash and Cash Equivalents, Beginning of Year 246.6 15.7 10.0 (3.9 ) 268.4 Cash and Cash Equivalents, End of Year $ 809.6 $ 30.5 $ 19.2 $ (17.9 ) $ 841.4 Year Ended September 30, 2014 Parent Non- Company Guarantors Guarantors Eliminations Total Net Cash (Used in) Provided by Operating Activities $ (110.6 ) $ 294.1 $ 1.8 $ (2.2 ) $ 183.1 Cash Flows from Investing Activities Business acquisitions, net of cash acquired (3,329.1 ) 52.2 (287.2 ) — (3,564.1 ) Additions to property — (111.2 ) (4.3 ) — (115.5 ) Restricted cash 37.0 (76.3 ) (4.0 ) — (43.3 ) Cash advance for acquisition — (73.7 ) (1.3 ) — (75.0 ) Insurance proceeds on loss of property — 4.3 — — 4.3 Proceeds from equity distributions 102.8 — — (102.8 ) — Capitalization of subsidiaries (323.7 ) — — 323.7 — Net payments for intercompany revolver — 0.1 — (0.1 ) — Net Cash Used in Investing Activities (3,513.0 ) (204.6 ) (296.8 ) 220.8 (3,793.6 ) Cash Flows from Financing Activities Proceeds from issuance of long-term debt 2,385.6 — — — 2,385.6 Proceeds from issuance of preferred stock, net of issuance costs 310.2 — — — 310.2 Proceeds from issuance of common stock, net of issuance costs 593.4 — — — 593.4 Proceeds from issuance of equity component of tangible equity units, net of issuance costs 238.1 — — — 238.1 Proceeds from issuance of debt component of tangible equity units 41.8 — — — 41.8 Repayments of long-term debt (5.6 ) (1.3 ) — — (6.9 ) Payments of preferred stock dividend (14.4 ) — — — (14.4 ) Payments of debt issuance costs (64.0 ) — — — (64.0 ) Payments for equity distributions — (102.8 ) — 102.8 — Proceeds from Parent capitalization — 26.2 297.5 (323.7 ) — Net receipts from intercompany revolver — — (0.1 ) 0.1 — Other, net 0.4 — — — 0.4 Net Cash Provided by (Used in) Financing Activities 3,485.5 (77.9 ) 297.4 (220.8 ) 3,484.2 Effect of Exchange Rate Changes on Cash and Cash Equivalents (6.7 ) — (0.6 ) — (7.3 ) Net (Decrease) Increase in Cash and Cash Equivalents (144.8 ) 11.6 1.8 (2.2 ) (133.6 ) Cash and Cash Equivalents, Beginning of Year 391.4 4.1 8.2 (1.7 ) 402.0 Cash and Cash Equivalents, End of Year $ 246.6 $ 15.7 $ 10.0 $ (3.9 ) $ 268.4 Year Ended September 30, 2013 Parent Non- Company Guarantors Guarantors Eliminations Total Net Cash (Used in) Provided by Operating Activities $ 37.7 $ 158.3 $ 4.8 $ (81.6 ) $ 119.2 Cash Flows from Investing Activities Business acquisitions, net of cash acquired (345.8 ) (7.1 ) — — (352.9 ) Additions to property — (30.3 ) (2.5 ) — (32.8 ) Restricted cash (38.1 ) — — — (38.1 ) Payment for equity contributions 39.1 — — (39.1 ) — Net Cash Provided by (Used in) Investing Activities (344.8 ) (37.4 ) (2.5 ) (39.1 ) (423.8 ) Cash Flows from Financing Activities Proceeds from issuance of long-term debt 600.0 — — — 600.0 Proceeds from issuance of preferred stock, net of issuance costs 234.0 — — — 234.0 Repayments of long-term debt (170.6 ) — — — (170.6 ) Payments of preferred stock dividend (4.2 ) — — — (4.2 ) Payments of debt issuance costs (10.5 ) — — — (10.5 ) Payments for equity distributions — (119.0 ) — 119.0 — Other, net 0.1 — — — 0.1 Net Cash Provided by (Used in) Financing Activities 648.8 (119.0 ) — 119.0 648.8 Effect of Exchange Rate Changes on Cash and Cash Equivalents — — (0.4 ) — (0.4 ) Net Increase in Cash and Cash Equivalents 341.7 1.9 1.9 (1.7 ) 343.8 Cash and Cash Equivalents, Beginning of Year 49.7 2.2 6.3 — 58.2 Cash and Cash Equivalents, End of Year $ 391.4 $ 4.1 $ 8.2 $ (1.7 ) $ 402.0 |
Summary Quarterly Financial I50
Summary Quarterly Financial Information (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Quarterly Financial Information [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | First Second Third Fourth Quarter Quarter Quarter Quarter Fiscal 2015 Net sales $ 1,073.9 $ 1,052.7 $ 1,211.8 $ 1,309.8 Gross profit 249.1 275.5 316.5 333.3 Impairment of goodwill and other intangible assets — — — 60.8 Net (loss) earnings (97.3 ) 30.5 24.0 (72.5 ) Net (loss) earnings available to common shareholders (101.6 ) 26.3 19.8 (76.8 ) Basic (loss) earnings per share $ (2.04 ) $ 0.48 $ 0.34 $ (1.21 ) Diluted (loss) earnings per share $ (2.04 ) $ 0.45 $ 0.33 $ (1.21 ) Fiscal 2014 Net sales $ 297.0 $ 438.0 $ 633.0 $ 1,043.1 Gross profit 114.5 129.4 148.6 228.7 Impairment of goodwill and other intangible assets — — — 295.6 Net loss (2.4 ) (18.3 ) (35.1 ) (287.4 ) Net loss available to common shareholders (5.0 ) (22.6 ) (39.3 ) (291.7 ) Basic loss per share $ (0.15 ) $ (0.67 ) $ (0.92 ) $ (5.86 ) Diluted loss per share $ (0.15 ) $ (0.67 ) $ (0.92 ) $ (5.86 ) |
Summary of Significant Accoun51
Summary of Significant Accounting Policies - Property (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Property, plant and equipment | |||
Additions to property | $ 107.9 | $ 115.5 | $ 32.8 |
Property, Plant and Equipment, Net [Abstract] | |||
Property, plant and equipment, gross | 1,737.7 | 1,121 | |
Accumulated depreciation | (404.5) | (289.1) | |
Property, net | 1,333.2 | 831.9 | |
Depreciation | 131.1 | 85 | $ 62.2 |
Land | |||
Property, Plant and Equipment, Net [Abstract] | |||
Property, plant and equipment, gross | 52.8 | 25.6 | |
Building and leasehold improvements | |||
Property, Plant and Equipment, Net [Abstract] | |||
Property, plant and equipment, gross | $ 791.7 | 295 | |
Building and leasehold improvements | Minimum | |||
Property, Plant and Equipment, Net [Abstract] | |||
Useful life | 3 years | ||
Building and leasehold improvements | Maximum | |||
Property, Plant and Equipment, Net [Abstract] | |||
Useful life | 40 years | ||
Machinery and equipment | |||
Property, Plant and Equipment, Net [Abstract] | |||
Property, plant and equipment, gross | $ 806 | 714.2 | |
Machinery and equipment | Minimum | |||
Property, Plant and Equipment, Net [Abstract] | |||
Useful life | 1 year | ||
Machinery and equipment | Maximum | |||
Property, Plant and Equipment, Net [Abstract] | |||
Useful life | 20 years | ||
Software | |||
Property, Plant and Equipment, Net [Abstract] | |||
Property, plant and equipment, gross | $ 49.2 | 31.5 | |
Software | Minimum | |||
Property, Plant and Equipment, Net [Abstract] | |||
Useful life | 1 year | ||
Software | Maximum | |||
Property, Plant and Equipment, Net [Abstract] | |||
Useful life | 5 years | ||
Construction in Progress | |||
Property, Plant and Equipment, Net [Abstract] | |||
Property, plant and equipment, gross | $ 38 | $ 54.7 | |
Cash portion of nonmonetary exchange | |||
Property, plant and equipment | |||
Additions to property | 9.8 | ||
Non-cash portion of nonmonetary exchange | |||
Property, plant and equipment | |||
Noncash Acquisition, Net Nonmonetary Assets Acquired | $ 12.6 |
Summary of Significant Accoun52
Summary of Significant Accounting Policies - Other Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Finite-Lived and Indefinite-Lived, Intangible Assets | |||
Amortization of intangible assets | $ 141.7 | $ 70.8 | $ 14.6 |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||
2,016 | 152.6 | ||
2,017 | 152.6 | ||
2,018 | 152.5 | ||
2,019 | 151.7 | ||
2,020 | 151.6 | ||
Finite-Lived Intangible Assets [Abstract] | |||
Finite-Lived Intangible Assets, Gross | 2,800.8 | 2,323.1 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (277.2) | (137.8) | |
Finite-Lived Intangible Assets, Net | 2,523.6 | 2,185.3 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Carrying amount, total | 3,246.5 | 2,780.8 | |
Other intangible assets, net | 2,969.3 | 2,643 | |
Customer Relationships | |||
Finite-Lived Intangible Assets [Abstract] | |||
Finite-Lived Intangible Assets, Gross | 1,998.6 | 1,743.7 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (192.7) | (90.9) | |
Finite-Lived Intangible Assets, Net | 1,805.9 | 1,652.8 | |
Trademarks | |||
Finite-Lived Intangible Assets [Abstract] | |||
Finite-Lived Intangible Assets, Gross | 780.9 | 554.7 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (79.1) | (43.9) | |
Finite-Lived Intangible Assets, Net | 701.8 | 510.8 | |
Other Intangible Assets | |||
Finite-Lived Intangible Assets [Abstract] | |||
Finite-Lived Intangible Assets, Gross | 21.3 | 24.7 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (5.4) | (3) | |
Finite-Lived Intangible Assets, Net | $ 15.9 | $ 21.7 |
Summary of Significant Accoun53
Summary of Significant Accounting Policies - Recoverability of Assets (Details) - Trademarks - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 445.7 | $ 457.7 | |
Post Grape Nuts [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 11.2 | 14.9 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | ||
Indefinite-lived Intangible Assets, Impairment Losses | $ 3.7 | 8.4 | |
100% Bran [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 0 | ||
Indefinite-lived Intangible Assets, Impairment Losses | $ 0.1 | ||
Post Brand [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 144 | $ 178.4 | |
Indefinite-lived Intangible Assets, Impairment Losses | 34.4 | 2.7 | |
Honey Bunches of Oats [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 243.9 | ||
Indefinite-lived Intangible Assets, Impairment Losses | 23 | ||
Post Shredded Wheat [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 8.2 | 25.4 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | ||
Indefinite-lived Intangible Assets, Impairment Losses | $ 17.2 | $ 0.2 |
Summary of Significant Accoun54
Summary of Significant Accounting Policies - Cost of Products Sold (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Accounting Policies [Abstract] | |||
Cost Of Goods Sold, Storage And Warehouse Costs | $ 103.4 | $ 65.4 | $ 41.5 |
Recently Issued and Adopted A55
Recently Issued and Adopted Accounting Standards Recently Issued and Adopted Accounting Standards (Details) $ in Millions | 12 Months Ended |
Sep. 30, 2015USD ($) | |
Accounting Changes [Abstract] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 56.5 |
Restructuring (Details)
Restructuring (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Restructuring Reserve [Roll Forward] | |||
Balance | $ 0.7 | $ 2.1 | $ 0 |
Charge to expense | 15.3 | 9.1 | 13.4 |
Cash payments | (3.4) | (2.5) | 0 |
Non-cash charges | (2.1) | (8) | (11.3) |
Balance | 10.5 | 0.7 | 2.1 |
Loss on write-down of assets held for sale | 34.2 | 5.4 | 0 |
Total expected restructuring charge | 38.2 | ||
Cumulative incurred to date | 37.8 | ||
Remaining expected restructuring charge | 0.4 | ||
Accelerated depreciation | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 0 | 0 | 0 |
Charge to expense | 2.1 | 8 | 9.6 |
Cash payments | 0 | 0 | 0 |
Non-cash charges | (2.1) | (8) | (9.6) |
Balance | 0 | 0 | 0 |
Total expected restructuring charge | 20.1 | ||
Cumulative incurred to date | 19.7 | ||
Remaining expected restructuring charge | 0.4 | ||
Pension curtailment | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 0 | 0 | 0 |
Charge to expense | 0 | 0 | 1.7 |
Cash payments | 0 | 0 | 0 |
Non-cash charges | 0 | 0 | (1.7) |
Balance | 0 | 0 | 0 |
Total expected restructuring charge | 1.7 | ||
Cumulative incurred to date | 1.7 | ||
Remaining expected restructuring charge | 0 | ||
Employee Severance | |||
Restructuring Reserve [Roll Forward] | |||
Balance | 0.7 | 2.1 | 0 |
Charge to expense | 13.2 | 1.1 | 2.1 |
Cash payments | (3.4) | (2.5) | 0 |
Non-cash charges | 0 | 0 | 0 |
Balance | 10.5 | 0.7 | $ 2.1 |
Total expected restructuring charge | 16.4 | ||
Cumulative incurred to date | 16.4 | ||
Remaining expected restructuring charge | 0 | ||
Level 3 | |||
Restructuring Reserve [Roll Forward] | |||
Fair value of assets held-for-sale | $ 11.4 | $ 16.4 |
Business Combinations (Details)
Business Combinations (Details) $ / shares in Units, shares in Thousands, CAD in Millions, $ in Millions | May. 04, 2015USD ($)$ / sharesshares | Nov. 01, 2014USD ($) | Oct. 02, 2014USD ($) | Aug. 01, 2014USD ($) | Jun. 02, 2014USD ($) | Feb. 02, 2014USD ($) | Feb. 02, 2014CAD | Feb. 01, 2014USD ($) | Jan. 02, 2014USD ($) | Sep. 03, 2013USD ($) | May. 28, 2013USD ($) | Dec. 31, 2012USD ($) | Sep. 30, 2015USD ($)shares | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($)shares | Jun. 30, 2014USD ($)shares | Mar. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($)$ / sharesshares | Sep. 30, 2013USD ($)$ / shares | Aug. 31, 2015shares | Oct. 01, 2014USD ($) | Jan. 01, 2014USD ($) | Dec. 30, 2012USD ($) |
Business Acquisition | |||||||||||||||||||||||||||
Business Combination, Acquisition Related Costs | $ 14.1 | $ 29.7 | $ 5.7 | ||||||||||||||||||||||||
Common Stock, Shares, Issued | shares | 2,450 | 62,100 | 44,800 | 62,100 | 44,800 | ||||||||||||||||||||||
Consideration Transferred, Other | $ 114.4 | ||||||||||||||||||||||||||
Purchase Accounting Adjustments | $ 5.2 | $ (1.1) | |||||||||||||||||||||||||
Net Sales | $ 1,309.8 | $ 1,211.8 | $ 1,052.7 | $ 1,073.9 | $ 1,043.1 | $ 633 | $ 438 | $ 297 | 4,648.2 | 2,411.1 | 1,034.1 | ||||||||||||||||
Operating Profit (Loss) | 212.7 | (207.7) | 107.8 | ||||||||||||||||||||||||
Proceeds from sale of business | 3.8 | 0 | 0 | ||||||||||||||||||||||||
Pro forma net sales | 5,123.1 | 5,005.8 | 3,874.7 | ||||||||||||||||||||||||
Pro forma net earnings available to common stockholders | $ (89.9) | $ (342.3) | $ 11 | ||||||||||||||||||||||||
Pro forma basic earnings per share | $ / shares | $ (1.59) | $ (8.62) | $ 0.34 | ||||||||||||||||||||||||
Pro forma diluted earnings per share | $ / shares | $ (1.59) | $ (8.62) | $ 0.33 | ||||||||||||||||||||||||
Goodwill | 3,072.8 | 2,886.7 | $ 3,072.8 | $ 2,886.7 | $ 1,489.7 | ||||||||||||||||||||||
Previously Reported | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Cash and cash equivalents | 73.8 | 73.8 | |||||||||||||||||||||||||
Restricted cash | 3.4 | 3.4 | |||||||||||||||||||||||||
Receivables | 219.6 | 219.6 | |||||||||||||||||||||||||
Income tax receivable | 62.5 | 62.5 | |||||||||||||||||||||||||
Inventories | 289.9 | 289.9 | |||||||||||||||||||||||||
Deferred tax asset, current | 5.4 | 5.4 | |||||||||||||||||||||||||
Prepaid expenses and other current assets | 9.3 | 9.3 | |||||||||||||||||||||||||
Property | 440.5 | 440.5 | |||||||||||||||||||||||||
Goodwill | 1,605.4 | 1,605.4 | |||||||||||||||||||||||||
Other intangible assets | 1,883.7 | 1,883.7 | |||||||||||||||||||||||||
Other assets | 9.1 | 9.1 | |||||||||||||||||||||||||
Current portion of long-term debt | (3.7) | (3.7) | |||||||||||||||||||||||||
Accounts payable | (142.6) | (142.6) | |||||||||||||||||||||||||
Other current liabilities | (121.5) | (121.5) | |||||||||||||||||||||||||
Long-term debt | (8.4) | (8.4) | |||||||||||||||||||||||||
Deferred tax liability, long-term | (697.1) | (697.1) | |||||||||||||||||||||||||
Other liabilities | (11.8) | (11.8) | |||||||||||||||||||||||||
Total acquisition cost | $ 3,617.5 | 3,617.5 | |||||||||||||||||||||||||
Adjustment | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Cash and cash equivalents | 0 | 0 | |||||||||||||||||||||||||
Restricted cash | 0 | 0 | |||||||||||||||||||||||||
Receivables | (0.3) | (0.3) | |||||||||||||||||||||||||
Income tax receivable | 0 | 0 | |||||||||||||||||||||||||
Inventories | 0 | 0 | |||||||||||||||||||||||||
Deferred tax asset, current | 0.7 | 0.7 | |||||||||||||||||||||||||
Prepaid expenses and other current assets | 0 | 0 | |||||||||||||||||||||||||
Property | 0 | 0 | |||||||||||||||||||||||||
Goodwill | 5.2 | 5.2 | |||||||||||||||||||||||||
Other intangible assets | 0 | 0 | |||||||||||||||||||||||||
Other assets | 0 | 0 | |||||||||||||||||||||||||
Current portion of long-term debt | 0 | 0 | |||||||||||||||||||||||||
Accounts payable | 0.2 | 0.2 | |||||||||||||||||||||||||
Other current liabilities | (0.3) | (0.3) | |||||||||||||||||||||||||
Long-term debt | 0 | 0 | |||||||||||||||||||||||||
Deferred tax liability, long-term | 7 | 7 | |||||||||||||||||||||||||
Other liabilities | (9) | (9) | |||||||||||||||||||||||||
Total acquisition cost | 3.5 | 3.5 | |||||||||||||||||||||||||
Actual | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Cash and cash equivalents | 73.8 | 73.8 | |||||||||||||||||||||||||
Restricted cash | 3.4 | 3.4 | |||||||||||||||||||||||||
Receivables | 219.3 | 219.3 | |||||||||||||||||||||||||
Income tax receivable | 62.5 | 62.5 | |||||||||||||||||||||||||
Inventories | 289.9 | 289.9 | |||||||||||||||||||||||||
Deferred tax asset, current | 6.1 | 6.1 | |||||||||||||||||||||||||
Prepaid expenses and other current assets | 9.3 | 9.3 | |||||||||||||||||||||||||
Property | 440.5 | 440.5 | |||||||||||||||||||||||||
Goodwill | 1,610.6 | 1,610.6 | |||||||||||||||||||||||||
Other intangible assets | 1,883.7 | 1,883.7 | |||||||||||||||||||||||||
Other assets | 9.1 | 9.1 | |||||||||||||||||||||||||
Current portion of long-term debt | (3.7) | (3.7) | |||||||||||||||||||||||||
Accounts payable | (142.4) | (142.4) | |||||||||||||||||||||||||
Other current liabilities | (121.8) | (121.8) | |||||||||||||||||||||||||
Long-term debt | (8.4) | (8.4) | |||||||||||||||||||||||||
Deferred tax liability, long-term | (690.1) | (690.1) | |||||||||||||||||||||||||
Other liabilities | (20.8) | (20.8) | |||||||||||||||||||||||||
Total acquisition cost | 3,621 | 3,621 | |||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Common Stock, Shares, Issued | shares | 7,475 | 6,325 | 5,750 | 6,725 | |||||||||||||||||||||||
PowerBar and Musashi | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 150 | ||||||||||||||||||||||||||
Consideration Transferred | 136.1 | ||||||||||||||||||||||||||
Net Working Capital Settlement | 1.7 | ||||||||||||||||||||||||||
Net Sales | 136.4 | ||||||||||||||||||||||||||
Operating Profit (Loss) | (7.8) | ||||||||||||||||||||||||||
Proceeds from sale of business | 3.8 | ||||||||||||||||||||||||||
Cash and cash equivalents | $ 2.4 | ||||||||||||||||||||||||||
Receivables | 6.5 | ||||||||||||||||||||||||||
Inventories | 23.1 | ||||||||||||||||||||||||||
Prepaid expenses and other current assets | 0.1 | ||||||||||||||||||||||||||
Property | 17.9 | ||||||||||||||||||||||||||
Goodwill | 18.6 | ||||||||||||||||||||||||||
Other intangible assets | 61 | ||||||||||||||||||||||||||
Deferred tax asset, long-term | 11.7 | ||||||||||||||||||||||||||
Other assets | 0 | ||||||||||||||||||||||||||
Accounts payable | (1.2) | ||||||||||||||||||||||||||
Deferred tax liability, current | (0.2) | ||||||||||||||||||||||||||
Other current liabilities | (4.4) | ||||||||||||||||||||||||||
Deferred tax liability, long-term | (1.1) | ||||||||||||||||||||||||||
Other liabilities | 0 | ||||||||||||||||||||||||||
Total acquisition cost | $ 134.4 | ||||||||||||||||||||||||||
PowerBar and Musashi | Customer Relationships | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Finite-lived Intangible Assets Acquired | $ 21 | ||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 18 years 4 months | ||||||||||||||||||||||||||
PowerBar and Musashi | Trademarks | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Finite-lived Intangible Assets Acquired | $ 40 | ||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | ||||||||||||||||||||||||||
American Blanching Company | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 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 asset, long-term | 0 | ||||||||||||||||||||||||||
Other assets | 0.4 | ||||||||||||||||||||||||||
Accounts payable | (9) | ||||||||||||||||||||||||||
Deferred tax liability, current | (0.4) | ||||||||||||||||||||||||||
Other current liabilities | (2.8) | ||||||||||||||||||||||||||
Deferred tax liability, long-term | (30.7) | ||||||||||||||||||||||||||
Other liabilities | 0 | ||||||||||||||||||||||||||
Total acquisition cost | 128 | ||||||||||||||||||||||||||
American Blanching Company | Customer Relationships | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Finite-lived Intangible Assets Acquired | $ 63.9 | ||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 17 years | ||||||||||||||||||||||||||
American Blanching Company | Trademarks | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Finite-lived Intangible Assets Acquired | $ 8 | ||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||||||||||||||||||||||||||
MOM Brands Company | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 46.60 | ||||||||||||||||||||||||||
Consideration Transferred, Other | $ 114.4 | ||||||||||||||||||||||||||
Consideration Transferred | 1,181.5 | ||||||||||||||||||||||||||
Net Working Capital Settlement | 4 | ||||||||||||||||||||||||||
Net Sales | 329.7 | ||||||||||||||||||||||||||
Operating Profit (Loss) | 15.9 | ||||||||||||||||||||||||||
Cash and cash equivalents | 11.1 | ||||||||||||||||||||||||||
Receivables | 41.7 | ||||||||||||||||||||||||||
Inventories | 97.9 | ||||||||||||||||||||||||||
Prepaid expenses and other current assets | 6.2 | ||||||||||||||||||||||||||
Property | 532.1 | ||||||||||||||||||||||||||
Goodwill | 195.6 | ||||||||||||||||||||||||||
Other intangible assets | 364.4 | ||||||||||||||||||||||||||
Deferred tax asset, long-term | 0 | ||||||||||||||||||||||||||
Other assets | 0 | ||||||||||||||||||||||||||
Accounts payable | (33) | ||||||||||||||||||||||||||
Deferred tax liability, current | (5.4) | ||||||||||||||||||||||||||
Other current liabilities | (24.9) | ||||||||||||||||||||||||||
Deferred tax liability, long-term | (6.9) | ||||||||||||||||||||||||||
Other liabilities | (1.3) | ||||||||||||||||||||||||||
Total acquisition cost | 1,177.5 | ||||||||||||||||||||||||||
MOM Brands Company | Customer Relationships | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Finite-lived Intangible Assets Acquired | $ 185.6 | ||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | ||||||||||||||||||||||||||
MOM Brands Company | Trademarks | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Finite-lived Intangible Assets Acquired | $ 178.8 | ||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | ||||||||||||||||||||||||||
Dakota Growers | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 370 | ||||||||||||||||||||||||||
Consideration Transferred | 366.2 | ||||||||||||||||||||||||||
Net Working Capital Settlement | 6.5 | ||||||||||||||||||||||||||
Cash and cash equivalents | $ 2.9 | ||||||||||||||||||||||||||
Restricted cash | 0 | ||||||||||||||||||||||||||
Receivables | 25.3 | ||||||||||||||||||||||||||
Income tax receivable | 0 | ||||||||||||||||||||||||||
Inventories | 43.4 | ||||||||||||||||||||||||||
Deferred tax asset, current | 0.3 | ||||||||||||||||||||||||||
Prepaid expenses and other current assets | 0.4 | ||||||||||||||||||||||||||
Property | 86 | ||||||||||||||||||||||||||
Goodwill | 160.5 | ||||||||||||||||||||||||||
Other intangible assets | 150 | ||||||||||||||||||||||||||
Other assets | 1 | ||||||||||||||||||||||||||
Current portion of long-term debt | 0 | ||||||||||||||||||||||||||
Accounts payable | (5.6) | ||||||||||||||||||||||||||
Other current liabilities | (25.7) | ||||||||||||||||||||||||||
Long-term debt | 0 | ||||||||||||||||||||||||||
Deferred tax liability, long-term | (78.4) | ||||||||||||||||||||||||||
Other liabilities | (0.2) | ||||||||||||||||||||||||||
Total acquisition cost | $ 359.9 | ||||||||||||||||||||||||||
Dakota Growers | Customer Relationships | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Finite-lived Intangible Assets Acquired | $ 127.2 | ||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years 6 months | ||||||||||||||||||||||||||
Dakota Growers | Trademarks | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Finite-lived Intangible Assets Acquired | $ 22.8 | ||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 18 years 11 months | ||||||||||||||||||||||||||
Dymatize | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 380 | ||||||||||||||||||||||||||
Consideration Transferred | 392.5 | ||||||||||||||||||||||||||
Net Working Capital Settlement | 12 | ||||||||||||||||||||||||||
Net Working Capital Settlement, Receivable | 2.5 | 2.5 | |||||||||||||||||||||||||
Net Working Capital Settlement, Earnings Impact | 9.5 | ||||||||||||||||||||||||||
Goodwill, Expected Tax Deductible Amount | $ 104.4 | 104.4 | |||||||||||||||||||||||||
Cash and cash equivalents | 1.8 | ||||||||||||||||||||||||||
Restricted cash | 0 | ||||||||||||||||||||||||||
Receivables | 22.5 | ||||||||||||||||||||||||||
Income tax receivable | 0 | ||||||||||||||||||||||||||
Inventories | 41 | ||||||||||||||||||||||||||
Deferred tax asset, current | 3 | ||||||||||||||||||||||||||
Prepaid expenses and other current assets | 0.7 | ||||||||||||||||||||||||||
Property | 15.7 | ||||||||||||||||||||||||||
Goodwill | 114.9 | ||||||||||||||||||||||||||
Other intangible assets | 257.9 | ||||||||||||||||||||||||||
Other assets | 0.1 | ||||||||||||||||||||||||||
Current portion of long-term debt | 0 | ||||||||||||||||||||||||||
Accounts payable | (17.5) | ||||||||||||||||||||||||||
Other current liabilities | (8.2) | ||||||||||||||||||||||||||
Long-term debt | 0 | ||||||||||||||||||||||||||
Deferred tax liability, long-term | (36.5) | ||||||||||||||||||||||||||
Other liabilities | 0 | ||||||||||||||||||||||||||
Total acquisition cost | 395.4 | ||||||||||||||||||||||||||
Dymatize | Customer Relationships | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Finite-lived Intangible Assets Acquired | $ 136.8 | ||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 18 years | ||||||||||||||||||||||||||
Dymatize | Trademarks | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Finite-lived Intangible Assets Acquired | $ 121.1 | ||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | ||||||||||||||||||||||||||
Golden Boy | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Payments to Acquire Businesses, Gross | CAD | CAD 320 | ||||||||||||||||||||||||||
Consideration Transferred | CAD | CAD 321.1 | ||||||||||||||||||||||||||
Net Working Capital Settlement | $ 2.1 | ||||||||||||||||||||||||||
Cash and cash equivalents | $ 0 | ||||||||||||||||||||||||||
Restricted cash | 0 | ||||||||||||||||||||||||||
Receivables | 16.4 | ||||||||||||||||||||||||||
Income tax receivable | 0 | ||||||||||||||||||||||||||
Inventories | 29.8 | ||||||||||||||||||||||||||
Deferred tax asset, current | 0 | ||||||||||||||||||||||||||
Prepaid expenses and other current assets | 0.7 | ||||||||||||||||||||||||||
Property | 10.5 | ||||||||||||||||||||||||||
Goodwill | 154.1 | ||||||||||||||||||||||||||
Other intangible assets | 131.5 | ||||||||||||||||||||||||||
Other assets | 0 | ||||||||||||||||||||||||||
Current portion of long-term debt | 0 | ||||||||||||||||||||||||||
Accounts payable | (10.3) | ||||||||||||||||||||||||||
Other current liabilities | (8.4) | ||||||||||||||||||||||||||
Long-term debt | 0 | ||||||||||||||||||||||||||
Deferred tax liability, long-term | (33.8) | ||||||||||||||||||||||||||
Other liabilities | (2.1) | ||||||||||||||||||||||||||
Total acquisition cost | 288.4 | ||||||||||||||||||||||||||
Golden Boy | Customer Relationships | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Finite-lived Intangible Assets Acquired | $ 82.6 | ||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years | 11 years | |||||||||||||||||||||||||
Golden Boy | Trademarks | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Finite-lived Intangible Assets Acquired | $ 28.9 | ||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | 20 years | |||||||||||||||||||||||||
Golden Boy | Other Intangible Assets | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Finite-lived Intangible Assets Acquired | $ 20 | ||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years | 11 years | |||||||||||||||||||||||||
Michael Foods | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 2,450 | ||||||||||||||||||||||||||
Consideration Transferred | 2,539.1 | ||||||||||||||||||||||||||
Net Working Capital Settlement | $ 10 | ||||||||||||||||||||||||||
Cash and cash equivalents | 69.1 | ||||||||||||||||||||||||||
Restricted cash | 3.4 | ||||||||||||||||||||||||||
Receivables | 155.1 | ||||||||||||||||||||||||||
Income tax receivable | 62.5 | ||||||||||||||||||||||||||
Inventories | 175.7 | ||||||||||||||||||||||||||
Deferred tax asset, current | 2.8 | ||||||||||||||||||||||||||
Prepaid expenses and other current assets | 7.5 | ||||||||||||||||||||||||||
Property | 328.3 | ||||||||||||||||||||||||||
Goodwill | 1,181.1 | ||||||||||||||||||||||||||
Other intangible assets | 1,344.3 | ||||||||||||||||||||||||||
Other assets | 8 | ||||||||||||||||||||||||||
Current portion of long-term debt | (3.7) | ||||||||||||||||||||||||||
Accounts payable | (109) | ||||||||||||||||||||||||||
Other current liabilities | (79.5) | ||||||||||||||||||||||||||
Long-term debt | (8.4) | ||||||||||||||||||||||||||
Deferred tax liability, long-term | (541.4) | ||||||||||||||||||||||||||
Other liabilities | (18.5) | ||||||||||||||||||||||||||
Total acquisition cost | 2,577.3 | ||||||||||||||||||||||||||
Michael Foods | Customer Relationships | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Finite-lived Intangible Assets Acquired | $ 1,126.6 | ||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | ||||||||||||||||||||||||||
Michael Foods | Trademarks | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Finite-lived Intangible Assets Acquired | $ 217.7 | ||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 19 years 4 months | ||||||||||||||||||||||||||
Oh's Brand | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Consideration Transferred | $ 20.4 | ||||||||||||||||||||||||||
Inventories | 0.4 | ||||||||||||||||||||||||||
Goodwill | 5.6 | ||||||||||||||||||||||||||
Oh's Brand | Customer Relationships | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Finite-lived Intangible Assets Acquired | $ 11.8 | ||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | ||||||||||||||||||||||||||
Oh's Brand | Trademarks | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Finite-lived Intangible Assets Acquired | $ 2.6 | ||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||||||||||||||||||||||||||
Attune Foods, Inc. | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 9.2 | ||||||||||||||||||||||||||
Cash and cash equivalents | $ 0 | ||||||||||||||||||||||||||
Receivables | 0.5 | ||||||||||||||||||||||||||
Inventories | 2.6 | ||||||||||||||||||||||||||
Deferred tax asset, current | 0 | ||||||||||||||||||||||||||
Prepaid expenses and other current assets | 0.1 | ||||||||||||||||||||||||||
Property | 0.1 | ||||||||||||||||||||||||||
Goodwill | 3.6 | ||||||||||||||||||||||||||
Other intangible assets | 3.8 | ||||||||||||||||||||||||||
Accounts payable | (1.3) | ||||||||||||||||||||||||||
Other current liabilities | (0.2) | ||||||||||||||||||||||||||
Deferred tax liability, long-term | 0 | ||||||||||||||||||||||||||
Other liabilities | 0 | ||||||||||||||||||||||||||
Total acquisition cost | $ 9.2 | ||||||||||||||||||||||||||
Attune Foods, Inc. | Customer Relationships | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Finite-lived Intangible Assets Acquired | $ 51.5 | ||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 19 years | ||||||||||||||||||||||||||
Attune Foods, Inc. | Trademarks | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Finite-lived Intangible Assets Acquired | $ 14.2 | ||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 24 years | ||||||||||||||||||||||||||
Attune Foods, Inc. | Other Intangible Assets | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Finite-lived Intangible Assets Acquired | $ 1.6 | ||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years | ||||||||||||||||||||||||||
Assets of Hearthside Food Solutions | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 159.9 | ||||||||||||||||||||||||||
Cash and cash equivalents | 0 | ||||||||||||||||||||||||||
Receivables | 5.5 | ||||||||||||||||||||||||||
Inventories | 6.3 | ||||||||||||||||||||||||||
Deferred tax asset, current | 0 | ||||||||||||||||||||||||||
Prepaid expenses and other current assets | 0.2 | ||||||||||||||||||||||||||
Property | 15.6 | ||||||||||||||||||||||||||
Goodwill | 71.5 | ||||||||||||||||||||||||||
Other intangible assets | 63.5 | ||||||||||||||||||||||||||
Accounts payable | (2.1) | ||||||||||||||||||||||||||
Other current liabilities | (0.3) | ||||||||||||||||||||||||||
Deferred tax liability, long-term | (0.3) | ||||||||||||||||||||||||||
Other liabilities | 0 | ||||||||||||||||||||||||||
Total acquisition cost | $ 159.9 | ||||||||||||||||||||||||||
Premier Nutrition Corporation | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 186 | ||||||||||||||||||||||||||
Cash and cash equivalents | 2.1 | ||||||||||||||||||||||||||
Receivables | 11.3 | ||||||||||||||||||||||||||
Inventories | 23.9 | ||||||||||||||||||||||||||
Deferred tax asset, current | 6.9 | ||||||||||||||||||||||||||
Prepaid expenses and other current assets | 2.8 | ||||||||||||||||||||||||||
Property | 0.7 | ||||||||||||||||||||||||||
Goodwill | 47.2 | ||||||||||||||||||||||||||
Other intangible assets | 112.6 | ||||||||||||||||||||||||||
Accounts payable | (15.6) | ||||||||||||||||||||||||||
Other current liabilities | (2.4) | ||||||||||||||||||||||||||
Deferred tax liability, long-term | (2.8) | ||||||||||||||||||||||||||
Other liabilities | (0.7) | ||||||||||||||||||||||||||
Total acquisition cost | 186 | ||||||||||||||||||||||||||
Premier Nutrition Corporation | Customer Relationships | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Finite-lived Intangible Assets Acquired | $ 53.2 | ||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 19 years | ||||||||||||||||||||||||||
Premier Nutrition Corporation | Trademarks | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Finite-lived Intangible Assets Acquired | $ 56.3 | ||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | ||||||||||||||||||||||||||
Premier Nutrition Corporation | Other Intangible Assets | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Finite-lived Intangible Assets Acquired | $ 3.1 | ||||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | ||||||||||||||||||||||||||
Premier Nutrition Corporation | Net Working Capital Adjustment | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Purchase Accounting Adjustments | $ 0.1 | ||||||||||||||||||||||||||
Premier Nutrition Corporation | Deferred Tax Asset [Domain] | |||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||
Purchase Accounting Adjustments | $ 1.2 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Goodwill [Line Items] | |||
Goodwill (gross) | $ 3,770.2 | $ 3,527.1 | $ 1,917.5 |
Accumulated impairment losses | (697.4) | (640.4) | (427.8) |
Goodwill | 3,072.8 | 2,886.7 | 1,489.7 |
Goodwill acquired | 263.8 | 1,611 | |
Impairment Loss | (57) | (212.6) | |
Purchase Accounting Adjustments | 5.2 | (1.1) | |
Currency translation adjustment | (25.9) | (0.3) | |
Post Consumer Brands Segment | |||
Goodwill [Line Items] | |||
Goodwill (gross) | 1,993.9 | 1,799.3 | 1,794.1 |
Accumulated impairment losses | (609.1) | (609.1) | (427.8) |
Goodwill | 1,384.8 | 1,190.2 | 1,366.3 |
Goodwill acquired | 195.6 | 5.6 | |
Impairment Loss | 0 | (181.3) | |
Purchase Accounting Adjustments | 0 | 0 | |
Currency translation adjustment | (1) | (0.4) | |
Michael Foods Group Segment | |||
Goodwill [Line Items] | |||
Goodwill (gross) | 1,341.6 | 1,347.2 | 0 |
Accumulated impairment losses | 0 | 0 | 0 |
Goodwill | 1,341.6 | 1,347.2 | 0 |
Goodwill acquired | 0 | 1,347.2 | |
Impairment Loss | 0 | 0 | |
Purchase Accounting Adjustments | (5.6) | 0 | |
Currency translation adjustment | 0 | 0 | |
Active Nutrition Segment | |||
Goodwill [Line Items] | |||
Goodwill (gross) | 180.7 | 151.3 | 48.3 |
Accumulated impairment losses | (88.3) | (31.3) | 0 |
Goodwill | 92.4 | 120 | 48.3 |
Goodwill acquired | 18.6 | 104.1 | |
Impairment Loss | (57) | (31.3) | |
Purchase Accounting Adjustments | 10.8 | (1.1) | |
Currency translation adjustment | 0 | 0 | |
Private Brands Segment | |||
Goodwill [Line Items] | |||
Goodwill (gross) | 254 | 229.3 | 75.1 |
Accumulated impairment losses | 0 | 0 | 0 |
Goodwill | 254 | 229.3 | $ 75.1 |
Goodwill acquired | 49.6 | 154.1 | |
Impairment Loss | 0 | 0 | |
Purchase Accounting Adjustments | 0 | 0 | |
Currency translation adjustment | $ (24.9) | $ 0.1 | |
All reporting units excluding Dymatize | |||
Goodwill [Line Items] | |||
Weight of income approach used in measurement of goodwill impairment | 75.00% | ||
Weight of market approach used in measurement of goodwill impairment | 25.00% | ||
Dymatize | |||
Goodwill [Line Items] | |||
Weight of income approach used in measurement of goodwill impairment | 100.00% | ||
Weight of market approach used in measurement of goodwill impairment | 0.00% |
Income Taxes - Income tax (bene
Income Taxes - Income tax (benefit) provision (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Current | |||
Federal | $ 59.5 | $ 0.9 | $ 33 |
State | 2.9 | 0 | 3.2 |
Foreign | 5.7 | 2.9 | 0 |
Current | 68.1 | 3.8 | 36.2 |
Deferred | |||
Federal | (116) | (80.1) | (26.8) |
State | (2.1) | (7.3) | (1.8) |
Foreign | (2) | (0.1) | (0.5) |
Deferred | (120.1) | (87.5) | (29.1) |
Income tax (benefit) provision | $ (52) | $ (83.7) | $ 7.1 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Computed tax at federal statutory rate (35%) | $ (58.6) | $ (149.4) | $ 7.8 |
Non-deductible goodwill impairment loss | 16.5 | 70.9 | 0 |
Non-deductible compensation | 0.4 | 0.8 | 0.7 |
Non-deductible transaction costs | 0.6 | 2.8 | 0.2 |
Domestic production activities deduction | (5.9) | 0 | (2.9) |
State income taxes, net of effect on federal tax | (7.2) | (6.6) | 1 |
Non-taxable interest income | (2.7) | (2.9) | 0 |
Valuation allowances | 6.7 | 2.3 | 0 |
Change in deferred tax rates | 4.9 | (0.9) | 0.3 |
Uncertain tax positions | (3.4) | (0.2) | 0.1 |
Other, net (none in excess of 5% of computed tax) | (3.3) | (0.5) | (0.1) |
Income tax (benefit) provision | $ (52) | $ (83.7) | $ 7.1 |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
None in excess of 5% of computed tax | 5.00% | 5.00% | 5.00% |
Income Taxes - Deferred Taxes (
Income Taxes - Deferred Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Components of Deferred Tax Assets [Abstract] | |||
Net Income (Loss) Available to Common Stockholders, Diluted | $ (132.3) | $ (358.6) | $ 9.8 |
Components of Deferred Tax Liabilities [Abstract] | |||
Noncurrent deferred tax liabilities | (831.8) | (915.1) | |
Assets | |||
Components of Deferred Tax Assets [Abstract] | |||
Total gross deferred income taxes, current | 189.9 | 120.8 | |
Assets | Current | |||
Components of Deferred Tax Assets [Abstract] | |||
Accrued vacation, incentive and severance | 21.4 | 6.5 | |
Net operating loss carryforwards, credits | 5 | 7.3 | |
Stock-based and deferred compensation | 0.6 | 2.7 | |
Inventory | 15.6 | 5.6 | |
Accrued liabilities | 4.5 | 7.1 | |
Other items, non-current assets | 5.4 | 1.4 | |
Total gross deferred income taxes, current | 52.5 | 30.6 | |
Valuation allowance | (0.8) | (0.3) | |
Total current deferred income taxes | 51.7 | 30.3 | |
Components of Deferred Tax Liabilities [Abstract] | |||
Deferred income taxes | 138.2 | 90.5 | |
Assets | Noncurrent | |||
Components of Deferred Tax Assets [Abstract] | |||
Other items, non-current assets | 10.2 | 1.5 | |
Valuation allowance | (10.3) | (7.4) | |
Pension and other postretirement benefits | 47.4 | 42.9 | |
Stock-based and deferred compensation | 20.9 | 14.7 | |
Derivative mark-to-market adjustments | 48.8 | 15.4 | |
Net operating loss carryforwards, credits | 21.2 | 23.4 | |
Total gross deferred income taxes, noncurrent | 148.5 | 97.9 | |
Liability | |||
Components of Deferred Tax Liabilities [Abstract] | |||
Total deferred tax liabilities, gross | (974) | (1,008.9) | |
Liability | Current | |||
Components of Deferred Tax Liabilities [Abstract] | |||
Other items, current liabilities | (4) | (3.3) | |
Current deferred tax liabilities | (4) | (3.3) | |
Deferred Tax Liabilities, Gross, Current | (4) | (3.3) | |
Noncurrent deferred tax liabilities | (970) | (1,005.6) | |
Liability | Noncurrent | |||
Components of Deferred Tax Assets [Abstract] | |||
Property | (150.4) | (142.5) | |
Intangible assets | (819.6) | (863.1) | |
Components of Deferred Tax Liabilities [Abstract] | |||
Noncurrent deferred tax liabilities | (970) | (1,005.6) | |
Net Assets | |||
Deferred Tax Assets (Liabilities), Net [Abstract] | |||
Total deferred tax assets (liabilities), net | 784.1 | (888.1) | |
Net Assets | Current | |||
Components of Deferred Tax Assets [Abstract] | |||
Accrued vacation, incentive and severance | 21.4 | 6.5 | |
Net operating loss carryforwards, credits | 5 | 7.3 | |
Stock-based and deferred compensation | 0.6 | 2.7 | |
Inventory | 15.6 | 5.6 | |
Accrued liabilities | 4.5 | 7.1 | |
Valuation allowance | (0.8) | (0.3) | |
Components of Deferred Tax Liabilities [Abstract] | |||
Noncurrent deferred tax liabilities | (831.8) | (915.1) | |
Deferred Tax Assets (Liabilities), Net [Abstract] | |||
Other items, net | 1.4 | (1.9) | |
Deferred Tax Assets (Liabilities), Net, Current | 47.7 | 27 | |
Total deferred tax assets (liabilities), net | (48.5) | (27.3) | |
Net Assets | Noncurrent | |||
Components of Deferred Tax Assets [Abstract] | |||
Valuation allowance | (10.3) | (7.4) | |
Property | (150.4) | (142.5) | |
Intangible assets | (819.6) | (863.1) | |
Pension and other postretirement benefits | 47.4 | 42.9 | |
Stock-based and deferred compensation | 20.9 | 14.7 | |
Derivative mark-to-market adjustments | 48.8 | 15.4 | |
Net operating loss carryforwards, credits | 21.2 | 23.4 | |
Deferred Tax Assets (Liabilities), Net [Abstract] | |||
Other items, net | 10.2 | 1.5 | |
Deferred Tax Assets (Liabilities), Net, Noncurrent | $ (821.5) | $ (907.7) |
Income Taxes - Income Taxes Nar
Income Taxes - Income Taxes Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Tax Disclosures | |||
Effective tax rate | 31.10% | 19.60% | 31.80% |
Non-deductible goodwill impairment loss | $ 16.5 | $ 70.9 | $ 0 |
Non-deductible compensation | 0.4 | 0.8 | 0.7 |
Non-deductible transaction costs | 0.6 | 2.8 | 0.2 |
Valuation allowances | 6.7 | 2.3 | 0 |
Non-taxable interest income | (2.7) | (2.9) | 0 |
Change in deferred tax rates | 4.9 | (0.9) | 0.3 |
Uncertain tax positions | (3.4) | (0.2) | 0.1 |
Domestic production activities deduction | (5.9) | 0 | (2.9) |
Operating loss carryforward | 85.1 | ||
Operating Loss Carryforwards, Limitations on Usage | 3.8 | ||
Undistributed Earnings of Foreign Subsidiaries | 11.9 | ||
Foreign income (loss) before income taxes | 7 | $ 0.6 | $ (2) |
State and Local Jurisdiction [Member] | |||
Income Tax Disclosures | |||
Operating loss carryforward | 112.3 | ||
Foreign Tax Authority [Member] | |||
Income Tax Disclosures | |||
Operating loss carryforward | $ 14.1 | ||
Minimum | |||
Income Tax Disclosures | |||
Tax Credit Carryforward, Expiration Date | Jan. 1, 2021 | ||
Minimum | State and Local Jurisdiction [Member] | |||
Income Tax Disclosures | |||
Tax Credit Carryforward, Expiration Date | Jan. 1, 2016 | ||
Minimum | Foreign Tax Authority [Member] | |||
Income Tax Disclosures | |||
Tax Credit Carryforward, Expiration Date | Jan. 1, 2026 | ||
Maximum | |||
Income Tax Disclosures | |||
Tax Credit Carryforward, Expiration Date | Jan. 1, 2034 | ||
Maximum | State and Local Jurisdiction [Member] | |||
Income Tax Disclosures | |||
Tax Credit Carryforward, Expiration Date | Jan. 1, 2034 | ||
Maximum | Foreign Tax Authority [Member] | |||
Income Tax Disclosures | |||
Tax Credit Carryforward, Expiration Date | Jan. 1, 2034 |
Unrecognized tax benefits (Deta
Unrecognized tax benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 2.5 | $ 0.9 | |
Unrecognized Tax Benefits | 11.3 | 7.4 | $ 3.6 |
Unrecognized Tax Benefits, Increases Resulting from Current Period Tax Positions | 7.2 | 4.3 | |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | (2.8) | 0 | |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | (0.5) | (0.5) | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 7.9 | ||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 2.2 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 0 | $ 0.8 | $ 0.1 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Earnings Per Share, Diluted | |||||||||||
Net (Loss) Earnings Available to Common Shareholders | $ (76.8) | $ 19.8 | $ 26.3 | $ (101.6) | $ (291.7) | $ (39.3) | $ (22.6) | $ (5) | $ (132.3) | $ (358.6) | $ 9.8 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ (132.3) | $ (358.6) | $ 9.8 | ||||||||
Weighted-average shares outstanding | 51.8 | 38 | 32.7 | ||||||||
Effect of TEUs on weighted-average shares for basic (loss) earnings per share | 4.9 | 1.7 | |||||||||
Weighted-average shares for basic (loss) earnings per share | 56.7 | 39.7 | 32.7 | ||||||||
Effect of dilutive securities | 0.3 | ||||||||||
Weighted-average shares for diluted (loss) earnings per share | 56.7 | 39.7 | 33 | ||||||||
Basic (loss) earnings per common share | $ (1.21) | $ 0.34 | $ 0.48 | $ (2.04) | $ (5.86) | $ (0.92) | $ (0.67) | $ (0.15) | $ (2.33) | $ (9.03) | $ 0.30 |
Diluted (loss) earnings per common share | $ (1.21) | $ 0.33 | $ 0.45 | $ (2.04) | $ (5.86) | $ (0.92) | $ (0.67) | $ (0.15) | $ (2.33) | $ (9.03) | $ 0.30 |
Stock Options | |||||||||||
Earnings Per Share, Diluted | |||||||||||
Effect of dilutive securities | 0 | 0 | 0.1 | ||||||||
Stock Appreciation Rights | |||||||||||
Earnings Per Share, Diluted | |||||||||||
Effect of TEUs on weighted-average shares for basic (loss) earnings per share | 0 | ||||||||||
Effect of dilutive securities | 0 | 0 | 0.1 | ||||||||
Restricted Stock | |||||||||||
Earnings Per Share, Diluted | |||||||||||
Effect of dilutive securities | 0 | 0 | 0.1 |
Earnings per Share Antidilutive
Earnings per Share Antidilutive shares excluded from earnings per share (Details) - shares shares in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4.2 | 3 | 0.3 |
Stock Appreciation Rights | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.3 | 0.3 | 0 |
Restricted Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.5 | 0.4 | 0 |
Tangible Equity Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 1.1 | 0 |
Preferred Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 11 | 11 | 5.1 |
Supplemental Operations State66
Supplemental Operations Statement Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Supplemental Operations Statement and Cash Flow Information [Abstract] | |||
Advertising and promotion expense | $ 137.3 | $ 121.8 | $ 118.4 |
Repair and maintenance expenses | 92.1 | 58.6 | 41.6 |
Research and development expense | 16.8 | 10.2 | 8.6 |
Rent expense | 23.3 | 11.3 | 4.8 |
Loss on foreign currency | 6 | 14 | 0.1 |
Interest Income | (0.8) | (1) | (0.3) |
Interest Paid | 235.5 | 143.3 | 76.3 |
Income Taxes Paid | $ 46.4 | $ 11.9 | $ 25.5 |
Supplemental Balance Sheet In67
Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 |
Receivables, net | ||
Trade receivables | $ 360.2 | $ 332.2 |
Income tax receivable | 1 | 67.1 |
Other receivables | 7 | 15.8 |
Gross receivables | 368.2 | 415.1 |
Allowance for doubtful accounts | (2) | (1.4) |
Receivables, net | 366.2 | 413.7 |
Inventories | ||
Raw materials and supplies | 142.5 | 99.2 |
Work in process | 15.3 | 16.3 |
Finished products | 286.8 | 235.8 |
Flocks | 20.7 | 29.4 |
Inventories | 465.3 | 380.7 |
Accounts payable | ||
Trade payables | 226.4 | 194.3 |
Book cash overdrafts | 8.8 | 12.1 |
Other payables | 30 | 18.6 |
Accounts payable | 265.2 | 225 |
Current Liabilities | ||
Advertising and promotion | 61.9 | 60.9 |
Accrued interest | 58.6 | 47.8 |
Accrued compensation | 109 | 32.4 |
Acquisition-related accruals | 1.4 | 50.7 |
Income and other taxes payable | 19.1 | 5.8 |
Other | 79.8 | 71.7 |
Other current liabilities | 329.8 | 269.3 |
Pension and other postretirement benefit obligations | 124.1 | 114.1 |
Interest rate swaps | 127.9 | 40.4 |
Accrued compensation, long-term | 15.9 | 12.3 |
Other | 22.3 | 15.6 |
Other Liabilities | $ 290.2 | $ 182.4 |
Allowance for Doubtful Accoun68
Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Allowance For Doubtful Accounts Receivable [Roll Forward] | |||
Balance, beginning of year | $ 1.4 | $ 0.3 | $ 0.3 |
Provision charged to expense | 0.7 | 0.3 | 0 |
Write-offs, less recoveries | (0.3) | (0.2) | 0 |
Impact of acquisitions | 0.2 | 1 | 0 |
Balance, end of year | $ 2 | $ 1.4 | $ 0.3 |
Derivative Financial Instrume69
Derivative Financial Instruments and Hedging Derivative Financial Instruments and Hedging Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Derivative [Line Items] | ||
Remaining Maturity | 12 months | |
Collateral Already Posted | $ 10.7 | $ 12.6 |
Interest rate swap, rate lock swaps | ||
Derivative [Line Items] | ||
Notional Amount | 750 | |
Energy futures | ||
Derivative [Line Items] | ||
Notional Amount | 19.9 | |
Commodity Contract | ||
Derivative [Line Items] | ||
Notional Amount | 42.2 | |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Notional Amount | $ 727.6 | |
Fixed Interest Rate | 3.10% | |
Interest rate swap, rate lock swaps | ||
Derivative [Line Items] | ||
Fixed Interest Rate | 4.00% |
Derivative Financial Instrume70
Derivative Financial Instruments and Hedging (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 |
Derivative Liability, Fair Value, Net [Abstract] | ||
Derivative Asset | $ 0.6 | $ 0 |
Derivative Liabilities | 138.7 | 52 |
Gross amounts | ||
Derivative Liability, Fair Value, Net [Abstract] | ||
Derivative Asset | 0.6 | |
Derivative Liabilities | 138.7 | 52 |
Gross amounts offset | ||
Derivative Liability, Fair Value, Net [Abstract] | ||
Derivative Asset | 0 | |
Derivative Liabilities | 0 | 0 |
Net amounts | ||
Derivative Liability, Fair Value, Net [Abstract] | ||
Derivative Asset | 0.6 | |
Derivative Liabilities | 138.7 | 52 |
Commodity Contract | Gross amounts | ||
Derivatives, Fair Value | ||
Derivative Asset, Current | 0.4 | |
Derivative Liability, Current | 1.2 | 8 |
Commodity Contract | Gross amounts offset | ||
Derivatives, Fair Value | ||
Derivative Asset, Current | 0 | |
Derivative Liability, Current | 0 | 0 |
Commodity Contract | Net amounts | ||
Derivatives, Fair Value | ||
Derivative Asset, Current | 0.4 | |
Derivative Liability, Current | 1.2 | 8 |
Energy futures | Gross amounts | ||
Derivatives, Fair Value | ||
Derivative Asset, Current | 0.2 | |
Derivative Liability, Current | 4.7 | 0.9 |
Energy futures | Gross amounts offset | ||
Derivatives, Fair Value | ||
Derivative Asset, Current | 0 | |
Derivative Liability, Current | 0 | 0 |
Energy futures | Net amounts | ||
Derivatives, Fair Value | ||
Derivative Asset, Current | 0.2 | |
Derivative Liability, Current | 4.7 | 0.9 |
Interest Rate Swap | Gross amounts | ||
Derivatives, Fair Value | ||
Derivative Liability, Current | 4.9 | 2.7 |
Derivative Liability, Fair Value, Net [Abstract] | ||
Derivative Liability, Noncurrent | 127.9 | 40.4 |
Interest Rate Swap | Gross amounts offset | ||
Derivatives, Fair Value | ||
Derivative Liability, Current | 0 | 0 |
Derivative Liability, Fair Value, Net [Abstract] | ||
Derivative Liability, Noncurrent | 0 | 0 |
Interest Rate Swap | Net amounts | ||
Derivatives, Fair Value | ||
Derivative Liability, Current | 4.9 | 2.7 |
Derivative Liability, Fair Value, Net [Abstract] | ||
Derivative Liability, Noncurrent | $ 127.9 | $ 40.4 |
Derivative Financial Instrume71
Derivative Financial Instruments and Hedging Gain(Loss) recognized in earnings from derivative instruments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Commodity Contract | Cost of Goods Sold | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $ (5.2) | $ 12.4 | $ 0.6 |
Energy futures | Cost of Goods Sold | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 12.8 | 0.4 | 0.3 |
Foreign Exchange Contract | Selling, General and Administrative Expenses | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 0 | 6.3 | 0 |
Interest Rate Swap | Other Nonoperating Income (Expense) | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $ 92.5 | $ 35.5 | $ 0 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Deferred compensation investment | $ 10.3 | $ 10.2 |
Derivative Asset | 0.6 | 0 |
Assets, Fair Value Disclosure | 10.9 | 10.2 |
Deferred compensation liabilities | 14.2 | 12.3 |
Derivative Liabilities | 138.7 | 52 |
Liabilities, Fair Value Disclosure | 152.9 | 64.3 |
4.57% 2012 Series Bond | 2.9 | 4.8 |
Capital Lease Obligations | 2.8 | 3.8 |
Secured Notes | 0 | 1.1 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Deferred compensation investment | 10.3 | 10.2 |
Derivative Asset | 0 | 0 |
Assets, Fair Value Disclosure | 10.3 | 10.2 |
Deferred compensation liabilities | 0 | 0 |
Derivative Liabilities | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Deferred compensation investment | 0 | 0 |
Derivative Asset | 0.6 | 0 |
Assets, Fair Value Disclosure | 0.6 | 0 |
Deferred compensation liabilities | 14.2 | 12.3 |
Derivative Liabilities | 52 | |
Liabilities, Fair Value Disclosure | 152.9 | 64.3 |
Debt Instrument, Fair Value Disclosure | 4,520.8 | 3,680.3 |
4.57% 2012 Series Bond | 2.9 | 4.8 |
Capital Lease Obligations | 2.8 | 3.8 |
Secured Notes | 0 | 1.1 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of assets held-for-sale | 11.4 | 16.4 |
Senior Notes | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt Instrument, Fair Value Disclosure | 4,112.5 | 2,768.2 |
Term Loan | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt Instrument, Fair Value Disclosure | 374 | 872.9 |
TEUs | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt Instrument, Fair Value Disclosure | $ 28.6 | $ 29.5 |
Long Term Debt (Details)
Long Term Debt (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Mar. 31, 2012 | |
Debt Instrument | ||||||||||
Term Loan | $ 374,400,000 | $ 374,400,000 | $ 882,800,000 | |||||||
TEUs | 25,100,000 | 25,100,000 | 38,400,000 | |||||||
4.57% 2012 Series Bond | 2,900,000 | 2,900,000 | 4,800,000 | |||||||
Secured Notes | 0 | 0 | 1,100,000 | |||||||
Capital Lease Obligations | 2,800,000 | 2,800,000 | 3,800,000 | |||||||
Long-term Debt, Gross | 4,485,200,000 | 4,485,200,000 | 3,810,900,000 | |||||||
Current portion of long-term debt | (16,000,000) | (16,000,000) | (25,600,000) | |||||||
Plus: Unamortized premium (discount) | 42,200,000 | 42,200,000 | 45,200,000 | |||||||
Long-term Debt | 4,511,400,000 | 4,511,400,000 | 3,830,500,000 | |||||||
Debt Covenant, Leverage Ratio | 2.50 | $ 2.50 | ||||||||
Eurodollar | Minimum | ||||||||||
Debt Instrument | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||||
Eurodollar | Maximum | ||||||||||
Debt Instrument | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||||
Base Rate | Minimum | ||||||||||
Debt Instrument | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||
Base Rate | Maximum | ||||||||||
Debt Instrument | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||||
7.375% Senior Notes | ||||||||||
Debt Instrument | ||||||||||
Senior Notes | $ 1,375,000,000 | $ 1,375,000,000 | 1,375,000,000 | $ 775,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.375% | 7.375% | ||||||||
Debt Instrument, Increase, Additional Borrowings | $ 350,000,000 | $ 250,000,000 | ||||||||
Premium percentage on debt issuance | 105.75% | 106.00% | ||||||||
6.75% Senior Notes | ||||||||||
Debt Instrument | ||||||||||
Senior Notes | $ 875,000,000 | $ 350,000,000 | $ 525,000,000 | $ 875,000,000 | 875,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | 6.75% | ||||||||
Debt Instrument, Increase, Additional Borrowings | 364,000,000 | 516,200,000 | ||||||||
Debt Issuance Cost | $ 6,100,000 | $ 8,800,000 | ||||||||
Premium percentage on debt issuance | 99.50% | 105.75% | ||||||||
6.00% Senior Notes | ||||||||||
Debt Instrument | ||||||||||
Senior Notes | $ 630,000,000 | $ 630,000,000 | $ 630,000,000 | 630,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | ||||||||
Debt Instrument, Increase, Additional Borrowings | 619,000,000 | |||||||||
Debt Issuance Cost | 11,000,000 | |||||||||
7.75% Senior Notes | ||||||||||
Debt Instrument | ||||||||||
Senior Notes | $ 800,000,000 | $ 800,000,000 | 0 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.75% | 7.75% | ||||||||
8.00% Senior Notes | ||||||||||
Debt Instrument | ||||||||||
Senior Notes | $ 400,000,000 | $ 400,000,000 | $ 0 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 8.00% | ||||||||
Term Loan | ||||||||||
Debt Instrument | ||||||||||
Long term debt, discount on issuance | 4,400,000 | |||||||||
Debt Instrument, Face Amount | $ 700,000,000 | |||||||||
Repayments of Debt | $ 1,200,000,000 | |||||||||
Write off of Deferred Debt Issuance Cost | 30,000,000 | |||||||||
Debt Instrument, Increase, Additional Borrowings | 860,900,000 | |||||||||
Debt Issuance Cost | 19,700,000 | 19,400,000 | ||||||||
Payments of Financing Costs | $ 6,700,000 | |||||||||
4.57% 2012 Series Bond | ||||||||||
Debt Instrument | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.57% | 4.57% | ||||||||
Financing Commitment | ||||||||||
Debt Instrument | ||||||||||
Debt Covenant, Leverage Ratio | $ 2 | $ 2 | ||||||||
Payments of Financing Costs | 2,500,000 | |||||||||
Revolving Credit Facility | ||||||||||
Debt Instrument | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 400,000,000 | 400,000,000 | ||||||||
Debt Covenant, Leverage Ratio | 3 | 3 | ||||||||
Debt Covenant, Maximum Undischarged Judgments | 75,000,000 | 75,000,000 | ||||||||
Debt covenant, interest coverage ratio | 1.75 | |||||||||
Debt Issuance Cost | 3,600,000 | |||||||||
Letters of Credit Outstanding, Amount | 4,200,000 | 4,200,000 | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 395,800,000 | 395,800,000 | ||||||||
Revolver Incremental Borrowing Capacity | ||||||||||
Debt Instrument | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 600,000,000 | 600,000,000 | ||||||||
Bridge Loan | ||||||||||
Debt Instrument | ||||||||||
Payments of Financing Costs | $ 4,300,000 | |||||||||
7.75% and 8.00% Senior Notes | ||||||||||
Debt Instrument | ||||||||||
Debt Instrument, Increase, Additional Borrowings | 1,187,900,000 | |||||||||
Debt Issuance Cost | $ 12,100,000 | |||||||||
Prior Term Loan | ||||||||||
Debt Instrument | ||||||||||
Debt Instrument, Face Amount | $ 885,000,000 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies(Details) $ in Millions | Sep. 30, 2015USD ($) |
Future Minimum Payments Due and Rent Expense | |
2,016 | $ 14.3 |
2,017 | 13.6 |
2,018 | 8.4 |
2,019 | 7.6 |
2,020 | 6.1 |
Thereafter | $ 10.9 |
Pension and Other Postretirem75
Pension and Other Postretirement Benefits - Change in Projected Benefit Obligation, Fair Value of Plan Assets, and Net Funded Status (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Amounts recognized in assets or liabilities [Abstract] | |||
Other liabilities | $ (124.1) | $ (114.1) | |
Pension Benefits | |||
Change in benefit obligation [roll forward] | |||
Benefit obligation at beginning of period | 51.7 | 44.1 | |
Service cost | 3.8 | 3.5 | $ 4.2 |
Interest cost | 2.2 | 2.2 | 1.8 |
Plan participants' contributions | 0.7 | 0.7 | |
Actuarial (gain) loss | 3.7 | 3.7 | |
Benefits paid | (2.4) | (1.9) | |
Currency translation | (1.6) | (0.6) | |
Benefit obligation at end of period | 58.1 | 51.7 | 44.1 |
Change in fair value of plan assets [roll forward] | |||
Fair value of plan assets at beginning of period | 41.9 | 32.1 | |
Actual return on plan assets | (0.3) | 3.9 | |
Employer contributions | 6.2 | 7.7 | |
Plan participants' contributions | 0.7 | 0.7 | |
Benefits paid | (2.4) | (1.9) | |
Currency translation | (1.7) | (0.6) | |
Fair value of plan assets at end of period | 44.4 | 41.9 | 32.1 |
Defined benefit plan, funded status of plan [Abstract] | |||
Funded status | (13.7) | (9.8) | |
Amounts recognized in assets or liabilities [Abstract] | |||
Other assets | 0.5 | 1.2 | |
Other current liabilities | 0 | 0 | |
Other liabilities | (14.2) | (11) | |
Net amount recognized | (13.7) | (9.8) | |
Amounts recognized in accumulated other comprehensive income or loss [Abstract] | |||
Net actuarial (gain) loss | 15.1 | 9.6 | |
Prior service cost (credit) | 0.6 | 0.9 | |
Total | 15.7 | 10.5 | |
Weighted-average assumptions used to determine benefit obligation [Abstract] | |||
Plans with benefit obligations in excess of plan assets, aggregate benefit obligation | $ 55.1 | $ 48.7 | |
U.S. Plans, Pension Benefits | |||
Weighted-average assumptions used to determine benefit obligation [Abstract] | |||
Discount rate | 4.55% | 4.56% | |
Rate of compensation increase | 3.00% | 3.00% | |
Candian Plans, Pension Benefits | |||
Weighted-average assumptions used to determine benefit obligation [Abstract] | |||
Discount rate | 3.82% | 4.25% | |
Rate of compensation increase | 2.75% | 2.75% | |
Other Benefits | |||
Change in benefit obligation [roll forward] | |||
Benefit obligation at beginning of period | $ 105.2 | $ 87.7 | |
Service cost | 2 | 1.9 | 2.4 |
Interest cost | 4.8 | 4.5 | 4 |
Plan participants' contributions | 0 | 0 | |
Actuarial (gain) loss | 3.1 | 12.8 | |
Benefits paid | (1.3) | (1.1) | |
Currency translation | (1.4) | (0.6) | |
Benefit obligation at end of period | 112.4 | 105.2 | 87.7 |
Change in fair value of plan assets [roll forward] | |||
Fair value of plan assets at beginning of period | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 1.3 | 1.1 | |
Plan participants' contributions | 0 | 0 | |
Benefits paid | (1.3) | (1.1) | |
Currency translation | 0 | 0 | |
Fair value of plan assets at end of period | 0 | 0 | $ 0 |
Defined benefit plan, funded status of plan [Abstract] | |||
Funded status | (112.4) | (105.2) | |
Amounts recognized in assets or liabilities [Abstract] | |||
Other assets | 0 | 0 | |
Other current liabilities | (2.5) | (2.1) | |
Other liabilities | (109.9) | (103.1) | |
Net amount recognized | (112.4) | (105.2) | |
Amounts recognized in accumulated other comprehensive income or loss [Abstract] | |||
Net actuarial (gain) loss | 26.7 | 25.3 | |
Prior service cost (credit) | (1.3) | (2.8) | |
Total | $ 25.4 | $ 22.5 | |
U.S. Plans, Other Benefits | |||
Weighted-average assumptions used to determine benefit obligation [Abstract] | |||
Discount rate | 4.60% | 4.61% | |
Rate of compensation increase | 3.00% | 3.00% | |
Canadian Plans, Other Benefits | |||
Weighted-average assumptions used to determine benefit obligation [Abstract] | |||
Discount rate | 3.91% | 4.45% | |
Rate of compensation increase | 2.75% | 2.75% |
Pension and Other Postretirem76
Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Pension Benefits | |||
Components of net periodic benefit cost [Abstract] | |||
Service cost | $ 3.8 | $ 3.5 | $ 4.2 |
Interest cost | 2.2 | 2.2 | 1.8 |
Expected return on plan assets | (2.4) | (2) | (1.7) |
Recognized net actuarial loss | 0.9 | 0.7 | 1.1 |
Recognized prior service cost | 0.3 | 0.3 | 0.4 |
Curtailments/settlements/special termination benefits | 0 | 0 | 1.7 |
Net periodic benefit cost | 4.8 | 4.7 | 7.5 |
Changes in plan assets and benefit obligation recognized in other comprehensive income or loss [Abstract] | |||
Net (gain) loss | 6.4 | 1.7 | (2.1) |
Recognized loss | (0.9) | (0.7) | (1.1) |
Recognized prior service cost | (0.3) | (0.3) | (0.4) |
Total recognized in other comprehensive income or loss (before tax effects) | 5.2 | $ 0.7 | $ (3.6) |
Estimated net actuarial loss to be reclassified from accumulated other comprehensive income into net periodic benefit cost | 1.1 | ||
Prior service cost expected to be reclassified from accumulated other comprehensive income into net periodic benefit cost | $ 0.3 | ||
U.S. Plans, Pension Benefits | |||
Weighted-average assumptions used to determine net benefit cost [Abstract] | |||
Discount rate | 4.56% | 5.15% | 4.13% |
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Expected return on plan assets | 5.72% | 5.99% | 6.00% |
Candian Plans, Pension Benefits | |||
Weighted-average assumptions used to determine net benefit cost [Abstract] | |||
Discount rate | 4.25% | 4.87% | 4.25% |
Rate of compensation increase | 2.75% | 2.75% | 3.00% |
Expected return on plan assets | 6.00% | 6.00% | 6.25% |
Other Benefits | |||
Components of net periodic benefit cost [Abstract] | |||
Service cost | $ 2 | $ 1.9 | $ 2.4 |
Interest cost | 4.8 | 4.5 | 4 |
Recognized net actuarial loss | 1.4 | 0.4 | 1.7 |
Recognized prior service cost | (1.6) | (2.4) | (1.1) |
Net periodic benefit cost | 6.6 | 4.4 | 7 |
Changes in plan assets and benefit obligation recognized in other comprehensive income or loss [Abstract] | |||
Net (gain) loss | 3.1 | 12.8 | (14.9) |
Recognized loss | (1.4) | (0.4) | (1.7) |
Prior service cost | 0 | 0 | (3.5) |
Recognized prior service cost | 1.6 | 2.4 | 1.1 |
Currency translation | (0.3) | 0 | 0 |
Total recognized in other comprehensive income or loss (before tax effects) | 3 | $ 14.8 | $ (19) |
Estimated net actuarial loss to be reclassified from accumulated other comprehensive income into net periodic benefit cost | 1.5 | ||
Prior service cost expected to be reclassified from accumulated other comprehensive income into net periodic benefit cost | $ (1.1) | ||
U.S. Plans, Other Benefits | |||
Weighted-average assumptions used to determine net benefit cost [Abstract] | |||
Discount rate | 4.61% | 5.21% | 3.96% |
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Canadian Plans, Other Benefits | |||
Weighted-average assumptions used to determine net benefit cost [Abstract] | |||
Discount rate | 4.45% | 5.01% | 4.39% |
Rate of compensation increase | 2.75% | 2.75% | 3.00% |
Pension and Other Postretirem77
Pension and Other Postretirement Benefits - Pension Plan Assets Measured at Fair Value on a Recurring Basis (Details) - Pension Benefits - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | |||
Defined Benefit Plan, Actual Allocation Of Assets, Other Securities | 1.80% | 1.20% | |
Actual allocations, index funds | 80.00% | 85.00% | |
Pension plan's assets at fair value | $ 44.4 | $ 41.9 | $ 32.1 |
Level 1 | |||
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | |||
Pension plan's assets at fair value | 5.6 | 3.1 | |
Level 2 | |||
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | |||
Pension plan's assets at fair value | 38.8 | 38.8 | |
Total mutual funds | |||
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | |||
Pension plan's assets at fair value | 43.6 | 41.4 | |
Total mutual funds | Level 1 | |||
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | |||
Pension plan's assets at fair value | 4.8 | 2.6 | |
Total mutual funds | Level 2 | |||
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | |||
Pension plan's assets at fair value | $ 38.8 | $ 38.8 | |
Equities | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 50.00% | ||
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 48.60% | 55.80% | |
Pension plan's assets at fair value | $ 21.5 | $ 23.4 | |
Equities | Level 1 | |||
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | |||
Pension plan's assets at fair value | 0 | 0 | |
Equities | Level 2 | |||
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | |||
Pension plan's assets at fair value | $ 21.5 | $ 23.4 | |
Equity securities, domestic | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 27.50% | ||
Equity Securities, Foreign [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 22.50% | ||
Debt Securities | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 39.50% | ||
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 45.20% | 37.30% | |
Bonds | |||
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | |||
Pension plan's assets at fair value | $ 4.8 | $ 2.6 | |
Bonds | Level 1 | |||
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | |||
Pension plan's assets at fair value | 4.8 | 2.6 | |
Bonds | Level 2 | |||
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | |||
Pension plan's assets at fair value | 0 | 0 | |
Pooled Assets | |||
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | |||
Pension plan's assets at fair value | 3.9 | 3 | |
Pooled Assets | Level 1 | |||
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | |||
Pension plan's assets at fair value | 0 | 0 | |
Pooled Assets | Level 2 | |||
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | |||
Pension plan's assets at fair value | 3.9 | 3 | |
Fixed income | |||
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | |||
Pension plan's assets at fair value | 11.4 | 10 | |
Fixed income | Level 1 | |||
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | |||
Pension plan's assets at fair value | 0 | 0 | |
Fixed income | Level 2 | |||
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | |||
Pension plan's assets at fair value | $ 11.4 | $ 10 | |
Real assets | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 10.00% | ||
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 4.40% | 5.70% | |
Pension plan's assets at fair value | $ 2 | $ 2.4 | |
Real assets | Level 1 | |||
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | |||
Pension plan's assets at fair value | 0 | 0 | |
Real assets | Level 2 | |||
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | |||
Pension plan's assets at fair value | $ 2 | 2.4 | |
Cash and Cash Equivalents | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 0.50% | ||
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | |||
Pension plan's assets at fair value | $ 0.8 | 0.5 | |
Cash and Cash Equivalents | Level 1 | |||
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | |||
Pension plan's assets at fair value | 0.8 | 0.5 | |
Cash and Cash Equivalents | Level 2 | |||
Defined Benefit Plan, Actual Plan Asset Allocation [Abstract] | |||
Pension plan's assets at fair value | $ 0 | $ 0 |
Pension and Other Postretirem78
Pension and Other Postretirement Benefits - Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ||
Effect on postretirement benefit obligation, increase | $ 23.6 | |
Effect on postretirement benefit obligation, decrease | (18.5) | |
Effect on total service and interest cost, increase | 1.6 | |
Effect on total service and interest cost, decrease | $ (1.2) | |
U.S. Plans, Pension Benefits | ||
Defined Benefit Plan Disclosure | ||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | 5.00% |
Candian Plans, Pension Benefits | ||
Defined Benefit Plan Disclosure | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 7.50% | 6.00% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | 5.00% |
Participants Under 65 | U.S. Plans, Pension Benefits | ||
Defined Benefit Plan Disclosure | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 8.00% | 8.50% |
Participants Over 65 | U.S. Plans, Pension Benefits | ||
Defined Benefit Plan Disclosure | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 6.20% | 6.40% |
Pension and Other Postretirem79
Pension and Other Postretirement Benefits - Expected Future Benefit Payments and Related Federal Subsidy Receipts (Details) $ in Millions | 12 Months Ended |
Sep. 30, 2015USD ($) | |
Disclosure of Expected Gross Prescription Drug Subsidy Receipts [Abstract] | |
Year 1 | $ 0 |
Year 2 | 0 |
Year 3 | 0 |
Year 4 | 0 |
Year 5 | (0.1) |
Years 6-10 | (1.5) |
Pension benefits | |
Defined Benefit Plan Disclosure | |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 6.1 |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
Year 1 | 2.4 |
Year 2 | 2.2 |
Year 3 | 2 |
Year 4 | 2.1 |
Year 5 | 2.2 |
Year 6 and thereafter | 15 |
Other benefits | |
Defined Benefit Plan Disclosure | |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 2.6 |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
Year 1 | 2.6 |
Year 2 | 3.1 |
Year 3 | 3.6 |
Year 4 | 4 |
Year 5 | 4.2 |
Year 6 and thereafter | $ 24.8 |
Pension and Other Postretirem80
Pension and Other Postretirement Benefits Defined contribution plan expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Defined Contribution Plan, Cost Recognized | $ 11.7 | $ 7.1 | $ 2.8 |
Stock-Based Compensation Plan81
Stock-Based Compensation Plans - Stock-Based Compensation Plans Narrative (Details) - USD ($) shares in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 6.5 | ||
Share-based Compensation Arrangement , Maximum Award Vesting Period | 10 years | ||
Matching contribution on Director Deferred Compensation | 33.00% | ||
Stock Based Compensation Awards [Abstract] | |||
Stock-based Compensation Expense | $ 29,200,000 | $ 16,600,000 | $ 12,000,000 |
Recognized deferred tax beneft | 10,600,000 | 5,400,000 | 3,900,000 |
Compensation cost related to nonvested awards not yet recognized | $ 27,800,000 | ||
Awards not yet recognized. weighted average period to be recognized | 2 years 6 months 30 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Number of Employees Affected | 4 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost | $ 8,000,000 | ||
Stock Settled | |||
Stock Based Compensation Awards [Abstract] | |||
Exercised, Total Intrinsic Value | $ 2,100,000 | $ 2,400,000 | $ 1,200,000 |
Stock-Based Compensation Plan82
Stock-Based Compensation Plans - Stock Appreciation Rights Award Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Stock Appreciation Rights | |||
Stock-based Compensation Expense | $ 29.2 | $ 16.6 | $ 12 |
Cash Settled | |||
Stock Appreciation Rights | |||
Outstanding | 119,041 | 20,628 | |
Granted | 100,000 | ||
Exercised | (1,587) | ||
Forfeited | 0 | ||
Expired | 0 | ||
Vested And Expected To Vest | 119,041 | ||
Exercisable | 19,041 | ||
Outstanding, Weighted Average Exercise Price | $ 42.97 | $ 18.10 | |
Granted, Weighted Average Exercise Price | 47.70 | ||
Exercised, Weighted Average Exercise Price | 18.10 | ||
Forfeited, Weighted Average Exercise Price | 0 | ||
Expired, Weighted Average Exercise Price | 0 | ||
Vested And Expected To Vest, Weighted Average Exercise Price | 42.97 | ||
Exercisable, Weighted Average Exercise Price | $ 18.10 | ||
Outstanding, Weighted Average Remaining Contractual Term | 8 years 10 months 8 days | ||
Vested And Expected To Vest, Outstanding, Weighted Average Remaining Contractual Term | 8 years 10 months 8 days | ||
Exercisable, Weighted Average Remaining Contractual Term | 4 years 11 months 24 days | ||
Outstanding, Intrinsic Value | $ 1.9 | ||
Vested And Expected To Vest, Outstanding, Aggregate Intrinsic Value | 1.9 | ||
Exercisable, Aggregate Intrinsic Value | $ 0.8 | ||
Expected Term | 4 years 9 months 14 days | 2 years 6 months | 3 years 6 months |
Expected Volatility Rate | 29.70% | 27.626% | 27.63% |
Risk Free Interest Rate | 1.26% | 0.83% | 0.82% |
Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Fair Value Of Awards, Per Share | $ 29.10 | $ 15.80 | $ 23.09 |
Stock Settled | |||
Stock Appreciation Rights | |||
Outstanding | 242,335 | 266,856 | |
Granted | 40,000 | 30,000 | 35,000 |
Non-employee director share-based compensation | $ 0.7 | $ 0.5 | $ 0.4 |
Exercised | (64,521) | ||
Forfeited | 0 | ||
Expired | 0 | ||
Vested And Expected To Vest | 242,335 | ||
Exercisable | 157,335 | ||
Outstanding, Weighted Average Exercise Price | $ 34.76 | $ 28.68 | |
Granted, Weighted Average Exercise Price | 51.14 | ||
Exercised, Weighted Average Exercise Price | 19.75 | ||
Forfeited, Weighted Average Exercise Price | 0 | ||
Expired, Weighted Average Exercise Price | 0 | ||
Vested And Expected To Vest, Weighted Average Exercise Price | 34.76 | ||
Exercisable, Weighted Average Exercise Price | $ 27.41 | ||
Outstanding, Weighted Average Remaining Contractual Term | 6 years 4 months 24 days | ||
Vested And Expected To Vest, Outstanding, Weighted Average Remaining Contractual Term | 6 years 4 months 24 days | ||
Exercisable, Weighted Average Remaining Contractual Term | 5 years 2 months 30 days | ||
Outstanding, Intrinsic Value | $ 6 | ||
Vested And Expected To Vest, Outstanding, Aggregate Intrinsic Value | 6 | ||
Exercisable, Aggregate Intrinsic Value | $ 5 | ||
Expected Term | 6 years 6 months | 6 years 6 months | 6 years 6 months |
Expected Volatility Rate | 29.16% | 28.25% | 29.41% |
Risk Free Interest Rate | 1.58% | 1.92% | 1.26% |
Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Fair Value Of Awards, Per Share | $ 16.72 | $ 17.69 | $ 12.19 |
Exercised, Total Intrinsic Value | $ 2.1 | $ 2.4 | $ 1.2 |
Stock-Based Compensation Plan83
Stock-Based Compensation Plans - Stock Option award activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Share-based Payment Award [Line Items] | |||
Outstanding | 4,175,000 | 3,020,000 | |
Granted | 1,625,000 | ||
Exercised | (470,000) | ||
Forfeited | 0 | ||
Expired | 0 | ||
Vested and Expected to Vest | 4,175,000 | ||
Exercisable | 2,083,333 | ||
Outstanding, Weighted Average Exercise Price | $ 40.40 | $ 34.21 | |
Granted, Weighted Average Exercise Price | 49.74 | ||
Exercised, Weighted Average Exercise Price | 32.91 | ||
Forfeitured and Expired, Weighted Average Exercise Price | 0 | ||
Vested and Expected to Vest, Weighted Average Exercise Price | 40.40 | ||
Exercisable, Weighted Average Exercise Price | $ 33.13 | ||
Outstanding, Weighted Average Remaining Contractual Term | 7 years 8 months 22 days | ||
Vested and Expected to Vest, Weighted Average Remaining Contractual Term | 7 years 8 months 22 days | ||
Exercisable, Weighted Average Remaining Contractual Term | 6 years 8 months 5 days | ||
Outstanding, Intrinsic Value | $ 78.1 | ||
Vested and Expected to Vest, Aggregate Intrinsic Value | 78.1 | ||
Exercisable, Intrinsic Value | $ 54.1 | ||
Stock Options | |||
Share-based Payment Award [Line Items] | |||
Expected Term | 5 years 3 months 5 days | 5 years 2 months | 7 years 9 months |
Expected Volatility Rate | 27.93% | 26.11% | 28.32% |
Risk Free Interest Rate | 1.57% | 1.48% | 1.19% |
Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Fair value per option | $ 7.22 | $ 10.65 | $ 11.54 |
Stock-Based Compensation Plan84
Stock-Based Compensation Plans - Restricted Stock Units (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Share-based Payment Award [Line Items] | |||
Restricted stock units to be settled 60 days after leaving the company | 104,166 | ||
Stock Settled | |||
Share-based Payment Award [Line Items] | |||
Nonvestsed restricted stock awards | 230,980 | 228,502 | |
Granted | 227,719 | ||
Vested | (217,638) | ||
Forfeited | (7,603) | ||
Grant date value per share | $ 40.47 | $ 34.09 | |
Granted, Weighted Average Exercise Price | 40.52 | ||
Vested, Weighted Average Exercise Price | 33.75 | ||
Forfeited, Weighted Average Exercise Price | $ 42.74 | ||
Fair value of restricted stock awards vested | $ 9,300,000 | $ 6,300,000 | $ 5,300,000 |
Cash Settled | |||
Share-based Payment Award [Line Items] | |||
Restricted Stock Units valued at greater of current stock price or grant price | 49,000 | ||
Grant date price of restricted stock units valued at greater of current stock price or grant price | $ 51.43 | ||
Nonvestsed restricted stock awards | 209,665 | 174,613 | |
Granted | 110,000 | ||
Vested | (58,997) | ||
Forfeited | (15,951) | ||
Grant date value per share | $ 40.59 | $ 45.38 | |
Granted, Weighted Average Exercise Price | 34.04 | ||
Vested, Weighted Average Exercise Price | 40.04 | ||
Forfeited, Weighted Average Exercise Price | $ 49.94 | ||
Total Share-based Liabilities Paid | $ 3,400,000 | $ 1,800,000 | $ 1,100,000 |
Tangible Equity Units (Details)
Tangible Equity Units (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Tangible Equity Units [Line Items] | ||
Tangible Equity Units, Number of Units Issued | 2,875,000 | |
Tangible Equity Units, Issuance Costs | $ 8,900,000 | |
Proceeds From Issuance of Tangible Equity Units Net | $ 278,600,000 | |
Tangible Equity Unit, Equity Component, Settlement, Market Value of Commont Stock | $ 47.70 | |
Tangible Equity Units Unit Price | $ 100 | |
Weighted-average Price Settlement, Trading Days, Settlement | 20 days | |
Tangible Equity Units Equity Component | ||
Tangible Equity Units [Line Items] | ||
Tangible Equity Units, Carrying Amount | $ 85.48 | |
Proceeds from Issuance of Tangible Equity Units, Gross | 245,700,000 | |
Tangible Equity Units, Issuance Costs | 7,600,000 | |
Proceeds From Issuance of Tangible Equity Units Net | 238,100,000 | |
Tangible Equity Units Debt Component | ||
Tangible Equity Units [Line Items] | ||
Tangible Equity Units, Carrying Amount | 14.5219 | |
Proceeds from Issuance of Tangible Equity Units, Gross | 41,800,000 | |
Tangible Equity Units, Issuance Costs | 1,300,000 | |
Proceeds From Issuance of Tangible Equity Units Net | $ 40,500,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | |
Tangible Equity Unit, Equity Component, Settlement Rate per Unit | $ 1.3125 | |
Tangible Equity Units | ||
Tangible Equity Units [Line Items] | ||
Proceeds from Issuance of Tangible Equity Units, Gross | $ 287,500,000 | |
Maximum | ||
Tangible Equity Units [Line Items] | ||
Tangible Equity Unit, Equity Component, Settlement, Market Value of Commont Stock | $ 58.4325 | |
Tangible Equity Unit, Equity Component, Settlement Rate per Unit | 2.0964 | |
Minimum | ||
Tangible Equity Units [Line Items] | ||
Tangible Equity Unit, Equity Component, Settlement Rate per Unit | 1.7114 | |
Other Current Assets | Tangible Equity Units Equity Component | ||
Tangible Equity Units [Line Items] | ||
Tangible Equity Units, Issuance Costs | $ 0 | |
Other Current Assets | Tangible Equity Units Debt Component | ||
Tangible Equity Units [Line Items] | ||
Tangible Equity Units, Issuance Costs | (700,000) | |
Other Current Assets | Tangible Equity Units | ||
Tangible Equity Units [Line Items] | ||
Tangible Equity Units, Issuance Costs | (700,000) | |
Other Assets | Tangible Equity Units Equity Component | ||
Tangible Equity Units [Line Items] | ||
Tangible Equity Units, Issuance Costs | 0 | |
Other Assets | Tangible Equity Units Debt Component | ||
Tangible Equity Units [Line Items] | ||
Tangible Equity Units, Issuance Costs | (600,000) | |
Other Assets | Tangible Equity Units | ||
Tangible Equity Units [Line Items] | ||
Tangible Equity Units, Issuance Costs | (600,000) | |
Long Term Debt, Current Maturities | Tangible Equity Units Equity Component | ||
Tangible Equity Units [Line Items] | ||
Proceeds from Issuance of Tangible Equity Units, Gross | 0 | |
Long Term Debt, Current Maturities | Tangible Equity Units Debt Component | ||
Tangible Equity Units [Line Items] | ||
Proceeds from Issuance of Tangible Equity Units, Gross | 13,300,000 | |
Long Term Debt, Current Maturities | Tangible Equity Units | ||
Tangible Equity Units [Line Items] | ||
Proceeds from Issuance of Tangible Equity Units, Gross | 13,300,000 | |
Long-term Debt | Tangible Equity Units Equity Component | ||
Tangible Equity Units [Line Items] | ||
Proceeds from Issuance of Tangible Equity Units, Gross | 0 | |
Long-term Debt | Tangible Equity Units Debt Component | ||
Tangible Equity Units [Line Items] | ||
Proceeds from Issuance of Tangible Equity Units, Gross | 28,500,000 | |
Long-term Debt | Tangible Equity Units | ||
Tangible Equity Units [Line Items] | ||
Proceeds from Issuance of Tangible Equity Units, Gross | 28,500,000 | |
Additional Paid-in Capital | Tangible Equity Units Equity Component | ||
Tangible Equity Units [Line Items] | ||
Proceeds From Issuance of Tangible Equity Units Net | 238,100,000 | |
Additional Paid-in Capital | Tangible Equity Units Debt Component | ||
Tangible Equity Units [Line Items] | ||
Proceeds From Issuance of Tangible Equity Units Net | 0 | |
Additional Paid-in Capital | Tangible Equity Units | ||
Tangible Equity Units [Line Items] | ||
Proceeds From Issuance of Tangible Equity Units Net | $ 238,100,000 | |
Tangible Equity Unit, Equity Component, Settlement, Market Value of Common Stock, Range One [Member] | ||
Tangible Equity Units [Line Items] | ||
Tangible Equity Unit, Equity Component, Settlement, Market Value of Commont Stock | $ 58.4325 | |
Tangible Equity Unit, Equity Component, Settlement Rate per Unit | 1.7114 | |
Tangible Equity Unit, Equity Component, Settlement, Market Value of Common Stock, Range Two [Member] | Maximum | ||
Tangible Equity Units [Line Items] | ||
Tangible Equity Unit, Equity Component, Settlement, Market Value of Commont Stock | $ 58.4325 | |
Tangible Equity Unit, Equity Component, Settlement, Market Value of Common Stock, Range Two [Member] | Minimum | ||
Tangible Equity Units [Line Items] | ||
Tangible Equity Unit, Equity Component, Settlement, Market Value of Commont Stock | 47.70 | |
Tangible Equity Unit, Equity Component, Settlement, Market Value of Common Stock, Range Three [Member] | ||
Tangible Equity Units [Line Items] | ||
Tangible Equity Unit, Equity Component, Settlement, Market Value of Commont Stock | $ 47.70 | |
Tangible Equity Unit, Equity Component, Settlement Rate per Unit | 2.0964 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | May. 04, 2015 | Sep. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Aug. 31, 2015 |
Class of Stock [Line Items] | |||||||||
Preferred stock issued | 5,600,000 | 5,600,000 | 5,600,000 | ||||||
Proceeds from issuance of preferred stock, net of issuance costs | $ 0 | $ 310.2 | $ 234 | ||||||
Par value of preferred stock | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Common Stock, Shares, Issued | 2,450,000 | 62,100,000 | 62,100,000 | 44,800,000 | |||||
Par value of common stock | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Consideration Transferred, Other | $ 114.4 | ||||||||
Proceeds from issuance of common stock, net of issuance costs | $ 732.7 | $ 593.4 | 0 | ||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | $ 1 | $ (1) | $ 2.1 | ||||||
Series C Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred stock issued | 3,200,000 | ||||||||
Preferred Stock, Dividend Rate, Percentage | 2.50% | 2.50% | |||||||
Proceeds from issuance of preferred stock, net of issuance costs | $ 310.2 | ||||||||
Payments of Stock Issuance Costs | $ 9.8 | ||||||||
Par value of preferred stock | $ 0.01 | ||||||||
Preferred Stock, Liquidation Preference Per Share | $ 100 | ||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 1.8477 | ||||||||
Conversion price of convertible preferred stock | $ 54.12 | ||||||||
Preferred Stock, Redemption Price, Percentage of Liquidation Preference | 100.00% | ||||||||
Stock Redemption Triggering Event, Common Stock as Percentage of Conversion Price In Effect | 150.00% | ||||||||
Stock Redemption Triggering Event, Number of Trading during Thirty Day Consecutive Period, Conversion Price Percentage Met | 20 days | ||||||||
Common Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Payments of Stock Issuance Costs | $ 12.3 | $ 13.7 | $ 11.8 | $ 12.8 | |||||
Common Stock, Shares, Issued | 7,475,000 | 6,325,000 | 5,750,000 | 6,725,000 | |||||
Share Price | $ 46.60 | $ 60 | $ 47.50 | $ 47.70 | $ 55 | $ 60 | |||
Proceeds from issuance of common stock, net of issuance costs | $ 391.3 | $ 341.4 | $ 289.9 | $ 303.5 |
Segments (Details)
Segments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Entity-Wide Revenue, Major Customer, Percentage | 10.00% | 11.00% | 20.00% | ||||||||
Net Sales | $ 1,309,800,000 | $ 1,211,800,000 | $ 1,052,700,000 | $ 1,073,900,000 | $ 1,043,100,000 | $ 633,000,000 | $ 438,000,000 | $ 297,000,000 | $ 4,648,200,000 | $ 2,411,100,000 | $ 1,034,100,000 |
Operating Income (Loss) | 212,700,000 | (207,700,000) | 107,800,000 | ||||||||
Other Expenses | 147,900,000 | 124,300,000 | 66,900,000 | ||||||||
Impairment of goodwill and other intangible assets | 60,800,000 | $ 0 | $ 0 | $ 0 | 295,600,000 | $ 0 | $ 0 | $ 0 | 60,800,000 | 295,600,000 | 2,900,000 |
Interest expense, net | 287,500,000 | 183,700,000 | 85,500,000 | ||||||||
Other expense | 92,500,000 | 35,500,000 | 0 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (167,300,000) | (426,900,000) | 22,300,000 | ||||||||
Property, Plant and Equipment, Additions | 120,500,000 | 115,500,000 | 32,800,000 | ||||||||
Depreciation and amortization | 272,800,000 | 155,800,000 | 76,800,000 | ||||||||
Assets | 9,220,400,000 | 7,731,100,000 | 9,220,400,000 | 7,731,100,000 | |||||||
Post Consumer Brands Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 1,260,800,000 | 963,100,000 | 982,800,000 | ||||||||
Operating Income (Loss) | 205,500,000 | 173,400,000 | 174,100,000 | ||||||||
Property, Plant and Equipment, Additions | 19,600,000 | 37,000,000 | 24,700,000 | ||||||||
Depreciation and amortization | 71,200,000 | 51,600,000 | 58,800,000 | ||||||||
Assets | 3,473,000,000 | 2,325,100,000 | 3,473,000,000 | 2,325,100,000 | |||||||
Michael Foods segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 2,305,700,000 | 874,800,000 | 0 | ||||||||
Operating Income (Loss) | 188,200,000 | 21,600,000 | 0 | ||||||||
Property, Plant and Equipment, Additions | 60,500,000 | 29,200,000 | 0 | ||||||||
Depreciation and amortization | 142,300,000 | 56,600,000 | 0 | ||||||||
Assets | 3,506,000,000 | 3,726,500,000 | 3,506,000,000 | 3,726,500,000 | |||||||
Active Nutrition Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 555,000,000 | 293,300,000 | 13,900,000 | ||||||||
Operating Income (Loss) | (13,800,000) | (1,800,000) | 1,000,000 | ||||||||
Property, Plant and Equipment, Additions | 7,200,000 | 2,000,000 | 0 | ||||||||
Depreciation and amortization | 26,900,000 | 17,000,000 | 500,000 | ||||||||
Assets | 645,400,000 | 607,100,000 | 645,400,000 | 607,100,000 | |||||||
Private Brands Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 529,700,000 | 280,600,000 | 37,800,000 | ||||||||
Operating Income (Loss) | 41,500,000 | 19,000,000 | 2,500,000 | ||||||||
Property, Plant and Equipment, Additions | 6,200,000 | 37,600,000 | 0 | ||||||||
Depreciation and amortization | 24,900,000 | 15,700,000 | 2,600,000 | ||||||||
Assets | 651,600,000 | 558,600,000 | 651,600,000 | 558,600,000 | |||||||
Corporate, Non-Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property, Plant and Equipment, Additions | 27,000,000 | 9,700,000 | 8,100,000 | ||||||||
Depreciation and amortization | 7,500,000 | 14,900,000 | 14,900,000 | ||||||||
Assets | 944,400,000 | 513,800,000 | 944,400,000 | 513,800,000 | |||||||
Intersegment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | (3,000,000) | (700,000) | (400,000) | ||||||||
Total Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income (Loss) | 421,400,000 | 212,200,000 | 177,600,000 | ||||||||
Depreciation and amortization | 265,300,000 | 140,900,000 | 61,900,000 | ||||||||
Major customer sales, value | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 464,100,000 | 276,800,000 | $ 206,100,000 | ||||||||
Non-US | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Disclosure on Geographic Areas, Percent of Revenue from External Customers Attributed to Foreign Countries | 0.09 | ||||||||||
Disclosure on Geographic Areas, Long-Lived Assets in Foreign Countries | $ 47,200,000 | $ 56,000,000 | $ 47,200,000 | $ 56,000,000 |
Guarantor Financials - Combine
Guarantor Financials - Combined Statements of Operations (Condensed) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Condensed Financial Statements, Captions | |||||||||||
Net Sales | $ 1,309.8 | $ 1,211.8 | $ 1,052.7 | $ 1,073.9 | $ 1,043.1 | $ 633 | $ 438 | $ 297 | $ 4,648.2 | $ 2,411.1 | $ 1,034.1 |
Cost of goods sold | 3,473.8 | 1,789.9 | 609.2 | ||||||||
Gross Profit | 333.3 | 316.5 | 275.5 | 249.1 | 228.7 | 148.6 | 129.4 | 114.5 | 1,174.4 | 621.2 | 424.9 |
Selling, general and administrative expenses | 734.1 | 459.5 | 298.2 | ||||||||
Amortization of intangible assets | 141.7 | 70.8 | 14.6 | ||||||||
Impairment of goodwill and other intangible assets | 60.8 | 0 | 0 | 0 | 295.6 | 0 | 0 | 0 | 60.8 | 295.6 | 2.9 |
Other operating expenses, net | 25.1 | 3 | 1.4 | ||||||||
Operating Profit (Loss) | 212.7 | (207.7) | 107.8 | ||||||||
Interest expense, net | 287.5 | 183.7 | 85.5 | ||||||||
Other expense | 92.5 | 35.5 | 0 | ||||||||
(Loss) Earnings before Income Taxes | (167.3) | (426.9) | 22.3 | ||||||||
Income tax (benefit) expense | (52) | (83.7) | 7.1 | ||||||||
Net (Loss) Earnings before Equity in Subsidiaries | (115.3) | (343.2) | 15.2 | ||||||||
Equity (loss) earnings in subsidiaries | 0 | 0 | |||||||||
Net (Loss) Earnings | $ (72.5) | $ 24 | $ 30.5 | $ (97.3) | $ (287.4) | $ (35.1) | $ (18.3) | $ (2.4) | (115.3) | (343.2) | 15.2 |
Total Comprehensive (Loss) Income | (176.8) | (357.7) | 26.7 | ||||||||
Parent Company | |||||||||||
Condensed Financial Statements, Captions | |||||||||||
Net Sales | 0 | 0 | 0 | ||||||||
Cost of goods sold | 0 | 0 | 0 | ||||||||
Gross Profit | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 8.1 | 20.5 | 7.7 | ||||||||
Amortization of intangible assets | 0 | 0 | 0 | ||||||||
Impairment of goodwill and other intangible assets | 0 | 0 | 0 | ||||||||
Other operating expenses, net | 1.3 | 0 | 0 | ||||||||
Operating Profit (Loss) | (9.4) | (20.5) | (7.7) | ||||||||
Interest expense, net | 275.8 | 175.4 | 85.5 | ||||||||
Other expense | 92.4 | 35.5 | |||||||||
(Loss) Earnings before Income Taxes | (377.6) | (231.4) | (93.2) | ||||||||
Income tax (benefit) expense | (165.9) | (88.7) | (30) | ||||||||
Net (Loss) Earnings before Equity in Subsidiaries | (211.7) | (142.7) | (63.2) | ||||||||
Equity (loss) earnings in subsidiaries | 96.4 | (200.5) | 78.4 | ||||||||
Net (Loss) Earnings | (115.3) | (343.2) | 15.2 | ||||||||
Total Comprehensive (Loss) Income | (176.8) | (357.7) | 26.7 | ||||||||
Guarantors | |||||||||||
Condensed Financial Statements, Captions | |||||||||||
Net Sales | 4,177.2 | 2,170.1 | 978.8 | ||||||||
Cost of goods sold | 3,082.8 | 1,588.2 | 570 | ||||||||
Gross Profit | 1,094.4 | 581.9 | 408.8 | ||||||||
Selling, general and administrative expenses | 675.9 | 416.2 | 272.8 | ||||||||
Amortization of intangible assets | 131.7 | 63.5 | 14.6 | ||||||||
Impairment of goodwill and other intangible assets | 60.8 | 295.6 | 2.9 | ||||||||
Other operating expenses, net | 23.6 | 3 | 1 | ||||||||
Operating Profit (Loss) | 202.4 | (196.4) | 117.5 | ||||||||
Interest expense, net | (1) | (0.4) | 0 | ||||||||
Other expense | 0.1 | 0 | |||||||||
(Loss) Earnings before Income Taxes | 203.3 | (196) | 117.5 | ||||||||
Income tax (benefit) expense | 110.4 | 2.3 | 37.7 | ||||||||
Net (Loss) Earnings before Equity in Subsidiaries | 92.9 | (198.3) | 79.8 | ||||||||
Equity (loss) earnings in subsidiaries | (2.3) | 0.7 | 0 | ||||||||
Net (Loss) Earnings | 90.6 | (197.6) | 79.8 | ||||||||
Total Comprehensive (Loss) Income | 85.3 | (206.3) | 92.4 | ||||||||
Non-Guarantors | |||||||||||
Condensed Financial Statements, Captions | |||||||||||
Net Sales | 521.9 | 266.3 | 73.5 | ||||||||
Cost of goods sold | 441.9 | 227 | 57.4 | ||||||||
Gross Profit | 80 | 39.3 | 16.1 | ||||||||
Selling, general and administrative expenses | 50.1 | 22.8 | 17.7 | ||||||||
Amortization of intangible assets | 10 | 7.3 | 0 | ||||||||
Impairment of goodwill and other intangible assets | 0 | 0 | 0 | ||||||||
Other operating expenses, net | 0.2 | 0 | 0.4 | ||||||||
Operating Profit (Loss) | 19.7 | 9.2 | (2) | ||||||||
Interest expense, net | 12.7 | 8.7 | 0 | ||||||||
Other expense | 0 | 0 | |||||||||
(Loss) Earnings before Income Taxes | 7 | 0.5 | (2) | ||||||||
Income tax (benefit) expense | 3.5 | 2.7 | (0.6) | ||||||||
Net (Loss) Earnings before Equity in Subsidiaries | 3.5 | (2.2) | (1.4) | ||||||||
Equity (loss) earnings in subsidiaries | 0 | 0 | 0 | ||||||||
Net (Loss) Earnings | 3.5 | (2.2) | (1.4) | ||||||||
Total Comprehensive (Loss) Income | (23.3) | (8.1) | (2.5) | ||||||||
Eliminations | |||||||||||
Condensed Financial Statements, Captions | |||||||||||
Net Sales | (50.9) | (25.3) | (18.2) | ||||||||
Cost of goods sold | (50.9) | (25.3) | (18.2) | ||||||||
Gross Profit | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | ||||||||
Amortization of intangible assets | 0 | 0 | 0 | ||||||||
Impairment of goodwill and other intangible assets | 0 | 0 | 0 | ||||||||
Other operating expenses, net | 0 | 0 | 0 | ||||||||
Operating Profit (Loss) | 0 | 0 | 0 | ||||||||
Interest expense, net | 0 | 0 | 0 | ||||||||
Other expense | 0 | 0 | |||||||||
(Loss) Earnings before Income Taxes | 0 | 0 | 0 | ||||||||
Income tax (benefit) expense | 0 | 0 | 0 | ||||||||
Net (Loss) Earnings before Equity in Subsidiaries | 0 | 0 | 0 | ||||||||
Equity (loss) earnings in subsidiaries | (94.1) | 199.8 | (78.4) | ||||||||
Net (Loss) Earnings | (94.1) | 199.8 | (78.4) | ||||||||
Total Comprehensive (Loss) Income | $ (62) | $ 214.4 | $ (89.9) |
Guarantor Financials - Consoli
Guarantor Financials - Consolidated Balance Sheets (Condensed) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Current Assets | ||||
Cash and cash equivalents | $ 841.4 | $ 268.4 | $ 402 | $ 58.2 |
Restricted cash | 18.8 | 84.8 | ||
Receivables, net | 366.2 | 413.7 | ||
Inventories | 465.3 | 380.7 | ||
Deferred income taxes | 47.7 | 27 | ||
Intercompany notes receivable | 0 | |||
Prepaid expenses and other current assets | 42.3 | 44.4 | ||
Total Current Assets | 1,781.7 | 1,219 | ||
Property, net | 1,333.2 | 831.9 | ||
Goodwill | 3,072.8 | 2,886.7 | 1,489.7 | |
Other intangible assets, net | 2,969.3 | 2,643 | ||
Intercompany receivable | 0 | 0 | ||
Intercompany notes receivable | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Other assets | 63.4 | 150.5 | ||
Total Assets | 9,220.4 | 7,731.1 | ||
Current Liabilities | ||||
Current portion of long-term debt | 16 | 25.6 | ||
Accounts payable | 265.2 | 225 | ||
Intercompany notes payable | 0 | 0 | ||
Other current liabilities | 329.8 | 269.3 | ||
Total Current Liabilities | 611 | 519.9 | ||
Long-term debt | 4,511.4 | 3,830.5 | ||
Intercompany payable | 0 | 0 | ||
Intercompany notes payable | 0 | 0 | ||
Deferred income taxes | 831.8 | 915.1 | ||
Other liabilities | 290.2 | 182.4 | ||
Total Liabilities | 6,244.4 | 5,447.9 | ||
Shareholders’ Equity | ||||
Total Shareholders’ Equity | 2,976 | 2,283.2 | 1,498.6 | 1,231.5 |
Total Liabilities and Shareholders’ Equity | 9,220.4 | 7,731.1 | ||
Parent Company | ||||
Current Assets | ||||
Cash and cash equivalents | 809.6 | 246.6 | 391.4 | 49.7 |
Restricted cash | 1.1 | 1.1 | ||
Receivables, net | 8.5 | 78 | ||
Inventories | 0 | 0 | ||
Deferred income taxes | 47.5 | 27 | ||
Intercompany notes receivable | 7.7 | 6.3 | ||
Prepaid expenses and other current assets | 12.7 | 11.4 | ||
Total Current Assets | 887.1 | 370.4 | ||
Property, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Intercompany receivable | 1,129.8 | 1,015.4 | ||
Intercompany notes receivable | 146.2 | 178.9 | ||
Investment in subsidiaries | 6,311.9 | 5,543.1 | ||
Other assets | 57.4 | 61.7 | ||
Total Assets | 8,532.4 | 7,169.5 | ||
Current Liabilities | ||||
Current portion of long-term debt | 14.1 | 22.2 | ||
Accounts payable | 0 | 0 | ||
Intercompany notes payable | 0 | 0 | ||
Other current liabilities | 76.1 | 100.4 | ||
Total Current Liabilities | 90.2 | 122.6 | ||
Long-term debt | 4,507.7 | 3,824.2 | ||
Intercompany payable | 0 | 0 | ||
Intercompany notes payable | 0 | 0 | ||
Deferred income taxes | 807 | 883.8 | ||
Other liabilities | 151.5 | 55.7 | ||
Total Liabilities | 5,556.4 | 4,886.3 | ||
Shareholders’ Equity | ||||
Total Shareholders’ Equity | 2,976 | 2,283.2 | ||
Total Liabilities and Shareholders’ Equity | 8,532.4 | 7,169.5 | ||
Guarantors | ||||
Current Assets | ||||
Cash and cash equivalents | 30.5 | 15.7 | 4.1 | 2.2 |
Restricted cash | 17 | 79.8 | ||
Receivables, net | 310 | 305.2 | ||
Inventories | 396.1 | 336.5 | ||
Deferred income taxes | 0 | 0 | ||
Intercompany notes receivable | 0 | |||
Prepaid expenses and other current assets | 27.9 | 30.4 | ||
Total Current Assets | 781.5 | 767.6 | ||
Property, net | 1,286 | 775.9 | ||
Goodwill | 2,944.8 | 2,732.8 | ||
Other intangible assets, net | 2,873.3 | 2,518.5 | ||
Intercompany receivable | 0 | 0 | ||
Intercompany notes receivable | 0 | 0 | ||
Investment in subsidiaries | 21.9 | 8.1 | ||
Other assets | 5.3 | 86.1 | ||
Total Assets | 7,912.8 | 6,889 | ||
Current Liabilities | ||||
Current portion of long-term debt | 1.6 | 3 | ||
Accounts payable | 254 | 212.2 | ||
Intercompany notes payable | 0 | 0 | ||
Other current liabilities | 225.7 | 153.8 | ||
Total Current Liabilities | 481.3 | 369 | ||
Long-term debt | 1.3 | 2.9 | ||
Intercompany payable | 1,124.2 | 1,013.8 | ||
Intercompany notes payable | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 130.9 | 115.9 | ||
Total Liabilities | 1,737.7 | 1,501.6 | ||
Shareholders’ Equity | ||||
Total Shareholders’ Equity | 6,175.1 | 5,387.4 | ||
Total Liabilities and Shareholders’ Equity | 7,912.8 | 6,889 | ||
Non-Guarantors | ||||
Current Assets | ||||
Cash and cash equivalents | 19.2 | 10 | 8.2 | 6.3 |
Restricted cash | 0.7 | 3.9 | ||
Receivables, net | 61.7 | 45.9 | ||
Inventories | 69.2 | 44.2 | ||
Deferred income taxes | 0.2 | 0 | ||
Intercompany notes receivable | 0 | |||
Prepaid expenses and other current assets | 1.7 | 2.6 | ||
Total Current Assets | 152.7 | 106.6 | ||
Property, net | 47.2 | 56 | ||
Goodwill | 128 | 153.9 | ||
Other intangible assets, net | 96 | 124.5 | ||
Intercompany receivable | 0 | 0 | ||
Intercompany notes receivable | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Other assets | 0.7 | 2.7 | ||
Total Assets | 424.6 | 443.7 | ||
Current Liabilities | ||||
Current portion of long-term debt | 0.3 | 0.4 | ||
Accounts payable | 43.1 | 32.1 | ||
Intercompany notes payable | 7.7 | 6.3 | ||
Other current liabilities | 28 | 15.1 | ||
Total Current Liabilities | 79.1 | 53.9 | ||
Long-term debt | 2.4 | 3.4 | ||
Intercompany payable | 5.6 | 1.6 | ||
Intercompany notes payable | 146.2 | 178.9 | ||
Deferred income taxes | 24.8 | 31.3 | ||
Other liabilities | 7.8 | 10.8 | ||
Total Liabilities | 265.9 | 279.9 | ||
Shareholders’ Equity | ||||
Total Shareholders’ Equity | 158.7 | 163.8 | ||
Total Liabilities and Shareholders’ Equity | 424.6 | 443.7 | ||
Eliminations | ||||
Current Assets | ||||
Cash and cash equivalents | (17.9) | (3.9) | $ (1.7) | $ 0 |
Restricted cash | 0 | 0 | ||
Receivables, net | (14) | (15.4) | ||
Inventories | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Intercompany notes receivable | (7.7) | (6.3) | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total Current Assets | (39.6) | (25.6) | ||
Property, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Intercompany receivable | (1,129.8) | (1,015.4) | ||
Intercompany notes receivable | (146.2) | (178.9) | ||
Investment in subsidiaries | (6,333.8) | (5,551.2) | ||
Other assets | 0 | 0 | ||
Total Assets | (7,649.4) | (6,771.1) | ||
Current Liabilities | ||||
Current portion of long-term debt | 0 | 0 | ||
Accounts payable | (31.9) | (19.3) | ||
Intercompany notes payable | (7.7) | (6.3) | ||
Other current liabilities | 0 | 0 | ||
Total Current Liabilities | (39.6) | (25.6) | ||
Long-term debt | 0 | 0 | ||
Intercompany payable | (1,129.8) | (1,015.4) | ||
Intercompany notes payable | (146.2) | (178.9) | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total Liabilities | (1,315.6) | (1,219.9) | ||
Shareholders’ Equity | ||||
Total Shareholders’ Equity | (6,333.8) | (5,551.2) | ||
Total Liabilities and Shareholders’ Equity | $ (7,649.4) | $ (6,771.1) |
Guarantor Financials - Conso90
Guarantor Financials - Consolidated Statements of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Condensed Financial Statements, Captions | |||
Net Cash Provided by by Operating Activities | $ 451.6 | $ 183.1 | $ 119.2 |
Cash Flows from Investing Activities | |||
Business acquisitions, net of cash acquired | (1,239.2) | (3,564.1) | (352.9) |
Additions to property | (107.9) | (115.5) | (32.8) |
Restricted cash | 72.1 | (43.3) | (38.1) |
Cash advance for acquisition | 0 | 75 | 0 |
Proceeds from sale of property | 20.4 | 0 | 0 |
Proceeds from sale of business | 3.8 | 0 | 0 |
Insurance proceeds on loss of property | 2.1 | 4.3 | 0 |
Proceeds from equity distributions | 0 | 0 | |
Capitalization of subsidiaries | 0 | 0 | 0 |
Net payments for intercompany revolver | 0 | 0 | |
Net Cash Used in Investing Activities | (1,248.7) | (3,793.6) | (423.8) |
Cash Flows from Financing Activities | |||
Proceeds from issuance of long-term debt | 1,896.5 | 2,385.6 | 600 |
Proceeds from issuance of preferred stock, net of issuance costs | 0 | 310.2 | 234 |
Proceeds from issuance of common stock, net of issuance costs | 732.7 | 593.4 | 0 |
Proceeds from issuance of equity component of tangible equity units, net of issuance costs | 0 | 238.1 | 0 |
Proceeds from issuance of debt component of tangible equity units | 0 | 41.8 | 0 |
Repayments of long-term debt | (1,225.1) | (6.9) | (170.6) |
Payments of preferred stock dividends | (17.1) | (14.4) | (4.2) |
Payments of debt issuance costs | (31.5) | (64) | (10.5) |
Proceeds from exercise of stock awards | 15.5 | 0 | 0 |
Other, net | 1.4 | 0.4 | 0.1 |
Proceeds from Parent capitalization | 0 | 0 | |
Payments for equity distributions | 0 | 0 | 0 |
Net receipts from intercompany revolver | 0 | 0 | |
Net Cash Provided by Financing Activities | 1,372.4 | 3,484.2 | 648.8 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (2.3) | (7.3) | (0.4) |
Net Increase in Cash and Cash Equivalents | 573 | (133.6) | 343.8 |
Cash and Cash Equivalents, Beginning of Year | 268.4 | 402 | 58.2 |
Cash and Cash Equivalents, End of Year | 841.4 | 268.4 | 402 |
Parent Company | |||
Condensed Financial Statements, Captions | |||
Net Cash Provided by by Operating Activities | (155.4) | (110.6) | 37.7 |
Cash Flows from Investing Activities | |||
Business acquisitions, net of cash acquired | (1,060.5) | (3,329.1) | (345.8) |
Additions to property | 0 | 0 | 0 |
Restricted cash | 0 | 37 | (38.1) |
Cash advance for acquisition | 0 | ||
Proceeds from sale of property | 0 | ||
Proceeds from sale of business | 2.3 | ||
Insurance proceeds on loss of property | 0 | 0 | |
Proceeds from equity distributions | 542.8 | 102.8 | |
Capitalization of subsidiaries | (138.5) | (323.7) | 39.1 |
Net payments for intercompany revolver | (3.5) | 0 | |
Net Cash Used in Investing Activities | (657.4) | (3,513) | (344.8) |
Cash Flows from Financing Activities | |||
Proceeds from issuance of long-term debt | 1,896.5 | 2,385.6 | 600 |
Proceeds from issuance of preferred stock, net of issuance costs | 310.2 | 234 | |
Proceeds from issuance of common stock, net of issuance costs | 732.7 | 593.4 | |
Proceeds from issuance of equity component of tangible equity units, net of issuance costs | 238.1 | ||
Proceeds from issuance of debt component of tangible equity units | 41.8 | ||
Repayments of long-term debt | (1,221.7) | (5.6) | (170.6) |
Payments of preferred stock dividends | (17.1) | (14.4) | (4.2) |
Payments of debt issuance costs | (31.5) | (64) | (10.5) |
Proceeds from exercise of stock awards | 15.5 | ||
Other, net | 1.4 | 0.4 | 0.1 |
Proceeds from Parent capitalization | 0 | 0 | |
Payments for equity distributions | 0 | 0 | 0 |
Net receipts from intercompany revolver | 0 | 0 | |
Net Cash Provided by Financing Activities | 1,375.8 | 3,485.5 | 648.8 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 0 | (6.7) | 0 |
Net Increase in Cash and Cash Equivalents | 563 | (144.8) | 341.7 |
Cash and Cash Equivalents, Beginning of Year | 246.6 | 391.4 | 49.7 |
Cash and Cash Equivalents, End of Year | 809.6 | 246.6 | 391.4 |
Guarantors | |||
Condensed Financial Statements, Captions | |||
Net Cash Provided by by Operating Activities | 703.3 | 294.1 | 158.3 |
Cash Flows from Investing Activities | |||
Business acquisitions, net of cash acquired | (177.5) | 52.2 | (7.1) |
Additions to property | (104) | (111.2) | (30.3) |
Restricted cash | 69.1 | (76.3) | 0 |
Cash advance for acquisition | 73.7 | ||
Proceeds from sale of property | 20.4 | ||
Proceeds from sale of business | 1.5 | ||
Insurance proceeds on loss of property | 2.1 | 4.3 | |
Proceeds from equity distributions | 0.2 | 0 | |
Capitalization of subsidiaries | 0 | 0 | 0 |
Net payments for intercompany revolver | 0 | 0.1 | |
Net Cash Used in Investing Activities | (188.2) | (204.6) | (37.4) |
Cash Flows from Financing Activities | |||
Proceeds from issuance of long-term debt | 0 | 0 | 0 |
Proceeds from issuance of preferred stock, net of issuance costs | 0 | 0 | |
Proceeds from issuance of common stock, net of issuance costs | 0 | 0 | |
Proceeds from issuance of equity component of tangible equity units, net of issuance costs | 0 | ||
Proceeds from issuance of debt component of tangible equity units | 0 | ||
Repayments of long-term debt | (3) | (1.3) | 0 |
Payments of preferred stock dividends | 0 | 0 | 0 |
Payments of debt issuance costs | 0 | 0 | 0 |
Proceeds from exercise of stock awards | 0 | ||
Other, net | 0 | 0 | 0 |
Proceeds from Parent capitalization | 128 | 26.2 | |
Payments for equity distributions | (625.3) | (102.8) | (119) |
Net receipts from intercompany revolver | 0 | 0 | |
Net Cash Provided by Financing Activities | (500.3) | (77.9) | (119) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 | 0 |
Net Increase in Cash and Cash Equivalents | 14.8 | 11.6 | 1.9 |
Cash and Cash Equivalents, Beginning of Year | 15.7 | 4.1 | 2.2 |
Cash and Cash Equivalents, End of Year | 30.5 | 15.7 | 4.1 |
Non-Guarantors | |||
Condensed Financial Statements, Captions | |||
Net Cash Provided by by Operating Activities | 10.6 | 1.8 | 4.8 |
Cash Flows from Investing Activities | |||
Business acquisitions, net of cash acquired | (1.2) | (287.2) | 0 |
Additions to property | (3.9) | (4.3) | (2.5) |
Restricted cash | 3 | (4) | 0 |
Cash advance for acquisition | 1.3 | ||
Proceeds from sale of property | 0 | ||
Proceeds from sale of business | 0 | ||
Insurance proceeds on loss of property | 0 | 0 | |
Proceeds from equity distributions | 0 | 0 | |
Capitalization of subsidiaries | 0 | 0 | 0 |
Net payments for intercompany revolver | 0 | 0 | |
Net Cash Used in Investing Activities | (2.1) | (296.8) | (2.5) |
Cash Flows from Financing Activities | |||
Proceeds from issuance of long-term debt | 0 | 0 | 0 |
Proceeds from issuance of preferred stock, net of issuance costs | 0 | 0 | |
Proceeds from issuance of common stock, net of issuance costs | 0 | 0 | |
Proceeds from issuance of equity component of tangible equity units, net of issuance costs | 0 | ||
Proceeds from issuance of debt component of tangible equity units | 0 | ||
Repayments of long-term debt | (0.4) | 0 | 0 |
Payments of preferred stock dividends | 0 | 0 | 0 |
Payments of debt issuance costs | 0 | 0 | 0 |
Proceeds from exercise of stock awards | 0 | ||
Other, net | 0 | 0 | 0 |
Proceeds from Parent capitalization | 0.9 | 297.5 | |
Payments for equity distributions | (1) | 0 | 0 |
Net receipts from intercompany revolver | 3.5 | (0.1) | |
Net Cash Provided by Financing Activities | 3 | 297.4 | 0 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (2.3) | (0.6) | (0.4) |
Net Increase in Cash and Cash Equivalents | 9.2 | 1.8 | 1.9 |
Cash and Cash Equivalents, Beginning of Year | 10 | 8.2 | 6.3 |
Cash and Cash Equivalents, End of Year | 19.2 | 10 | 8.2 |
Eliminations | |||
Condensed Financial Statements, Captions | |||
Net Cash Provided by by Operating Activities | (106.9) | (2.2) | (81.6) |
Cash Flows from Investing Activities | |||
Business acquisitions, net of cash acquired | 0 | 0 | 0 |
Additions to property | 0 | 0 | 0 |
Restricted cash | 0 | 0 | 0 |
Cash advance for acquisition | 0 | ||
Proceeds from sale of property | 0 | ||
Proceeds from sale of business | 0 | ||
Insurance proceeds on loss of property | 0 | 0 | |
Proceeds from equity distributions | (543) | (102.8) | |
Capitalization of subsidiaries | 138.5 | 323.7 | (39.1) |
Net payments for intercompany revolver | 3.5 | (0.1) | |
Net Cash Used in Investing Activities | (401) | 220.8 | (39.1) |
Cash Flows from Financing Activities | |||
Proceeds from issuance of long-term debt | 0 | 0 | 0 |
Proceeds from issuance of preferred stock, net of issuance costs | 0 | 0 | |
Proceeds from issuance of common stock, net of issuance costs | 0 | 0 | |
Proceeds from issuance of equity component of tangible equity units, net of issuance costs | 0 | ||
Proceeds from issuance of debt component of tangible equity units | 0 | ||
Repayments of long-term debt | 0 | 0 | 0 |
Payments of preferred stock dividends | 0 | 0 | 0 |
Payments of debt issuance costs | 0 | 0 | 0 |
Proceeds from exercise of stock awards | 0 | ||
Other, net | 0 | 0 | 0 |
Proceeds from Parent capitalization | (128.9) | (323.7) | |
Payments for equity distributions | 626.3 | 102.8 | 119 |
Net receipts from intercompany revolver | (3.5) | 0.1 | |
Net Cash Provided by Financing Activities | 493.9 | (220.8) | 119 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 | 0 |
Net Increase in Cash and Cash Equivalents | (14) | (2.2) | (1.7) |
Cash and Cash Equivalents, Beginning of Year | (3.9) | (1.7) | 0 |
Cash and Cash Equivalents, End of Year | $ (17.9) | $ (3.9) | $ (1.7) |
Summary Quarterly Financial I91
Summary Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Quarterly Financial Information [Abstract] | |||||||||||
Net Sales | $ 1,309.8 | $ 1,211.8 | $ 1,052.7 | $ 1,073.9 | $ 1,043.1 | $ 633 | $ 438 | $ 297 | $ 4,648.2 | $ 2,411.1 | $ 1,034.1 |
Gross Profit | 333.3 | 316.5 | 275.5 | 249.1 | 228.7 | 148.6 | 129.4 | 114.5 | 1,174.4 | 621.2 | 424.9 |
Impairment of goodwill and other intangible assets | 60.8 | 0 | 0 | 0 | 295.6 | 0 | 0 | 0 | 60.8 | 295.6 | 2.9 |
Net Income (Loss) Attributable to Parent | (72.5) | 24 | 30.5 | (97.3) | (287.4) | (35.1) | (18.3) | (2.4) | (115.3) | (343.2) | 15.2 |
Net Earnings (Loss) Available to Common Stockholders | $ (76.8) | $ 19.8 | $ 26.3 | $ (101.6) | $ (291.7) | $ (39.3) | $ (22.6) | $ (5) | $ (132.3) | $ (358.6) | $ 9.8 |
Basic (loss) earnings per common share | $ (1.21) | $ 0.34 | $ 0.48 | $ (2.04) | $ (5.86) | $ (0.92) | $ (0.67) | $ (0.15) | $ (2.33) | $ (9.03) | $ 0.30 |
Diluted (loss) earnings per common share | $ (1.21) | $ 0.33 | $ 0.45 | $ (2.04) | $ (5.86) | $ (0.92) | $ (0.67) | $ (0.15) | $ (2.33) | $ (9.03) | $ 0.30 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Oct. 03, 2015USD ($) |
Willamette Egg [Member] | Business Acquisition, Acquiree [Domain] | |
Subsequent Event | |
Consideration Transferred | $ 90 |