Missouri | 45-3355106 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Large accelerated filer x | Accelerated filer o |
Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o |
Page | ||
PART I. | FINANCIAL INFORMATION | |
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II. | ||
Item 1. | ||
Item 1A. | ||
Item 6. | ||
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net Sales | $ | 1,271.1 | $ | 1,052.7 | $ | 2,519.9 | $ | 2,126.6 | |||||||
Cost of goods sold | 861.8 | 777.2 | 1,748.1 | 1,602.0 | |||||||||||
Gross Profit | 409.3 | 275.5 | 771.8 | 524.6 | |||||||||||
Selling, general and administrative expenses | 205.6 | 176.4 | 392.6 | 343.6 | |||||||||||
Amortization of intangible assets | 38.1 | 33.7 | 76.2 | 67.2 | |||||||||||
Other operating expenses, net | 3.1 | 15.7 | 7.6 | 23.2 | |||||||||||
Operating Profit | 162.5 | 49.7 | 295.4 | 90.6 | |||||||||||
Interest expense, net | 77.2 | 59.8 | 155.0 | 119.9 | |||||||||||
Other expense | 90.9 | 28.8 | 106.8 | 83.4 | |||||||||||
(Loss) Earnings before Income Taxes | (5.6 | ) | (38.9 | ) | 33.6 | (112.7 | ) | ||||||||
Income tax (benefit) expense | (10.5 | ) | (69.4 | ) | 3.2 | (45.9 | ) | ||||||||
Net Earnings (Loss) | 4.9 | 30.5 | 30.4 | (66.8 | ) | ||||||||||
Preferred stock dividends (see Note 13) | (3.4 | ) | (4.2 | ) | (18.4 | ) | (8.5 | ) | |||||||
Net Earnings (Loss) Available to Common Shareholders | $ | 1.5 | $ | 26.3 | $ | 12.0 | $ | (75.3 | ) | ||||||
Earnings (Loss) per Common Share: | |||||||||||||||
Basic | $ | 0.02 | $ | 0.48 | $ | 0.18 | $ | (1.45 | ) | ||||||
Diluted | $ | 0.02 | $ | 0.45 | $ | 0.17 | $ | (1.45 | ) | ||||||
Weighted-Average Common Shares Outstanding: | |||||||||||||||
Basic | 69.1 | 54.5 | 68.3 | 52.1 | |||||||||||
Diluted | 70.5 | 67.6 | 69.7 | 52.1 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net Earnings (Loss) | $ | 4.9 | $ | 30.5 | $ | 30.4 | $ | (66.8 | ) | ||||||
Pension and postretirement benefits adjustments: | |||||||||||||||
Unrealized pension and postretirement benefit obligations | 1.6 | — | 1.6 | — | |||||||||||
Reclassifications to net earnings (loss) | — | 0.2 | 0.5 | 0.5 | |||||||||||
Unrealized gain on plan amendment (see Note 15) | 36.1 | — | 36.1 | — | |||||||||||
Foreign currency translation adjustments: | |||||||||||||||
Unrealized foreign currency translation adjustments | 19.7 | (26.8 | ) | 9.9 | (40.9 | ) | |||||||||
Reclassifications to net earnings (loss) (see Note 4) | (1.3 | ) | — | (1.3 | ) | — | |||||||||
Tax (expense) benefit on other comprehensive income (loss) | (14.4 | ) | 0.2 | (14.6 | ) | 0.1 | |||||||||
Total Comprehensive Income (Loss) | $ | 46.6 | $ | 4.1 | $ | 62.6 | $ | (107.1 | ) |
March 31, 2016 | September 30, 2015 | ||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 868.2 | $ | 841.4 | |||
Restricted cash | 8.4 | 18.8 | |||||
Receivables, net | 386.8 | 366.2 | |||||
Inventories | 491.5 | 465.3 | |||||
Deferred income taxes | — | 47.7 | |||||
Prepaid expenses and other current assets | 55.0 | 42.3 | |||||
Total Current Assets | 1,809.9 | 1,781.7 | |||||
Property, net | 1,341.9 | 1,333.2 | |||||
Goodwill | 3,081.4 | 3,072.8 | |||||
Other intangible assets, net | 2,911.3 | 2,969.3 | |||||
Other assets | 60.0 | 63.4 | |||||
Total Assets | $ | 9,204.5 | $ | 9,220.4 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current Liabilities | |||||||
Current portion of long-term debt | $ | 15.7 | $ | 16.0 | |||
Accounts payable | 224.3 | 265.2 | |||||
Other current liabilities | 316.6 | 329.8 | |||||
Total Current Liabilities | 556.6 | 611.0 | |||||
Long-term debt | 4,498.2 | 4,511.4 | |||||
Deferred income taxes | 774.4 | 831.8 | |||||
Other liabilities | 368.6 | 290.2 | |||||
Total Liabilities | 6,197.8 | 6,244.4 | |||||
Shareholders’ Equity | |||||||
Preferred stock | — | 0.1 | |||||
Common stock | 0.7 | 0.6 | |||||
Additional paid-in capital | 3,506.9 | 3,538.8 | |||||
Accumulated deficit | (390.6 | ) | (421.0 | ) | |||
Accumulated other comprehensive loss | (56.9 | ) | (89.1 | ) | |||
Treasury stock, at cost | (53.4 | ) | (53.4 | ) | |||
Total Shareholders’ Equity | 3,006.7 | 2,976.0 | |||||
Total Liabilities and Shareholders’ Equity | $ | 9,204.5 | $ | 9,220.4 |
Six Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Cash Flows from Operating Activities | |||||||
Net Earnings (Loss) | $ | 30.4 | $ | (66.8 | ) | ||
Adjustments to reconcile net earnings (loss) to net cash flow provided by operating activities: | |||||||
Depreciation and amortization | 151.2 | 126.3 | |||||
Unrealized loss on interest rate swaps | 106.8 | 83.4 | |||||
Amortization of deferred financing costs and debt discount/premium, net | 2.3 | 2.6 | |||||
Loss on write-down of assets held for sale | 8.4 | 22.5 | |||||
Non-cash stock-based compensation expense | 8.4 | 16.7 | |||||
Deferred income taxes | (25.1 | ) | (61.5 | ) | |||
Other, net | (2.2 | ) | 0.1 | ||||
Other changes in current assets and liabilities, net of business acquisitions: | |||||||
(Increase) decrease in receivables, net | (4.8 | ) | 77.7 | ||||
Increase in inventories | (21.9 | ) | (49.5 | ) | |||
Increase in prepaid expenses and other current assets | (9.1 | ) | (6.4 | ) | |||
(Decrease) increase in accounts payable and other current liabilities | (51.6 | ) | 6.9 | ||||
Increase in non-current liabilities | 3.6 | 6.4 | |||||
Net Cash Provided by Operating Activities | 196.4 | 158.4 | |||||
Cash Flows from Investing Activities | |||||||
Business acquisitions, net of cash acquired | (94.4 | ) | (187.9 | ) | |||
Additions to property | (44.8 | ) | (45.6 | ) | |||
Restricted cash | 10.4 | 71.1 | |||||
Proceeds from sale of property | 0.6 | — | |||||
Proceeds from sale of businesses | 6.2 | — | |||||
Insurance proceeds on property losses | — | 1.8 | |||||
Net Cash Used in Investing Activities | (122.0 | ) | (160.6 | ) | |||
Cash Flows from Financing Activities | |||||||
Proceeds from issuance of common stock, net of issuance costs | — | 341.4 | |||||
Repayments of long-term debt | (8.1 | ) | (13.2 | ) | |||
Payments of preferred stock dividends | (7.7 | ) | (8.5 | ) | |||
Preferred stock conversion | (10.9 | ) | — | ||||
Payments of debt issuance costs | — | (3.7 | ) | ||||
Proceeds from exercise of stock awards | 6.2 | — | |||||
Cash paid in advance for stock repurchase contracts (see Note 13) | (28.3 | ) | — | ||||
Other, net | 0.3 | (1.7 | ) | ||||
Net Cash (Used in) Provided by Financing Activities | (48.5 | ) | 314.3 | ||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 0.9 | (1.5 | ) | ||||
Net Increase in Cash and Cash Equivalents | 26.8 | 310.6 | |||||
Cash and Cash Equivalents, Beginning of Year | 841.4 | 268.4 | |||||
Cash and Cash Equivalents, End of Period | $ | 868.2 | $ | 579.0 |
Employee-Related Costs | Pension Curtailment | Accelerated Depreciation | Total | ||||||||||||
Balance at September 30, 2014 | $ | 0.7 | $ | — | $ | — | $ | 0.7 | |||||||
Charge to expense | 3.1 | — | — | 3.1 | |||||||||||
Cash payments | (0.5 | ) | — | — | (0.5 | ) | |||||||||
Non-cash charges | — | — | — | — | |||||||||||
Balance at March 31, 2015 | $ | 3.3 | $ | — | $ | — | $ | 3.3 | |||||||
Balance at September 30, 2015 | $ | 10.5 | $ | — | $ | — | $ | 10.5 | |||||||
Charge to expense | 1.3 | — | 0.4 | 1.7 | |||||||||||
Cash payments | (6.1 | ) | — | — | (6.1 | ) | |||||||||
Non-cash charges | (0.6 | ) | — | (0.4 | ) | (1.0 | ) | ||||||||
Balance at March 31, 2016 | $ | 5.1 | $ | — | $ | — | $ | 5.1 | |||||||
Total expected restructuring charge | $ | 17.7 | $ | 1.7 | $ | 20.1 | $ | 39.5 | |||||||
Cumulative restructuring charges incurred to date | 17.7 | 1.7 | 20.1 | 39.5 | |||||||||||
Remaining expected restructuring charge | $ | — | $ | — | $ | — | $ | — |
Cash and cash equivalents | $ | 19.2 | |
Receivables | 11.1 | ||
Inventories | 10.3 | ||
Prepaid expenses and other current assets | 0.5 | ||
Property | 56.2 | ||
Goodwill | 4.2 | ||
Other intangible assets | 15.2 | ||
Other assets | 0.1 | ||
Accounts payable | (2.2 | ) | |
Other current liabilities | (1.0 | ) | |
Total acquisition cost | $ | 113.6 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Pro forma net sales | $ | 1,271.1 | $ | 1,268.1 | $ | 2,519.9 | $ | 2,578.0 | |||||||
Pro forma net earnings (loss) available to common shareholders | 1.5 | 29.9 | 13.2 | (58.3 | ) | ||||||||||
Pro forma basic earnings (loss) per common share | $ | 0.02 | $ | 0.55 | $ | 0.19 | $ | (1.12 | ) | ||||||
Pro forma diluted earnings (loss) per common share | $ | 0.02 | $ | 0.44 | $ | 0.19 | $ | (1.12 | ) |
Post Consumer Brands | Michael Foods Group | Active Nutrition | Private Brands | Total | |||||||||||||||
Balance, September 30, 2015 | |||||||||||||||||||
Goodwill (gross) | $ | 1,993.9 | $ | 1,341.6 | $ | 180.7 | $ | 254.0 | $ | 3,770.2 | |||||||||
Accumulated impairment losses | (609.1 | ) | — | (88.3 | ) | — | (697.4 | ) | |||||||||||
Goodwill (net) | $ | 1,384.8 | $ | 1,341.6 | $ | 92.4 | $ | 254.0 | $ | 3,072.8 | |||||||||
Goodwill acquired | — | 4.2 | — | — | 4.2 | ||||||||||||||
Currency translation adjustment | 0.2 | — | — | 4.2 | 4.4 | ||||||||||||||
Balance, March 31, 2016 | |||||||||||||||||||
Goodwill (gross) | $ | 1,994.1 | $ | 1,345.8 | $ | 180.7 | $ | 258.2 | $ | 3,778.8 | |||||||||
Accumulated impairment losses | (609.1 | ) | — | (88.3 | ) | — | (697.4 | ) | |||||||||||
Goodwill (net) | $ | 1,385.0 | $ | 1,345.8 | $ | 92.4 | $ | 258.2 | $ | 3,081.4 |
March 31, 2016 | September 30, 2015 | ||||||||||||||||||||||
Carrying Amount | Accumulated Amortization | Net Amount | Carrying Amount | Accumulated Amortization | Net Amount | ||||||||||||||||||
Subject to amortization: | |||||||||||||||||||||||
Customer relationships | $ | 2,013.6 | $ | (247.6 | ) | $ | 1,766.0 | $ | 1,998.6 | $ | (192.7 | ) | $ | 1,805.9 | |||||||||
Trademarks/brands | 795.4 | (99.9 | ) | 695.5 | 780.9 | (79.1 | ) | 701.8 | |||||||||||||||
Other intangible assets | 21.9 | (6.6 | ) | 15.3 | 21.3 | (5.4 | ) | 15.9 | |||||||||||||||
2,830.9 | (354.1 | ) | 2,476.8 | 2,800.8 | (277.2 | ) | 2,523.6 | ||||||||||||||||
Not subject to amortization: | |||||||||||||||||||||||
Trademarks/brands | 434.5 | — | 434.5 | 445.7 | — | 445.7 | |||||||||||||||||
$ | 3,265.4 | $ | (354.1 | ) | $ | 2,911.3 | $ | 3,246.5 | $ | (277.2 | ) | $ | 2,969.3 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net earnings (loss) for basic earnings (loss) per share | $ | 1.5 | $ | 26.3 | $ | 12.0 | $ | (75.3 | ) | ||||||
Net earnings (loss) for diluted earnings (loss) per share | $ | 1.5 | $ | 30.5 | $ | 12.0 | $ | (75.3 | ) | ||||||
Weighted-average shares outstanding | 64.2 | 49.6 | 63.4 | 47.2 | |||||||||||
Effect of TEUs on weighted-average shares for basic earnings (loss) per share | 4.9 | 4.9 | 4.9 | 4.9 | |||||||||||
Weighted-average shares for basic earnings (loss) per share | 69.1 | 54.5 | 68.3 | 52.1 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Stock options | 1.0 | 0.6 | 1.0 | — | |||||||||||
Stock appreciation rights | 0.1 | 0.1 | 0.1 | — | |||||||||||
Restricted stock awards | 0.3 | 0.3 | 0.3 | — | |||||||||||
TEUs | — | 1.1 | — | — | |||||||||||
Preferred shares conversion to common | — | 11.0 | — | — | |||||||||||
Total dilutive securities | 1.4 | 13.1 | 1.4 | — | |||||||||||
Weighted-average shares for diluted earnings (loss) per share | 70.5 | 67.6 | 69.7 | 52.1 | |||||||||||
Basic earnings (loss) per common share | $ | 0.02 | $ | 0.48 | $ | 0.18 | $ | (1.45 | ) | ||||||
Diluted earnings (loss) per common share | $ | 0.02 | $ | 0.45 | $ | 0.17 | $ | (1.45 | ) |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
Stock options | 0.3 | 1.3 | 0.3 | 4.6 | |||||||
Stock appreciation rights | — | 0.1 | — | 0.3 | |||||||
Restricted stock awards | 0.2 | — | 0.4 | 0.5 | |||||||
TEUs | — | — | — | 1.1 | |||||||
Preferred shares conversion to common | 9.1 | — | 9.1 | 11.0 |
March 31, 2016 | September 30, 2015 | ||||||
Raw materials and supplies | $ | 126.0 | $ | 142.5 | |||
Work in process | 16.3 | 15.3 | |||||
Finished products | 317.9 | 286.8 | |||||
Flocks | 31.3 | 20.7 | |||||
$ | 491.5 | $ | 465.3 |
March 31, 2016 | September 30, 2015 | ||||||
Property, at cost | $ | 1,815.5 | $ | 1,737.7 | |||
Accumulated depreciation | (473.6 | ) | (404.5 | ) | |||
$ | 1,341.9 | $ | 1,333.2 |
Fair Value of Assets as of March 31, 2016 | ||||||||||||||
Balance Sheet Location | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Condensed Consolidated Balance Sheets | Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | |||||||||||
Commodity contracts | Prepaid expenses and other current assets | $ | 2.1 | $ | — | $ | 2.1 | |||||||
Energy contracts | Prepaid expenses and other current assets | 1.2 | — | 1.2 | ||||||||||
$ | 3.3 | $ | — | $ | 3.3 |
Fair Value of Liabilities as of March 31, 2016 | ||||||||||||||
Balance Sheet Location | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheets | Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets | |||||||||||
Commodity contracts | Other current liabilities | $ | 0.9 | $ | — | $ | 0.9 | |||||||
Energy contracts | Other current liabilities | 4.0 | — | 4.0 | ||||||||||
Interest rate swaps | Other current liabilities | 1.4 | — | 1.4 | ||||||||||
Interest rate swaps | Other liabilities | 238.2 | — | 238.2 | ||||||||||
$ | 244.5 | $ | — | $ | 244.5 |
Fair Value of Assets as of September 30, 2015 | ||||||||||||||
Balance Sheet Location | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Condensed Consolidated Balance Sheets | Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | |||||||||||
Commodity contracts | Prepaid expenses and other current assets | $ | 0.4 | $ | — | $ | 0.4 | |||||||
Energy contracts | Prepaid expenses and other current assets | 0.2 | — | 0.2 | ||||||||||
$ | 0.6 | $ | — | $ | 0.6 |
Fair Value of Liabilities as of September 30, 2015 | ||||||||||||||
Balance Sheet Location | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheets | Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets | |||||||||||
Commodity contracts | Other current liabilities | $ | 1.2 | $ | — | $ | 1.2 | |||||||
Energy contracts | Other current liabilities | 4.7 | — | 4.7 | ||||||||||
Interest rate swaps | Other current liabilities | 4.9 | — | 4.9 | ||||||||||
Interest rate swaps | Other liabilities | 127.9 | — | 127.9 | ||||||||||
$ | 138.7 | $ | — | $ | 138.7 |
(Gain) Loss Recognized in Earnings (Loss) | ||||||||||||||||||
Location of (Gain) Loss Recognized in Earnings (Loss) | Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||||
Commodity contracts | Cost of goods sold | $ | (0.2 | ) | $ | (0.2 | ) | $ | 4.2 | $ | (8.4 | ) | ||||||
Energy contracts | Cost of goods sold | 0.8 | (4.9 | ) | 4.9 | 3.6 | ||||||||||||
Interest rate swaps | Other expense | 90.9 | 28.8 | 106.8 | 83.4 |
March 31, 2016 | September 30, 2015 | ||||||||||||||||||||||
Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | ||||||||||||||||||
Assets: | |||||||||||||||||||||||
Deferred compensation investment | $ | 10.7 | $ | 10.7 | $ | — | $ | 10.3 | $ | 10.3 | $ | — | |||||||||||
Derivative assets | 3.3 | — | 3.3 | 0.6 | — | 0.6 | |||||||||||||||||
$ | 14.0 | $ | 10.7 | $ | 3.3 | $ | 10.9 | $ | 10.3 | $ | 0.6 | ||||||||||||
Liabilities: | |||||||||||||||||||||||
Deferred compensation liabilities | $ | 15.5 | $ | — | $ | 15.5 | $ | 14.2 | $ | — | $ | 14.2 | |||||||||||
Derivative liabilities | 244.5 | — | 244.5 | 138.7 | — | 138.7 | |||||||||||||||||
$ | 260.0 | $ | — | $ | 260.0 | $ | 152.9 | $ | — | $ | 152.9 |
March 31, 2016 | September 30, 2015 | ||||||
Senior notes | $ | 4,349.7 | $ | 4,112.5 | |||
Term loan | 374.9 | 374.0 | |||||
TEUs | 22.8 | 28.6 | |||||
4.57% 2012 Series Bond maturing September 2017 | 1.9 | 2.9 | |||||
Capital leases | — | 2.8 | |||||
$ | 4,749.3 | $ | 4,520.8 |
Balance, September 30, 2015 | $ | 11.4 | ||
Transfers into held for sale | 10.1 | |||
Losses on assets held for sale | (8.4 | ) | ||
Cash received from sale of assets | (0.4 | ) | ||
Balance, March 31, 2016 | $ | 12.7 |
March 31, 2016 | September 30, 2015 | ||||||
7.375% Senior Notes maturing February 2022 | $ | 1,375.0 | $ | 1,375.0 | |||
6.75% Senior Notes maturing December 2021 | 875.0 | 875.0 | |||||
6.00% Senior Notes maturing December 2022 | 630.0 | 630.0 | |||||
7.75% Senior Notes maturing March 2024 | 800.0 | 800.0 | |||||
8.00% Senior Notes maturing July 2025 | 400.0 | 400.0 | |||||
Term Loan | 374.4 | 374.4 | |||||
TEUs | 18.2 | 25.1 | |||||
4.57% 2012 Series Bond maturing September 2017 | 1.9 | 2.9 | |||||
Capital leases | — | 2.8 | |||||
$ | 4,474.5 | $ | 4,485.2 | ||||
Less: Current Portion | (15.7 | ) | (16.0 | ) | |||
Plus: Unamortized premiums, net of discounts | 39.4 | 42.2 | |||||
Total long-term debt | $ | 4,498.2 | $ | 4,511.4 |
Pension Benefits | |||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Components of net periodic benefit cost | |||||||||||||||
Service cost | $ | 1.0 | $ | 0.9 | $ | 2.0 | $ | 1.9 | |||||||
Interest cost | 0.6 | 0.5 | 1.2 | 1.1 | |||||||||||
Expected return on plan assets | (0.6 | ) | (0.5 | ) | (1.3 | ) | (1.2 | ) | |||||||
Recognized net actuarial loss | 0.2 | 0.2 | 0.5 | 0.4 | |||||||||||
Recognized prior service cost | 0.1 | 0.1 | 0.2 | 0.2 | |||||||||||
Net periodic benefit cost | $ | 1.3 | $ | 1.2 | $ | 2.6 | $ | 2.4 |
Other Benefits | |||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Components of net periodic benefit cost | |||||||||||||||
Service cost | $ | 0.4 | $ | 0.5 | $ | 0.8 | $ | 1.0 | |||||||
Interest cost | 1.1 | 1.2 | 2.4 | 2.4 | |||||||||||
Recognized net actuarial loss | 0.3 | 0.3 | 0.7 | 0.7 | |||||||||||
Recognized prior service credit | (0.6 | ) | (0.4 | ) | (0.9 | ) | (0.8 | ) | |||||||
Net periodic benefit cost | $ | 1.2 | $ | 1.6 | $ | 3.0 | $ | 3.3 |
• | Post Consumer Brands: primarily RTE cereals; |
• | Michael Foods Group: eggs, potatoes, cheese and pasta; |
• | Active Nutrition: protein shakes, bars and powders and nutritional supplements; and |
• | Private Brands: primarily peanut and other nut butters, dried fruit and nuts, and granola. |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
Net Sales | |||||||||||||||||
Post Consumer Brands | $ | 440.1 | $ | 243.9 | $ | 851.7 | $ | 461.4 | |||||||||
Michael Foods Group | 557.7 | 550.3 | 1,144.1 | 1,149.6 | |||||||||||||
Active Nutrition | 143.8 | 134.6 | 259.6 | 265.0 | |||||||||||||
Private Brands | 129.7 | 124.9 | 265.3 | 252.7 | |||||||||||||
Eliminations | (0.2 | ) | (1.0 | ) | (0.8 | ) | (2.1 | ) | |||||||||
Total | $ | 1,271.1 | $ | 1,052.7 | $ | 2,519.9 | $ | 2,126.6 | |||||||||
Segment Profit (Loss) | |||||||||||||||||
Post Consumer Brands | $ | 74.7 | $ | 50.8 | $ | 137.6 | $ | 88.4 | |||||||||
Michael Foods Group | 89.6 | 39.8 | 170.4 | 81.9 | |||||||||||||
Active Nutrition | 13.8 | (4.5 | ) | 24.3 | (10.8 | ) | |||||||||||
Private Brands | 7.7 | 10.4 | 20.6 | 17.3 | |||||||||||||
Total segment profit | 185.8 | 96.5 | 352.9 | 176.8 | |||||||||||||
General corporate expenses and other | 23.3 | 46.8 | 57.5 | 86.2 | |||||||||||||
Interest expense, net | 77.2 | 59.8 | 155.0 | 119.9 | |||||||||||||
Other expense | 90.9 | 28.8 | 106.8 | 83.4 | |||||||||||||
(Loss) earnings before income taxes | $ | (5.6 | ) | $ | (38.9 | ) | $ | 33.6 | $ | (112.7 | ) | ||||||
Depreciation and amortization | |||||||||||||||||
Post Consumer Brands | $ | 26.2 | $ | 12.0 | $ | 52.5 | $ | 24.2 | |||||||||
Michael Foods Group | 36.1 | 36.5 | 70.5 | 73.1 | |||||||||||||
Active Nutrition | 6.2 | 6.9 | 12.4 | 13.8 | |||||||||||||
Private Brands | 6.2 | 6.5 | 12.4 | 12.5 | |||||||||||||
Total segment depreciation and amortization | 74.7 | 61.9 | 147.8 | 123.6 | |||||||||||||
Corporate and accelerated depreciation | 1.7 | 1.3 | 3.4 | 2.7 | |||||||||||||
Total | $ | 76.4 | $ | 63.2 | $ | 151.2 | $ | 126.3 | |||||||||
Assets | March 31, 2016 | September 30, 2015 | |||||||||||||||
Post Consumer Brands | $ | 3,433.6 | $ | 3,473.0 | |||||||||||||
Michael Foods Group | 3,535.4 | 3,506.0 | |||||||||||||||
Active Nutrition | 641.8 | 645.4 | |||||||||||||||
Private Brands | 653.3 | 651.6 | |||||||||||||||
Corporate | 940.4 | 944.4 | |||||||||||||||
Total | $ | 9,204.5 | $ | 9,220.4 |
Three Months Ended March 31, 2016 | |||||||||||||||||||
Parent | Non- | ||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | |||||||||||||||
Net Sales | $ | — | $ | 1,156.0 | $ | 130.4 | $ | (15.3 | ) | $ | 1,271.1 | ||||||||
Cost of goods sold | — | 765.0 | 112.1 | (15.3 | ) | 861.8 | |||||||||||||
Gross Profit | — | 391.0 | 18.3 | — | 409.3 | ||||||||||||||
Selling, general and administrative expenses | 4.9 | 189.9 | 10.8 | — | 205.6 | ||||||||||||||
Amortization of intangible assets | — | 35.9 | 2.2 | — | 38.1 | ||||||||||||||
Other operating expenses (income), net | — | 12.8 | (9.7 | ) | — | 3.1 | |||||||||||||
Operating (Loss) Profit | (4.9 | ) | 152.4 | 15.0 | — | 162.5 | |||||||||||||
Interest expense (income), net | 74.8 | (0.3 | ) | 2.7 | — | 77.2 | |||||||||||||
Other expense | 90.9 | — | — | — | 90.9 | ||||||||||||||
(Loss) Earnings before Income Taxes | (170.6 | ) | 152.7 | 12.3 | — | (5.6 | ) | ||||||||||||
Income tax expense (benefit) | 8.0 | (19.7 | ) | 1.2 | — | (10.5 | ) | ||||||||||||
Net (Loss) Earnings before Equity in Subsidiaries | (178.6 | ) | 172.4 | 11.1 | — | 4.9 | |||||||||||||
Equity earnings in subsidiaries | 183.5 | 8.7 | — | (192.2 | ) | — | |||||||||||||
Net Earnings | $ | 4.9 | $ | 181.1 | $ | 11.1 | $ | (192.2 | ) | $ | 4.9 | ||||||||
Total Comprehensive Income | $ | 46.6 | $ | 203.1 | $ | 21.0 | $ | (224.1 | ) | $ | 46.6 |
Three Months Ended March 31, 2015 | |||||||||||||||||||
Parent | Non- | ||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | |||||||||||||||
Net Sales | $ | — | $ | 957.6 | $ | 106.0 | $ | (10.9 | ) | $ | 1,052.7 | ||||||||
Cost of goods sold | — | 699.8 | 88.3 | (10.9 | ) | 777.2 | |||||||||||||
Gross Profit | — | 257.8 | 17.7 | — | 275.5 | ||||||||||||||
Selling, general and administrative expenses | 5.3 | 157.6 | 13.5 | — | 176.4 | ||||||||||||||
Amortization of intangible assets | — | 31.3 | 2.4 | — | 33.7 | ||||||||||||||
Other operating expenses, net | — | 15.5 | 0.2 | — | 15.7 | ||||||||||||||
Operating (Loss) Profit | (5.3 | ) | 53.4 | 1.6 | — | 49.7 | |||||||||||||
Interest expense (income), net | 56.9 | (0.2 | ) | 3.1 | — | 59.8 | |||||||||||||
Other expense | 28.8 | — | — | — | 28.8 | ||||||||||||||
(Loss) Earnings before Income Taxes | (91.0 | ) | 53.6 | (1.5 | ) | — | (38.9 | ) | |||||||||||
Income tax (benefit) expense | (121.9 | ) | 52.5 | — | — | (69.4 | ) | ||||||||||||
Net Earnings (Loss) before Equity in Subsidiaries | 30.9 | 1.1 | (1.5 | ) | — | 30.5 | |||||||||||||
Equity loss in subsidiaries | (0.4 | ) | (0.6 | ) | — | 1.0 | — | ||||||||||||
Net Earnings (Loss) | $ | 30.5 | $ | 0.5 | $ | (1.5 | ) | $ | 1.0 | $ | 30.5 | ||||||||
Total Comprehensive Income (Loss) | $ | 4.1 | $ | 0.8 | $ | (14.7 | ) | $ | 13.9 | $ | 4.1 |
Six Months Ended March 31, 2016 | |||||||||||||||||||
Parent | Non- | ||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | |||||||||||||||
Net Sales | $ | — | $ | 2,278.2 | $ | 272.7 | $ | (31.0 | ) | $ | 2,519.9 | ||||||||
Cost of goods sold | — | 1,547.4 | 231.7 | (31.0 | ) | 1,748.1 | |||||||||||||
Gross Profit | — | 730.8 | 41.0 | — | 771.8 | ||||||||||||||
Selling, general and administrative expenses | 9.5 | 363.7 | 19.4 | — | 392.6 | ||||||||||||||
Amortization of intangible assets | — | 71.7 | 4.5 | — | 76.2 | ||||||||||||||
Other operating expenses (income), net | — | 17.3 | (9.7 | ) | — | 7.6 | |||||||||||||
Operating (Loss) Profit | (9.5 | ) | 278.1 | 26.8 | — | 295.4 | |||||||||||||
Interest expense (income), net | 150.0 | (0.5 | ) | 5.5 | — | 155.0 | |||||||||||||
Other expense | 106.8 | — | — | — | 106.8 | ||||||||||||||
(Loss) Earnings before Income Taxes | (266.3 | ) | 278.6 | 21.3 | — | 33.6 | |||||||||||||
Income tax (benefit) expense | (25.4 | ) | 24.8 | 3.8 | — | 3.2 | |||||||||||||
Net (Loss) Earnings before Equity in Subsidiaries | (240.9 | ) | 253.8 | 17.5 | — | 30.4 | |||||||||||||
Equity earnings in subsidiaries | 271.3 | 8.2 | — | (279.5 | ) | — | |||||||||||||
Net Earnings | $ | 30.4 | $ | 262.0 | $ | 17.5 | $ | (279.5 | ) | $ | 30.4 | ||||||||
Total Comprehensive Income | $ | 62.6 | $ | 284.3 | $ | 22.4 | $ | (306.7 | ) | $ | 62.6 |
Six Months Ended March 31, 2015 | |||||||||||||||||||
Parent | Non- | ||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | |||||||||||||||
Net Sales | $ | — | $ | 1,918.5 | $ | 229.4 | $ | (21.3 | ) | $ | 2,126.6 | ||||||||
Cost of goods sold | — | 1,428.7 | 194.6 | (21.3 | ) | 1,602.0 | |||||||||||||
Gross Profit | — | 489.8 | 34.8 | — | 524.6 | ||||||||||||||
Selling, general and administrative expenses | 8.8 | 307.5 | 27.3 | — | 343.6 | ||||||||||||||
Amortization of intangible assets | — | 62.1 | 5.1 | — | 67.2 | ||||||||||||||
Other operating expenses, net | — | 23.0 | 0.2 | — | 23.2 | ||||||||||||||
Operating (Loss) Profit | (8.8 | ) | 97.2 | 2.2 | — | 90.6 | |||||||||||||
Interest expense (income), net | 114.0 | (0.5 | ) | 6.4 | — | 119.9 | |||||||||||||
Other expense | 83.4 | — | — | — | 83.4 | ||||||||||||||
(Loss) Earnings before Income Taxes | (206.2 | ) | 97.7 | (4.2 | ) | — | (112.7 | ) | |||||||||||
Income tax (benefit) expense | (84.0 | ) | 38.6 | (0.5 | ) | — | (45.9 | ) | |||||||||||
Net (Loss) Earnings before Equity in Subsidiaries | (122.2 | ) | 59.1 | (3.7 | ) | — | (66.8 | ) | |||||||||||
Equity earnings (loss) in subsidiaries | 55.4 | (1.1 | ) | — | (54.3 | ) | — | ||||||||||||
Net (Loss) Earnings | $ | (66.8 | ) | $ | 58.0 | $ | (3.7 | ) | $ | (54.3 | ) | $ | (66.8 | ) | |||||
Total Comprehensive (Loss) Income | $ | (107.1 | ) | $ | 58.5 | $ | (23.9 | ) | $ | (34.6 | ) | $ | (107.1 | ) |
March 31, 2016 | |||||||||||||||||||
Parent | Non- | ||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | |||||||||||||||
ASSETS | |||||||||||||||||||
Current Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 817.2 | $ | 30.5 | $ | 27.1 | $ | (6.6 | ) | $ | 868.2 | ||||||||
Restricted cash | 1.1 | 6.6 | 0.7 | — | 8.4 | ||||||||||||||
Receivables, net | 5.2 | 330.7 | 59.8 | (8.9 | ) | 386.8 | |||||||||||||
Inventories | — | 422.2 | 69.3 | — | 491.5 | ||||||||||||||
Prepaid expenses and other current assets | 15.0 | 38.9 | 1.1 | — | 55.0 | ||||||||||||||
Total Current Assets | 838.5 | 828.9 | 158.0 | (15.5 | ) | 1,809.9 | |||||||||||||
Property, net | — | 1,302.6 | 39.3 | — | 1,341.9 | ||||||||||||||
Goodwill | — | 2,949.0 | 132.4 | — | 3,081.4 | ||||||||||||||
Other intangible assets, net | — | 2,816.7 | 94.6 | — | 2,911.3 | ||||||||||||||
Intercompany receivable | 1,166.3 | — | — | (1,166.3 | ) | — | |||||||||||||
Intercompany notes receivable | 151.1 | — | — | (151.1 | ) | — | |||||||||||||
Investment in subsidiaries | 6,381.9 | 24.1 | — | (6,406.0 | ) | — | |||||||||||||
Other assets | 52.9 | 6.0 | 1.1 | — | 60.0 | ||||||||||||||
Total Assets | $ | 8,590.7 | $ | 7,927.3 | $ | 425.4 | $ | (7,738.9 | ) | $ | 9,204.5 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||
Current Liabilities | |||||||||||||||||||
Current portion of long-term debt | $ | 14.4 | $ | 1.3 | $ | — | $ | — | $ | 15.7 | |||||||||
Accounts payable | — | 205.5 | 34.3 | (15.5 | ) | 224.3 | |||||||||||||
Other current liabilities | 61.3 | 228.6 | 26.7 | — | 316.6 | ||||||||||||||
Total Current Liabilities | 75.7 | 435.4 | 61.0 | (15.5 | ) | 556.6 | |||||||||||||
Long-term debt | 4,497.6 | 0.6 | — | — | 4,498.2 | ||||||||||||||
Intercompany payable | — | 1,161.0 | 5.3 | (1,166.3 | ) | — | |||||||||||||
Intercompany notes payable | — | — | 151.1 | (151.1 | ) | — | |||||||||||||
Deferred income taxes | 750.1 | — | 24.3 | — | 774.4 | ||||||||||||||
Other liabilities | 260.6 | 99.6 | 8.4 | — | 368.6 | ||||||||||||||
Total Liabilities | 5,584.0 | 1,696.6 | 250.1 | (1,332.9 | ) | 6,197.8 | |||||||||||||
Total Shareholders’ Equity | 3,006.7 | 6,230.7 | 175.3 | (6,406.0 | ) | 3,006.7 | |||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 8,590.7 | $ | 7,927.3 | $ | 425.4 | $ | (7,738.9 | ) | $ | 9,204.5 |
September 30, 2015 | |||||||||||||||||||
Parent | Non- | ||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | |||||||||||||||
ASSETS | |||||||||||||||||||
Current Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 809.6 | $ | 30.5 | $ | 19.2 | $ | (17.9 | ) | $ | 841.4 | ||||||||
Restricted cash | 1.1 | 17.0 | 0.7 | — | 18.8 | ||||||||||||||
Receivables, net | 8.5 | 310.0 | 61.7 | (14.0 | ) | 366.2 | |||||||||||||
Inventories | — | 396.1 | 69.2 | — | 465.3 | ||||||||||||||
Deferred income taxes | 47.5 | — | 0.2 | — | 47.7 | ||||||||||||||
Intercompany notes receivable | 7.7 | — | — | (7.7 | ) | — | |||||||||||||
Prepaid expenses and other current assets | 12.7 | 27.9 | 1.7 | — | 42.3 | ||||||||||||||
Total Current Assets | 887.1 | 781.5 | 152.7 | (39.6 | ) | 1,781.7 | |||||||||||||
Property, net | — | 1,286.0 | 47.2 | — | 1,333.2 | ||||||||||||||
Goodwill | — | 2,944.8 | 128.0 | — | 3,072.8 | ||||||||||||||
Other intangible assets, net | — | 2,873.3 | 96.0 | — | 2,969.3 | ||||||||||||||
Intercompany receivable | 1,129.8 | — | — | (1,129.8 | ) | — | |||||||||||||
Intercompany notes receivable | 146.2 | — | — | (146.2 | ) | — | |||||||||||||
Investment in subsidiaries | 6,311.9 | 21.9 | — | (6,333.8 | ) | — | |||||||||||||
Other assets | 57.4 | 5.3 | 0.7 | — | 63.4 | ||||||||||||||
Total Assets | $ | 8,532.4 | $ | 7,912.8 | $ | 424.6 | $ | (7,649.4 | ) | $ | 9,220.4 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||
Current Liabilities | |||||||||||||||||||
Current portion of long-term debt | $ | 14.1 | $ | 1.6 | $ | 0.3 | $ | — | $ | 16.0 | |||||||||
Accounts payable | — | 254.0 | 43.1 | (31.9 | ) | 265.2 | |||||||||||||
Intercompany notes payable | — | — | 7.7 | (7.7 | ) | — | |||||||||||||
Other current liabilities | 76.1 | 225.7 | 28.0 | — | 329.8 | ||||||||||||||
Total Current Liabilities | 90.2 | 481.3 | 79.1 | (39.6 | ) | 611.0 | |||||||||||||
Long-term debt | 4,507.7 | 1.3 | 2.4 | — | 4,511.4 | ||||||||||||||
Intercompany payable | — | 1,124.2 | 5.6 | (1,129.8 | ) | — | |||||||||||||
Intercompany notes payable | — | — | 146.2 | (146.2 | ) | — | |||||||||||||
Deferred income taxes | 807.0 | — | 24.8 | — | 831.8 | ||||||||||||||
Other liabilities | 151.5 | 130.9 | 7.8 | — | 290.2 | ||||||||||||||
Total Liabilities | 5,556.4 | 1,737.7 | 265.9 | (1,315.6 | ) | 6,244.4 | |||||||||||||
Total Shareholders’ Equity | 2,976.0 | 6,175.1 | 158.7 | (6,333.8 | ) | 2,976.0 | |||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 8,532.4 | $ | 7,912.8 | $ | 424.6 | $ | (7,649.4 | ) | $ | 9,220.4 |
Six Months Ended March 31, 2016 | |||||||||||||||||||
Parent | Non- | ||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | |||||||||||||||
Net Cash Provided by Operating Activities | $ | 80.9 | $ | 356.0 | $ | 10.2 | $ | (250.7 | ) | $ | 196.4 | ||||||||
Cash Flows from Investing Activities | |||||||||||||||||||
Business acquisitions, net of cash acquired | — | (94.4 | ) | — | — | (94.4 | ) | ||||||||||||
Additions to property | — | (43.2 | ) | (1.6 | ) | — | (44.8 | ) | |||||||||||
Restricted cash | — | 10.4 | — | — | 10.4 | ||||||||||||||
Proceeds from sale of property | — | 0.6 | — | — | 0.6 | ||||||||||||||
Proceeds from sale of businesses | (0.2 | ) | — | 6.4 | — | 6.2 | |||||||||||||
Capitalization of subsidiaries | (123.2 | ) | — | — | 123.2 | — | |||||||||||||
Proceeds from equity distributions | 89.8 | 0.2 | — | (90.0 | ) | — | |||||||||||||
Net receipts from intercompany revolver | 7.7 | — | — | (7.7 | ) | — | |||||||||||||
Net Cash (Used in) Provided by Investing Activities | (25.9 | ) | (126.4 | ) | 4.8 | 25.5 | (122.0 | ) | |||||||||||
Cash Flows from Financing Activities | |||||||||||||||||||
Repayments of long-term debt | (7.0 | ) | (1.0 | ) | (0.1 | ) | — | (8.1 | ) | ||||||||||
Payment of preferred stock dividend | (7.7 | ) | — | — | — | (7.7 | ) | ||||||||||||
Preferred stock conversion | (10.9 | ) | — | — | — | (10.9 | ) | ||||||||||||
Proceeds from exercise of stock awards | 6.2 | — | — | — | 6.2 | ||||||||||||||
Net cash paid in advance for stock repurchase contracts | (28.3 | ) | — | — | — | (28.3 | ) | ||||||||||||
Proceeds from Parent capitalization | — | 113.6 | — | (113.6 | ) | — | |||||||||||||
Payments for equity distributions | — | (342.2 | ) | (0.2 | ) | 342.4 | — | ||||||||||||
Net payments for intercompany revolver | — | — | (7.7 | ) | 7.7 | — | |||||||||||||
Other, net | 0.3 | — | — | — | 0.3 | ||||||||||||||
Net Cash Used in Financing Activities | (47.4 | ) | (229.6 | ) | (8.0 | ) | 236.5 | (48.5 | ) | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 0.9 | — | 0.9 | ||||||||||||||
Net Increase in Cash and Cash Equivalents | 7.6 | — | 7.9 | 11.3 | 26.8 | ||||||||||||||
Cash and Cash Equivalents, Beginning of Year | 809.6 | 30.5 | 19.2 | (17.9 | ) | 841.4 | |||||||||||||
Cash and Cash Equivalents, End of Period | $ | 817.2 | $ | 30.5 | $ | 27.1 | $ | (6.6 | ) | $ | 868.2 |
Six Months Ended March 31, 2015 | |||||||||||||||||||
Parent | Non- | ||||||||||||||||||
Company | Guarantors | Guarantors | Eliminations | Total | |||||||||||||||
Net Cash Provided by Operating Activities | $ | 14.0 | $ | 203.7 | $ | 4.6 | $ | (63.9 | ) | $ | 158.4 | ||||||||
Cash Flows from Investing Activities | |||||||||||||||||||
Business acquisitions, net of cash acquired | (3.5 | ) | (183.2 | ) | (1.2 | ) | — | (187.9 | ) | ||||||||||
Additions to property | — | (43.7 | ) | (1.9 | ) | — | (45.6 | ) | |||||||||||
Restricted cash | — | 68.4 | 2.7 | — | 71.1 | ||||||||||||||
Insurance proceeds on property losses | — | 1.8 | — | — | 1.8 | ||||||||||||||
Proceeds from equity distributions | 121.5 | — | — | (121.5 | ) | — | |||||||||||||
Capitalization of subsidiaries | (138.6 | ) | — | — | 138.6 | — | |||||||||||||
Net receipts from intercompany revolver | 0.6 | — | — | (0.6 | ) | — | |||||||||||||
Net Cash Used in Investing Activities | (20.0 | ) | (156.7 | ) | (0.4 | ) | 16.5 | (160.6 | ) | ||||||||||
Cash Flows from Financing Activities | |||||||||||||||||||
Proceeds from issuance of common stock | 341.4 | — | — | — | 341.4 | ||||||||||||||
Repayments of long term-debt | (11.0 | ) | (2.0 | ) | (0.2 | ) | — | (13.2 | ) | ||||||||||
Payments of preferred stock dividends | (8.5 | ) | — | — | — | (8.5 | ) | ||||||||||||
Payments of debt issuance costs | (3.7 | ) | — | — | — | (3.7 | ) | ||||||||||||
Payments for equity distributions | — | (171.0 | ) | — | 171.0 | — | |||||||||||||
Proceeds from Parent capitalization | — | 128.0 | 1.0 | (129.0 | ) | — | |||||||||||||
Net receipts from intercompany revolver | — | — | (0.6 | ) | 0.6 | — | |||||||||||||
Other, net | (1.7 | ) | — | — | — | (1.7 | ) | ||||||||||||
Net Cash Provided by (Used in) Financing Activities | 316.5 | (45.0 | ) | 0.2 | 42.6 | 314.3 | |||||||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | — | (1.5 | ) | — | (1.5 | ) | ||||||||||||
Net Increase in Cash and Cash Equivalents | 310.5 | 2.0 | 2.9 | (4.8 | ) | 310.6 | |||||||||||||
Cash and Cash Equivalents, Beginning of Year | 246.6 | 15.7 | 10.0 | (3.9 | ) | 268.4 | |||||||||||||
Cash and Cash Equivalents, End of Period | $ | 557.1 | $ | 17.7 | $ | 12.9 | $ | (8.7 | ) | $ | 579.0 |
• | Willamette Egg Farms (“WEF”), acquired October 3, 2015; |
• | MOM Brands Company (“MOM Brands”), acquired May 4, 2015; |
• | American Blanching Company (“ABC”), acquired November 1, 2014; and |
• | PowerBar and Musashi brands (“PowerBar”), acquired October 1, 2014. |
• | Certain assets of our Michael Foods Canadian business, sold March 1, 2016 and |
• | PowerBar Australia assets and Musashi trademark, sold July 1, 2015. |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||||||||
(dollars in millions) | 2016 | 2015 | $ Change | % Change | 2016 | 2015 | $ Change | % Change | |||||||||||||||||||||
Net Sales | $ | 1,271.1 | $ | 1,052.7 | $ | 218.4 | 21 | % | $ | 2,519.9 | $ | 2,126.6 | $ | 393.3 | 18 | % | |||||||||||||
Operating Profit | $ | 162.5 | $ | 49.7 | $ | 112.8 | 227 | % | $ | 295.4 | $ | 90.6 | $ | 204.8 | 226 | % | |||||||||||||
Interest expense, net | 77.2 | 59.8 | 17.4 | 29 | % | 155.0 | 119.9 | 35.1 | 29 | % | |||||||||||||||||||
Other expense | 90.9 | 28.8 | 62.1 | 216 | % | 106.8 | 83.4 | 23.4 | 28 | % | |||||||||||||||||||
Income tax (benefit) expense | (10.5 | ) | (69.4 | ) | 58.9 | (85 | )% | 3.2 | (45.9 | ) | 49.1 | (107 | )% | ||||||||||||||||
Net Earnings (Loss) | $ | 4.9 | $ | 30.5 | $ | (25.6 | ) | (84 | )% | $ | 30.4 | $ | (66.8 | ) | $ | 97.2 | (146 | )% |
• | Post Consumer Brands: primarily RTE cereals; |
• | Michael Foods Group: eggs, potatoes, cheese and pasta; |
• | Active Nutrition: protein shakes, bars and powders and nutritional supplements; and |
• | Private Brands: primarily peanut and other nut butters, dried fruit and nuts, and granola. |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||||||||
(dollars in millions) | 2016 | 2015 | $ Change | % Change | 2016 | 2015 | $ Change | % Change | |||||||||||||||||||||
Net Sales | $ | 440.1 | $ | 243.9 | $ | 196.2 | 80 | % | $ | 851.7 | $ | 461.4 | $ | 390.3 | 85 | % | |||||||||||||
Segment Profit | $ | 74.7 | $ | 50.8 | $ | 23.9 | 47 | % | $ | 137.6 | $ | 88.4 | $ | 49.2 | 56 | % | |||||||||||||
Segment Profit Margin | 17 | % | 21 | % | 16 | % | 19 | % |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||||||||
(dollars in millions) | 2016 | 2015 | $ Change | % Change | 2016 | 2015 | $ Change | % Change | |||||||||||||||||||||
Net Sales | $ | 557.7 | $ | 550.3 | $ | 7.4 | 1 | % | $ | 1,144.1 | $ | 1,149.6 | $ | (5.5 | ) | — | % | ||||||||||||
Segment Profit | $ | 89.6 | $ | 39.8 | $ | 49.8 | 125 | % | $ | 170.4 | $ | 81.9 | $ | 88.5 | 108 | % | |||||||||||||
Segment Profit Margin | 16 | % | 7 | % | 15 | % | 7 | % |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||||||||
(dollars in millions) | 2016 | 2015 | $ Change | % Change | 2016 | 2015 | $ Change | % Change | |||||||||||||||||||||
Net Sales | $ | 143.8 | $ | 134.6 | $ | 9.2 | 7 | % | $ | 259.6 | $ | 265.0 | $ | (5.4 | ) | (2 | )% | ||||||||||||
Segment Profit (Loss) | $ | 13.8 | $ | (4.5 | ) | $ | 18.3 | 407 | % | $ | 24.3 | $ | (10.8 | ) | $ | 35.1 | 325 | % | |||||||||||
Segment Profit (Loss) Margin | 10 | % | (3 | )% | 9 | % | (4 | )% |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||||||||
(dollars in millions) | 2016 | 2015 | $ Change | % Change | 2016 | 2015 | $ Change | % Change | |||||||||||||||||||||
Net Sales | $ | 129.7 | $ | 124.9 | $ | 4.8 | 4 | % | $ | 265.3 | $ | 252.7 | $ | 12.6 | 5 | % | |||||||||||||
Segment Profit | $ | 7.7 | $ | 10.4 | $ | (2.7 | ) | (26 | )% | $ | 20.6 | $ | 17.3 | $ | 3.3 | 19 | % | ||||||||||||
Segment Profit Margin | 6 | % | 8 | % | 8 | % | 7 | % |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||||||||
(dollars in millions) | 2016 | 2015 | $ Change | % Change | 2016 | 2015 | $ Change | % Change | |||||||||||||||||||||
General corporate expenses and other | $ | 23.3 | $ | 46.8 | $ | (23.5 | ) | (50 | )% | $ | 57.5 | $ | 86.2 | $ | (28.7 | ) | (33 | )% |
Six Months Ended March 31, | |||||||
(dollars in millions) | 2016 | 2015 | |||||
Cash provided by operating activities | $ | 196.4 | $ | 158.4 | |||
Cash used in investing activities | (122.0 | ) | (160.6 | ) | |||
Cash (used in) provided by financing activities | (48.5 | ) | 314.3 | ||||
Effect of exchange rate changes on cash | 0.9 | (1.5 | ) | ||||
Net increase in cash and cash equivalents | $ | 26.8 | $ | 310.6 |
• | our ability to realize the synergies contemplated by the acquisition of MOM Brands Company (“MOM Brands”); |
• | our ability to promptly and effectively integrate the MOM Brands and Post Foods businesses; |
• | our high leverage and substantial debt, including covenants that restrict the operation of our business; |
• | our ability to service our outstanding debt or obtain additional financing, including both secured and unsecured debt; |
• | our ability to continue to compete in our product markets and our ability to retain our market position; |
• | our ability to identify and complete acquisitions, manage our growth and integrate acquisitions; |
• | changes in our cost structure, management, financing and business operations; |
• | significant volatility in the costs of certain raw materials, commodities, packaging or energy used to manufacture our products; |
• | our ability to maintain competitive pricing, introduce new products or successfully manage our costs; |
• | our ability to successfully implement business strategies to reduce costs; |
• | impairment in the carrying value of goodwill or other intangibles; |
• | the loss or bankruptcy of a significant customer; |
• | allegations that our products cause injury or illness, product recalls and product liability claims and other litigation; |
• | our ability to anticipate and respond to changes in consumer preferences and trends; |
• | changes in economic conditions and consumer demand for our products; |
• | disruptions in the U.S. and global capital and credit markets; |
• | labor strikes, work stoppages or unionization efforts; |
• | legal and regulatory factors, including advertising and labeling laws, changes in food safety and laws and regulations governing animal feeding operations; |
• | our ability to comply with increased regulatory scrutiny related to certain of our products and/or international sales; |
• | the ultimate impact litigation may have on us, including the lawsuit (to which Michael Foods is a party) alleging violations of federal and state antitrust laws in the egg industry; |
• | our reliance on third party manufacturers for certain of our products; |
• | disruptions or inefficiencies in supply chain; |
• | our ability to recognize the expected benefits of the closing of our Farmers Branch, Texas manufacturing facility as well as our Parsippany, New Jersey office; |
• | our ability to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act of 2002, including with respect to acquired businesses; |
• | business disruptions caused by information technology failures and/or technology hacking; |
• | fluctuations in foreign currency exchange rates; |
• | consolidations in the retail grocery and foodservice industries; |
• | change in estimates in critical accounting judgments and changes to or new laws and regulations affecting our business; |
• | losses or increased funding and expenses related to our qualified pension and other post-retirement plans; |
• | loss of key employees; |
• | our ability to protect our intellectual property; |
• | changes in weather conditions, natural disasters, disease outbreaks and other events beyond our control; |
• | our ability to successfully operate our international operations in compliance with applicable laws and regulations; and |
• | other risks and uncertainties included under “Risk Factors” in this document and in our Annual Report on Form 10-K for the fiscal year ended September 30, 2015, filed with the SEC on November 25, 2015. |
Exhibit No. | Description | |
3.1 | Amended and Restated Articles of Incorporation of the Company (Incorporated by reference to Exhibit 3.1 to the Company’s Form 8-K filed on February 2, 2012) | |
3.2 | Amended and Restated Bylaws of the Company (Incorporated by reference to Exhibit 3.1 to the Company’s Form 8-K filed on February 4, 2016) | |
4.1 | Indenture, dated as of February 3, 2012, by and among the Company, the Guarantors (as defined) and Wells Fargo Bank, National Association, as trustee (Incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on February 8, 2012) | |
4.2 | Certificate of Designation, Preferences and Rights of 3.75% Series B Cumulative Perpetual Convertible Preferred Stock (Incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on February 26, 2013) | |
4.3 | Indenture, dated as of November 18, 2013, by and among the Company, the Guarantors (as defined) and Wells Fargo Bank, National Association, as trustee (Incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on November 18, 2013) | |
4.4 | Certificate of Designation, Preferences and Rights of 2.5% Series C Cumulative Perpetual Convertible Preferred Stock (Incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on December 16, 2013) | |
4.5 | Senior Indenture, dated May 28, 2014, between Post Holdings, Inc. and U.S. Bank National Association (Incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on May 28, 2014) | |
4.6 | First Supplemental Indenture, dated May 28, 2014, between Post Holdings, Inc. and U.S. Bank National Association, as trustee (Incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K filed on May 28, 2014) | |
4.7 | Purchase Contract Agreement, dated May 28, 2014, between Post Holdings, Inc. and U.S. Bank National Association (Incorporated by reference to Exhibit 4.3 to the Company’s Form 8-K filed on May 28, 2014) | |
4.8 | Indenture, dated as of June 2, 2014, by and among the Company, the Guarantors (as defined) and Wells Fargo Bank, National Association, as trustee (Incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on June 2, 2014) | |
4.9 | Indenture (2024 Notes), dated as of August 18, 2015, by and among Post Holdings, Inc., the Guarantors (as defined therein) and Wells Fargo Bank, National Association, as trustee (Incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on August 18, 2015) | |
4.10 | Indenture (2025 Notes), dated as of August 18, 2015, by and among Post Holdings, Inc., the Guarantors (as defined therein) and Wells Fargo Bank, National Association, as trustee (Incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K/A filed on August 21, 2015) | |
10.53† | Post Holdings, Inc. 2016 Long-Term Incentive Plan (Incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on February 1, 2016) | |
10.54† | Post Holdings, Inc. Form of Non-Employee Director Restricted Stock Unit Agreement (Incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K filed on February 1, 2016) | |
10.55† | Post Holdings, Inc. Form of Stock-Settled Restricted Stock Unit Agreement (Incorporated by reference to Exhibit 10.3 to the Company’s Form 8-K filed on February 1, 2016) | |
10.56† | Post Holdings, Inc. Form of Cash-Settled Restricted Stock Unit Agreement (Incorporated by reference to Exhibit 10.4 to the Company’s Form 8-K filed on February 1, 2016) | |
10.57† | Post Holdings, Inc. Form of Non-Qualified Stock Option Agreement (Incorporated by reference to Exhibit 10.5 to the Company’s Form 8-K filed on February 1, 2016) | |
10.58† | Third Amendment to and Termination of Employment Agreement with William P. Stiritz (Incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on February 4, 2016) | |
31.1 | Certification of Robert V. Vitale pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, dated May 6, 2016 | |
31.2 | Certification of Jeff A. Zadoks pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, dated May 6, 2016 | |
32.1 | Certification of Robert V. Vitale and Jeff A. Zadoks, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, dated May 6, 2016 | |
101 | Interactive Data File (Form 10-Q for the quarterly period ended March 31, 2016 filed in XBRL). The financial information contained in the XBRL-related documents is “unaudited” and “unreviewed.” |
* | Schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company hereby undertakes to furnish copies of any of the omitted schedules and exhibits upon request by the U.S. Securities and Exchange Commission. |
† | These exhibits constitute management contracts, compensatory plans and arrangements. |
POST HOLDINGS, INC. | |||
Date: | May 6, 2016 | By: | /s/ Jeff A. Zadoks |
Jeff A. Zadoks | |||
SVP and Chief Financial Officer (Principal Financial and Accounting Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of Post Holdings, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | May 6, 2016 | By: | /s/ Robert V. Vitale | ||
Robert V. Vitale | |||||
President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Post Holdings, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | May 6, 2016 | By: | /s/ Jeff A. Zadoks | ||
Jeff A. Zadoks | |||||
SVP and Chief Financial Officer |
(a) | the quarterly report on Form 10-Q for the period ended March 31, 2016, filed on the date hereof with the Securities and Exchange Commission (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended: and |
(b) | information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: | May 6, 2016 | By: | /s/ Robert V. Vitale | ||
Robert V. Vitale | |||||
President and Chief Executive Officer |
(a) | the quarterly report on Form 10-Q for the period ended March 31, 2016, filed on the date hereof with the Securities and Exchange Commission (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended: and |
(b) | information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: | May 6, 2016 | By: | /s/ Jeff A. Zadoks | ||
Jeff A. Zadoks | |||||
SVP and Chief Financial Officer |
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Mar. 31, 2016 |
May. 02, 2016 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Post Holdings, Inc. | |
Entity Central Index Key | 0001530950 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 64,310,050 |
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Net Sales | $ 1,271.1 | $ 1,052.7 | $ 2,519.9 | $ 2,126.6 |
Cost of goods sold | 861.8 | 777.2 | 1,748.1 | 1,602.0 |
Gross Profit | 409.3 | 275.5 | 771.8 | 524.6 |
Selling, general and administrative expenses | 205.6 | 176.4 | 392.6 | 343.6 |
Amortization of intangible assets | 38.1 | 33.7 | 76.2 | 67.2 |
Other operating expenses, net | 3.1 | 15.7 | 7.6 | 23.2 |
Operating Profit | 162.5 | 49.7 | 295.4 | 90.6 |
Interest expense, net | 77.2 | 59.8 | 155.0 | 119.9 |
Other expense | 90.9 | 28.8 | 106.8 | 83.4 |
(Loss) Earnings before Income Taxes | (5.6) | (38.9) | 33.6 | (112.7) |
Income tax (benefit) expense | (10.5) | (69.4) | 3.2 | (45.9) |
Net Earnings (Loss) | 4.9 | 30.5 | 30.4 | (66.8) |
Preferred stock dividends (see Note 13) | (3.4) | (4.2) | (18.4) | (8.5) |
Net Earnings (Loss) Available to Common Shareholders | $ 1.5 | $ 26.3 | $ 12.0 | $ (75.3) |
Earnings (Loss) per Share, Basic (in usd per share) | $ 0.02 | $ 0.48 | $ 0.18 | $ (1.45) |
Earnings (Loss) per Share, Diluted (in usd per share) | $ 0.02 | $ 0.45 | $ 0.17 | $ (1.45) |
Weighted-Average Common Shares Outstanding, Basic (in shares) | 69.1 | 54.5 | 68.3 | 52.1 |
Weighted-Average Common Shares Outstanding, Diluted (in shares) | 70.5 | 67.6 | 69.7 | 52.1 |
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net Earnings (Loss) | $ 4.9 | $ 30.5 | $ 30.4 | $ (66.8) |
Unrealized pension and postretirement benefit obligations | 1.6 | 0.0 | 1.6 | 0.0 |
Reclassifications of of accumulated other comprehensive income, pension and postretirement benefits | 0.0 | 0.2 | 0.5 | 0.5 |
Unrealized gain on plan amendment (see Note 15) | 36.1 | 0.0 | 36.1 | 0.0 |
Unrealized foreign currency translation adjustments | 19.7 | (26.8) | 9.9 | (40.9) |
Foreign Currency Translation Reclassification Adjustment from AOCI | (1.3) | 0.0 | (1.3) | 0.0 |
Tax (expense) benefit on other comprehensive income (loss) | (14.4) | 0.2 | (14.6) | 0.1 |
Other Comprehensive Income (Loss), Net of Tax | $ 46.6 | $ 4.1 | $ 62.6 | $ (107.1) |
Basis of Presentation |
6 Months Ended |
---|---|
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background | BASIS OF PRESENTATION These unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), under the rules and regulations of the United States Securities and Exchange Commission (the “SEC”), and on a basis substantially consistent with the audited consolidated financial statements of Post Holdings, Inc. (herein referred to as “Post,” “the Company,” “us,” “our” or “we”) as of and for the fiscal year ended September 30, 2015. 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, 2015, filed with the SEC on November 25, 2015. These unaudited condensed consolidated financial statements include all adjustments (consisting of normal recurring adjustments and accruals) that management considers necessary for a fair statement of the Company’s financial position, results of operations, comprehensive income (loss) and cash flows for the interim periods presented. Interim results are not necessarily indicative of the results for any other interim period or for the entire fiscal year. Certain prior year amounts have been reclassified to conform with the 2016 presentation. These reclassifications had no impact on Net Earnings (Loss) or Shareholders' Equity as previously reported. |
Recently Issued and Adopted Accounting Standards (Notes) |
6 Months Ended |
---|---|
Mar. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | RECENTLY ISSUED AND ADOPTED ACCOUNTING STANDARDS In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, “Compensation - Stock Compensation (Topic 718): Improvement to Employee Share-Based Payment Accounting.” The updated guidance changes the accounting for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification of certain items in the statement of cash flows. This ASU is effective for annual periods beginning after December 15, 2016, and interim periods therein (i.e., Post’s financial statements for the year ending September 30, 2018) and early application is permitted. The Company is currently evaluating the impact of adopting this guidance. In March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net).” The amendments are intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations. The effective date for this ASU is the same as the effective date for ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” (i.e., Post’s financial statements for the year ending September 30, 2019). The Company is currently evaluating the impact of adopting this guidance. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” This standards update requires a company to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. ASU 2016-02 offers specific accounting guidance for lessees, lessors and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. This ASU is effective for annual periods beginning after December 15, 2018, and interim periods therein (i.e., Post’s financial statements for the year ending September 30, 2020), with early adoption permitted. At adoption, this update will be applied using a modified retrospective approach. The Company is currently evaluating the impact of adopting this guidance. In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” The standards update requires equity investments to be measured at fair value with changes in fair value recognized in net income; simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; requires separate presentation of financial assets and financial liabilities by measurement category and form of financial assets on the balance sheet or the accompanying notes to the financial statements and clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. This ASU is effective for annual periods beginning after December 15, 2017, and interim periods therein (i.e., Post’s financial statements for the year ending September 30, 2019). Early adoption is not permitted. The Company is currently evaluating the impact of adopting this guidance. In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.” The standards update requires an entity to classify all deferred tax assets and liabilities as noncurrent. ASU 2015-17 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption permitted and can be applied either retrospectively or prospectively. The Company prospectively adopted this ASU at December 31, 2015 and is now presenting all deferred tax assets and liabilities as noncurrent on the Condensed Consolidated Balance Sheets. Balances at September 30, 2015 were not retrospectively adjusted as the Company chose to prospectively adopt this ASU. |
Restructuring |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring | RESTRUCTURING In September 2015, the Company announced its plan to close its Dymatize manufacturing facility located in Farmers Branch, Texas and permanently transfer production to third party facilities under co-manufacturing agreements. Plant production ceased in the fourth quarter of 2015. In May 2015, the Company announced its plan to consolidate its cereal business administrative offices in Lakeville, Minnesota. In connection with the consolidation, the Company closed its office located in Parsippany, New Jersey and relocated those functions as well as certain functions located in Battle Creek, Michigan to the Lakeville office. The Parsippany office closure was substantially completed in February 2016. In March 2015, the Company announced its plan to close its facility in Boise, Idaho, which manufactured certain PowerBar products distributed in North America. Plant production ceased in June 2015 and the facility was sold in September 2015. In April 2013, the Company announced management’s decision to close its cereal plant located in Modesto, California as part of a cost savings and capacity rationalization effort. The transfer of production capabilities and closure of the plant was completed during September 2014, and no additional restructuring costs were incurred in fiscal 2015 or 2016. Restructuring charges and the related liabilities are shown in the following table.
In the three and six months ended March 31, 2016, the Company incurred total restructuring charges of $0.5 and $1.7, respectively, which were reported in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Operations. In both the three and six months ended March 31, 2015, the Company incurred total restructuring charges of $3.1, which were reported in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Operations. These expenses are not included in the measure of segment performance (see Note 16). Assets Held for Sale Related to the closures of its Modesto, California and Farmers Branch, Texas facilities, the Company has land, building, machinery and equipment classified as assets held for sale. The carrying value of the assets included in “Prepaid expenses and other current assets” on the Condensed Consolidated Balance Sheets was $12.7 and $11.4 as of March 31, 2016 and September 30, 2015, respectively. Held for sale losses of $4.4 and $8.4 were recorded in the three and six months ended March 31, 2016, respectively, to adjust the carrying value of the assets to their fair value less estimated selling costs. Held for sale losses of $15.4 and $22.5 were recorded in the three and six months ended March 31, 2015, respectively, to adjust the carrying value of the assets to their fair value less estimated selling costs. These losses are reported as “Other operating expenses, net” on the Condensed Consolidated Statements of Operations. |
Business Combinations |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | BUSINESS COMBINATIONS AND DIVESTITURES On October 3, 2015, the Company completed its acquisition of Willamette Egg Farms (“WEF”) for $90.0, subject to working capital and other adjustments, resulting in a payment at closing of $109.0. In December 2015, a final settlement of net working capital and other adjustments was reached, resulting in an additional amount paid by the Company of $4.6. WEF is a producer, processor and wholesale distributor of eggs and egg products and is reported in Post’s Michael Foods Group segment (see Note 16). Based upon the preliminary purchase price allocation, the Company has recorded $12.7 of customer relationships to be amortized over a weighted-average period of 20 years and $2.5 to trademarks and brands to be amortized over a weighted-average period of 20 years. Net sales included in the Condensed Consolidated Statements of Operations was $22.3 and $52.0, for the three and six months ended March 31, 2016, respectively. Operating profit included in the Condensed Consolidated Statements of Operations was $4.2 and $12.6 for the three and six months ended March 31, 2016, respectively. On May 4, 2015, Post completed its acquisition of MOM Brands Company (“MOM Brands”), a manufacturer and distributer of ready-to-eat (“RTE”) cereals. MOM Brands is reported in the Post Consumer Brands segment (see Note 16). The closing purchase price of the transaction was $1,181.5 and was partially paid by the issuance of 2.45 shares of the Company’s common stock to the former owners of MOM Brands. The shares were valued at the May 1, 2015 closing price of $46.60 per share for a total issuance of $114.4. In September 2015, a final settlement of net working capital and other adjustments was reached, resulting in an amount back to the Company of $4.0. On November 1, 2014, the Company completed its acquisition of American Blanching Company (“ABC”) for $128.0. ABC is a manufacturer of peanut butter for national brands, private label retail and industrial markets and provider of peanut blanching, granulation and roasting services for the commercial peanut industry. ABC is reported in Post’s Private Brands segment (see Note 16). On October 1, 2014, the Company completed its acquisition of the PowerBar and Musashi brands and related worldwide assets from Nestlé S.A (“PowerBar”) for $150.0, subject to a working capital adjustment, which resulted in a payment at closing of $136.1. In March 2015, a final settlement of net working capital and other adjustments was reached, resulting in an amount back to the Company of $1.7. PowerBar is reported in the Active Nutrition segment (see Note 16). Each of the acquisitions was accounted for using the acquisition method of accounting, whereby the results of operations are included in the financial statements from the date of acquisition. The respective purchase prices were allocated to acquired assets and assumed liabilities based on their estimated fair values at the date of acquisition, and any excess was allocated to goodwill, as shown in the table below. Goodwill represents the value the Company expects to achieve through the implementation of operational synergies and the expansion of the business into new or growing segments of the industry. The Company expects the final fair value of goodwill related to the acquisition of WEF to be deductible for U.S. income tax purposes. Certain estimated values for the WEF acquisition, including goodwill, intangible assets, inventory and deferred taxes, are not yet finalized pending the final purchase price allocation and are subject to change once additional information is obtained. The following table provides the preliminary allocation of the purchase price related to the fiscal 2016 acquisition of WEF based upon the fair value of assets and liabilities assumed.
Divestitures In March 2016, the Company sold certain assets of the Michael Foods Canadian business, included in the Michael Foods Group segment (see Note 16), to a third party for $6.9, subject to working capital and other adjustments estimated to be $0.5, resulting in net cash received of $6.4. The Company recorded a gain of $2.0 related to the transaction in March 2016 which includes $1.3 of foreign exchange gains that were previously included in accumulated other comprehensive income. This gain is included in “Other operating expenses, net” in the Condensed Consolidated Statements of Operations. On July 1, 2015, the Company sold the PowerBar Australia assets and Musashi trademark. In February 2016, a final settlement of net working capital was reached related to the sale of the PowerBar Australia assets and Musashi trademark, resulting in an amount paid by the Company of $0.2. Transaction related costs The Company incurred acquisition and divestiture related expenses of $0.2 and $2.2 during the three and six months ended March 31, 2016, respectively, and $1.8 and $6.8 during the three and six months ended March 31, 2015, respectively. The costs are recorded as “Selling, general and administrative expenses,” and include amounts for transactions that were signed, spending for due diligence on potential acquisitions that were not signed or announced at the time of the Company’s reporting, and spending for divestiture transactions. Pro Forma Information The following unaudited pro forma information presents a summary of the results of operations of the Company combined with the aggregate results of WEF, MOM Brands, ABC and PowerBar for the periods presented as if the fiscal 2016 acquisition of WEF had occurred on October 1, 2014 and the fiscal 2015 acquisitions had occurred on October 1, 2013, along with certain pro forma adjustments. These pro forma adjustments give effect to the amortization of certain definite-lived intangible assets, adjusted depreciation based upon fair value of assets acquired, interest expense related to the financing of the business combinations, inventory revaluation adjustments on acquired business and related income taxes. The following unaudited pro forma information has been prepared for comparative purposes only and is not necessarily indicative of the results of operations as they would have been had the acquisitions occurred on the assumed dates, nor is it necessarily an indication of future operating results.
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | GOODWILL The changes in the carrying amount of goodwill by segment are noted in the following table.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES For the three and six months ended March 31, 2016, the effective income tax rate was 187.5% and 9.5%, respectively. In accordance with ASC Topic 740, the Company recorded tax (benefit) expense for the three and six months ended March 31, 2016 using the estimated annual effective tax rate for the full fiscal year adjusted for the impact of discrete items occurring during the three and six month periods. Our effective tax rate differed significantly from our statutory rate as a result of discrete items occurring in the second quarter of fiscal 2016 primarily relating to the Company’s decision to exit its Canadian egg business reported in the Michael Foods Group segment (see Note 4) and the expectation the Domestic Production Activities Deduction under the Internal Revenue Code (“DPAD”) will have a favorable impact on the effective income tax rate. For the three and six months ended March 31, 2015, the effective income tax rate was 178.4% and 40.7%, respectively. In accordance with ASC Topic 740, the Company’s tax benefit recognized for the year-to-date loss was limited to the amount that would be recognized if the year-to-date ordinary loss was the anticipated ordinary loss for the fiscal year. The estimated annual effective tax rate differed from the statutory tax rate primarily due to the expectation that nondeductible merger and acquisition expenses and other permanently nondeductible expenses would have an unfavorable impact on the effective income tax rate and the expectation that the DPAD and tax planning strategies implemented for certain recent acquisitions would have a favorable impact on the effective income tax rate. |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets, net | INTANGIBLE ASSETS, NET Total intangible assets are as follows:
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Earnings (Loss) Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (Loss) per Share | EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share is based on the average number of common shares outstanding during the period. Diluted earnings (loss) per share is based on the average number of shares used for the basic earnings per share calculation, adjusted for the dilutive effect of stock options, stock appreciation rights and restricted stock equivalents using the “treasury stock” method. The impact of potentially dilutive convertible preferred stock is calculated using the “if-converted” method. The Company’s tangible equity units (“TEUs”) are assumed to be settled at the minimum settlement amount of 1.7114 shares per TEU for weighted-average shares for basic earnings (loss) per share. For diluted earnings (loss) per share, the shares, to the extent dilutive, are assumed to be settled at a conversion factor based on the Company’s daily volume-weighted-average price per share of the Company’s common stock not to exceed 2.0964 shares per TEU. The following table sets forth the computation of basic and diluted earnings (loss) per share for the three and six months ended March 31, 2016 and 2015.
The following table details the securities that have been excluded from the calculation of weighted-average shares for diluted earnings (loss) per share as they were anti-dilutive.
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Inventories | INVENTORIES
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Property, net | PROPERTY, NET
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Derivative Financial Instruments and Hedging |
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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 acquisition of raw materials and supplies, interest rate risks relating to floating rate debt, and foreign currency exchange rate risks relating to its foreign subsidiaries. The Company utilizes derivative financial instruments, including (but not limited to) futures contracts, option contracts, forward contracts and swaps, to manage certain of these exposures by hedging when it is practical to do so. The Company does not hold or issue financial instruments for speculative or trading purposes. The Company maintains options, futures contracts and interest rate swaps which have been designated as economic hedges of raw materials, energy purchases and variable rate debt. At March 31, 2016, the notional amounts of commodity and energy contracts were $32.6 and $23.2, respectively. These contracts relate to inputs that generally will be utilized within the next 12 months. At March 31, 2016 and September 30, 2015, the Company had pledged collateral of $6.7 and $10.7, respectively, related to its commodity and energy contracts. These amounts are classified as “Restricted cash” on the Condensed Consolidated Balance Sheets. At March 31, 2016, the Company had a liability of $4.9 related to open and closed commodity and energy option contracts and associated fees that have not been cash settled. Of the total liability, $3.0 is included in “Other current liabilities” and $1.9 is included in “Other liabilities” on the Condensed Consolidated Balance Sheets. Payment for these contracts is due at the time the option is closed or expires. As of March 31, 2016, the Company had interest rate swaps with a notional amount of $78.3 that obligate Post to pay a fixed rate of 3.1% and receive one-month LIBOR. These swaps have the effect of converting a portion of the Company’s variable interest rate term loan debt to fixed interest rates beginning in June 2016 and ending in May 2021. In addition, the Company has interest rate swaps with a $750.0 notional amount that obligate Post to pay a weighted-average fixed rate of approximately 4.0% and receive three-month LIBOR and will result in a net lump sum settlement in July 2018, as well as interest rate swaps with a $899.3 notional amount that obligate Post to pay a weighted-average fixed rate of approximately 3.7% and receive three-month LIBOR and will result in a net lump sum settlement in December 2019. Commodity and energy derivatives are valued using an income approach based on index prices less the contract rate multiplied by the notional amount. The Company’s calculation of the fair value of interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve. The following tables present the balance sheet location and fair value of the Company’s derivative instruments on a gross and net basis as of March 31, 2016 and September 30, 2015.
The following table presents the recognized (gain) loss from derivative instruments that were not designated as qualified hedging instruments on the Company’s Condensed Consolidated Statements of Operations.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value measurements | FAIR VALUE MEASUREMENTS The following table represents Post’s assets and liabilities measured at fair value on a recurring basis and the basis for that measurement according to the levels in the fair value hierarchy in ASC Topic 820.
The following table represents the fair value of Post’s long-term debt which is classified as Level 2 in the fair value hierarchy per ASC Topic 820:
The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources, while unobservable inputs reflect a reporting entity’s pricing based upon its own market assumptions. The fair value hierarchy consists of three levels: Level 1 — Inputs are quoted prices in active markets for identical assets or liabilities. Level 2 — Inputs are quoted prices of similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally from or corroborated by observable market data. Level 3 — Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. The deferred compensation investment is invested primarily in mutual funds and its fair value is measured using the market approach. This investment is in the same funds and purchased in substantially the same amounts as the participants’ selected investment options (excluding Post common stock equivalents), which represent the underlying liabilities to participants in the Company’s deferred compensation plans. Deferred compensation liabilities are recorded at amounts due to participants in cash, based on the fair value of participants’ selected investment options (excluding certain Post common stock equivalents to be distributed in shares) using the market approach. The Company utilizes the income approach to measure fair value for its derivative assets, which include options and futures contracts for commodities and energy. The income approach uses pricing models that rely on market observable inputs such as yield curves and forward prices. Changes in the deferred compensation investment and related liability are recorded as a component of selling, general and administrative expenses. Refer to Note 11 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. As stated previously (see Note 3), the Company has land, building, machinery and equipment classified as assets held for sale related to the closure of its Modesto, California and Farmers Branch, Texas facilities. At March 31, 2016 and September 30, 2015, the carrying value and estimated fair value less estimated costs to sell the assets held for sale was $12.7 and $11.4, respectively, and is included in “Prepaid expenses and other current assets” on the Condensed Consolidated Balance Sheets. The fair value of the assets held for sale were measured at fair value on a nonrecurring basis based on third-party offers to purchase the assets, along with management’s own assumptions. The fair value measurement was categorized as Level 3, as the fair values utilize significant unobservable inputs. The following table summarizes the Level 3 activity.
The carrying amounts reported on the Condensed Consolidated Balance Sheets for cash and cash equivalents, receivables and accounts payable approximate fair value because of the short maturities (less than 12 months) of these financial instruments. |
Shareholders' Equity |
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Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' equity | SHAREHOLDERS’ EQUITY In December 2015, the Company and a holder of the Company’s 3.75% Series B Cumulative Perpetual Convertible Preferred Stock (the “Series B Preferred”) entered into an exchange agreement pursuant to which the shareholder agreed to deliver 0.9 shares of the Series B Preferred to the Company in exchange for 2.0 shares of common stock and $10.9 in cash. The number of shares of common stock exchanged in the transaction was based upon the current conversion rate, under the Certificate of Designation, Rights and Preferences for the Series B Preferred, of 2.1192 shares of common stock per share of Series B Preferred. The cash received was recorded as “Additional paid-in capital” on the Condensed Consolidated Balance Sheets. The Company may, from time to time, enter into common stock structured repurchase arrangements with financial institutions using general corporate funds. Under such arrangements, the Company will pay a fixed sum of cash upon execution of each agreement in exchange for the right to receive either a pre-determined amount of cash or Post common stock. Upon expiration of each agreement, if the closing market price of Post’s common stock is above the pre-determined price, the Company will have the initial investment returned with a premium in cash. If the closing market price of Post’s common stock is at or below the pre-determined price, the Company will receive the number of shares specified in the agreement. In March 2016, the Company entered into a structured share repurchase arrangement which required cash payments totaling $28.3, including transaction-related fees of $0.2. This arrangement will settle in May 2016 and will result in the receipt of either 0.5 million shares of the Company’s common stock or cash of $29.4. Under these arrangements, any prepayments or cash payments at settlement are recorded as “Additional paid-in capital” on the Condensed Consolidated Balance Sheets. |
Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | LONG-TERM DEBT Long-term debt as of the dates indicated consists of the following:
On January 29, 2014, the Company entered into a credit agreement (as subsequently amended, the “Credit Agreement”). The Credit Agreement provides for a revolving credit facility with an aggregate principal value of $400.0 as well as an incremental term loan. The revolving credit facility has outstanding letters of credit of $12.1 which reduced the available borrowing capacity to $387.9 at March 31, 2016. The Credit Agreement contains customary financial covenants including (a) a quarterly maximum senior secured leverage ratio of 3.00 to 1.00, and (b) a quarterly minimum interest coverage ratio of 1.75 to 1.00. The Credit Agreement permits the Company to incur additional unsecured debt only if its consolidated interest coverage ratio, calculated as provided in the Credit Agreement, would be greater than 2.00 to 1.00 after giving effect to such new debt. The Credit Agreement provides for customary events of default, including material breach of representations and warranties, failure to make required payments, failure to comply with certain agreements or covenants, failure to pay, or default under, certain other material indebtedness, certain events of bankruptcy and insolvency, inability to pay debts, the occurrence of one or more unstayed or undischarged judgments in excess of $75.0 or attachments issued against a material part of the Company’s property, change in control, the invalidity of any loan document, the failure of the collateral documents to create a valid and perfected first priority lien and certain ERISA events. Upon the occurrence of an event of default, the maturity of the loans under the Credit Agreement may be accelerated and the agent and lenders under the Credit Agreement may exercise other rights and remedies available at law or under the loan documents, including with respect to the collateral and guarantees for the Company’s obligations under the Credit Agreement. Debt Covenants Under the terms of the Credit Agreement, the Company is required to comply with certain financial covenants consisting of ratios for quarterly maximum senior secured leverage and minimum interest coverage. As of March 31, 2016, the Company was in compliance with such financial covenants. The Company does not believe non-compliance is reasonably likely in the foreseeable future. |
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Pension and Other Postretirement Benefit Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and other postretirement benefits | PENSION AND OTHER POSTRETIREMENT BENEFITS The Company maintains qualified defined benefit plans in the United States and Canada for its Post Consumer Brands segment. Certain of the Company’s employees are eligible to participate in the Company’s qualified and supplemental noncontributory defined benefit pension plans and other postretirement benefit plans (partially subsidized retiree health and life insurance) or separate plans for Post Foods Canada Inc. Amounts for the Canadian plans are included in these disclosures and are not disclosed separately because they do not constitute a significant portion of the combined amounts. The following tables provide the components of net periodic benefit cost for the plans.
In the second quarter of fiscal 2016, the Company finalized a new collective bargaining agreement that resulted in an amendment to its other postretirement benefit plan. As a result of this amendment, the Company remeasured its other benefits obligation using inputs as of February 29, 2016 and a gain of $36.1 ($22.3, net of tax) was recognized in accumulated other comprehensive income (loss) with an offsetting reduction in the accumulated postretirement benefit obligation. |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | SEGMENTS The Company’s reportable segments are as follows:
Management evaluates each segment’s performance based on its segment profit, which is its operating profit before impairment of property and intangible assets, facility closure related costs, restructuring expenses, losses on assets held for sale, gain on sale of business and other unallocated corporate income and expenses. The following tables present information about the Company’s reportable segments, including corresponding amounts for the prior year.
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Condensed Consolidating Financial Statements of Guarantors |
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Condensed Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor Financials | CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF GUARANTORS All of the Company’s senior notes (see Note 14) are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by each of our existing 100% owned domestic subsidiaries and future domestic subsidiaries, the “Guarantors.” Our foreign subsidiaries, the “Non-Guarantors,” do not guarantee the senior notes. These guarantees are subject to release in limited circumstances (only upon the occurrence of certain customary conditions). Set forth below are the condensed consolidating financial statements presenting the results of operations, financial position and cash flows of the Parent Company (Post Holdings, Inc.), the Guarantors on a combined basis, the Non-Guarantors on a combined basis and eliminations necessary to arrive at the information for the Company as reported, on a consolidated basis. The Condensed Consolidating Financial Statements present the Parent Company’s investments in subsidiaries using the equity method of accounting. Eliminations represent adjustments to eliminate investments in subsidiaries and intercompany balances and transactions between or among the Parent Company, the Guarantor and the Non-Guarantor subsidiaries. Post Holdings, Inc. and all of its domestic subsidiaries form a single consolidated tax group for U.S. income tax purposes. Accordingly, income tax expense has been presented on the Guarantors’ Condensed Statements of Operations using the consolidated U.S. effective tax rate for the Company. Income tax payable and deferred tax items for the consolidated U.S. tax paying group reside solely on the Parent Company’s Condensed Consolidated Balance Sheets. POST HOLDINGS, INC. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited)
POST HOLDINGS, INC. CONDENSED CONSOLIDATING BALANCE SHEETS (Unaudited)
POST HOLDINGS, INC. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Unaudited)
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Restructuring (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Costs |
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Business Combinations (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition |
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Business Acquisition, Pro Forma Information |
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Goodwill (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in carrying amount of goodwill |
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Intangible Assets, net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total intangible assets |
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Earnings (Loss) Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of basic and diluted earnings per share |
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Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] |
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Inventories (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory |
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Property, net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property, net |
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Derivative Financial Instruments and Hedging (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position |
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Schedule of Derivative Instruments, (Gain) Loss in Statement of Financial Performance |
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] |
The following table represents the fair value of Post’s long-term debt which is classified as Level 2 in the fair value hierarchy per ASC Topic 820:
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Fair Value Measurements, Nonrecurring [Table Text Block] |
|
Long-Term Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | Long-term debt as of the dates indicated consists of the following:
|
Pension and Other Postretirement Benefits (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of net benefit costs and assumptions used in calculation |
|
Segments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment |
|
Condensed Consolidating Financial Statements of Guarantors (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule Of Condensed Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Income Statement [Table Text Block] | POST HOLDINGS, INC. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited)
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Schedule of Condensed Balance Sheet [Table Text Block] | POST HOLDINGS, INC. CONDENSED CONSOLIDATING BALANCE SHEETS (Unaudited)
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Schedule of Condensed Cash Flow Statement [Table Text Block] | POST HOLDINGS, INC. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Unaudited)
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Restructuring Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
Sep. 30, 2015 |
|
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 0.5 | $ 3.1 | $ 1.7 | $ 3.1 | |
Loss on write-down of assets held for sale | 4.4 | $ 15.4 | 8.4 | $ 22.5 | |
Level 3 | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Loss on write-down of assets held for sale | 8.4 | ||||
Carrying value of assets held for sale | $ 12.7 | $ 12.7 | $ 11.4 |
Business combinations pro forma financial information (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Business Combinations [Abstract] | ||||
Pro forma net sales | $ 1,271.1 | $ 1,268.1 | $ 2,519.9 | $ 2,578.0 |
Pro forma net earnings (loss) available to common shareholders | $ 1.5 | $ 29.9 | $ 13.2 | $ (58.3) |
Pro forma basic income (loss) per share (in US$ per share) | $ 0.02 | $ 0.55 | $ 0.19 | $ (1.12) |
Pro forma diluted income (loss) per share (in US$ per share) | $ 0.02 | $ 0.44 | $ 0.19 | $ (1.12) |
Income Taxes (Details) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate, Percent | 187.50% | 178.40% | 9.50% | 40.70% |
Inventories (Details) - USD ($) $ in Millions |
Mar. 31, 2016 |
Sep. 30, 2015 |
---|---|---|
Inventory [Abstract] | ||
Raw materials and supplies | $ 126.0 | $ 142.5 |
Work in process | 16.3 | 15.3 |
Finished products | 317.9 | 286.8 |
Flocks | 31.3 | 20.7 |
Inventories | $ 491.5 | $ 465.3 |
Property, net (Details) - USD ($) $ in Millions |
Mar. 31, 2016 |
Sep. 30, 2015 |
---|---|---|
Property, Plant and Equipment [Abstract] | ||
Property, at cost | $ 1,815.5 | $ 1,737.7 |
Accumulated depreciation | (473.6) | (404.5) |
Property, net | $ 1,341.9 | $ 1,333.2 |
Derivative Financial Instruments and Hedging Gain(Loss) recognized in earnings from derivative instruments (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Commodity Contract [Member] | Cost of Sales [Member] | ||||
Derivative Instruments, (Gain) Loss [Line Items] | ||||
Derivative Instruments, (Gain) Loss Recognized in Income, Net | $ (0.2) | $ (0.2) | $ 4.2 | $ (8.4) |
Energy Contracts [Member] | Cost of Sales [Member] | ||||
Derivative Instruments, (Gain) Loss [Line Items] | ||||
Derivative Instruments, (Gain) Loss Recognized in Income, Net | 0.8 | (4.9) | 4.9 | 3.6 |
Interest Rate Swap [Member] | Operating Expense [Member] | ||||
Derivative Instruments, (Gain) Loss [Line Items] | ||||
Derivative Instruments, (Gain) Loss Recognized in Income, Net | $ 90.9 | $ 28.8 | $ 106.8 | $ 83.4 |
Fair Value Measurements Assets Held for Sale (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Losses on assets held for sale | $ (4.4) | $ (15.4) | $ (8.4) | $ (22.5) |
Level 3 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, September 30, 2015 | 11.4 | |||
Transfers into held for sale | 10.1 | |||
Losses on assets held for sale | (8.4) | |||
Cash received from sale of assets | (0.4) | |||
Balance, March 31, 2016 | $ 12.7 | $ 12.7 |
Shareholders' Equity (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
May. 01, 2015 |
|
Stockholders' Equity Note [Abstract] | |||||
Common Stock, Shares, Issued | 900,000 | 2,450,000 | |||
Convertible preferred stock, preferred shares converted | 2,000,000 | ||||
Preferred stock conversion | $ 10.9 | $ 0.0 | |||
Convertible Preferred Stock, Shares Issued upon Conversion | 2.1192 | 2.1192 | |||
Net Cash Received In Settlement Of Paid In Advance For Stock Repurchase Contracts | $ 28.3 | $ 28.3 | $ 0.0 | ||
Transaction costs paid in connection with stock repurchase contracts | $ 0.2 | $ 0.2 | |||
Shares to be received upon settlement of stock repurchase contracts | 500,000 | 500,000 | |||
Net cash to be received upon settlement of stock repurchase contracts | $ 29.4 | $ 29.4 |
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