Cover Page
Cover Page - shares | 3 Months Ended | |
Dec. 31, 2021 | Jan. 31, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-35305 | |
Entity Registrant Name | Post Holdings, Inc. | |
Entity Incorporation, State or Country Code | MO | |
Entity Tax Identification Number | 45-3355106 | |
Entity Address, Address Line One | 2503 S. Hanley Road | |
Entity Address, City or Town | St. Louis | |
Entity Address, State or Province | MO | |
Entity Address, Postal Zip Code | 63144 | |
City Area Code | 314 | |
Local Phone Number | 644-7600 | |
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Trading Symbol | POST | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 61,859,585 | |
Entity Central Index Key | 0001530950 | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||
Net Sales | $ 1,643.7 | $ 1,458 |
Cost of goods sold | 1,219.7 | 1,002.6 |
Gross Profit | 424 | 455.4 |
Selling, general and administrative expenses | 257.3 | 251.1 |
Amortization of intangible assets | 41.4 | 40.6 |
Other operating income, net | (3.4) | (2.6) |
Operating Profit | 128.7 | 166.3 |
Interest expense, net | 91.2 | 96.6 |
Expense (income) on swaps, net | 36.9 | (41.6) |
Other income, net | (3) | (10.8) |
Earnings before Income Taxes and Equity Method Loss | 3.6 | 122.1 |
Income tax (benefit) expense | (5.8) | 23.2 |
Equity method loss, net of tax | 18.6 | 7.9 |
Net (Loss) Earnings Including Noncontrolling Interests | (9.2) | 91 |
Less: Net earnings attributable to noncontrolling interests | 11.6 | 9.8 |
Net (Loss) Earnings | $ (20.8) | $ 81.2 |
(Loss) Earnings per Share, Basic (in usd per share) | $ (0.25) | $ 1.24 |
Earnings (Loss) per Share, Diluted (in usd per share) | $ (0.25) | $ 1.21 |
Weighted-Average Common Shares Outstanding, Basic (in shares) | 62.5 | 65.7 |
Weighted-Average Common Shares Outstanding, Diluted (in shares) | 62.5 | 66.9 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net (Loss) Earnings Including Noncontrolling Interests | $ (9.2) | $ 91 |
Pension and postretirement benefits adjustments: | ||
Reclassifications to net (loss) earnings | (0.5) | (0.2) |
Hedging adjustments: | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | (0.5) | (0.5) |
Foreign currency translation adjustments: | ||
Unrealized foreign currency translation adjustments | 4.9 | 101.6 |
Tax benefit (expense) on pension and postretirement benefits adjustments: | ||
Reclassifications to net (loss) earnings | 0.1 | 0.1 |
Tax benefit (expense) on hedging adjustments: | ||
Net gain on derivatives | 0 | (0.1) |
Total Other Comprehensive Income Including Noncontrolling Interests | 5 | 101.9 |
Less: Comprehensive income attributable to noncontrolling interests | 11.4 | 10.1 |
Total Comprehensive (Loss) Income | $ (15.6) | $ 182.8 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 1,158 | $ 817.1 |
Restricted cash | 2.1 | 7.1 |
Receivables, net | 531.8 | 553.9 |
Inventories | 621.6 | 594.5 |
Prepaid expenses and other current assets | 121.5 | 113.5 |
Total Current Assets | 2,435 | 2,086.1 |
Property, net | 1,769 | 1,839.4 |
Goodwill | 4,566.7 | 4,567.5 |
Other intangible assets, net | 3,097.2 | 3,147.5 |
Equity method investments | 51.9 | 70.7 |
Investments held in trust | 345 | 345 |
Other assets | 348.1 | 358.5 |
Total Assets | 12,612.9 | 12,414.7 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Current portion of long-term debt | 36.1 | 117.4 |
Accounts payable | 426 | 473.7 |
Other current liabilities | 479.3 | 458.1 |
Total Current Liabilities | 941.4 | 1,049.2 |
Long-term debt | 7,429 | 6,922.8 |
Deferred income taxes | 838.4 | 863.9 |
Other liabilities | 527.5 | 519.6 |
Total Liabilities | 9,736.3 | 9,355.5 |
Redeemable noncontrolling interest | 305 | 305 |
Common stock | 0.9 | 0.9 |
Additional paid-in capital | 4,247.7 | 4,253.5 |
Retained earnings | 326.6 | 347.3 |
Accumulated other comprehensive income | 48.1 | 42.9 |
Treasury stock, at cost | (2,057.2) | (1,902.2) |
Total Shareholders’ Equity Excluding Noncontrolling Interests | 2,566.1 | 2,742.4 |
Noncontrolling interests | 5.5 | 11.8 |
Total Shareholders’ Equity | 2,571.6 | 2,754.2 |
Total Liabilities and Shareholders’ Equity | $ 12,612.9 | $ 12,414.7 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities: | ||
Net (Loss) Earnings Including Noncontrolling Interests | $ (9.2) | $ 91 |
Adjustments to reconcile net (loss) earnings including noncontrolling interests to net cash provided by operating activities: | ||
Depreciation and amortization | 101.7 | 94.1 |
Unrealized loss (gain) on interest rate swaps, foreign exchange contracts and warrant liabilities, net | 33.6 | (42.3) |
Stock-based compensation expense | 16.2 | 13.9 |
Equity method loss, net of tax | 18.6 | 7.9 |
Deferred income taxes | (26.1) | 17 |
Other, net | (1.8) | (10) |
Other changes in operating assets and liabilities, net of held for sale assets and liabilities: | ||
Decrease (increase) in receivables, net | 27.9 | (10.4) |
(Increase) decrease in inventories | (38) | 15.5 |
Increase in prepaid expenses and other current assets | (7.4) | (17.2) |
Decrease (increase) in other assets | 6.3 | (8.3) |
Decrease in accounts payable and other current liabilities | (19.1) | (48) |
Increase in non-current liabilities | 3.4 | 11.3 |
Net Cash Provided by Operating Activities | 106.1 | 114.5 |
Cash Flows from Investing Activities: | ||
Business acquisitions, net of cash acquired | (0.1) | (1) |
Additions to property | (57.9) | (53.9) |
Proceeds from sale of property and assets held for sale | 14.4 | 16.4 |
Proceeds from sale of business | 50.1 | 0 |
Purchases of equity securities | 0 | (5) |
Investments in partnerships | (3.3) | 0 |
Net Cash Provided by (Used in) Investing Activities | 3.2 | (41.5) |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of long-term debt | 500 | 20 |
Repayments of long-term debt | (90.1) | (37.5) |
Premium from issuance of long-term debt | 17.5 | 0 |
Purchases of treasury stock | (159) | (165.3) |
Subsidiary shares repurchased by subsidiary | (18.1) | 0 |
Payments of debt issuance costs and deferred financing fees | (3.6) | (0.1) |
Cash received from share repurchase contracts | 0 | 47.5 |
Other, net | (19.3) | (19.1) |
Net Cash Provided by (Used in) Financing Activities | 227.4 | (154.5) |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (0.8) | 6.6 |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 335.9 | (74.9) |
Cash, Cash Equivalents and Restricted Cash, Beginning of Year | 824.2 | 1,193.4 |
Cash, Cash Equivalents and Restricted Cash, End of Period | $ 1,160.1 | $ 1,118.5 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity Statement - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Retirement Benefit Adjustments, net of tax | Hedging Adjustments, net of tax | Foreign Currency Translation Adjustments | Treasury Stock | Noncontrolling Interests |
Shareholders' Equity Excluding Noncontrolling Interest, Beginning of period at Sep. 30, 2020 | $ 0.8 | $ 4,182.9 | $ 208.6 | $ (4.3) | $ 70.3 | $ (95.3) | $ (1,508.5) | ||
Total Shareholders' Equity, Beginning of period at Sep. 30, 2020 | $ (25.5) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Activity under stock and deferred compensation plans | (17) | (0.9) | |||||||
Distribution to noncontrolling interest | (1) | ||||||||
Non-cash stock-based compensation expense | 12.8 | 1.1 | |||||||
Cash received from share repurchase contracts | $ 47.5 | 47.5 | |||||||
Net (loss) earnings | 81.2 | 81.2 | |||||||
Post Holdings Partnering Corporation deemed dividend | 0 | ||||||||
Net change in retirement benefits, net of tax | (0.1) | ||||||||
Net change in hedges, net of tax | 0.3 | 0.1 | |||||||
Foreign currency translation adjustments | 101.4 | 0.2 | |||||||
Purchases of treasury stock | (159.9) | 0 | |||||||
Net earnings attributable to noncontrolling interests | 9.8 | 9.8 | |||||||
Shareholders' Equity Excluding Noncontrolling Interest, End of period at Dec. 31, 2020 | 2,920.7 | 0.8 | 4,226.2 | 289.8 | (4.4) | 70.6 | 6.1 | (1,668.4) | |
Total Shareholders' Equity, End of period at Dec. 31, 2020 | 2,904.5 | (16.2) | |||||||
Shareholders' Equity Excluding Noncontrolling Interest, Beginning of period at Sep. 30, 2021 | 2,742.4 | 0.9 | 4,253.5 | 347.3 | (10.9) | 71.4 | (17.6) | (1,902.2) | |
Total Shareholders' Equity, Beginning of period at Sep. 30, 2021 | 2,754.2 | 11.8 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Activity under stock and deferred compensation plans | (17.7) | (1) | |||||||
Distribution to noncontrolling interest | 0 | ||||||||
Non-cash stock-based compensation expense | 11.9 | 1.5 | |||||||
Cash received from share repurchase contracts | 0 | 0 | |||||||
Net (loss) earnings | (20.8) | (20.8) | |||||||
Post Holdings Partnering Corporation deemed dividend | 0.1 | ||||||||
Net change in retirement benefits, net of tax | (0.4) | ||||||||
Net change in hedges, net of tax | 0.4 | 0.1 | |||||||
Foreign currency translation adjustments | 5.2 | (0.3) | |||||||
Purchases of treasury stock | (155) | (18.1) | |||||||
Net earnings attributable to noncontrolling interests | 11.6 | 11.5 | |||||||
Shareholders' Equity Excluding Noncontrolling Interest, End of period at Dec. 31, 2021 | 2,566.1 | $ 0.9 | $ 4,247.7 | $ 326.6 | $ (11.3) | $ 71.8 | $ (12.4) | $ (2,057.2) | |
Total Shareholders' Equity, End of period at Dec. 31, 2021 | $ 2,571.6 | $ 5.5 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATIONThese unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), under the rules and regulations of the United States (the “U.S.”) Securities and Exchange Commission (the “SEC”), and on a basis substantially consistent with the audited consolidated financial statements of Post Holdings, Inc. (herein referred to as “Post,” the “Company,” “us,” “our” or “we,” and unless otherwise stated or context otherwise indicates, all such references herein mean Post Holdings, Inc. and its consolidated subsidiaries) as of and for the fiscal year ended September 30, 2021. These unaudited condensed consolidated financial statements should be read in conjunction with such audited consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2021, filed with the SEC on November 19, 2021. These unaudited condensed consolidated financial statements include all adjustments (consisting of normal recurring adjustments and accruals) that management considers necessary for a fair statement of the Company’s results of operations, comprehensive income, financial condition, cash flows and shareholders’ equity for the interim periods presented. Interim results are not necessarily indicative of the results for any other interim period or for the entire fiscal year. |
Recently Issued and Adopted Acc
Recently Issued and Adopted Accounting Standards (Notes) | 3 Months Ended |
Dec. 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently Issued and Adopted Accounting Standards | RECENTLY ISSUED AND ADOPTED ACCOUNTING STANDARDS The Company has considered all new accounting pronouncements and has concluded there are no new pronouncements (other than the ones described below) that had or will have a material impact on the Company’s results of operations, comprehensive income, financial condition, cash flows, shareholders’ equity or related disclosures based on current information. Recently Adopted In October 2021, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” This ASU requires a company to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASU No. 2014-19, “Revenue from Contracts with Customers (Topic 606)” as if it had originated the contracts. The Company early adopted this ASU on October 1, 2021 on a prospective basis, as permitted by the ASU. The adoption of this ASU had no impact on the Company’s consolidated financial statements and related disclosures. In August 2020, the FASB issued ASU No. 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” which simplifies the accounting for convertible instruments by removing major separation models required under current GAAP. This ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The Company early adopted this ASU on October 1, 2021, using the modified retrospective approach. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements and related disclosures. In March 2020 and January 2021, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” and ASU No. 2021-01, “Reference Rate Reform (Topic 848): Scope,” respectively (collectively, “Topic 848”). Topic 848 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by Topic 848 are effective for all entities as of March 12, 2020 through December 31, 2022. The Company adopted Topic 848 on October 1, 2021. The adoption of Topic 848 did not have and is not expected to have a material impact on the Company’s consolidated financial statements and related disclosures . |
Noncontrolling Interests, Equit
Noncontrolling Interests, Equity Interests and Related Party Transactions (Notes) | 3 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Noncontrolling Interests, Equity Interests and Related Party Transactions | NONCONTROLLING INTERESTS, EQUITY INTERESTS AND RELATED PARTY TRANSACTIONS Post Holdings Partnering Corporation On May 28, 2021, the Company and Post Holdings Partnering Corporation, a newly formed special purpose acquisition company incorporated as a Delaware corporation (“PHPC”), consummated the initial public offering of 30.0 units of PHPC (the “PHPC Units”). On June 3, 2021, PHPC issued an additional 4.5 PHPC Units pursuant to the underwriters’ exercise in full of their over-allotment option. The term “PHPC IPO” as used herein generally refers to the consummation of the initial public offering on May 28, 2021 and the underwriters’ exercise in full of their over-allotment option on June 3, 2021. Each PHPC Unit consists of one share of Series A common stock of PHPC, $0.0001 par value per share (“PHPC Series A Common Stock”), and one-third of one redeemable warrant of PHPC, each whole warrant entitling the holder thereof to purchase one share of PHPC Series A Common Stock at an exercise price of $11.50 per share (the “PHPC Warrants”). The PHPC Units were sold at a price of $10.00 per PHPC Unit, generating gross proceeds to PHPC of $345.0. PHPC Sponsor, LLC, a wholly owned subsidiary of the Company (“PHPC Sponsor”), purchased 4.0 of the 30.0 PHPC Units in the initial public offering on May 28, 2021 for $40.0. The PHPC Units began trading on the New York Stock Exchange (the “NYSE”) under the ticker symbol “PSPC.U” on May 26, 2021. As of July 16, 2021, holders of the PHPC Units could elect to separately trade their shares of PHPC Series A Common Stock and PHPC Warrants, with the shares of PHPC Series A Common Stock and the PHPC Warrants listed on the NYSE under the ticker symbols “PSPC” and “PSPC WS”, respectively. Under the terms of the PHPC IPO, PHPC is required to consummate a partnering transaction within 24 months (or 27 months under certain circumstances) of the completion of the PHPC IPO. Substantially concurrently with the closing of the initial public offering on May 28, 2021, PHPC completed the private sale of 1.0 units of PHPC (the “PHPC Private Placement Units”), at a purchase price of $10.00 per PHPC Private Placement Unit, to PHPC Sponsor, and in connection with the underwriters’ exercise in full of their option to purchase additional PHPC Units, PHPC Sponsor purchased an additional 0.1 PHPC Private Placement Units, generating proceeds to PHPC of $10.9 (the “PHPC Private Placement”). The PHPC Private Placement Units sold in the PHPC Private Placement are identical to the PHPC Units sold in the PHPC IPO, except that, with respect to the warrants underlying the PHPC Private Placement Units (the “PHPC Private Placement Warrants”) that are held by PHPC Sponsor or its permitted transferees, such PHPC Private Placement Warrants (i) may be exercised for cash or on a cashless basis, (ii) are not subject to being called for redemption (except in certain circumstances when the PHPC Warrants are called for redemption and a certain price per share of PHPC Series A Common Stock threshold is met) and (iii) subject to certain limited exceptions, will be subject to transfer restrictions until 30 days following the consummation of PHPC’s partnering transaction. If the PHPC Private Placement Warrants are held by holders other than PHPC Sponsor or its permitted transferees, the PHPC Private Placement Warrants will be redeemable by PHPC in all redemption scenarios and exercisable by holders on the same basis as the PHPC Warrants. In addition, the Company, through PHPC Sponsor’s ownership of 8.6 shares of Series F common stock of PHPC, $0.0001 par value per share, has certain governance rights in PHPC relating to the election of PHPC directors and voting rights on amendments to PHPC’s certificate of incorporation. In connection with the completion of the initial public offering on May 28, 2021, PHPC also entered into a forward purchase agreement with PHPC Sponsor (the “Forward Purchase Agreement”), providing for the purchase by PHPC Sponsor, at the election of PHPC, of up to 10.0 units of PHPC (the “PHPC Forward Purchase Units”), subject to the terms and conditions of the Forward Purchase Agreement, with each PHPC Forward Purchase Unit consisting of one share of PHPC’s Series B common stock, $0.0001 par value per share, and one-third of one warrant to purchase one share of PHPC Series A Common Stock, for a purchase price of $10.00 per PHPC Forward Purchase Unit, in an aggregate amount of up to $100.0 in a private placement to occur concurrently with the closing of PHPC’s partnering transaction. In determining the accounting treatment of the Company’s equity interest in PHPC, management concluded that PHPC is a variable interest entity (“VIE”) as defined by Accounting Standards Codification (“ASC”) Topic 810, “Consolidation.” A VIE is an entity in which equity investors at risk lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary, the party who has both the power to direct the activities of a VIE that most significantly impact the entity’s economic performance, as well as the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the entity. PHPC Sponsor is the primary beneficiary of PHPC as it has, through its equity interest, the right to receive benefits or the obligation to absorb losses from PHPC, as well as the power to direct a majority of the activities that significantly impact PHPC’s economic performance, including target identification. As such, PHPC is fully consolidated into the Company’s financial statements. Pr oceeds of $345.0 were deposited in a trust account established for the benefit of PHPC’s public stockholders consisting of certain proceeds from the PHPC IPO and certain proceeds from the PHPC Private Placement, net of underwriters’ discounts and commissions and other costs and expenses. A minimum balance of $345.0, representing the number of PHPC Units sold at the offering price of $10.00 per PHPC Unit , is required by the underwriting agreement to be maintained in the trust account. These pr oceeds will be invested only in U.S. treasury securities. In connection with the trust account, the Company reported “Investments held in trust” of $345.0 on the Condensed Consolidated Balance Sheets at both December 31, 2021 and September 30, 2021. The public stockholders’ ownership of PHPC equity represents a noncontrolling interest (“NCI”) to the Company, which is classified outside of permanent shareholders’ equity as the PHPC Series A Common Stock is redeemable at the option of the public stockholders in certain circumstances. The carrying amount of the redeemable NCI is equal to the greater of (i) the initial carrying amount, increased or decreased for the redeemable NCI’s share of PHPC’s net income or loss, other comprehensive income or loss (“OCI”) and distributions or (ii) the redemption value. The public stockholders of PHPC Series A Common Stock will be entitled in certain circumstances to redeem their shares of PHPC Series A Common Stock for a pro rata portion of the amount in the trust account at $10.00 per share of PHPC Series A Common Stock held, plus any pro rata interest earned on the funds held in the trust account and not previously released to PHPC to pay taxes. As of both December 31, 2021 and September 30, 2021, the carrying amount of the redeemable NCI was recorded at its redemption value of $305.0. Remeasurements to the redemption value of the redeemable NCI are recognized as a deemed dividend and are recorded to “Retained earnings” on the Condensed Consolidated Balance Sheets. In connection with the PHPC IPO, PHPC incurred offering costs of $17.9, of which $10.7 were deferred underwriting commissions that will become payable to the underwriters solely in the event that PHPC completes a partnering transaction and were included in “Other liabilities” on the Condensed Consolidated Balance Sheet at both December 31, 2021 and September 30, 2021. As of both December 31, 2021 and September 30, 2021, the Company beneficially owned 31.0% of the equity of PHPC and the net income and net assets of PHPC were consolidated within the Company’s financial statements. The remaining 69.0% of the consolidated net income and net assets of PHPC, representing the percentage of economic interest in PHPC held by the public stockholders of PHPC through their ownership of PHPC equity, were allocated to redeemable NCI. All transactions between PHPC and PHPC Sponsor, as well as related financial statement impacts, eliminate in consolidation. The following table summarizes the effects of changes in ownership of PHPC on the Company’s equity for the three months ended December 31, 2021. Net earnings attributable to redeemable NCI 0.1 PHPC deemed dividend $ 0.1 The following table summarizes the changes to the Company’s redeemable NCI as of and for the three months ended December 31, 2021. Beginning of period $ 305.0 Net earnings attributable to redeemable NCI 0.1 PHPC deemed dividend (0.1) End of period $ 305.0 BellRing On October 21, 2019, BellRing Brands, Inc. (“BellRing”), a subsidiary of the Company, closed its initial public offering (the “BellRing IPO”) of 39.4 shares of its Class A common stock, $0.01 par value per share (the “BellRing Class A Common Stock”). As a result of the BellRing IPO and certain other transactions completed in connection with the BellRing IPO, BellRing became a publicly-traded company with the BellRing Class A Common Stock being traded on the NYSE under the ticker symbol “BRBR” and the holding company of BellRing Brands, LLC, a Delaware limited liability company (“BellRing LLC”), owning 28.8% of BellRing LLC’s non-voting membership units (the “BellRing LLC units”), with Post owning 71.2% of the BellRing LLC units and one share of BellRing’s Class B common stock, $0.01 par value per share (the “BellRing Class B Common Stock” and, collectively with the BellRing Class A Common Stock, the “BellRing Common Stock”). The BellRing Class B Common Stock has voting rights but no rights to dividends or other economic rights. For so long as Post or its affiliates (other than BellRing and its subsidiaries) directly own more than 50% of the BellRing LLC units, the BellRing Class B Common Stock represents 67% of the combined voting power of the BellRing Common Stock, which provides the Company control over BellRing’s board of directors and results in the full consolidation of BellRing and its subsidiaries into the Company’s financial statements. The BellRing LLC units held by the Company include a redemption feature that allows the Company to, at BellRing LLC’s option (as determined by its board of managers), redeem BellRing LLC units for either (i) BellRing Class A Common Stock or (ii) cash equal to the market value of the BellRing Class A Common Stock at the time of redemption. BellRing LLC is the holding company for the Company’s historical active nutrition business. The term “BellRing” as used herein generally refers to BellRing Brands, Inc.; however, in discussions related to debt facilities, the term “BellRing” refers to BellRing Brands, LLC. BellRing and its subsidiaries are reported herein as the BellRing Brands segment. In the event the Company (other than BellRing and its subsidiaries) holds 50% or less of the BellRing LLC units, the holder of the share of BellRing Class B Common Stock will be entitled to a number of votes equal to the number of BellRing LLC units held by all persons other than BellRing and its subsidiaries. In such situation, the Company, as the holder of the share of BellRing Class B Common Stock, will only be entitled to cast a number of votes equal to the number of BellRing LLC units held by the Company (other than BellRing and its subsidiaries). Also, in such situation, if any BellRing LLC units are held by persons other than the Company, then the Company, as the holder of the share of BellRing Class B Common Stock, will cast the remainder of votes to which the share of BellRing Class B Common Stock is entitled only in accordance with the instructions and directions from such other holders of the BellRing LLC units. As of December 31, 2021 and September 30, 2021, the Company (other than BellRing and its subsidiaries) owned 71.5% and 71.2%, respectively, of the BellRing LLC units and the net income and net assets of BellRing and its subsidiaries were consolidated within the Company’s financial statements, and the remaining 28.5% and 28.8%, respectively, of the consolidated net income and net assets of BellRing and its subsidiaries, representing the percentage of economic interest in BellRing LLC held by BellRing (and therefore indirectly held by the public stockholders of BellRing through their ownership of the BellRing Class A Common Stock), were allocated to NCI. In October 2021, Post entered into a Transaction Agreement and Plan of Merger (the “Transaction Agreement”) providing for the distribution of a significant portion of its ownership interest in BellRing to Post’s shareholders. Pursuant to the Transaction Agreement, Post will contribute its share of BellRing Class B Common Stock, all of its BellRing Brands, LLC units and cash to BellRing Distribution, LLC, a newly-formed wholly-owned subsidiary of Post (“New BellRing”), in exchange for all of the then-outstanding equity of New BellRing and New BellRing indebtedness (the “BellRing Separation”). New BellRing will convert into a Delaware corporation, and Post will then distribute at least 80.1% of its shares of New BellRing common stock to Post shareholders in a pro-rata distribution. Upon completion of the distribution of New BellRing common stock to Post shareholders (the “BellRing Distribution”), BellRing Merger Sub Corporation, a wholly-owned subsidiary of New BellRing, will merge with and into BellRing (the “BellRing Merger”), with BellRing as the surviving corporation and a wholly-owned subsidiary of New BellRing. Pursuant to the BellRing Merger, each outstanding share of BellRing Class A Common Stock will be converted into one share of New BellRing common stock plus a to-be-determined amount of cash per share. The exact amount of cash consideration will be determined in accordance with the Transaction Agreement based upon several factors, including the amount of New BellRing indebtedness to be issued. Immediately following the BellRing Distribution and the BellRing Merger, it is expected that Post will own approximately 14.2% of the New BellRing common stock and Post shareholders will own approximately 57.3% of the New BellRing common stock. Legacy holders of BellRing Class A Common Stock will own approximately 28.5% of the New BellRing common stock, maintaining their current effective ownership in the BellRing business. Post expects to use the New BellRing indebtedness and shares of New BellRing common stock to repay creditors of Post. The Company incurred separation-related expenses of $4.4 during the three months ended December 31, 2021. These expenses generally included third party costs for due diligence, advisory services and government filing fees and were recorded as “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Operations. Completion of the BellRing Separation, the BellRing Distribution and the BellRing Merger is anticipated to occur in the first calendar quarter of 2022, the second quarter of fiscal 2022, subject to certain customary closing conditions, although there can be no assurance that these transactions will occur within the expected timeframe or at all. As of December 31, 2021, the BellRing Separation, the BellRing Distribution and the BellRing Merger had not yet been completed. 8th Avenue The Company has a 60.5% common equity interest in 8th Avenue Food & Provisions, Inc. (“8th Avenue”) that is accounted for using the equity method. In determining the accounting treatment of the common equity interest, management concluded that 8th Avenue was not a variable interest entity as defined by ASC Topic 810 and, as such, was evaluated under the voting interest model. Based on the terms of 8th Avenue’s governing documents, management determined that the Company does not have a controlling voting interest in 8th Avenue due to substantive participating rights held by third parties associated with the governance of 8th Avenue. However, Post does retain significant influence, and therefore, the use of the equity method of accounting is required. The following table presents the calculation of the Company’s equity method loss attributable to 8th Avenue: Three Months Ended 2021 2020 8th Avenue’s net loss available to 8th Avenue’s common shareholders $ (27.7) $ (10.2) 60.5 % 60.5 % Equity method loss available to Post $ (16.8) $ (6.2) Less: Amortization of basis difference, net of tax (a) 1.7 1.7 Equity method loss, net of tax $ (18.5) $ (7.9) (a) The Company adjusted the historical basis of 8th Avenue’s assets and liabilities to fair value and recognized a basis difference of $70.3. The basis difference related to property, plant and equipment and other intangible assets is being amortized over the weighted-average useful lives of the assets. At December 31, 2021 and September 30, 2021, the remaining basis difference to be amortized was $46.1 and $47.8, respectively. Summarized financial information of 8th Avenue is presented in the following table. Three Months Ended 2021 2020 Net sales $ 259.6 $ 229.0 Gross profit $ 28.0 $ 35.4 Net (loss) earnings $ (18.0) $ (1.4) Less: Preferred stock dividend 9.7 8.8 Net Loss Available to 8th Avenue Common Shareholders $ (27.7) $ (10.2) The Company provides services to 8th Avenue under a master services agreement (the “MSA”), as well as certain advisory services for a fee. The Company recorded MSA and advisory income of $1.0 and $0.8 during the three months ended December 31, 2021 and 2020, respectively, which were recorded in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Operations. During the three months ended December 31, 2021 and 2020, the Company had net sales to 8th Avenue of $1.4 and $2.0, respectively, and purchases from and royalties paid to 8th Avenue of $29.5 and $2.2, respectively. Sales and purchases between the Company and 8th Avenue were all made at arm’s-length. The investment in 8th Avenue was $48.1 and $66.6 at December 31, 2021 and September 30, 2021, respectively, and was included in “Equity method investments” on the Condensed Consolidated Balance Sheets. The Company had current receivables, current payables and a long-term liability with 8th Avenue of $4.4, $1.4 and $0.7, respectively, at December 31, 2021 and current receivables, current payables and a long-term liability of $4.6, $1.2 and $0.7, respectively, at September 30, 2021. The current receivables, current payables and long-term liability, which related to the separation of 8th Avenue from the Company, MSA fees, pass through charges owed by 8th Avenue to the Company and related party sales and purchases, were included in “Receivables, net,” “Accounts payable” and “Other liabilities,” respectively, on the Condensed Consolidated Balance Sheets. Alpen and Weetabix East Africa The Company holds an equity interest in two legal entities, Alpen Food Company South Africa (Pty) Limited (“Alpen”) and Weetabix East Africa Limited (“Weetabix East Africa”). Alpen is a South African-based company that produces ready-to-eat (“RTE”) cereal and muesli. The Company owns 50% of Alpen’s common stock with no other indicators of control, and accordingly, the Company accounts for its investment in Alpen using the equity method. The Company’s equity method loss, net of tax, attributable to Alpen was $0.1 and zero for the three months ended December 31, 2021 and 2020, respectively, and was included in “Equity method loss, net of tax” in the Condensed Consolidated Statements of Operations. The investment in Alpen was $3.8 and $4.1 at December 31, 2021 and September 30, 2021, respectively, and was included in “Equity method investments” on the Condensed Consolidated Balance Sheets. The Company had a note receivable balance with Alpen of $0.5 at both December 31, 2021 and September 30, 2021, which was included in “Other assets” on the Condensed Consolidated Balance Sheets. Weetabix East Africa is a Kenyan-based company that produces RTE cereal and muesli. The Company owns 50.1% of Weetabix East Africa and holds a controlling voting and financial interest through its appointment of management and representation on Weetabix East Africa’s board of directors. Accordingly, Weetabix East Africa is fully consolidated into the |
Business Combinations
Business Combinations | 3 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Business Combinations | BUSINESS COMBINATIONS The Company accounts for acquisitions using the acquisition method of accounting, whereby the results of operations are included in the financial statements from the date of acquisition. The purchase price is allocated to acquired assets and assumed liabilities based on their estimated fair values at the date of acquisition. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. Any excess of the estimated fair values of the identifiable net assets over the purchase price is recorded as a gain on bargain purchase. Goodwill represents the value the Company expects to achieve through the implementation of operational synergies, the expansion of the business into new or growing segments of the industry and the addition of new employees. Fiscal 2021 On June 1, 2021, the Company completed its acquisition of the private label RTE cereal business from TreeHouse Foods, Inc. (the “PL RTE Cereal Business”) for $85.0, subject to inventory and other adjustments, resulting in a payment at closing of $88.0. The acquisition was completed using cash on hand. The PL RTE Cereal Business is reported in the Post Consumer Brands segment (see Note 18). Based on the purchase price allocation at September 30, 2021, the Company identified and recorded $99.5 of net assets, which exceeded the purchase price paid for the PL RTE Cereal Business. As a result, the Company recorded a gain of $11.5, which was reported as other operating income in the consolidated statement of operations for the year ended September 30, 2021. On May 27, 2021, the Company completed its acquisition of the Egg Beaters liquid egg brand (“Egg Beaters”) from Conagra Brands, Inc. for $50.0, subject to working capital and other adjustments, resulting in a payment at closing of $50.6. The acquisition was completed using cash on hand. Egg Beaters is a retail liquid egg brand and is reported in the Refrigerated Retail segment (see Note 18). On February 1, 2021, the Company completed its acquisition of the Almark Foods business and related assets (“Almark”) for $52.0, subject to working capital and other adjustments, resulting in a payment at closing of $51.3. The acquisition was completed using cash on hand. Almark is a provider of hard-cooked and deviled egg products, offering conventional, organic and cage-free products, and distributes its products to foodservice distributors, as well as across retail outlets, including in the perimeter-of-the-store and the deli counter. Almark is reported in the Foodservice and Refrigerated Retail segments (see Note 18). At both December 31, 2021 and September 30, 2021, the Company had recorded an estimated working capital receivable of $3.0, which was included in “Receivables, net” on the Condensed Consolidated Balance Sheet. On January 25, 2021, the Company completed its acquisition of the Peter Pan nut butter brand (“Peter Pan”) from Conagra Brands, Inc. for $102.0, subject to working capital and other adjustments, resulting in a payment at closing of $103.4. The acquisition was completed using cash on hand. Peter Pan is a nationally recognized brand with a diversified customer base across key channels and is reported in the Post Consumer Brands segment (see Note 18). All Peter Pan nut butter products are currently co-manufactured by 8th Avenue, in which the Company has a 60.5% common equity interest (see Note 3). In April 2021, the Company reached a final settlement of net working capital, resulting in an amount received by the Company of $2.0. Preliminary values of the Almark acquisition are not yet finalized pending the final purchase price allocation and is subject to change once additional information is obtained. Unaudited Pro Forma Information The following unaudited pro forma information presents a summary of the results of operations of the Company combined with the results of the fiscal 2021 acquisitions for the periods presented as if these acquisitions had occurred on October 1, 2019, 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, inventory revaluation adjustments on acquired businesses, interest expense, transaction costs, gain on bargain purchase 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. Pro forma adjustments did not affect results of operations for the three months ended December 31, 2021. Three Months Ended 2020 Pro forma net sales $ 1,554.2 Pro forma net earnings available to common shareholders $ 80.6 Pro forma basic earnings per common share $ 1.23 Pro forma diluted earnings per common share $ 1.21 |
Amounts Held for Sale (Notes)
Amounts Held for Sale (Notes) | 3 Months Ended |
Dec. 31, 2021 | |
Assets and Liabilities Held for Sale [Abstract] | |
Amounts Held for Sale | AMOUNTS HELD FOR SALE Divestiture On December 1, 2021, the Company sold the Willamette Egg Farms business (the “WEF Transaction”), which included $62.8 of assets, resulting in total proceeds of $56.1. Of the $56.1, the Company had $6.0 in escrow, subject to certain contingencies, which was included in “Receivables, net” on the Condensed Consolidated Balance Sheet at December 31, 2021. As a result, during the three months ended December 31, 2021, the Company recorded a loss on sale of business of $6.7, which was reported as “Other operating income, net” in the Condensed Consolidated Statement of Operations. As of December 31, 2021, Willamette Egg Farms was no longer consolidated in the Company’s financial statements. Prior to the WEF Transaction, operating results were previously reported in the Refrigerated Retail segment. Amounts Held For Sale The Company had certain Foodservice production equipment in Klingerstown, Pennsylvania (the “Klingerstown Equipment”) classified as held for sale. The Company sold the Klingerstown Equipment in November 2021. In the three months ended December 31, 2021, a gain on assets held for sale of $9.8 was recorded related to the sale of the Klingerstown Equipment. The Company received total proceeds of $10.3, which was included in “Proceeds from sale of property and assets held for sale” on the Condensed Consolidated Statement of Cash Flows for the three months ended December 31, 2021. In the three months ended December 31, 2020, a net gain on assets held for sale of $0.6 was recorded consisting of a gain of $0.7 related to the sale of a Weetabix manufacturing facility in Corby, United Kingdom in November 2020 and a loss of $0.1 related to the sale of land and a building at the Post Consumer Brands RTE cereal manufacturing facility in Asheboro, North Carolina in November 2020. These held for sale gains and losses were included in “Other operating income, net” in the Condensed Consolidated Statements of Operations for the three months ended December 31, 2021 and 2020. |
Income Taxes (Notes)
Income Taxes (Notes) | 3 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXESThe effective income tax rate was (161.1)% and 19.0% for the three months ended December 31, 2021 and 2020, respectively. In accordance with ASC Topic 740, “Income Taxes,” the Company records income tax (benefit) expense for interim periods using the estimated annual effective income tax rate for the full fiscal year adjusted for the impact of discrete items occurring during the interim periods.In the three months ended December 31, 2021, the effective income tax rate differed significantly from the statutory rate primarily as a result of $4.6 of discrete tax benefit items related to the Company’s equity method loss attributable to 8th Avenue and $2.2 of discrete tax benefit items related to excess tax benefits for share-based payments. |
(Loss) Earnings Per Share
(Loss) Earnings Per Share | 3 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
(Loss) Earnings per Share | (LOSS) EARNINGS PER SHAREBasic (loss) earnings per share is based on the average number of shares of common stock outstanding during the period. Diluted (loss) earnings per share is based on the average number of shares used for the basic (loss) earnings per share calculation, adjusted for the dilutive effect of stock options, stock appreciation rights and restricted stock units using the “treasury stock” method. Remeasurements to the redemption value of the redeemable NCI are recognized as a deemed dividend (see Note 3). As allowed for within ASC Topic 480, “Distinguishing Liabilities from Equity,” the Company has made an election to treat the portion of the deemed dividend that exceeds fair value as an adjustment to income available to common shareholders for basic and diluted (loss) earnings per share. In addition, “Net (loss) earnings for diluted (loss) earnings per share” in the table below has been adjusted for the Company’s share of BellRing’s consolidated net earnings for diluted earnings per share, to the extent it is dilutive. The following table sets forth the computation of basic and diluted (loss) earnings per share. Three Months Ended 2021 2020 Net (Loss) Earnings $ (20.8) $ 81.2 Impact of redeemable NCI 4.9 — Net (loss) earnings for basic (loss) earnings per share $ (15.9) $ 81.2 Dilutive impact of BellRing net earnings — — Net (loss) earnings for diluted (loss) earnings per share $ (15.9) $ 81.2 Weighted-average shares for basic (loss) earnings per share 62.5 65.7 Effect of dilutive securities: Stock options — 0.6 Stock appreciation rights — 0.1 Restricted stock units — 0.4 Performance-based restricted stock units — 0.1 Total dilutive securities — 1.2 Weighted-average shares for diluted (loss) earnings per share 62.5 66.9 Basic (loss) earnings per common share $ (0.25) $ 1.24 Diluted (loss) earnings per common share $ (0.25) $ 1.21 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. Three Months Ended 2021 2020 Stock options 0.8 0.2 Stock appreciation rights 0.1 — Restricted stock units 0.8 0.1 Performance-based restricted stock units 0.1 0.2 |
Inventories
Inventories | 3 Months Ended |
Dec. 31, 2021 | |
Inventory [Abstract] | |
Inventories | INVENTORIES December 31, September 30, 2021 Raw materials and supplies $ 139.3 $ 133.6 Work in process 19.3 19.3 Finished products 431.5 402.5 Flocks 31.5 39.1 $ 621.6 $ 594.5 |
Property, net
Property, net | 3 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, net | PROPERTY, NET December 31, September 30, 2021 Property, at cost $ 3,186.3 $ 3,239.5 Accumulated depreciation (1,417.3) (1,400.1) $ 1,769.0 $ 1,839.4 |
Goodwill (Notes)
Goodwill (Notes) | 3 Months Ended |
Dec. 31, 2021 | |
Goodwill [Abstract] | |
Goodwill | GOODWILL The changes in the carrying amount of goodwill by segment are noted in the following table. Post Consumer Brands Weetabix Foodservice Refrigerated Retail BellRing Brands Total Balance, September 30, 2021 Goodwill (gross) $ 2,067.1 $ 929.4 $ 1,355.0 $ 807.9 $ 180.7 $ 5,340.1 Accumulated impairment losses (609.1) — — (48.7) (114.8) (772.6) Goodwill (net) $ 1,458.0 $ 929.4 $ 1,355.0 $ 759.2 $ 65.9 $ 4,567.5 Sale of business (a) — — — (4.2) — (4.2) Currency translation adjustment — 3.4 — — — 3.4 Balance, December 31, 2021 Goodwill (gross) $ 2,067.1 $ 932.8 $ 1,355.0 $ 803.7 $ 180.7 $ 5,339.3 Accumulated impairment losses (609.1) — — (48.7) (114.8) (772.6) Goodwill (net) $ 1,458.0 $ 932.8 $ 1,355.0 $ 755.0 $ 65.9 $ 4,566.7 (a) In December 2021, the Company completed the WEF Transaction. For additional information, see Note 5. |
Intangible Assets, net
Intangible Assets, net | 3 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, net | INTANGIBLE ASSETS, NET Total intangible assets are as follows: December 31, 2021 September 30, 2021 Carrying Accumulated Net Carrying Accumulated Net Subject to amortization: Customer relationships $ 2,329.6 $ (818.3) $ 1,511.3 $ 2,341.7 $ (791.7) $ 1,550.0 Trademarks and brands 840.6 (314.1) 526.5 843.0 (303.8) 539.2 Other intangible assets 3.1 (3.1) — 3.1 (3.1) — 3,173.3 (1,135.5) 2,037.8 3,187.8 (1,098.6) 2,089.2 Not subject to amortization: Trademarks and brands 1,059.4 — 1,059.4 1,058.3 — 1,058.3 $ 4,232.7 $ (1,135.5) $ 3,097.2 $ 4,246.1 $ (1,098.6) $ 3,147.5 |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging | 3 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Hedging | DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING In the ordinary course of business, the Company is exposed to commodity price risks relating to the purchases of raw materials and supplies, interest rate risks relating to floating rate debt and foreign currency exchange rate risks. 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. At December 31, 2021, the Company’s derivative instruments, none of which were designated as hedging instruments under ASC Topic 815, “Derivatives and Hedging,” consisted of: • commodity and energy futures, swaps and option contracts which relate to inputs that generally will be utilized within the next two years; • foreign currency forward contracts maturing in the next year that have the effect of hedging currency fluctuations between the Euro and the Pound Sterling; • interest rate swaps that have the effect of hedging interest payments on debt expected to be issued but not yet priced, including: ◦ a pay-fixed, receive-variable interest rate swap maturing in May 2024 that requires monthly settlements; and ◦ rate-lock interest rate swaps that require lump sum settlements with the first settlement occurring in July 2022 and th e last in July 2026; • pay-fixed, receive-variable interest rate swaps maturing in December 2022 that require monthly settlements and have the effect of hedging forecasted interest payments on BellRing’s variable rate debt; and • the PHPC Warrants (see Note 3). In fiscal 2021, the Company restructured four of its rate-lock interest rate swap contracts, which contain non-cash, off-market financing elements. There were no cash settlements paid or received in connection with these restructurings. During fiscal 2020, the Company changed the designation of its interest rate swap contracts that are used as hedges of forecasted interest payments on BellRing’s variable rate debt from cash flow hedges to non-designated hedging instruments as the swaps were no longer effective (as defined by ASC Topic 815). In connection with the de-designation, the Company started reclassifying losses previously recorded in accumulated OCI to “Interest expense, net” in the Condensed Consolidated Statements of Operations on a straight-line basis over the term of BellRing’s variable rate debt. Mark-to-market adjustments related to these swaps are also included in “Interest expense, net” in the Condensed Consolidated Statements of Operations. At December 31, 2021 and September 30, 2021, the remaining net loss before taxes to be amortized was $6.6 and $7.1, respectively. The following table shows the notional amounts of derivative instruments held. December 31, September 30, 2021 Commodity contracts $ 50.5 $ 59.8 Energy contracts 43.3 45.9 Foreign exchange contracts - Forward contracts 5.1 — Interest rate swaps 550.0 550.0 Interest rate swaps - Rate-lock swaps 1,549.3 1,549.3 PHPC Warrants 16.9 16.9 The following table presents the balance sheet location and fair value of the Company’s derivative instruments. The Company does not offset derivative assets and liabilities within the Condensed Consolidated Balance Sheets. Balance Sheet Location December 31, September 30, 2021 Asset Derivatives: Commodity contracts Prepaid expenses and other current assets $ 19.2 $ 16.6 Energy contracts Prepaid expenses and other current assets 13.8 20.1 Commodity contracts Other assets — 2.9 Energy contracts Other assets 3.4 2.0 Foreign exchange contracts Prepaid expenses and other current assets 0.1 — Interest rate swaps Other assets 16.4 24.2 $ 52.9 $ 65.8 Liability Derivatives: Commodity contracts Other current liabilities $ 2.3 $ 2.8 Energy contracts Other current liabilities 0.5 — Energy contracts Other liabilities 0.1 — Interest rate swaps Other current liabilities 132.8 129.6 Interest rate swaps Other liabilities 270.6 247.9 PHPC Warrants Other liabilities 8.7 9.2 $ 415.0 $ 389.5 The following tables present the effects of the Company’s derivative instruments on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive (Loss) Income for the three months ended December 31, 2021 and 2020. Derivatives Not Designated as Hedging Instruments Statement of Operations Location (Gain) Loss Recognized in Statement of Operations 2021 2020 Commodity contracts Cost of goods sold $ (8.8) $ (7.4) Energy contracts Cost of goods sold 2.1 (8.0) Foreign exchange contracts Selling, general and administrative expenses (0.1) 1.5 Interest rate swaps Interest expense, net (0.4) 0.5 Interest rate swaps Expense (income) on swaps, net 36.9 (41.6) PHPC Warrants Other income, net (0.5) — Derivatives Previously Designated as Hedging Instruments Loss Reclassified from Accumulated OCI including NCI into Earnings (a) Statement of Operations Location 2021 2020 Interest rate swaps $ 0.5 $ 0.5 Interest expense, net (a) For the three months ended December 31, 2021 and 2020, this amount includes the amortization of previously unrealized losses on BellRing’s interest rate swaps that were de-designated as hedging instruments as of April 1, 2020. The following table presents the components of the Company’s net hedging (gains) losses on interest rate swaps, as well as cash settlements paid during the periods presented. Three Months Ended Statement of Operations Location Mark-to-Market (Gain) Loss, net Net Loss Reclassified from Accumulated OCI including NCI (a) Total Net Hedging (Gain) Loss Cash Settlements Paid, Net Interest expense, net $ (0.9) $ 0.5 $ (0.4) $ 1.3 Expense (income) on swaps, net 36.9 — 36.9 1.1 2021 Total $ 36.0 $ 0.5 $ 36.5 $ 2.4 Interest expense, net $ — $ 0.5 $ 0.5 $ 1.2 Expense (income) on swaps, net (41.6) — (41.6) 1.5 2020 Total $ (41.6) $ 0.5 $ (41.1) $ 2.7 (a) Includes the amortization of previously unrealized losses on BellRing’s interest rate swaps that were de-designated as hedging instruments as of April 1, 2020. Accumulated OCI, including amounts reported as NCI, included a $93.0 net gain on hedging instruments before taxes ($70.1 after taxes) at December 31, 2021, compared to a $92.5 net gain before taxes ($69.6 after taxes) at September 30, 2021. Approximately $2.3 of the net hedging losses reported in accumulated OCI at December 31, 2021 are expected to be reclassified into earnings within the next 12 months. Accumulated OCI included settlements of and previously unrealized gains on cross-currency swaps of $99.5 at both December 31, 2021 and September 30, 2021. Reclassification of these amounts recorded in accumulated OCI into earnings will only occur in the event United Kingdom (the “U.K.”)-based operations are substantially liquidated. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTSThe following table presents the Company’s assets and liabilities measured at fair value on a recurring basis and the basis for that measurement according to the levels in the fair value hierarchy in ASC Topic 820, “Fair Value Measurement.” December 31, 2021 September 30, 2021 Total Level 1 Level 2 Total Level 1 Level 2 Assets: Deferred compensation investments $ 16.2 $ 16.2 $ — $ 15.5 $ 15.5 $ — Derivative assets 52.9 — 52.9 65.8 — 65.8 Equity securities 33.5 33.5 — 28.9 28.9 — $ 102.6 $ 49.7 $ 52.9 $ 110.2 $ 44.4 $ 65.8 Liabilities: Deferred compensation liabilities $ 37.5 $ — $ 37.5 $ 36.0 $ — $ 36.0 Derivative liabilities 415.0 8.7 406.3 389.5 9.2 380.3 $ 452.5 $ 8.7 $ 443.8 $ 425.5 $ 9.2 $ 416.3 The deferred compensation investments are primarily invested in mutual funds, and the fair value is measured using the market approach. These investments are in the same funds, or funds that employ a similar investment strategy, and are 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 commodity and energy derivatives. The income approach uses pricing models that rely on market observable inputs such as yield curves and forward prices. Foreign exchange contracts are valued using the spot rate less the forward 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 interest rate curve. 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 Condensed Consolidated Statements of Operations. Investments held in trust are invested in a fund consisting entirely of U.S. treasury securities. The fund is valued at net asset value per share (“NAV”), and as such, in accordance with ASC Topic 820, the investments have not been classified in the fair value hierarchy. Investments held in trust are reported at fair value on the Condensed Consolidated Balance Sheet (see Note 3). To calculate the fair value of the PHPC Warrants, the PHPC Warrants were initially valued using the Monte Carlo Option Pricing Method. The initial fair value measurement was categorized as Level 3, as the fair values utilized significant unobservable inputs. However, as of December 31, 2021 and September 30, 2021, the PHPC Warrants were valued using the market approach based on quoted prices as the PHPC Warrants became actively traded on the NYSE during the fourth quarter of fiscal 2021 and are now categorized as Level 1. For additional information on the PHPC Warrants, see Notes 3 and 12. The Company uses the market approach to measure the fair value of its equity securities. The Company’s financial assets and liabilities also include cash and cash equivalents, receivables and accounts payable for which the carrying value approximates fair value due to their short maturities (less than 12 months). The Company does not record its current portion of long-term debt and long-term debt at fair value on the Condensed Consolidated Balance Sheets. The fair values of any outstanding borrowings under the municipal bond as of December 31, 2021 and September 30, 2021 approximated their carrying values. Based on current market rates, the fair value of the Company’s debt, excluding any outstanding borrowings under the municipal bond and the BellRing Revolving Credit Facility (both of which are categorized as Level 2), was $7,661.8 and $7,210.5 as of December 31, 2021 and September 30, 2021, respectively. Certain assets and liabilities, including property, goodwill and other intangible assets and assets held for sale, are measured at fair value on a non-recurring basis. The Company sold the Klingerstown Equipment in fiscal 2022. The Klingerstown Equipment was reported in the Foodservice segment. For additional information on assets held for sale, see Note 5. The fair value of assets held for sale was measured on a non-recurring basis based on the lower of the carrying amount or fair value less cost to sell. When applicable, the fair value is adjusted to reflect an offer to purchase the assets. The fair value measurement was categorized as Level 3, as the fair value utilizes significant unobservable inputs. The following table summarizes the Level 3 activity. Balance, September 30, 2021 $ — Transfer of assets into held for sale 0.5 Net gain related to assets held for sale 9.8 Proceeds from the sale of assets held for sale (10.3) Balance, December 31, 2021 $ — |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT Long-term debt as of the dates indicated consisted of the following: December 31, September 30, 2021 4.50% Senior Notes maturing September 2031 $ 1,800.0 $ 1,800.0 4.625% Senior Notes maturing April 2030 1,650.0 1,650.0 5.50% Senior Notes maturing December 2029 1,250.0 750.0 5.625% Senior Notes maturing January 2028 940.9 940.9 5.75% Senior Notes maturing March 2027 1,299.3 1,299.3 BellRing Term B Facility 519.8 609.9 Municipal bond 7.5 7.5 $ 7,467.5 $ 7,057.6 Less: Current portion of long-term debt 36.1 117.4 Debt issuance costs, net 53.5 51.9 Plus: Unamortized premium and discount, net 51.1 34.5 Total long-term debt $ 7,429.0 $ 6,922.8 Senior Notes On December 22, 2021, the Company issued an additional $500.0 principal value of 5.50% senior notes maturing in December 2029. The additional 5.50% senior notes were issued at a price of 103.5% of the par value, and the Company received $514.1 after incurring investment banking and other fees and expenses of $3.4, which were deferred and are being amortized to interest expense over the term of the notes. The premium related to the 5.50% senior notes was recorded as an unamortized premium, and is being amortized as a reduction to interest expense over the term of the notes. Interest payments are due semi-annually each June 15 and December 15. Credit Agreement On March 18, 2020, the Company entered into a second amended and restated credit agreement (as amended, restated or amended and restated, the “Credit Agreement”). The Credit Agreement provides for a revolving credit facility in an aggregate principal amount of $750.0 (the “Revolving Credit Facility”), with the commitments thereunder to be made available to the Company in U.S. Dollars, Canadian Dollars, Euros and Pounds Sterling. Letters of credit are available under the Credit Agreement in an aggregate amount of up to $75.0 . The Revolving Credit Facility has outstanding letters of cre dit of $21.4, which reduced the available borrowing capacity under the Revolving Credit Facility to $728.6 at December 31, 2021. Any outstanding amounts under the Revolving Credit Facility must be repaid on or before March 18, 2025. The Credit Agreement provides for potential incremental revolving and term facilities at the request of the Company and at the discretion of the lenders or other persons providing such incremental facilities, in each case on terms to be determined, and also permits the Company to incur other secured or unsecured debt, in all cases subject to conditions and limitations on the amount as specified in the Credit Agreement. The Credit Agreement permits the Company to designate certain of its subsidiaries as unrestricted subsidiaries and once so designated, permits the disposition of (and authorizes the release of liens on) the assets of, and the equity interests in, such unrestricted subsidiaries and permits the release of such unrestricted subsidiaries as guarantors under the Credit Agreement. The Company’s obligations under the Credit Agreement are unconditionally guaranteed by its existing and subsequently acquired or organized domestic subsidiaries (other than immaterial subsidiaries, certain excluded subsidiaries and subsidiaries the Company designates as unrestricted subsidiaries, which include 8th Avenue and its subsidiaries, BellRing Brands, Inc. and its subsidiaries, PHPC and PHPC Sponsor) and are secured by security interests in substantially all of the Company’s assets and the assets of its subsidiary guarantors, but excluding, in each case, real property. On September 3, 2021, the Company entered into an amendment to the Credit Agreement to change the reference interest rate applicable to revolving loan borrowings in Pounds Sterling from a Eurodollar rate-based rate to a rate based on the Sterling Overnight Index Average. On December 17, 2021, the Company entered into a second amendment to the Credit Agreement to, among other provisions, facilitate the BellRing Separation, the BellRing Distribution and the BellRing Merger. For additional information regarding the BellRing transactions, refer to Note 3. The amendment also amended the Credit Agreement to change the reference interest rate applicable to revolving loan borrowings in U.S. Dollars from LIBOR to a rate based on the secured overnight financing rate (“SOFR”). Borrowings in U.S. dollars under the Revolving Credit Facility bear interest, at the option of the Company, at an annual rate equal to either (a) the adjusted term SOFR rate (as defined in the Credit Agreement) or (b) the base rate determined by reference to the highest of (i) the prime rate, (ii) the federal funds rate plus 0.50% per annum and (iii) the one-month adjusted term SOFR rate plus 1.00% per annum, in each case plus an applicable margin, which is determined by reference to the secured net leverage ratio (as defined in the Credit Agreement), with the applicable margin for adjusted term SOFR rate loans and base rate loans being (i) 2.00% and 1.00%, respectively, if the secured net leverage ratio is greater than or equal to 3.00:1.00, (ii) 1.75% and 0.75%, respectively, if the secured net leverage ratio is less than 3.00:1.00 and greater than or equal to 1.50:1.00 or (iii) 1.50% and 0.50%, respectively, if the secured net leverage ratio is less than 1.50:1.00. Commitment fees on the daily unused amount of commitments under the Revolving Credit Facility accrue at a rate of 0.375% per annum if the Company’s secured net leverage ratio is greater than 3.00:1.00, and will accrue at a rate of 0.25% per annum if the Company’s secured net leverage ratio is less than or equal to 3.00:1.00. The Credit Agreement provides for customary events of default, including material breach of representations and warranties, failure to make required payments, failure to comply with certain agreements or covenants, failure to pay or default under certain other indebtedness in excess of $100.0, certain events of bankruptcy and insolvency, inability to pay debts, the occurrence of one or more unstayed or undischarged judgments in excess of $100.0, attachments issued against all or any material part of the Company’s property, certain events under the Employee Retirement Income Security Act of 1974 (“ERISA”), a change of control (as defined in the Credit Agreement), the invalidity of any loan document and the failure of the collateral documents to create a valid and perfected first priority lien (subject to certain permitted liens). Upon the occurrence and during the continuance of an event of default, the maturity of the loans under the Credit Agreement may accelerate 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 of the Company’s obligations under the Credit Agreement. Municipal Bond In connection with the construction of a filtration system at the Company’s potato plant in Chaska, Minnesota, the Company incurred debt that guarantees the repayment of certain industrial revenue bonds used to finance the construction of the project. Principal payments are due annually on March 1, and interest payments are due semi-annually each March 1 and September 1. The debt matures on March 1, 2028. BellRing’s Credit Agreement and Senior Debt Facilities On October 21, 2019, BellRing entered into a credit agreement (as amended, restated or amended and restated, the “BellRing Credit Agreement”), which provides for a term B loan facility in an aggregate original principal amount of $700.0 (the “BellRing Term B Facility”) and a revolving credit facility in an aggregate principal amount of up to $200.0 (the “BellRing Revolving Credit Facility”), with the commitments under the BellRing Revolving Credit Facility to be made available to BellRing in U.S. Dollars, Euros and Pounds Sterling. Letters of credit are available under the BellRing Credit Agreement in an aggregate amount of up to $20.0. Any outstanding amounts under the BellRing Revolving Credit Facility and BellRing Term B Facility must be repaid on or before October 21, 2024. On February 26, 2021, BellRing entered into a second amendment to the BellRing Credit Agreement (the “BellRing Amendment”). The BellRing Amendment provided for the refinancing of the BellRing Term B Facility on substantially the same terms as in effect prior to the BellRing Amendment, except that it (i) reduced the interest rate margin by 100 basis points, resulting in (A) for Eurodollar rate loans, an interest rate of the Eurodollar rate plus a margin of 4.00% and (B) for base rate loans, an interest rate of the base rate plus a margin of 3.00%, (ii) reduced the floor for the Eurodollar rate to 0.75%, (iii) modified the BellRing Credit Agreement to address the anticipated unavailability of LIBOR as a reference interest rate and (iv) provided that if on or before August 26, 2021 BellRing repaid the BellRing Term B Facility in whole or in part with the proceeds of new or replacement debt at a lower effective interest rate, or further amended the BellRing Credit Agreement to reduce the effective interest rate applicable to the BellRing Term B Facility, BellRing would have paid a 1.00% premium on the amount repaid or subject to the interest rate reduction. BellRing did not repay the BellRing Term B Facility or further amend the BellRing Credit Agreement on or before August 26, 2021. Prior to the BellRing Amendment, borrowings under the BellRing Term B Facility bore interest, at the option of BellRing, at an annual rate equal to either (a) the Eurodollar rate (with a floor of 1.00%) or (b) the base rate determined by reference to the greatest of (i) the prime rate, (ii) the federal funds effective rate plus 0.50% per annum and (iii) the one-month Eurodollar rate plus 1.00% per annum, in each case plus an applicable margin of 5.00% for Eurodollar rate-based loans and 4.00% for base rate-based loans. Subsequent to the BellRing Amendment, borrowings under the BellRing Term B Facility bear interest, at the option of BellRing, at an annual rate equal to either (a) the Eurodollar rate or (b) the base rate determined by reference to the greatest of (i) the prime rate, (ii) the federal funds effective rate plus 0.50% per annum and (iii) the one-month Eurodollar rate plus 1.00% per annum, in each case plus an applicable margin of 4.00% for Eurodollar rate-based loans and 3.00% for base rate-based loans. The BellRing Term B Facility requires quarterly scheduled amortization payments of $8.75, which began on March 31, 2020, with the balance to be paid at maturity on October 21, 2024. Interest was paid on each Interest Payment Date (as defined in the BellRing Credit Agreement) during each of the three months ended December 31, 2021 and 2020. The BellRing Term B Facility contains customary mandatory prepayment provisions, including provisions for mandatory prepayment (a) from the net cash proceeds of certain asset sales and (b) of 75% of consolidated excess cash flow (as defined in the BellRing Credit Agreement) (which percentage will be reduced to 50% if the secured net leverage ratio (as defined in the BellRing Credit Agreement) is less than or equal to 3.35:1.00 as of a fiscal year end). During the three months ended December 31, 2021, BellRing repaid $81.4 on the BellRing Term B Facility as a mandatory prepayment from fiscal 2021 excess cash flow, which was in addition to the scheduled amortization payments. BellRing may prepay the BellRing Term B Facility at its option without penalty or premium. The interest rate on the BellRing Term B Facility was 4.75% as of both December 31, 2021 and September 30, 2021. Borrowings under the BellRing Revolving Credit Facility bear interest, at the option of BellRing, at an annual rate equal to either the Eurodollar rate or the base rate (determined as described above) plus a margin, which is determined by reference to the secured net leverage ratio, with the applicable margin for Eurodollar rate-based loans and base rate-based loans being (i) 4.25% and 3.25%, respectively, if the secured net leverage ratio is greater than or equal to 3.50:1.00, (ii) 4.00% and 3.00%, respectively, if the secured net leverage ratio is less than 3.50:1.00 and greater than or equal to 2.50:1.00 or (iii) 3.75% and 2.75%, respectively, if the secured net leverage ratio is less than 2.50:1.00. Facility fees on the daily unused amount of commitments under the BellRing Revolving Credit Facility accrue at rates ranging from 0.25% to 0.50% per annum depending on BellRing’s secured net leverage ratio. There were no amounts drawn under the BellRing Revolving Credit Facility as of December 31, 2021 and September 30, 2021. During the three months ended December 31, 2021 and 2020, BellRing borrowed zero and $20.0, respectively, under the BellRing Revolving Credit Facility. There were no amounts repaid on the BellRing Revolving Credit Facility during each of the three months ended December 31, 2021 and 2020. The available borrowing capacity under the BellRing Revolving Credit Facility was $200.0 as of both December 31, 2021 and September 30, 2021. There were no outstanding letters of credit as of December 31, 2021 or September 30, 2021. The BellRing Credit Agreement provides for potential incremental revolving and term facilities at BellRing’s request and at the discretion of the lenders or other persons providing such incremental facilities, in each case on terms to be determined, and also permits BellRing to incur other secured or unsecured debt, in all cases subject to conditions and limitations on the amount as specified in the BellRing Credit Agreement. The BellRing 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 $65.0, certain events under ERISA, the invalidity of any loan document, a change in control and the failure of the collateral documents to create a valid and perfected first priority lien. Upon the occurrence and during the continuance of an event of default, the maturity of the loans under the BellRing Credit Agreement may accelerate and the agent and lenders under the BellRing Credit Agreement may exercise other rights and remedies available at law or under the loan documents, including with respect to the collateral and guarantees of BellRing’s obligations under the BellRing Credit Agreement. Obligations under the BellRing Credit Agreement are unconditionally guaranteed by the existing and subsequently acquired or organized direct and indirect domestic subsidiaries of BellRing (other than immaterial subsidiaries, certain excluded subsidiaries and subsidiaries of BellRing it designates as unrestricted subsidiaries) and are secured by security interests in substantially all of the assets of BellRing and the assets of its subsidiary guarantors (other than real property), subject to limited exceptions. The Company and its subsidiaries (other than BellRing and certain of its subsidiaries) are not obligors or guarantors under the BellRing debt facilities. Debt Covenants Credit Agreement Under the terms of the Credit Agreement, the Company is required to comply with a financial covenant consisting of a secured net leverage ratio (as defined in the Credit Agreement) not to exceed 4.25 to 1.00, measured as of the last day of any fiscal quarter, if, as of the last day of such fiscal quarter, the aggregate outstanding amount of all revolving credit loans, swing line loans and letter of credit obligations (subject to certain exceptions specified in the Credit Agreement) exceeds 30% of the Company’s revolving credit commitments. As of December 31, 2021, the Company was not required to comply with such financial covenant as the aggregate amount of the aforementioned obligations did not exceed 30% of the Company’s revolving credit commitments. The Credit Agreement provides for incremental revolving and term loan facilities, and also permits other secured or unsecured debt, if, among other conditions, certain financial ratios are met, as defined and specified in the Credit Agreement. BellRing Credit Agreement Under the terms of the BellRing Credit Agreement, BellRing is required to comply with a financial covenant requiring BellRing to maintain a total net leverage ratio (as defined in the BellRing Credit Agreement) not to exceed 6.00 to 1.00, measured as of the last day of each fiscal quarter. The total net leverage ratio of BellRing did not exceed this threshold as of December 31, 2021. The BellRing Credit Agreement provides for potential incremental revolving and term facilities at BellRing’s request and at the discretion of the lenders or other persons providing such incremental facilities, in each case on terms to be determined, and also permits BellRing to incur other secured or unsecured debt, in all cases subject to conditions and limitations on the amount as specified in the BellRing Credit Agreement. |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 3 Months Ended |
Dec. 31, 2021 | |
Legal Proceedings [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Legal Proceedings Antitrust Claims In late 2008 and early 2009, approximately 22 class action lawsuits were filed in various federal courts against Michael Foods, Inc. (“MFI”), a wholly-owned subsidiary of the Company, and approximately 20 other defendants (producers of shell eggs and 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. All cases were transferred to the Eastern District of Pennsylvania for coordinated and/or consolidated pretrial proceedings. The cases involved three plaintiff groups: (i) a nationwide class of direct purchasers of shell eggs (the “direct purchaser class”); (ii) individual companies (primarily large grocery chains and food companies that purchase considerable quantities of eggs) that opted out of various settlements and filed their own complaints related to their purchases of shell eggs and egg products (the “opt-out plaintiffs”); and (iii) indirect purchasers of shell eggs (the “indirect purchaser plaintiffs”). Resolution of claims: To date, MFI has resolved the following claims, including all class claims: (i) in December 2016, MFI settled all claims asserted against it by the direct purchaser class for a payment of $75.0, which was approved by the district court in December 2017; (ii) in January 2017, MFI settled all claims asserted against it by opt-out plaintiffs related to shell egg purchases on confidential terms; (iii) in June 2018, MFI settled all claims asserted against it by indirect purchaser plaintiffs on confidential terms; and (iv) between June 2019 and September 2019, MFI individually settled on confidential terms egg product opt-out claims asserted against it by four separate opt-out plaintiffs. MFI has at all times denied liability in this matter, and no settlement contains any admission of liability by MFI. Remaining portion of the cases: MFI remains a defendant only with respect to claims that seek damages based on purchases of egg products by three opt-out plaintiffs. The district court had granted summary judgment precluding any claims for egg products purchases by such opt-out plaintiffs, but the Third Circuit Court of Appeals reversed and remanded these claims for further pre-trial proceedings. Defendants filed a second motion for summary judgment seeking dismissal of the claims, which was denied in June 2019. The remaining opt-out plaintiffs have not yet been assigned trial dates. Although the likelihood of a material adverse outcome in the egg antitrust litigation has been significantly reduced as a result of the MFI settlements described above, the remaining portion of the cases could still result in a material adverse outcome. No expense was recorded in the Condensed Consolidated Statements of Operations related to these matters for the three months ended December 31, 2021 or 2020. At both December 31, 2021 and September 30, 2021, the Company had $3.5 accrued for this matter, which was included in “Other current liabilities” on the Condensed Consolidated Balance Sheets. The Company records reserves for litigation losses in accordance with ASC Topic 450, “Contingencies.” Under ASC Topic 450, a loss contingency is recorded if a loss is probable and can be reasonably estimated. The Company records probable loss contingencies based on the best estimate of the loss. If a range of loss can be reasonably estimated, but no single amount within the range appears to be a better estimate than any other amount within the range, the minimum amount in the range is accrued. These estimates are often initially developed earlier than when the ultimate loss is known, and the estimates are adjusted if additional information becomes known. Although the Company believes its accruals for this matter are appropriate, the final amounts required to resolve such matter could differ materially from recorded estimates and the Company’s consolidated financial condition, results of operations and cash flows could be materially affected. Under current law, any settlement paid, including the settlements with the direct purchaser plaintiffs, the opt-out plaintiffs and the indirect purchaser plaintiffs, is deductible for federal income tax purposes. 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 or in the aggregate to the consolidated financial condition, results of operations or cash flows of the Company. In addition, although 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 condition, results of operations or cash flows of the Company. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 3 Months Ended |
Dec. 31, 2021 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |
Pension and Other Postretirement benefits | PENSION AND OTHER POSTRETIREMENT BENEFITS The Company maintains qualified defined benefit plans in the U.S., the U.K. and Canada for certain employees primarily within its Post Consumer Brands and Weetabix segments. Certain of the Company’s employees are eligible to participate in the Company’s postretirement benefit plans (partially subsidized retiree health and life insurance). Amounts for the Canadian plans are included in the North America disclosures and are not disclosed separately because they do not constitute a significant portion of the combined amounts. The following tables provide the components of net periodic benefit cost (gain) for the pension plans. In the Condensed Consolidated Statements of Operations, service cost is reported in “Cost of goods sold” and “Selling, general and administrative expenses” and all other components of net periodic benefit cost (gain) are reported in “Other income, net.” North America Three Months Ended 2021 2020 Service cost $ 1.1 $ 0.9 Interest cost 0.9 0.8 Expected return on plan assets (1.8) (1.6) Recognized net actuarial loss 0.4 0.6 Net periodic benefit cost $ 0.6 $ 0.7 Other International Three Months Ended 2021 2020 Interest cost $ 4.2 $ 3.7 Expected return on plan assets (6.6) (6.0) Recognized prior service cost 0.1 0.1 Net periodic benefit gain $ (2.3) $ (2.2) The following table provides the components of net periodic benefit gain for the North American other postretirement benefit plans. In the Condensed Consolidated Statements of Operations, service cost is reported in “Cost of goods sold” and “Selling, general and administrative expenses” and all other components of net periodic benefit gain are reported in “Other income, net.” Three Months Ended 2021 2020 Service cost $ 0.1 $ 0.1 Interest cost 0.4 0.4 Recognized net actuarial loss 0.2 0.3 Recognized prior service credit (1.2) (1.2) Net periodic benefit gain $ (0.5) $ (0.4) |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Shareholders' Equity | SHAREHOLDERS’ EQUITY The following table summarizes the Company’s repurchases of its common stock. Three Months Ended 2021 2020 Shares repurchased 1.5 1.7 Average price per share $ 103.39 $ 93.45 Total cost including broker’s commissions (a) $ 155.0 $ 159.9 |
Segments
Segments | 3 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segments | SEGMENTS At December 31, 2021, the Company’s operating and reportable segments were as follows: • Post Consumer Brands: North American RTE cereal and Peter Pan nut butters; • Weetabix: primarily U.K. RTE cereal and muesli; • Foodservice: primarily egg and potato products; • Refrigerated Retail: primarily side dish, egg, cheese and sausage products; and • BellRing Brands: ready-to-drink (“RTD”) protein shakes, other RTD beverages, powders and nutrition bars. Due to the level of integration between the Foodservice and Refrigerated Retail segments, it is impracticable to present total assets separately for each segment. An allocation has been made between the two segments for depreciation based on inventory costing. Amounts reported for Corporate in the table below include any amounts attributable to PHPC. Management evaluates each segment’s performance based on its segment profit, which for all segments excluding BellRing Brands is its earnings/loss before income taxes and equity method earnings/loss before impairment of property, goodwill and other intangible assets, facility closure related costs, restructuring expenses, gain/loss on assets and liabilities held for sale, gain/loss on sale of businesses and facilities, gain on/adjustment to bargain purchase, interest expense and other unallocated corporate income and expenses. Segment profit for BellRing Brands, as it is a publicly-traded company, is its operating profit. The following tables present information about the Company’s reportable segments. Three Months Ended 2021 2020 Net Sales Post Consumer Brands $ 507.3 $ 445.0 Weetabix 118.6 113.5 Foodservice 438.6 354.5 Refrigerated Retail 273.4 263.1 BellRing Brands 306.5 282.4 Eliminations (0.7) (0.5) Total $ 1,643.7 $ 1,458.0 Segment Profit Post Consumer Brands $ 71.3 $ 70.5 Weetabix 27.2 28.1 Foodservice 15.1 10.8 Refrigerated Retail 13.6 33.7 BellRing Brands 50.6 47.8 Total segment profit 177.8 190.9 General corporate expenses and other 46.1 13.8 Interest expense, net 91.2 96.6 Expense (income) on swaps, net 36.9 (41.6) Earnings before income taxes and equity method loss $ 3.6 $ 122.1 Net sales by product Cereal and granola $ 607.3 $ 558.3 Nut butters 18.5 — Eggs and egg products 423.4 338.1 Side dishes (including potato products) 164.9 155.5 Cheese and dairy 59.6 62.7 Sausage 47.7 44.3 Protein-based products and supplements 306.5 282.5 Other 16.4 17.0 Eliminations (0.6) (0.4) Total $ 1,643.7 $ 1,458.0 Depreciation and amortization Post Consumer Brands $ 33.8 $ 28.2 Weetabix 9.3 9.4 Foodservice 32.0 30.7 Refrigerated Retail 20.3 18.1 BellRing Brands 5.3 6.7 Total segment depreciation and amortization 100.7 93.1 Corporate 1.0 1.0 Total $ 101.7 $ 94.1 Assets December 31, September 30, 2021 Post Consumer Brands $ 3,454.3 $ 3,467.8 Weetabix 1,919.7 1,930.4 Foodservice and Refrigerated Retail 4,957.1 5,074.2 BellRing Brands 600.5 696.4 Corporate 1,681.3 1,245.9 Total $ 12,612.9 $ 12,414.7 |
Noncontrolling Interests, Equ_2
Noncontrolling Interests, Equity Interests and Related Party Transactions (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Effects of changes in ownership of PHPC on Post equity | Net earnings attributable to redeemable NCI 0.1 PHPC deemed dividend $ 0.1 |
Redeemable Noncontrolling Interest | Beginning of period $ 305.0 Net earnings attributable to redeemable NCI 0.1 PHPC deemed dividend (0.1) End of period $ 305.0 |
Equity method loss attributable to 8th Avenue | Three Months Ended 2021 2020 8th Avenue’s net loss available to 8th Avenue’s common shareholders $ (27.7) $ (10.2) 60.5 % 60.5 % Equity method loss available to Post $ (16.8) $ (6.2) Less: Amortization of basis difference, net of tax (a) 1.7 1.7 Equity method loss, net of tax $ (18.5) $ (7.9) |
8th Avenue Summarized Financial Information | Three Months Ended 2021 2020 Net sales $ 259.6 $ 229.0 Gross profit $ 28.0 $ 35.4 Net (loss) earnings $ (18.0) $ (1.4) Less: Preferred stock dividend 9.7 8.8 Net Loss Available to 8th Avenue Common Shareholders $ (27.7) $ (10.2) |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Pro Forma Information | Three Months Ended 2020 Pro forma net sales $ 1,554.2 Pro forma net earnings available to common shareholders $ 80.6 Pro forma basic earnings per common share $ 1.23 Pro forma diluted earnings per common share $ 1.21 |
(Loss) Earnings Per Share (Tabl
(Loss) Earnings Per Share (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted (loss) earnings per share | Three Months Ended 2021 2020 Net (Loss) Earnings $ (20.8) $ 81.2 Impact of redeemable NCI 4.9 — Net (loss) earnings for basic (loss) earnings per share $ (15.9) $ 81.2 Dilutive impact of BellRing net earnings — — Net (loss) earnings for diluted (loss) earnings per share $ (15.9) $ 81.2 Weighted-average shares for basic (loss) earnings per share 62.5 65.7 Effect of dilutive securities: Stock options — 0.6 Stock appreciation rights — 0.1 Restricted stock units — 0.4 Performance-based restricted stock units — 0.1 Total dilutive securities — 1.2 Weighted-average shares for diluted (loss) earnings per share 62.5 66.9 Basic (loss) earnings per common share $ (0.25) $ 1.24 Diluted (loss) earnings per common share $ (0.25) $ 1.21 |
Antidilutive Securities Excluded from Computation of Earnings (Loss) Per Share | |
Antidilutive Securities Excluded from Computation of Diluted (Loss) Earnings Per Share | Three Months Ended 2021 2020 Stock options 0.8 0.2 Stock appreciation rights 0.1 — Restricted stock units 0.8 0.1 Performance-based restricted stock units 0.1 0.2 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Inventory [Abstract] | |
Inventories | December 31, September 30, 2021 Raw materials and supplies $ 139.3 $ 133.6 Work in process 19.3 19.3 Finished products 431.5 402.5 Flocks 31.5 39.1 $ 621.6 $ 594.5 |
Property, net (Tables)
Property, net (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, net | December 31, September 30, 2021 Property, at cost $ 3,186.3 $ 3,239.5 Accumulated depreciation (1,417.3) (1,400.1) $ 1,769.0 $ 1,839.4 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Goodwill | |
Carrying Amount of Goodwill | Post Consumer Brands Weetabix Foodservice Refrigerated Retail BellRing Brands Total Balance, September 30, 2021 Goodwill (gross) $ 2,067.1 $ 929.4 $ 1,355.0 $ 807.9 $ 180.7 $ 5,340.1 Accumulated impairment losses (609.1) — — (48.7) (114.8) (772.6) Goodwill (net) $ 1,458.0 $ 929.4 $ 1,355.0 $ 759.2 $ 65.9 $ 4,567.5 Sale of business (a) — — — (4.2) — (4.2) Currency translation adjustment — 3.4 — — — 3.4 Balance, December 31, 2021 Goodwill (gross) $ 2,067.1 $ 932.8 $ 1,355.0 $ 803.7 $ 180.7 $ 5,339.3 Accumulated impairment losses (609.1) — — (48.7) (114.8) (772.6) Goodwill (net) $ 1,458.0 $ 932.8 $ 1,355.0 $ 755.0 $ 65.9 $ 4,566.7 (a) In December 2021, the Company completed the WEF Transaction. For additional information, see Note 5. |
Intangible Assets, net (Tables)
Intangible Assets, net (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Total Intangible Assets | December 31, 2021 September 30, 2021 Carrying Accumulated Net Carrying Accumulated Net Subject to amortization: Customer relationships $ 2,329.6 $ (818.3) $ 1,511.3 $ 2,341.7 $ (791.7) $ 1,550.0 Trademarks and brands 840.6 (314.1) 526.5 843.0 (303.8) 539.2 Other intangible assets 3.1 (3.1) — 3.1 (3.1) — 3,173.3 (1,135.5) 2,037.8 3,187.8 (1,098.6) 2,089.2 Not subject to amortization: Trademarks and brands 1,059.4 — 1,059.4 1,058.3 — 1,058.3 $ 4,232.7 $ (1,135.5) $ 3,097.2 $ 4,246.1 $ (1,098.6) $ 3,147.5 |
Derivative Financial Instrume_2
Derivative Financial Instruments and Hedging (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional amounts of derivatives held | December 31, September 30, 2021 Commodity contracts $ 50.5 $ 59.8 Energy contracts 43.3 45.9 Foreign exchange contracts - Forward contracts 5.1 — Interest rate swaps 550.0 550.0 Interest rate swaps - Rate-lock swaps 1,549.3 1,549.3 PHPC Warrants 16.9 16.9 |
Derivative Instruments in Condensed Consolidated Balance Sheets | Balance Sheet Location December 31, September 30, 2021 Asset Derivatives: Commodity contracts Prepaid expenses and other current assets $ 19.2 $ 16.6 Energy contracts Prepaid expenses and other current assets 13.8 20.1 Commodity contracts Other assets — 2.9 Energy contracts Other assets 3.4 2.0 Foreign exchange contracts Prepaid expenses and other current assets 0.1 — Interest rate swaps Other assets 16.4 24.2 $ 52.9 $ 65.8 Liability Derivatives: Commodity contracts Other current liabilities $ 2.3 $ 2.8 Energy contracts Other current liabilities 0.5 — Energy contracts Other liabilities 0.1 — Interest rate swaps Other current liabilities 132.8 129.6 Interest rate swaps Other liabilities 270.6 247.9 PHPC Warrants Other liabilities 8.7 9.2 $ 415.0 $ 389.5 |
Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Other Comprehensive Income | The following tables present the effects of the Company’s derivative instruments on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive (Loss) Income for the three months ended December 31, 2021 and 2020. Derivatives Not Designated as Hedging Instruments Statement of Operations Location (Gain) Loss Recognized in Statement of Operations 2021 2020 Commodity contracts Cost of goods sold $ (8.8) $ (7.4) Energy contracts Cost of goods sold 2.1 (8.0) Foreign exchange contracts Selling, general and administrative expenses (0.1) 1.5 Interest rate swaps Interest expense, net (0.4) 0.5 Interest rate swaps Expense (income) on swaps, net 36.9 (41.6) PHPC Warrants Other income, net (0.5) — Derivatives Previously Designated as Hedging Instruments Loss Reclassified from Accumulated OCI including NCI into Earnings (a) Statement of Operations Location 2021 2020 Interest rate swaps $ 0.5 $ 0.5 Interest expense, net |
Net Hedging (Gains) Losses on Interest Rate Swaps | The following table presents the components of the Company’s net hedging (gains) losses on interest rate swaps, as well as cash settlements paid during the periods presented. Three Months Ended Statement of Operations Location Mark-to-Market (Gain) Loss, net Net Loss Reclassified from Accumulated OCI including NCI (a) Total Net Hedging (Gain) Loss Cash Settlements Paid, Net Interest expense, net $ (0.9) $ 0.5 $ (0.4) $ 1.3 Expense (income) on swaps, net 36.9 — 36.9 1.1 2021 Total $ 36.0 $ 0.5 $ 36.5 $ 2.4 Interest expense, net $ — $ 0.5 $ 0.5 $ 1.2 Expense (income) on swaps, net (41.6) — (41.6) 1.5 2020 Total $ (41.6) $ 0.5 $ (41.1) $ 2.7 (a) Includes the amortization of previously unrealized losses on BellRing’s interest rate swaps that were de-designated as hedging instruments as of April 1, 2020. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |
Assets and liabilities measured at fair value on a recurring basis | December 31, 2021 September 30, 2021 Total Level 1 Level 2 Total Level 1 Level 2 Assets: Deferred compensation investments $ 16.2 $ 16.2 $ — $ 15.5 $ 15.5 $ — Derivative assets 52.9 — 52.9 65.8 — 65.8 Equity securities 33.5 33.5 — 28.9 28.9 — $ 102.6 $ 49.7 $ 52.9 $ 110.2 $ 44.4 $ 65.8 Liabilities: Deferred compensation liabilities $ 37.5 $ — $ 37.5 $ 36.0 $ — $ 36.0 Derivative liabilities 415.0 8.7 406.3 389.5 9.2 380.3 $ 452.5 $ 8.7 $ 443.8 $ 425.5 $ 9.2 $ 416.3 |
Assets and liabilities measured at fair value on a nonrecurring basis | Balance, September 30, 2021 $ — Transfer of assets into held for sale 0.5 Net gain related to assets held for sale 9.8 Proceeds from the sale of assets held for sale (10.3) Balance, December 31, 2021 $ — |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt | December 31, September 30, 2021 4.50% Senior Notes maturing September 2031 $ 1,800.0 $ 1,800.0 4.625% Senior Notes maturing April 2030 1,650.0 1,650.0 5.50% Senior Notes maturing December 2029 1,250.0 750.0 5.625% Senior Notes maturing January 2028 940.9 940.9 5.75% Senior Notes maturing March 2027 1,299.3 1,299.3 BellRing Term B Facility 519.8 609.9 Municipal bond 7.5 7.5 $ 7,467.5 $ 7,057.6 Less: Current portion of long-term debt 36.1 117.4 Debt issuance costs, net 53.5 51.9 Plus: Unamortized premium and discount, net 51.1 34.5 Total long-term debt $ 7,429.0 $ 6,922.8 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |
Components of net periodic benefit cost (gain) | The following tables provide the components of net periodic benefit cost (gain) for the pension plans. In the Condensed Consolidated Statements of Operations, service cost is reported in “Cost of goods sold” and “Selling, general and administrative expenses” and all other components of net periodic benefit cost (gain) are reported in “Other income, net.” North America Three Months Ended 2021 2020 Service cost $ 1.1 $ 0.9 Interest cost 0.9 0.8 Expected return on plan assets (1.8) (1.6) Recognized net actuarial loss 0.4 0.6 Net periodic benefit cost $ 0.6 $ 0.7 Other International Three Months Ended 2021 2020 Interest cost $ 4.2 $ 3.7 Expected return on plan assets (6.6) (6.0) Recognized prior service cost 0.1 0.1 Net periodic benefit gain $ (2.3) $ (2.2) The following table provides the components of net periodic benefit gain for the North American other postretirement benefit plans. In the Condensed Consolidated Statements of Operations, service cost is reported in “Cost of goods sold” and “Selling, general and administrative expenses” and all other components of net periodic benefit gain are reported in “Other income, net.” Three Months Ended 2021 2020 Service cost $ 0.1 $ 0.1 Interest cost 0.4 0.4 Recognized net actuarial loss 0.2 0.3 Recognized prior service credit (1.2) (1.2) Net periodic benefit gain $ (0.5) $ (0.4) |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Repurchases of Common Stock | Three Months Ended 2021 2020 Shares repurchased 1.5 1.7 Average price per share $ 103.39 $ 93.45 Total cost including broker’s commissions (a) $ 155.0 $ 159.9 |
Segments (Tables)
Segments (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting Information, by Segment and Disaggregated Revenue | Three Months Ended 2021 2020 Net Sales Post Consumer Brands $ 507.3 $ 445.0 Weetabix 118.6 113.5 Foodservice 438.6 354.5 Refrigerated Retail 273.4 263.1 BellRing Brands 306.5 282.4 Eliminations (0.7) (0.5) Total $ 1,643.7 $ 1,458.0 Segment Profit Post Consumer Brands $ 71.3 $ 70.5 Weetabix 27.2 28.1 Foodservice 15.1 10.8 Refrigerated Retail 13.6 33.7 BellRing Brands 50.6 47.8 Total segment profit 177.8 190.9 General corporate expenses and other 46.1 13.8 Interest expense, net 91.2 96.6 Expense (income) on swaps, net 36.9 (41.6) Earnings before income taxes and equity method loss $ 3.6 $ 122.1 Net sales by product Cereal and granola $ 607.3 $ 558.3 Nut butters 18.5 — Eggs and egg products 423.4 338.1 Side dishes (including potato products) 164.9 155.5 Cheese and dairy 59.6 62.7 Sausage 47.7 44.3 Protein-based products and supplements 306.5 282.5 Other 16.4 17.0 Eliminations (0.6) (0.4) Total $ 1,643.7 $ 1,458.0 Depreciation and amortization Post Consumer Brands $ 33.8 $ 28.2 Weetabix 9.3 9.4 Foodservice 32.0 30.7 Refrigerated Retail 20.3 18.1 BellRing Brands 5.3 6.7 Total segment depreciation and amortization 100.7 93.1 Corporate 1.0 1.0 Total $ 101.7 $ 94.1 Assets December 31, September 30, 2021 Post Consumer Brands $ 3,454.3 $ 3,467.8 Weetabix 1,919.7 1,930.4 Foodservice and Refrigerated Retail 4,957.1 5,074.2 BellRing Brands 600.5 696.4 Corporate 1,681.3 1,245.9 Total $ 12,612.9 $ 12,414.7 |
Noncontrolling Interests, Equ_3
Noncontrolling Interests, Equity Interests and Related Party Transactions (Details) $ / shares in Units, shares in Millions, $ in Millions | Oct. 26, 2021 | May 28, 2021USD ($)shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($) | Sep. 30, 2021USD ($) | Jun. 03, 2021shares | Oct. 21, 2019$ / sharesshares | Oct. 01, 2018USD ($) |
Schedule of Equity Method Investments | ||||||||
Investments held in trust | $ 345 | $ 345 | ||||||
Redeemable noncontrolling interest | 305 | 305 | ||||||
PHPC IPO offering costs | 17.9 | |||||||
Deferred Offering Costs | 10.7 | 10.7 | ||||||
Equity method earnings (loss), net of tax | (18.6) | $ (7.9) | ||||||
Equity method investments | $ 51.9 | 70.7 | ||||||
Number of Joint Ventures Held | 2 | |||||||
Redeemable Noncontrolling Interest | Beginning of period $ 305.0 Net earnings attributable to redeemable NCI 0.1 PHPC deemed dividend (0.1) End of period $ 305.0 | |||||||
Effects of changes in ownership of PHPC on Post equity | Net earnings attributable to redeemable NCI 0.1 PHPC deemed dividend $ 0.1 | |||||||
PHPC Units | ||||||||
Schedule of Equity Method Investments | ||||||||
Common Unit, Issued | shares | 30 | |||||||
Share Price | $ / shares | $ 10 | |||||||
PHPC Units | Over-Allotment Option | ||||||||
Schedule of Equity Method Investments | ||||||||
Common Unit, Issued | shares | 4.5 | |||||||
PHPC Warrants | ||||||||
Schedule of Equity Method Investments | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | 11.50 | |||||||
PHPC Private Placement Units | ||||||||
Schedule of Equity Method Investments | ||||||||
Share Price | $ / shares | 10 | |||||||
PHPC Forward Purchase Units | ||||||||
Schedule of Equity Method Investments | ||||||||
Share Price | $ / shares | $ 10 | |||||||
8th Avenue | ||||||||
Schedule of Equity Method Investments | ||||||||
Net Loss Available to 8th Avenue Common Shareholders | $ (27.7) | $ (10.2) | ||||||
Equity Method Investment, Ownership Percentage | 60.50% | 60.50% | ||||||
Equity method loss available to Common Shareholders | $ (16.8) | $ (6.2) | ||||||
Amortization of basis difference, net of tax | 1.7 | 1.7 | ||||||
Equity method earnings (loss), net of tax | (18.5) | (7.9) | ||||||
Total Basis Difference Recognized | $ 70.3 | |||||||
Remaining Basis Difference to be Amortized | 46.1 | 47.8 | ||||||
Net sales | 259.6 | 229 | ||||||
Gross profit | 28 | 35.4 | ||||||
Net (loss) earnings | (18) | (1.4) | ||||||
Less: Preferred stock dividend | 9.7 | 8.8 | ||||||
Revenue from Related Parties | 1.4 | 2 | ||||||
Purchases from and Royalties paid to Related Party | $ 29.5 | 2.2 | ||||||
Alpen Food Company South Africa (Pty) Limited | ||||||||
Schedule of Equity Method Investments | ||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||
Equity method earnings (loss), net of tax | $ (0.1) | 0 | ||||||
Equity Method Investments | 8th Avenue | ||||||||
Schedule of Equity Method Investments | ||||||||
Equity method investments | 48.1 | 66.6 | ||||||
Equity Method Investments | Alpen Food Company South Africa (Pty) Limited | ||||||||
Schedule of Equity Method Investments | ||||||||
Equity method investments | 3.8 | 4.1 | ||||||
Accounts Receivable | 8th Avenue | ||||||||
Schedule of Equity Method Investments | ||||||||
Accounts Receivable, Related Parties | 4.4 | 4.6 | ||||||
Accounts Payable | 8th Avenue | ||||||||
Schedule of Equity Method Investments | ||||||||
Accounts Payable, Related Parties | 1.4 | 1.2 | ||||||
Other Liabilities | 8th Avenue | ||||||||
Schedule of Equity Method Investments | ||||||||
Due to Related Parties | 0.7 | 0.7 | ||||||
Other Assets | Alpen Food Company South Africa (Pty) Limited | ||||||||
Schedule of Equity Method Investments | ||||||||
Notes Receivable, Related Parties, Noncurrent | 0.5 | 0.5 | ||||||
Post Holdings, Inc. | ||||||||
Schedule of Equity Method Investments | ||||||||
Third Party Costs | 4.4 | |||||||
PHPC | ||||||||
Schedule of Equity Method Investments | ||||||||
Proceeds from initial public offering | $ 345 | |||||||
PHPC | PHPC Units | ||||||||
Schedule of Equity Method Investments | ||||||||
Proceeds from initial public offering | $ 345 | |||||||
PHPC | PHPC Private Placement Units | ||||||||
Schedule of Equity Method Investments | ||||||||
Proceeds from Issuance of Private Placement | $ 10.9 | |||||||
PHPC Sponsor | PHPC Private Placement Units | ||||||||
Schedule of Equity Method Investments | ||||||||
Common Unit, Issued | shares | 1 | |||||||
PHPC Sponsor | PHPC Private Placement Units | Over-Allotment Option | ||||||||
Schedule of Equity Method Investments | ||||||||
Common Unit, Issued | shares | 0.1 | |||||||
Selling, General and Administrative Expenses | 8th Avenue | ||||||||
Schedule of Equity Method Investments | ||||||||
MSA and Advisory Income | $ 1 | $ 0.8 | ||||||
BellRing Brands, LLC | BellRing Brands, Inc. | ||||||||
Schedule of Equity Method Investments | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 28.50% | 28.80% | 28.80% | |||||
BellRing Brands, LLC | Post Holdings, Inc. | ||||||||
Schedule of Equity Method Investments | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 71.50% | 71.20% | 71.20% | |||||
Post Holdings, Inc. | Weetabix East Africa Limited | ||||||||
Schedule of Equity Method Investments | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.10% | |||||||
PHPC | Post Holdings, Inc. | ||||||||
Schedule of Equity Method Investments | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 31.00% | 31.00% | ||||||
PHPC | Public Shareholders | ||||||||
Schedule of Equity Method Investments | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 69.00% | 69.00% | ||||||
PHPC Sponsor | PHPC Units | ||||||||
Schedule of Equity Method Investments | ||||||||
Common Unit, Issued | shares | 4 | |||||||
Purchases of PHPC Units | $ 40 | |||||||
Redeemable Noncontrolling Interest | ||||||||
Schedule of Equity Method Investments | ||||||||
Redeemable noncontrolling interest | $ 305 | $ 305 | ||||||
Net earnings attributable to redeemable noncontrolling interest | 0.1 | |||||||
PHPC deemed dividend | 0.1 | |||||||
Minimum | BellRing Brands, LLC | Post Holdings, Inc. | ||||||||
Schedule of Equity Method Investments | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | |||||||
Maximum | PHPC Forward Purchase Units | ||||||||
Schedule of Equity Method Investments | ||||||||
Common Unit, Authorized | shares | 10 | |||||||
Maximum | PHPC Sponsor | PHPC Forward Purchase Units | ||||||||
Schedule of Equity Method Investments | ||||||||
Proceeds from Issuance of Forward Purchase Agreement | $ 100 | |||||||
Common Class A | BellRing Brands, Inc. | ||||||||
Schedule of Equity Method Investments | ||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | |||||||
Common Stock, Shares, Issued | shares | 39.4 | |||||||
Common Class A | PHPC | ||||||||
Schedule of Equity Method Investments | ||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | |||||||
Common Class B | BellRing Brands, Inc. | ||||||||
Schedule of Equity Method Investments | ||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | |||||||
Initial Public Offering, Percentage of Voting Interests | 67.00% | |||||||
Common Class B | PHPC | ||||||||
Schedule of Equity Method Investments | ||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | 0.0001 | |||||||
Series F Common Stock | PHPC | ||||||||
Schedule of Equity Method Investments | ||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | |||||||
Series F Common Stock | PHPC Sponsor | ||||||||
Schedule of Equity Method Investments | ||||||||
Common Stock, Shares, Outstanding | shares | 8.6 | |||||||
New BellRing Common Stock | Post Holdings, Inc. | ||||||||
Schedule of Equity Method Investments | ||||||||
Distribution of ownership in subsidiary, percentage | 80.10% | |||||||
Sale of Stock, Percentage of Ownership after Transaction | 14.20% | |||||||
New BellRing Common Stock | Post Holdings, Inc. Stockholders | ||||||||
Schedule of Equity Method Investments | ||||||||
Sale of Stock, Percentage of Ownership after Transaction | 57.30% | |||||||
New BellRing Common Stock | Existing BellRing Brands, Inc. Stockholders | ||||||||
Schedule of Equity Method Investments | ||||||||
Sale of Stock, Percentage of Ownership after Transaction | 28.50% |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ in Millions | Jun. 01, 2021 | May 27, 2021 | Feb. 01, 2021 | Jan. 25, 2021 | Sep. 30, 2021 | Dec. 31, 2021 |
PL RTE Cereal Business | ||||||
Business Acquisition | ||||||
Payments to Acquire Businesses, Base Purchase Price | $ 85 | |||||
Payment at closing | $ 88 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 99.5 | |||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | 11.5 | |||||
Egg Beaters | ||||||
Business Acquisition | ||||||
Payments to Acquire Businesses, Base Purchase Price | $ 50 | |||||
Payment at closing | $ 50.6 | |||||
Almark Foods | ||||||
Business Acquisition | ||||||
Payments to Acquire Businesses, Base Purchase Price | $ 52 | |||||
Payment at closing | $ 51.3 | |||||
Almark Foods | Receivables, net | ||||||
Business Acquisition | ||||||
Business Combination, Working Capital Receivable | 3 | $ 3 | ||||
Peter Pan | ||||||
Business Acquisition | ||||||
Payments to Acquire Businesses, Base Purchase Price | $ 102 | |||||
Payment at closing | $ 103.4 | |||||
Working capital settlement received | $ 2 |
Business Combinations Pro Forma
Business Combinations Pro Forma Financial Information (Details) $ / shares in Units, $ in Millions | 3 Months Ended |
Dec. 31, 2020USD ($)$ / shares | |
Business Combinations [Abstract] | |
Pro forma net sales | $ | $ 1,554.2 |
Pro forma net earnings available to common shareholders | $ | $ 80.6 |
Pro forma basic earnings (loss) per share (in usd per share) | $ / shares | $ 1.23 |
Pro forma diluted earnings (loss) per share (in usd per share) | $ / shares | $ 1.21 |
Amounts Held for Sale (Details)
Amounts Held for Sale (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Proceeds from sale of business | $ 50.1 | $ 0 |
(Gain) loss on assets held for sale | (0.6) | |
Proceeds from Sale of Property, Plant, and Equipment | 14.4 | 16.4 |
Post Consumer Brands | Asheboro, North Carolina facility | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
(Gain) loss on assets held for sale | 0.1 | |
Weetabix Segment | Corby, United Kingdom facility | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
(Gain) loss on assets held for sale | $ (0.7) | |
Foodservice | Klingerstown Equipment | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
(Gain) loss on assets held for sale | (9.8) | |
Proceeds from Sale of Property, Plant, and Equipment | 10.3 | |
Refrigerated Retail | Williamette Egg Farms | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Disposal Group, Including Discontinued Operation, Assets | 62.8 | |
Proceeds from sale of business | 56.1 | |
Loss on sale of business | 6.7 | |
Refrigerated Retail | Receivables, net | Williamette Egg Farms | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Disposition of Business, Working Capital Settlement Receivable | $ 6 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure | ||
Effective Income Tax Rate | (161.10%) | 19.00% |
Latest Tax Year | ||
Income Tax Disclosure | ||
Effective Income Tax Rate Reconciliation, Equity in Earnings (Losses) of Unconsolidated Subsidiary, Amount | $ 4.6 | |
Effective Income Tax Rate Reconciliation, Tax Benefit, Share-based Payment Arrangement, Amount | $ 2.2 |
(Loss) Earnings Per Share (Deta
(Loss) Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings (Loss) Per Share, Diluted, by Common Class, Including Two Class Method | ||
Net (loss) earnings | $ (20.8) | $ 81.2 |
Impact of redeemable NCI | 4.9 | 0 |
Net (loss) earnings for basic (loss) earnings per share | (15.9) | 81.2 |
Dilutive impact of BellRing net earnings | 0 | 0 |
Net (loss) earnings for diluted (loss) earnings per share | $ (15.9) | $ 81.2 |
Weighted-average shares for basic (loss) earnings per share | 62.5 | 65.7 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 1.2 |
Weighted-average shares for diluted (loss) earnings per share | 62.5 | 66.9 |
Basic (loss) earnings per share (in usd per share) | $ (0.25) | $ 1.24 |
Diluted (loss) earnings per share (in usd per share) | $ (0.25) | $ 1.21 |
Stock Options | ||
Earnings (Loss) Per Share, Diluted, by Common Class, Including Two Class Method | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 0.6 |
Stock Appreciation Rights | ||
Earnings (Loss) Per Share, Diluted, by Common Class, Including Two Class Method | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 0.1 |
Restricted Stock Awards | ||
Earnings (Loss) Per Share, Diluted, by Common Class, Including Two Class Method | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 0.4 |
Performance-based restricted stock awards | ||
Earnings (Loss) Per Share, Diluted, by Common Class, Including Two Class Method | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 0.1 |
(Loss) Earnings Per Share Antid
(Loss) Earnings Per Share Antidilutive shares excluded from earnings per share (Details) - shares shares in Millions | 3 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings (Loss) Per Share | ||
Antidilutive Securities Excluded from Computation of (Loss) Earnings Per Share, Amount | 0.8 | 0.2 |
Stock Appreciation Rights | ||
Antidilutive Securities Excluded from Computation of Earnings (Loss) Per Share | ||
Antidilutive Securities Excluded from Computation of (Loss) Earnings Per Share, Amount | 0.1 | 0 |
Restricted Stock Awards | ||
Antidilutive Securities Excluded from Computation of Earnings (Loss) Per Share | ||
Antidilutive Securities Excluded from Computation of (Loss) Earnings Per Share, Amount | 0.8 | 0.1 |
Performance-based restricted stock awards | ||
Antidilutive Securities Excluded from Computation of Earnings (Loss) Per Share | ||
Antidilutive Securities Excluded from Computation of (Loss) Earnings Per Share, Amount | 0.1 | 0.2 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 |
Inventory [Abstract] | ||
Raw materials and supplies | $ 139.3 | $ 133.6 |
Work in process | 19.3 | 19.3 |
Finished products | 431.5 | 402.5 |
Flocks | 31.5 | 39.1 |
Inventories | $ 621.6 | $ 594.5 |
Property, net (Details)
Property, net (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 |
Property, Plant and Equipment [Abstract] | ||
Property, at cost | $ 3,186.3 | $ 3,239.5 |
Accumulated depreciation | (1,417.3) | (1,400.1) |
Property, net | $ 1,769 | $ 1,839.4 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2021 | Sep. 30, 2021 | |
Goodwill | ||
Goodwill (gross) | $ 5,339.3 | $ 5,340.1 |
Accumulated impairment losses | (772.6) | (772.6) |
Goodwill | 4,566.7 | 4,567.5 |
Goodwill, Written off Related to Sale of Business Unit | (4.2) | |
Currency translation adjustment | 3.4 | |
Post Consumer Brands | ||
Goodwill | ||
Goodwill (gross) | 2,067.1 | 2,067.1 |
Accumulated impairment losses | (609.1) | (609.1) |
Goodwill | 1,458 | 1,458 |
Goodwill, Written off Related to Sale of Business Unit | 0 | |
Currency translation adjustment | 0 | |
Weetabix | ||
Goodwill | ||
Goodwill (gross) | 932.8 | 929.4 |
Accumulated impairment losses | 0 | 0 |
Goodwill | 932.8 | 929.4 |
Goodwill, Written off Related to Sale of Business Unit | 0 | |
Currency translation adjustment | 3.4 | |
Foodservice | ||
Goodwill | ||
Goodwill (gross) | 1,355 | 1,355 |
Accumulated impairment losses | 0 | 0 |
Goodwill | 1,355 | 1,355 |
Goodwill, Written off Related to Sale of Business Unit | 0 | |
Currency translation adjustment | 0 | |
Refrigerated Retail | ||
Goodwill | ||
Goodwill (gross) | 803.7 | 807.9 |
Accumulated impairment losses | (48.7) | (48.7) |
Goodwill | 755 | 759.2 |
Goodwill, Written off Related to Sale of Business Unit | (4.2) | |
Currency translation adjustment | 0 | |
BellRing Brands | ||
Goodwill | ||
Goodwill (gross) | 180.7 | 180.7 |
Accumulated impairment losses | (114.8) | (114.8) |
Goodwill | 65.9 | $ 65.9 |
Goodwill, Written off Related to Sale of Business Unit | 0 | |
Currency translation adjustment | $ 0 |
Intangible Assets, net (Details
Intangible Assets, net (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2021 | Sep. 30, 2021 | |
Finite-Lived Intangible Assets | ||
Finite-Lived Intangible Assets, Gross | $ 3,173.3 | $ 3,187.8 |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,135.5) | (1,098.6) |
Finite-Lived Intangible Assets, Net | 2,037.8 | 2,089.2 |
Intangible Assets, Net (Excluding Goodwill) | ||
Carrying amount, total | 4,232.7 | 4,246.1 |
Other intangible assets, net | 3,097.2 | 3,147.5 |
Customer Relationships | Refrigerated Retail | ||
Intangible Assets, Net (Excluding Goodwill) | ||
Indefinite-lived Intangible Assets, Written off Related to Sale of Business Unit | 8.8 | |
Trademarks and brands | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | ||
Carrying amount | 1,059.4 | 1,058.3 |
Trademarks and brands | Refrigerated Retail | ||
Intangible Assets, Net (Excluding Goodwill) | ||
Indefinite-lived Intangible Assets, Written off Related to Sale of Business Unit | 1.7 | |
Customer Relationships | ||
Finite-Lived Intangible Assets | ||
Finite-Lived Intangible Assets, Gross | 2,329.6 | 2,341.7 |
Finite-Lived Intangible Assets, Accumulated Amortization | (818.3) | (791.7) |
Finite-Lived Intangible Assets, Net | 1,511.3 | 1,550 |
Trademarks and brands | ||
Finite-Lived Intangible Assets | ||
Finite-Lived Intangible Assets, Gross | 840.6 | 843 |
Finite-Lived Intangible Assets, Accumulated Amortization | (314.1) | (303.8) |
Finite-Lived Intangible Assets, Net | 526.5 | 539.2 |
Other Intangible Assets | ||
Finite-Lived Intangible Assets | ||
Finite-Lived Intangible Assets, Gross | 3.1 | 3.1 |
Finite-Lived Intangible Assets, Accumulated Amortization | (3.1) | (3.1) |
Finite-Lived Intangible Assets, Net | $ 0 | $ 0 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Hedging (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 |
Derivatives, Fair Value | ||
Accumulated Other Comprehensive Income, Remaining Net Loss to be Amortized | $ 6.6 | $ 7.1 |
Assets, Total | ||
Derivatives, Fair Value | ||
Derivative Asset, Fair Value, Gross Asset | 52.9 | 65.8 |
Liabilities, Total | ||
Derivatives, Fair Value | ||
Derivative Liability, Fair Value, Gross Liability | 415 | 389.5 |
Commodity contracts | Other Current Assets | ||
Derivatives, Fair Value | ||
Derivative Asset, Fair Value, Gross Asset | 19.2 | 16.6 |
Commodity contracts | Other Assets | ||
Derivatives, Fair Value | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 2.9 |
Commodity contracts | Other Current Liabilities | ||
Derivatives, Fair Value | ||
Derivative Liability, Fair Value, Gross Liability | 2.3 | 2.8 |
Commodity contracts | Derivatives Not Designated as Hedging Instruments | ||
Derivatives, Fair Value | ||
Notional Amount of Derivative | 50.5 | 59.8 |
Energy Contracts | Other Current Assets | ||
Derivatives, Fair Value | ||
Derivative Asset, Fair Value, Gross Asset | 13.8 | 20.1 |
Energy Contracts | Other Assets | ||
Derivatives, Fair Value | ||
Derivative Asset, Fair Value, Gross Asset | 3.4 | 2 |
Energy Contracts | Other Current Liabilities | ||
Derivatives, Fair Value | ||
Derivative Liability, Fair Value, Gross Liability | 0.5 | 0 |
Energy Contracts | Other Liabilities | ||
Derivatives, Fair Value | ||
Derivative Liability, Fair Value, Gross Liability | 0.1 | 0 |
Energy Contracts | Derivatives Not Designated as Hedging Instruments | ||
Derivatives, Fair Value | ||
Notional Amount of Derivative | 43.3 | 45.9 |
Foreign Exchange Contract - Forward Contracts | Other Current Assets | ||
Derivatives, Fair Value | ||
Derivative Asset, Fair Value, Gross Asset | 0.1 | 0 |
Foreign Exchange Contract - Forward Contracts | Derivatives Not Designated as Hedging Instruments | ||
Derivatives, Fair Value | ||
Notional Amount of Derivative | 5.1 | 0 |
Interest Rate Swap | Other Assets | ||
Derivatives, Fair Value | ||
Derivative Asset, Fair Value, Gross Asset | 16.4 | 24.2 |
Interest Rate Swap | Other Current Liabilities | ||
Derivatives, Fair Value | ||
Derivative Liability, Fair Value, Gross Liability | 132.8 | 129.6 |
Interest Rate Swap | Other Liabilities | ||
Derivatives, Fair Value | ||
Derivative Liability, Fair Value, Gross Liability | 270.6 | 247.9 |
Interest Rate Swap | Derivatives Not Designated as Hedging Instruments | ||
Derivatives, Fair Value | ||
Notional Amount of Derivative | 550 | 550 |
Interest rate swap, rate lock swaps | Derivatives Not Designated as Hedging Instruments | ||
Derivatives, Fair Value | ||
Notional Amount of Derivative | 1,549.3 | 1,549.3 |
PHPC Warrants | Other Liabilities | ||
Derivatives, Fair Value | ||
Derivative Liability, Fair Value, Gross Liability | 8.7 | 9.2 |
PHPC Warrants | Derivatives Not Designated as Hedging Instruments | ||
Derivatives, Fair Value | ||
Notional Amount of Derivative | $ 16.9 | $ 16.9 |
Derivative Financial Instrume_4
Derivative Financial Instruments and Hedging (Gain) Loss recognized in Statement of Operations from derivative instruments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Mark-to-Market (Gain) Loss, net | ||
Derivative Instruments, (Gain) Loss | ||
(Gain) Loss Recognized in Statement of Operations | $ 36 | $ (41.6) |
Net Loss Reclassified from Accumulated OCI including NCI (a) | ||
Derivative Instruments, (Gain) Loss | ||
(Gain) Loss Recognized in Statement of Operations | 0.5 | 0.5 |
Total Net Hedging (Gain) Loss | ||
Derivative Instruments, (Gain) Loss | ||
(Gain) Loss Recognized in Statement of Operations | 36.5 | (41.1) |
Cash Settlements Paid, Net | ||
Derivative Instruments, (Gain) Loss | ||
(Gain) Loss Recognized in Statement of Operations | 2.4 | 2.7 |
Interest expense, net | Mark-to-Market (Gain) Loss, net | ||
Derivative Instruments, (Gain) Loss | ||
(Gain) Loss Recognized in Statement of Operations | (0.9) | 0 |
Interest expense, net | Net Loss Reclassified from Accumulated OCI including NCI (a) | ||
Derivative Instruments, (Gain) Loss | ||
(Gain) Loss Recognized in Statement of Operations | 0.5 | 0.5 |
Interest expense, net | Total Net Hedging (Gain) Loss | ||
Derivative Instruments, (Gain) Loss | ||
(Gain) Loss Recognized in Statement of Operations | (0.4) | 0.5 |
Interest expense, net | Cash Settlements Paid, Net | ||
Derivative Instruments, (Gain) Loss | ||
(Gain) Loss Recognized in Statement of Operations | 1.3 | 1.2 |
Expense (income) on swaps, net | Mark-to-Market (Gain) Loss, net | ||
Derivative Instruments, (Gain) Loss | ||
(Gain) Loss Recognized in Statement of Operations | 36.9 | (41.6) |
Expense (income) on swaps, net | Net Loss Reclassified from Accumulated OCI including NCI (a) | ||
Derivative Instruments, (Gain) Loss | ||
(Gain) Loss Recognized in Statement of Operations | 0 | 0 |
Expense (income) on swaps, net | Total Net Hedging (Gain) Loss | ||
Derivative Instruments, (Gain) Loss | ||
(Gain) Loss Recognized in Statement of Operations | 36.9 | (41.6) |
Expense (income) on swaps, net | Cash Settlements Paid, Net | ||
Derivative Instruments, (Gain) Loss | ||
(Gain) Loss Recognized in Statement of Operations | 1.1 | 1.5 |
Derivatives Not Designated as Hedging Instruments | Commodity contracts | Cost of Goods Sold | ||
Derivative Instruments, (Gain) Loss | ||
(Gain) Loss Recognized in Statement of Operations | (8.8) | (7.4) |
Derivatives Not Designated as Hedging Instruments | Energy Contracts | Cost of Goods Sold | ||
Derivative Instruments, (Gain) Loss | ||
(Gain) Loss Recognized in Statement of Operations | 2.1 | (8) |
Derivatives Not Designated as Hedging Instruments | Foreign Exchange Contract - Forward Contracts | Selling, General and Administrative Expenses | ||
Derivative Instruments, (Gain) Loss | ||
(Gain) Loss Recognized in Statement of Operations | (0.1) | 1.5 |
Derivatives Not Designated as Hedging Instruments | Interest rate swaps | Interest expense, net | ||
Derivative Instruments, (Gain) Loss | ||
(Gain) Loss Recognized in Statement of Operations | (0.4) | 0.5 |
Derivatives Not Designated as Hedging Instruments | Interest rate swaps | Expense (income) on swaps, net | ||
Derivative Instruments, (Gain) Loss | ||
(Gain) Loss Recognized in Statement of Operations | 36.9 | (41.6) |
Derivatives Not Designated as Hedging Instruments | PHPC Warrants | Other Income | ||
Derivative Instruments, (Gain) Loss | ||
(Gain) Loss Recognized in Statement of Operations | (0.5) | 0 |
Hedging Instruments | Interest rate swaps | Interest expense, net | ||
Derivative Instruments, (Gain) Loss | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0.5 | $ 0.5 |
Derivative Financial Instrume_5
Derivative Financial Instruments and Hedging Derivatives designated as hedges and pledged collateral (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 |
Derivative Instruments, (Gain) Loss | ||
Accumulated Other Comprehensive Income, Cumulative Changes in Net Gain from Hedges, Before Tax | $ 93 | |
Cross Currency Swap Settlements and Unrealized Gains Included in AOCI | 99.5 | $ 99.5 |
Collateral Already Posted | 1.6 | 6.4 |
Hedging Instruments | ||
Derivative Instruments, (Gain) Loss | ||
Accumulated Other Comprehensive Income, Cumulative Changes in Net Gain from Hedges, Before Tax | 93 | 92.5 |
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | 70.1 | $ 69.6 |
Interest Rate Swap | Hedging Instruments | ||
Derivative Instruments, (Gain) Loss | ||
Interest Rate Swap Losses to be Reclassified During Next 12 Months | $ 2.3 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Deferred Compensation Investment | $ 16.2 | $ 15.5 | |
Derivative Asset | 52.9 | 65.8 | |
Equity securities | 33.5 | 28.9 | |
Assets, Fair Value Disclosure | 102.6 | 110.2 | |
Deferred Compensation Liabilities | 37.5 | 36 | |
Derivative Liability | 415 | 389.5 | |
Other Liabilities, Fair Value Disclosure | 452.5 | 425.5 | |
Gains related to assets and liabilities held for sale | $ (0.6) | ||
Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Deferred Compensation Investment | 16.2 | 15.5 | |
Derivative Asset | 0 | 0 | |
Equity securities | 33.5 | 28.9 | |
Assets, Fair Value Disclosure | 49.7 | 44.4 | |
Deferred Compensation Liabilities | 0 | 0 | |
Derivative Liability | 8.7 | 9.2 | |
Other Liabilities, Fair Value Disclosure | 8.7 | 9.2 | |
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Deferred Compensation Investment | 0 | 0 | |
Derivative Asset | 52.9 | 65.8 | |
Equity securities | 0 | 0 | |
Assets, Fair Value Disclosure | 52.9 | 65.8 | |
Deferred Compensation Liabilities | 37.5 | 36 | |
Derivative Liability | 406.3 | 380.3 | |
Other Liabilities, Fair Value Disclosure | 443.8 | 416.3 | |
Debt, Fair Value | 7,661.8 | 7,210.5 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Increase (Decrease) in Assets Held-for-sale | 0.5 | ||
Gains related to assets and liabilities held for sale | 9.8 | ||
Proceeds from the sale of assets held for sale | (10.3) | ||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | $ 0 | $ 0 |
Long-Term Debt (Details)
Long-Term Debt (Details) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020$ / shares | Sep. 30, 2021USD ($) | Feb. 26, 2021 | |
Debt Instrument | |||||
Long-term Debt, Including Current Maturities | $ 7,467,500,000 | $ 7,057,600,000 | |||
Current portion of long-term debt | 36,100,000 | 117,400,000 | |||
Debt Issuance Costs, net | 53,500,000 | 51,900,000 | |||
Plus: Unamortized premium and discount, net | 51,100,000 | 34,500,000 | |||
Total Long-term Debt | 7,429,000,000 | 6,922,800,000 | |||
Repayments of Long-term Debt | 90,100,000 | $ 37,500,000 | |||
Payments of Debt Issuance Costs | $ 3,600,000 | 100,000 | |||
Debt Covenant, Leverage Ratio | 4.25 | ||||
Debt Covenant, Percentage of Revolving Credit Commitments | 30.00% | ||||
Revolving Credit Facility | |||||
Debt Instrument | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 750,000,000 | ||||
Letters of Credit Outstanding, Amount | 21,400,000 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 728,600,000 | ||||
Debt Covenant, Maximum Undischarged Judgments | $ 100,000,000 | ||||
Revolving Credit Facility | Minimum | |||||
Debt Instrument | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||||
Revolving Credit Facility | Maximum | |||||
Debt Instrument | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.375% | ||||
Revolving Credit Facility | Base Rate | Minimum | |||||
Debt Instrument | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
Revolving Credit Facility | Base Rate | Maximum | |||||
Debt Instrument | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||
Revolving Credit Facility | Base Rate | Median | |||||
Debt Instrument | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||
Revolving Credit Facility | Federal Funds | |||||
Debt Instrument | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
Revolving Credit Facility | One-Month Eurodollar | |||||
Debt Instrument | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||
Revolving Credit Facility | Eurodollar | Minimum | |||||
Debt Instrument | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||
Revolving Credit Facility | Eurodollar | Maximum | |||||
Debt Instrument | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||
Revolving Credit Facility | Eurodollar | Median | |||||
Debt Instrument | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||
Line of Credit | |||||
Debt Instrument | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 75,000,000 | ||||
BellRing Term B Facility | |||||
Debt Instrument | |||||
Long-term Debt | $ 519,800,000 | 609,900,000 | |||
BellRing Term B Facility | Base Rate | |||||
Debt Instrument | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||
Municipal Bonds | |||||
Debt Instrument | |||||
Long-term Debt | $ 7,500,000 | 7,500,000 | |||
4.50% Senior Notes Maturing in September 2031 | Senior Notes | |||||
Debt Instrument | |||||
Long-term Debt | 1,800,000,000 | 1,800,000,000 | |||
4.625% Senior Notes Maturing April 2030 | Senior Notes | |||||
Debt Instrument | |||||
Long-term Debt | 1,650,000,000 | 1,650,000,000 | |||
5.50% Senior Notes Maturing in December 2029 | Senior Notes | |||||
Debt Instrument | |||||
Long-term Debt | $ 1,250,000,000 | 750,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | ||||
Proceeds from Issuance of Debt | $ 514,100,000 | ||||
Payments of Debt Issuance Costs | $ 3,400,000 | ||||
Debt Instrument, Issuance Price, Percentage of Par Value | 103.50% | ||||
5.625% Senior Notes maturing January 2028 | Senior Notes | |||||
Debt Instrument | |||||
Long-term Debt | $ 940,900,000 | 940,900,000 | |||
5.75% Senior Notes Maturing March 2027 | Senior Notes | |||||
Debt Instrument | |||||
Long-term Debt | 1,299,300,000 | $ 1,299,300,000 | |||
Additional 5.50% Senior Notes Maturing in December 2029 | Senior Notes | |||||
Debt Instrument | |||||
Long-term Debt | 500,000,000 | ||||
BellRing | BellRing Term B Facility | |||||
Debt Instrument | |||||
Loans Payable to Bank | 700,000,000 | ||||
Debt Instrument, Periodic Payment, Principal | $ 8,750,000 | ||||
Reduction in interest rate margin, basis points | 100 | ||||
Premium on early repayment of debt | 1.00% | ||||
Excess cash flow prepayment | $ 81,400,000 | ||||
Debt Instrument, Interest Rate, Effective Percentage | 4.75% | ||||
BellRing | BellRing Term B Facility | Base Rate | |||||
Debt Instrument | |||||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | ||||
BellRing | BellRing Term B Facility | Federal Funds | |||||
Debt Instrument | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
Debt Instrument, Basis Spread on Variable Rate Debt | $ / shares | 0.0050 | ||||
BellRing | BellRing Term B Facility | One-Month Eurodollar | |||||
Debt Instrument | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | 1.00% | |||
BellRing | BellRing Term B Facility | One-Month Eurodollar | Minimum | |||||
Debt Instrument | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||
Debt Instrument, Basis Spread on Variable Rate Debt | $ / shares | 0.0100 | ||||
BellRing | BellRing Term B Facility | Eurodollar | |||||
Debt Instrument | |||||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | 5.00% | |||
BellRing | BellRing Revolving Credit Facility | |||||
Debt Instrument | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 200,000,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 20,000,000 | ||||
Letters of Credit Outstanding, Amount | 0 | $ 0 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 200,000,000 | ||||
Proceeds from Lines of Credit | 0 | $ 20,000,000 | |||
Debt Covenant, Maximum Undischarged Judgments | $ 65,000,000 | ||||
BellRing | BellRing Revolving Credit Facility | Minimum | |||||
Debt Instrument | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||||
BellRing | BellRing Revolving Credit Facility | Maximum | |||||
Debt Instrument | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | ||||
BellRing | BellRing Revolving Credit Facility | Base Rate | Minimum | |||||
Debt Instrument | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||
BellRing | BellRing Revolving Credit Facility | Base Rate | Maximum | |||||
Debt Instrument | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | ||||
BellRing | BellRing Revolving Credit Facility | Base Rate | Median | |||||
Debt Instrument | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||
BellRing | BellRing Revolving Credit Facility | Eurodollar | Minimum | |||||
Debt Instrument | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | ||||
BellRing | BellRing Revolving Credit Facility | Eurodollar | Maximum | |||||
Debt Instrument | |||||
Debt Instrument, Basis Spread on Variable Rate | 4.25% | ||||
BellRing | BellRing Revolving Credit Facility | Eurodollar | Median | |||||
Debt Instrument | |||||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | ||||
BellRing | BellRing Credit Agreement | |||||
Debt Instrument | |||||
Debt Covenant, Leverage Ratio | 6 | ||||
Less than or equal to 3.35 | BellRing | BellRing Revolving Credit Facility | |||||
Debt Instrument | |||||
Debt Covenant, Leverage Ratio | 3.35 | ||||
High-End Ratio | Revolving Credit Facility | |||||
Debt Instrument | |||||
Debt Covenant, Leverage Ratio | 3 | ||||
High-End Ratio | BellRing | BellRing Revolving Credit Facility | |||||
Debt Instrument | |||||
Debt Covenant, Leverage Ratio | 3.50 | ||||
Low-End Ratio | Revolving Credit Facility | |||||
Debt Instrument | |||||
Debt Covenant, Leverage Ratio | 1.50 | ||||
Low-End Ratio | BellRing | BellRing Revolving Credit Facility | |||||
Debt Instrument | |||||
Debt Covenant, Leverage Ratio | 2.50 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - Michael Foods $ in Millions | Dec. 31, 2016USD ($) | Dec. 31, 2021USD ($)defendant | Sep. 30, 2021USD ($) |
Loss Contingencies | |||
Claims filed, number | 22 | ||
Loss Contingency, Number of Defendants | defendant | 20 | ||
Loss Contingency, Pending Claims, Number of Plaintiff Groups | 3 | ||
Litigation Settlement, Amount Awarded to Other Party | $ 75 | ||
Estimated Litigation Liability, Current | $ 3.5 | $ 3.5 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Gain) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Benefits | North America | ||
Components of net periodic benefit cost (gain) | ||
Service cost | $ 1.1 | $ 0.9 |
Interest cost | 0.9 | 0.8 |
Expected return on plan assets | (1.8) | (1.6) |
Recognized net actuarial loss | 0.4 | 0.6 |
Net periodic benefit cost (gain) | 0.6 | 0.7 |
Pension Benefits | Other International | ||
Components of net periodic benefit cost (gain) | ||
Interest cost | 4.2 | 3.7 |
Expected return on plan assets | (6.6) | (6) |
Recognized net actuarial loss | 0.1 | 0.1 |
Net periodic benefit cost (gain) | (2.3) | (2.2) |
Other Postretirement Benefit Plan | North America | ||
Components of net periodic benefit cost (gain) | ||
Service cost | 0.1 | 0.1 |
Interest cost | 0.4 | 0.4 |
Recognized net actuarial loss | 0.2 | 0.3 |
Recognized prior service cost (credit) | (1.2) | (1.2) |
Net periodic benefit cost (gain) | $ (0.5) | $ (0.4) |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Equity, Class of Treasury Stock [Line Items] | ||
Total Share Repurchase Cost | $ 159 | $ 165.3 |
Common Stock | ||
Equity, Class of Treasury Stock [Line Items] | ||
Payments for accrued repurchases of common stock | $ 4 | 7.4 |
Common Stock | Other Current Liabilities | ||
Equity, Class of Treasury Stock [Line Items] | ||
Total Share Repurchase Cost | $ 2 | |
Common Stock | ||
Equity, Class of Treasury Stock [Line Items] | ||
Shares repurchased | 1.5 | 1.7 |
Average price per share | $ 103.39 | $ 93.45 |
Total Share Repurchase Cost | $ 155 | $ 159.9 |
Segments (Details)
Segments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | |
Segment Reporting Information | |||
Net Sales | $ 1,643.7 | $ 1,458 | |
Interest expense, net | 91.2 | 96.6 | |
Expense (income) on swaps, net | 36.9 | (41.6) | |
Earnings before income taxes and equity method loss | 3.6 | 122.1 | |
Depreciation and amortization | 101.7 | 94.1 | |
Assets | 12,612.9 | $ 12,414.7 | |
Corporate | |||
Segment Reporting Information | |||
General corporate expenses and other | 46.1 | 13.8 | |
Depreciation and amortization | 1 | 1 | |
Assets | 1,681.3 | 1,245.9 | |
Operating Segments | |||
Segment Reporting Information | |||
Net Sales | 1,643.7 | 1,458 | |
Segment Profit (Loss) | 177.8 | 190.9 | |
Depreciation and amortization | 100.7 | 93.1 | |
Operating Segments | Post Consumer Brands | |||
Segment Reporting Information | |||
Net Sales | 507.3 | 445 | |
Segment Profit (Loss) | 71.3 | 70.5 | |
Depreciation and amortization | 33.8 | 28.2 | |
Assets | 3,454.3 | 3,467.8 | |
Operating Segments | Weetabix | |||
Segment Reporting Information | |||
Net Sales | 118.6 | 113.5 | |
Segment Profit (Loss) | 27.2 | 28.1 | |
Depreciation and amortization | 9.3 | 9.4 | |
Assets | 1,919.7 | 1,930.4 | |
Operating Segments | Foodservice | |||
Segment Reporting Information | |||
Net Sales | 438.6 | 354.5 | |
Segment Profit (Loss) | 15.1 | 10.8 | |
Depreciation and amortization | 32 | 30.7 | |
Operating Segments | Refrigerated Retail | |||
Segment Reporting Information | |||
Net Sales | 273.4 | 263.1 | |
Segment Profit (Loss) | 13.6 | 33.7 | |
Depreciation and amortization | 20.3 | 18.1 | |
Operating Segments | Foodservice and Refrigerated Retail | |||
Segment Reporting Information | |||
Assets | 4,957.1 | 5,074.2 | |
Operating Segments | BellRing Brands | |||
Segment Reporting Information | |||
Net Sales | 306.5 | 282.4 | |
Segment Profit (Loss) | 50.6 | 47.8 | |
Depreciation and amortization | 5.3 | 6.7 | |
Assets | 600.5 | $ 696.4 | |
Eliminations | Segment Eliminations | |||
Segment Reporting Information | |||
Net Sales | (0.7) | (0.5) | |
Cereal and granola | Operating Segments | |||
Segment Reporting Information | |||
Net Sales | 607.3 | 558.3 | |
Nut butters | Operating Segments | |||
Segment Reporting Information | |||
Net Sales | 18.5 | 0 | |
Eggs and egg products | Operating Segments | |||
Segment Reporting Information | |||
Net Sales | 423.4 | 338.1 | |
Side dishes (including potato products) | Operating Segments | |||
Segment Reporting Information | |||
Net Sales | 164.9 | 155.5 | |
Cheese and dairy | Operating Segments | |||
Segment Reporting Information | |||
Net Sales | 59.6 | 62.7 | |
Sausage | Operating Segments | |||
Segment Reporting Information | |||
Net Sales | 47.7 | 44.3 | |
Protein-based products and supplements | Operating Segments | |||
Segment Reporting Information | |||
Net Sales | 306.5 | 282.5 | |
Other | Operating Segments | |||
Segment Reporting Information | |||
Net Sales | 16.4 | 17 | |
Product Eliminations | Eliminations | |||
Segment Reporting Information | |||
Net Sales | $ (0.6) | $ (0.4) |