10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

__________________

FORM 10-Q

__________________

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number: 1-35305

Post Holdings, Inc.

(Exact name of registrant as specified in its charter)

Missouri	45-3355106
(State or other jurisdiction of  incorporation or organization)	(I.R.S. Employer Identification No.)

2503 S. Hanley Road

St. Louis, Missouri 63144

(Address of principal executive offices) (Zip Code)

(314) 644-7600

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	POST	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

Common Stock, $0.01 par value per share – 61,218,573 shares as of July 31, 2023

POST HOLDINGS, INC.

QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS

		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	1
	Condensed Consolidated Statements of Operations (Unaudited)	1
	Condensed Consolidated Statements of Comprehensive Income (Unaudited)	2
	Condensed Consolidated Balance Sheets (Unaudited)	3
	Condensed Consolidated Statements of Cash Flows (Unaudited)	4
	Condensed Consolidated Statements of Shareholders’ Equity (Unaudited)	5
	Notes to Condensed Consolidated Financial Statements (Unaudited)	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	41
Item 4.	Controls and Procedures	42
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	43
Item 1A.	Risk Factors	43
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	43
Item 5.	Other Information	44
Item 6.	Exhibits	44
	SIGNATURES	46

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PART I.     FINANCIAL INFORMATION.

ITEM 1.    FINANCIAL STATEMENTS (UNAUDITED).

POST HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(in millions, except per share data)

	Three Months Ended June 30,				Nine Months Ended June 30,
	2023		2022		2023		2022
Net Sales	$	1,859.4	$	1,524.9	$	5,045.6	$	4,272.1
Cost of goods sold	1,357.8		1,160.2		3,715.3		3,197.2
Gross Profit	501.6		364.7		1,330.3		1,074.9
Selling, general and administrative expenses	300.9		225.0		768.9		680.9
Amortization of intangible assets	42.4		36.6		115.4		109.5
Other operating (income) expense, net	—		(2.4)		0.1		0.8
Operating Profit	158.3		105.5		445.9		283.7
Interest expense, net	72.7		75.6		202.4		245.6
(Gain) loss on extinguishment of debt, net	(6.4)		(10.2)		(21.2)		9.1
Income on swaps, net	(17.1)		(131.6)		(20.4)		(222.9)
Gain on investment in BellRing	—		(35.1)		(5.1)		(482.8)
Other income, net	(16.0)		(12.8)		(27.8)		(14.0)
Earnings before Income Taxes and Equity Method Loss	125.1		219.6		318.0		748.7
Income tax expense	26.8		35.0		70.4		43.3
Equity method loss, net of tax	—		12.0		0.2		49.3
Net Earnings from Continuing Operations, Including Noncontrolling Interests	98.3		172.6		247.4		656.1
Less: Net earnings attributable to noncontrolling interests from continuing operations	8.7		2.4		11.8		5.0
Net Earnings from Continuing Operations	89.6		170.2		235.6		651.1
Net earnings from discontinued operations, net of tax and noncontrolling interest	—		—		—		21.6
Net Earnings	$	89.6	$	170.2	$	235.6	$	672.7
Earnings from Continuing Operations per Common Share:
Basic	$	1.49	$	2.77	$	4.13	$	10.61
Diluted	$	1.38	$	2.72	$	3.82	$	10.47
Earnings from Discontinued Operations per Common Share:
Basic	$	—	$	—	$	—	$	0.35
Diluted	$	—	$	—	$	—	$	0.35
Earnings per Common Share:
Basic	$	1.49	$	2.77	$	4.13	$	10.96
Diluted	$	1.38	$	2.72	$	3.82	$	10.82
Weighted-Average Common Shares Outstanding:
Basic	61.6		60.4		59.7		61.5
Diluted	68.5		61.6		66.7		62.3

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

1

POST HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(in millions)

	Three Months Ended June 30,				Nine Months Ended June 30,
	2023		2022		2023		2022
Net Earnings	$	89.6	$	170.2	$	235.6	$	672.7
Net earnings attributable to noncontrolling interests from continuing operations	8.7		2.4		11.8		5.0
Net earnings attributable to noncontrolling interest from discontinued operations	—		—		—		11.8
Net Earnings Including Noncontrolling Interests	98.3		172.6		247.4		689.5
Pension and postretirement benefits adjustments:
Reclassifications to net earnings	(1.2)		(0.4)		(3.5)		(1.4)
Hedging adjustments:
Reclassifications to net earnings	—		—		—		7.1
Foreign currency translation adjustments:
Unrealized foreign currency translation adjustments	36.1		(124.3)		185.3		(165.5)
Tax benefit (expense) on other comprehensive income:
Pension and postretirement benefits adjustments:
Reclassifications to net earnings	0.2		0.1		0.8		0.4
Hedging adjustments:
Reclassifications to net earnings	—		—		—		(1.8)
Total Other Comprehensive Income (Loss) Including Noncontrolling Interests	35.1		(124.6)		182.6		(161.2)
Less: Comprehensive income attributable to noncontrolling interests	8.2		2.1		10.2		17.8
Total Comprehensive Income	$	125.2	$	45.9	$	419.8	$	510.5

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

2

POST HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(in millions)

	June 30, 2023		September 30, 2022
ASSETS
Current Assets
Cash and cash equivalents	$	208.8	$	586.5
Restricted cash	18.0		3.6
Receivables, net	564.9		544.2
Inventories	779.3		549.1
Investment in BellRing	—		94.8
Investments held in trust	—		346.8
Prepaid expenses and other current assets	69.3		98.4
Total Current Assets	1,640.3		2,223.4
Property, net	1,992.6		1,751.9
Goodwill	4,649.0		4,349.6
Other intangible assets, net	3,272.4		2,712.2
Other assets	332.6		270.9
Total Assets	$	11,886.9	$	11,308.0
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Current portion of long-term debt	$	1.1	$	1.1
Accounts payable	389.2		452.7
Other current liabilities	405.0		370.0
Total Current Liabilities	795.3		823.8
Long-term debt	6,186.1		5,956.6
Deferred income taxes	694.0		688.4
Other liabilities	251.7		266.9
Total Liabilities	7,927.1		7,735.7
Redeemable noncontrolling interest	—		306.6
Shareholders’ Equity
Common stock	0.9		0.9
Additional paid-in capital	5,268.7		4,748.2
Retained earnings	1,350.8		1,109.0
Accumulated other comprehensive loss	(78.7)		(262.9)
Treasury stock, at cost	(2,591.7)		(2,341.2)
Total Shareholders’ Equity Excluding Noncontrolling Interests	3,950.0		3,254.0
Noncontrolling interests	9.8		11.7
Total Shareholders’ Equity	3,959.8		3,265.7
Total Liabilities and Shareholders’ Equity	$	11,886.9	$	11,308.0

 See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

3

POST HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in millions)

	Nine Months Ended June 30,
	2023		2022
Cash Flows from Operating Activities
Net earnings from continuing operations, including noncontrolling interests	$	247.4	$	656.1
Adjustments to reconcile net earnings from continuing operations, including noncontrolling interests, to net cash provided by operating activities:
Depreciation and amortization	293.3		285.5
Unrealized gain on interest rate swaps, foreign exchange contracts and warrant liabilities, net	(27.4)		(249.2)
Gain on investment in BellRing	(5.1)		(482.8)
(Gain) loss on extinguishment of debt, net	(21.2)		9.1
Non-cash stock-based compensation expense	57.2		48.3
Equity method loss, net of tax	0.2		49.3
Deferred income taxes	(11.2)		(9.0)
Non-cash gain on write-off of deferred underwriting commissions	(10.7)		—
Other, net	0.8		(1.5)
Other changes in operating assets and liabilities, net of business acquisitions, held for sale assets and liabilities and divestitures:
Increase in receivables, net	(17.7)		(105.7)
Increase in inventories	(20.7)		(58.6)
Decrease (increase) in prepaid expenses and other current assets	40.5		(20.4)
(Increase) decrease in other assets	(15.0)		21.5
(Decrease) increase in accounts payable and other current liabilities	(38.1)		73.4
Increase in non-current liabilities	8.2		3.7
Net Cash Provided by Operating Activities - continuing operations	480.5		219.7
Net Cash Used in Operating Activities - discontinued operations	—		(1.6)
Net Cash Provided by Operating Activities	480.5		218.1
Cash Flows from Investing Activities
Business acquisitions, net of cash acquired	(715.2)		(24.8)
Return of subsidiary investments held in trust account	345.0		—
Additions to property	(201.9)		(167.3)
Proceeds from sale of property and assets held for sale	1.2		17.8
Proceeds from sale of business	4.6		50.5
Investments in partnerships	(1.4)		(8.9)
Other, net	(0.2)		0.4
Net Cash Used in Investing Activities - continuing operations	(567.9)		(132.3)
Net Cash Used in Investing Activities - discontinued operations	—		(0.8)
Net Cash Used in Investing Activities	(567.9)		(133.1)
Cash Flows from Financing Activities
Proceeds from issuance of debt	530.0		1,340.0
Repayments of debt, net of discounts	(178.4)		(904.4)
Premium from issuance of debt	—		17.5
Purchases of treasury stock	(242.4)		(343.0)
Payments of debt issuance costs and deferred financing fees	(3.1)		(7.4)
Payments of debt premiums	—		(24.1)
Distributions to BellRing Brands, Inc., net	—		(547.2)
Redemption of Post Holdings Partnering Corporation Series A common stock	(312.5)		—
Financing portion of cash paid for rate-lock interest rate swaps	(43.5)		—
Other, net	(29.8)		(17.8)
Net Cash Used in Financing Activities - continuing operations	(279.7)		(486.4)
Net Cash Used in Financing Activities - discontinued operations	—		(149.5)
Net Cash Used in Financing Activities	(279.7)		(635.9)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	3.8		(5.8)
Net Decrease in Cash, Cash Equivalents and Restricted Cash	(363.3)		(556.7)
Cash, Cash Equivalents and Restricted Cash from continuing operations, Beginning of Year	590.1		671.6
Plus: Cash, Cash Equivalents and Restricted Cash from discontinued operations, Beginning of Year	—		152.6
Cash, Cash Equivalents and Restricted Cash from continuing operations, End of Period	$	226.8	$	267.5

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited). 

4

POST HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)

(in millions)

	As of and for the Three Months Ended June 30,				As of and for the Nine Months Ended June 30,
	2023		2022		2023		2022
Common Stock
Beginning and end of period	$	0.9	$	0.9	$	0.9	$	0.9
Additional Paid-in Capital
Beginning of period	4,757.5		4,711.7		4,748.2		4,253.5
Activity under stock and deferred compensation plans	(1.1)		(0.1)		(29.0)		(16.7)
Non-cash stock-based compensation expense	20.0		16.7		57.2		49.0
Issuance of common stock	492.3		—		492.3		—
BellRing Spin-off	—		—		—		442.5
End of period	5,268.7		4,728.3		5,268.7		4,728.3
Retained Earnings
Beginning of period	1,253.8		852.0		1,109.0		347.3
Net earnings	89.6		170.2		235.6		672.7
Post Holdings Partnering Corporation deemed dividend	7.4		1.8		6.2		4.0
End of period	1,350.8		1,024.0		1,350.8		1,024.0
Accumulated Other Comprehensive Loss
Retirement Benefit Adjustments, net of tax
Beginning of period	(31.4)		(11.6)		(29.7)		(10.9)
Net change in retirement benefits, net of tax	(1.0)		(0.3)		(2.7)		(1.0)
End of period	(32.4)		(11.9)		(32.4)		(11.9)
Hedging Adjustments, net of tax
Beginning of period	74.8		74.8		74.8		71.4
Net change in hedges, net of tax	—		—		—		3.4
End of period	74.8		74.8		74.8		74.8
Foreign Currency Translation Adjustments
Beginning of period	(157.7)		(55.9)		(308.0)		(17.6)
Foreign currency translation adjustments	36.6		(124.0)		186.9		(164.6)
BellRing Spin-off	—		—		—		2.3
End of period	(121.1)		(179.9)		(121.1)		(179.9)
Treasury Stock
Beginning of period	(2,424.9)		(2,095.4)		(2,341.2)		(1,902.2)
Purchases of treasury stock	(166.8)		(145.8)		(250.5)		(339.0)
End of period	(2,591.7)		(2,241.2)		(2,591.7)		(2,241.2)
Total Shareholders’ Equity Excluding Noncontrolling Interests	3,950.0		3,395.0		3,950.0		3,395.0
Noncontrolling Interests
Beginning of period	10.9		11.8		11.7		11.8
Net (loss) earnings attributable to noncontrolling interests	(0.6)		0.2		(0.3)		12.4
Purchases of treasury stock	—		—		—		(18.1)
Activity under stock and deferred compensation plans	—		—		—		(1.0)
Non-cash stock-based compensation expense	—		—		—		2.9
Net change in hedges, net of tax	—		—		—		1.9
Foreign currency translation adjustments	(0.5)		(0.3)		(1.6)		(0.9)
BellRing Spin-off	—		—		—		2.7
End of period	9.8		11.7		9.8		11.7
Total Shareholders’ Equity	$	3,959.8	$	3,406.7	$	3,959.8	$	3,406.7

 See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited). 

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POST HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

($ in millions, except per share information and where indicated otherwise)

NOTE 1 — BASIS OF PRESENTATION

These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), under the rules and regulations of the United States (the “U.S.”) Securities and Exchange Commission (the “SEC”). These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of Post Holdings, Inc. (herein referred to as “Post,” the “Company,” “us,” “our” or “we,” and unless otherwise stated or context otherwise indicates, all such references herein mean Post Holdings, Inc. and its subsidiaries), which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2022, filed with the SEC on November 17, 2022.

On March 10, 2022, the Company completed its distribution of 80.1% of its ownership interest in BellRing Brands, Inc. (formerly known as BellRing Distribution, LLC) (“BellRing”) to Post’s shareholders (the “BellRing Distribution,” and such transaction, as well as the BellRing Contribution, the BellRing Merger (as such terms are defined in Note 3), the Debt-for-Debt Exchange (as such term is defined in Note 15) and the related transactions described in Note 3, the “BellRing Spin-off”). The BellRing Spin-off represented a strategic shift that had a major effect on the Company’s operations and consolidated financial results. Accordingly, the historical results of BellRing Intermediate Holdings, Inc. (formerly known as BellRing Brands, Inc.) (“Old BellRing”) and BellRing Distribution, LLC prior to the BellRing Spin-off have been presented as discontinued operations in the Company’s Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows. The Notes to Condensed Consolidated Financial Statements reflect continuing operations only, unless otherwise indicated. See Note 3 for additional information regarding the BellRing Spin-off and discontinued operations.

These unaudited condensed consolidated financial statements include all adjustments (consisting of normal recurring adjustments and accruals) that management considers necessary for a fair statement of the Company’s results of operations, comprehensive income, financial condition, cash flows and shareholders’ equity for the interim periods presented. Interim results are not necessarily indicative of the results for any other interim period or for the entire fiscal year. Certain reclassifications have been made to previously reported financial information to conform to the current period presentation.

NOTE 2 — RECENTLY ISSUED ACCOUNTING STANDARDS

The Company has considered all new accounting pronouncements and has concluded there are no new pronouncements that had or will have a material impact on the Company’s results of operations, comprehensive income, financial condition, cash flows, shareholders’ equity or related disclosures based on current information.

NOTE 3 — BELLRING SPIN-OFF AND DISCONTINUED OPERATIONS

BellRing Spin-off

On March 9, 2022, pursuant to the Transaction Agreement and Plan of Merger, dated as of October 26, 2021 (as amended by Amendment No. 1 to the Transaction Agreement and Plan of Merger, dated as of February 28, 2022, the “Spin-off Agreement”), by and among Post, Old BellRing, BellRing and BellRing Merger Sub Corporation, a wholly-owned subsidiary of BellRing (“BellRing Merger Sub”), Post contributed its share of Old BellRing Class B common stock, $0.01 par value per share, all of its BellRing Brands, LLC non-voting membership units and $550.4 of cash to BellRing in exchange for certain limited liability company interests of BellRing and the right to receive $840.0 in aggregate principal amount of BellRing’s 7.00% senior notes maturing in 2030 (the “BellRing Notes” and such transactions, collectively, the “BellRing Contribution”).

On March 10, 2022, BellRing converted into a Delaware corporation and changed its name to “BellRing Brands, Inc.”, and Post consummated the BellRing Distribution, distributing an aggregate of 78.1 million, or 80.1%, of its shares of BellRing common stock, $0.01 par value per share (“BellRing Common Stock”), to Post shareholders of record as of the close of business, Central Time, on February 25, 2022 (the “Record Date”) in a pro-rata distribution. Post shareholders received 1.267788 shares of BellRing Common Stock for every one share of Post common stock held as of the Record Date. No fractional shares of BellRing Common Stock were issued, and instead, cash in lieu of any fractional shares was paid to Post shareholders.

Upon completion of the BellRing Distribution, BellRing Merger Sub merged with and into Old BellRing (the “BellRing Merger”), with Old BellRing continuing as the surviving corporation and becoming a wholly-owned subsidiary of BellRing.

The Company’s equity interest in BellRing subsequent to the BellRing Spin-off (its “Investment in BellRing”) was 14.2% immediately following the BellRing Spin-off. As a result of the BellRing Spin-off, the dual class voting structure in the

6

BellRing business was eliminated. The BellRing Distribution was structured in a manner intended to qualify as a tax-free distribution to Post shareholders for U.S. federal income tax purposes, except to the extent of any cash received in lieu of fractional shares of BellRing Common Stock.

The Company incurred separation-related expenses related to the BellRing Spin-off and subsequent divestment of its Investment in BellRing (see Note 4) of zero and $0.1 during the three and nine months ended June 30, 2023, respectively, and $0.4 and $28.8 during the three and nine months ended June 30, 2022, respectively, which were included in “Selling, general and administrative expenses” within continuing operations in the Condensed Consolidated Statements of Operations. Old BellRing incurred separation-related expenses prior to the BellRing Spin-off of $4.3 during the nine months ended June 30, 2022, which were included in “Net earnings from discontinued operations, net of tax and noncontrolling interest” in the Condensed Consolidated Statements of Operations. These expenses generally included third party costs for advisory services, fees charged by other service providers and government filing fees.

On March 17, 2022, the Company utilized proceeds received in connection with the BellRing Spin-off to redeem a portion of Post’s existing 5.75% senior notes (see Note 15).

The following is a summary of BellRing’s net assets as of March 10, 2022.

Total Assets	$	633.0
Less: Total Liabilities	1,064.6
BellRing Net Assets	$	(431.6)

As a result of the BellRing Spin-off, the Company recorded a $442.5 adjustment to additional paid-in capital, which included BellRing net assets of $(431.6). The BellRing Spin-off also resulted in a reduction of accumulated other comprehensive loss associated with BellRing’s foreign currency translation adjustments. The total adjustment to accumulated other comprehensive loss was $2.3.

The Company’s Investment in BellRing immediately following the BellRing Spin-off did not represent a controlling interest in BellRing. As such, the Company’s remaining proportionate share of BellRing’s net assets were recorded at a zero carrying value on March 10, 2022, as the BellRing net assets were negative. See Note 14 for additional information regarding the Company’s subsequent remeasurement of its Investment in BellRing to fair value for the periods subsequent to the BellRing Spin-off.

Discontinued Operations

The BellRing Spin-off represented a strategic shift that had a major effect on the Company’s operations and consolidated financial results. Accordingly, the historical results of Old BellRing and BellRing Distribution, LLC prior to the BellRing Spin-off have been presented as discontinued operations in the Company’s Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows.

The following table presents the components of net earnings from discontinued operations during the nine months ended June 30, 2022 prior to the completion of the BellRing Spin-off on March 10, 2022.

Net Sales	$	541.9
Cost of goods sold	390.3
Gross Profit	151.6
Selling, general and administrative expenses	68.5
Amortization of intangible assets	8.7
Operating Profit	74.4
Interest expense, net	13.1
Loss on extinguishment of debt, net	17.6
Earnings from Discontinued Operations before Income Taxes	43.7
Income tax expense	10.3
Net Earnings from Discontinued Operations, Including Noncontrolling Interest	33.4
Less: Net earnings attributable to noncontrolling interest from discontinued operations	11.8
Net Earnings from Discontinued Operations, Net of Tax and Noncontrolling Interest	$	21.6

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NOTE 4 — NONCONTROLLING INTERESTS, EQUITY INTERESTS AND RELATED PARTY TRANSACTIONS

Post Holdings Partnering Corporation

In May and June of 2021, the Company and Post Holdings Partnering Corporation, a special purpose acquisition company (“PHPC”), consummated the initial public offering of 34.5 million units of PHPC (the “PHPC Units” and such transaction, the “PHPC IPO”), of which PHPC Sponsor, LLC, the Company’s wholly-owned subsidiary (“PHPC Sponsor”), purchased 4.0 million PHPC Units. Each PHPC Unit consisted of one share of Series A common stock of PHPC, $0.0001 par value per share (“PHPC Series A Common Stock”), and one-third of one redeemable warrant of PHPC; each whole warrant entitled the holder thereof to purchase one share of PHPC Series A Common Stock at an exercise price of $11.50 per share (the “PHPC Warrants”). The PHPC Units were sold at a price of $10.00 per PHPC Unit, generating gross proceeds to PHPC of $345.0. The PHPC Units, PHPC Series A Common Stock and PHPC Warrants each traded on the New York Stock Exchange (the “NYSE”) under the ticker symbols “PSPC.U”, “PSPC” and “PSPC WS”, respectively. Under the terms of the PHPC IPO, PHPC was required to consummate a partnering transaction by May 28, 2023, which could have been extended to August 28, 2023 in certain circumstances (the “Combination Period”).

Substantially concurrently with the closing of the PHPC IPO, PHPC completed the private sale of 1.1 million units of PHPC (the “PHPC Private Placement Units”), at a purchase price of $10.00 per PHPC Private Placement Unit, to PHPC Sponsor, generating proceeds to PHPC of $10.9 (the “PHPC Private Placement”). The PHPC Private Placement Units sold in the PHPC Private Placement were identical to the PHPC Units sold in the PHPC IPO, except that, with respect to the warrants underlying the PHPC Private Placement Units (the “PHPC Private Placement Warrants”) that were held by PHPC Sponsor or its permitted transferees, such PHPC Private Placement Warrants (i) could have been exercised for cash or on a cashless basis, (ii) were not subject to being called for redemption (except in certain circumstances if the PHPC Warrants were called for redemption and a certain price per share of PHPC Series A Common Stock threshold was met) and (iii) subject to certain limited exceptions, would have been subject to transfer restrictions until 30 days following the consummation of PHPC’s partnering transaction. If the PHPC Private Placement Warrants were held by holders other than PHPC Sponsor or its permitted transferees, the PHPC Private Placement Warrants would have been redeemable by PHPC in all redemption scenarios and exercisable by holders on the same basis as the PHPC Warrants.

In addition, the Company, through PHPC Sponsor’s ownership of 8.6 million shares of Series F common stock of PHPC, $0.0001 par value per share (the “PHPC Series F Common Stock”), had certain governance rights in PHPC relating to the election of PHPC directors and voting rights on amendments to PHPC’s certificate of incorporation.

In connection with the completion of the PHPC IPO, PHPC also entered into a forward purchase agreement with PHPC Sponsor (the “Forward Purchase Agreement”), which provided for the purchase by PHPC Sponsor, at the election of PHPC, of up to 10.0 million units of PHPC (the “PHPC Forward Purchase Units”), subject to the terms and conditions of the Forward Purchase Agreement, with each PHPC Forward Purchase Unit consisting of one share of PHPC’s Series B common stock, $0.0001 par value per share, and one-third of one warrant to purchase one share of PHPC Series A Common Stock, for a purchase price of $10.00 per PHPC Forward Purchase Unit, in an aggregate amount of up to $100.0 in a private placement to occur concurrently with the closing of PHPC’s partnering transaction.

PHPC Sponsor was the primary beneficiary of PHPC as it had, through its equity interest, the right to receive benefits or the obligation to absorb losses from PHPC, as well as the power to direct a majority of the activities that significantly impacted PHPC’s economic performance, including target identification. As such, PHPC was fully consolidated into the Company’s financial statements until the time of its dissolution, as discussed below.

Proceeds of $345.0 were deposited in a trust account established for the benefit of PHPC’s public stockholders, which consisted of certain proceeds from the PHPC IPO and certain proceeds from the PHPC Private Placement, net of underwriters’ discounts and commissions and other costs and expenses. A minimum balance of $345.0, which represented the number of PHPC Units sold at the offering price of $10.00 per PHPC Unit, was required by the underwriting agreement to be maintained in the trust account. These proceeds were invested only in U.S. treasury securities. At September 30, 2022, there was $346.8 held in the trust account, which was included in “Investments held in trust” on the Condensed Consolidated Balance Sheets.

The public stockholders’ ownership of PHPC equity represented a noncontrolling interest (“NCI”) to the Company, which was classified outside of permanent shareholders’ equity as the PHPC Series A Common Stock was redeemable at the option of the public stockholders in certain circumstances. The carrying amount of the redeemable NCI was equal to the greater of (i) the initial carrying amount, increased or decreased for the redeemable NCI’s share of PHPC’s net earnings or loss, other comprehensive income or loss (“OCI”) and distributions or (ii) the redemption value. The redemption value represented the amount the public stockholders of PHPC Series A Common Stock would be entitled in certain circumstances to redeem their shares of PHPC Series A Common Stock for, which was a pro-rata portion of the amount in the trust account at $10.00 per share of PHPC Series A Common Stock held, plus any pro-rata interest earned on the funds held in the trust account (which interest was net of taxes payable, and less up to $0.1 of interest to pay dissolution expenses). As of September 30, 2022, the carrying amount of the redeemable NCI was recorded at its redemption value of $306.6 on the Condensed Consolidated

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Balance Sheets. Remeasurements to the redemption value of the redeemable NCI were recognized as a deemed dividend and were recorded to “Retained earnings” on the Condensed Consolidated Balance Sheets.

In connection with the PHPC IPO, PHPC incurred offering costs of $17.9, of which $10.7 were deferred underwriting commissions that would have become payable to the underwriters solely in the event that PHPC completed a partnering transaction and were included in “Other current liabilities” on the Condensed Consolidated Balance Sheets at September 30, 2022.

As of September 30, 2022 and prior to the PHPC Redemption (as defined below), the Company beneficially owned 31.0% of the equity of PHPC and the net earnings and net assets of PHPC were consolidated within the Company’s financial statements. The remaining 69.0% of the consolidated net earnings and net assets of PHPC, which represented the percentage of economic interest in PHPC held by the public stockholders of PHPC through their ownership of PHPC equity, were allocated to redeemable NCI. All transactions between PHPC and PHPC Sponsor, as well as related financial statement impacts, eliminated in consolidation.

On May 11, 2023, PHPC announced that it would not complete a partnering transaction within the Combination Period and that the entity would liquidate and dissolve in accordance with the terms of its amended and restated certificate of incorporation. Subsequent to the decision to liquidate and dissolve, PHPC completed certain winding-up activities, which included writing-off the deferred underwriting commissions as the underwriters agreed to waive their rights to these amounts should a partnering transaction not occur. The Company recorded a $10.7 gain in connection with this write-off, which was recorded in “Other income, net” on the Condensed Consolidated Statements of Operations during both the three and nine months ended June 30, 2023.

On May 28, 2023, the PHPC Warrants and the PHPC Private Placement Warrants expired worthless and the Forward Purchase Agreement terminated in accordance with its terms, as PHPC had not completed a partnering transaction before the expiration of the Combination Period.

On May 30, 2023, PHPC redeemed all of the outstanding public shares of PHPC Series A Common Stock (the “PHPC Redemption”). Each share of PHPC Series A Common Stock was redeemed for approximately $10.24 per share, representing the per share price equal to the aggregate amount then on deposit in the trust account, including interest earned on the trust account not previously released to pay taxes or dissolution expenses, divided by the number of then outstanding shares of PHPC Series A Common Stock. In connection with the PHPC Redemption:

•$353.4 of funds held in the trust account immediately prior to the PHPC Redemption were distributed to redeem all of the outstanding shares of PHPC Series A Common Stock, which reduced “Investments held in trust” on the Condensed Consolidated Balance Sheets to zero as of June 30, 2023. The Company received $40.9 from the PHPC Redemption related to its ownership of 4.0 million shares of PHPC Series A Common Stock; and

•redeemable NCI of $312.5 immediately prior to the PHPC Redemption was reduced to zero on the Condensed Consolidated Balance Sheets as of June 30, 2023.

Subsequent to the PHPC Redemption, PHPC delisted from the NYSE and dissolved in June 2023, and all classes of shares of PHPC equity were cancelled, including the PHPC Private Placement Units and the shares of the PHPC Series F Common Stock, which were surrendered by PHPC Sponsor for no consideration.

The following table summarizes the effects of changes in the Company’s redeemable NCI on the Company’s equity. The three and nine months ended June 30, 2023 represent the periods ended May 30, 2023, as the Company’s redeemable NCI was reduced to zero upon completion of the PHPC Redemption.

	Three Months Ended June 30,				Nine Months Ended June 30,
	2023		2022		2023		2022
Net earnings attributable to redeemable NCI	$	9.3	$	2.2	$	12.1	$	4.4
Redemption value adjustment	(1.9)		(0.4)		(5.9)		(0.4)
PHPC deemed dividend	$	7.4	$	1.8	$	6.2	$	4.0

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The following table summarizes the changes to the Company’s redeemable NCI. The three and nine months ended June 30, 2023 represent the periods ended May 30, 2023, as the Company’s redeemable NCI was reduced to zero upon completion of the PHPC Redemption.

	As of and for the Three Months Ended June 30,				As of and for the Nine Months Ended June 30,
	2023		2022		2023		2022
Beginning of period	$	310.6	$	305.0	$	306.6	$	305.0
Net earnings attributable to redeemable NCI	9.3		2.2		12.1		4.4
PHPC deemed dividend	(7.4)		(1.8)		(6.2)		(4.0)
Redemption of PHPC Series A Common Stock	(312.5)		—		(312.5)		—
End of period	$	—	$	305.4	$	—	$	305.4

8th Avenue

The Company has a 60.5% common equity interest in 8th Avenue Food & Provisions, Inc. (“8th Avenue”) that is accounted for using the equity method. In determining the accounting treatment of the common equity interest, management concluded that 8th Avenue was not a variable interest entity as defined by Accounting Standards Codification (“ASC”) Topic 810, “Consolidation,” and as such, 8th Avenue was evaluated under the voting interest model. Based on the terms of 8th Avenue’s governing documents, management determined that the Company does not have a controlling voting interest in 8th Avenue due to substantive participating rights held by third parties associated with the governance of 8th Avenue. However, Post does retain significant influence, and therefore, the use of the equity method of accounting is required.

During fiscal 2022, 8th Avenue’s equity method loss attributable to Post exceeded the Company’s remaining investment in 8th Avenue. As such, the Company’s investment in 8th Avenue was zero at both June 30, 2023 and September 30, 2022. In accordance with ASC Topic 323, “Investments—Equity Method and Joint Ventures,” the Company has discontinued applying the equity method to the investment and will resume the recognition of equity method gains (losses) when the Company’s share of cumulative net losses is recovered. As such, the Company did not recognize an equity method gain (loss) attributable to 8th Avenue for the three or nine months ended June 30, 2023.

The following table presents the calculation of the Company’s equity method loss attributable to 8th Avenue prior to the discontinuance of applying the equity method to the investment.

	Three Months Ended June 30, 2022			Nine Months Ended June 30, 2022
Net loss attributable to 8th Avenue common shareholders	$	(16.8)		$	(72.5)
	60.5		%	60.5		%
Equity method loss attributable to Post	$	(10.2)		$	(43.9)
Less: Amortization of basis difference, net of tax (a)	1.7			5.1
Equity method loss, net of tax	$	(11.9)		$	(49.0)

(a)The Company adjusted the historical basis of 8th Avenue’s assets and liabilities to fair value and recognized a basis difference of $70.3 upon the initial recording of its equity method investment in 8th Avenue. The basis difference related to property, plant and equipment and other intangible assets was initially amortized over the weighted-average useful lives of the assets. During the year ended September 30, 2022, the carrying value of the Company’s investment in 8th Avenue was reduced to zero, resulting in the termination of basis difference amortization in accordance with ASC Topic 323.

The following table presents summarized financial information of 8th Avenue prior to the discontinuance of applying the equity method to the investment.

	Three Months Ended June 30, 2022		Nine Months Ended June 30, 2022
Net sales	$	267.4	$	783.2
Gross profit	$	45.5	$	101.7
Net loss	$	(6.6)	$	(42.7)
Less: Preferred stock dividend	10.2		29.8
Net loss attributable to 8th Avenue common shareholders	$	(16.8)	$	(72.5)

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The Company provides services to 8th Avenue under a master services agreement (the “MSA”), as well as certain advisory services for a fee. The Company recorded MSA and advisory income of $0.7 and $2.3 during the three and nine months ended June 30, 2023, respectively, and $0.8 and $2.4 during the three and nine months ended June 30, 2022, respectively, which were recorded in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Operations.

During the three and nine months ended June 30, 2023, the Company had net sales to 8th Avenue of $1.2 and $6.7, respectively, and purchases from and royalties paid to 8th Avenue of $16.8 and $65.2, respectively. During the three and nine months ended June 30, 2022, the Company had net sales to 8th Avenue of $3.1 and $6.3, respectively, and purchases from and royalties paid to 8th Avenue of $19.2 and $68.9, respectively. Sales and purchases between the Company and 8th Avenue were all made at arm’s-length.

The Company had current receivables and current payables with 8th Avenue of $5.0 and $11.1, respectively, at June 30, 2023 and $4.4 and $26.1, respectively, at September 30, 2022. The current receivables and current payables were included in “Receivables, net” and “Accounts payable,” respectively, on the Condensed Consolidated Balance Sheets and related to MSA fees, pass-through charges owed by 8th Avenue to the Company and related party sales and purchases. In addition, the Company had a long-term receivable and a long-term liability with 8th Avenue of $12.8 and $0.7, respectively, at June 30, 2023 and zero and $0.7, respectively, at September 30, 2022, which were included in “Other assets” and “Other liabilities,” respectively, on the Condensed Consolidated Balance Sheets and related to tax indemnifications.

Investment in BellRing

Immediately following the BellRing Spin-off, the Company’s Investment in BellRing represented 19.4 million shares of BellRing Common Stock, or 14.2% of the equity interest in BellRing, which did not represent a controlling interest in BellRing and was accounted for as an equity security.

On August 11, 2022, the Company transferred 14.8 million shares of its Investment in BellRing to repay certain outstanding debt obligations as part of the First Debt-for-Equity Exchange (as defined in Note 15). See Note 15 for additional information regarding the First Debt-for-Equity Exchange. As a result, the Company’s remaining Investment in BellRing as of September 30, 2022 represented 4.6 million shares of BellRing Common Stock, or 3.4% of the outstanding equity of BellRing. As of September 30, 2022, the Company’s Investment in BellRing was recorded at its fair value of $94.8 and was included in “Investment in BellRing” on the Condensed Consolidated Balance Sheets (see Note 14).

On November 25, 2022, the Company transferred the remaining 4.6 million shares of its Investment in BellRing to repay certain outstanding debt obligations as part of the Second Debt-for-Equity Exchange (as defined in Note 15). See Note 15 for additional information regarding the Second Debt-for-Equity Exchange. The Company had no ownership of BellRing Common Stock as of June 30, 2023.

The Company recognized a gain on its Investment in BellRing of $5.1 during the nine months ended June 30, 2023 and $35.1 and $482.8 during the three and nine months ended June 30, 2022, which were recorded in “Gain on investment in BellRing” in the Condensed Consolidated Statements of Operations. There was no gain or loss recorded related to the Company’s Investment in BellRing during the three months ended June 30, 2023. No deferred income taxes were recorded with respect to the non-cash mark-to-market adjustments on the Company’s Investment in BellRing as of June 30, 2023 or September 30, 2022, as the Company fully divested its Investment in BellRing within 12 months of the BellRing Spin-off in a manner intended to qualify as tax-free for U.S. federal income tax purposes.

Weetabix East Africa and Alpen

The Company holds a controlling equity interest in Weetabix East Africa Limited (“Weetabix East Africa”). Weetabix East Africa is a Kenyan-based company that produces ready-to-eat (“RTE”) cereal and muesli. The Company owns 50.1% of Weetabix East Africa and holds a controlling voting and financial interest through its appointment of management and representation on Weetabix East Africa’s board of directors. Accordingly, Weetabix East Africa is fully consolidated into the Company’s financial statements and its assets and results of operations are reported in the Weetabix segment (see Note 19). The remaining interest in the consolidated net earnings and net assets of Weetabix East Africa is allocated to NCI.

The Company holds an equity interest in Alpen Food Company South Africa (Pty) Limited (“Alpen”). Alpen is a South African-based company that produces RTE cereal and muesli. The Company owns 50.0% of Alpen’s common stock with no other indicators of control, and accordingly, the Company accounts for its investment in Alpen using the equity method. The Company’s equity method loss, net of tax, attributable to Alpen was zero and $0.2 for the three and nine months ended June 30, 2023, respectively, and $0.1 and $0.3 for the three and nine months ended June 30, 2022, respectively, and was included in “Equity method loss, net of tax” in the Condensed Consolidated Statements of Operations. The investment in Alpen was $3.7 and $4.1 at June 30, 2023 and September 30, 2022, respectively, and was included in “Other assets” on the Condensed Consolidated Balance Sheets. The Company had a note receivable balance with Alpen of $0.4 at both June 30, 2023 and September 30, 2022, which was included in “Other assets” on the Condensed Consolidated Balance Sheets.

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NOTE 5 — BUSINESS COMBINATIONS

The Company accounts for acquisitions using the acquisition method of accounting, whereby the results of operations are included in the financial statements from the date of acquisition. The purchase price is allocated to acquired assets and assumed liabilities based on their estimated fair values at the date of acquisition. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. Any excess of the estimated fair values of the identifiable net assets over the purchase price is recorded as a gain on bargain purchase. Goodwill represents the value the Company expects to achieve through the implementation of operational synergies, the expansion of the business into new or growing segments of the industry and the addition of new employees.

Fiscal 2023

On April 28, 2023, the Company completed its acquisition of a portion of The J. M. Smucker Company’s (“Smucker”) pet food business, including brands such as Rachael Ray Nutrish, Nature’s Recipe, 9Lives, Kibbles ’n Bits and Gravy Train, private label pet food assets and certain manufacturing and distribution facilities (collectively, “Pet Food”), facilitating the Company’s entry into the pet food category. The purchase price of the Pet Food acquisition was $1,207.5 which included (i) $700.0 in cash, subject to inventory adjustments, resulting in a payment at closing of $715.5, (ii) 5.4 million shares of Post common stock, or approximately $492.3, and (iii) immaterial working capital adjustments. The cash payment was made using cash on hand, including proceeds from the Fourth Incremental Term Loan (as defined in Note 15). Pet Food is reported in the Post Consumer Brands segment (see Note 19).

Based upon the preliminary purchase price allocation, the Company recorded $235.0 of trademarks and licensing agreements and $391.0 of customer relationships, both of which are being amortized over a weighted-average useful life of 18 years. The Company recorded $12.0 and $16.0 of acquisition-related costs, which were included in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Operations during the three and nine months ended June 30, 2023, respectively. Net sales included in the Condensed Consolidated Statements of Operations attributable to Pet Food was $275.3 for both the three and nine months ended June 30, 2023. Due to the level of integration of Pet Food within the Post Consumer Brands segment, it is impracticable to separately present net earnings included in the Condensed Consolidated Statements of Operations attributable to Pet Food.

Preliminary values of Pet Food are measured as of the date of the acquisition, are not yet finalized pending the final purchase price allocation and are subject to change. The Company expects the final fair value of goodwill related to the Pet Food acquisition to be deductible for U.S. income tax purposes.

The following table provides the preliminary purchase price allocation related to the Pet Food acquisition based upon the fair values of assets acquired and liabilities assumed as of June 30, 2023.

Inventories	$	204.6
Prepaid expenses and other current assets	0.5
Property, net	191.7
Other intangible assets, net	626.0
Other assets	0.3
Other current liabilities	(9.7)
Other liabilities	(0.2)
Total identifiable net assets	1,013.2
Goodwill	194.3
Fair value of total consideration transferred	$	1,207.5

In connection with the Pet Food acquisition, the Company and Smucker entered into a Transition Services Agreement (the “TSA”) pursuant to which Smucker provides certain Pet Food support services to Post for a transition period of 18 months (or up to 24 months at Post’s election) following the close of the acquisition (the “TSA Period”) based on the terms set forth in the TSA. Pet Food support services include, but are not limited to, certain sales, marketing, finance, information technology, procurement and supply chain services. During both the three and nine months ended June 30, 2023, Post incurred $4.0 related to TSA fees, which was recorded within “Selling, general and administrative expenses” on the Condensed Consolidated Statements of Operations. In accordance with the terms of the TSA, Smucker collects sales receivables from and remits payments to customers and vendors, respectively, in accordance with Smucker’s existing contractual terms. Pet Food receivables and payables are settled between Post and Smucker monthly on a net basis per the terms of the TSA. As of June 30, 2023, the Company had recorded a net receivable due from Smucker of $36.2, which was recorded within “Receivables, net” on the Condensed Consolidated Balance Sheets.

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Fiscal 2022

On April 5, 2022, the Company completed its acquisition of Lacka Foods Limited (“Lacka Foods”), a United Kingdom (“U.K.”)-based distributor and marketer of protein-based shakes and nutritional snacks, for £24.5 million (approximately $32.2), net of cash acquired, using cash on hand. The acquisition included earnings-based contingent consideration of £3.5 million (approximately $4.6), representing its initial fair value estimate, which may be paid to the seller in annual installments over three years with a maximum cash payout of £3.5 million. Lacka Foods is reported in the Weetabix segment.

Unaudited Pro Forma Information

The following unaudited pro forma information presents a summary of the results of operations of the Company combined with the results of the fiscal 2023 Pet Food acquisition for the periods presented as if the Pet Food acquisition had occurred on October 1, 2021, along with certain pro forma adjustments. The results of operations for the fiscal 2022 Lacka Foods acquisition were immaterial for presentation within the following unaudited pro forma information. These pro forma adjustments give effect to the amortization of certain definite-lived intangible assets, adjusted depreciation expense based upon the fair value of assets acquired, acquisition-related costs, inventory revaluation adjustments, interest expense, TSA fees 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 Pet Food acquisition occurred on the assumed date, nor is it necessarily an indication of future operating results.

	Three Months Ended June 30,				Nine Months Ended June 30,
	2023		2022		2023		2022
Pro forma net sales	$	1,987.7	$	1,911.8	$	5,957.5	$	5,389.3
Pro forma net earnings from continuing operations	$	116.6	$	175.9	$	283.8	$	512.5
Pro forma basic earnings from continuing operations per common share	$	1.88	$	2.63	$	4.62	$	7.68
Pro forma diluted earnings from continuing operations per common share	$	1.73	$	2.58	$	4.28	$	7.59

NOTE 6 — DIVESTITURE AND AMOUNTS HELD FOR SALE

Divestiture

On December 1, 2021, the Company sold the Willamette Egg Farms business (the “WEF Transaction”), which included the sale of $62.8 book value of assets, for total proceeds of $56.1. Of the $56.1, the Company had $6.0 in escrow, subject to certain contingencies, which was included in “Receivables, net” on the Condensed Consolidated Balance Sheets at September 30, 2022. During the nine months ended June 30, 2023, the Company received $4.6 of the proceeds held in escrow, which reduced the amount in escrow to $1.4 as of June 30, 2023. As a result of the WEF Transaction, during the nine months ended June 30, 2022, the Company recorded a net loss on sale of business of $6.3, which included a favorable working capital adjustment of $0.4 and was reported as “Other operating (income) expense, net” in the Condensed Consolidated Statements of Operations. Subsequent to the WEF Transaction, Willamette Egg Farms was no longer consolidated in the Company’s financial statements. Prior to the WEF Transaction, Willamette Egg Farms’ operating results were reported in the Refrigerated Retail segment. There were no gains or losses on sale of business recorded during the three months ended June 30, 2022 or the three or nine months ended June 30, 2023.

Amounts Held For Sale

The Company sold certain Foodservice production equipment in Klingerstown, Pennsylvania (the “Klingerstown Equipment”) in November 2021, which had been previously classified as held for sale. In the nine months ended June 30, 2022, the Company received total proceeds of $10.3 and recorded a gain on assets held for sale of $9.8 related to the sale of the Klingerstown Equipment, which was included in “Other operating (income) expense, net” in the Condensed Consolidated Statements of Operations. There were no held for sale gains or losses recorded in the three months ended June 30, 2022 or the three or nine months ended June 30, 2023.

NOTE 7 — INCOME TAXES

The effective income tax rate was 21.4% and 22.1% for the three and nine months ended June 30, 2023, respectively, and 15.9% and 5.8% for the three and nine months ended June 30, 2022, respectively. In accordance with ASC Topic 740, “Income Taxes,” the Company records income taxes for interim periods using the estimated annual effective income tax rate for the full fiscal year adjusted for the impact of discrete items occurring during the interim periods.

In the three and nine months ended June 30, 2022, the effective income tax rate differed significantly from the statutory rate primarily as a result of (i) a $35.1 and $482.8, respectively, non-cash mark-to-market adjustment on the Company’s

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Investment in BellRing, which was divested in a manner intended to qualify as tax-free for U.S. federal income tax purposes, and (ii) $2.9 and $12.1, respectively, of discrete income tax benefit items related to the Company’s equity method loss attributable to 8th Avenue. See Note 4 for additional information on the Investment in BellRing and the 8th Avenue equity method loss.

NOTE 8 — EARNINGS PER SHARE

In accordance with ASC Topic 260, “Earnings Per Share,” the Company has presented basic and diluted earnings per share for both continuing and discontinued operations. Basic earnings per share is based on the average number of shares of common stock outstanding during the period. Diluted earnings 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 units using the “treasury stock” method and convertible senior notes using the “if converted” method.

Remeasurements to the redemption value of the redeemable NCI were recognized as a deemed dividend (see Note 4). The Company made an election to treat the portion of the deemed dividend that exceeded fair value as an adjustment to income available to common shareholders for basic and diluted earnings from continuing operations per share. In addition, dilutive net earnings from continuing operations was adjusted for interest expense, net of tax, related to the Company’s convertible senior notes, and dilutive net earnings from discontinued operations was adjusted for the Company’s share of Old BellRing’s consolidated net earnings prior to the BellRing Spin-off, to the extent it was dilutive. Net earnings from continuing operations was utilized as the “control number” to determine whether potential shares of common stock were dilutive or anti-dilutive.

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The following table sets forth the computation of basic and diluted earnings per share for both continuing and discontinued operations.

	Three Months Ended June 30,				Nine Months Ended June 30,
	2023		2022		2023		2022
Net Earnings from Continuing Operations
Net earnings from continuing operations	$	89.6	$	170.2	$	235.6	$	651.1
Impact of redeemable NCI	1.9		(2.9)		11.0		1.4
Net earnings from continuing operations for basic earnings per share	$	91.5	$	167.3	$	246.6	$	652.5
Impact of interest expense, net of tax, related to convertible senior notes	2.7		—		8.1		—
Net earnings from continuing operations for diluted earnings per share	$	94.2	$	167.3	$	254.7	$	652.5
Net Earnings from Discontinued Operations
Net earnings from discontinued operations for basic earnings per share	$	—	$	—	$	—	$	21.6
Dilutive impact of Old BellRing net earnings from discontinued operations	—		—		—		—
Net earnings from discontinued operations for diluted earnings per share	$	—	$	—	$	—	$	21.6
Net Earnings
Net earnings for basic earnings per share	$	91.5	$	167.3	$	246.6	$	674.1
Net earnings for diluted earnings per share	$	94.2	$	167.3	$	254.7	$	674.1
shares in millions
Weighted-average shares for basic earnings per share	61.6		60.4		59.7		61.5
Effect of dilutive securities:
Stock options	0.3		0.4		0.4		0.3
Restricted stock units	0.4		0.7		0.5		0.4
Market-based performance restricted stock units	0.7		0.1		0.6		0.1
Earnings-based performance restricted stock units	0.1		—		0.1		—
Shares issuable upon conversion of convertible senior notes	5.4		—		5.4		—
Total dilutive securities	6.9		1.2		7.0		0.8
Weighted-average shares for diluted earnings per share	68.5		61.6		66.7		62.3
Earnings from Continuing Operations per Common Share:
Basic	$	1.49	$	2.77	$	4.13	$	10.61
Diluted	$	1.38	$	2.72	$	3.82	$	10.47
Earnings from Discontinued Operations per Common Share:
Basic	$	—	$	—	$	—	$	0.35
Diluted	$	—	$	—	$	—	$	0.35
Earnings per Common Share:
Basic	$	1.49	$	2.77	$	4.13	$	10.96
Diluted	$	1.38	$	2.72	$	3.82	$	10.82

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The following table details the securities that have been excluded from the calculation of weighted-average shares for diluted earnings per share for both continuing and discontinued operations as they were anti-dilutive.

	Three Months Ended June 30,		Nine Months Ended June 30,
shares in millions	2023	2022	2023	2022
Restricted stock units	—	—	0.1	0.4
Market-based performance restricted stock units	0.1	0.2	0.1	0.2

NOTE 9 — INVENTORIES

	June 30, 2023		September 30, 2022
Raw materials and supplies	$	264.1	$	130.9
Work in process	23.2		21.1
Finished products	453.1		361.9
Flocks	38.9		35.2
	$	779.3	$	549.1

NOTE 10 — PROPERTY, NET

	June 30, 2023		September 30, 2022
Property, at cost	$	3,686.9	$	3,269.3
Accumulated depreciation	(1,694.3)		(1,517.4)
	$	1,992.6	$	1,751.9

NOTE 11 — GOODWILL

The changes in the carrying amount of goodwill by segment are noted in the following table.

	Post Consumer Brands		Weetabix		Foodservice		Refrigerated Retail		Total
Balance, September 30, 2022
Goodwill (gross)	$	2,066.8	$	781.6	$	1,355.3	$	803.7	$	5,007.4
Accumulated impairment losses	(609.1)		—		—		(48.7)		(657.8)
Goodwill (net)	$	1,457.7	$	781.6	$	1,355.3	$	755.0	$	4,349.6
Goodwill from acquisition	194.3		—		—		—		194.3
Currency translation adjustment	0.2		104.9		—		—		105.1
Balance, June 30, 2023
Goodwill (gross)	$	2,261.3	$	886.5	$	1,355.3	$	803.7	$	5,306.8
Accumulated impairment losses	(609.1)		—		—		(48.7)		(657.8)
Goodwill (net)	$	1,652.2	$	886.5	$	1,355.3	$	755.0	$	4,649.0

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NOTE 12 — INTANGIBLE ASSETS, NET

	June 30, 2023						September 30, 2022
	Carrying Amount		Accumulated Amortization		Net Amount		Carrying Amount		Accumulated Amortization		Net Amount
Subject to amortization:
Customer relationships	$	2,542.0	$	(909.2)	$	1,632.8	$	2,129.7	$	(816.4)	$	1,313.3
Trademarks, brands and licensing agreements	887.2		(289.9)		597.3		647.7		(260.4)		387.3
	3,429.2		(1,199.1)		2,230.1		2,777.4		(1,076.8)		1,700.6
Not subject to amortization:
Trademarks and brands	1,042.3		—		1,042.3		1,011.6		—		1,011.6
	$	4,471.5	$	(1,199.1)	$	3,272.4	$	3,789.0	$	(1,076.8)	$	2,712.2

NOTE 13 — DERIVATIVE FINANCIAL INSTRUMENTS

In the ordinary course of business, the Company is exposed to commodity price risks relating to the purchases of raw materials and supplies, interest rate risks and foreign currency exchange rate risks. The Company utilizes derivative financial instruments, including (but not limited to) futures contracts, option contracts, forward contracts and swaps, to manage certain of these exposures by hedging when it is practical to do so. The Company does not hold or issue financial instruments for speculative or trading purposes.

Cash flows associated with all derivatives are reported as cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows, unless the derivative contains an other-than-insignificant financing element, in which case its cash flows are reported as cash flows from financing activities.

At June 30, 2023, the Company’s derivative instruments, none of which were designated as hedging instruments under ASC Topic 815, “Derivatives and Hedging,” consisted of:

•commodity and energy futures, swaps and option contracts which relate to inputs that generally will be utilized within the next two years;

•foreign currency forward contracts maturing in the next year that have the effect of hedging currency fluctuations between the Euro and the Pound Sterling and between the U.S. Dollar and the Pound Sterling;

•pay-fixed, receive-variable interest rate swaps maturing in June 2033 that require monthly settlements and have the effect of hedging interest payments on debt expected to be issued but not yet priced; and

•pay-fixed, receive-variable interest rate swaps maturing in April 2026 that require monthly settlements and have the effect of hedging forecasted interest payments on the Company’s Fourth Incremental Term Loan (as defined in Note 15).

Fiscal 2023

In fiscal 2023, the Company paid $55.1 in connection with the termination of $849.3 notional value of its rate-lock swap contracts, of which $43.5 related to the termination of rate-lock swap contracts that contained other-than-insignificant financing elements and were reported as cash flows from financing activities in the Condensed Consolidated Statements of Cash Flows. The Company also paid $2.1 in connection with the termination of $332.6 notional value of its interest rate swap option, and received cash proceeds of $6.7 in connection with the termination of its interest rate swap contract with a $200.0 notional value.

Fiscal 2022

In fiscal 2022, the Company paid $17.0 in connection with the termination of $700.0 notional value of its rate-lock swap contracts. The Company also restructured two of its rate-lock swap contracts, which contained other-than-insignificant financing elements. There were no cash settlements paid or received in connection with these restructurings.

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The following table presents the notional amounts of derivative instruments held.

	June 30, 2023		September 30, 2022
Commodity contracts	$	179.4	$	145.0
Energy contracts	23.3		23.7
Foreign exchange contracts - Forward contracts	8.4		3.2
Interest rate swaps	700.0		200.0
Interest rate swaps - Rate-lock swaps	—		849.3
Interest rate swap - Option	—		332.6
PHPC Warrants	—		16.9

The following table presents the balance sheet location and fair value of the Company’s derivative instruments. The Company does not offset derivative assets and liabilities within the Condensed Consolidated Balance Sheets.

	Balance Sheet Location	June 30, 2023		September 30, 2022
Asset Derivatives:
Commodity contracts	Prepaid expenses and other current assets	$	3.6	$	12.9
Energy contracts	Prepaid expenses and other current assets	2.3		13.6
Foreign exchange contracts	Prepaid expenses and other current assets	0.1		—
Interest rate swaps	Prepaid expenses and other current assets	10.8		3.4
Commodity contracts	Other assets	0.1		0.5
Interest rate swaps	Other assets	3.2		2.5
		$	20.1	$	32.9
Liability Derivatives:
Commodity contracts	Other current liabilities	$	11.4	$	1.5
Energy contracts	Other current liabilities	3.3		1.8
Foreign exchange contracts	Other current liabilities	0.2		0.1
Interest rate swaps	Other current liabilities	—		22.5
Commodity contracts	Other liabilities	0.1		—
Energy contracts	Other liabilities	0.1		—
Interest rate swaps	Other liabilities	8.8		48.1
PHPC Warrants	Other liabilities	—		1.0
		$	23.9	$	75.0

The following table presents the statement of operations location and loss (gain) recognized related to the Company’s derivative instruments.

Derivative Instruments	Statement of Operations Location	Three Months Ended June 30,				Nine Months Ended June 30,
		2023		2022		2023		2022
Commodity contracts	Cost of goods sold	$	15.2	$	3.6	$	20.9	$	(26.0)
Energy contracts	Cost of goods sold	0.6		(10.3)		9.2		(28.7)
Foreign exchange contracts	Selling, general and administrative expenses	0.1		0.1		0.1		0.1
Interest rate swaps	Income on swaps, net	(17.1)		(131.6)		(20.4)		(222.9)
PHPC Warrants	Other income, net	(1.5)		(2.8)		(1.0)		(6.3)

At June 30, 2023 and September 30, 2022, the Company had pledged collateral of $17.3 and $2.8, respectively, related to its commodity and energy contracts. These amounts are classified as “Restricted cash” on the Condensed Consolidated Balance Sheets.

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NOTE 14 — FAIR VALUE MEASUREMENTS

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis and the basis for that measurement according to the levels in the fair value hierarchy in ASC Topic 820, “Fair Value Measurement.”

	June 30, 2023						September 30, 2022
	Total		Level 1		Level 2		Total		Level 1		Level 2
Assets:
Deferred compensation investments	$	13.6	$	13.6	$	—	$	12.0	$	12.0	$	—
Derivative assets	20.1		—		20.1		32.9		—		32.9
Equity securities	0.7		0.7		—		32.1		32.1		—
Investment in BellRing	—		—		—		94.8		94.8		—
	$	34.4	$	14.3	$	20.1	$	171.8	$	138.9	$	32.9
Liabilities:
Deferred compensation liabilities	$	37.4	$	—	$	37.4	$	33.7	$	—	$	33.7
Derivative liabilities	23.9		—		23.9		75.0		1.0		74.0
	$	61.3	$	—	$	61.3	$	108.7	$	1.0	$	107.7

Deferred Compensation

The deferred compensation investments are primarily invested in mutual funds, and their fair value is measured using the market approach. These investments are in the same funds, or funds that employ a similar investment strategy, and are purchased in substantially the same amounts, as the participants’ selected investment options (excluding Post common stock equivalents), which represent the underlying liabilities to participants in the Company’s deferred compensation plans. Deferred compensation liabilities are recorded at amounts due to participants in cash, based on the fair value of participants’ selected investment options (excluding certain Post common stock equivalents to be distributed in shares) using the market approach.

Derivatives

The Company utilizes the income approach to measure fair value for its commodity and energy derivatives. The income approach uses pricing models that rely on market observable inputs such as yield curves and forward prices. Foreign exchange contracts are valued using the spot rate less the forward rate multiplied by the notional amount. The Company’s calculation of the fair value of interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve. Refer to Note 13 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 of September 30, 2022, the PHPC Warrants were valued using the market approach based on quoted prices and were categorized as Level 1. The fair value of the PHPC Warrants was zero as of June 30, 2023, as the PHPC Warrants had expired worthless in connection with the PHPC Redemption and PHPC’s subsequent dissolution. For additional information on the PHPC Warrants, see Notes 4 and 13.

Equity Securities and Investment in BellRing

The Company uses the market approach to measure the fair value of its equity securities. The Investment in BellRing represented the Company’s 3.4% equity interest in BellRing as of September 30, 2022, which was measured at its fair value of $94.8 based on the trading value of the BellRing Common Stock on September 30, 2022. As of June 30, 2023, the Company did not hold an equity interest in BellRing.

Other Fair Value Measurements

Investments held in trust held prior to the PHPC Redemption were invested in a fund consisting entirely of U.S. treasury securities. The fund was valued at net asset value per share, and as such, in accordance with ASC Topic 820, the investments were not classified in the fair value hierarchy. Investments held in trust were reported at fair value on the Condensed Consolidated Balance Sheets as of September 30, 2022. In connection with the PHPC Redemption, the investments held in trust were liquidated and the proceeds were disbursed to PHPC’s public stockholders, including $40.9 to the Company, during the third quarter of fiscal 2023. For additional information, see Note 4.

The Company’s financial assets and liabilities also include cash and cash equivalents, receivables and accounts payable for which the carrying value approximates fair value due to their short maturities (less than 12 months). The Company does not record its current portion of long-term debt and long-term debt at fair value on the Condensed Consolidated Balance Sheets. The fair values of any outstanding borrowings under the municipal bond as of June 30, 2023 and September 30, 2022

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approximated their carrying values. Based on current market rates, the fair value (Level 2) of the Company’s debt, excluding outstanding borrowings under the municipal bond (which are also categorized as Level 2), was $5,723.1 and $5,171.0 as of June 30, 2023 and September 30, 2022, respectively, which included $583.7 and $566.1 related to the Company’s convertible senior notes, respectively.

Certain assets and liabilities, including property, goodwill and other intangible assets and assets held for sale, are measured at fair value on a non-recurring basis using Level 3 inputs.

NOTE 15 — LONG-TERM DEBT

Long-term debt as of the dates indicated consisted of the following:

	June 30, 2023		September 30, 2022
2.50% convertible senior notes maturing August 2027	$	575.0	$	575.0
4.50% senior notes maturing September 2031	1,129.3		1,270.5
4.625% senior notes maturing April 2030	1,452.9		1,482.2
5.50% senior notes maturing December 2029	1,235.0		1,235.0
5.625% senior notes maturing January 2028	940.9		940.9
5.75% senior notes maturing March 2027	459.3		459.3
Fourth Incremental Term Loan	400.0		—
Municipal bond	5.3		6.4
	$	6,197.7	$	5,969.3
Less: Current portion of long-term debt	1.1		1.1
Debt issuance costs, net	45.0		50.1
Plus: Unamortized premium, net	34.5		38.5
Total long-term debt	$	6,186.1	$	5,956.6

Debt Transactions in Connection with BellRing

On March 8, 2022, the Company entered into a Joinder Agreement No. 1 (the “First Joinder Agreement”) by and among the Company, as borrower, certain of the Company’s subsidiaries, as guarantors, the institutions constituting the Funding Incremental Term Loan Lenders (as defined in the First Joinder Agreement, referred to herein as the “First Funding Incremental Term Loan Lenders”), Barclays Bank PLC, as administrative agent, and JPMorgan Chase Bank, N.A., as sub-agent to the administrative agent. The First Joinder Agreement provided for an incremental term loan (the “First Incremental Term Loan”) of $840.0 under the Company’s Credit Agreement (as defined below), which the Company borrowed in full on March 8, 2022. The First Joinder Agreement permitted the Company to repay the First Incremental Term Loan, in whole or in part, in cash or, with the prior written consent of the First Funding Incremental Term Loan Lenders, in lieu of cash, to exchange its obligations under the First Incremental Term Loan with the First Funding Incremental Term Loan Lenders for the BellRing Notes.

On March 10, 2022, the Company and the First Funding Incremental Term Loan Lenders entered into an exchange agreement (the “First Exchange Agreement”) pursuant to which the Company repaid the First Incremental Term Loan and all accrued and unpaid interest and expenses owed thereunder through a combination of (i) with respect to the principal amount owed under the First Incremental Term Loan, the assignment and transfer by the Company of all $840.0 of the BellRing Notes to the First Funding Incremental Term Loan Lenders and (ii) with respect to accrued and unpaid interest and fees and expenses owed under the First Incremental Term Loan, cash on hand (collectively, the “Debt-for-Debt Exchange”). As provided in the First Exchange Agreement, upon completion of the transfer of the BellRing Notes to the First Funding Incremental Term Loan Lenders and payment of interest, fees and expenses, the First Incremental Term Loan was deemed satisfied and paid in full. For additional information, see “Repayments of Debt” below.

On March 17, 2022, the Company redeemed $840.0 in aggregate principal amount, or approximately 65%, of the outstanding 5.75% senior notes maturing in March 2027 using the proceeds from the First Incremental Term Loan. The 5.75% senior notes were redeemed at a redemption price of 102.875% of the aggregate principal amount of the 5.75% senior notes being redeemed, plus accrued and unpaid interest for each day from March 1, 2022 to, but excluding, March 17, 2022. For additional information, see “Repayments of Debt” below.

On July 25, 2022, the Company entered into a Joinder Agreement No. 2 (the “Second Joinder Agreement”) by and among the Company, as borrower, certain of the Company’s subsidiaries, as guarantors, the institutions constituting the Funding Incremental Term Loan Lenders (as defined in the Second Joinder Agreement, referred to herein as the “Second Funding

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Incremental Term Loan Lenders”), Barclays Bank PLC, as administrative agent, and JPMorgan Chase Bank, N.A., as sub-agent to the administrative agent. The Second Joinder Agreement provided for an incremental term loan (the “Second Incremental Term Loan”) of $450.0 under the Company’s Credit Agreement, which the Company borrowed in full on July 25, 2022. The Second Joinder Agreement permitted the Company to repay the Second Incremental Term Loan, in whole or in part, in cash or, with the prior written consent of the Second Funding Incremental Term Loan Lenders, with an alternative form of consideration in lieu of cash.

On August 8, 2022, the Company and the Second Funding Incremental Term Loan Lenders entered into an exchange agreement (the “Second Exchange Agreement”) pursuant to which the Company transferred, on August 11, 2022, 14.8 million shares of its Investment in BellRing to the Second Funding Incremental Term Loan Lenders to repay $342.3 in aggregate principal amount of the Second Incremental Term Loan, excluding accrued interest, which was paid with cash (such exchange, the “First Debt-for-Equity Exchange”). On September 14, 2022, the Company repaid the remaining principal balance of $107.7 of the Second Incremental Term Loan using cash on hand.

On November 18, 2022, the Company entered into a Joinder Agreement No. 3 (the “Third Joinder Agreement”) by and among the Company, as borrower, certain of the Company’s subsidiaries, as guarantors, J.P. Morgan Securities LLC (“J.P. Morgan”), as lender, Barclays Bank PLC, as administrative agent, and JPMorgan Chase Bank, N.A., as sub-agent to the administrative agent. The Third Joinder Agreement provided for an incremental term loan (the “Third Incremental Term Loan”) of $130.0 under the Company’s Credit Agreement, which the Company borrowed in full on November 18, 2022.

Interest on the Third Incremental Term Loan accrued at the adjusted term secured overnight financing rate (“SOFR”) rate (as defined in the Credit Agreement) plus a margin of 1.50% per annum, and the maturity date for the Third Incremental Term Loan was December 19, 2022. The Third Joinder Agreement permitted the Company to repay the Third Incremental Term Loan, in whole or in part, in cash or, with the prior written consent of J.P. Morgan, with an alternative form of consideration in lieu of cash.

On November 21, 2022, the Company and J.P. Morgan entered into an exchange agreement (the “Third Exchange Agreement”) pursuant to which the Company transferred, on November 25, 2022, the remaining 4.6 million shares of its Investment in BellRing to J.P. Morgan to repay $99.9 in aggregate principal amount of the Third Incremental Term Loan, excluding accrued interest, which was paid with cash (such exchange, the “Second Debt-for-Equity Exchange”). Following the completion of the Second Debt-for-Equity Exchange, the Company no longer held shares of BellRing Common Stock. On November 25, 2022, the Company repaid the remaining principal balance of $30.1 of the Third Incremental Term Loan using cash on hand. For additional information, see “Repayments of Debt” below.

Convertible Senior Notes

On August 12, 2022, the Company issued $575.0 principal value of 2.50% convertible senior notes maturing in August 2027. Interest payments on the 2.50% convertible senior notes are due semi-annually on each February 15 and August 15, which began on February 15, 2023.

The initial conversion rate of the 2.50% convertible senior notes is 9.4248 shares of the Company’s common stock per one thousand dollars principal amount of 2.50% convertible senior notes, which represents an initial conversion price of approximately $106.10 per share of common stock. The conversion rate, and thus the conversion price, may be adjusted under certain circumstances as described in the indenture governing the 2.50% convertible senior notes (the “Indenture”). The Company may settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election. If a “make-whole fundamental change” (as defined in the Indenture) occurs, then the Company will in certain circumstances increase the conversion rate for a specified period of time.

The 2.50% convertible senior notes may be converted at the holder’s option up to the second scheduled trading day immediately before the maturity date of August 15, 2027 under the following circumstances:

•during any calendar quarter (and only during such calendar quarter) commencing after the calendar quarter ended September 30, 2022, if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price for each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;

•during the five consecutive business days immediately after any 10 consecutive trading day period (such 10 consecutive trading day period, the “Measurement Period”) in which the trading price per one thousand dollars principal amount of 2.50% convertible senior notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price per share of the Company’s common stock on such trading day and the conversion rate on such trading day;

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•upon the occurrence of certain corporate events or distributions on the Company’s common stock described in the Indenture;

•if the Company calls the 2.50% convertible senior notes for redemption; and

•at any time from, and including, May 15, 2027 until the close of business on the second scheduled trading day immediately before the August 15, 2027 maturity date.

If a “fundamental change” (as defined in the Indenture) occurs, then, except as described in the Indenture, holders of the 2.50% convertible senior notes may require the Company to repurchase their 2.50% convertible senior notes at a cash repurchase price equal to the principal amount of the 2.50% convertible senior notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the “fundamental change repurchase date” (as defined in the Indenture).

The 2.50% convertible senior notes may be redeemed, in whole or in part (subject to the partial redemption limitation described in the Indenture), at the Company’s option at any time, and from time to time, on or after August 20, 2025 and on or before the 35th scheduled trading day immediately before August 15, 2027, at a cash redemption price equal to the principal amount of the 2.50% convertible senior notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, only if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice, and (ii) the trading day immediately before the date the Company sends such notice.

As of both June 30, 2023 and September 30, 2022, none of the conditions permitting holders to convert their 2.50% convertible senior notes had been satisfied, and no shares of the Company’s common stock had been issued in connection with any conversions of the 2.50% convertible senior notes. The Company evaluated the terms of the 2.50% convertible senior notes and concluded there were no embedded features that required separate bifurcation under ASC Topic 815. As such, the 2.50% convertible senior notes were recorded at the principal amount, net of unamortized issuance costs, on the Condensed Consolidated Balance Sheets as of both June 30, 2023 and September 30, 2022.

As of June 30, 2023 and September 30, 2022, the net carrying value of the 2.50% convertible senior notes was $561.7 and $559.5, respectively, which included $13.3 and $15.5, respectively, of unamortized debt issuance costs.

Credit Agreement

On March 18, 2020, the Company entered into a second amended and restated credit agreement (as amended, including by the First Joinder Agreement, the Second Joinder Agreement, the Third Joinder Agreement and the Fourth Joinder Agreement (as defined below), restated or amended and restated, the “Credit Agreement”). The Credit Agreement provides for a revolving credit facility in an aggregate principal amount of $750.0 (the “Revolving Credit Facility”), with the commitments thereunder to be made available to the Company in U.S. Dollars, Canadian Dollars, Euros and Pounds Sterling. Letters of credit are available under the Credit Agreement in an aggregate amount of up to $75.0.

As of both June 30, 2023 and September 30, 2022, the Revolving Credit Facility had outstanding letters of credit of $19.7, which reduced the available borrowing capacity to $730.3. Any outstanding amounts under the Revolving Credit Facility must be repaid on or before March 18, 2025.

The Credit Agreement provides for potential incremental revolving and term facilities at the request of the Company and at the discretion of the lenders or other persons providing such incremental facilities, in each case on terms to be determined, and also permits the Company to incur other secured or unsecured debt, in all cases subject to conditions and limitations on the amount as specified in the Credit Agreement.

The Credit Agreement permits the Company to designate certain of its subsidiaries as unrestricted subsidiaries and once so designated, permits the disposition of (and authorizes the release of liens on) the assets of, and the equity interests in, such unrestricted subsidiaries and permits the release of such unrestricted subsidiaries as guarantors under the Credit Agreement. The Company’s obligations under the Credit Agreement are unconditionally guaranteed by its existing and subsequently acquired or organized domestic subsidiaries (other than immaterial subsidiaries, certain excluded subsidiaries and subsidiaries the Company designates as unrestricted subsidiaries, which include 8th Avenue and its subsidiaries and PHPC Sponsor) and are secured by security interests in substantially all of the Company’s assets and the assets of its subsidiary guarantors, but excluding, in each case, real property.

Borrowings in U.S. Dollars under the Revolving Credit Facility bear interest, at the option of the Company, at an annual rate equal to either (a) the adjusted term SOFR rate or (b) the base rate determined by reference to the highest of (i) the prime rate, (ii) the federal funds rate plus 0.50% per annum and (iii) the one-month adjusted term SOFR rate plus 1.00% per annum, in each case plus an applicable margin, which is determined by reference to the secured net leverage ratio (as defined in the Credit Agreement), with the applicable margin for adjusted term SOFR rate loans and base rate loans being (i) 2.00% and

22

1.00%, respectively, if the secured net leverage ratio is greater than or equal to 3.00:1.00, (ii) 1.75% and 0.75%, respectively, if the secured net leverage ratio is less than 3.00:1.00 and greater than or equal to 1.50:1.00 or (iii) 1.50% and 0.50%, respectively, if the secured net leverage ratio is less than 1.50:1.00. Commitment fees on the daily unused amount of commitments under the Revolving Credit Facility accrue at a rate of 0.375% if the Company’s secured net leverage ratio is greater than 3.00:1.00, and accrue at a rate of 0.25% if the Company’s secured net leverage ratio is less than or equal to 3.00:1.00.

The Credit Agreement provides for customary events of default, including material breach of representations and warranties, failure to make required payments, failure to comply with certain agreements or covenants, failure to pay or default under certain other indebtedness in excess of $100.0, certain events of bankruptcy and insolvency, inability to pay debts, the occurrence of one or more unstayed or undischarged judgments in excess of $100.0, attachments issued against all or any material part of the Company’s property, certain events under the Employee Retirement Income Security Act of 1974 (“ERISA”), a change of control (as defined in the Credit Agreement), the invalidity of any loan document and the failure of the collateral documents to create a valid and perfected first priority lien (subject to certain permitted liens). Upon the occurrence and during the continuance of an event of default, the maturity of the loans under the Credit Agreement may accelerate and the agent and lenders under the Credit Agreement may exercise other rights and remedies available at law or under the loan documents, including with respect to the collateral and guarantees of the Company’s obligations under the Credit Agreement.

Fourth Incremental Term Loan

On April 26, 2023, the Company entered into a Joinder Agreement No. 4 (the “Fourth Joinder Agreement”) by and among the Company, as borrower, certain of the Company’s subsidiaries, as guarantors, the institutions party to the Fourth Joinder Agreement as lenders (the “Fourth Incremental Term Loan Lenders”) and Barclays Bank PLC, as the administrative agent. The Fourth Joinder Agreement provided for an incremental term loan (the “Fourth Incremental Term Loan”) of $400.0 under the Credit Agreement, which the Company borrowed in full on April 26, 2023. The Company incurred $1.9 of debt issuance costs in connection with the Fourth Incremental Term Loan.

Interest on the Fourth Incremental Term Loan accrues, at the Company’s option, at the base rate (as defined in the Credit Agreement) plus 1.25% per annum or the adjusted term SOFR rate (as defined in the Credit Agreement) plus 2.25% per annum. Interest is payable quarterly for loans bearing interest based upon the base rate and either monthly or every three months (depending on the applicable interest period) for loans bearing interest based upon the adjusted term SOFR rate. The maturity date for the Fourth Incremental Term Loan is April 26, 2026. The Company may prepay the Fourth Incremental Term Loan in whole or in part, without premium or penalty (subject to reimbursement of the Fourth Incremental Term Loan Lenders’ breakage costs under certain circumstances). The Fourth Joinder Agreement also contains mandatory prepayment provisions, including provisions for prepayment (a) from the net cash proceeds of certain debt incurrences, (b) of 50% of consolidated excess cash flow (as defined in the Credit Agreement) for fiscal years beginning with the fiscal year ending September 30, 2024, which percentage will be reduced (to 25% or to 0%) if the Company’s secured net leverage ratio (as defined in the Credit Agreement) is less than or equal to specified thresholds at the end of such fiscal year and (c) from the net cash proceeds of certain asset dispositions in excess of a specified threshold to the extent that the Company has not reinvested such proceeds in its business within a period of time described in the Fourth Joinder Agreement. The mandatory prepayments also are subject to certain adjustments and credits described in the Fourth Joinder Agreement.

Municipal Bond

In connection with the construction of a filtration system at the Company’s potato plant in Chaska, Minnesota, the Company incurred debt that guarantees the repayment of certain industrial revenue bonds used to finance the construction of the project. Principal payments are due annually on March 1, and interest payments are due semi-annually each March 1 and September 1. The debt matures on March 1, 2028.

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Repayments of Debt

The following table presents the Company’s (i) principal repayments of debt, which, net of discounts, were included in the Condensed Consolidated Statements of Cash Flows, (ii) principal amounts of debt exchanged (refer to “Debt Transactions in Connection with BellRing” section above), which were not included in the Condensed Consolidated Statements of Cash Flows and (iii) the associated (gain) loss related to such repayments and exchanges included in “(Gain) loss on extinguishment of debt, net” in the Condensed Consolidated Statements of Operations.

					(Gain) Loss on Extinguishment of Debt, net
Debt Instrument	Principal Amount Repaid		Principal Amount Exchanged		Debt Discounts (Received)/ Premiums Paid		Write-off of Debt Issuance Costs		Write-off of Unamortized Premiums
Three Months Ended June 30, 2023
4.50% senior notes	$	20.7	$	—	$	(3.0)	$	0.1	$	—
4.625% senior notes	29.3		—		(3.4)		0.2		(0.3)
Total	$	50.0	$	—	$	(6.4)	$	0.3	$	(0.3)
Three Months Ended June 30, 2022
4.50% senior notes	$	58.9	$	—	$	(9.4)	$	0.5	$	—
5.50% senior notes	15.0		—		(1.2)		0.1		(0.2)
Total	$	73.9	$	—	$	(10.6)	$	0.6	$	(0.2)
Nine Months Ended June 30, 2023
4.50% senior notes	$	141.2	$	—	$	(19.9)	$	1.1	$	—
4.625% senior notes	29.3		—		(3.4)		0.2		(0.3)
Municipal bond	1.1		—		—		—		—
Third Incremental Term Loan	30.1		99.9		—		1.1		—
Total	$	201.7	$	99.9	$	(23.3)	$	2.4	$	(0.3)
Nine Months Ended June 30, 2022
5.75% senior notes	$	840.0	$	—	$	24.1	$	5.0	$	(13.3)
4.50% senior notes	58.9		—		(9.4)		0.5		—
5.50% senior notes	15.0		—		(1.2)		0.1		(0.2)
Municipal bond	1.1		—		—		—		—
First Incremental Term Loan	—		840.0		—		3.5		—
Total	$	915.0	$	840.0	$	13.5	$	9.1	$	(13.5)

Debt Covenants

Under the terms of the Credit Agreement, the Company is required to comply with a financial covenant consisting of a secured net leverage ratio (as defined in the Credit Agreement) not to exceed 4.25:1.00 measured as of the last day of any fiscal quarter if, as of the last day of such fiscal quarter, the aggregate outstanding amount of all revolving credit loans, swing line loans and letter of credit obligations (subject to certain exceptions specified in the Credit Agreement) exceeds 30% of the Company’s revolving credit commitments. In addition to the foregoing, under the terms of the Fourth Joinder Agreement, so long as any principal or accrued interest remains outstanding with respect to the Fourth Incremental Term Loan, the Company is required to comply with financial covenants consisting of the foregoing secured net leverage ratio and a minimum consolidated interest coverage ratio (as defined in the Credit Agreement) of not less than 2.00 to 1.00 measured as of the last day of each fiscal quarter. As of June 30, 2023, the Company was in compliance with the financial covenants.

The Credit Agreement provides for incremental revolving and term loan facilities, and also permits other secured or unsecured debt, if, among other conditions, certain financial ratios are met, as defined and specified in the Credit Agreement.

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NOTE 16 — COMMITMENTS AND CONTINGENCIES

Legal Proceedings

Antitrust Claims

In late 2008 and early 2009, approximately 22 class action lawsuits were filed in various federal courts against Michael Foods, Inc. (“MFI”), a wholly-owned subsidiary of the Company, and approximately 20 other defendants (producers of shell eggs and egg products and egg industry organizations), alleging violations of federal and state antitrust laws in connection with the production and sale of shell eggs and egg products, and seeking unspecified damages. All cases were transferred to the Eastern District of Pennsylvania for coordinated and/or consolidated pretrial proceedings.

The cases involved three plaintiff groups: (i) a nationwide class of direct purchasers of shell eggs (the “direct purchaser class”); (ii) individual companies (primarily large grocery chains and food companies that purchase considerable quantities of eggs) that opted out of various settlements and filed their own complaints related to their purchases of shell eggs and egg products (the “opt-out plaintiffs”); and (iii) indirect purchasers of shell eggs (the “indirect purchaser plaintiffs”).

Resolution of this matter: (i) In December 2016, MFI settled all claims asserted against it by the direct purchaser class for a payment of $75.0, which was approved by the district court in December 2017; (ii) in January 2017, MFI settled all claims asserted against it by opt-out plaintiffs related to shell egg purchases on confidential terms; (iii) in June 2018, MFI settled all claims asserted against it by indirect purchaser plaintiffs on confidential terms; (iv) between June 2019 and September 2019, MFI individually settled on confidential terms egg product opt-out claims asserted against it by four separate opt-out plaintiffs; and (v) in September 2022, MFI settled the remaining pending claims for this matter, which had sought damages based on purchases of egg products by three opt-out plaintiffs, on confidential terms. 

MFI has at all times denied liability in this matter, and no settlement contains any admission of liability by MFI. During the year ended September 30, 2022, the Company expensed $13.8 related to the September 2022 settlement. No expense was recorded in the Condensed Consolidated Statements of Operations related to these matters during the three or nine months ended June 30, 2023 or 2022. The Company had no accrual related to this matter as of June 30, 2023 or September 30, 2022, as the September 2022 settlement was paid prior to fiscal 2022 year end. Under current law, any settlement paid, including the settlements with the direct purchaser plaintiffs, the opt-out plaintiffs and the indirect purchaser plaintiffs, is deductible for federal income tax purposes.

Other

The Company is subject to various other legal proceedings and actions arising in the normal course of business. In the opinion of management, based upon the information presently known, the ultimate liability, if any, arising from such pending legal proceedings, as well as from asserted legal claims and known potential legal claims which are likely to be asserted, taking into account established accruals for estimated liabilities (if any), are not expected to be material individually or in the aggregate to the consolidated financial condition, results of operations or cash flows of the Company. In addition, although it is difficult to estimate the potential financial impact of actions regarding expenditures for compliance with regulatory matters, in the opinion of management, based upon the information currently available, the ultimate liability arising from such compliance matters is not expected to be material to the consolidated financial condition, results of operations or cash flows of the Company.

NOTE 17 — PENSION AND OTHER POSTRETIREMENT BENEFITS

The Company maintains qualified defined benefit plans in the U.S., the U.K. and Canada for certain employees primarily within its Post Consumer Brands and Weetabix segments. Certain of the Company’s employees are eligible to participate in the Company’s postretirement benefit plans (partially subsidized retiree health and life insurance). Amounts for the Canadian plans are included in the North America disclosures and are not disclosed separately because they do not constitute a significant portion of the combined amounts.

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The following tables present the components of net periodic benefit cost (income) for the pension plans. Service cost was reported in “Cost of goods sold” and “Selling, general and administrative expenses” and all other components of net periodic benefit cost (income) were reported in “Other income, net” in the Condensed Consolidated Statements of Operations.

	North America
	Three Months Ended June 30,				Nine Months Ended June 30,
	2023		2022		2023		2022
Service cost	$	0.6	$	1.1	$	1.7	$	3.3
Interest cost	1.3		0.9		3.9		2.6
Expected return on plan assets	(1.9)		(1.8)		(5.7)		(5.3)
Recognized net actuarial loss (gain)	—		0.4		(0.1)		1.2
Recognized prior service cost	—		0.1		0.1		0.1
Net periodic benefit cost (income)	$	—	$	0.7	$	(0.1)	$	1.9

	Other International
	Three Months Ended June 30,				Nine Months Ended June 30,
	2023		2022		2023		2022
Interest cost	$	6.0	$	3.9	$	17.3	$	12.2
Expected return on plan assets	(7.9)		(6.1)		(22.9)		(19.2)
Recognized net actuarial loss	—		—		0.1		—
Recognized prior service cost	0.1		0.1		0.3		0.3
Net periodic benefit income	$	(1.8)	$	(2.1)	$	(5.2)	$	(6.7)

The following table presents the components of net periodic benefit income for the North American other postretirement benefit plans. Service cost was reported in “Cost of goods sold” and “Selling, general and administrative expenses” and all other components of net periodic benefit income were reported in “Other income, net” in the Condensed Consolidated Statements of Operations.

	Three Months Ended June 30,				Nine Months Ended June 30,
	2023		2022		2023		2022
Service cost	$	0.1	$	0.1	$	0.2	$	0.3
Interest cost	0.6		0.4		1.9		1.2
Recognized net actuarial (gain) loss	(0.1)		0.2		(0.4)		0.5
Recognized prior service credit	(1.2)		(1.2)		(3.5)		(3.5)
Net periodic benefit income	$	(0.6)	$	(0.5)	$	(1.8)	$	(1.5)

NOTE 18 — SHAREHOLDERS’ EQUITY

The following table summarizes the Company’s repurchases of its common stock.

	Three Months Ended June 30,				Nine Months Ended June 30,
	2023		2022		2023		2022
Shares repurchased (in millions)	1.9		1.9		2.9		3.8
Average price per share (a)	$	86.64	$	76.43	$	86.91	$	89.94
Total share repurchase costs (b)	$	166.8	$	145.8	$	250.5	$	339.0

(a)Average price per share excludes broker’s commissions, which are included in “Total share repurchase costs” within this table.

(b)“Purchases of treasury stock” in the Condensed Consolidated Statements of Cash Flows for the nine months ended June 30, 2023 excluded $8.1 of repurchases of common stock that were accrued in the third quarter of fiscal 2023 but did not settle until July 2023. “Purchases of treasury stock” in the Condensed Consolidated Statements of Cash Flows for the nine months ended June 30, 2022 included $4.0 of repurchases of common stock that were accrued in fiscal 2021 but did not settle until fiscal 2022.

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On April 28, 2023, the Company completed the Pet Food acquisition (see Note 5). The purchase price included the issuance of 5.4 million shares of Post common stock to Smucker. The shares of Post common stock were valued based on the price of Post’s common stock for total stock consideration of approximately $492.3. The Company did not receive any cash proceeds from the issuance of the shares of Post common stock to Smucker.

NOTE 19 — SEGMENTS

At June 30, 2023, the Company managed and reported operating results through the following four reportable segments:

•Post Consumer Brands: North American RTE cereal, pet food and nut butters;

•Weetabix: primarily U.K. RTE cereal, muesli and protein-based shakes;

•Foodservice: primarily egg and potato products; and

•Refrigerated Retail: primarily side dish, egg, cheese and sausage products.

Due to the level of integration between the Foodservice and Refrigerated Retail segments, it is impracticable to present total assets separately for each segment. An allocation has been made between the two segments for depreciation based on inventory costing.

Amounts reported for Corporate in the table below include any amounts attributable to PHPC prior to the PHPC Redemption (see Note 4).

Management evaluates each segment’s performance based on its segment profit, which for all segments is its earnings/loss before income taxes and equity method earnings/loss before impairment of property, goodwill and other intangible assets, facility closure related costs, restructuring expenses, gain/loss on assets and liabilities held for sale, gain/loss on sale of businesses and facilities, gain on/adjustment to bargain purchase, interest expense and other unallocated corporate income and expenses. The following tables present information about the Company’s reportable segments.

			Three Months Ended June 30,				Nine Months Ended June 30,
			2023		2022		2023		2022
Net Sales
	Post Consumer Brands		$	871.3	$	574.7	$	2,025.1	$	1,655.1
	Weetabix		134.2		124.9		377.2		360.5
	Foodservice		622.7		579.0		1,856.4		1,469.5
	Refrigerated Retail		230.7		246.4		786.4		787.4
	Eliminations and Corporate		0.5		(0.1)		0.5		(0.4)
		Total	$	1,859.4	$	1,524.9	$	5,045.6	$	4,272.1
Segment Profit
	Post Consumer Brands		$	83.0	$	81.8	$	237.8	$	232.6
	Weetabix		17.9		27.8		58.8		81.8
	Foodservice		107.7		45.9		264.9		81.0
	Refrigerated Retail		18.0		10.4		57.2		41.0
		Total segment profit	226.6		165.9		618.7		436.4
General corporate expenses and other			52.3		47.6		145.0		138.7
Interest expense, net			72.7		75.6		202.4		245.6
(Gain) loss on extinguishment of debt, net			(6.4)		(10.2)		(21.2)		9.1
Income on swaps, net			(17.1)		(131.6)		(20.4)		(222.9)
Gain on investment in BellRing			—		(35.1)		(5.1)		(482.8)
Earnings before income taxes and equity method loss			$	125.1	$	219.6	$	318.0	$	748.7
Net sales by product
	Cereal		$	700.8	$	657.8	$	2,028.5	$	1,936.5
	Eggs and egg products		591.1		560.6		1,769.2		1,420.7
	Side dishes (including potato products)		171.0		158.2		561.0		489.3
	Pet food		275.3		—		275.3		—
	Cheese and dairy		42.9		51.0		143.9		164.6

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	Sausage		35.5		38.8		127.8		131.2
	Nut butters		20.0		35.5		74.9		72.5
	Protein-based products		9.4		6.2		23.6		6.2
	Other		13.4		16.9		42.2		51.9
	Eliminations		—		(0.1)		(0.8)		(0.8)
		Total	$	1,859.4	$	1,524.9	$	5,045.6	$	4,272.1
Depreciation and amortization
	Post Consumer Brands		$	44.1	$	33.3	$	109.2	$	101.0
	Weetabix		9.2		8.9		26.6		27.8
	Foodservice		31.8		31.8		95.5		95.3
	Refrigerated Retail		19.1		19.0		57.4		58.7
		Total segment depreciation and amortization	104.2		93.0		288.7		282.8
	Corporate		2.3		0.8		4.6		2.7
		Total	$	106.5	$	93.8	$	293.3	$	285.5
Assets							June 30, 2023		September 30, 2022
	Post Consumer Brands						$	4,789.3	$	3,529.1
	Weetabix						1,817.1		1,591.3
	Foodservice and Refrigerated Retail						4,928.7		5,022.7
	Corporate						351.8		1,164.9
		Total assets					$	11,886.9	$	11,308.0

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ITEM 2.     MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion summarizes the significant factors affecting the consolidated operating results, financial condition, liquidity and capital resources of Post Holdings, Inc. and its subsidiaries. This discussion should be read in conjunction with our unaudited condensed consolidated financial statements and notes thereto included herein, our audited consolidated financial statements and notes thereto found in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022 and the “Cautionary Statement on Forward-Looking Statements” section included below. The terms “our,” “we,” “us,” “Company” and “Post” as used herein refer to Post Holdings, Inc. and its subsidiaries.

On March 10, 2022, we completed the BellRing Spin-off (as defined below), which represented a strategic shift that had a major effect on our operations and consolidated financial results. Accordingly, the historical results of BellRing Intermediate Holdings, Inc. (formerly known as BellRing Brands, Inc.) (“Old BellRing”) and BellRing Distribution, LLC prior to the BellRing Spin-off have been presented as discontinued operations in our Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows. See below for additional information. The following discussion reflects continuing operations only, unless otherwise indicated.

OVERVIEW

We are a consumer packaged goods holding company operating in four reportable segments: Post Consumer Brands, Weetabix, Foodservice and Refrigerated Retail. Our products are sold through a variety of channels, including grocery, club and drug stores, mass merchandisers, foodservice, food ingredient and eCommerce.

At June 30, 2023, our reportable segments were as follows:

•Post Consumer Brands: North American ready-to-eat (“RTE”) cereal, pet food and nut butters;

•Weetabix: primarily United Kingdom (the “U.K.”) RTE cereal, muesli and protein-based shakes;

•Foodservice: primarily egg and potato products; and

•Refrigerated Retail: primarily side dish, egg, cheese and sausage products.

Transactions

Post Holdings Partnering Corporation

In May and June of 2021, we and Post Holdings Partnering Corporation, a special purpose acquisition company (“PHPC”), consummated the initial public offering of 34.5 million units of PHPC (the “PHPC Units” and such transaction, the “PHPC IPO”), of which PHPC Sponsor, LLC, our wholly-owned subsidiary (“PHPC Sponsor”), purchased 4.0 million PHPC Units. Each PHPC Unit consisted of one share of Series A common stock of PHPC, $0.0001 par value per share (“PHPC Series A Common Stock”), and one-third of one redeemable warrant of PHPC; each whole warrant entitled the holder thereof to purchase one share of PHPC Series A Common Stock at an exercise price of $11.50 per share (the “PHPC Warrants”). The PHPC Units were sold at a price of $10.00 per PHPC Unit, generating gross proceeds to PHPC of $345.0 million. Under the terms of the PHPC IPO, PHPC was required to consummate a partnering transaction by May 28, 2023, which could have been extended to August 28, 2023 in certain circumstances (the “Combination Period”).

Substantially concurrently with the closing of the PHPC IPO, PHPC completed the private sale of 1.1 million units of PHPC (the “PHPC Private Placement Units”), at a purchase price of $10.00 per PHPC Private Placement Unit, to PHPC Sponsor, generating proceeds to PHPC of $10.9 million (the “PHPC Private Placement”). Each PHPC Private Placement Unit consisted of one share of PHPC Series A Common Stock and one-third of one redeemable warrant of PHPC; each whole warrant entitled the holder thereof to purchase one share of PHPC Series A Common Stock at an exercise price of $11.50 per share (the “PHPC Private Placement Warrants”).

In addition, we, through PHPC Sponsor’s ownership of 8.6 million shares of Series F common stock of PHPC, $0.0001 par value per share (the “PHPC Series F Common Stock”), had certain governance rights in PHPC relating to the election of PHPC directors and voting rights on amendments to PHPC’s certificate of incorporation.

In connection with the PHPC IPO, PHPC incurred offering costs of $17.9 million, of which $10.7 million were deferred underwriting commissions that would have become payable to the underwriters solely in the event that PHPC completed a partnering transaction and were included in “Other current liabilities” on the Condensed Consolidated Balance Sheets at September 30, 2022.

Proceeds of $345.0 million were deposited in a trust account established for the benefit of PHPC’s public stockholders, which consisted of certain proceeds from the PHPC IPO and certain proceeds from the PHPC Private Placement, net of underwriters’ discounts and commissions and other costs and expenses. A minimum balance of $345.0 million, which represented the number of PHPC Units sold at the offering price of $10.00 per PHPC Unit, was required by the underwriting

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agreement to be maintained in the trust account. These proceeds were invested only in U.S. treasury securities. At September 30, 2022, there was $346.8 million held in the trust account, which was included in “Investments held in trust” on the Condensed Consolidated Balance Sheets.

The public stockholders’ ownership of PHPC equity represented a noncontrolling interest (“NCI”) to us, which was classified outside of permanent shareholders’ equity as the PHPC Series A Common Stock was redeemable at the option of the public stockholders in certain circumstances. As of September 30, 2022, the carrying amount of the redeemable NCI was recorded at its redemption value of $306.6 million on the Condensed Consolidated Balance Sheets.

On May 11, 2023, PHPC announced that it would not complete a partnering transaction within the Combination Period and that the entity would liquidate and dissolve in accordance with the terms of its amended and restated certificate of incorporation. Subsequent to the decision to liquidate and dissolve, PHPC completed certain winding-up activities, which included writing-off the deferred underwriting commissions as the underwriters agreed to waive their rights to these amounts should a partnering transaction not occur. We recorded a $10.7 million gain in connection with this write-off, which was recorded in “Other income, net” on the Condensed Consolidated Statements of Operations during both the three and nine months ended June 30, 2023.

On May 28, 2023, the PHPC Warrants and the PHPC Private Placement Warrants expired worthless, as PHPC had not completed a partnering transaction before the expiration of the Combination Period.

On May 30, 2023, PHPC redeemed all of the outstanding public shares of PHPC Series A Common Stock (the “PHPC Redemption”). Each share of PHPC Series A Common Stock was redeemed for approximately $10.24 per share, representing the per share price equal to the aggregate amount then on deposit in the trust account, including interest earned on the trust account not previously released to pay taxes or dissolution expenses, divided by the number of then outstanding shares of PHPC Series A Common Stock. In connection with the PHPC Redemption:

•$353.4 million of funds held in the trust account immediately prior to the PHPC Redemption were distributed to redeem all of the outstanding shares of PHPC Series A Common Stock, which reduced “Investments held in trust” on the Condensed Consolidated Balance Sheets to zero as of June 30, 2023. We received $40.9 million from the PHPC Redemption related to our ownership of 4.0 million shares of PHPC Series A Common Stock; and

•redeemable NCI of $312.5 million immediately prior to the PHPC Redemption was reduced to zero on the Condensed Consolidated Balance Sheets as of June 30, 2023.

Subsequent to the PHPC Redemption, PHPC was delisted from the New York Stock Exchange and dissolved in June 2023, and all classes of shares of PHPC equity were cancelled, including the PHPC Private Placement Units and the shares of PHPC Series F Common Stock, which were surrendered by PHPC Sponsor for no consideration.

BellRing Brands, Inc.

On March 9, 2022, pursuant to the Transaction Agreement and Plan of Merger, dated as of October 26, 2021 (as amended by Amendment No. 1 to the Transaction Agreement and Plan of Merger, dated as of February 28, 2022, the “Spin-off Agreement”), by and among us, Old BellRing, BellRing Brands, Inc. (formerly known as BellRing Distribution, LLC) (“BellRing”) and BellRing Merger Sub Corporation, a wholly-owned subsidiary of BellRing (“BellRing Merger Sub”), we contributed our share of Old BellRing Class B common stock, $0.01 par value per share, all of our BellRing Brands, LLC non-voting membership units and $550.4 million of cash to BellRing in exchange for certain limited liability company interests of BellRing and the right to receive $840.0 million in aggregate principal amount of BellRing’s 7.00% senior notes maturing in 2030 (the “BellRing Notes” and such transactions, collectively, the “BellRing Contribution”).

On March 10, 2022, BellRing converted into a Delaware corporation and changed its name to “BellRing Brands, Inc.”, and we distributed an aggregate of 78.1 million, or 80.1%, of our shares of BellRing common stock, $0.01 par value per share (“BellRing Common Stock”), to our shareholders of record as of the close of business, Central Time, on February 25, 2022 (the “Record Date”) in a pro-rata distribution (the “BellRing Distribution”). Our shareholders received 1.267788 shares of BellRing Common Stock for every one share of our common stock held as of the Record Date. No fractional shares of BellRing Common Stock were issued, and instead, cash in lieu of any fractional shares was paid to our shareholders.

Upon completion of the BellRing Distribution, BellRing Merger Sub merged with and into Old BellRing (the “BellRing Merger”), with Old BellRing continuing as the surviving corporation and becoming a wholly-owned subsidiary of BellRing. The transactions described above, including the BellRing Contribution, the BellRing Distribution and the BellRing Merger, and the Debt-for-Debt Exchange (as defined and described in more detail in Note 15 within “Notes to Condensed Consolidated Financial Statements”), are collectively referred to as the “BellRing Spin-off.”

Our equity interest in BellRing subsequent to the BellRing Spin-off (our “Investment in BellRing”) was 14.2% immediately following the BellRing Spin-off. As a result of the BellRing Spin-off, the dual class voting structure in the BellRing business was eliminated. The BellRing Distribution was structured in a manner intended to qualify as a tax-free

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distribution to our shareholders for United States (the “U.S.”) federal income tax purposes, except to the extent of any cash received in lieu of fractional shares of BellRing Common Stock.

On August 11, 2022, we transferred 14.8 million shares of our Investment in BellRing to repay certain outstanding debt obligations as part of the First Debt-for-Equity Exchange (as defined and described in more detail in Note 15 within “Notes to Condensed Consolidated Financial Statements”).

On November 25, 2022, we transferred the remaining 4.6 million shares of our Investment in BellRing to repay certain outstanding debt obligations as part of the Second Debt-for-Equity Exchange (as defined in “Liquidity and Capital Resources” within this section). We had no ownership of BellRing Common Stock as of June 30, 2023.

We incurred separation-related expenses related to the BellRing Spin-off and subsequent divestment of our Investment in BellRing of zero and $0.1 million during the three and nine months ended June 30, 2023, respectively, and $0.4 million and $28.8 million during the three and nine months ended June 30, 2022, respectively. These expenses generally included third party costs for advisory services, fees charged by other service providers and government filing fees and were included in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Operations.

For additional information on the BellRing Spin-off and the transactions to subsequently divest of our Investment in BellRing, refer to Notes 3, 4 and 15 within “Notes to Condensed Consolidated Financial Statements.”

Acquisitions

On April 28, 2023, we completed our acquisition of a portion of The J. M. Smucker Company’s (“Smucker”) pet food business, including brands such as Rachael Ray Nutrish, Nature’s Recipe, 9Lives, Kibbles ’n Bits and Gravy Train, private label pet food assets and certain manufacturing and distribution facilities (collectively, “Pet Food”), which is reported in our Post Consumer Brands segment. In connection with the Pet Food acquisition, we entered into a Transition Services Agreement with Smucker (the “TSA”) pursuant to which Smucker provides certain Pet Food support services to us for a transition period of 18 months (or up to 24 months at our election) following the close of the acquisition (the “TSA Period”) based on the terms set forth in the TSA. Pet Food receivables and payables are settled between us and Smucker monthly on a net basis per the terms of the TSA.

We completed the Lacka Foods Limited (“Lacka Foods”) acquisition on April 5, 2022, which is reported in our Weetabix segment.

For additional information on these acquisitions, refer to Note 5 within “Notes to Condensed Consolidated Financial Statements.”

Divestitures

We completed the sale of the Willamette Egg Farms business (the “WEF Transaction”) on December 1, 2021. Prior to the WEF Transaction, Willamette Egg Farms’ operating results were reported in our Refrigerated Retail segment.

Market Trends

Supply Chain

Events such as the COVID-19 pandemic have resulted in certain ongoing impacts to the global economy, including market disruptions, supply chain challenges and inflationary pressures. During fiscal 2023, labor shortages and input availability have continued to pressure our supply chain. Raw material and packaging inflation has been widespread, rapid and significant and has put downward pressure on our profit margins. We have largely mitigated these impacts through pricing actions across all segments, cost savings measures and hedging programs. We expect inflationary pressures to continue throughout the remainder of fiscal 2023. These trends could have a materially adverse impact on our businesses in the future if inflation rates significantly exceed our ability to continue to achieve price increases or cost savings or if such price increases impact demand for our products.

Currency

Certain sales and costs of our foreign operations are denominated in currencies other than our functional currency, primarily Pounds Sterling and Canadian Dollars. Consequently, profits from these operations are impacted by fluctuations in the value of these currencies relative to the U.S. Dollar. We incur gains and losses within our shareholders’ equity due to the translation of our financial statements from foreign currencies into U.S. Dollars. Our results of operations may be impacted by the translation of the results of operations of our foreign operations into U.S. Dollars. The exchange rates used to translate our foreign sales into U.S. Dollars negatively affected net sales by less than 1% during the three and nine months ended June 30, 2023 and did not have a material impact to our operating profit or net earnings during the three and nine months ended June 30, 2023.

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Conflict in Ukraine

The ongoing conflict in Ukraine and the subsequent economic sanctions imposed by some countries have had, and may continue to have, an adverse impact on fuel, transportation and commodity costs and may cause supply and demand disruptions in the markets we serve, including Europe. While we do not have operations in Russia, Ukraine or Belarus and do not have significant direct exposure to customers or suppliers in those countries, our businesses and operations have been negatively impacted by increased inflation, escalating energy and fuel prices and constrained availability, and thus increasing costs, of certain raw materials and other commodities, and declarations of force majeure by certain suppliers during fiscal 2022. We expect certain energy costs and raw material costs to remain elevated through the end of fiscal 2023 as a result of the ongoing conflict. To date, the economic sanctions imposed on Russian businesses have not had a direct impact on our procurement of energy and raw materials, however, there can be no assurance that additional sanctions will not be implemented. If our energy and raw materials purchases are directly impacted by sanctions, we may incur additional costs to procure such commodities. Our ability to procure energy and raw materials in the quantities necessary for the normal operations of our business may be limited.

Avian Influenza

During fiscal 2022 and continuing into early fiscal 2023, our Foodservice and Refrigerated Retail segments were impacted by outbreaks of avian influenza. As a result of avian influenza, we incurred increased costs related to production inefficiencies, egg supply constraints and higher market-based egg prices due to the decreased availability of eggs on the open market. We mitigated these increased costs through the management of volume needs with customers and pricing actions to cover the higher cost structure.

RESULTS OF OPERATIONS

	Three Months Ended June 30,								Nine Months Ended June 30,
					favorable/(unfavorable)								favorable/(unfavorable)
dollars in millions	2023		2022		$ Change		% Change		2023		2022		$ Change		% Change
Net Sales	$	1,859.4	$	1,524.9	$	334.5	22	%	$	5,045.6	$	4,272.1	$	773.5	18	%
Operating Profit	$	158.3	$	105.5	$	52.8	50	%	$	445.9	$	283.7	$	162.2	57	%
Interest expense, net	72.7		75.6		2.9		4	%	202.4		245.6		43.2		18	%
(Gain) loss on extinguishment of debt, net	(6.4)		(10.2)		(3.8)		(37)	%	(21.2)		9.1		30.3		333	%
Income on swaps, net	(17.1)		(131.6)		(114.5)		(87)	%	(20.4)		(222.9)		(202.5)		(91)	%
Gain on investment in BellRing	—		(35.1)		(35.1)		(100)	%	(5.1)		(482.8)		(477.7)		(99)	%
Other income, net	(16.0)		(12.8)		3.2		25	%	(27.8)		(14.0)		13.8		99	%
Income tax expense	26.8		35.0		8.2		23	%	70.4		43.3		(27.1)		(63)	%
Equity method loss, net of tax	—		12.0		12.0		100	%	0.2		49.3		49.1		100	%
Less: Net earnings attributable to noncontrolling interests from continuing operations	8.7		2.4		(6.3)		(263)	%	11.8		5.0		(6.8)		(136)	%
Net earnings from discontinued operations, net of tax and noncontrolling interest	—		—		—		n/a		—		21.6		(21.6)		(100)	%
Net Earnings	$	89.6	$	170.2	$	(80.6)	(47)	%	$	235.6	$	672.7	$	(437.1)	(65)	%

Net Sales

Net sales increased $334.5 million, or 22%, during the three months ended June 30, 2023, compared to the prior year period, as a result of higher net sales in our Post Consumer Brands, Foodservice and Weetabix segments, partially offset by lower net sales in our Refrigerated Retail segment.

Net sales increased $773.5 million, or 18%, during the nine months ended June 30, 2023, compared to the prior year period, as a result of higher net sales in our Foodservice, Post Consumer Brands and Weetabix segments.

For further discussion, refer to “Segment Results” within this section.

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Operating Profit

Operating profit increased $52.8 million, or 50%, during the three months ended June 30, 2023, compared to the prior year period, driven by higher segment profit within our Foodservice segment, as well as increases within our Refrigerated Retail and Post Consumer Brands segments, partially offset by lower segment profit within our Weetabix segment and higher general corporate expenses.

Operating profit increased $162.2 million, or 57%, during the nine months ended June 30, 2023, compared to the prior year period, driven by higher segment profit within our Foodservice segment, as well as increases within our Refrigerated Retail and Post Consumer Brands segments, partially offset by lower segment profit within our Weetabix segment and higher general corporate expenses.

For further discussion, refer to “Segment Results” within this section.

Interest Expense, Net

Interest expense, net decreased $2.9 million, or 4%, during the three months ended June 30, 2023, compared to the prior year period, primarily driven by increased interest income on our investments held in trust prior to the PHPC Redemption. Our weighted-average interest rate on our total outstanding debt was 5.0% for both the three months ended June 30, 2023 and 2022.

Interest expense, net decreased $43.2 million, or 18%, during the nine months ended June 30, 2023, compared to the prior year period. The decrease was driven by lower average outstanding principal amounts of debt, increased interest income on our investments held in trust prior to the PHPC Redemption and a lower weighted-average interest rate compared to the prior year period. Our weighted-average interest rate on our total outstanding debt was 4.9% and 5.1% for the nine months ended June 30, 2023 and 2022, respectively.

For additional information on our debt, refer to Note 15 within “Notes to Condensed Consolidated Financial Statements.”

(Gain) Loss on Extinguishment of Debt, Net

Fiscal 2023

During the three months ended June 30, 2023, we recognized a net gain of $6.4 million related to the partial repurchase of our 4.50% and 4.625% senior notes. This net gain included debt discounts received of $6.4 million and the write-off of unamortized premiums of $0.3 million, partially offset by the write-off of debt issuance costs of $0.3 million.

During the nine months ended June 30, 2023, we recognized a net gain of $21.2 million primarily related to the partial repurchase of our 4.50% and 4.625% senior notes. The net gain included debt discounts received of $23.3 million and the write-off of unamortized premiums of $0.3 million, partially offset by the write-off of debt issuance costs of $1.3 million related to our 4.50% and 4.625% senior notes and $1.1 million related to our Third Incremental Term Loan (as defined in “Liquidity and Capital Resources” within this section).

Fiscal 2022

During the three months ended June 30, 2022, we recognized a net gain of $10.2 million primarily related to the partial repurchase of our 4.50% and 5.50% senior notes. This net gain included debt discounts received of $10.6 million and the write-off of unamortized premiums of $0.2 million, partially offset by the write-off of debt issuance costs of $0.6 million.

During the nine months ended June 30, 2022, we recognized a net loss of $9.1 million primarily related to the partial redemption of our 5.75% senior notes and partial repurchase of our 4.50% senior notes and 5.50% senior notes. This loss included debt premiums, net paid of $13.5 million, the write-off of debt issuance costs of $5.6 million related to our senior notes and $3.5 million related to our First Incremental Term Loan (as defined in Note 15 within “Notes to Condensed Consolidated Financial Statements”), partially offset by the write-off of unamortized premiums of $13.5 million.

For additional information on our debt, refer to Note 15 within “Notes to Condensed Consolidated Financial Statements.”

Income on Swaps, Net

During the three and nine months ended June 30, 2023, we recognized income on swaps, net of $17.1 million and $20.4 million, respectively, related to mark-to-market adjustments on our interest rate swaps.

During the three and nine months ended June 30, 2022, we recognized income on swaps, net of $131.6 million and $222.9 million, respectively, related to mark-to-market adjustments on our interest rate swaps.

For additional information on our interest rate swap contracts and exposure to risk related to interest rate swaps, refer to Note 13 within “Notes to Condensed Consolidated Financial Statements” and “Quantitative and Qualitative Disclosures About Market Risk,” respectively.

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Gain on Investment in BellRing

We recorded a gain related to our Investment in BellRing of $5.1 million during the nine months ended June 30, 2023 and $35.1 million and $482.8 million during the three and nine months ended June 30, 2022, respectively. There was no gain or loss recorded related to our Investment in BellRing during the three months ended June 30, 2023 as we completed the final divestment of our remaining Investment in BellRing during the first quarter of fiscal 2023.

For additional information on our Investment in BellRing, refer to Notes 3, 4 and 14 within “Notes to Condensed Consolidated Financial Statements.”

Income Tax Expense

The effective income tax rate was 21.4% and 22.1% for the three and nine months ended June 30, 2023, respectively, and 15.9% and 5.8% for the three and nine months ended June 30, 2022, respectively. In accordance with Accounting Standards Codification Topic 740, “Income Taxes,” we record income taxes for interim periods using the estimated annual effective income tax rate for the full fiscal year adjusted for the impact of discrete items occurring during the interim periods.

In the three and nine months ended June 30, 2022, the effective income tax rate differed significantly from the statutory rate primarily as a result of (i) a $35.1 million and $482.8 million, respectively, non-cash mark-to-market adjustment on our Investment in BellRing, which was divested in a manner intended to qualify as tax-free for U.S. federal income tax purposes, and (ii) $2.9 million and $12.1 million, respectively, of discrete income tax benefit items related to our equity method loss attributable to 8th Avenue Food & Provisions, Inc. (“8th Avenue”).

See Note 4 within “Notes to Condensed Consolidated Financial Statements” for additional information on the Investment in BellRing and the 8th Avenue equity method loss.

Discontinued Operations

The BellRing Spin-off represented a strategic shift that had a major effect on our operations and consolidated financial results. Accordingly, the historical results of Old BellRing and BellRing Distribution, LLC prior to the BellRing Spin-off were presented as discontinued operations in the Condensed Consolidated Statements of Operations. For additional information on the BellRing Spin-off, refer to Notes 3 and 15 within “Notes to Condensed Consolidated Financial Statements.”

 SEGMENT RESULTS

We evaluate each segment’s performance based on its segment profit, which for all segments is its earnings/loss before income taxes and equity method earnings/loss before impairment of property, goodwill and other intangible assets, facility closure related costs, restructuring expenses, gain/loss on assets and liabilities held for sale, gain/loss on sale of businesses and facilities, gain on/adjustment to bargain purchase, interest expense and other unallocated corporate income and expenses. Due to the level of integration of Pet Food within the Post Consumer Brands segment, it is impracticable to separately present Pet Food segment profit within the analysis below.

Post Consumer Brands

	Three Months Ended June 30,										Nine Months Ended June 30,
							favorable/(unfavorable)										favorable/(unfavorable)
dollars in millions	2023			2022			$ Change		% Change		2023			2022			$ Change		% Change
Net Sales	$	871.3		$	574.7		$	296.6	52	%	$	2,025.1		$	1,655.1		$	370.0	22	%
Segment Profit	$	83.0		$	81.8		$	1.2	1	%	$	237.8		$	232.6		$	5.2	2	%
Segment Profit Margin	10		%	14		%					12		%	14		%

Net sales for the Post Consumer Brands segment increased $296.6 million, or 52%, for the three months ended June 30, 2023, when compared to the prior year period. The increase in net sales was primarily due to two months of Pet Food net sales of $275.3 million. The remaining increase was driven by higher average net selling prices as a result of pricing increases to mitigate inflation. Excluding Pet Food, pricing increases were partially offset by a volume decline of 6% driven by the lapping of prior year temporary nut butters volume increases related to competitor out-of-stocks. Additionally, net sales were negatively impacted by unfavorable product mix as branded cereal volumes declined, partially offset by increased private label cereal volumes.

Net sales for the Post Consumer Brands segment increased $370.0 million, or 22%, for the nine months ended June 30, 2023, when compared to the prior year period. The increase in net sales was primarily due to two months of Pet Food net sales of $275.3 million. The remaining increase was driven by higher average net selling prices as a result of pricing increases to

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mitigate inflation. Excluding Pet Food, pricing increases were partially offset by a volume decline of 4% and unfavorable product mix as branded cereal volumes declined, partially offset by increased private label cereal volumes.

Segment profit for the three months ended June 30, 2023 increased $1.2 million, or 1%, when compared to the prior year period. This increase was primarily driven by higher net sales, as previously discussed, partially offset by higher product costs. The increase in product costs was primarily driven by two months of product costs attributable to Pet Food of $215.5 million, raw material inflation of $30.2 million and higher manufacturing costs of $28.9 million, partially offset by lower freight costs of $11.9 million. In addition, integration costs and employee-related expenses increased compared to the prior year period, primarily due to two months of Pet Food expenses.

Segment profit for the nine months ended June 30, 2023 increased $5.2 million, or 2%, when compared to the prior year period. This increase was primarily driven by higher net sales, as previously discussed, partially offset by higher product costs. The increase in product costs was primarily driven by two months of product costs attributable to Pet Food of $215.5 million, raw material inflation of $97.2 million and higher manufacturing costs of $49.9 million, partially offset by lower freight costs of $16.4 million. In addition, integration costs and employee-related expenses increased compared to the prior year period, primarily due to two months of Pet Food expenses.

Weetabix

	Three Months Ended June 30,										Nine Months Ended June 30,
							favorable/(unfavorable)										favorable/(unfavorable)
dollars in millions	2023			2022			$ Change		% Change		2023			2022			$ Change		% Change
Net Sales	$	134.2		$	124.9		$	9.3	7	%	$	377.2		$	360.5		$	16.7	5	%
Segment Profit	$	17.9		$	27.8		$	(9.9)	(36)	%	$	58.8		$	81.8		$	(23.0)	(28)	%
Segment Profit Margin	13		%	22		%					16		%	23		%

Net sales for the Weetabix segment increased $9.3 million, or 7%, for the three months ended June 30, 2023, when compared to the prior year period. Excluding the impact of unfavorable foreign exchange rates, net sales increased $9.9 million, or 8%, on 5% lower volumes. The increase in net sales was driven by higher average net selling prices primarily due to list price increases, partially offset by a shift in product mix towards private label products. Volumes declined 5% driven by volume decreases in branded products, partially offset by increases in private label products.

Net sales for the Weetabix segment increased $16.7 million, or 5%, for the nine months ended June 30, 2023, when compared to the prior year period. Excluding the impact of unfavorable foreign exchange rates and six incremental months of net sales of $14.2 million attributable to our prior year acquisition of Lacka Foods, net sales increased $33.1 million, or 9%, on 3% lower volumes. The increase in net sales was driven by higher average net selling prices primarily due to list price increases, partially offset by a shift in product mix towards private label products. Volumes declined 3% driven by volume decreases in branded products, partially offset by increases in private label products.

Segment profit for the three months ended June 30, 2023 decreased $9.9 million, or 36%, when compared to the prior year period. Excluding the impact of unfavorable foreign currency exchange rates, segment profit decreased $9.8 million, or 35%. This decrease was primarily driven by raw material inflation of $10.6 million and higher manufacturing costs of $4.4 million, partially offset by higher net sales, as previously discussed.

Segment profit for the nine months ended June 30, 2023 decreased $23.0 million, or 28%, when compared to the prior year period. Excluding the impact of unfavorable foreign currency exchange rates, segment profit decreased $18.0 million, or 22%. This decrease was primarily driven by raw material inflation of $26.2 million and higher manufacturing costs of $10.6 million, partially offset by higher net sales, as previously discussed.

Foodservice

	Three Months Ended June 30,										Nine Months Ended June 30,
							favorable/(unfavorable)										favorable/(unfavorable)
dollars in millions	2023			2022			$ Change		% Change		2023			2022			$ Change		% Change
Net Sales	$	622.7		$	579.0		$	43.7	8	%	$	1,856.4		$	1,469.5		$	386.9	26	%
Segment Profit	$	107.7		$	45.9		$	61.8	135	%	$	264.9		$	81.0		$	183.9	227	%
Segment Profit Margin	17		%	8		%					14		%	6		%

Net sales for the Foodservice segment increased $43.7 million, or 8%, for the three months ended June 30, 2023, when compared to the prior year period. The increase in net sales was primarily driven by higher average net selling prices during the current year period and volume increases. Egg product sales were up $34.9 million, or 7%, with volume up 2%, driven by price

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increases taken to mitigate cost inflation as well as the timing of the pass-through of increased grain and egg market prices. Egg volumes increased primarily due to distribution gains in the foodservice channel. Sales of side dishes were up $12.5 million, or 24%, with volume up 7%, driven by price increases taken to mitigate inflation and volume increases as a result of distribution gains. Sales of other products were down $3.7 million.

Net sales for the Foodservice segment increased $386.9 million, or 26%, for the nine months ended June 30, 2023, when compared to the prior year period. The increase in net sales was primarily driven by higher average net selling prices during the current year period and the lapping of lower product demand as a result of the COVID-19 pandemic in the prior year period. Egg product sales were up $349.9 million, or 27%, with volume up 6%, driven by price increases taken to mitigate cost inflation as well as the pass-through of increased grain and egg market prices. Egg volumes increased due to distribution gains in the foodservice channel, partially offset by lower food ingredient volume. Sales of side dishes were up $48.0 million, or 32%, with volume up 9%, driven by price increases taken to mitigate inflation and volume increases as a result of distribution gains. Sales of other products were down $11.0 million.

Segment profit for the three months ended June 30, 2023 increased $61.8 million, or 135%, when compared to the prior year period. This increase was primarily driven by higher net sales, as previously discussed, lower freight costs of $10.0 million and lower raw material costs of $6.3 million, primarily due to favorable grain and egg market prices. These positive impacts were partially offset by higher potato raw material costs.

Segment profit for the nine months ended June 30, 2023 increased $183.9 million, or 227%, when compared to the prior year period, driven by higher net sales, as previously discussed, and lower freight costs of $23.7 million. These positive impacts were partially offset by raw material inflation of $192.0 million, primarily driven by higher egg raw material costs due to unfavorable grain and egg market prices and higher potato raw material costs.

Refrigerated Retail

	Three Months Ended June 30,										Nine Months Ended June 30,
							favorable/(unfavorable)										favorable/(unfavorable)
dollars in millions	2023			2022			$ Change		% Change		2023			2022			$ Change		% Change
Net Sales	$	230.7		$	246.4		$	(15.7)	(6)	%	$	786.4		$	787.4		$	(1.0)	—	%
Segment Profit	$	18.0		$	10.4		$	7.6	73	%	$	57.2		$	41.0		$	16.2	40	%
Segment Profit Margin	8		%	4		%					7		%	5		%

Net sales for the Refrigerated Retail segment decreased $15.7 million, or 6%, for the three months ended June 30, 2023, when compared to the prior year period, driven by 11% lower volumes primarily due to price elasticities and a shift towards private label products. Average net selling prices were higher during the period due to price increases taken to mitigate input cost inflation, partially offset by increased promotional spending. Egg product sales declined $4.4 million, or 9%, on 12% lower volumes, and were incrementally impacted by avian influenza-related supply constraints. Sausage sales declined $1.9 million, or 5%, with volume down 5%. Cheese and other dairy product sales were down $8.0 million, or 16%, with volume down 16%, and were incrementally impacted by distribution losses. Sales of side dishes increased $0.2 million, or less than 1%, on 10% lower volumes. Sales of other products were down $1.6 million.

Net sales for the Refrigerated Retail segment decreased $1.0 million, or less than 1%, for the nine months ended June 30, 2023, when compared to the prior year period. Net sales for the nine months ended June 30, 2023 were impacted by the absence of net sales as a result of the WEF Transaction. Excluding this impact, net sales increased $6.1 million, or 1%, driven by higher average net selling prices primarily due to price increases taken to mitigate input cost inflation, partially offset by increased promotional spending. This positive impact was partially offset by 7% lower volumes primarily due to price elasticities and a shift towards private label products. Sales of side dishes increased $23.8 million, or 7%, with volume down 3%. Egg product sales were up $5.7 million, or 4%, on 11% lower volumes, and were incrementally impacted by avian influenza-related supply constraints. Sausage sales increased $1.2 million, or 1%, with volume down 1%. Cheese and other dairy product sales were down $20.7 million, or 13%, with volume down 20%, and were incrementally impacted by distribution losses. Sales of other products were down $3.9 million.

Segment profit for the three months ended June 30, 2023 increased $7.6 million, or 73%, when compared to the prior year period, driven by higher average net selling prices, as previously discussed, lower manufacturing costs of $7.2 million and lower freight costs of $1.5 million. These positive impacts were partially offset by raw material inflation of $1.0 million, lower net sales volume, as previously discussed, and increased advertising and consumer spending of $3.9 million.

Segment profit for the nine months ended June 30, 2023 increased $16.2 million, or 40%, when compared to the prior year period, driven by higher average net selling prices, as previously discussed, and lower freight costs of $6.7 million. These

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positive impacts were partially offset by raw material inflation of $23.2 million, lower net sales volume, as previously discussed, increased advertising and consumer spending of $9.2 million and higher manufacturing costs of $5.1 million.

Other Items

General Corporate Expenses and Other

	Three Months Ended June 30,								Nine Months Ended June 30,
					favorable/(unfavorable)								favorable/(unfavorable)
dollars in millions	2023		2022		$ Change		% Change		2023		2022		$ Change		% Change
General corporate expenses and other	$	52.3	$	47.6	$	(4.7)	(10)	%	$	145.0	$	138.7	$	(6.3)	(5)	%

General corporate expenses and other increased $4.7 million, or 10%, for the three months ended June 30, 2023, when compared to the prior year period. The current year period included $3.7 million of restructuring and facility closure costs, including accelerated depreciation, incurred by our Refrigerated Retail and Weetabix segments, and the prior year period included $0.8 million of restructuring and facility closure costs incurred by our Post Consumer Brands and Foodservice segments. Excluding these impacts, general corporate expenses and other increased $1.8 million. This increase was primarily driven by acquisition-related costs of $12.0 million related to Pet Food, decreased net gains related to mark-to-market adjustments on equity securities of $5.7 million and higher employee-related expenses of $5.8 million. These negative impacts were partially offset by a gain related to the write-off of deferred underwriting commissions of $10.7 million, decreased net losses related to mark-to-market adjustments on economic hedges and warrant liabilities of $10.3 million and decreased separation-related expenses of $0.4 million in connection with the BellRing Spin-off.

General corporate expenses and other increased $6.3 million, or 5%, for the nine months ended June 30, 2023, when compared to the prior year period. The current year period included $3.7 million of restructuring and facility closure costs, including accelerated depreciation, incurred by our Refrigerated Retail and Weetabix segments, and the prior year period included $9.3 million of restructuring and facility closure costs incurred by our Post Consumer Brands and Foodservice segments, a loss on sale of business of $6.3 million related to the WEF Transaction and a gain on assets held for sale of $9.8 million related to the sale of equipment in Klingerstown, Pennsylvania within our Foodservice segment. Excluding these impacts, general corporate expenses and other increased $8.4 million. This increase was primarily driven by increased net losses related to mark-to-market adjustments on economic hedges and warrant liabilities of $25.4 million (compared to gains in the prior year period), acquisition-related costs of $16.0 million related to Pet Food and higher employee-related expenses of $14.0 million. These negative impacts were partially offset by decreased separation-related expenses of $28.7 million in connection with the BellRing Spin-off, a gain related to the write-off of deferred underwriting commissions of $10.7 million and increased net gains related to mark-to-market adjustments on equity securities of $9.5 million (compared to losses in the prior year period).

For additional information on the gain related to the write-off of deferred underwriting commissions, loss on sale of business and our assets held for sale, see Notes 4 and 6 within “Notes to Condensed Consolidated Financial Statements.”

LIQUIDITY AND CAPITAL RESOURCES

We completed the following activities during the nine months ended June 30, 2023 (for additional information, see Notes 4, 13, 15 and 18 within “Notes to Condensed Consolidated Financial Statements”) impacting our liquidity and capital resources:

•entered into a Joinder Agreement No. 4 (the “Fourth Joinder Agreement”), which provided for an incremental term loan (the “Fourth Incremental Term Loan”) of $400.0 million under our second amended and restated credit agreement dated March 18, 2020 (the “Credit Agreement”), which we borrowed in full on April 26, 2023;

•issued 5.4 million shares of our common stock to Smucker to fund a portion of the Pet Food acquisition;

•entered into a Joinder Agreement No. 3 (the “Third Joinder Agreement”), which provided for an incremental term loan (the “Third Incremental Term Loan”) of $130.0 million under our Credit Agreement, which we borrowed in full on November 18, 2022;

•transferred our remaining 4.6 million shares of BellRing Common Stock to the lender under the Third Joinder Agreement to repay $99.9 million in aggregate principal amount of the Third Incremental Term Loan (the “Second Debt-for-Equity Exchange”) on November 25, 2022;

•repaid the remaining principal amount of $30.1 million on the Third Incremental Term Loan on November 25, 2022;

•$141.2 million principal value of our 4.50% senior notes repurchased at a discount of $19.9 million;

•$29.3 million principal value of our 4.625% senior notes repurchased at a discount of $3.4 million;

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•$43.5 million paid related to the termination of certain of our rate-lock interest rate swap contracts, which contained non-cash, off-market financing elements;

•$345.0 million of investments held in the trust account returned in connection with the PHPC Redemption, of which $312.5 million was distributed to PHPC public stockholders; and

•2.9 million shares of our common stock repurchased at an average share price of $86.91 per share and a total cost, including broker’s commissions, of $250.5 million.

The following table presents select cash flow data, which is discussed below.

	Nine Months Ended June 30,
dollars in millions	2023		2022
Cash provided by (used in):
Operating activities - continuing operations	$	480.5	$	219.7
Investing activities - continuing operations	(567.9)		(132.3)
Financing activities - continuing operations	(279.7)		(486.4)
Net cash used in discontinued operations	—		(151.9)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	3.8		(5.8)
Net decrease in cash, cash equivalents and restricted cash	$	(363.3)	$	(556.7)

Historically, we have generated and expect to continue to generate positive cash flows from operations. We believe our cash on hand, cash flows from operations and current and possible future credit facilities will be sufficient to satisfy our working capital requirements, purchase commitments, interest payments, research and development activities, capital expenditures, pension contributions and other financing requirements for the foreseeable future. We are currently not aware of any trends or demands, commitments, events or uncertainties that will result in, or that are reasonably likely to result in, our liquidity increasing or decreasing in any material way that will impact meeting our capital needs during or beyond the next twelve months. Our ability to generate positive cash flows from operations is dependent on general economic conditions, competitive pressures and other business risk factors. We believe that we have sufficient liquidity and cash on hand to satisfy our cash needs. If we are unable to generate sufficient cash flows from operations, or are otherwise unable to comply with the terms of our credit facilities, we may be required to seek additional financing alternatives, which may require waivers under our Credit Agreement and our indentures governing our senior notes, in order to generate additional cash. There can be no assurance that we would be able to obtain additional financing or any such waivers on terms acceptable to us or at all. For additional information on our debt, refer to Note 15 within “Notes to Condensed Consolidated Financial Statements.”

Short-term financing needs primarily consist of working capital requirements and interest payments on our long-term debt. Long-term financing needs will depend largely on potential growth opportunities, including acquisition activity and other strategic transactions and repayment or refinancing of our long-term debt obligations. We may, from time to time, seek to retire or purchase our outstanding debt through cash purchases in open market transactions, privately negotiated transactions or otherwise. Additionally, we may seek to repurchase shares of our common stock. Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material.

Obligations under our Credit Agreement are unconditionally guaranteed by our existing and subsequently acquired or organized subsidiaries (other than immaterial subsidiaries, certain excluded subsidiaries and subsidiaries we designate as unrestricted subsidiaries, which include 8th Avenue and its subsidiaries and PHPC Sponsor) and are secured by security interests in substantially all of our assets and the assets of our subsidiary guarantors, but excluding, in each case, real property.

Our senior notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by each of our existing and subsequently acquired or organized domestic subsidiaries, other than immaterial subsidiaries, certain excluded subsidiaries and subsidiaries we designate as unrestricted subsidiaries, which include 8th Avenue and its subsidiaries and PHPC Sponsor. These guarantees are subject to release in certain circumstances.

Our 2.50% convertible senior notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by each of our existing domestic subsidiaries that have guaranteed our other senior notes, which excludes certain immaterial subsidiaries, certain excluded subsidiaries and subsidiaries we designate as unrestricted subsidiaries under our other senior notes indentures, which include 8th Avenue and its subsidiaries and PHPC Sponsor. If, after the date our 2.50% convertible senior notes were issued, any domestic wholly-owned subsidiary guarantees any of our existing senior notes or any other debt securities we may issue in the form of senior unsecured notes or convertible or exchangeable notes, then we must cause such subsidiary to become a guarantor under the 2.50% convertible senior notes as well.

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8th Avenue and its subsidiaries and PHPC Sponsor are not obligors or guarantors under our Credit Agreement or senior notes.

Operating Activities - Continuing Operations

Cash provided by operating activities for the nine months ended June 30, 2023 increased $260.8 million compared to the prior year period, primarily driven by favorable changes related to fluctuations in the timing of sales and collections of trade receivables at our Post Consumer Brands and Foodservice segments, lower interest payments of $21.2 million and lower net payments on our interest rate swaps of $14.0 million. These positive impacts were partially offset by unfavorable changes related to fluctuations in the timing of purchases and payments of trade payables at our Post Consumer Brands and Foodservice segments and higher tax payments of $68.3 million.

Investing Activities - Continuing Operations

Nine months ended June 30, 2023

Cash used in investing activities for the nine months ended June 30, 2023 was $567.9 million, primarily driven by net cash payments of $715.2 million related to the Pet Food acquisition and capital expenditures of $201.9 million. Capital expenditures in the period primarily related to ongoing projects in our Post Consumer Brands and Foodservice segments. These cash outflows were partially offset by a return of $345.0 million in connection with the PHPC Redemption which had been deposited in a trust account in connection with the PHPC IPO and the PHPC Private Placement.

Nine months ended June 30, 2022

Cash used in investing activities for the nine months ended June 30, 2022 was $132.3 million, primarily driven by capital expenditures of $167.3 million, net cash payments of $24.8 million, primarily related to our acquisition of Lacka Foods, and cash paid related to investments in partnerships of $8.9 million, partially offset by proceeds from the sale of a business and property and assets held for sale of $50.5 million and $17.8 million, respectively. Capital expenditures in the period primarily related to ongoing projects in our Post Consumer Brands and Foodservice segments.

Financing Activities - Continuing Operations

Nine months ended June 30, 2023

Cash used in financing activities for the nine months ended June 30, 2023 was $279.7 million. We received proceeds of $400.0 million and $130.0 million from our Fourth Incremental Term Loan and our Third Incremental Term Loan, respectively. The Third Incremental Term Loan was partially repaid through the Second Debt-for-Equity Exchange, and the remaining principal balance of $30.1 million was repaid using cash on hand. In addition, we repaid $170.5 million principal value of our 4.50% and 4.625% senior notes, net of $23.3 million of discounts, and $1.1 million principal value of our municipal bond, which resulted in total net repayments of debt of $178.4 million. We distributed $312.5 million to PHPC public stockholders in connection with the PHPC Redemption. We paid $242.4 million, including broker’s commissions, for the repurchase of shares of our common stock and $43.5 million related to the termination of certain of our rate-lock interest rate swap contracts, which contained non-cash, off-market financing elements.

Nine months ended June 30, 2022

Cash used in financing activities for the nine months ended June 30, 2022 was $486.4 million. We paid $550.4 million of cash to BellRing in connection with the BellRing Spin-off, which was partially offset by cash receipts from BellRing of $3.2 million prior to the BellRing Spin-off related to quarterly tax distributions pursuant to BellRing Brands, LLC’s amended and restated limited liability company agreement. We received proceeds of $840.0 million from the First Incremental Term Loan, which were used to repay $840.0 million of principal balance of our 5.75% senior notes. We repaid $73.9 million principal value of our 4.50% senior notes and 5.50% senior notes, net of a $10.6 million discount. These repayments, combined with a principal payment on a municipal bond, resulted in total net repayments in long-term debt of $904.4 million. In connection with the repayment of the 5.75% senior notes (discussed above), we paid $24.1 million in debt premiums. We received proceeds of $500.0 million and a premium of $17.5 million from our additional 5.50% senior notes issuance. We paid $7.4 million in debt issuance costs and deferred financing fees in connection with our additional 5.50% senior notes issuance, the First Incremental Term Loan and the amendment of our Credit Agreement. We paid $343.0 million, including broker’s commissions, for the repurchase of shares of our common stock, which included repurchases of shares of our common stock that were accrued at September 30, 2021 and did not settle until fiscal 2022.

Debt Covenants

Under the terms of our Credit Agreement, we are required to comply with a financial covenant consisting of a secured net leverage ratio (as defined in the Credit Agreement) not to exceed 4.25 to 1.00 measured as of the last day of any fiscal quarter if, as of the last day of such fiscal quarter, the aggregate outstanding amount of all revolving credit loans, swing line loans and letter of credit obligations (subject to certain exceptions specified in the Credit Agreement) exceeds 30% of our revolving credit

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commitments. In addition to the foregoing, under the terms of the Fourth Joinder Agreement, so long as any principal or accrued interest remains outstanding with respect to the Fourth Incremental Term Loan, we are required to comply with financial covenants consisting of the foregoing secured net leverage ratio and a minimum consolidated interest coverage ratio (as defined in the Credit Agreement) of not less than 2.00 to 1.00 measured as of the last day of each fiscal quarter. As of June 30, 2023, we were in compliance with these financial covenants. We do not believe non-compliance is reasonably likely in the foreseeable future.

Our Credit Agreement provides for incremental revolving and term loan facilities, and also permits other secured or unsecured debt, if, among other conditions, certain financial ratios are met, as defined and specified in the Credit Agreement.

CRITICAL ACCOUNTING ESTIMATES

Our critical accounting estimates are more fully described in our Annual Report on Form 10-K for the year ended September 30, 2022, as filed with the Securities and Exchange Commission (the “SEC”) on November 17, 2022. There have been no significant changes to our critical accounting estimates since September 30, 2022.

RECENTLY ISSUED ACCOUNTING STANDARDS

We considered all new accounting pronouncements and have concluded there are no new pronouncements that had or will have a material impact on our consolidated results of operations, comprehensive income, financial condition, cash flows, shareholders’ equity or related disclosures based on current information.

CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

Forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, are made throughout this report. These forward-looking statements are sometimes identified from the use of forward-looking words such as “believe,” “should,” “could,” “potential,” “continue,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “aim,” “intend,” “plan,” “forecast,” “target,” “is likely,” “will,” “can,” “may” or “would” or the negative of these terms or similar expressions elsewhere in this report. Our financial condition, results of operations and cash flows may differ materially from the forward-looking statements in this report. Such statements are based on management’s current views and assumptions and involve risks and uncertainties that could affect expected results. Those risks and uncertainties include, but are not limited to, the following:

•volatility in the cost or availability of inputs to our businesses (including raw materials, energy and other supplies and freight);

•consumer and customer reaction to our pricing actions;

•disruptions or inefficiencies in our supply chain, inflation, labor shortages, public health crises, climatic events, avian influenza and other agricultural diseases and pests, fires and other events beyond our control;

•changes in economic conditions, financial instability, disruptions in capital and credit markets, changes in interest rates and fluctuations in foreign currency exchange rates;

•our high leverage, our ability to obtain additional financing and service our outstanding debt (including covenants restricting the operation of our businesses) and a potential downgrade in our credit ratings;

•business disruption or other losses from political instability, terrorism, war or armed hostilities or geopolitical tensions;

•our ability to hire and retain talented personnel, increases in labor-related costs, employee safety, labor strikes, work stoppages and unionization efforts;

•our and our private brands customers’ ability to compete in their product categories, including the success of pricing, advertising and promotional programs and the ability to anticipate and respond to changes in consumer and customer preferences and behaviors;

•the success of new product introductions;

•allegations that our products cause injury or illness, product recalls and withdrawals, product liability claims and other related litigation;

•compliance with existing and changing laws and regulations;

•the impact of litigation;

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•our ability to identify, complete and integrate or otherwise effectively execute acquisitions or other strategic transactions;

•our ability to successfully integrate the Pet Food operations, deliver on the expected financial contribution, cost savings and synergies from the Pet Food acquisition and maintain relationships with Pet Food employees, customers and suppliers, while maintaining focus on our pre-acquisition businesses;

•our and Smucker’s ability to comply with certain ancillary agreements associated with the Pet Food acquisition;

•differences in our actual operating results from any of our guidance regarding our future performance;

•risks related to the intended tax treatment of our divestitures of our interest in BellRing;

•our ability to successfully implement business strategies to reduce costs;

•the loss of, a significant reduction of purchases by or the bankruptcy of a major customer;

•costs, business disruptions and reputational damage associated with information technology failures, cybersecurity incidents or information security breaches;

•our reliance on third parties for the manufacture of many of our products;

•costs associated with the obligations of Bob Evans Farms, Inc. (“Bob Evans”) in connection with the sale of its restaurants business, including certain indemnification obligations and Bob Evans’s payment and performance obligations as a guarantor for certain leases;

•our ability to protect our intellectual property and other assets and to license third party intellectual property;

•risks associated with our international businesses;

•impairment in the carrying value of goodwill or other intangibles;

•changes in critical accounting estimates;

•losses or increased funding and expenses related to our qualified pension or other postretirement plans;

•conflicting interests or the appearance of conflicting interests resulting from any of our directors and officers also serving as directors or officers of other companies; and

•other risks and uncertainties included under “Risk Factors” in Item 1A of Part II of this report, in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, filed with the SEC on May 5, 2023, and in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022, filed with the SEC on November 17, 2022.

You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this report to conform these statements to actual results or to changes in our expectations.

ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Commodity Price Risk

In the ordinary course of business, the Company is exposed to commodity price risks relating to the acquisition of raw materials, energy and fuels. The Company may use futures contracts and options to manage certain of these exposures when it is practical to do so. A hypothetical 10% adverse change in the market price of the Company’s principal hedged commodities, including natural gas, heating oil, soybean oil, corn, wheat and dairy, would have decreased the fair value of the Company’s commodity-related derivatives portfolio by approximately $4 million and $7 million as of June 30, 2023 and September 30, 2022, respectively. This volatility analysis ignores changes in the exposures inherent in the underlying hedged transactions. Because the Company does not hold or trade derivatives for speculation or profit, all changes in derivative values are effectively offset by corresponding changes in the underlying exposures.

For more information regarding the Company’s commodity derivative contracts, refer to Note 13 within “Notes to Condensed Consolidated Financial Statements.”

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Foreign Currency Risk

Related to its foreign subsidiaries, the Company is exposed to risks of fluctuations in future cash flows and earnings due to changes in foreign currency exchange rates. To mitigate these risks, the Company uses a combination of foreign currency exchange contracts, which may consist of options, forward contracts and currency swaps. As of June 30, 2023, a hypothetical 10% adverse change in the expected Euro-GBP and USD-GBP foreign currency exchange rates would have reduced the fair value of the Company’s foreign currency-related derivatives portfolio by approximately $1 million. As of September 30, 2022, a hypothetical 10% adverse change in the expected Euro-GBP foreign currency exchange rates would have reduced the fair value of the Company’s foreign currency-related derivatives portfolio by an immaterial amount.

For additional information regarding the Company’s foreign currency derivative contracts, refer to Note 13 within “Notes to Condensed Consolidated Financial Statements.”

Interest Rate Risk

Long-term debt

As of June 30, 2023, the Company had outstanding principal value of indebtedness of $6,197.7 million related to its senior notes, Fourth Incremental Term Loan and a municipal bond. At June 30, 2023, Post’s revolving credit facility had available borrowing capacity of $730.3 million. Of the total $6,197.7 million of outstanding indebtedness, $5,792.4 million bore interest at a weighted-average fixed interest rate of 4.8%. As of September 30, 2022, the Company had principal value of indebtedness of $5,969.3 million related to its senior notes and a municipal bond. At September 30, 2022, Post’s revolving credit facility had available borrowing capacity of $730.3 million. Of the total $5,969.3 million of outstanding indebtedness, $5,962.9 million bore interest at a weighted-average fixed interest rate of 4.8%.

As of June 30, 2023 and September 30, 2022, the fair value of the Company’s debt, excluding any outstanding borrowings under the municipal bond, was $5,723.1 million and $5,171.0 million, respectively. Changes in interest rates impact fixed and variable rate debt differently. For fixed rate debt, a change in interest rates will only impact the fair value of the debt, whereas a change in interest rates on variable rate debt will impact interest expense and cash flows. A hypothetical 10% decrease in interest rates would have increased the fair value of the fixed rate debt by approximately $103 million and $111 million as of June 30, 2023 and September 30, 2022, respectively. A hypothetical 10% increase in interest rates would have had an immaterial impact on both interest expense and interest paid on variable rate debt during each of the three and nine months ended June 30, 2023 and 2022.

For additional information regarding the Company’s debt, refer to Note 15 within “Notes to Condensed Consolidated Financial Statements.”

Interest rate swaps

As of June 30, 2023 and September 30, 2022, the Company had interest rate swaps with a notional value of $700.0 million and $1,381.9 million, respectively. A hypothetical 10% adverse change in interest rates would have decreased the fair value of the interest rate swaps by approximately $13 million and $48 million as of June 30, 2023 and September 30, 2022, respectively.

For additional information regarding the Company’s interest rate swap contracts, refer to Note 13 within “Notes to Condensed Consolidated Financial Statements.”

ITEM 4.    CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

Management, with the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”) of the Company, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this report. Based on that evaluation, the Company’s CEO and CFO concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures were effective to provide reasonable assurance of achieving the desired control objectives.

Changes in Internal Control Over Financial Reporting

In connection with the Company’s Pet Food acquisition completed in fiscal 2023, management is in the process of analyzing, evaluating and, where necessary, implementing changes in controls and procedures. This process may result in additions or changes to the Company’s internal control over financial reporting. There were no other significant changes in the Company’s internal control over financial reporting during the quarter ended June 30, 2023 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II.    OTHER INFORMATION.

ITEM 1.     LEGAL PROCEEDINGS.

For information regarding our legal proceedings, refer to “Legal Proceedings” in Note 16 within “Notes to Condensed Consolidated Financial Statements” in Item 1 of Part I of this report, which is incorporated herein by reference.

Pursuant to Securities and Exchange Commission (“SEC”) regulations, the Company is required to disclose certain information about environmental proceedings with a governmental entity as a party if the Company reasonably believes such proceedings may result in monetary sanctions, exclusive of interest and costs, above a stated threshold. Pursuant to such SEC regulations, the Company has elected to use a threshold of $1.0 million for purposes of determining whether disclosure of any such proceedings is required. Applying this threshold, there are no such environmental proceedings to disclose for the period covered by this report.

ITEM 1A.    RISK FACTORS.

In addition to the information set forth elsewhere in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors we previously disclosed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022, filed with the SEC on November 17, 2022 (the “Annual Report”), as well as the risk factors contained in “Risk Factors” within Item 1A of Part II of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, filed with the SEC on May 5, 2023 (the “Second Quarter Report”), which are incorporated herein by reference. Many of the risks set forth in the Annual Report regarding our existing businesses and categories prior to our acquisition of a portion of The J. M. Smucker Company’s pet food business (“Pet Food”) also are risks to the ongoing operations of the Pet Food business, and risks related to food for human consumption, the food and beverage category and the food and beverage industry included in the Annual Report should be read to include pet food, the pet food category and the pet food industry, respectively. The risks included in the Annual Report, the Second Quarter Report and herein could materially and adversely affect our businesses, financial condition, results of operations and cash flows. Such enumerated risks are not the only risks we face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may impair our businesses, financial condition, results of operations and cash flows.

ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

The following table sets forth information with respect to shares of our common stock that we purchased during the fiscal quarter ended June 30, 2023:

Period	Total Number of Shares Purchased	Average Price Paid per Share (a)	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (b)	Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (b)
April 1, 2023 - April 30, 2023	77,003	$87.74	77,003	$209,579,913
May 1, 2023 - May 31, 2023	901,238	$87.18	901,238	$131,007,349
June 1, 2023 - June 30, 2023	947,210	$86.03	947,210	$338,970,405
Total	1,925,451	$86.64	1,925,451	$338,970,405

(a)Does not include broker’s commissions.

(b)On August 31, 2022, our Board of Directors approved an authorization to repurchase up to $300.0 million of shares of our common stock effective September 3, 2022 (the “Prior Authorization”). The Prior Authorization had an expiration date of September 3, 2024. On June 6, 2023, our Board of Directors terminated the Prior Authorization effective June 6, 2023 and approved a new authorization to repurchase up to $400.0 million of shares of our common stock effective June 7, 2023 (the “New Authorization”). The New Authorization expires on June 7, 2025. Repurchases may be made from time to time in the open market, in private purchases, through forward, derivative, accelerated repurchase or automatic purchase transactions, or otherwise.

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ITEM 5.    OTHER INFORMATION.

Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements

During the three months ended June 30, 2023, no director or “officer,” as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.

ITEM 6.    EXHIBITS.

The following exhibits are either provided with this Form 10-Q or are incorporated herein by reference.

Exhibit No.	Description
*2.1	Transaction Agreement and Plan of Merger, dated as of October 26, 2021, by and among Post Holdings, Inc., BellRing Brands, Inc., BellRing Distribution, LLC and BellRing Merger Sub Corporation (Incorporated by reference to Exhibit 2.1 to the Company’s Form 8-K filed on October 27, 2021)
2.2	Amendment No. 1 to Transaction Agreement and Plan of Merger, dated as of February 28, 2022, by and among Post Holdings, Inc., BellRing Brands, Inc., BellRing Distribution, LLC and BellRing Merger Sub Corporation (Incorporated by reference to Exhibit 2.1 to the Company’s first Form 8-K (film no. 22683895) filed on February 28, 2022)
*2.3	Asset Purchase Agreement, dated as of February 8, 2023, by and among The J. M. Smucker Company, PCB Sub, LLC (now known as Post Brands Pet Care, LLC) and Post Holdings, Inc. (Incorporated by reference to Exhibit 2.1 to the Company’s Form 8-K filed on February 13, 2023)
2.4	Amendment No. 1 to the Asset Purchase Agreement, dated as of April 27, 2023, by and among The J. M. Smucker Company, Post Holdings, Inc. and Post Brands Pet Care, LLC (formerly known as PCB Sub, LLC) (Incorporated by reference to Exhibit 2.4 to the Company's Form 10-Q filed on May 5, 2023)
3.1	Amended and Restated Articles of Incorporation of Post Holdings, Inc. (Incorporated by reference to Exhibit 3.1 to the Company’s Form 10-Q filed on February 2, 2018)
3.2	Amendment of Amended and Restated Articles of Incorporation of Post Holdings, Inc. (Incorporated by reference to Exhibit 3.2 to the Company’s Form 10-Q filed on February 2, 2018)
3.3	Amended and Restated Bylaws of Post Holdings, Inc. (Incorporated by reference to Exhibit 3.1 to the Company’s Form 8-K filed on January 17, 2023)
4.1	Indenture (2027 Notes), dated as of February 14, 2017, by and among Post Holdings, Inc., the Guarantors (as defined therein) and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee (Incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K filed on February 14, 2017)
4.2	Indenture (2028 Notes), dated as of December 1, 2017, by and among Post Holdings, Inc., the Guarantors (as defined therein) and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee (Incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on December 4, 2017)
4.3	Indenture (2029 Notes), dated as of July 3, 2019, by and among Post Holdings, Inc., the Guarantors (as defined therein) and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee (Incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on July 3, 2019)
4.4	Indenture (2030 Notes), dated as of February 26, 2020, by and among Post Holdings, Inc., the Guarantors (as defined therein) and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee (Incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on February 26, 2020)
4.5	Indenture (2031 Notes), dated as of March 10, 2021, by and among Post Holdings, Inc., the Guarantors (as defined therein) and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee (Incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on March 11, 2021)
4.6	Indenture (2027 Convertible Notes), dated as of August 12, 2022, by and among Post Holdings, Inc., the Guarantors (as defined therein) and Computershare Trust Company, N.A., as trustee (Incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on August 17, 2022)
*10.51	Joinder Agreement No. 4, dated as of April 26, 2023, by and among Post Holdings, Inc., the Guarantors (as defined therein) party thereto, the Funding Incremental Term Loan Lenders (as defined therein) and Barclays Bank PLC, as administrative agent (Incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on April 26, 2023)

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Exhibit No.	Description
10.52	Registration Rights Agreement, dated as of April 28, 2023, between Post Holdings, Inc. and The J. M. Smucker Company (Incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on April 28, 2023)
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 August 4, 2023
31.2	Certification of Matthew J. Mainer pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, dated August 4, 2023
**32.1	Certifications of Robert V. Vitale and Matthew J. Mainer, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, dated August 4, 2023
101	Interactive Data File (Form 10-Q for the quarterly period ended June 30, 2023 filed in iXBRL (Inline eXtensible Business Reporting Language)). The financial information contained in the iXBRL-related documents is “unaudited” and “unreviewed.”
104	The cover page from the Company’s Form 10-Q for the quarterly period ended June 30, 2023, formatted in iXBRL (Inline eXtensible Business Reporting Language) and contained in Exhibit 101

*	Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish supplementally to the SEC a copy of any omitted exhibit or schedule upon request by the SEC.
**	These certifications are deemed not “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, nor shall they be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, Post Holdings, Inc. has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		POST HOLDINGS, INC.
Date:	August 4, 2023	By:	/s/ Matthew J. Mainer
			Matthew J. Mainer
			SVP, Chief Financial Officer and Treasurer (Principal Financial Officer)

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EX-31.1

Exhibit 31.1

Certification pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

I, Robert V. Vitale, certify that:

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:	August 4, 2023	By:	/s/ Robert V. Vitale
			Robert V. Vitale
			President and Chief Executive Officer

EX-31.2

Exhibit 31.2

Certification pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

I, Matthew J. Mainer, certify that:

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:	August 4, 2023	By:	/s/ Matthew J. Mainer
			Matthew J. Mainer
			SVP, Chief Financial Officer and Treasurer

EX-32.1

Exhibit 32.1

Certification Pursuant to

18 U.S.C. Section 1350, as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

The undersigned, the President and Chief Executive Officer of Post Holdings, Inc. (the “Company”), hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge on the date hereof:

(a)    the quarterly report on Form 10-Q for the period ended June 30, 2023, 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:	August 4, 2023	By:	/s/ Robert V. Vitale
			Robert V. Vitale
			President and Chief Executive Officer

Certification Pursuant to

18 U.S.C. Section 1350, as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

The undersigned, the SVP, Chief Financial Officer and Treasurer of Post Holdings, Inc. (the “Company”), hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge on the date hereof:

(a)    the quarterly report on Form 10-Q for the period ended June 30, 2023, 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:	August 4, 2023	By:	/s/ Matthew J. Mainer
			Matthew J. Mainer
			SVP, Chief Financial Officer and Treasurer

XML

Cover Page - shares	9 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	1-35305
Entity Registrant Name	Post Holdings, Inc.
Entity Incorporation, State or Country Code	MO
Entity Tax Identification Number	45-3355106
Entity Address, Address Line One	2503 S. Hanley Road
Entity Address, City or Town	St. Louis
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	63144
City Area Code	314
Local Phone Number	644-7600
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	POST
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		61,218,573
Entity Central Index Key	0001530950
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

XML

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net Sales	$ 1,859.4	$ 1,524.9	$ 5,045.6	$ 4,272.1
Cost of goods sold	1,357.8	1,160.2	3,715.3	3,197.2
Gross Profit	501.6	364.7	1,330.3	1,074.9
Selling, general and administrative expenses	300.9	225.0	768.9	680.9
Amortization of intangible assets	42.4	36.6	115.4	109.5
Other operating (income) expense, net	0.0	(2.4)	0.1	0.8
Operating Profit	158.3	105.5	445.9	283.7
Interest expense, net	72.7	75.6	202.4	245.6
(Gain) loss on extinguishment of debt, net	(6.4)	(10.2)	(21.2)	9.1
Income on swaps, net	(17.1)	(131.6)	(20.4)	(222.9)
Gain on investment in BellRing	0.0	(35.1)	(5.1)	(482.8)
Other income, net	(16.0)	(12.8)	(27.8)	(14.0)
Earnings before Income Taxes and Equity Method Loss	125.1	219.6	318.0	748.7
Income tax expense	26.8	35.0	70.4	43.3
Equity method loss, net of tax	0.0	12.0	0.2	49.3
Net Earnings from Continuing Operations, Including Noncontrolling Interests	98.3	172.6	247.4	656.1
Less: Net earnings attributable to noncontrolling interests from continuing operations	8.7	2.4	11.8	5.0
Net Earnings from Continuing Operations	89.6	170.2	235.6	651.1
Net earnings from discontinued operations, net of tax and noncontrolling interest	0.0	0.0	0.0	21.6
Net Earnings	$ 89.6	$ 170.2	$ 235.6	$ 672.7
Earnings Per Share [Abstract]
Earnings from Continuing Operations, Per Basic Share	$ 1.49	$ 2.77	$ 4.13	$ 10.61
Earnings from Continuing Operations, Per Diluted Share	1.38	2.72	3.82	10.47
Earnings from Discontinued Operation, Per Basic Share	0	0	0	0.35
Earnings from Discontinued Operation, Per Diluted Share	0	0	0	0.35
Earnings, Per Basic Share	1.49	2.77	4.13	10.96
Earnings, Per Diluted Share	$ 1.38	$ 2.72	$ 3.82	$ 10.82
Weighted Average Number of Shares Outstanding
Weighted-Average Common Shares Outstanding, Basic (in shares)	61.6	60.4	59.7	61.5
Weighted-Average Common Shares Outstanding, Diluted (in shares)	68.5	61.6	66.7	62.3

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Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net earnings	$ 89.6	$ 170.2	$ 235.6	$ 672.7
Net earnings attributable to noncontrolling interests from continuing operations	8.7	2.4	11.8	5.0
Net earnings attributable to noncontrolling interest from discontinued operations	0.0	0.0	0.0	11.8
Net Earnings Including Noncontrolling Interests	98.3	172.6	247.4	689.5
Pension and postretirement benefits adjustments:
Reclassifications to net earnings	(1.2)	(0.4)	(3.5)	(1.4)
Hedging adjustments:
Reclassifications to net earnings	0.0	0.0	0.0	7.1
Foreign currency translation adjustments:
Unrealized foreign currency translation adjustments	36.1	(124.3)	185.3	(165.5)
Tax benefit (expense) on pension and postretirement benefits adjustments:
Reclassifications to net earnings	0.2	0.1	0.8	0.4
Tax benefit (expense) on hedging adjustments:
Reclassifications to net earnings	0.0	0.0	0.0	(1.8)
Total Other Comprehensive Income (Loss) Including Noncontrolling Interests	35.1	(124.6)	182.6	(161.2)
Less: Comprehensive income attributable to noncontrolling interests	8.2	2.1	10.2	17.8
Total Comprehensive Income	$ 125.2	$ 45.9	$ 419.8	$ 510.5

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Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Sep. 30, 2022
ASSETS
Cash and cash equivalents	$ 208.8	$ 586.5
Restricted cash	18.0	3.6
Receivables, net	564.9	544.2
Inventories	779.3	549.1
Investment in BellRing	0.0	94.8
Investments held in trust	0.0	346.8
Prepaid expenses and other current assets	69.3	98.4
Total Current Assets	1,640.3	2,223.4
Property, net	1,992.6	1,751.9
Goodwill	4,649.0	4,349.6
Other intangible assets, net	3,272.4	2,712.2
Other assets	332.6	270.9
Total Assets	11,886.9	11,308.0
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current portion of long-term debt	1.1	1.1
Accounts payable	389.2	452.7
Other current liabilities	405.0	370.0
Total Current Liabilities	795.3	823.8
Long-term debt	6,186.1	5,956.6
Deferred income taxes	694.0	688.4
Other liabilities	251.7	266.9
Total Liabilities	7,927.1	7,735.7
Redeemable noncontrolling interest	0.0	306.6
Common stock	0.9	0.9
Additional paid-in capital	5,268.7	4,748.2
Retained earnings	1,350.8	1,109.0
Accumulated other comprehensive loss	(78.7)	(262.9)
Treasury stock, at cost	(2,591.7)	(2,341.2)
Total Shareholders’ Equity Excluding Noncontrolling Interests	3,950.0	3,254.0
Noncontrolling interests	9.8	11.7
Total Shareholders’ Equity	3,959.8	3,265.7
Total Liabilities and Shareholders’ Equity	$ 11,886.9	$ 11,308.0

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows from Operating Activities:
Net Earnings from Continuing Operations, Including Noncontrolling Interests	$ 247.4	$ 656.1
Adjustments to reconcile net earnings from continuing operations, including noncontrolling interests, to net cash provided by operating activities:
Depreciation and amortization	293.3	285.5
Unrealized gain on interest rate swaps, foreign exchange contracts and warrant liabilities, net	(27.4)	(249.2)
Gain on investment in BellRing	(5.1)	(482.8)
(Gain) loss on extinguishment of debt, net	(21.2)	9.1
Non-cash stock-based compensation expense	57.2	48.3
Equity method loss, net of tax	0.2	49.3
Deferred income taxes	(11.2)	(9.0)
Non-cash gain on write-off of deferred underwriting commissions	(10.7)	0.0
Other, net	0.8	(1.5)
Other changes in operating assets and liabilities, net of business acquisitions, held for sale assets and liabilities and divestitures:
Increase in receivables, net	(17.7)	(105.7)
Increase in inventories	(20.7)	(58.6)
Decrease (increase) in prepaid expenses and other current assets	40.5	(20.4)
(Increase) decrease in other assets	(15.0)	21.5
(Decrease) increase in accounts payable and other current liabilities	(38.1)	73.4
Increase in non-current liabilities	8.2	3.7
Net Cash Provided by Operating Activities - continuing operations	480.5	219.7
Net Cash Used in Operating Activities - discontinued operations	0.0	(1.6)
Net Cash Provided by Operating Activities	480.5	218.1
Cash Flows from Investing Activities:
Business acquisitions, net of cash acquired	(715.2)	(24.8)
Return of subsidiary investments held in trust account	345.0	0.0
Additions to property	(201.9)	(167.3)
Proceeds from sale of property and assets held for sale	1.2	17.8
Proceeds from sale of business	4.6	50.5
Investments in partnerships	(1.4)	(8.9)
Other, net	(0.2)	0.4
Net Cash Used in Investing Activities - continuing operations	(567.9)	(132.3)
Net Cash Used in Investing Activities - discontinued operations	0.0	(0.8)
Net Cash Used in Investing Activities	(567.9)	(133.1)
Cash Flows from Financing Activities:
Proceeds from issuance of debt	530.0	1,340.0
Repayments of debt, net of discounts	(178.4)	(904.4)
Premium from issuance of debt	0.0	17.5
Purchases of treasury stock	(242.4)	(343.0)
Payments of debt issuance costs and deferred financing fees	(3.1)	(7.4)
Payments of debt premiums	0.0	(24.1)
Distributions to BellRing Brands, Inc., net	0.0	(547.2)
Redemption of Post Holdings Partnering Corporation Series A common stock	(312.5)	0.0
Financing portion of cash paid for rate-lock interest rate swaps	(43.5)	0.0
Other, net	(29.8)	(17.8)
Net Cash Used in Financing Activities - continuing operations	(279.7)	(486.4)
Net Cash Used in Financing Activities - discontinued operations	0.0	(149.5)
Net Cash Used in Financing Activities	(279.7)	(635.9)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	3.8	(5.8)
Net Decrease in Cash, Cash Equivalents and Restricted Cash	(363.3)	(556.7)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year	590.1	671.6
Cash, Cash Equivalents and Restricted Cash, Discontinued Operations, Beginning of Year	0.0	152.6
Cash, Cash Equivalents and Restricted Cash, End of Period	$ 226.8	$ 267.5

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Condensed Consolidated Statements of Shareholders' Equity Statement - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Retirement Benefit Adjustments, net of tax	Hedging Adjustments, net of tax	Foreign Currency Translation Adjustments	Treasury Stock	Noncontrolling Interests
Shareholders' Equity Excluding Noncontrolling Interest, Beginning of period at Sep. 30, 2021		$ 0.9	$ 4,253.5	$ 347.3	$ (10.9)	$ 71.4	$ (17.6)	$ (1,902.2)
Total Shareholders' Equity, Beginning of period at Sep. 30, 2021									$ 11.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activity under stock and deferred compensation plans			(16.7)						(1.0)
Non-cash stock-based compensation expense			49.0						2.9
Issuance of common stock			0.0
BellRing Spin-off			442.5				2.3		2.7
Net earnings	$ 672.7			672.7
Post Holdings Partnering Corporation deemed dividend				4.0
Net change in retirement benefits, net of tax					(1.0)
Net change in hedges, net of tax						3.4			1.9
Foreign currency translation adjustments							(164.6)		(0.9)
Purchases of treasury stock								(339.0)	(18.1)
Net (loss) earnings attributable to noncontrolling interests	5.0								12.4
Shareholders' Equity Excluding Noncontrolling Interest, End of period at Jun. 30, 2022	3,395.0	0.9	4,728.3	1,024.0	(11.9)	74.8	(179.9)	(2,241.2)
Total Shareholders' Equity, End of period at Jun. 30, 2022	3,406.7								11.7
Shareholders' Equity Excluding Noncontrolling Interest, Beginning of period at Mar. 31, 2022		0.9	4,711.7	852.0	(11.6)	74.8	(55.9)	(2,095.4)
Total Shareholders' Equity, Beginning of period at Mar. 31, 2022									11.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activity under stock and deferred compensation plans			(0.1)						0.0
Non-cash stock-based compensation expense			16.7						0.0
Issuance of common stock			0.0
BellRing Spin-off			0.0				0.0		0.0
Net earnings	170.2			170.2
Post Holdings Partnering Corporation deemed dividend				1.8
Net change in retirement benefits, net of tax					(0.3)
Net change in hedges, net of tax						0.0			0.0
Foreign currency translation adjustments							(124.0)		(0.3)
Purchases of treasury stock								(145.8)	0.0
Net (loss) earnings attributable to noncontrolling interests	2.4								0.2
Shareholders' Equity Excluding Noncontrolling Interest, End of period at Jun. 30, 2022	3,395.0	0.9	4,728.3	1,024.0	(11.9)	74.8	(179.9)	(2,241.2)
Total Shareholders' Equity, End of period at Jun. 30, 2022	3,406.7								11.7
Shareholders' Equity Excluding Noncontrolling Interest, Beginning of period at Sep. 30, 2022	3,254.0	0.9	4,748.2	1,109.0	(29.7)	74.8	(308.0)	(2,341.2)
Total Shareholders' Equity, Beginning of period at Sep. 30, 2022	3,265.7								11.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activity under stock and deferred compensation plans			(29.0)						0.0
Non-cash stock-based compensation expense			57.2						0.0
Issuance of common stock			492.3
BellRing Spin-off			0.0				0.0		0.0
Net earnings	235.6			235.6
Post Holdings Partnering Corporation deemed dividend				6.2
Net change in retirement benefits, net of tax					(2.7)
Net change in hedges, net of tax						0.0			0.0
Foreign currency translation adjustments							186.9		(1.6)
Purchases of treasury stock								(250.5)	0.0
Net (loss) earnings attributable to noncontrolling interests	11.8								(0.3)
Shareholders' Equity Excluding Noncontrolling Interest, End of period at Jun. 30, 2023	3,950.0	0.9	5,268.7	1,350.8	(32.4)	74.8	(121.1)	(2,591.7)
Total Shareholders' Equity, End of period at Jun. 30, 2023	3,959.8								9.8
Shareholders' Equity Excluding Noncontrolling Interest, Beginning of period at Mar. 31, 2023		0.9	4,757.5	1,253.8	(31.4)	74.8	(157.7)	(2,424.9)
Total Shareholders' Equity, Beginning of period at Mar. 31, 2023									10.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activity under stock and deferred compensation plans			(1.1)						0.0
Non-cash stock-based compensation expense			20.0						0.0
Issuance of common stock			492.3
BellRing Spin-off			0.0				0.0		0.0
Net earnings	89.6			89.6
Post Holdings Partnering Corporation deemed dividend				7.4
Net change in retirement benefits, net of tax					(1.0)
Net change in hedges, net of tax						0.0			0.0
Foreign currency translation adjustments							36.6		(0.5)
Purchases of treasury stock								(166.8)	0.0
Net (loss) earnings attributable to noncontrolling interests	8.7								(0.6)
Shareholders' Equity Excluding Noncontrolling Interest, End of period at Jun. 30, 2023	3,950.0	$ 0.9	$ 5,268.7	$ 1,350.8	$ (32.4)	$ 74.8	$ (121.1)	$ (2,591.7)
Total Shareholders' Equity, End of period at Jun. 30, 2023	$ 3,959.8								$ 9.8

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Basis of Presentation

9 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

BASIS OF PRESENTATION

These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), under the rules and regulations of the United States (the “U.S.”) Securities and Exchange Commission (the “SEC”). These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of Post Holdings, Inc. (herein referred to as “Post,” the “Company,” “us,” “our” or “we,” and unless otherwise stated or context otherwise indicates, all such references herein mean Post Holdings, Inc. and its subsidiaries), which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2022, filed with the SEC on November 17, 2022.

On March 10, 2022, the Company completed its distribution of 80.1% of its ownership interest in BellRing Brands, Inc. (formerly known as BellRing Distribution, LLC) (“BellRing”) to Post’s shareholders (the “BellRing Distribution,” and such transaction, as well as the BellRing Contribution, the BellRing Merger (as such terms are defined in Note 3), the Debt-for-Debt Exchange (as such term is defined in Note 15) and the related transactions described in Note 3, the “BellRing Spin-off”). The BellRing Spin-off represented a strategic shift that had a major effect on the Company’s operations and consolidated financial results. Accordingly, the historical results of BellRing Intermediate Holdings, Inc. (formerly known as BellRing Brands, Inc.) (“Old BellRing”) and BellRing Distribution, LLC prior to the BellRing Spin-off have been presented as discontinued operations in the Company’s Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows. The Notes to Condensed Consolidated Financial Statements reflect continuing operations only, unless otherwise indicated. See Note 3 for additional information regarding the BellRing Spin-off and discontinued operations.

These unaudited condensed consolidated financial statements include all adjustments (consisting of normal recurring adjustments and accruals) that management considers necessary for a fair statement of the Company’s results of operations, comprehensive income, financial condition, cash flows and shareholders’ equity for the interim periods presented. Interim results are not necessarily indicative of the results for any other interim period or for the entire fiscal year. Certain reclassifications have been made to previously reported financial information to conform to the current period presentation.

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Recently Issued and Adopted Accounting Standards (Notes)	9 Months Ended
	Jun. 30, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently Issued and Adopted Accounting Standards	RECENTLY ISSUED ACCOUNTING STANDARDSThe Company has considered all new accounting pronouncements and has concluded there are no new pronouncements that had or will have a material impact on the Company’s results of operations, comprehensive income, financial condition, cash flows, shareholders’ equity or related disclosures based on current information.

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Discontinued Operations and Disposal Groups

9 Months Ended

Jun. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations, Disclosure

BELLRING SPIN-OFF AND DISCONTINUED OPERATIONS

BellRing Spin-off

On March 9, 2022, pursuant to the Transaction Agreement and Plan of Merger, dated as of October 26, 2021 (as amended by Amendment No. 1 to the Transaction Agreement and Plan of Merger, dated as of February 28, 2022, the “Spin-off Agreement”), by and among Post, Old BellRing, BellRing and BellRing Merger Sub Corporation, a wholly-owned subsidiary of BellRing (“BellRing Merger Sub”), Post contributed its share of Old BellRing Class B common stock, $0.01 par value per share, all of its BellRing Brands, LLC non-voting membership units and $550.4 of cash to BellRing in exchange for certain limited liability company interests of BellRing and the right to receive $840.0 in aggregate principal amount of BellRing’s 7.00% senior notes maturing in 2030 (the “BellRing Notes” and such transactions, collectively, the “BellRing Contribution”).

On March 10, 2022, BellRing converted into a Delaware corporation and changed its name to “BellRing Brands, Inc.”, and Post consummated the BellRing Distribution, distributing an aggregate of 78.1 million, or 80.1%, of its shares of BellRing common stock, $0.01 par value per share (“BellRing Common Stock”), to Post shareholders of record as of the close of business, Central Time, on February 25, 2022 (the “Record Date”) in a pro-rata distribution. Post shareholders received 1.267788 shares of BellRing Common Stock for every one share of Post common stock held as of the Record Date. No fractional shares of BellRing Common Stock were issued, and instead, cash in lieu of any fractional shares was paid to Post shareholders.

Upon completion of the BellRing Distribution, BellRing Merger Sub merged with and into Old BellRing (the “BellRing Merger”), with Old BellRing continuing as the surviving corporation and becoming a wholly-owned subsidiary of BellRing.

The Company’s equity interest in BellRing subsequent to the BellRing Spin-off (its “Investment in BellRing”) was 14.2% immediately following the BellRing Spin-off. As a result of the BellRing Spin-off, the dual class voting structure in the

BellRing business was eliminated. The BellRing Distribution was structured in a manner intended to qualify as a tax-free distribution to Post shareholders for U.S. federal income tax purposes, except to the extent of any cash received in lieu of fractional shares of BellRing Common Stock.

The Company incurred separation-related expenses related to the BellRing Spin-off and subsequent divestment of its Investment in BellRing (see Note 4) of zero and $0.1 during the three and nine months ended June 30, 2023, respectively, and $0.4 and $28.8 during the three and nine months ended June 30, 2022, respectively, which were included in “Selling, general and administrative expenses” within continuing operations in the Condensed Consolidated Statements of Operations. Old BellRing incurred separation-related expenses prior to the BellRing Spin-off of $4.3 during the nine months ended June 30, 2022, which were included in “Net earnings from discontinued operations, net of tax and noncontrolling interest” in the Condensed Consolidated Statements of Operations. These expenses generally included third party costs for advisory services, fees charged by other service providers and government filing fees.

On March 17, 2022, the Company utilized proceeds received in connection with the BellRing Spin-off to redeem a portion of Post’s existing 5.75% senior notes (see Note 15).

The following is a summary of BellRing’s net assets as of March 10, 2022.

Total Assets	$	633.0
Less: Total Liabilities	1,064.6
BellRing Net Assets	$	(431.6)

As a result of the BellRing Spin-off, the Company recorded a $442.5 adjustment to additional paid-in capital, which included BellRing net assets of $(431.6). The BellRing Spin-off also resulted in a reduction of accumulated other comprehensive loss associated with BellRing’s foreign currency translation adjustments. The total adjustment to accumulated other comprehensive loss was $2.3.

The Company’s Investment in BellRing immediately following the BellRing Spin-off did not represent a controlling interest in BellRing. As such, the Company’s remaining proportionate share of BellRing’s net assets were recorded at a zero carrying value on March 10, 2022, as the BellRing net assets were negative. See Note 14 for additional information regarding the Company’s subsequent remeasurement of its Investment in BellRing to fair value for the periods subsequent to the BellRing Spin-off.

Discontinued Operations

The BellRing Spin-off represented a strategic shift that had a major effect on the Company’s operations and consolidated financial results. Accordingly, the historical results of Old BellRing and BellRing Distribution, LLC prior to the BellRing Spin-off have been presented as discontinued operations in the Company’s Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows.

The following table presents the components of net earnings from discontinued operations during the nine months ended June 30, 2022 prior to the completion of the BellRing Spin-off on March 10, 2022.

Net Sales	$	541.9
Cost of goods sold	390.3
Gross Profit	151.6
Selling, general and administrative expenses	68.5
Amortization of intangible assets	8.7
Operating Profit	74.4
Interest expense, net	13.1
Loss on extinguishment of debt, net	17.6
Earnings from Discontinued Operations before Income Taxes	43.7
Income tax expense	10.3
Net Earnings from Discontinued Operations, Including Noncontrolling Interest	33.4
Less: Net earnings attributable to noncontrolling interest from discontinued operations	11.8
Net Earnings from Discontinued Operations, Net of Tax and Noncontrolling Interest	$	21.6

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Noncontrolling Interests, Equity Interests and Related Party Transactions (Notes)

9 Months Ended

Jun. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Noncontrolling Interests, Equity Interests and Related Party Transactions - PHPC

Post Holdings Partnering Corporation

In May and June of 2021, the Company and Post Holdings Partnering Corporation, a special purpose acquisition company (“PHPC”), consummated the initial public offering of 34.5 million units of PHPC (the “PHPC Units” and such transaction, the “PHPC IPO”), of which PHPC Sponsor, LLC, the Company’s wholly-owned subsidiary (“PHPC Sponsor”), purchased 4.0 million PHPC Units. Each PHPC Unit consisted of one share of Series A common stock of PHPC, $0.0001 par value per share (“PHPC Series A Common Stock”), and one-third of one redeemable warrant of PHPC; each whole warrant entitled the holder thereof to purchase one share of PHPC Series A Common Stock at an exercise price of $11.50 per share (the “PHPC Warrants”). The PHPC Units were sold at a price of $10.00 per PHPC Unit, generating gross proceeds to PHPC of $345.0. The PHPC Units, PHPC Series A Common Stock and PHPC Warrants each traded on the New York Stock Exchange (the “NYSE”) under the ticker symbols “PSPC.U”, “PSPC” and “PSPC WS”, respectively. Under the terms of the PHPC IPO, PHPC was required to consummate a partnering transaction by May 28, 2023, which could have been extended to August 28, 2023 in certain circumstances (the “Combination Period”).

Substantially concurrently with the closing of the PHPC IPO, PHPC completed the private sale of 1.1 million units of PHPC (the “PHPC Private Placement Units”), at a purchase price of $10.00 per PHPC Private Placement Unit, to PHPC Sponsor, generating proceeds to PHPC of $10.9 (the “PHPC Private Placement”). The PHPC Private Placement Units sold in the PHPC Private Placement were identical to the PHPC Units sold in the PHPC IPO, except that, with respect to the warrants underlying the PHPC Private Placement Units (the “PHPC Private Placement Warrants”) that were held by PHPC Sponsor or its permitted transferees, such PHPC Private Placement Warrants (i) could have been exercised for cash or on a cashless basis, (ii) were not subject to being called for redemption (except in certain circumstances if the PHPC Warrants were called for redemption and a certain price per share of PHPC Series A Common Stock threshold was met) and (iii) subject to certain limited exceptions, would have been subject to transfer restrictions until 30 days following the consummation of PHPC’s partnering transaction. If the PHPC Private Placement Warrants were held by holders other than PHPC Sponsor or its permitted transferees, the PHPC Private Placement Warrants would have been redeemable by PHPC in all redemption scenarios and exercisable by holders on the same basis as the PHPC Warrants.

In addition, the Company, through PHPC Sponsor’s ownership of 8.6 million shares of Series F common stock of PHPC, $0.0001 par value per share (the “PHPC Series F Common Stock”), had certain governance rights in PHPC relating to the election of PHPC directors and voting rights on amendments to PHPC’s certificate of incorporation.

In connection with the completion of the PHPC IPO, PHPC also entered into a forward purchase agreement with PHPC Sponsor (the “Forward Purchase Agreement”), which provided for the purchase by PHPC Sponsor, at the election of PHPC, of up to 10.0 million units of PHPC (the “PHPC Forward Purchase Units”), subject to the terms and conditions of the Forward Purchase Agreement, with each PHPC Forward Purchase Unit consisting of one share of PHPC’s Series B common stock, $0.0001 par value per share, and one-third of one warrant to purchase one share of PHPC Series A Common Stock, for a purchase price of $10.00 per PHPC Forward Purchase Unit, in an aggregate amount of up to $100.0 in a private placement to occur concurrently with the closing of PHPC’s partnering transaction.

PHPC Sponsor was the primary beneficiary of PHPC as it had, through its equity interest, the right to receive benefits or the obligation to absorb losses from PHPC, as well as the power to direct a majority of the activities that significantly impacted PHPC’s economic performance, including target identification. As such, PHPC was fully consolidated into the Company’s financial statements until the time of its dissolution, as discussed below.

Proceeds of $345.0 were deposited in a trust account established for the benefit of PHPC’s public stockholders, which consisted of certain proceeds from the PHPC IPO and certain proceeds from the PHPC Private Placement, net of underwriters’ discounts and commissions and other costs and expenses. A minimum balance of $345.0, which represented the number of PHPC Units sold at the offering price of $10.00 per PHPC Unit, was required by the underwriting agreement to be maintained in the trust account. These proceeds were invested only in U.S. treasury securities. At September 30, 2022, there was $346.8 held in the trust account, which was included in “Investments held in trust” on the Condensed Consolidated Balance Sheets.

The public stockholders’ ownership of PHPC equity represented a noncontrolling interest (“NCI”) to the Company, which was classified outside of permanent shareholders’ equity as the PHPC Series A Common Stock was redeemable at the option of the public stockholders in certain circumstances. The carrying amount of the redeemable NCI was equal to the greater of (i) the initial carrying amount, increased or decreased for the redeemable NCI’s share of PHPC’s net earnings or loss, other comprehensive income or loss (“OCI”) and distributions or (ii) the redemption value. The redemption value represented the amount the public stockholders of PHPC Series A Common Stock would be entitled in certain circumstances to redeem their shares of PHPC Series A Common Stock for, which was a pro-rata portion of the amount in the trust account at $10.00 per share of PHPC Series A Common Stock held, plus any pro-rata interest earned on the funds held in the trust account (which interest was net of taxes payable, and less up to $0.1 of interest to pay dissolution expenses). As of September 30, 2022, the carrying amount of the redeemable NCI was recorded at its redemption value of $306.6 on the Condensed Consolidated

Balance Sheets. Remeasurements to the redemption value of the redeemable NCI were recognized as a deemed dividend and were recorded to “Retained earnings” on the Condensed Consolidated Balance Sheets.

In connection with the PHPC IPO, PHPC incurred offering costs of $17.9, of which $10.7 were deferred underwriting commissions that would have become payable to the underwriters solely in the event that PHPC completed a partnering transaction and were included in “Other current liabilities” on the Condensed Consolidated Balance Sheets at September 30, 2022.

As of September 30, 2022 and prior to the PHPC Redemption (as defined below), the Company beneficially owned 31.0% of the equity of PHPC and the net earnings and net assets of PHPC were consolidated within the Company’s financial statements. The remaining 69.0% of the consolidated net earnings and net assets of PHPC, which represented the percentage of economic interest in PHPC held by the public stockholders of PHPC through their ownership of PHPC equity, were allocated to redeemable NCI. All transactions between PHPC and PHPC Sponsor, as well as related financial statement impacts, eliminated in consolidation.

On May 11, 2023, PHPC announced that it would not complete a partnering transaction within the Combination Period and that the entity would liquidate and dissolve in accordance with the terms of its amended and restated certificate of incorporation. Subsequent to the decision to liquidate and dissolve, PHPC completed certain winding-up activities, which included writing-off the deferred underwriting commissions as the underwriters agreed to waive their rights to these amounts should a partnering transaction not occur. The Company recorded a $10.7 gain in connection with this write-off, which was recorded in “Other income, net” on the Condensed Consolidated Statements of Operations during both the three and nine months ended June 30, 2023.

On May 28, 2023, the PHPC Warrants and the PHPC Private Placement Warrants expired worthless and the Forward Purchase Agreement terminated in accordance with its terms, as PHPC had not completed a partnering transaction before the expiration of the Combination Period.

On May 30, 2023, PHPC redeemed all of the outstanding public shares of PHPC Series A Common Stock (the “PHPC Redemption”). Each share of PHPC Series A Common Stock was redeemed for approximately $10.24 per share, representing the per share price equal to the aggregate amount then on deposit in the trust account, including interest earned on the trust account not previously released to pay taxes or dissolution expenses, divided by the number of then outstanding shares of PHPC Series A Common Stock. In connection with the PHPC Redemption:

•$353.4 of funds held in the trust account immediately prior to the PHPC Redemption were distributed to redeem all of the outstanding shares of PHPC Series A Common Stock, which reduced “Investments held in trust” on the Condensed Consolidated Balance Sheets to zero as of June 30, 2023. The Company received $40.9 from the PHPC Redemption related to its ownership of 4.0 million shares of PHPC Series A Common Stock; and

•redeemable NCI of $312.5 immediately prior to the PHPC Redemption was reduced to zero on the Condensed Consolidated Balance Sheets as of June 30, 2023.

Subsequent to the PHPC Redemption, PHPC delisted from the NYSE and dissolved in June 2023, and all classes of shares of PHPC equity were cancelled, including the PHPC Private Placement Units and the shares of the PHPC Series F Common Stock, which were surrendered by PHPC Sponsor for no consideration.

The following table summarizes the effects of changes in the Company’s redeemable NCI on the Company’s equity. The three and nine months ended June 30, 2023 represent the periods ended May 30, 2023, as the Company’s redeemable NCI was reduced to zero upon completion of the PHPC Redemption.

	Three Months Ended June 30,				Nine Months Ended June 30,
	2023		2022		2023		2022
Net earnings attributable to redeemable NCI	$	9.3	$	2.2	$	12.1	$	4.4
Redemption value adjustment	(1.9)		(0.4)		(5.9)		(0.4)
PHPC deemed dividend	$	7.4	$	1.8	$	6.2	$	4.0

The following table summarizes the changes to the Company’s redeemable NCI. The three and nine months ended June 30, 2023 represent the periods ended May 30, 2023, as the Company’s redeemable NCI was reduced to zero upon completion of the PHPC Redemption.

	As of and for the Three Months Ended June 30,				As of and for the Nine Months Ended June 30,
	2023		2022		2023		2022
Beginning of period	$	310.6	$	305.0	$	306.6	$	305.0
Net earnings attributable to redeemable NCI	9.3		2.2		12.1		4.4
PHPC deemed dividend	(7.4)		(1.8)		(6.2)		(4.0)
Redemption of PHPC Series A Common Stock	(312.5)		—		(312.5)		—
End of period	$	—	$	305.4	$	—	$	305.4

Equity Method Investments and Joint Ventures Disclosure - 8th Ave

8th Avenue

The Company has a 60.5% common equity interest in 8th Avenue Food & Provisions, Inc. (“8th Avenue”) that is accounted for using the equity method. In determining the accounting treatment of the common equity interest, management concluded that 8th Avenue was not a variable interest entity as defined by Accounting Standards Codification (“ASC”) Topic 810, “Consolidation,” and as such, 8th Avenue was evaluated under the voting interest model. Based on the terms of 8th Avenue’s governing documents, management determined that the Company does not have a controlling voting interest in 8th Avenue due to substantive participating rights held by third parties associated with the governance of 8th Avenue. However, Post does retain significant influence, and therefore, the use of the equity method of accounting is required.

During fiscal 2022, 8th Avenue’s equity method loss attributable to Post exceeded the Company’s remaining investment in 8th Avenue. As such, the Company’s investment in 8th Avenue was zero at both June 30, 2023 and September 30, 2022. In accordance with ASC Topic 323, “Investments—Equity Method and Joint Ventures,” the Company has discontinued applying the equity method to the investment and will resume the recognition of equity method gains (losses) when the Company’s share of cumulative net losses is recovered. As such, the Company did not recognize an equity method gain (loss) attributable to 8th Avenue for the three or nine months ended June 30, 2023.

The following table presents the calculation of the Company’s equity method loss attributable to 8th Avenue prior to the discontinuance of applying the equity method to the investment.

	Three Months Ended June 30, 2022			Nine Months Ended June 30, 2022
Net loss attributable to 8th Avenue common shareholders	$	(16.8)		$	(72.5)
	60.5		%	60.5		%
Equity method loss attributable to Post	$	(10.2)		$	(43.9)
Less: Amortization of basis difference, net of tax (a)	1.7			5.1
Equity method loss, net of tax	$	(11.9)		$	(49.0)

(a)The Company adjusted the historical basis of 8th Avenue’s assets and liabilities to fair value and recognized a basis difference of $70.3 upon the initial recording of its equity method investment in 8th Avenue. The basis difference related to property, plant and equipment and other intangible assets was initially amortized over the weighted-average useful lives of the assets. During the year ended September 30, 2022, the carrying value of the Company’s investment in 8th Avenue was reduced to zero, resulting in the termination of basis difference amortization in accordance with ASC Topic 323.

The following table presents summarized financial information of 8th Avenue prior to the discontinuance of applying the equity method to the investment.

	Three Months Ended June 30, 2022		Nine Months Ended June 30, 2022
Net sales	$	267.4	$	783.2
Gross profit	$	45.5	$	101.7
Net loss	$	(6.6)	$	(42.7)
Less: Preferred stock dividend	10.2		29.8
Net loss attributable to 8th Avenue common shareholders	$	(16.8)	$	(72.5)

The Company provides services to 8th Avenue under a master services agreement (the “MSA”), as well as certain advisory services for a fee. The Company recorded MSA and advisory income of $0.7 and $2.3 during the three and nine months ended June 30, 2023, respectively, and $0.8 and $2.4 during the three and nine months ended June 30, 2022, respectively, which were recorded in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Operations.

During the three and nine months ended June 30, 2023, the Company had net sales to 8th Avenue of $1.2 and $6.7, respectively, and purchases from and royalties paid to 8th Avenue of $16.8 and $65.2, respectively. During the three and nine months ended June 30, 2022, the Company had net sales to 8th Avenue of $3.1 and $6.3, respectively, and purchases from and royalties paid to 8th Avenue of $19.2 and $68.9, respectively. Sales and purchases between the Company and 8th Avenue were all made at arm’s-length.

The Company had current receivables and current payables with 8th Avenue of $5.0 and $11.1, respectively, at June 30, 2023 and $4.4 and $26.1, respectively, at September 30, 2022. The current receivables and current payables were included in “Receivables, net” and “Accounts payable,” respectively, on the Condensed Consolidated Balance Sheets and related to MSA fees, pass-through charges owed by 8th Avenue to the Company and related party sales and purchases. In addition, the Company had a long-term receivable and a long-term liability with 8th Avenue of $12.8 and $0.7, respectively, at June 30, 2023 and zero and $0.7, respectively, at September 30, 2022, which were included in “Other assets” and “Other liabilities,” respectively, on the Condensed Consolidated Balance Sheets and related to tax indemnifications.

Equity Method Investments and Joint Ventures Disclosure - BRBR

Investment in BellRing

Immediately following the BellRing Spin-off, the Company’s Investment in BellRing represented 19.4 million shares of BellRing Common Stock, or 14.2% of the equity interest in BellRing, which did not represent a controlling interest in BellRing and was accounted for as an equity security.

On August 11, 2022, the Company transferred 14.8 million shares of its Investment in BellRing to repay certain outstanding debt obligations as part of the First Debt-for-Equity Exchange (as defined in Note 15). See Note 15 for additional information regarding the First Debt-for-Equity Exchange. As a result, the Company’s remaining Investment in BellRing as of September 30, 2022 represented 4.6 million shares of BellRing Common Stock, or 3.4% of the outstanding equity of BellRing. As of September 30, 2022, the Company’s Investment in BellRing was recorded at its fair value of $94.8 and was included in “Investment in BellRing” on the Condensed Consolidated Balance Sheets (see Note 14).

On November 25, 2022, the Company transferred the remaining 4.6 million shares of its Investment in BellRing to repay certain outstanding debt obligations as part of the Second Debt-for-Equity Exchange (as defined in Note 15). See Note 15 for additional information regarding the Second Debt-for-Equity Exchange. The Company had no ownership of BellRing Common Stock as of June 30, 2023.

The Company recognized a gain on its Investment in BellRing of $5.1 during the nine months ended June 30, 2023 and $35.1 and $482.8 during the three and nine months ended June 30, 2022, which were recorded in “Gain on investment in BellRing” in the Condensed Consolidated Statements of Operations. There was no gain or loss recorded related to the Company’s Investment in BellRing during the three months ended June 30, 2023. No deferred income taxes were recorded with respect to the non-cash mark-to-market adjustments on the Company’s Investment in BellRing as of June 30, 2023 or September 30, 2022, as the Company fully divested its Investment in BellRing within 12 months of the BellRing Spin-off in a manner intended to qualify as tax-free for U.S. federal income tax purposes.

Equity Method Investments and Joint Ventures Disclosure - WBX

Weetabix East Africa and Alpen

The Company holds a controlling equity interest in Weetabix East Africa Limited (“Weetabix East Africa”). Weetabix East Africa is a Kenyan-based company that produces ready-to-eat (“RTE”) cereal and muesli. The Company owns 50.1% of Weetabix East Africa and holds a controlling voting and financial interest through its appointment of management and representation on Weetabix East Africa’s board of directors. Accordingly, Weetabix East Africa is fully consolidated into the Company’s financial statements and its assets and results of operations are reported in the Weetabix segment (see Note 19). The remaining interest in the consolidated net earnings and net assets of Weetabix East Africa is allocated to NCI.

The Company holds an equity interest in Alpen Food Company South Africa (Pty) Limited (“Alpen”). Alpen is a South African-based company that produces RTE cereal and muesli. The Company owns 50.0% of Alpen’s common stock with no other indicators of control, and accordingly, the Company accounts for its investment in Alpen using the equity method. The Company’s equity method loss, net of tax, attributable to Alpen was zero and $0.2 for the three and nine months ended June 30, 2023, respectively, and $0.1 and $0.3 for the three and nine months ended June 30, 2022, respectively, and was included in “Equity method loss, net of tax” in the Condensed Consolidated Statements of Operations. The investment in Alpen was $3.7 and $4.1 at June 30, 2023 and September 30, 2022, respectively, and was included in “Other assets” on the Condensed Consolidated Balance Sheets. The Company had a note receivable balance with Alpen of $0.4 at both June 30, 2023 and September 30, 2022, which was included in “Other assets” on the Condensed Consolidated Balance Sheets.

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Business Combinations

9 Months Ended

Jun. 30, 2023

Business Combinations [Abstract]

Business Combinations

BUSINESS COMBINATIONS

The Company accounts for acquisitions using the acquisition method of accounting, whereby the results of operations are included in the financial statements from the date of acquisition. The purchase price is allocated to acquired assets and assumed liabilities based on their estimated fair values at the date of acquisition. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. Any excess of the estimated fair values of the identifiable net assets over the purchase price is recorded as a gain on bargain purchase. Goodwill represents the value the Company expects to achieve through the implementation of operational synergies, the expansion of the business into new or growing segments of the industry and the addition of new employees.

Fiscal 2023

On April 28, 2023, the Company completed its acquisition of a portion of The J. M. Smucker Company’s (“Smucker”) pet food business, including brands such as Rachael Ray Nutrish, Nature’s Recipe, 9Lives, Kibbles ’n Bits and Gravy Train, private label pet food assets and certain manufacturing and distribution facilities (collectively, “Pet Food”), facilitating the Company’s entry into the pet food category. The purchase price of the Pet Food acquisition was $1,207.5 which included (i) $700.0 in cash, subject to inventory adjustments, resulting in a payment at closing of $715.5, (ii) 5.4 million shares of Post common stock, or approximately $492.3, and (iii) immaterial working capital adjustments. The cash payment was made using cash on hand, including proceeds from the Fourth Incremental Term Loan (as defined in Note 15). Pet Food is reported in the Post Consumer Brands segment (see Note 19).

Based upon the preliminary purchase price allocation, the Company recorded $235.0 of trademarks and licensing agreements and $391.0 of customer relationships, both of which are being amortized over a weighted-average useful life of 18 years. The Company recorded $12.0 and $16.0 of acquisition-related costs, which were included in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Operations during the three and nine months ended June 30, 2023, respectively. Net sales included in the Condensed Consolidated Statements of Operations attributable to Pet Food was $275.3 for both the three and nine months ended June 30, 2023. Due to the level of integration of Pet Food within the Post Consumer Brands segment, it is impracticable to separately present net earnings included in the Condensed Consolidated Statements of Operations attributable to Pet Food.

Preliminary values of Pet Food are measured as of the date of the acquisition, are not yet finalized pending the final purchase price allocation and are subject to change. The Company expects the final fair value of goodwill related to the Pet Food acquisition to be deductible for U.S. income tax purposes.

The following table provides the preliminary purchase price allocation related to the Pet Food acquisition based upon the fair values of assets acquired and liabilities assumed as of June 30, 2023.

Inventories	$	204.6
Prepaid expenses and other current assets	0.5
Property, net	191.7
Other intangible assets, net	626.0
Other assets	0.3
Other current liabilities	(9.7)
Other liabilities	(0.2)
Total identifiable net assets	1,013.2
Goodwill	194.3
Fair value of total consideration transferred	$	1,207.5

In connection with the Pet Food acquisition, the Company and Smucker entered into a Transition Services Agreement (the “TSA”) pursuant to which Smucker provides certain Pet Food support services to Post for a transition period of 18 months (or up to 24 months at Post’s election) following the close of the acquisition (the “TSA Period”) based on the terms set forth in the TSA. Pet Food support services include, but are not limited to, certain sales, marketing, finance, information technology, procurement and supply chain services. During both the three and nine months ended June 30, 2023, Post incurred $4.0 related to TSA fees, which was recorded within “Selling, general and administrative expenses” on the Condensed Consolidated Statements of Operations. In accordance with the terms of the TSA, Smucker collects sales receivables from and remits payments to customers and vendors, respectively, in accordance with Smucker’s existing contractual terms. Pet Food receivables and payables are settled between Post and Smucker monthly on a net basis per the terms of the TSA. As of June 30, 2023, the Company had recorded a net receivable due from Smucker of $36.2, which was recorded within “Receivables, net” on the Condensed Consolidated Balance Sheets.

Fiscal 2022

On April 5, 2022, the Company completed its acquisition of Lacka Foods Limited (“Lacka Foods”), a United Kingdom (“U.K.”)-based distributor and marketer of protein-based shakes and nutritional snacks, for £24.5 million (approximately $32.2), net of cash acquired, using cash on hand. The acquisition included earnings-based contingent consideration of £3.5 million (approximately $4.6), representing its initial fair value estimate, which may be paid to the seller in annual installments over three years with a maximum cash payout of £3.5 million. Lacka Foods is reported in the Weetabix segment.

Unaudited Pro Forma Information

The following unaudited pro forma information presents a summary of the results of operations of the Company combined with the results of the fiscal 2023 Pet Food acquisition for the periods presented as if the Pet Food acquisition had occurred on October 1, 2021, along with certain pro forma adjustments. The results of operations for the fiscal 2022 Lacka Foods acquisition were immaterial for presentation within the following unaudited pro forma information. These pro forma adjustments give effect to the amortization of certain definite-lived intangible assets, adjusted depreciation expense based upon the fair value of assets acquired, acquisition-related costs, inventory revaluation adjustments, interest expense, TSA fees 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 Pet Food acquisition occurred on the assumed date, nor is it necessarily an indication of future operating results.

	Three Months Ended June 30,				Nine Months Ended June 30,
	2023		2022		2023		2022
Pro forma net sales	$	1,987.7	$	1,911.8	$	5,957.5	$	5,389.3
Pro forma net earnings from continuing operations	$	116.6	$	175.9	$	283.8	$	512.5
Pro forma basic earnings from continuing operations per common share	$	1.88	$	2.63	$	4.62	$	7.68
Pro forma diluted earnings from continuing operations per common share	$	1.73	$	2.58	$	4.28	$	7.59

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Amounts Held for Sale (Notes)

9 Months Ended

Jun. 30, 2023

Assets and Liabilities Held for Sale [Abstract]

Amounts Held for Sale

DIVESTITURE AND AMOUNTS HELD FOR SALE

Divestiture

On December 1, 2021, the Company sold the Willamette Egg Farms business (the “WEF Transaction”), which included the sale of $62.8 book value of assets, for total proceeds of $56.1. Of the $56.1, the Company had $6.0 in escrow, subject to certain contingencies, which was included in “Receivables, net” on the Condensed Consolidated Balance Sheets at September 30, 2022. During the nine months ended June 30, 2023, the Company received $4.6 of the proceeds held in escrow, which reduced the amount in escrow to $1.4 as of June 30, 2023. As a result of the WEF Transaction, during the nine months ended June 30, 2022, the Company recorded a net loss on sale of business of $6.3, which included a favorable working capital adjustment of $0.4 and was reported as “Other operating (income) expense, net” in the Condensed Consolidated Statements of Operations. Subsequent to the WEF Transaction, Willamette Egg Farms was no longer consolidated in the Company’s financial statements. Prior to the WEF Transaction, Willamette Egg Farms’ operating results were reported in the Refrigerated Retail segment. There were no gains or losses on sale of business recorded during the three months ended June 30, 2022 or the three or nine months ended June 30, 2023.

Amounts Held For Sale

The Company sold certain Foodservice production equipment in Klingerstown, Pennsylvania (the “Klingerstown Equipment”) in November 2021, which had been previously classified as held for sale. In the nine months ended June 30, 2022, the Company received total proceeds of $10.3 and recorded a gain on assets held for sale of $9.8 related to the sale of the Klingerstown Equipment, which was included in “Other operating (income) expense, net” in the Condensed Consolidated Statements of Operations. There were no held for sale gains or losses recorded in the three months ended June 30, 2022 or the three or nine months ended June 30, 2023.

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Income Taxes (Notes)

9 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The effective income tax rate was 21.4% and 22.1% for the three and nine months ended June 30, 2023, respectively, and 15.9% and 5.8% for the three and nine months ended June 30, 2022, respectively. In accordance with ASC Topic 740, “Income Taxes,” the Company records income taxes for interim periods using the estimated annual effective income tax rate for the full fiscal year adjusted for the impact of discrete items occurring during the interim periods.

In the three and nine months ended June 30, 2022, the effective income tax rate differed significantly from the statutory rate primarily as a result of (i) a $35.1 and $482.8, respectively, non-cash mark-to-market adjustment on the Company’s

Investment in BellRing, which was divested in a manner intended to qualify as tax-free for U.S. federal income tax purposes, and (ii) $2.9 and $12.1, respectively, of discrete income tax benefit items related to the Company’s equity method loss attributable to 8th Avenue. See Note 4 for additional information on the Investment in BellRing and the 8th Avenue equity method loss.

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Earnings (Loss) Per Share

9 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

(Loss) Earnings per Share

EARNINGS PER SHARE

In accordance with ASC Topic 260, “Earnings Per Share,” the Company has presented basic and diluted earnings per share for both continuing and discontinued operations. Basic earnings per share is based on the average number of shares of common stock outstanding during the period. Diluted earnings 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 units using the “treasury stock” method and convertible senior notes using the “if converted” method.

Remeasurements to the redemption value of the redeemable NCI were recognized as a deemed dividend (see Note 4). The Company made an election to treat the portion of the deemed dividend that exceeded fair value as an adjustment to income available to common shareholders for basic and diluted earnings from continuing operations per share. In addition, dilutive net earnings from continuing operations was adjusted for interest expense, net of tax, related to the Company’s convertible senior notes, and dilutive net earnings from discontinued operations was adjusted for the Company’s share of Old BellRing’s consolidated net earnings prior to the BellRing Spin-off, to the extent it was dilutive. Net earnings from continuing operations was utilized as the “control number” to determine whether potential shares of common stock were dilutive or anti-dilutive.

The following table sets forth the computation of basic and diluted earnings per share for both continuing and discontinued operations.

	Three Months Ended June 30,				Nine Months Ended June 30,
	2023		2022		2023		2022
Net Earnings from Continuing Operations
Net earnings from continuing operations	$	89.6	$	170.2	$	235.6	$	651.1
Impact of redeemable NCI	1.9		(2.9)		11.0		1.4
Net earnings from continuing operations for basic earnings per share	$	91.5	$	167.3	$	246.6	$	652.5
Impact of interest expense, net of tax, related to convertible senior notes	2.7		—		8.1		—
Net earnings from continuing operations for diluted earnings per share	$	94.2	$	167.3	$	254.7	$	652.5
Net Earnings from Discontinued Operations
Net earnings from discontinued operations for basic earnings per share	$	—	$	—	$	—	$	21.6
Dilutive impact of Old BellRing net earnings from discontinued operations	—		—		—		—
Net earnings from discontinued operations for diluted earnings per share	$	—	$	—	$	—	$	21.6
Net Earnings
Net earnings for basic earnings per share	$	91.5	$	167.3	$	246.6	$	674.1
Net earnings for diluted earnings per share	$	94.2	$	167.3	$	254.7	$	674.1
shares in millions
Weighted-average shares for basic earnings per share	61.6		60.4		59.7		61.5
Effect of dilutive securities:
Stock options	0.3		0.4		0.4		0.3
Restricted stock units	0.4		0.7		0.5		0.4
Market-based performance restricted stock units	0.7		0.1		0.6		0.1
Earnings-based performance restricted stock units	0.1		—		0.1		—
Shares issuable upon conversion of convertible senior notes	5.4		—		5.4		—
Total dilutive securities	6.9		1.2		7.0		0.8
Weighted-average shares for diluted earnings per share	68.5		61.6		66.7		62.3
Earnings from Continuing Operations per Common Share:
Basic	$	1.49	$	2.77	$	4.13	$	10.61
Diluted	$	1.38	$	2.72	$	3.82	$	10.47
Earnings from Discontinued Operations per Common Share:
Basic	$	—	$	—	$	—	$	0.35
Diluted	$	—	$	—	$	—	$	0.35
Earnings per Common Share:
Basic	$	1.49	$	2.77	$	4.13	$	10.96
Diluted	$	1.38	$	2.72	$	3.82	$	10.82

The following table details the securities that have been excluded from the calculation of weighted-average shares for diluted earnings per share for both continuing and discontinued operations as they were anti-dilutive.

	Three Months Ended June 30,		Nine Months Ended June 30,
shares in millions	2023	2022	2023	2022
Restricted stock units	—	—	0.1	0.4
Market-based performance restricted stock units	0.1	0.2	0.1	0.2

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Inventories

9 Months Ended

Jun. 30, 2023

Inventory [Abstract]

Inventories

INVENTORIES

	June 30, 2023		September 30, 2022
Raw materials and supplies	$	264.1	$	130.9
Work in process	23.2		21.1
Finished products	453.1		361.9
Flocks	38.9		35.2
	$	779.3	$	549.1

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Property, net

9 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property, net

PROPERTY, NET

	June 30, 2023		September 30, 2022
Property, at cost	$	3,686.9	$	3,269.3
Accumulated depreciation	(1,694.3)		(1,517.4)
	$	1,992.6	$	1,751.9

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Goodwill (Notes)

9 Months Ended

Jun. 30, 2023

Goodwill [Abstract]

Goodwill

GOODWILL

The changes in the carrying amount of goodwill by segment are noted in the following table.

	Post Consumer Brands		Weetabix		Foodservice		Refrigerated Retail		Total
Balance, September 30, 2022
Goodwill (gross)	$	2,066.8	$	781.6	$	1,355.3	$	803.7	$	5,007.4
Accumulated impairment losses	(609.1)		—		—		(48.7)		(657.8)
Goodwill (net)	$	1,457.7	$	781.6	$	1,355.3	$	755.0	$	4,349.6
Goodwill from acquisition	194.3		—		—		—		194.3
Currency translation adjustment	0.2		104.9		—		—		105.1
Balance, June 30, 2023
Goodwill (gross)	$	2,261.3	$	886.5	$	1,355.3	$	803.7	$	5,306.8
Accumulated impairment losses	(609.1)		—		—		(48.7)		(657.8)
Goodwill (net)	$	1,652.2	$	886.5	$	1,355.3	$	755.0	$	4,649.0

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Intangible Assets, net

9 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net

INTANGIBLE ASSETS, NET

	June 30, 2023						September 30, 2022
	Carrying Amount		Accumulated Amortization		Net Amount		Carrying Amount		Accumulated Amortization		Net Amount
Subject to amortization:
Customer relationships	$	2,542.0	$	(909.2)	$	1,632.8	$	2,129.7	$	(816.4)	$	1,313.3
Trademarks, brands and licensing agreements	887.2		(289.9)		597.3		647.7		(260.4)		387.3
	3,429.2		(1,199.1)		2,230.1		2,777.4		(1,076.8)		1,700.6
Not subject to amortization:
Trademarks and brands	1,042.3		—		1,042.3		1,011.6		—		1,011.6
	$	4,471.5	$	(1,199.1)	$	3,272.4	$	3,789.0	$	(1,076.8)	$	2,712.2

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Derivative Financial Instruments and Hedging

9 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments and Hedging

DERIVATIVE FINANCIAL INSTRUMENTS

In the ordinary course of business, the Company is exposed to commodity price risks relating to the purchases of raw materials and supplies, interest rate risks and foreign currency exchange rate risks. The Company utilizes derivative financial instruments, including (but not limited to) futures contracts, option contracts, forward contracts and swaps, to manage certain of these exposures by hedging when it is practical to do so. The Company does not hold or issue financial instruments for speculative or trading purposes.

Cash flows associated with all derivatives are reported as cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows, unless the derivative contains an other-than-insignificant financing element, in which case its cash flows are reported as cash flows from financing activities.

At June 30, 2023, the Company’s derivative instruments, none of which were designated as hedging instruments under ASC Topic 815, “Derivatives and Hedging,” consisted of:

•commodity and energy futures, swaps and option contracts which relate to inputs that generally will be utilized within the next two years;

•foreign currency forward contracts maturing in the next year that have the effect of hedging currency fluctuations between the Euro and the Pound Sterling and between the U.S. Dollar and the Pound Sterling;

•pay-fixed, receive-variable interest rate swaps maturing in June 2033 that require monthly settlements and have the effect of hedging interest payments on debt expected to be issued but not yet priced; and

•pay-fixed, receive-variable interest rate swaps maturing in April 2026 that require monthly settlements and have the effect of hedging forecasted interest payments on the Company’s Fourth Incremental Term Loan (as defined in Note 15).

Fiscal 2023

In fiscal 2023, the Company paid $55.1 in connection with the termination of $849.3 notional value of its rate-lock swap contracts, of which $43.5 related to the termination of rate-lock swap contracts that contained other-than-insignificant financing elements and were reported as cash flows from financing activities in the Condensed Consolidated Statements of Cash Flows. The Company also paid $2.1 in connection with the termination of $332.6 notional value of its interest rate swap option, and received cash proceeds of $6.7 in connection with the termination of its interest rate swap contract with a $200.0 notional value.

Fiscal 2022

In fiscal 2022, the Company paid $17.0 in connection with the termination of $700.0 notional value of its rate-lock swap contracts. The Company also restructured two of its rate-lock swap contracts, which contained other-than-insignificant financing elements. There were no cash settlements paid or received in connection with these restructurings.

The following table presents the notional amounts of derivative instruments held.

	June 30, 2023		September 30, 2022
Commodity contracts	$	179.4	$	145.0
Energy contracts	23.3		23.7
Foreign exchange contracts - Forward contracts	8.4		3.2
Interest rate swaps	700.0		200.0
Interest rate swaps - Rate-lock swaps	—		849.3
Interest rate swap - Option	—		332.6
PHPC Warrants	—		16.9

The following table presents the balance sheet location and fair value of the Company’s derivative instruments. The Company does not offset derivative assets and liabilities within the Condensed Consolidated Balance Sheets.

	Balance Sheet Location	June 30, 2023		September 30, 2022
Asset Derivatives:
Commodity contracts	Prepaid expenses and other current assets	$	3.6	$	12.9
Energy contracts	Prepaid expenses and other current assets	2.3		13.6
Foreign exchange contracts	Prepaid expenses and other current assets	0.1		—
Interest rate swaps	Prepaid expenses and other current assets	10.8		3.4
Commodity contracts	Other assets	0.1		0.5
Interest rate swaps	Other assets	3.2		2.5
		$	20.1	$	32.9
Liability Derivatives:
Commodity contracts	Other current liabilities	$	11.4	$	1.5
Energy contracts	Other current liabilities	3.3		1.8
Foreign exchange contracts	Other current liabilities	0.2		0.1
Interest rate swaps	Other current liabilities	—		22.5
Commodity contracts	Other liabilities	0.1		—
Energy contracts	Other liabilities	0.1		—
Interest rate swaps	Other liabilities	8.8		48.1
PHPC Warrants	Other liabilities	—		1.0
		$	23.9	$	75.0

The following table presents the statement of operations location and loss (gain) recognized related to the Company’s derivative instruments.

Derivative Instruments	Statement of Operations Location	Three Months Ended June 30,				Nine Months Ended June 30,
		2023		2022		2023		2022
Commodity contracts	Cost of goods sold	$	15.2	$	3.6	$	20.9	$	(26.0)
Energy contracts	Cost of goods sold	0.6		(10.3)		9.2		(28.7)
Foreign exchange contracts	Selling, general and administrative expenses	0.1		0.1		0.1		0.1
Interest rate swaps	Income on swaps, net	(17.1)		(131.6)		(20.4)		(222.9)
PHPC Warrants	Other income, net	(1.5)		(2.8)		(1.0)		(6.3)

At June 30, 2023 and September 30, 2022, the Company had pledged collateral of $17.3 and $2.8, respectively, related to its commodity and energy contracts. These amounts are classified as “Restricted cash” on the Condensed Consolidated Balance Sheets.

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Fair Value Measurements

9 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis and the basis for that measurement according to the levels in the fair value hierarchy in ASC Topic 820, “Fair Value Measurement.”

	June 30, 2023						September 30, 2022
	Total		Level 1		Level 2		Total		Level 1		Level 2
Assets:
Deferred compensation investments	$	13.6	$	13.6	$	—	$	12.0	$	12.0	$	—
Derivative assets	20.1		—		20.1		32.9		—		32.9
Equity securities	0.7		0.7		—		32.1		32.1		—
Investment in BellRing	—		—		—		94.8		94.8		—
	$	34.4	$	14.3	$	20.1	$	171.8	$	138.9	$	32.9
Liabilities:
Deferred compensation liabilities	$	37.4	$	—	$	37.4	$	33.7	$	—	$	33.7
Derivative liabilities	23.9		—		23.9		75.0		1.0		74.0
	$	61.3	$	—	$	61.3	$	108.7	$	1.0	$	107.7

Deferred Compensation

The deferred compensation investments are primarily invested in mutual funds, and their fair value is measured using the market approach. These investments are in the same funds, or funds that employ a similar investment strategy, and are purchased in substantially the same amounts, as the participants’ selected investment options (excluding Post common stock equivalents), which represent the underlying liabilities to participants in the Company’s deferred compensation plans. Deferred compensation liabilities are recorded at amounts due to participants in cash, based on the fair value of participants’ selected investment options (excluding certain Post common stock equivalents to be distributed in shares) using the market approach.

Derivatives

The Company utilizes the income approach to measure fair value for its commodity and energy derivatives. The income approach uses pricing models that rely on market observable inputs such as yield curves and forward prices. Foreign exchange contracts are valued using the spot rate less the forward rate multiplied by the notional amount. The Company’s calculation of the fair value of interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve. Refer to Note 13 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 of September 30, 2022, the PHPC Warrants were valued using the market approach based on quoted prices and were categorized as Level 1. The fair value of the PHPC Warrants was zero as of June 30, 2023, as the PHPC Warrants had expired worthless in connection with the PHPC Redemption and PHPC’s subsequent dissolution. For additional information on the PHPC Warrants, see Notes 4 and 13.

Equity Securities and Investment in BellRing

The Company uses the market approach to measure the fair value of its equity securities. The Investment in BellRing represented the Company’s 3.4% equity interest in BellRing as of September 30, 2022, which was measured at its fair value of $94.8 based on the trading value of the BellRing Common Stock on September 30, 2022. As of June 30, 2023, the Company did not hold an equity interest in BellRing.

Other Fair Value Measurements

Investments held in trust held prior to the PHPC Redemption were invested in a fund consisting entirely of U.S. treasury securities. The fund was valued at net asset value per share, and as such, in accordance with ASC Topic 820, the investments were not classified in the fair value hierarchy. Investments held in trust were reported at fair value on the Condensed Consolidated Balance Sheets as of September 30, 2022. In connection with the PHPC Redemption, the investments held in trust were liquidated and the proceeds were disbursed to PHPC’s public stockholders, including $40.9 to the Company, during the third quarter of fiscal 2023. For additional information, see Note 4.

The Company’s financial assets and liabilities also include cash and cash equivalents, receivables and accounts payable for which the carrying value approximates fair value due to their short maturities (less than 12 months). The Company does not record its current portion of long-term debt and long-term debt at fair value on the Condensed Consolidated Balance Sheets. The fair values of any outstanding borrowings under the municipal bond as of June 30, 2023 and September 30, 2022

approximated their carrying values. Based on current market rates, the fair value (Level 2) of the Company’s debt, excluding outstanding borrowings under the municipal bond (which are also categorized as Level 2), was $5,723.1 and $5,171.0 as of June 30, 2023 and September 30, 2022, respectively, which included $583.7 and $566.1 related to the Company’s convertible senior notes, respectively.

Certain assets and liabilities, including property, goodwill and other intangible assets and assets held for sale, are measured at fair value on a non-recurring basis using Level 3 inputs.

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Long-Term Debt

9 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Long-Term Debt

LONG-TERM DEBT

Long-term debt as of the dates indicated consisted of the following:

	June 30, 2023		September 30, 2022
2.50% convertible senior notes maturing August 2027	$	575.0	$	575.0
4.50% senior notes maturing September 2031	1,129.3		1,270.5
4.625% senior notes maturing April 2030	1,452.9		1,482.2
5.50% senior notes maturing December 2029	1,235.0		1,235.0
5.625% senior notes maturing January 2028	940.9		940.9
5.75% senior notes maturing March 2027	459.3		459.3
Fourth Incremental Term Loan	400.0		—
Municipal bond	5.3		6.4
	$	6,197.7	$	5,969.3
Less: Current portion of long-term debt	1.1		1.1
Debt issuance costs, net	45.0		50.1
Plus: Unamortized premium, net	34.5		38.5
Total long-term debt	$	6,186.1	$	5,956.6

Long-Term Debt - BRBR

Debt Transactions in Connection with BellRing

On March 8, 2022, the Company entered into a Joinder Agreement No. 1 (the “First Joinder Agreement”) by and among the Company, as borrower, certain of the Company’s subsidiaries, as guarantors, the institutions constituting the Funding Incremental Term Loan Lenders (as defined in the First Joinder Agreement, referred to herein as the “First Funding Incremental Term Loan Lenders”), Barclays Bank PLC, as administrative agent, and JPMorgan Chase Bank, N.A., as sub-agent to the administrative agent. The First Joinder Agreement provided for an incremental term loan (the “First Incremental Term Loan”) of $840.0 under the Company’s Credit Agreement (as defined below), which the Company borrowed in full on March 8, 2022. The First Joinder Agreement permitted the Company to repay the First Incremental Term Loan, in whole or in part, in cash or, with the prior written consent of the First Funding Incremental Term Loan Lenders, in lieu of cash, to exchange its obligations under the First Incremental Term Loan with the First Funding Incremental Term Loan Lenders for the BellRing Notes.

On March 10, 2022, the Company and the First Funding Incremental Term Loan Lenders entered into an exchange agreement (the “First Exchange Agreement”) pursuant to which the Company repaid the First Incremental Term Loan and all accrued and unpaid interest and expenses owed thereunder through a combination of (i) with respect to the principal amount owed under the First Incremental Term Loan, the assignment and transfer by the Company of all $840.0 of the BellRing Notes to the First Funding Incremental Term Loan Lenders and (ii) with respect to accrued and unpaid interest and fees and expenses owed under the First Incremental Term Loan, cash on hand (collectively, the “Debt-for-Debt Exchange”). As provided in the First Exchange Agreement, upon completion of the transfer of the BellRing Notes to the First Funding Incremental Term Loan Lenders and payment of interest, fees and expenses, the First Incremental Term Loan was deemed satisfied and paid in full. For additional information, see “Repayments of Debt” below.

On March 17, 2022, the Company redeemed $840.0 in aggregate principal amount, or approximately 65%, of the outstanding 5.75% senior notes maturing in March 2027 using the proceeds from the First Incremental Term Loan. The 5.75% senior notes were redeemed at a redemption price of 102.875% of the aggregate principal amount of the 5.75% senior notes being redeemed, plus accrued and unpaid interest for each day from March 1, 2022 to, but excluding, March 17, 2022. For additional information, see “Repayments of Debt” below.

On July 25, 2022, the Company entered into a Joinder Agreement No. 2 (the “Second Joinder Agreement”) by and among the Company, as borrower, certain of the Company’s subsidiaries, as guarantors, the institutions constituting the Funding Incremental Term Loan Lenders (as defined in the Second Joinder Agreement, referred to herein as the “Second Funding

Incremental Term Loan Lenders”), Barclays Bank PLC, as administrative agent, and JPMorgan Chase Bank, N.A., as sub-agent to the administrative agent. The Second Joinder Agreement provided for an incremental term loan (the “Second Incremental Term Loan”) of $450.0 under the Company’s Credit Agreement, which the Company borrowed in full on July 25, 2022. The Second Joinder Agreement permitted the Company to repay the Second Incremental Term Loan, in whole or in part, in cash or, with the prior written consent of the Second Funding Incremental Term Loan Lenders, with an alternative form of consideration in lieu of cash.

On August 8, 2022, the Company and the Second Funding Incremental Term Loan Lenders entered into an exchange agreement (the “Second Exchange Agreement”) pursuant to which the Company transferred, on August 11, 2022, 14.8 million shares of its Investment in BellRing to the Second Funding Incremental Term Loan Lenders to repay $342.3 in aggregate principal amount of the Second Incremental Term Loan, excluding accrued interest, which was paid with cash (such exchange, the “First Debt-for-Equity Exchange”). On September 14, 2022, the Company repaid the remaining principal balance of $107.7 of the Second Incremental Term Loan using cash on hand.

On November 18, 2022, the Company entered into a Joinder Agreement No. 3 (the “Third Joinder Agreement”) by and among the Company, as borrower, certain of the Company’s subsidiaries, as guarantors, J.P. Morgan Securities LLC (“J.P. Morgan”), as lender, Barclays Bank PLC, as administrative agent, and JPMorgan Chase Bank, N.A., as sub-agent to the administrative agent. The Third Joinder Agreement provided for an incremental term loan (the “Third Incremental Term Loan”) of $130.0 under the Company’s Credit Agreement, which the Company borrowed in full on November 18, 2022.

Interest on the Third Incremental Term Loan accrued at the adjusted term secured overnight financing rate (“SOFR”) rate (as defined in the Credit Agreement) plus a margin of 1.50% per annum, and the maturity date for the Third Incremental Term Loan was December 19, 2022. The Third Joinder Agreement permitted the Company to repay the Third Incremental Term Loan, in whole or in part, in cash or, with the prior written consent of J.P. Morgan, with an alternative form of consideration in lieu of cash.

On November 21, 2022, the Company and J.P. Morgan entered into an exchange agreement (the “Third Exchange Agreement”) pursuant to which the Company transferred, on November 25, 2022, the remaining 4.6 million shares of its Investment in BellRing to J.P. Morgan to repay $99.9 in aggregate principal amount of the Third Incremental Term Loan, excluding accrued interest, which was paid with cash (such exchange, the “Second Debt-for-Equity Exchange”). Following the completion of the Second Debt-for-Equity Exchange, the Company no longer held shares of BellRing Common Stock. On November 25, 2022, the Company repaid the remaining principal balance of $30.1 of the Third Incremental Term Loan using cash on hand. For additional information, see “Repayments of Debt” below.

Long-Term Debt - Convertible Sr Note

Convertible Senior Notes

On August 12, 2022, the Company issued $575.0 principal value of 2.50% convertible senior notes maturing in August 2027. Interest payments on the 2.50% convertible senior notes are due semi-annually on each February 15 and August 15, which began on February 15, 2023.

The initial conversion rate of the 2.50% convertible senior notes is 9.4248 shares of the Company’s common stock per one thousand dollars principal amount of 2.50% convertible senior notes, which represents an initial conversion price of approximately $106.10 per share of common stock. The conversion rate, and thus the conversion price, may be adjusted under certain circumstances as described in the indenture governing the 2.50% convertible senior notes (the “Indenture”). The Company may settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election. If a “make-whole fundamental change” (as defined in the Indenture) occurs, then the Company will in certain circumstances increase the conversion rate for a specified period of time.

The 2.50% convertible senior notes may be converted at the holder’s option up to the second scheduled trading day immediately before the maturity date of August 15, 2027 under the following circumstances:

•during any calendar quarter (and only during such calendar quarter) commencing after the calendar quarter ended September 30, 2022, if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price for each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;

•during the five consecutive business days immediately after any 10 consecutive trading day period (such 10 consecutive trading day period, the “Measurement Period”) in which the trading price per one thousand dollars principal amount of 2.50% convertible senior notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price per share of the Company’s common stock on such trading day and the conversion rate on such trading day;

•upon the occurrence of certain corporate events or distributions on the Company’s common stock described in the Indenture;

•if the Company calls the 2.50% convertible senior notes for redemption; and

•at any time from, and including, May 15, 2027 until the close of business on the second scheduled trading day immediately before the August 15, 2027 maturity date.

If a “fundamental change” (as defined in the Indenture) occurs, then, except as described in the Indenture, holders of the 2.50% convertible senior notes may require the Company to repurchase their 2.50% convertible senior notes at a cash repurchase price equal to the principal amount of the 2.50% convertible senior notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the “fundamental change repurchase date” (as defined in the Indenture).

The 2.50% convertible senior notes may be redeemed, in whole or in part (subject to the partial redemption limitation described in the Indenture), at the Company’s option at any time, and from time to time, on or after August 20, 2025 and on or before the 35th scheduled trading day immediately before August 15, 2027, at a cash redemption price equal to the principal amount of the 2.50% convertible senior notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, only if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice, and (ii) the trading day immediately before the date the Company sends such notice.

As of both June 30, 2023 and September 30, 2022, none of the conditions permitting holders to convert their 2.50% convertible senior notes had been satisfied, and no shares of the Company’s common stock had been issued in connection with any conversions of the 2.50% convertible senior notes. The Company evaluated the terms of the 2.50% convertible senior notes and concluded there were no embedded features that required separate bifurcation under ASC Topic 815. As such, the 2.50% convertible senior notes were recorded at the principal amount, net of unamortized issuance costs, on the Condensed Consolidated Balance Sheets as of both June 30, 2023 and September 30, 2022.

As of June 30, 2023 and September 30, 2022, the net carrying value of the 2.50% convertible senior notes was $561.7 and $559.5, respectively, which included $13.3 and $15.5, respectively, of unamortized debt issuance costs.

Long-Term Debt - Credit Agreement

Credit Agreement

On March 18, 2020, the Company entered into a second amended and restated credit agreement (as amended, including by the First Joinder Agreement, the Second Joinder Agreement, the Third Joinder Agreement and the Fourth Joinder Agreement (as defined below), restated or amended and restated, the “Credit Agreement”). The Credit Agreement provides for a revolving credit facility in an aggregate principal amount of $750.0 (the “Revolving Credit Facility”), with the commitments thereunder to be made available to the Company in U.S. Dollars, Canadian Dollars, Euros and Pounds Sterling. Letters of credit are available under the Credit Agreement in an aggregate amount of up to $75.0.

As of both June 30, 2023 and September 30, 2022, the Revolving Credit Facility had outstanding letters of credit of $19.7, which reduced the available borrowing capacity to $730.3. Any outstanding amounts under the Revolving Credit Facility must be repaid on or before March 18, 2025.

The Credit Agreement provides for potential incremental revolving and term facilities at the request of the Company and at the discretion of the lenders or other persons providing such incremental facilities, in each case on terms to be determined, and also permits the Company to incur other secured or unsecured debt, in all cases subject to conditions and limitations on the amount as specified in the Credit Agreement.

The Credit Agreement permits the Company to designate certain of its subsidiaries as unrestricted subsidiaries and once so designated, permits the disposition of (and authorizes the release of liens on) the assets of, and the equity interests in, such unrestricted subsidiaries and permits the release of such unrestricted subsidiaries as guarantors under the Credit Agreement. The Company’s obligations under the Credit Agreement are unconditionally guaranteed by its existing and subsequently acquired or organized domestic subsidiaries (other than immaterial subsidiaries, certain excluded subsidiaries and subsidiaries the Company designates as unrestricted subsidiaries, which include 8th Avenue and its subsidiaries and PHPC Sponsor) and are secured by security interests in substantially all of the Company’s assets and the assets of its subsidiary guarantors, but excluding, in each case, real property.

Borrowings in U.S. Dollars under the Revolving Credit Facility bear interest, at the option of the Company, at an annual rate equal to either (a) the adjusted term SOFR rate or (b) the base rate determined by reference to the highest of (i) the prime rate, (ii) the federal funds rate plus 0.50% per annum and (iii) the one-month adjusted term SOFR rate plus 1.00% per annum, in each case plus an applicable margin, which is determined by reference to the secured net leverage ratio (as defined in the Credit Agreement), with the applicable margin for adjusted term SOFR rate loans and base rate loans being (i) 2.00% and

1.00%, respectively, if the secured net leverage ratio is greater than or equal to 3.00:1.00, (ii) 1.75% and 0.75%, respectively, if the secured net leverage ratio is less than 3.00:1.00 and greater than or equal to 1.50:1.00 or (iii) 1.50% and 0.50%, respectively, if the secured net leverage ratio is less than 1.50:1.00. Commitment fees on the daily unused amount of commitments under the Revolving Credit Facility accrue at a rate of 0.375% if the Company’s secured net leverage ratio is greater than 3.00:1.00, and accrue at a rate of 0.25% if the Company’s secured net leverage ratio is less than or equal to 3.00:1.00.

The Credit Agreement provides for customary events of default, including material breach of representations and warranties, failure to make required payments, failure to comply with certain agreements or covenants, failure to pay or default under certain other indebtedness in excess of $100.0, certain events of bankruptcy and insolvency, inability to pay debts, the occurrence of one or more unstayed or undischarged judgments in excess of $100.0, attachments issued against all or any material part of the Company’s property, certain events under the Employee Retirement Income Security Act of 1974 (“ERISA”), a change of control (as defined in the Credit Agreement), the invalidity of any loan document and the failure of the collateral documents to create a valid and perfected first priority lien (subject to certain permitted liens). Upon the occurrence and during the continuance of an event of default, the maturity of the loans under the Credit Agreement may accelerate and the agent and lenders under the Credit Agreement may exercise other rights and remedies available at law or under the loan documents, including with respect to the collateral and guarantees of the Company’s obligations under the Credit Agreement.

Long-Term Debt - Fourth Incremental Term Loan

Fourth Incremental Term Loan

On April 26, 2023, the Company entered into a Joinder Agreement No. 4 (the “Fourth Joinder Agreement”) by and among the Company, as borrower, certain of the Company’s subsidiaries, as guarantors, the institutions party to the Fourth Joinder Agreement as lenders (the “Fourth Incremental Term Loan Lenders”) and Barclays Bank PLC, as the administrative agent. The Fourth Joinder Agreement provided for an incremental term loan (the “Fourth Incremental Term Loan”) of $400.0 under the Credit Agreement, which the Company borrowed in full on April 26, 2023. The Company incurred $1.9 of debt issuance costs in connection with the Fourth Incremental Term Loan.

Interest on the Fourth Incremental Term Loan accrues, at the Company’s option, at the base rate (as defined in the Credit Agreement) plus 1.25% per annum or the adjusted term SOFR rate (as defined in the Credit Agreement) plus 2.25% per annum. Interest is payable quarterly for loans bearing interest based upon the base rate and either monthly or every three months (depending on the applicable interest period) for loans bearing interest based upon the adjusted term SOFR rate. The maturity date for the Fourth Incremental Term Loan is April 26, 2026. The Company may prepay the Fourth Incremental Term Loan in whole or in part, without premium or penalty (subject to reimbursement of the Fourth Incremental Term Loan Lenders’ breakage costs under certain circumstances). The Fourth Joinder Agreement also contains mandatory prepayment provisions, including provisions for prepayment (a) from the net cash proceeds of certain debt incurrences, (b) of 50% of consolidated excess cash flow (as defined in the Credit Agreement) for fiscal years beginning with the fiscal year ending September 30, 2024, which percentage will be reduced (to 25% or to 0%) if the Company’s secured net leverage ratio (as defined in the Credit Agreement) is less than or equal to specified thresholds at the end of such fiscal year and (c) from the net cash proceeds of certain asset dispositions in excess of a specified threshold to the extent that the Company has not reinvested such proceeds in its business within a period of time described in the Fourth Joinder Agreement. The mandatory prepayments also are subject to certain adjustments and credits described in the Fourth Joinder Agreement.

Long-Term Debt - Muni Bond

Municipal Bond

In connection with the construction of a filtration system at the Company’s potato plant in Chaska, Minnesota, the Company incurred debt that guarantees the repayment of certain industrial revenue bonds used to finance the construction of the project. Principal payments are due annually on March 1, and interest payments are due semi-annually each March 1 and September 1. The debt matures on March 1, 2028.

Long-Term Debt - Repayments & Other

Repayments of Debt

The following table presents the Company’s (i) principal repayments of debt, which, net of discounts, were included in the Condensed Consolidated Statements of Cash Flows, (ii) principal amounts of debt exchanged (refer to “Debt Transactions in Connection with BellRing” section above), which were not included in the Condensed Consolidated Statements of Cash Flows and (iii) the associated (gain) loss related to such repayments and exchanges included in “(Gain) loss on extinguishment of debt, net” in the Condensed Consolidated Statements of Operations.

					(Gain) Loss on Extinguishment of Debt, net
Debt Instrument	Principal Amount Repaid		Principal Amount Exchanged		Debt Discounts (Received)/ Premiums Paid		Write-off of Debt Issuance Costs		Write-off of Unamortized Premiums
Three Months Ended June 30, 2023
4.50% senior notes	$	20.7	$	—	$	(3.0)	$	0.1	$	—
4.625% senior notes	29.3		—		(3.4)		0.2		(0.3)
Total	$	50.0	$	—	$	(6.4)	$	0.3	$	(0.3)
Three Months Ended June 30, 2022
4.50% senior notes	$	58.9	$	—	$	(9.4)	$	0.5	$	—
5.50% senior notes	15.0		—		(1.2)		0.1		(0.2)
Total	$	73.9	$	—	$	(10.6)	$	0.6	$	(0.2)
Nine Months Ended June 30, 2023
4.50% senior notes	$	141.2	$	—	$	(19.9)	$	1.1	$	—
4.625% senior notes	29.3		—		(3.4)		0.2		(0.3)
Municipal bond	1.1		—		—		—		—
Third Incremental Term Loan	30.1		99.9		—		1.1		—
Total	$	201.7	$	99.9	$	(23.3)	$	2.4	$	(0.3)
Nine Months Ended June 30, 2022
5.75% senior notes	$	840.0	$	—	$	24.1	$	5.0	$	(13.3)
4.50% senior notes	58.9		—		(9.4)		0.5		—
5.50% senior notes	15.0		—		(1.2)		0.1		(0.2)
Municipal bond	1.1		—		—		—		—
First Incremental Term Loan	—		840.0		—		3.5		—
Total	$	915.0	$	840.0	$	13.5	$	9.1	$	(13.5)

Debt Covenants

Under the terms of the Credit Agreement, the Company is required to comply with a financial covenant consisting of a secured net leverage ratio (as defined in the Credit Agreement) not to exceed 4.25:1.00 measured as of the last day of any fiscal quarter if, as of the last day of such fiscal quarter, the aggregate outstanding amount of all revolving credit loans, swing line loans and letter of credit obligations (subject to certain exceptions specified in the Credit Agreement) exceeds 30% of the Company’s revolving credit commitments. In addition to the foregoing, under the terms of the Fourth Joinder Agreement, so long as any principal or accrued interest remains outstanding with respect to the Fourth Incremental Term Loan, the Company is required to comply with financial covenants consisting of the foregoing secured net leverage ratio and a minimum consolidated interest coverage ratio (as defined in the Credit Agreement) of not less than 2.00 to 1.00 measured as of the last day of each fiscal quarter. As of June 30, 2023, the Company was in compliance with the financial covenants.

The Credit Agreement provides for incremental revolving and term loan facilities, and also permits other secured or unsecured debt, if, among other conditions, certain financial ratios are met, as defined and specified in the Credit Agreement.

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Commitments and Contingencies (Notes)

9 Months Ended

Jun. 30, 2023

Legal Proceedings [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Legal Proceedings

Antitrust Claims

In late 2008 and early 2009, approximately 22 class action lawsuits were filed in various federal courts against Michael Foods, Inc. (“MFI”), a wholly-owned subsidiary of the Company, and approximately 20 other defendants (producers of shell eggs and egg products and egg industry organizations), alleging violations of federal and state antitrust laws in connection with the production and sale of shell eggs and egg products, and seeking unspecified damages. All cases were transferred to the Eastern District of Pennsylvania for coordinated and/or consolidated pretrial proceedings.

The cases involved three plaintiff groups: (i) a nationwide class of direct purchasers of shell eggs (the “direct purchaser class”); (ii) individual companies (primarily large grocery chains and food companies that purchase considerable quantities of eggs) that opted out of various settlements and filed their own complaints related to their purchases of shell eggs and egg products (the “opt-out plaintiffs”); and (iii) indirect purchasers of shell eggs (the “indirect purchaser plaintiffs”).

Resolution of this matter: (i) In December 2016, MFI settled all claims asserted against it by the direct purchaser class for a payment of $75.0, which was approved by the district court in December 2017; (ii) in January 2017, MFI settled all claims asserted against it by opt-out plaintiffs related to shell egg purchases on confidential terms; (iii) in June 2018, MFI settled all claims asserted against it by indirect purchaser plaintiffs on confidential terms; (iv) between June 2019 and September 2019, MFI individually settled on confidential terms egg product opt-out claims asserted against it by four separate opt-out plaintiffs; and (v) in September 2022, MFI settled the remaining pending claims for this matter, which had sought damages based on purchases of egg products by three opt-out plaintiffs, on confidential terms. 

MFI has at all times denied liability in this matter, and no settlement contains any admission of liability by MFI. During the year ended September 30, 2022, the Company expensed $13.8 related to the September 2022 settlement. No expense was recorded in the Condensed Consolidated Statements of Operations related to these matters during the three or nine months ended June 30, 2023 or 2022. The Company had no accrual related to this matter as of June 30, 2023 or September 30, 2022, as the September 2022 settlement was paid prior to fiscal 2022 year end. Under current law, any settlement paid, including the settlements with the direct purchaser plaintiffs, the opt-out plaintiffs and the indirect purchaser plaintiffs, is deductible for federal income tax purposes.

Other

The Company is subject to various other legal proceedings and actions arising in the normal course of business. In the opinion of management, based upon the information presently known, the ultimate liability, if any, arising from such pending legal proceedings, as well as from asserted legal claims and known potential legal claims which are likely to be asserted, taking into account established accruals for estimated liabilities (if any), are not expected to be material individually or in the aggregate to the consolidated financial condition, results of operations or cash flows of the Company. In addition, although it is difficult to estimate the potential financial impact of actions regarding expenditures for compliance with regulatory matters, in the opinion of management, based upon the information currently available, the ultimate liability arising from such compliance matters is not expected to be material to the consolidated financial condition, results of operations or cash flows of the Company.

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Pension and Other Postretirement Benefits

9 Months Ended

Jun. 30, 2023

Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]

Pension and Other Postretirement benefits

PENSION AND OTHER POSTRETIREMENT BENEFITSThe Company maintains qualified defined benefit plans in the U.S., the U.K. and Canada for certain employees primarily within its Post Consumer Brands and Weetabix segments. Certain of the Company’s employees are eligible to participate in the Company’s postretirement benefit plans (partially subsidized retiree health and life insurance). Amounts for the Canadian plans are included in the North America disclosures and are not disclosed separately because they do not constitute a significant portion of the combined amounts.

The following tables present the components of net periodic benefit cost (income) for the pension plans. Service cost was reported in “Cost of goods sold” and “Selling, general and administrative expenses” and all other components of net periodic benefit cost (income) were reported in “Other income, net” in the Condensed Consolidated Statements of Operations.

	North America
	Three Months Ended June 30,				Nine Months Ended June 30,
	2023		2022		2023		2022
Service cost	$	0.6	$	1.1	$	1.7	$	3.3
Interest cost	1.3		0.9		3.9		2.6
Expected return on plan assets	(1.9)		(1.8)		(5.7)		(5.3)
Recognized net actuarial loss (gain)	—		0.4		(0.1)		1.2
Recognized prior service cost	—		0.1		0.1		0.1
Net periodic benefit cost (income)	$	—	$	0.7	$	(0.1)	$	1.9

	Other International
	Three Months Ended June 30,				Nine Months Ended June 30,
	2023		2022		2023		2022
Interest cost	$	6.0	$	3.9	$	17.3	$	12.2
Expected return on plan assets	(7.9)		(6.1)		(22.9)		(19.2)
Recognized net actuarial loss	—		—		0.1		—
Recognized prior service cost	0.1		0.1		0.3		0.3
Net periodic benefit income	$	(1.8)	$	(2.1)	$	(5.2)	$	(6.7)

The following table presents the components of net periodic benefit income for the North American other postretirement benefit plans. Service cost was reported in “Cost of goods sold” and “Selling, general and administrative expenses” and all other components of net periodic benefit income were reported in “Other income, net” in the Condensed Consolidated Statements of Operations.

	Three Months Ended June 30,				Nine Months Ended June 30,
	2023		2022		2023		2022
Service cost	$	0.1	$	0.1	$	0.2	$	0.3
Interest cost	0.6		0.4		1.9		1.2
Recognized net actuarial (gain) loss	(0.1)		0.2		(0.4)		0.5
Recognized prior service credit	(1.2)		(1.2)		(3.5)		(3.5)
Net periodic benefit income	$	(0.6)	$	(0.5)	$	(1.8)	$	(1.5)

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Shareholders' Equity

9 Months Ended

Jun. 30, 2023

Equity [Abstract]

Shareholders' Equity

SHAREHOLDERS’ EQUITY

The following table summarizes the Company’s repurchases of its common stock.

	Three Months Ended June 30,				Nine Months Ended June 30,
	2023		2022		2023		2022
Shares repurchased (in millions)	1.9		1.9		2.9		3.8
Average price per share (a)	$	86.64	$	76.43	$	86.91	$	89.94
Total share repurchase costs (b)	$	166.8	$	145.8	$	250.5	$	339.0

(a)Average price per share excludes broker’s commissions, which are included in “Total share repurchase costs” within this table.

(b)“Purchases of treasury stock” in the Condensed Consolidated Statements of Cash Flows for the nine months ended June 30, 2023 excluded $8.1 of repurchases of common stock that were accrued in the third quarter of fiscal 2023 but did not settle until July 2023. “Purchases of treasury stock” in the Condensed Consolidated Statements of Cash Flows for the nine months ended June 30, 2022 included $4.0 of repurchases of common stock that were accrued in fiscal 2021 but did not settle until fiscal 2022.

On April 28, 2023, the Company completed the Pet Food acquisition (see Note 5). The purchase price included the issuance of 5.4 million shares of Post common stock to Smucker. The shares of Post common stock were valued based on the price of Post’s common stock for total stock consideration of approximately $492.3. The Company did not receive any cash proceeds from the issuance of the shares of Post common stock to Smucker.

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Segments

9 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segments

SEGMENTS

At June 30, 2023, the Company managed and reported operating results through the following four reportable segments:

•Post Consumer Brands: North American RTE cereal, pet food and nut butters;

•Weetabix: primarily U.K. RTE cereal, muesli and protein-based shakes;

•Foodservice: primarily egg and potato products; and

•Refrigerated Retail: primarily side dish, egg, cheese and sausage products.

Due to the level of integration between the Foodservice and Refrigerated Retail segments, it is impracticable to present total assets separately for each segment. An allocation has been made between the two segments for depreciation based on inventory costing.

Amounts reported for Corporate in the table below include any amounts attributable to PHPC prior to the PHPC Redemption (see Note 4).

Management evaluates each segment’s performance based on its segment profit, which for all segments is its earnings/loss before income taxes and equity method earnings/loss before impairment of property, goodwill and other intangible assets, facility closure related costs, restructuring expenses, gain/loss on assets and liabilities held for sale, gain/loss on sale of businesses and facilities, gain on/adjustment to bargain purchase, interest expense and other unallocated corporate income and expenses. The following tables present information about the Company’s reportable segments.

			Three Months Ended June 30,				Nine Months Ended June 30,
			2023		2022		2023		2022
Net Sales
	Post Consumer Brands		$	871.3	$	574.7	$	2,025.1	$	1,655.1
	Weetabix		134.2		124.9		377.2		360.5
	Foodservice		622.7		579.0		1,856.4		1,469.5
	Refrigerated Retail		230.7		246.4		786.4		787.4
	Eliminations and Corporate		0.5		(0.1)		0.5		(0.4)
		Total	$	1,859.4	$	1,524.9	$	5,045.6	$	4,272.1
Segment Profit
	Post Consumer Brands		$	83.0	$	81.8	$	237.8	$	232.6
	Weetabix		17.9		27.8		58.8		81.8
	Foodservice		107.7		45.9		264.9		81.0
	Refrigerated Retail		18.0		10.4		57.2		41.0
		Total segment profit	226.6		165.9		618.7		436.4
General corporate expenses and other			52.3		47.6		145.0		138.7
Interest expense, net			72.7		75.6		202.4		245.6
(Gain) loss on extinguishment of debt, net			(6.4)		(10.2)		(21.2)		9.1
Income on swaps, net			(17.1)		(131.6)		(20.4)		(222.9)
Gain on investment in BellRing			—		(35.1)		(5.1)		(482.8)
Earnings before income taxes and equity method loss			$	125.1	$	219.6	$	318.0	$	748.7
Net sales by product
	Cereal		$	700.8	$	657.8	$	2,028.5	$	1,936.5
	Eggs and egg products		591.1		560.6		1,769.2		1,420.7
	Side dishes (including potato products)		171.0		158.2		561.0		489.3
	Pet food		275.3		—		275.3		—
	Cheese and dairy		42.9		51.0		143.9		164.6

	Sausage		35.5		38.8		127.8		131.2
	Nut butters		20.0		35.5		74.9		72.5
	Protein-based products		9.4		6.2		23.6		6.2
	Other		13.4		16.9		42.2		51.9
	Eliminations		—		(0.1)		(0.8)		(0.8)
		Total	$	1,859.4	$	1,524.9	$	5,045.6	$	4,272.1
Depreciation and amortization
	Post Consumer Brands		$	44.1	$	33.3	$	109.2	$	101.0
	Weetabix		9.2		8.9		26.6		27.8
	Foodservice		31.8		31.8		95.5		95.3
	Refrigerated Retail		19.1		19.0		57.4		58.7
		Total segment depreciation and amortization	104.2		93.0		288.7		282.8
	Corporate		2.3		0.8		4.6		2.7
		Total	$	106.5	$	93.8	$	293.3	$	285.5
Assets							June 30, 2023		September 30, 2022
	Post Consumer Brands						$	4,789.3	$	3,529.1
	Weetabix						1,817.1		1,591.3
	Foodservice and Refrigerated Retail						4,928.7		5,022.7
	Corporate						351.8		1,164.9
		Total assets					$	11,886.9	$	11,308.0

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net earnings	$ 89.6	$ 170.2	$ 235.6	$ 672.7

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Insider Trading Arrangements

3 Months Ended

9 Months Ended

Jun. 30, 2023

Jun. 30, 2023

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

OTHER INFORMATION.

Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements

During the three months ended June 30, 2023, no director or “officer,” as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.

Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

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Discontinued Operations and Disposal Groups (Tables)

9 Months Ended

Jun. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations, Net Assets

The following is a summary of BellRing’s net assets as of March 10, 2022.

Total Assets	$	633.0
Less: Total Liabilities	1,064.6
BellRing Net Assets	$	(431.6)

Net Earnings from Discontinued Operations

The following table presents the components of net earnings from discontinued operations during the nine months ended June 30, 2022 prior to the completion of the BellRing Spin-off on March 10, 2022.

Net Sales	$	541.9
Cost of goods sold	390.3
Gross Profit	151.6
Selling, general and administrative expenses	68.5
Amortization of intangible assets	8.7
Operating Profit	74.4
Interest expense, net	13.1
Loss on extinguishment of debt, net	17.6
Earnings from Discontinued Operations before Income Taxes	43.7
Income tax expense	10.3
Net Earnings from Discontinued Operations, Including Noncontrolling Interest	33.4
Less: Net earnings attributable to noncontrolling interest from discontinued operations	11.8
Net Earnings from Discontinued Operations, Net of Tax and Noncontrolling Interest	$	21.6

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Noncontrolling Interests, Equity Interests and Related Party Transactions (Tables)

9 Months Ended

Jun. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Effects of changes in ownership of PHPC on Post equity

	Three Months Ended June 30,				Nine Months Ended June 30,
	2023		2022		2023		2022
Net earnings attributable to redeemable NCI	$	9.3	$	2.2	$	12.1	$	4.4
Redemption value adjustment	(1.9)		(0.4)		(5.9)		(0.4)
PHPC deemed dividend	$	7.4	$	1.8	$	6.2	$	4.0

Redeemable Noncontrolling Interest

	As of and for the Three Months Ended June 30,				As of and for the Nine Months Ended June 30,
	2023		2022		2023		2022
Beginning of period	$	310.6	$	305.0	$	306.6	$	305.0
Net earnings attributable to redeemable NCI	9.3		2.2		12.1		4.4
PHPC deemed dividend	(7.4)		(1.8)		(6.2)		(4.0)
Redemption of PHPC Series A Common Stock	(312.5)		—		(312.5)		—
End of period	$	—	$	305.4	$	—	$	305.4

Equity method loss attributable to 8th Avenue

The following table presents the calculation of the Company’s equity method loss attributable to 8th Avenue prior to the discontinuance of applying the equity method to the investment.

	Three Months Ended June 30, 2022			Nine Months Ended June 30, 2022
Net loss attributable to 8th Avenue common shareholders	$	(16.8)		$	(72.5)
	60.5		%	60.5		%
Equity method loss attributable to Post	$	(10.2)		$	(43.9)
Less: Amortization of basis difference, net of tax (a)	1.7			5.1
Equity method loss, net of tax	$	(11.9)		$	(49.0)

(a)The Company adjusted the historical basis of 8th Avenue’s assets and liabilities to fair value and recognized a basis difference of $70.3 upon the initial recording of its equity method investment in 8th Avenue. The basis difference related to property, plant and equipment and other intangible assets was initially amortized over the weighted-average useful lives of the assets. During the year ended September 30, 2022, the carrying value of the Company’s investment in 8th Avenue was reduced to zero, resulting in the termination of basis difference amortization in accordance with ASC Topic 323.

8th Avenue Summarized Financial Information

The following table presents summarized financial information of 8th Avenue prior to the discontinuance of applying the equity method to the investment.

	Three Months Ended June 30, 2022		Nine Months Ended June 30, 2022
Net sales	$	267.4	$	783.2
Gross profit	$	45.5	$	101.7
Net loss	$	(6.6)	$	(42.7)
Less: Preferred stock dividend	10.2		29.8
Net loss attributable to 8th Avenue common shareholders	$	(16.8)	$	(72.5)

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Business Combinations (Tables)

9 Months Ended

Jun. 30, 2023

Business Combinations [Abstract]

Opening Balance Sheets

The following table provides the preliminary purchase price allocation related to the Pet Food acquisition based upon the fair values of assets acquired and liabilities assumed as of June 30, 2023.

Inventories	$	204.6
Prepaid expenses and other current assets	0.5
Property, net	191.7
Other intangible assets, net	626.0
Other assets	0.3
Other current liabilities	(9.7)
Other liabilities	(0.2)
Total identifiable net assets	1,013.2
Goodwill	194.3
Fair value of total consideration transferred	$	1,207.5

Pro Forma Information

	Three Months Ended June 30,				Nine Months Ended June 30,
	2023		2022		2023		2022
Pro forma net sales	$	1,987.7	$	1,911.8	$	5,957.5	$	5,389.3
Pro forma net earnings from continuing operations	$	116.6	$	175.9	$	283.8	$	512.5
Pro forma basic earnings from continuing operations per common share	$	1.88	$	2.63	$	4.62	$	7.68
Pro forma diluted earnings from continuing operations per common share	$	1.73	$	2.58	$	4.28	$	7.59

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Earnings (Loss) Per Share (Tables)

9 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Computation of basic and diluted (loss) earnings per share

	Three Months Ended June 30,				Nine Months Ended June 30,
	2023		2022		2023		2022
Net Earnings from Continuing Operations
Net earnings from continuing operations	$	89.6	$	170.2	$	235.6	$	651.1
Impact of redeemable NCI	1.9		(2.9)		11.0		1.4
Net earnings from continuing operations for basic earnings per share	$	91.5	$	167.3	$	246.6	$	652.5
Impact of interest expense, net of tax, related to convertible senior notes	2.7		—		8.1		—
Net earnings from continuing operations for diluted earnings per share	$	94.2	$	167.3	$	254.7	$	652.5
Net Earnings from Discontinued Operations
Net earnings from discontinued operations for basic earnings per share	$	—	$	—	$	—	$	21.6
Dilutive impact of Old BellRing net earnings from discontinued operations	—		—		—		—
Net earnings from discontinued operations for diluted earnings per share	$	—	$	—	$	—	$	21.6
Net Earnings
Net earnings for basic earnings per share	$	91.5	$	167.3	$	246.6	$	674.1
Net earnings for diluted earnings per share	$	94.2	$	167.3	$	254.7	$	674.1
shares in millions
Weighted-average shares for basic earnings per share	61.6		60.4		59.7		61.5
Effect of dilutive securities:
Stock options	0.3		0.4		0.4		0.3
Restricted stock units	0.4		0.7		0.5		0.4
Market-based performance restricted stock units	0.7		0.1		0.6		0.1
Earnings-based performance restricted stock units	0.1		—		0.1		—
Shares issuable upon conversion of convertible senior notes	5.4		—		5.4		—
Total dilutive securities	6.9		1.2		7.0		0.8
Weighted-average shares for diluted earnings per share	68.5		61.6		66.7		62.3
Earnings from Continuing Operations per Common Share:
Basic	$	1.49	$	2.77	$	4.13	$	10.61
Diluted	$	1.38	$	2.72	$	3.82	$	10.47
Earnings from Discontinued Operations per Common Share:
Basic	$	—	$	—	$	—	$	0.35
Diluted	$	—	$	—	$	—	$	0.35
Earnings per Common Share:
Basic	$	1.49	$	2.77	$	4.13	$	10.96
Diluted	$	1.38	$	2.72	$	3.82	$	10.82

Antidilutive Securities Excluded from Computation of Diluted (Loss) Earnings Per Share

	Three Months Ended June 30,		Nine Months Ended June 30,
shares in millions	2023	2022	2023	2022
Restricted stock units	—	—	0.1	0.4
Market-based performance restricted stock units	0.1	0.2	0.1	0.2

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Inventories (Tables)

9 Months Ended

Jun. 30, 2023

Inventory [Abstract]

Inventories

	June 30, 2023		September 30, 2022
Raw materials and supplies	$	264.1	$	130.9
Work in process	23.2		21.1
Finished products	453.1		361.9
Flocks	38.9		35.2
	$	779.3	$	549.1

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Property, net (Tables)

9 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property, net

	June 30, 2023		September 30, 2022
Property, at cost	$	3,686.9	$	3,269.3
Accumulated depreciation	(1,694.3)		(1,517.4)
	$	1,992.6	$	1,751.9

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Goodwill (Tables)

9 Months Ended

Jun. 30, 2023

Goodwill

Carrying Amount of Goodwill

	Post Consumer Brands		Weetabix		Foodservice		Refrigerated Retail		Total
Balance, September 30, 2022
Goodwill (gross)	$	2,066.8	$	781.6	$	1,355.3	$	803.7	$	5,007.4
Accumulated impairment losses	(609.1)		—		—		(48.7)		(657.8)
Goodwill (net)	$	1,457.7	$	781.6	$	1,355.3	$	755.0	$	4,349.6
Goodwill from acquisition	194.3		—		—		—		194.3
Currency translation adjustment	0.2		104.9		—		—		105.1
Balance, June 30, 2023
Goodwill (gross)	$	2,261.3	$	886.5	$	1,355.3	$	803.7	$	5,306.8
Accumulated impairment losses	(609.1)		—		—		(48.7)		(657.8)
Goodwill (net)	$	1,652.2	$	886.5	$	1,355.3	$	755.0	$	4,649.0

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Intangible Assets, net (Tables)

9 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Total Intangible Assets

	June 30, 2023						September 30, 2022
	Carrying Amount		Accumulated Amortization		Net Amount		Carrying Amount		Accumulated Amortization		Net Amount
Subject to amortization:
Customer relationships	$	2,542.0	$	(909.2)	$	1,632.8	$	2,129.7	$	(816.4)	$	1,313.3
Trademarks, brands and licensing agreements	887.2		(289.9)		597.3		647.7		(260.4)		387.3
	3,429.2		(1,199.1)		2,230.1		2,777.4		(1,076.8)		1,700.6
Not subject to amortization:
Trademarks and brands	1,042.3		—		1,042.3		1,011.6		—		1,011.6
	$	4,471.5	$	(1,199.1)	$	3,272.4	$	3,789.0	$	(1,076.8)	$	2,712.2

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Derivative Financial Instruments and Hedging (Tables)

9 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional amounts of derivatives held

	June 30, 2023		September 30, 2022
Commodity contracts	$	179.4	$	145.0
Energy contracts	23.3		23.7
Foreign exchange contracts - Forward contracts	8.4		3.2
Interest rate swaps	700.0		200.0
Interest rate swaps - Rate-lock swaps	—		849.3
Interest rate swap - Option	—		332.6
PHPC Warrants	—		16.9

Derivative Instruments in Condensed Consolidated Balance Sheets

	Balance Sheet Location	June 30, 2023		September 30, 2022
Asset Derivatives:
Commodity contracts	Prepaid expenses and other current assets	$	3.6	$	12.9
Energy contracts	Prepaid expenses and other current assets	2.3		13.6
Foreign exchange contracts	Prepaid expenses and other current assets	0.1		—
Interest rate swaps	Prepaid expenses and other current assets	10.8		3.4
Commodity contracts	Other assets	0.1		0.5
Interest rate swaps	Other assets	3.2		2.5
		$	20.1	$	32.9
Liability Derivatives:
Commodity contracts	Other current liabilities	$	11.4	$	1.5
Energy contracts	Other current liabilities	3.3		1.8
Foreign exchange contracts	Other current liabilities	0.2		0.1
Interest rate swaps	Other current liabilities	—		22.5
Commodity contracts	Other liabilities	0.1		—
Energy contracts	Other liabilities	0.1		—
Interest rate swaps	Other liabilities	8.8		48.1
PHPC Warrants	Other liabilities	—		1.0
		$	23.9	$	75.0

Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Other Comprehensive Income

The following table presents the statement of operations location and loss (gain) recognized related to the Company’s derivative instruments.

Derivative Instruments	Statement of Operations Location	Three Months Ended June 30,				Nine Months Ended June 30,
		2023		2022		2023		2022
Commodity contracts	Cost of goods sold	$	15.2	$	3.6	$	20.9	$	(26.0)
Energy contracts	Cost of goods sold	0.6		(10.3)		9.2		(28.7)
Foreign exchange contracts	Selling, general and administrative expenses	0.1		0.1		0.1		0.1
Interest rate swaps	Income on swaps, net	(17.1)		(131.6)		(20.4)		(222.9)
PHPC Warrants	Other income, net	(1.5)		(2.8)		(1.0)		(6.3)

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Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2023

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis

Assets and liabilities measured at fair value on a recurring basis

	June 30, 2023						September 30, 2022
	Total		Level 1		Level 2		Total		Level 1		Level 2
Assets:
Deferred compensation investments	$	13.6	$	13.6	$	—	$	12.0	$	12.0	$	—
Derivative assets	20.1		—		20.1		32.9		—		32.9
Equity securities	0.7		0.7		—		32.1		32.1		—
Investment in BellRing	—		—		—		94.8		94.8		—
	$	34.4	$	14.3	$	20.1	$	171.8	$	138.9	$	32.9
Liabilities:
Deferred compensation liabilities	$	37.4	$	—	$	37.4	$	33.7	$	—	$	33.7
Derivative liabilities	23.9		—		23.9		75.0		1.0		74.0
	$	61.3	$	—	$	61.3	$	108.7	$	1.0	$	107.7

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Long-Term Debt (Tables)

9 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Long-term Debt

	June 30, 2023		September 30, 2022
2.50% convertible senior notes maturing August 2027	$	575.0	$	575.0
4.50% senior notes maturing September 2031	1,129.3		1,270.5
4.625% senior notes maturing April 2030	1,452.9		1,482.2
5.50% senior notes maturing December 2029	1,235.0		1,235.0
5.625% senior notes maturing January 2028	940.9		940.9
5.75% senior notes maturing March 2027	459.3		459.3
Fourth Incremental Term Loan	400.0		—
Municipal bond	5.3		6.4
	$	6,197.7	$	5,969.3
Less: Current portion of long-term debt	1.1		1.1
Debt issuance costs, net	45.0		50.1
Plus: Unamortized premium, net	34.5		38.5
Total long-term debt	$	6,186.1	$	5,956.6

Repayments of Long-term Debt

The following table presents the Company’s (i) principal repayments of debt, which, net of discounts, were included in the Condensed Consolidated Statements of Cash Flows, (ii) principal amounts of debt exchanged (refer to “Debt Transactions in Connection with BellRing” section above), which were not included in the Condensed Consolidated Statements of Cash Flows and (iii) the associated (gain) loss related to such repayments and exchanges included in “(Gain) loss on extinguishment of debt, net” in the Condensed Consolidated Statements of Operations.

					(Gain) Loss on Extinguishment of Debt, net
Debt Instrument	Principal Amount Repaid		Principal Amount Exchanged		Debt Discounts (Received)/ Premiums Paid		Write-off of Debt Issuance Costs		Write-off of Unamortized Premiums
Three Months Ended June 30, 2023
4.50% senior notes	$	20.7	$	—	$	(3.0)	$	0.1	$	—
4.625% senior notes	29.3		—		(3.4)		0.2		(0.3)
Total	$	50.0	$	—	$	(6.4)	$	0.3	$	(0.3)
Three Months Ended June 30, 2022
4.50% senior notes	$	58.9	$	—	$	(9.4)	$	0.5	$	—
5.50% senior notes	15.0		—		(1.2)		0.1		(0.2)
Total	$	73.9	$	—	$	(10.6)	$	0.6	$	(0.2)
Nine Months Ended June 30, 2023
4.50% senior notes	$	141.2	$	—	$	(19.9)	$	1.1	$	—
4.625% senior notes	29.3		—		(3.4)		0.2		(0.3)
Municipal bond	1.1		—		—		—		—
Third Incremental Term Loan	30.1		99.9		—		1.1		—
Total	$	201.7	$	99.9	$	(23.3)	$	2.4	$	(0.3)
Nine Months Ended June 30, 2022
5.75% senior notes	$	840.0	$	—	$	24.1	$	5.0	$	(13.3)
4.50% senior notes	58.9		—		(9.4)		0.5		—
5.50% senior notes	15.0		—		(1.2)		0.1		(0.2)
Municipal bond	1.1		—		—		—		—
First Incremental Term Loan	—		840.0		—		3.5		—
Total	$	915.0	$	840.0	$	13.5	$	9.1	$	(13.5)

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Pension and Other Postretirement Benefits (Tables)

9 Months Ended

Jun. 30, 2023

Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]

Components of net periodic benefit cost (gain)

The following tables present the components of net periodic benefit cost (income) for the pension plans. Service cost was reported in “Cost of goods sold” and “Selling, general and administrative expenses” and all other components of net periodic benefit cost (income) were reported in “Other income, net” in the Condensed Consolidated Statements of Operations.

	North America
	Three Months Ended June 30,				Nine Months Ended June 30,
	2023		2022		2023		2022
Service cost	$	0.6	$	1.1	$	1.7	$	3.3
Interest cost	1.3		0.9		3.9		2.6
Expected return on plan assets	(1.9)		(1.8)		(5.7)		(5.3)
Recognized net actuarial loss (gain)	—		0.4		(0.1)		1.2
Recognized prior service cost	—		0.1		0.1		0.1
Net periodic benefit cost (income)	$	—	$	0.7	$	(0.1)	$	1.9

	Other International
	Three Months Ended June 30,				Nine Months Ended June 30,
	2023		2022		2023		2022
Interest cost	$	6.0	$	3.9	$	17.3	$	12.2
Expected return on plan assets	(7.9)		(6.1)		(22.9)		(19.2)
Recognized net actuarial loss	—		—		0.1		—
Recognized prior service cost	0.1		0.1		0.3		0.3
Net periodic benefit income	$	(1.8)	$	(2.1)	$	(5.2)	$	(6.7)

The following table presents the components of net periodic benefit income for the North American other postretirement benefit plans. Service cost was reported in “Cost of goods sold” and “Selling, general and administrative expenses” and all other components of net periodic benefit income were reported in “Other income, net” in the Condensed Consolidated Statements of Operations.

	Three Months Ended June 30,				Nine Months Ended June 30,
	2023		2022		2023		2022
Service cost	$	0.1	$	0.1	$	0.2	$	0.3
Interest cost	0.6		0.4		1.9		1.2
Recognized net actuarial (gain) loss	(0.1)		0.2		(0.4)		0.5
Recognized prior service credit	(1.2)		(1.2)		(3.5)		(3.5)
Net periodic benefit income	$	(0.6)	$	(0.5)	$	(1.8)	$	(1.5)

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Shareholders' Equity (Tables)

9 Months Ended

Jun. 30, 2023

Equity [Abstract]

Repurchases of Common Stock

	Three Months Ended June 30,				Nine Months Ended June 30,
	2023		2022		2023		2022
Shares repurchased (in millions)	1.9		1.9		2.9		3.8
Average price per share (a)	$	86.64	$	76.43	$	86.91	$	89.94
Total share repurchase costs (b)	$	166.8	$	145.8	$	250.5	$	339.0

(a)Average price per share excludes broker’s commissions, which are included in “Total share repurchase costs” within this table.

(b)“Purchases of treasury stock” in the Condensed Consolidated Statements of Cash Flows for the nine months ended June 30, 2023 excluded $8.1 of repurchases of common stock that were accrued in the third quarter of fiscal 2023 but did not settle until July 2023. “Purchases of treasury stock” in the Condensed Consolidated Statements of Cash Flows for the nine months ended June 30, 2022 included $4.0 of repurchases of common stock that were accrued in fiscal 2021 but did not settle until fiscal 2022.

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Segments (Tables)

9 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Reporting Information, by Segment and Disaggregated Revenue

			Three Months Ended June 30,				Nine Months Ended June 30,
			2023		2022		2023		2022
Net Sales
	Post Consumer Brands		$	871.3	$	574.7	$	2,025.1	$	1,655.1
	Weetabix		134.2		124.9		377.2		360.5
	Foodservice		622.7		579.0		1,856.4		1,469.5
	Refrigerated Retail		230.7		246.4		786.4		787.4
	Eliminations and Corporate		0.5		(0.1)		0.5		(0.4)
		Total	$	1,859.4	$	1,524.9	$	5,045.6	$	4,272.1
Segment Profit
	Post Consumer Brands		$	83.0	$	81.8	$	237.8	$	232.6
	Weetabix		17.9		27.8		58.8		81.8
	Foodservice		107.7		45.9		264.9		81.0
	Refrigerated Retail		18.0		10.4		57.2		41.0
		Total segment profit	226.6		165.9		618.7		436.4
General corporate expenses and other			52.3		47.6		145.0		138.7
Interest expense, net			72.7		75.6		202.4		245.6
(Gain) loss on extinguishment of debt, net			(6.4)		(10.2)		(21.2)		9.1
Income on swaps, net			(17.1)		(131.6)		(20.4)		(222.9)
Gain on investment in BellRing			—		(35.1)		(5.1)		(482.8)
Earnings before income taxes and equity method loss			$	125.1	$	219.6	$	318.0	$	748.7
Net sales by product
	Cereal		$	700.8	$	657.8	$	2,028.5	$	1,936.5
	Eggs and egg products		591.1		560.6		1,769.2		1,420.7
	Side dishes (including potato products)		171.0		158.2		561.0		489.3
	Pet food		275.3		—		275.3		—
	Cheese and dairy		42.9		51.0		143.9		164.6

	Sausage		35.5		38.8		127.8		131.2
	Nut butters		20.0		35.5		74.9		72.5
	Protein-based products		9.4		6.2		23.6		6.2
	Other		13.4		16.9		42.2		51.9
	Eliminations		—		(0.1)		(0.8)		(0.8)
		Total	$	1,859.4	$	1,524.9	$	5,045.6	$	4,272.1
Depreciation and amortization
	Post Consumer Brands		$	44.1	$	33.3	$	109.2	$	101.0
	Weetabix		9.2		8.9		26.6		27.8
	Foodservice		31.8		31.8		95.5		95.3
	Refrigerated Retail		19.1		19.0		57.4		58.7
		Total segment depreciation and amortization	104.2		93.0		288.7		282.8
	Corporate		2.3		0.8		4.6		2.7
		Total	$	106.5	$	93.8	$	293.3	$	285.5
Assets							June 30, 2023		September 30, 2022
	Post Consumer Brands						$	4,789.3	$	3,529.1
	Weetabix						1,817.1		1,591.3
	Foodservice and Refrigerated Retail						4,928.7		5,022.7
	Corporate						351.8		1,164.9
		Total assets					$	11,886.9	$	11,308.0

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Basis of Presentation (Details)	Mar. 10, 2022
Post Holdings, Inc. | New BellRing Common Stock
Distribution of ownership in subsidiary, percentage	80.10%

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Discontinued Operations and Disposal Groups (Details) - USD ($) shares in Millions, $ in Millions			3 Months Ended		9 Months Ended
	Mar. 10, 2022	Mar. 09, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payment of merger consideration		$ 550.4
Disposal Group, Including Discontinued Operation, Assets	$ 633.0
Disposal Group, Including Discontinued Operation, Liabilities	1,064.6
Disposal Group, Including Discontinued Operation, Net Assets	$ (431.6)
Disposal Group, Including Discontinued Operation, Revenue						$ 541.9
Disposal Group, Including Discontinued Operation, Costs of Goods Sold						390.3
Disposal Group, Including Discontinued Operation, Gross Profit (Loss)						151.6
Disposal Group, Including Discontinued Operation, General and Administrative Expense						68.5
Disposal Group, Including Discontinued Operation, Amortization of intangible assets						8.7
Disposal Group, Including Discontinued Operation, Operating Income (Loss)						74.4
Disposal Group, Including Discontinued Operation, Interest Expense						13.1
Disposal Group, Including Discontinued Operation, Loss on extinguishment and refinancing of debt, net						17.6
Earnings from Discontinued Operations before Income Taxes						43.7
Disposal Group, Including Discontinued Operation, Income tax expense						10.3
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest						33.4
Net earnings attributable to noncontrolling interest from discontinued operations			$ 0.0	$ 0.0	$ 0.0	11.8
Net earnings from discontinued operations, net of tax and noncontrolling interest			0.0	0.0	0.0	21.6
Foreign Currency Translation Adjustments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
BellRing Spin-off			0.0	0.0	0.0	2.3
Additional Paid-in Capital
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
BellRing Spin-off			0.0	0.0	0.0	442.5
BellRing | Senior Notes | 7.00% BellRing Notes
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Long-term Debt, Gross		$ 840.0
Post Holdings, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Separation Costs			$ 0.0	$ 0.4	$ 0.1	28.8
Old BellRing
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Separation Costs						$ 4.3
New BellRing Common Stock | Post Holdings, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Distribution of ownership in subsidiary, shares	78.1

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Discontinued Operations and Disposal Groups Per Share (Details) - $ / shares	Mar. 10, 2022	Jun. 30, 2023	Sep. 30, 2022	Mar. 09, 2022
Common Class B | BellRing Brands, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Common Stock, Par or Stated Value Per Share				$ 0.01
BellRing Common Stock | BellRing Brands, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Common Stock, Par or Stated Value Per Share		$ 0.01
Post Holdings, Inc. | New BellRing Common Stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Distribution of ownership in subsidiary, percentage	80.10%
Post Holdings, Inc. | BellRing
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	14.20%		3.40%
Post shareholders | BellRing Common Stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Conversion of Stock, Shares Received	1.267788

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PHPC (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		8 Months Ended	9 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	May 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2021	Mar. 31, 2023	Sep. 30, 2022	Mar. 31, 2022
Schedule of Equity Method Investments
Investments held in trust	$ 0.0		$ 353.4	$ 0.0				$ 346.8
Initial public offering costs						$ 17.9
Deferred Offering Costs								10.7
Redeemable noncontrolling interest	0.0		312.5	0.0				$ 306.6
Maximum interest to pay dissolution expenses			$ 0.1
Gain on write-off of underwriting commissions	10.7			10.7
Return of subsidiary investments held in trust account				345.0	$ 0.0
PHPC Units
Schedule of Equity Method Investments
Common Unit, Issued			34.5
Share Price			$ 10.00
Redemption Price			10.24
PHPC Warrants
Schedule of Equity Method Investments
Class of Warrant or Right, Exercise Price of Warrants or Rights			11.50
PHPC Private Placement Units
Schedule of Equity Method Investments
Share Price			10.00
PHPC Forward Purchase Units
Schedule of Equity Method Investments
Share Price			$ 10.00
PHPC Forward Purchase Units | Maximum
Schedule of Equity Method Investments
Common Unit, Authorized			10.0
PHPC Sponsor | PHPC Private Placement Units
Schedule of Equity Method Investments
Common Unit, Issued			1.1
PHPC Sponsor | PHPC Forward Purchase Units | Maximum
Schedule of Equity Method Investments
Proceeds from Issuance of Forward Purchase Agreement						100.0
PHPC
Schedule of Equity Method Investments
Proceeds from initial public offering						345.0
PHPC | Common Class A
Schedule of Equity Method Investments
Common Stock, Par or Stated Value Per Share			$ 0.0001
PHPC | Series F Common Stock
Schedule of Equity Method Investments
Common Stock, Par or Stated Value Per Share			0.0001
PHPC | Common Class B
Schedule of Equity Method Investments
Common Stock, Par or Stated Value Per Share			$ 0.0001
PHPC | PHPC Units
Schedule of Equity Method Investments
Proceeds from initial public offering						345.0
PHPC | PHPC Private Placement Units
Schedule of Equity Method Investments
Proceeds from Issuance of Private Placement						10.9
PHPC | Post Holdings, Inc.
Schedule of Equity Method Investments
Noncontrolling Interest, Ownership Percentage by Parent			31.00%					31.00%
PHPC | Public Shareholders
Schedule of Equity Method Investments
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			69.00%					69.00%
PHPC Sponsor | Series F Common Stock
Schedule of Equity Method Investments
Common Stock, Shares, Outstanding			8.6
PHPC Sponsor | PHPC Units
Schedule of Equity Method Investments
Common Unit, Issued			4.0
Return of subsidiary investments held in trust account			$ 40.9
Redeemable Noncontrolling Interest
Schedule of Equity Method Investments
Redeemable noncontrolling interest	0.0	$ 305.4		0.0	305.4	$ 305.0	$ 310.6	$ 306.6	$ 305.0
Net earnings attributable to redeemable noncontrolling interest	9.3	2.2		12.1	4.4
Noncontrolling interest, Redemption value adjustment	(1.9)	(0.4)		(5.9)	(0.4)
PHPC deemed dividend	7.4	1.8		6.2	4.0
Redemption of PHPC Series A Common Stock	$ (312.5)	$ 0.0		$ (312.5)	$ 0.0

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8th Ave (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022	Oct. 01, 2018
Schedule of Equity Method Investments
Equity method earnings (loss), net of tax	$ 0.0	$ (12.0)	$ (0.2)	$ (49.3)
Net Sales	1,859.4	1,524.9	5,045.6	4,272.1
Receivables, net	564.9		564.9		$ 544.2
Accounts payable	389.2		389.2		452.7
Other liabilities	251.7		251.7		266.9
Related Party
Schedule of Equity Method Investments
Net Sales	$ 1.2	3.1	$ 6.7	6.3
8th Avenue
Schedule of Equity Method Investments
Net loss attributable to 8th Avenue common shareholders		$ (16.8)		$ (72.5)
Equity Method Investment, Ownership Percentage	60.50%	60.50%	60.50%	60.50%
Equity method loss available to Common Shareholders		$ (10.2)		$ (43.9)
Amortization of basis difference, net of tax		1.7		5.1
Equity method earnings (loss), net of tax		(11.9)		(49.0)
Total Basis Difference Recognized						$ 70.3
Equity Method Investment, Sumarrized Financial Information, Net Sales		267.4		783.2
Equity Method Investment, Summarized Financial Information, Gross Profit		45.5		101.7
Equity Method Invesment, Summarized Financial Information, Net Loss		(6.6)		(42.7)
Equity Method Investment, Summarized Financial Information, Preferred Stock Dividend		10.2		29.8
Purchases from and Royalties paid to Related Party	$ 16.8	19.2	$ 65.2	68.9
8th Avenue | Selling, General and Administrative Expenses
Schedule of Equity Method Investments
Other Operating Income	(0.7)	$ (0.8)	(2.3)	$ (2.4)
8th Avenue | Equity Method Investments
Schedule of Equity Method Investments
Equity method investments	0.0		0.0		0.0
8th Avenue | Accounts Receivable | Related Party
Schedule of Equity Method Investments
Receivables, net	5.0		5.0		4.4
8th Avenue | Accounts Payable | Related Party
Schedule of Equity Method Investments
Accounts payable	11.1		11.1		26.1
8th Avenue | Deferred tax liability - long term | Related Party
Schedule of Equity Method Investments
Other liabilities	0.7		0.7		0.7
8th Avenue | Other Assets | Related Party
Schedule of Equity Method Investments
Other Receivables, Noncurrent	$ 12.8		$ 12.8		$ 0.0

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BRBR (Details) - USD ($) shares in Millions, $ in Millions			3 Months Ended		9 Months Ended
	Nov. 25, 2022	Aug. 11, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022	Mar. 10, 2022
Schedule of Equity Method Investments
Investment in BellRing			$ 0.0		$ 0.0		$ 94.8
Gain on investment in BellRing			$ 0.0	$ (35.1)	$ (5.1)	$ (482.8)
Post Holdings, Inc. | BellRing
Schedule of Equity Method Investments
Noncontrolling interest, Common Stock, Amount							4.6	19.4
Noncontrolling Interest, Ownership Percentage by Parent							3.40%	14.20%
Noncontrolling Interest, Common Stock, Transfer	4.6	14.8

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WBX East Africa and Alpen (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022
Schedule of Equity Method Investments
Equity method earnings (loss), net of tax	$ 0.0	$ (12.0)	$ (0.2)	$ (49.3)
Other current liabilities	$ 405.0		$ 405.0		$ 370.0
Alpen Food Company South Africa (Pty) Limited
Schedule of Equity Method Investments
Equity Method Investment, Ownership Percentage	50.00%		50.00%
Equity method earnings (loss), net of tax	$ 0.0	$ (0.1)	$ (0.2)	$ (0.3)
Alpen Food Company South Africa (Pty) Limited | Equity Method Investments
Schedule of Equity Method Investments
Equity method investments	3.7		3.7		4.1
Alpen Food Company South Africa (Pty) Limited | Other Assets | Related Party
Schedule of Equity Method Investments
Other current liabilities	$ 0.4		$ 0.4		$ 0.4
Post Holdings, Inc. | Weetabix East Africa Limited
Schedule of Equity Method Investments
Noncontrolling Interest, Ownership Percentage by Parent	50.10%		50.10%

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Business Combinations (Details) £ in Millions, shares in Millions, $ in Millions				3 Months Ended		9 Months Ended
	Apr. 28, 2023 USD ($) shares	Apr. 05, 2022 USD ($)	Apr. 05, 2022 GBP (£)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)
Business Acquisition
Net Sales				$ 1,859.4	$ 1,524.9	$ 5,045.6	$ 4,272.1
Goodwill				4,649.0		4,649.0		$ 4,349.6
Selling, general and administrative expenses				300.9	225.0	768.9	680.9
Receivables, net				564.9		564.9		$ 544.2
Operating Segments
Business Acquisition
Net Sales				1,859.4	1,524.9	5,045.6	4,272.1
Operating Segments | Pet Food
Business Acquisition
Net Sales				275.3	$ 0.0	275.3	$ 0.0
Pet Food
Business Acquisition
Fair value of total consideration transferred				1,207.5		1,207.5
Payments to Acquire Businesses, Base Purchase Price	$ 700.0
Payment at closing	715.5
Acquisition related costs				12.0		16.0
Issuance of common stock	$ 492.3
Inventories				204.6		204.6
Prepaid expenses and other current assets				0.5		0.5
Property, net				191.7		191.7
Other intangible assets, net				626.0		626.0
Other assets				0.3		0.3
Other current liabilities				(9.7)		(9.7)
Other liabilities				(0.2)		(0.2)
Total identifiable net assets				1,013.2		1,013.2
Goodwill				194.3		194.3
Pet Food | TSA Agreement
Business Acquisition
Selling, general and administrative expenses				4.0		4.0
Receivables, net				36.2		$ 36.2
Pet Food | Smucker | Common Stock
Business Acquisition
Stock Issued During Period, Shares, Acquisitions | shares	5.4
Pet Food | Trademarks and licensing agreements
Business Acquisition
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life						18 years
Other intangible assets, net				235.0		$ 235.0
Pet Food | Customer Relationships
Business Acquisition
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life						18 years
Other intangible assets, net				$ 391.0		$ 391.0
Lacka Foods
Business Acquisition
Payments to Acquire Businesses, Base Purchase Price		$ 32.2
Business Combination, Contingent Consideration Transferred		$ 4.6
Lacka Foods | Euro Member Countries, Euro
Business Acquisition
Payments to Acquire Businesses, Base Purchase Price | £			£ 24.5
Business Combination, Contingent Consideration Transferred | £			3.5
Lacka Foods | Euro Member Countries, Euro | Maximum
Business Acquisition
Business Combination, Contingent Consideration Transferred | £			£ 3.5

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Business Combinations Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Business Combinations [Abstract]
Pro forma net sales	$ 1,987.7	$ 1,911.8	$ 5,957.5	$ 5,389.3
Pro forma net earnings from continuing operations	$ 116.6	$ 175.9	$ 283.8	$ 512.5
Pro forma basic earnings from continuing operations per common share	$ 1.88	$ 2.63	$ 4.62	$ 7.68
Pro forma diluted earnings from continuing operations per common share	$ 1.73	$ 2.58	$ 4.28	$ 7.59

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Amounts Held for Sale (Details) - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business	$ 4.6	$ 50.5
Proceeds from Sale of Property, Plant, and Equipment	1.2	17.8
Foodservice | Klingerstown Equipment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Gain) loss on assets held for sale		(9.8)
Proceeds from Sale of Property, Plant, and Equipment		10.3
Refrigerated Retail | Williamette Egg Farms
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Assets		62.8
Proceeds from sale of business		56.1
Loss on sale of Business		6.3
Disposition of Business, Adjustment, Working Capital		$ 0.4
Refrigerated Retail | Receivables, net | Williamette Egg Farms
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposition of Business, Working Capital Settlement Receivable	$ 1.4		$ 6.0

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Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure
Effective Income Tax Rate	21.40%	15.90%	22.10%	5.80%
Gain on investment in BellRing	$ 0.0	$ (35.1)	$ (5.1)	$ (482.8)
Latest Tax Year
Income Tax Disclosure
Effective Income Tax Rate Reconciliation, Equity in Losses of Unconsolidated Subsidiary, Amount		$ 2.9		$ 12.1

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Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings (Loss) Per Share, Diluted, by Common Class, Including Two Class Method
Net earnings from continuing operations	$ 89.6	$ 170.2	$ 235.6	$ 651.1
Impact of redeemable NCI	1.9	(2.9)	11.0	1.4
Net earnings from continuing operations for basic earnings per share	91.5	167.3	246.6	652.5
Impact of interest expense, net of tax, related to convertible senior notes	2.7	0.0	8.1	0.0
Net earnings from continuing operations for diluted earnings per share	94.2	167.3	254.7	652.5
Net earnings from discontinued operations, net of tax and noncontrolling interest	0.0	0.0	0.0	21.6
Dilutive impact of BellRing net earnings	0.0	0.0	0.0	0.0
Net earnings from discontinued operations for diluted earnings per share	0.0	0.0	0.0	21.6
Net (loss) earnings for basic (loss) earnings per share	91.5	167.3	246.6	674.1
Net (loss) earnings for diluted (loss) earnings per share	$ 94.2	$ 167.3	$ 254.7	$ 674.1
Weighted-average shares for basic earnings per share	61.6	60.4	59.7	61.5
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities	5.4	0.0	5.4	0.0
Weighted Average Number of Shares Outstanding, Diluted, Adjustment	6.9	1.2	7.0	0.8
Weighted-average shares for diluted earnings per share	68.5	61.6	66.7	62.3
Earnings from Continuing Operations, Per Basic Share	$ 1.49	$ 2.77	$ 4.13	$ 10.61
Earnings from Continuing Operations, Per Diluted Share	1.38	2.72	3.82	10.47
Earnings from Discontinued Operation, Per Basic Share	0	0	0	0.35
Earnings from Discontinued Operation, Per Diluted Share	0	0	0	0.35
Basic earnings per share (in usd per share)	1.49	2.77	4.13	10.96
Diluted earnings per share (in usd per share)	$ 1.38	$ 2.72	$ 3.82	$ 10.82
Stock Options
Earnings (Loss) Per Share, Diluted, by Common Class, Including Two Class Method
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	0.3	0.4	0.4	0.3
Restricted Stock Awards
Earnings (Loss) Per Share, Diluted, by Common Class, Including Two Class Method
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	0.4	0.7	0.5	0.4
Market-based performance shares
Earnings (Loss) Per Share, Diluted, by Common Class, Including Two Class Method
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	0.7	0.1	0.6	0.1
Earnings-based performance shares
Earnings (Loss) Per Share, Diluted, by Common Class, Including Two Class Method
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	0.1	0.0	0.1	0.0

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Earnings (Loss) Per Share Antidilutive shares excluded from earnings per share (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restricted Stock Awards
Antidilutive Securities Excluded from Computation of Earnings (Loss) Per Share
Antidilutive Securities Excluded from Computation of (Loss) Earnings Per Share, Amount	0.0	0.0	0.1	0.4
Market-based performance shares
Antidilutive Securities Excluded from Computation of Earnings (Loss) Per Share
Antidilutive Securities Excluded from Computation of (Loss) Earnings Per Share, Amount	0.1	0.2	0.1	0.2

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Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2023	Sep. 30, 2022
Inventory [Abstract]
Raw materials and supplies	$ 264.1	$ 130.9
Work in process	23.2	21.1
Finished products	453.1	361.9
Flocks	38.9	35.2
Inventories	$ 779.3	$ 549.1

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Property, net (Details) - USD ($) $ in Millions	Jun. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Property, at cost	$ 3,686.9	$ 3,269.3
Accumulated depreciation	(1,694.3)	(1,517.4)
Property, net	$ 1,992.6	$ 1,751.9

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Goodwill (Details) - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2023	Sep. 30, 2022
Goodwill
Goodwill (gross)	$ 5,306.8	$ 5,007.4
Accumulated impairment losses	(657.8)	(657.8)
Goodwill	4,649.0	4,349.6
Goodwill from acquisition	194.3
Currency translation adjustment	105.1
Post Consumer Brands
Goodwill
Goodwill (gross)	2,261.3	2,066.8
Accumulated impairment losses	(609.1)	(609.1)
Goodwill	1,652.2	1,457.7
Goodwill from acquisition	194.3
Currency translation adjustment	0.2
Weetabix
Goodwill
Goodwill (gross)	886.5	781.6
Accumulated impairment losses	0.0	0.0
Goodwill	886.5	781.6
Goodwill from acquisition	0.0
Currency translation adjustment	104.9
Foodservice
Goodwill
Goodwill (gross)	1,355.3	1,355.3
Accumulated impairment losses	0.0	0.0
Goodwill	1,355.3	1,355.3
Goodwill from acquisition	0.0
Currency translation adjustment	0.0
Refrigerated Retail
Goodwill
Goodwill (gross)	803.7	803.7
Accumulated impairment losses	(48.7)	(48.7)
Goodwill	755.0	$ 755.0
Goodwill from acquisition	0.0
Currency translation adjustment	$ 0.0

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Intangible Assets, net (Details) - USD ($) $ in Millions	Jun. 30, 2023	Sep. 30, 2022
Finite-Lived Intangible Assets
Finite-Lived Intangible Assets, Gross	$ 3,429.2	$ 2,777.4
Finite-Lived Intangible Assets, Accumulated Amortization	(1,199.1)	(1,076.8)
Finite-Lived Intangible Assets, Net	2,230.1	1,700.6
Intangible Assets, Net (Excluding Goodwill)
Carrying amount, total	4,471.5	3,789.0
Other intangible assets, net	3,272.4	2,712.2
Trademarks and brands
Indefinite-Lived Intangible Assets (Excluding Goodwill)
Carrying amount	1,042.3	1,011.6
Customer Relationships
Finite-Lived Intangible Assets
Finite-Lived Intangible Assets, Gross	2,542.0	2,129.7
Finite-Lived Intangible Assets, Accumulated Amortization	(909.2)	(816.4)
Finite-Lived Intangible Assets, Net	1,632.8	1,313.3
Trademarks and brands
Finite-Lived Intangible Assets
Finite-Lived Intangible Assets, Gross	887.2	647.7
Finite-Lived Intangible Assets, Accumulated Amortization	(289.9)	(260.4)
Finite-Lived Intangible Assets, Net	$ 597.3	$ 387.3

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Derivative Financial Instruments and Hedging (Details) - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022
Derivatives, Fair Value
Financing portion of cash paid for rate-lock interest rate swaps	$ 43.5	$ 0.0
Commodity contracts | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value
Notional Amount of Derivative	179.4		$ 145.0
Energy Contracts | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value
Notional Amount of Derivative	23.3		23.7
Foreign Exchange Contract - Forward Contracts | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value
Notional Amount of Derivative	8.4		3.2
Interest Rate Swap | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value
Derivative, Notional amount of terminated contracts	200.0
Derivative, Cash Received for Termination	6.7
Notional Amount of Derivative	700.0		200.0
Interest rate swap, rate lock swaps | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value
Derivative, Cash Settlements paid, net	55.1	17.0
Derivative, Notional amount of terminated contracts	849.3	$ 700.0
Notional Amount of Derivative	0.0		849.3
Interest rate swap, options | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value
Derivative, Cash Settlements paid, net	2.1
Derivative, Notional amount of terminated contracts	332.6
Notional Amount of Derivative	0.0		332.6
PHPC Warrants | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value
Notional Amount of Derivative	0.0		16.9
Other Current Assets | Commodity contracts
Derivatives, Fair Value
Derivative Asset, Fair Value, Gross Asset	3.6		12.9
Other Current Assets | Energy Contracts
Derivatives, Fair Value
Derivative Asset, Fair Value, Gross Asset	2.3		13.6
Other Current Assets | Foreign Exchange Contract - Forward Contracts
Derivatives, Fair Value
Derivative Asset, Fair Value, Gross Asset	0.1		0.0
Other Current Assets | Interest Rate Swap
Derivatives, Fair Value
Derivative Asset, Fair Value, Gross Asset	10.8		3.4
Other Assets | Commodity contracts
Derivatives, Fair Value
Derivative Asset, Fair Value, Gross Asset	0.1		0.5
Other Assets | Interest Rate Swap
Derivatives, Fair Value
Derivative Asset, Fair Value, Gross Asset	3.2		2.5
Assets, Total
Derivatives, Fair Value
Derivative Asset, Fair Value, Gross Asset	20.1		32.9
Other Current Liabilities | Commodity contracts
Derivatives, Fair Value
Derivative Liability, Fair Value, Gross Liability	11.4		1.5
Other Current Liabilities | Energy Contracts
Derivatives, Fair Value
Derivative Liability, Fair Value, Gross Liability	3.3		1.8
Other Current Liabilities | Foreign Exchange Contract - Forward Contracts
Derivatives, Fair Value
Derivative Liability, Fair Value, Gross Liability	0.2		0.1
Other Current Liabilities | Interest Rate Swap
Derivatives, Fair Value
Derivative Liability, Fair Value, Gross Liability	0.0		22.5
Other Liabilities | Commodity contracts
Derivatives, Fair Value
Derivative Liability, Fair Value, Gross Liability	0.1		0.0
Other Liabilities | Energy Contracts
Derivatives, Fair Value
Derivative Liability, Fair Value, Gross Liability	0.1		0.0
Other Liabilities | Interest Rate Swap
Derivatives, Fair Value
Derivative Liability, Fair Value, Gross Liability	8.8		48.1
Other Liabilities | PHPC Warrants
Derivatives, Fair Value
Derivative Liability, Fair Value, Gross Liability	0.0		1.0
Liabilities, Total
Derivatives, Fair Value
Derivative Liability, Fair Value, Gross Liability	$ 23.9		$ 75.0

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Derivative Financial Instruments and Hedging (Gain) Loss recognized in Statement of Operations from derivative instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Commodity contracts
Derivative Instruments, (Gain) Loss
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of goods sold	Cost of goods sold	Cost of goods sold	Cost of goods sold
Energy Contracts
Derivative Instruments, (Gain) Loss
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of goods sold	Cost of goods sold	Cost of goods sold	Cost of goods sold
Foreign Exchange Contract - Forward Contracts
Derivative Instruments, (Gain) Loss
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, general and administrative expenses	Selling, general and administrative expenses	Selling, general and administrative expenses	Selling, general and administrative expenses
PHPC Warrants
Derivative Instruments, (Gain) Loss
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Derivatives Not Designated as Hedging Instruments | Commodity contracts
Derivative Instruments, (Gain) Loss
(Gain) Loss Recognized in Statement of Operations	$ 15.2	$ 3.6	$ 20.9	$ (26.0)
Derivatives Not Designated as Hedging Instruments | Energy Contracts
Derivative Instruments, (Gain) Loss
(Gain) Loss Recognized in Statement of Operations	0.6	(10.3)	9.2	(28.7)
Derivatives Not Designated as Hedging Instruments | Foreign Exchange Contract - Forward Contracts
Derivative Instruments, (Gain) Loss
(Gain) Loss Recognized in Statement of Operations	0.1	0.1	0.1	0.1
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap
Derivative Instruments, (Gain) Loss
(Gain) Loss Recognized in Statement of Operations	(17.1)	(131.6)	(20.4)	(222.9)
Derivatives Not Designated as Hedging Instruments | PHPC Warrants
Derivative Instruments, (Gain) Loss
(Gain) Loss Recognized in Statement of Operations	$ (1.5)	$ (2.8)	$ (1.0)	$ (6.3)

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Derivative Financial Instruments and Hedging Derivatives designated as hedges and pledged collateral (Details) - USD ($) $ in Millions	Jun. 30, 2023	Sep. 30, 2022
Derivative Instruments, (Gain) Loss
Collateral Already Posted	$ 17.3	$ 2.8

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Fair Value Measurements (Details) - USD ($) $ in Millions	8 Months Ended	9 Months Ended
	May 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022	Mar. 10, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Deferred Compensation Investment		$ 13.6		$ 12.0
Derivative Asset		20.1		32.9
Equity securities		0.7		32.1
Investment in BellRing		0.0		94.8
Assets, Fair Value Disclosure		34.4		171.8
Deferred Compensation Liabilities		37.4		33.7
Derivative Liability		23.9		75.0
Other Liabilities, Fair Value Disclosure		61.3		108.7
Return of subsidiary investments held in trust account		345.0	$ 0.0
PHPC Sponsor | PHPC Units
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Return of subsidiary investments held in trust account	$ 40.9
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Deferred Compensation Investment		13.6		12.0
Derivative Asset		0.0		0.0
Equity securities		0.7		32.1
Investment in BellRing		0.0		94.8
Assets, Fair Value Disclosure		14.3		138.9
Deferred Compensation Liabilities		0.0		0.0
Derivative Liability		0.0		1.0
Other Liabilities, Fair Value Disclosure		0.0		1.0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Deferred Compensation Investment		0.0		0.0
Derivative Asset		20.1		32.9
Equity securities		0.0		0.0
Investment in BellRing		0.0		0.0
Assets, Fair Value Disclosure		20.1		32.9
Deferred Compensation Liabilities		37.4		33.7
Derivative Liability		23.9		74.0
Other Liabilities, Fair Value Disclosure		61.3		107.7
Debt, Fair Value		5,723.1		5,171.0
Level 2 | 2.50% convertible senior notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt, Fair Value		$ 583.7		$ 566.1
BellRing | Post Holdings, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Noncontrolling Interest, Ownership Percentage by Parent				3.40%	14.20%

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Long-Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2023	Sep. 30, 2022	Aug. 12, 2022
Debt Instrument
Long-term Debt, Including Current Maturities	$ 6,197.7	$ 5,969.3
Current portion of long-term debt	1.1	1.1
Unamortized Debt Issuance Costs, net	45.0	50.1
Plus: Unamortized premium and discount, net	34.5	38.5
Total Long-term Debt	6,186.1	5,956.6
Municipal Bonds
Debt Instrument
Long-term Debt	5.3	6.4
Term Loan
Debt Instrument
Long-term Debt	400.0	0.0
2.50% convertible senior notes | Senior Notes
Debt Instrument
Long-term Debt	575.0	575.0	$ 575.0
Unamortized Debt Issuance Costs, net	13.3	15.5
4.50% Senior Notes Maturing in September 2031 | Senior Notes
Debt Instrument
Long-term Debt	1,129.3	1,270.5
4.625% Senior Notes Maturing April 2030 | Senior Notes
Debt Instrument
Long-term Debt	1,452.9	1,482.2
5.50% Senior Notes Maturing in December 2029 | Senior Notes
Debt Instrument
Long-term Debt	1,235.0	1,235.0
5.625% senior notes maturing January 2028 | Senior Notes
Debt Instrument
Long-term Debt	940.9	940.9
5.75% Senior Notes Maturing March 2027 | Senior Notes
Debt Instrument
Long-term Debt	$ 459.3	$ 459.3

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Long-Term Debt - BRBR (Details) - USD ($) shares in Millions, $ in Millions			3 Months Ended		9 Months Ended		12 Months Ended
	Nov. 25, 2022	Aug. 11, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022	Nov. 18, 2022	Jul. 25, 2022	Mar. 08, 2022
Debt Instrument
Gross Repayments of Long-term debt			$ 50.0	$ 73.9	$ 201.7	$ 915.0
Gross Exchanges of Long-term debt			$ 0.0	$ 0.0	$ 99.9	840.0
Post Holdings, Inc. | BellRing
Debt Instrument
Noncontrolling Interest, Common Stock, Transfer	4.6	14.8
Incremental Term Loan | Term Loan
Debt Instrument
Loans Payable to Bank										$ 840.0
Gross Repayments of Long-term debt							$ 840.0
5.75% Senior Notes Maturing March 2027 | Senior Notes
Debt Instrument
Gross Repayments of Long-term debt						840.0
Gross Repayments of Long-term debt, percentage							65.00%
Debt Instrument, Interest Rate, Stated Percentage			5.75%		5.75%
Debt Instrument, Redemption Price, Percentage							102.875%
Gross Exchanges of Long-term debt						$ 0.0
Second Incremental Term Loan | Term Loan
Debt Instrument
Loans Payable to Bank									$ 450.0
Gross Repayments of Long-term debt							$ 107.7
Gross Exchanges of Long-term debt							$ 342.3
Third Incremental Term Loan | Term Loan
Debt Instrument
Loans Payable to Bank								$ 130.0
Gross Repayments of Long-term debt					$ 30.1
Gross Exchanges of Long-term debt					$ 99.9
Third Incremental Term Loan | Term Loan | Secured Overnight Financing Rate
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate					1.50%

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Long-Term Debt - Convertible Sr Notes (Details)	9 Months Ended
	Jun. 30, 2023 USD ($) d $ / shares	Sep. 30, 2022 USD ($)	Aug. 12, 2022 USD ($)
Debt Instrument
Unamortized Debt Issuance Costs, net	$ 45,000,000.0	$ 50,100,000
Maximum
Debt Instrument
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger	130.00%
2.50% convertible senior notes | Senior Notes
Debt Instrument
Long-term Debt	$ 575,000,000.0	575,000,000.0	$ 575,000,000.0
Debt Instrument, Interest Rate, Stated Percentage	2.50%
Debt Instrument, Convertible, Conversion Ratio	9.4248
Debt Instrument, Convertible, Conversion Price | $ / shares	$ 106.10
Debt Instrument, Convertible, Threshold Consecutive Trading Days | d	5
Debt Instrument, Convertible, Threshold Trading Days | d	10
Debt Instrument, Issued, Principal	$ 1,000
Debt Instrument, Convertible, Latest Date	Aug. 15, 2027
Long-Term Debt, Carrying Value	$ 561,700,000	559,500,000
Unamortized Debt Issuance Costs, net	$ 13,300,000	$ 15,500,000
Debt Instrument, Convertible, Earliest Date	May 15, 2027
2.50% convertible senior notes | Senior Notes | Maximum
Debt Instrument
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger	130.00%
2.50% convertible senior notes | Senior Notes | Minimum
Debt Instrument
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger	98.00%

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Long-Term Debt - Credit Agreement (Details) $ in Millions	9 Months Ended
	Jun. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Debt Instrument
Debt Covenant, Leverage Ratio	4.25
Revolving Credit Facility
Debt Instrument
Line of Credit Facility, Current Borrowing Capacity	$ 750.0
Letters of Credit Outstanding, Amount	19.7	$ 19.7
Line of Credit Facility, Remaining Borrowing Capacity	730.3	$ 730.3
Debt Covenant, Maximum Undischarged Judgments	$ 100.0
Revolving Credit Facility | High-End Ratio
Debt Instrument
Debt Covenant, Leverage Ratio	3.00
Revolving Credit Facility | Low-End Ratio
Debt Instrument
Debt Covenant, Leverage Ratio	1.50
Revolving Credit Facility | Maximum
Debt Instrument
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.375%
Revolving Credit Facility | Minimum
Debt Instrument
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Revolving Credit Facility | Federal Funds
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate	0.50%
Revolving Credit Facility | One-Month Eurodollar
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate	1.00%
Revolving Credit Facility | Eurodollar | Maximum
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate	2.00%
Revolving Credit Facility | Eurodollar | Median
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate	1.75%
Revolving Credit Facility | Eurodollar | Minimum
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate	1.50%
Revolving Credit Facility | Base Rate | Maximum
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate	1.00%
Revolving Credit Facility | Base Rate | Median
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate	0.75%
Revolving Credit Facility | Base Rate | Minimum
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate	0.50%
Line of Credit
Debt Instrument
Line of Credit Facility, Current Borrowing Capacity	$ 75.0

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Long-Term Debt - Fourth Incremental Term Loan (Details) - USD ($) $ in Millions		9 Months Ended
	Apr. 26, 2023	Jun. 30, 2023
Extinguishment of Debt [Line Items]
Percentage of Consolidate Cash Flow		50.00%
Minimum
Extinguishment of Debt [Line Items]
Percentage of Consolidate Cash Flow		0.00%
Maximum
Extinguishment of Debt [Line Items]
Percentage of Consolidate Cash Flow		25.00%
Fourth Incremental Term Loan | Term Loan
Extinguishment of Debt [Line Items]
Loans Payable to Bank	$ 400.0
Debt Issuance Costs, Net	$ 1.9
Fourth Incremental Term Loan | Term Loan | Base Rate
Extinguishment of Debt [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.25%
Fourth Incremental Term Loan | Term Loan | Secured Overnight Financing Rate
Extinguishment of Debt [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.25%

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Long-Term Debt - Repayments (Details) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Debt Disclosure [Abstract]
Debt Covenant, Leverage Ratio	4.25		4.25
Debt Covenant, Percentage of Revolving Credit Commitments	30.00%		30.00%
Extinguishment of Debt [Line Items]
Gross Repayments of Long-term debt	$ 50.0	$ 73.9	$ 201.7	$ 915.0
Gross Exchanges of Long-term debt	$ 0.0	0.0	$ 99.9	840.0
Debt Covenant, Leverage Ratio	4.25		4.25
Debt Covenant, Percentage of Revolving Credit Commitments	30.00%		30.00%
Debt Covenant, interest coverage ratio	2.00		2.00
Loss on extinguishment of debt and refinancing fees, net
Extinguishment of Debt [Line Items]
Payment (Proceeds) for debt discounts and premiums	$ (6.4)	(10.6)	$ (23.3)	13.5
Write off of Debt Issuance Costs and Deferred Financing Fees	0.3	0.6	2.4	9.1
Write-off of Unamortized Debt Discount/(Premium)	(0.3)	(0.2)	(0.3)	(13.5)
Municipal Bonds
Extinguishment of Debt [Line Items]
Gross Repayments of Long-term debt			1.1	1.1
Gross Exchanges of Long-term debt			0.0	0.0
Municipal Bonds | Loss on extinguishment of debt and refinancing fees, net
Extinguishment of Debt [Line Items]
Payment (Proceeds) for debt discounts and premiums			0.0	0.0
Write off of Debt Issuance Costs and Deferred Financing Fees			0.0	0.0
Write-off of Unamortized Debt Discount/(Premium)			0.0	0.0
4.50% Senior Notes Maturing in September 2031 | Senior Notes
Extinguishment of Debt [Line Items]
Gross Repayments of Long-term debt	20.7	58.9	141.2	58.9
Gross Exchanges of Long-term debt	0.0	0.0	0.0	0.0
4.50% Senior Notes Maturing in September 2031 | Senior Notes | Loss on extinguishment of debt and refinancing fees, net
Extinguishment of Debt [Line Items]
Payment (Proceeds) for debt discounts and premiums	(3.0)	(9.4)	(19.9)	(9.4)
Write off of Debt Issuance Costs and Deferred Financing Fees	0.1	0.5	1.1	0.5
Write-off of Unamortized Debt Discount/(Premium)	0.0	0.0	0.0	0.0
5.75% Senior Notes Maturing March 2027 | Senior Notes
Extinguishment of Debt [Line Items]
Gross Repayments of Long-term debt				840.0
Gross Exchanges of Long-term debt				0.0
5.75% Senior Notes Maturing March 2027 | Senior Notes | Loss on extinguishment of debt and refinancing fees, net
Extinguishment of Debt [Line Items]
Payment (Proceeds) for debt discounts and premiums				24.1
Write off of Debt Issuance Costs and Deferred Financing Fees				5.0
Write-off of Unamortized Debt Discount/(Premium)				(13.3)
First Incremental Term Loan | Term Loan
Extinguishment of Debt [Line Items]
Gross Repayments of Long-term debt				0.0
Gross Exchanges of Long-term debt				840.0
First Incremental Term Loan | Term Loan | Loss on extinguishment of debt and refinancing fees, net
Extinguishment of Debt [Line Items]
Payment (Proceeds) for debt discounts and premiums				0.0
Write off of Debt Issuance Costs and Deferred Financing Fees				3.5
Write-off of Unamortized Debt Discount/(Premium)				0.0
Third Incremental Term Loan | Term Loan
Extinguishment of Debt [Line Items]
Gross Repayments of Long-term debt			30.1
Gross Exchanges of Long-term debt			99.9
Third Incremental Term Loan | Term Loan | Loss on extinguishment of debt and refinancing fees, net
Extinguishment of Debt [Line Items]
Payment (Proceeds) for debt discounts and premiums			0.0
Write off of Debt Issuance Costs and Deferred Financing Fees			1.1
Write-off of Unamortized Debt Discount/(Premium)			0.0
4.625% Senior Notes Maturing April 2030 | Senior Notes
Extinguishment of Debt [Line Items]
Gross Repayments of Long-term debt	29.3		29.3
Gross Exchanges of Long-term debt	0.0		0.0
4.625% Senior Notes Maturing April 2030 | Senior Notes | Loss on extinguishment of debt and refinancing fees, net
Extinguishment of Debt [Line Items]
Payment (Proceeds) for debt discounts and premiums	(3.4)		(3.4)
Write off of Debt Issuance Costs and Deferred Financing Fees	0.2		0.2
Write-off of Unamortized Debt Discount/(Premium)	$ (0.3)		$ (0.3)
5.50% Senior Notes Maturing in December 2029 | Senior Notes
Extinguishment of Debt [Line Items]
Gross Repayments of Long-term debt		15.0		15.0
Gross Exchanges of Long-term debt		0.0		0.0
5.50% Senior Notes Maturing in December 2029 | Senior Notes | Loss on extinguishment of debt and refinancing fees, net
Extinguishment of Debt [Line Items]
Payment (Proceeds) for debt discounts and premiums		(1.2)		(1.2)
Write off of Debt Issuance Costs and Deferred Financing Fees		0.1		0.1
Write-off of Unamortized Debt Discount/(Premium)		$ (0.2)		$ (0.2)

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Commitments and Contingencies (Details) - Michael Foods $ in Millions		12 Months Ended
	Dec. 31, 2016 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2023 defendant
Loss Contingencies
Claims filed, number			22
Loss Contingency, Number of Defendants | defendant			20
Loss Contingency, Pending Claims, Number of Plaintiff Groups			3
Litigation Settlement, Amount Awarded to Other Party	$ 75.0
Selling, General and Administrative Expenses
Loss Contingencies
Litigation Settlement, Expense		$ 13.8

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Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Gain) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pension Benefits | North America
Components of net periodic benefit cost (gain)
Service cost	$ 0.6	$ 1.1	$ 1.7	$ 3.3
Interest cost	1.3	0.9	3.9	2.6
Expected return on plan assets	(1.9)	(1.8)	(5.7)	(5.3)
Recognized net actuarial loss (gain)	0.0	0.4	(0.1)	1.2
Recognized prior service cost (credit)	0.0	0.1	0.1	0.1
Net periodic benefit cost (gain)	0.0	0.7	(0.1)	1.9
Pension Benefits | Other International
Components of net periodic benefit cost (gain)
Interest cost	6.0	3.9	17.3	12.2
Expected return on plan assets	(7.9)	(6.1)	(22.9)	(19.2)
Recognized net actuarial loss (gain)	0.0	0.0	0.1	0.0
Recognized prior service cost (credit)	0.1	0.1	0.3	0.3
Net periodic benefit cost (gain)	(1.8)	(2.1)	(5.2)	(6.7)
Other Postretirement Benefit Plan | North America
Components of net periodic benefit cost (gain)
Service cost	0.1	0.1	0.2	0.3
Interest cost	0.6	0.4	1.9	1.2
Recognized net actuarial loss (gain)	(0.1)	0.2	(0.4)	0.5
Recognized prior service cost (credit)	(1.2)	(1.2)	(3.5)	(3.5)
Net periodic benefit cost (gain)	$ (0.6)	$ (0.5)	$ (1.8)	$ (1.5)

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Shareholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
	Apr. 28, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Equity, Class of Treasury Stock [Line Items]
Total Share Repurchase Cost				$ 242.4	$ 343.0
Pet Food
Equity, Class of Treasury Stock [Line Items]
Issuance of common stock	$ 492.3
Common Stock
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in millions)		1.9	1.9	2.9	3.8
Average price per share (a)		$ 86.64	$ 76.43	$ 86.91	$ 89.94
Total Share Repurchase Cost		$ 166.8	$ 145.8	$ 250.5	$ 339.0
Common Stock | Smucker | Pet Food
Equity, Class of Treasury Stock [Line Items]
Stock Issued During Period, Shares, Acquisitions	5.4
Common Stock
Equity, Class of Treasury Stock [Line Items]
Accrued repurchases of common stock				$ 8.1
Payments for accrued repurchases of common stock					$ 4.0

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Segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022
Segment Reporting Information
Net Sales	$ 1,859.4	$ 1,524.9	$ 5,045.6	$ 4,272.1
Interest expense, net	72.7	75.6	202.4	245.6
(Gain) loss on extinguishment of debt, net	(6.4)	(10.2)	(21.2)	9.1
Income on swaps, net	(17.1)	(131.6)	(20.4)	(222.9)
Gain on investment in BellRing	0.0	(35.1)	(5.1)	(482.8)
Earnings before income taxes and equity method loss	125.1	219.6	318.0	748.7
Depreciation and amortization	106.5	93.8	293.3	285.5
Assets	11,886.9		11,886.9		$ 11,308.0
Corporate
Segment Reporting Information
General corporate expenses and other	52.3	47.6	145.0	138.7
Depreciation and amortization	2.3	0.8	4.6	2.7
Assets	351.8		351.8		1,164.9
Operating Segments
Segment Reporting Information
Net Sales	1,859.4	1,524.9	5,045.6	4,272.1
Segment Profit	226.6	165.9	618.7	436.4
Depreciation and amortization	104.2	93.0	288.7	282.8
Operating Segments | Post Consumer Brands
Segment Reporting Information
Net Sales	871.3	574.7	2,025.1	1,655.1
Segment Profit	83.0	81.8	237.8	232.6
Depreciation and amortization	44.1	33.3	109.2	101.0
Assets	4,789.3		4,789.3		3,529.1
Operating Segments | Weetabix
Segment Reporting Information
Net Sales	134.2	124.9	377.2	360.5
Segment Profit	17.9	27.8	58.8	81.8
Depreciation and amortization	9.2	8.9	26.6	27.8
Assets	1,817.1		1,817.1		1,591.3
Operating Segments | Foodservice
Segment Reporting Information
Net Sales	622.7	579.0	1,856.4	1,469.5
Segment Profit	107.7	45.9	264.9	81.0
Depreciation and amortization	31.8	31.8	95.5	95.3
Operating Segments | Refrigerated Retail
Segment Reporting Information
Net Sales	230.7	246.4	786.4	787.4
Segment Profit	18.0	10.4	57.2	41.0
Depreciation and amortization	19.1	19.0	57.4	58.7
Operating Segments | Foodservice and Refrigerated Retail
Segment Reporting Information
Assets	4,928.7		4,928.7		$ 5,022.7
Eliminations | Eliminations and Corporate
Segment Reporting Information
Net Sales	0.5	(0.1)	0.5	(0.4)
Cereal | Operating Segments
Segment Reporting Information
Net Sales	700.8	657.8	2,028.5	1,936.5
Nut butters | Operating Segments
Segment Reporting Information
Net Sales	20.0	35.5	74.9	72.5
Eggs and egg products | Operating Segments
Segment Reporting Information
Net Sales	591.1	560.6	1,769.2	1,420.7
Side dishes (including potato products) | Operating Segments
Segment Reporting Information
Net Sales	171.0	158.2	561.0	489.3
Cheese and dairy | Operating Segments
Segment Reporting Information
Net Sales	42.9	51.0	143.9	164.6
Sausage | Operating Segments
Segment Reporting Information
Net Sales	35.5	38.8	127.8	131.2
Protein-based products | Operating Segments
Segment Reporting Information
Net Sales	9.4	6.2	23.6	6.2
Other | Operating Segments
Segment Reporting Information
Net Sales	13.4	16.9	42.2	51.9
Eliminations | Eliminations
Segment Reporting Information
Net Sales	0.0	(0.1)	(0.8)	(0.8)
Pet Food | Operating Segments
Segment Reporting Information
Net Sales	$ 275.3	$ 0.0	$ 275.3	$ 0.0