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.



	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	$	—		$	—	$	—		$	—

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.