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 March 31, 2024

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 – 60,585,877 shares as of April 29, 2024

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	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	34
Item 4.	Controls and Procedures	35
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	35
Item 1A.	Risk Factors	35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	36
Item 5.	Other Information	36
Item 6.	Exhibits	37
	SIGNATURES	39

i

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 March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Net Sales	$	1,999.0	$	1,619.9	$	3,964.9	$	3,186.2
Cost of goods sold	1,419.4		1,206.1		2,812.7		2,357.5
Gross Profit	579.6		413.8		1,152.2		828.7
Selling, general and administrative expenses	341.3		239.3		664.2		468.0
Amortization of intangible assets	46.4		36.6		92.1		73.0
Other operating expense (income), net	1.8		0.2		(3.5)		0.1
Operating Profit	190.1		137.7		399.4		287.6
Interest expense, net	80.0		63.8		158.1		129.7
Loss (gain) on extinguishment of debt, net	0.3		(6.1)		(2.8)		(14.8)
(Income) expense on swaps, net	(13.3)		9.0		7.8		(3.3)
Other income, net	(2.8)		(3.5)		(6.3)		(16.9)
Earnings before Income Taxes and Equity Method Loss	125.9		74.5		242.6		192.9
Income tax expense	28.6		18.9		57.1		43.6
Equity method loss, net of tax	—		0.2		0.1		0.2
Net Earnings Including Noncontrolling Interests	97.3		55.4		185.4		149.1
Less: Net earnings attributable to noncontrolling interests	0.1		1.3		0.1		3.1
Net Earnings	$	97.2	$	54.1	$	185.3	$	146.0
Earnings per Common Share:
Basic	$	1.60	$	0.98	$	3.06	$	2.64
Diluted	$	1.48	$	0.92	$	2.83	$	2.44
Weighted-Average Common Shares Outstanding:
Basic	60.8		58.8		60.6		58.8
Diluted	67.6		65.7		67.5		65.8

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 March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Net Earnings Including Noncontrolling Interests	$	97.3	$	55.4	$	185.4	$	149.1
Pension and other postretirement benefits adjustments:
Unrealized pension and other postretirement benefit obligations	(8.3)		—		(8.3)		—
Reclassifications to net earnings	(0.2)		(1.1)		(0.6)		(2.3)
Foreign currency translation adjustments:
Unrealized foreign currency translation adjustments	(11.9)		31.5		53.5		149.2
Tax benefit on other comprehensive (loss) income:
Pension and other postretirement benefits adjustments:
Unrealized pension and other postretirement benefit obligations	2.0		—		2.0		—
Reclassifications to net earnings	0.1		0.3		0.2		0.6
Total Other Comprehensive (Loss) Income Including Noncontrolling Interests	(18.3)		30.7		46.8		147.5
Less: Comprehensive income attributable to noncontrolling interests	1.6		0.5		1.2		2.0
Total Comprehensive Income	$	77.4	$	85.6	$	231.0	$	294.6

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

2

POST HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(in millions)

	March 31, 2024		September 30, 2023
ASSETS
Current Assets
Cash and cash equivalents	$	333.4	$	93.3
Restricted cash	14.2		23.9
Receivables, net	569.3		512.4
Inventories	802.7		789.9
Prepaid expenses and other current assets	91.3		59.0
Total Current Assets	1,810.9		1,478.5
Property, net	2,145.1		2,021.4
Goodwill	4,647.0		4,574.4
Other intangible assets, net	3,214.7		3,212.4
Other assets	373.4		360.0
Total Assets	$	12,191.1	$	11,646.7
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Current portion of long-term debt	$	1.2	$	1.1
Accounts payable	396.3		368.8
Other current liabilities	442.0		435.4
Total Current Liabilities	839.5		805.3
Long-term debt	6,414.6		6,039.0
Deferred income taxes	666.7		674.4
Other liabilities	279.6		276.7
Total Liabilities	8,200.4		7,795.4
Shareholders’ Equity
Common stock	0.9		0.9
Additional paid-in capital	5,240.1		5,288.1
Retained earnings	1,601.8		1,416.5
Accumulated other comprehensive loss	(89.4)		(135.1)
Treasury stock, at cost	(2,773.1)		(2,728.3)
Total Shareholders’ Equity Excluding Noncontrolling Interests	3,980.3		3,842.1
Noncontrolling interests	10.4		9.2
Total Shareholders’ Equity	3,990.7		3,851.3
Total Liabilities and Shareholders’ Equity	$	12,191.1	$	11,646.7

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

3

POST HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in millions)

	Six Months Ended March 31,
	2024		2023
Cash Flows from Operating Activities
Net earnings including noncontrolling interests	$	185.4	$	149.1
Adjustments to reconcile net earnings including noncontrolling interests to net cash provided by operating activities:
Depreciation and amortization	232.0		186.8
Unrealized loss on interest rate swaps, foreign exchange contracts and warrant liability, net	17.8		4.1
Gain on extinguishment of debt, net	(2.8)		(14.8)
Non-cash stock-based compensation expense	39.8		37.2
Equity method loss, net of tax	0.1		0.2
Deferred income taxes	(13.2)		(27.9)
Other, net	(3.5)		(4.6)
Other changes in operating assets and liabilities, net of business acquisitions:
Increase in receivables, net	(3.5)		(26.0)
Decrease (increase) in inventories	12.5		(41.6)
Increase in prepaid expenses and other current assets	(38.3)		(21.3)
(Increase) decrease in other assets	(4.8)		6.7
Decrease in accounts payable and other current liabilities	(11.5)		(57.6)
Increase in non-current liabilities	14.0		8.0
Net Cash Provided by Operating Activities	424.0		198.3
Cash Flows from Investing Activities
Business acquisitions, net of cash acquired	(252.7)		—
Additions to property	(179.5)		(132.9)
Other, net	(0.4)		(1.1)
Net Cash Used in Investing Activities	(432.6)		(134.0)
Cash Flows from Financing Activities
Proceeds from issuance of debt	1,645.0		130.0
Repayments of debt, net of discounts	(1,250.5)		(134.8)
Purchases of treasury stock	(44.8)		(83.7)
Payments of debt issuance costs and deferred financing fees	(19.9)		(1.3)
Payments of debt premiums	(4.4)		—
Payment for share repurchase contracts	(50.0)		—
Financing portion of cash paid for rate-lock interest rate swaps	—		(43.5)
Other, net	(38.3)		(28.4)
Net Cash Provided by (Used in) Financing Activities	237.1		(161.7)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	1.9		3.4
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	230.4		(94.0)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year	117.2		590.1
Cash, Cash Equivalents and Restricted Cash, End of Period	$	347.6	$	496.1

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 March 31,				As of and for the Six Months Ended March 31,
	2024		2023		2024		2023
Common Stock
Beginning and end of period	$	0.9	$	0.9	$	0.9	$	0.9
Additional Paid-in Capital
Beginning of period	5,273.1		4,737.4		5,288.1		4,748.2
Activity under stock and deferred compensation plans	(3.7)		(0.1)		(37.8)		(27.9)
Non-cash stock-based compensation expense	20.7		20.2		39.8		37.2
Payment for share repurchase contracts	(50.0)		—		(50.0)		—
End of period	5,240.1		4,757.5		5,240.1		4,757.5
Retained Earnings
Beginning of period	1,504.6		1,201.0		1,416.5		1,109.0
Net earnings	97.2		54.1		185.3		146.0
Post Holdings Partnering Corporation deemed dividend	—		(1.3)		—		(1.2)
End of period	1,601.8		1,253.8		1,601.8		1,253.8
Accumulated Other Comprehensive Loss
Retirement Benefit Adjustments, net of tax
Beginning of period	(30.6)		(30.6)		(30.3)		(29.7)
Net change in retirement benefits, net of tax	(6.4)		(0.8)		(6.7)		(1.7)
End of period	(37.0)		(31.4)		(37.0)		(31.4)
Hedging Adjustments, net of tax
Beginning and end of period	74.8		74.8		74.8		74.8
Foreign Currency Translation Adjustments
Beginning of period	(113.8)		(190.0)		(179.6)		(308.0)
Foreign currency translation adjustments	(13.4)		32.3		52.4		150.3
End of period	(127.2)		(157.7)		(127.2)		(157.7)
Treasury Stock
Beginning of period	(2,765.0)		(2,365.2)		(2,728.3)		(2,341.2)
Purchases of treasury stock	(8.1)		(59.7)		(44.8)		(83.7)
End of period	(2,773.1)		(2,424.9)		(2,773.1)		(2,424.9)
Total Shareholders’ Equity Excluding Noncontrolling Interests	3,980.3		3,473.0		3,980.3		3,473.0
Noncontrolling Interests
Beginning of period	8.8		11.6		9.2		11.7
Net earnings attributable to noncontrolling interests	0.1		0.1		0.1		0.3
Foreign currency translation adjustments	1.5		(0.8)		1.1		(1.1)
End of period	10.4		10.9		10.4		10.9
Total Shareholders’ Equity	$	3,990.7	$	3,483.9	$	3,990.7	$	3,483.9

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

5

POST HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in millions, except per share, per unit and per principal amount 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 have been prepared on a basis substantially consistent with, and 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, 2023, filed with the SEC on November 17, 2023.

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 (other than the ones described below) that had or will have a material impact on the Company’s results of operations, comprehensive income, financial position, cash flows, shareholders’ equity or related disclosures based on current information.

In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU is effective for fiscal years beginning after December 15, 2024 (i.e., the Company’s annual financial statements for the year ended September 30, 2026), with early adoption permitted. This ASU should be adopted prospectively; however, retrospective adoption is permitted. The Company is currently evaluating the impact of this standard.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU is effective for fiscal years beginning after December 15, 2023 (i.e., the Company’s annual financial statements for the year ended September 30, 2025) and for interim periods within fiscal years beginning after December 15, 2024 (i.e., the Company’s interim financial statements for the three months ended December 31, 2025), with early adoption permitted. This ASU requires retrospective adoption. The Company is currently evaluating the impact of this standard.

NOTE 3 — NONCONTROLLING INTERESTS, EQUITY INTERESTS AND RELATED PARTY TRANSACTIONS

Post Holdings Partnering Corporation

In May and June 2021, the Company and Post Holdings Partnering Corporation (“PHPC”), a special purpose acquisition company, consummated the initial public offering of 34.5 units of PHPC (the “PHPC Units” and such transaction, the “PHPC IPO”), of which a wholly-owned subsidiary of the Company (“PHPC Sponsor”) purchased 4.0 PHPC Units. Each PHPC Unit consisted of one share of Series A common stock of PHPC (“PHPC Series A Common Stock”) and one-third of one redeemable warrant 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. 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 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”). Each PHPC Private Placement Unit consisted of one share of PHPC Series A Common Stock and one-third of one redeemable warrant of PHPC 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, the Company, through PHPC Sponsor’s ownership of 8.6 shares of Series F common stock of PHPC (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 amended and restated certificate of incorporation.

6

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 partnering transaction 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.

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). Remeasurements to the redemption value of the redeemable NCI were recognized as a deemed dividend and recorded to retained earnings on the balance sheet prior to the PHPC Redemption (as defined below).

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.

Prior to the PHPC Redemption, 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 during the third quarter of fiscal 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, during the third quarter of fiscal 2023:

•$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. The Company received $40.9 from the PHPC Redemption related to its ownership of 4.0 shares of PHPC Series A Common Stock; and

•redeemable NCI of $312.5 immediately prior to the PHPC Redemption was reduced to zero.

Subsequent to the PHPC Redemption, PHPC 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 the PHPC Series F Common Stock, which were surrendered by PHPC Sponsor for no consideration. PHPC Sponsor subsequently dissolved in August 2023.

7

The following table summarizes the effects of changes in the Company’s redeemable NCI on the Company’s equity for the three and six months ended March 31, 2023.

	Three Months Ended March 31, 2023		Six Months Ended March 31, 2023
Net earnings attributable to redeemable NCI	$	1.2	$	2.8
Redemption value adjustment	(2.5)		(4.0)
PHPC deemed dividend	$	(1.3)	$	(1.2)

The following table summarizes the changes to the Company’s redeemable NCI for the three and six months ended March 31, 2023.

	Three Months Ended March 31, 2023		Six Months Ended March 31, 2023
Beginning of period	$	308.1	$	306.6
Net earnings attributable to redeemable NCI	1.2		2.8
PHPC deemed dividend	1.3		1.2
End of period	$	310.6	$	310.6

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, in accordance with ASC Topic 323, “Investments—Equity Method and Joint Ventures,” the Company discontinued applying the equity method to the investment after reducing the balance of the investment to zero. The Company’s investment in 8th Avenue was zero at both March 31, 2024 and September 30, 2023, and the Company did not recognize an equity method gain (loss) attributable to 8th Avenue for the three or six months ended March 31, 2024 or 2023.

During the three and six months ended March 31, 2024, the Company had net sales to 8th Avenue of $2.1 and $3.8, respectively, and purchases from and royalties paid to 8th Avenue of $19.7 and $39.6, respectively. During the three and six months ended March 31, 2023, the Company had net sales to 8th Avenue of $3.1 and $5.5, respectively, and purchases from and royalties paid to 8th Avenue of $25.1 and $48.4, respectively. Sales and purchases between the Company and 8th Avenue were all made at arm’s-length.

The Company had current payables with 8th Avenue of $13.7 and $13.3 at March 31, 2024 and September 30, 2023, respectively, which were included in “Accounts payable” on the Condensed Consolidated Balance Sheets and primarily related to related party purchases and royalties. Current receivables with 8th Avenue at March 31, 2024 and September 30, 2023 were immaterial. In addition, the Company had a long-term receivable and a long-term liability with 8th Avenue of $12.9 and $0.7, respectively, at both March 31, 2024 and September 30, 2023, which were included in “Other assets” and “Other liabilities,” respectively, on the Condensed Consolidated Balance Sheets and related to tax indemnifications.

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. 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 investment in Alpen was $3.5 and $3.6 at March 31, 2024 and September 30, 2023, respectively, and was included in “Other assets” on the Condensed Consolidated Balance Sheets.

8

BellRing

Transactions between the Company and BellRing Brands, Inc. (“BellRing”) are considered related party transactions as certain of the Company’s officers or directors serve as directors of BellRing.

On September 30, 2022, Comet Processing, Inc. (“Comet”), a wholly-owned subsidiary of the Company, entered into a co-packing agreement with Premier Nutrition Company, LLC (“Premier Nutrition”), a subsidiary of BellRing (the “Co-Packing Agreement”). Under the Co-Packing Agreement, Premier Nutrition procures certain packaging materials for Comet that Comet utilizes in the production of ready-to-drink (“RTD”) shakes for Premier Nutrition. In December 2023, in accordance with the terms of the Co-Packing Agreement, Comet began manufacturing RTD shakes for Premier Nutrition. Sales of RTD shakes to Premier Nutrition during both the three and six months ended March 31, 2024 were immaterial, and there were no sales to Premier Nutrition during fiscal 2023. Other related party transactions and balances between the Company and BellRing were immaterial as of and for the three and six months ended March 31, 2024 and 2023.

NOTE 4 — BUSINESS COMBINATIONS

The Company uses the acquisition method of accounting for acquired businesses. Under the acquisition method, the Company’s financial statements reflect the operations of an acquired business starting from the date of acquisition. The assets acquired and liabilities assumed are recorded at their respective estimated fair values at the date of the acquisition based on Level 3 inputs. 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 acquired 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 2024

On December 1, 2023, the Company completed its acquisition of substantially all of the assets of Perfection Pet Foods, LLC (“Perfection”) for $235.0, subject to working capital adjustments and other adjustments, resulting in a payment at closing of $238.8. Perfection is a manufacturer and packager of private label and co-manufactured pet food and baked treat products and is reported in the Post Consumer Brands segment. The acquisition was completed using cash on hand, including borrowings under the Revolving Credit Facility (as defined in Note 13). At March 31, 2024, the Company had recorded a receivable related to additional estimated working capital adjustments of $4.6, which was included in “Receivables, net” on the Condensed Consolidated Balance Sheets.

Based upon the preliminary purchase price allocation, the Company recorded $81.0 of customer relationships, which is being amortized over a weighted-average useful life of 16 years. Net sales and operating profit included in the Condensed Consolidated Statements of Operations attributable to Perfection were $65.1 and $4.8, respectively, for the three months ended March 31, 2024 and $84.6 and $4.9, respectively, for the six months ended March 31, 2024. During the three and six months ended March 31, 2024, the Company recorded acquisition-related costs related to Perfection of $0.1 and $1.9, respectively, which were included in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Operations.

Preliminary values of Perfection 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 goodwill generated by the Company’s Perfection acquisition is expected to be deductible for U.S. income tax purposes.

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The following table presents the preliminary purchase price allocation, including immaterial measurement period adjustments, related to the Perfection acquisition based upon the fair values of assets acquired and liabilities assumed as of March 31, 2024.

Cash and cash equivalents	$	0.3
Receivables, net	40.8
Inventories	21.1
Prepaid expenses and other current assets	0.4
Property, net	69.9
Other intangible assets, net	81.0
Other assets	2.9
Accounts payable	(21.5)
Other current liabilities	(1.6)
Other liabilities	(1.8)
Total identifiable net assets	191.5
Goodwill	42.7
Fair value of total consideration transferred	$	234.2

Also on December 1, 2023, the Company completed its acquisition of Deeside Cereals I Ltd (“Deeside”) for £11.3 (approximately $14.3). The acquisition was completed using cash on hand. Deeside is a producer of private label cereals in the United Kingdom (the “U.K.”) and is reported in the Weetabix segment. Based upon the preliminary purchase price allocation at March 31, 2024, the Company identified and recorded $20.5 of net assets, which exceeded the purchase price paid for Deeside. As a result, the Company recorded a gain of $6.2, which was included in “Other operating expense (income), net” in the Condensed Consolidated Statements of Operations for the six months ended March 31, 2024. Net sales and operating loss included in the Condensed Consolidated Statements of Operations attributable to Deeside were $7.2 and $0.7, respectively, for the three months ended March 31, 2024 and $9.5 and $0.9, respectively, for the six months ended March 31, 2024. Preliminary values of Deeside are measured as of the date of the acquisition, are not yet finalized pending the final purchase price allocation and are subject to change.

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 shares of Post common stock, or $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 13). Pet Food is reported in the Post Consumer Brands segment.

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 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 the three and six months ended March 31, 2024, Post incurred $4.5 and $9.5, respectively, related to TSA fees, which were recorded within “Selling, general and administrative expenses” in 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 March 31, 2024 and September 30, 2023, the Company had recorded a net receivable due from Smucker related to the TSA of $29.5 and $35.5, respectively, which was recorded within “Receivables, net” on the Condensed Consolidated Balance Sheets.

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 2024 Perfection acquisition and the fiscal 2023 Pet Food acquisition for the periods presented as if the fiscal 2024 Perfection acquisition had occurred on October 1, 2022 and the fiscal 2023 Pet Food acquisition had occurred on October 1, 2021, along with certain pro forma adjustments. The results of operations for the fiscal 2024 Deeside acquisition were immaterial for presentation within the following unaudited pro forma information. These pro forma adjustments give

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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 Perfection and Pet Food acquisitions occurred on the assumed dates, nor is it necessarily an indication of future operating results.

	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Pro forma net sales	$	1,999.0	$	2,071.4	$	4,005.8	$	4,087.4
Pro forma net earnings	$	100.7	$	67.8	$	192.6	$	163.5
Pro forma basic earnings per common share	$	1.66	$	1.11	$	3.18	$	2.69
Pro forma diluted earnings per common share	$	1.53	$	1.04	$	2.93	$	2.50

NOTE 5 — RESTRUCTURING

In November 2023, the Company finalized its plan to close its Post Consumer Brands cereal manufacturing facility in Lancaster, Ohio (the “Lancaster Facility”). The transfer of production capabilities to other Company locations and closure of the Lancaster Facility is expected to be completed by the end of fiscal 2024.

Restructuring charges and the associated liabilities for employee-related expenses related to the closure of the Lancaster Facility are shown in the following table.

Balance, September 30, 2023	$	—
Charge to expense	7.7
Cash payments	(0.2)
Non-cash charges	—
Balance, March 31, 2024	$	7.5
Total expected restructuring charges	$	7.8
Cumulative restructuring charges incurred to date	7.7
Remaining expected restructuring charges	$	0.1

No restructuring charges were incurred during the three or six months ended March 31, 2023. Restructuring charges of $0.2 and $7.7 were included in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Operations during the three and six months ended March 31, 2024, respectively.

NOTE 6 — EARNINGS PER SHARE

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 prior to the PHPC Redemption were recognized as a deemed dividend (see Note 3). 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 per share. In addition, dilutive net earnings was adjusted for interest expense, net of tax, related to the Company’s convertible senior notes.

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The following table sets forth the computation of basic and diluted earnings per share.

	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Net earnings	$	97.2	$	54.1	$	185.3	$	146.0
Impact of redeemable NCI	—		3.4		—		9.1
Net earnings for basic earnings per share	$	97.2	$	57.5	$	185.3	$	155.1
Impact of interest expense, net of tax, related to convertible senior notes	2.7		2.7		5.4		5.4
Net earnings for diluted earnings per share	$	99.9	$	60.2	$	190.7	$	160.5
Weighted-average shares for basic earnings per share	60.8		58.8		60.6		58.8
Effect of dilutive securities:
Stock options	0.3		0.3		0.3		0.4
Stock appreciation rights	—		0.1		—		0.1
Restricted stock units	0.3		0.4		0.4		0.5
Market-based performance restricted stock units	0.8		0.6		0.7		0.5
Earnings-based performance restricted stock units	—		0.1		0.1		0.1
Shares issuable upon conversion of convertible senior notes	5.4		5.4		5.4		5.4
Total dilutive securities	6.8		6.9		6.9		7.0
Weighted-average shares for diluted earnings per share	67.6		65.7		67.5		65.8
Earnings per Common Share:
Basic	$	1.60	$	0.98	$	3.06	$	2.64
Diluted	$	1.48	$	0.92	$	2.83	$	2.44

The following table presents the securities that have been excluded from the calculation of weighted-average shares for diluted earnings per share as they were anti-dilutive.

	Three Months Ended March 31,		Six Months Ended March 31,
	2024	2023	2024	2023
Restricted stock units	—	—	—	0.1
Market-based performance restricted stock units	—	0.2	—	0.2

NOTE 7 — INVENTORIES

	March 31, 2024		September 30, 2023
Raw materials and supplies	$	157.6	$	155.9
Work in process	23.4		24.4
Finished products	587.2		573.6
Flocks	34.5		36.0
	$	802.7	$	789.9

NOTE 8 — PROPERTY, NET

	March 31, 2024		September 30, 2023
Property, at cost	$	4,031.2	$	3,769.4
Accumulated depreciation	(1,886.1)		(1,748.0)
	$	2,145.1	$	2,021.4

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NOTE 9 — 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, 2023
Goodwill (gross)	$	2,261.1	$	854.3	$	1,355.3	$	803.7	$	5,274.4
Accumulated impairment losses	(609.1)		—		—		(90.9)		(700.0)
Goodwill (net)	$	1,652.0	$	854.3	$	1,355.3	$	712.8	$	4,574.4
Goodwill from acquisition	42.7		—		—		—		42.7
Currency translation adjustment	—		29.9		—		—		29.9
Balance, March 31, 2024
Goodwill (gross)	$	2,303.8	$	884.2	$	1,355.3	$	803.7	$	5,347.0
Accumulated impairment losses	(609.1)		—		—		(90.9)		(700.0)
Goodwill (net)	$	1,694.7	$	884.2	$	1,355.3	$	712.8	$	4,647.0

NOTE 10 — INTANGIBLE ASSETS, NET

	March 31, 2024						September 30, 2023
	Carrying Amount		Accumulated Amortization		Net Amount		Carrying Amount		Accumulated Amortization		Net Amount
Subject to amortization:
Customer relationships	$	2,622.5	$	(1,011.0)	$	1,611.5	$	2,535.5	$	(940.7)	$	1,594.8
Trademarks, brands and licensing agreements	886.1		(324.4)		561.7		885.8		(301.3)		584.5
	3,508.6		(1,335.4)		2,173.2		3,421.3		(1,242.0)		2,179.3
Not subject to amortization:
Trademarks and brands	1,041.5		—		1,041.5		1,033.1		—		1,033.1
	$	4,550.1	$	(1,335.4)	$	3,214.7	$	4,454.4	$	(1,242.0)	$	3,212.4

NOTE 11 — 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 March 31, 2024, 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 (the “FX contracts”) maturing in the next year that have the effect of hedging currency fluctuations between the Euro and the Pound Sterling; and

•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.

During the six months ended March 31, 2024, the Company received cash proceeds of $5.2 in connection with the termination of its interest rate swap contracts with a $400.0 notional value.

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During the six months ended March 31, 2023, the Company paid $43.5 in connection with the termination of $516.7 notional value of its rate-lock swap contracts and received cash proceeds of $6.7 in connection with the termination of its interest rate swap contract with a $200.0 notional value.

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

	March 31, 2024		September 30, 2023
Commodity contracts	$	222.0	$	215.0
Energy contracts	39.9		48.9
FX contracts	2.3		3.0
Interest rate swaps	300.0		700.0

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	March 31, 2024		September 30, 2023
Asset Derivatives:
Commodity contracts	Prepaid expenses and other current assets	$	2.2	$	1.2
Energy contracts	Prepaid expenses and other current assets	0.4		2.5
Interest rate swaps	Prepaid expenses and other current assets	3.6		10.6
Commodity contracts	Other assets	6.0		—
Interest rate swaps	Other assets	1.6		11.3
		$	13.8	$	25.6
Liability Derivatives:
Commodity contracts	Other current liabilities	$	10.6	$	14.1
Energy contracts	Other current liabilities	4.5		2.0
Interest rate swaps	Other liabilities	1.1		—
		$	16.2	$	16.1

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 March 31,				Six Months Ended March 31,
		2024		2023		2024		2023
Commodity contracts	Cost of goods sold	$	17.6	$	7.8	$	19.2	$	5.7
Energy contracts	Cost of goods sold	(1.8)		5.8		5.7		8.6
FX contracts	Selling, general and administrative expenses	—		0.1		—		—
Interest rate swaps	(Income) expense on swaps, net	(13.3)		9.0		7.8		(3.3)
PHPC Warrants	Other income, net	—		0.7		—		0.5

At March 31, 2024 and September 30, 2023, the Company had pledged collateral of $13.5 and $23.4, respectively, related to its commodity and energy contracts. These amounts were classified as “Restricted cash” on the Condensed Consolidated Balance Sheets.

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NOTE 12 — 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.”

	March 31, 2024						September 30, 2023
	Total		Level 1		Level 2		Total		Level 1		Level 2
Assets:
Deferred compensation investments	$	15.5	$	15.5	$	—	$	13.0	$	13.0	$	—
Derivative assets	13.8		—		13.8		25.6		—		25.6
	$	29.3	$	15.5	$	13.8	$	38.6	$	13.0	$	25.6
Liabilities:
Deferred compensation liabilities	$	45.6	$	—	$	45.6	$	36.8	$	—	$	36.8
Derivative liabilities	16.2		—		16.2		16.1		—		16.1
	$	61.8	$	—	$	61.8	$	52.9	$	—	$	52.9

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 notional 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 notional 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. FX 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 11 for the classification of changes in fair value of derivative assets and liabilities measured at fair value on a recurring basis within the Condensed Consolidated Statements of Operations.

Equity Securities and Other Fair Value Measurements

The Company uses the market approach to measure the fair value of its equity securities, which were immaterial as of both March 31, 2024 and September 30, 2023. 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 and the Revolving Credit Facility (as defined in Note 13) as of March 31, 2024 and September 30, 2023 approximated their carrying values. Based on current market rates, the fair value (Level 2) of the Company’s debt, excluding any outstanding borrowings under the municipal bond and the Revolving Credit Facility, was $5,960.1 and $5,491.5 as of March 31, 2024 and September 30, 2023, respectively, which included $649.2 and $572.6 related to the Company’s convertible senior notes, respectively.

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

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NOTE 13 — LONG-TERM DEBT

The components of “Long-term debt” on the Condensed Consolidated Balance Sheets are presented in the following table.

	March 31, 2024		September 30, 2023
2.50% convertible senior notes maturing August 2027	$	575.0	$	575.0
4.50% senior notes maturing September 2031	998.6		1,049.7
4.625% senior notes maturing April 2030	1,385.4		1,385.4
5.50% senior notes maturing December 2029	1,235.0		1,235.0
5.625% senior notes maturing January 2028	939.9		939.9
5.75% senior notes maturing March 2027	—		459.3
6.25% senior secured notes maturing February 2032	1,000.0		—
Fourth Incremental Term Loan	—		400.0
Revolving Credit Facility	300.0		—
Municipal bond	4.2		5.3
	$	6,438.1	$	6,049.6
Less: Current portion of long-term debt	1.2		1.1
Debt issuance costs, net	47.8		42.0
Plus: Unamortized premium, net	25.5		32.5
Total long-term debt	$	6,414.6	$	6,039.0

6.25% Senior Notes

On February 20, 2024, the Company issued $1,000.0 principal value of 6.25% senior secured notes (the “6.25% senior notes”) maturing in February 2032. The 6.25% senior notes were issued at par, and the Company received $986.7 after incurring underwriting fees and other fees and expenses of $13.3, which were deferred and are being amortized to interest expense over the term of the 6.25% senior notes. Interest payments on the 6.25% senior notes are due semi-annually each August 15 and February 15, and the maturity date of the 6.25% senior notes is February 15, 2032.

The 6.25% senior notes and the related guarantees are secured by first-priority security interests, subject to permitted liens, in collateral that generally includes most of the Company's and the subsidiary guarantors' property except for real property and certain other excluded assets. The assets that secure the 6.25% senior notes also secure (and will continue to secure) the Credit Agreement (as defined below) on a pari passu basis.

The 6.25% senior notes are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by each of the Company’s existing and subsequently acquired or organized wholly-owned domestic subsidiaries that guarantee the Credit Agreement or certain of the Company’s other indebtedness, other than immaterial subsidiaries, certain excluded subsidiaries and subsidiaries the Company designates as unrestricted subsidiaries, which such unrestricted subsidiaries include 8th Avenue and its subsidiaries. These guarantees are subject to release in certain circumstances.

With a portion of the net proceeds received from the 6.25% senior notes issuance, borrowings under the New Revolving Credit Facility (as defined below) and cash on hand, the Company repaid the outstanding principal balance of the Fourth Incremental Term Loan (as defined below) and all accrued, unpaid interest thereon, redeemed the remainder of the outstanding 5.75% senior notes maturing in March 2027 and all accrued, unpaid interest to the redemption date and repaid the outstanding borrowings under the Old Revolving Credit Facility (as defined below) and all accrued, unpaid interest thereon. For additional information, see the “Credit Agreement,” “Fourth Incremental Term Loan” and “Repayments of Debt” sections 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. 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 the 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 “Convertible Notes 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

16

defined in the Convertible Notes Indenture) occurs, then the Company must 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) 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 the 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 Convertible Notes 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 Convertible Notes Indenture) occurs, then, except as described in the Convertible Notes 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 Convertible Notes Indenture).

The 2.50% convertible senior notes may be redeemed, in whole or in part (subject to the partial redemption limitation described in the Convertible Notes 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 March 31, 2024 and September 30, 2023, 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 2.50% convertible senior notes had no embedded features that required separate bifurcation under ASC Topic 815 as of March 31, 2024 or September 30, 2023. 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 March 31, 2024 and September 30, 2023.

Credit Agreement

On March 18, 2020, the Company entered into a second amended and restated credit agreement (as amended, including by Joinder Agreement No. 1, Joinder Agreement No. 2, the Third Joinder Agreement (as defined below), the Fourth Joinder Agreement (as defined below) and the Third Amendment (as defined below), as amended, restated or amended and restated, the “Credit Agreement”). Prior to the effective date of the Third Amendment, the Credit Agreement provided for a revolving credit facility in an aggregate principal amount of $750.0 (the “Old 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.

On February 20, 2024, the Company entered into a third amendment to the Credit Agreement (the “Third Amendment”) by and among the Company, as borrower, certain of the Company’s subsidiaries, as guarantors, Barclays Bank PLC (“Barclays”), as administrative agent under the Credit Agreement prior to the effective date of the Third Amendment, JPMorgan Chase Bank, N.A. (“JPMorgan Chase”), as administrative agent under the Credit Agreement from and after the effective date of the Third Amendment, the institutions constituting the 2024 Revolving Credit Lenders, the L/C Issuers and the Swing Line Lender (as

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each such term is defined in the Third Amendment). The Company incurred $7.1 of financing fees in connection with the Third Amendment, which were deferred and are being amortized to interest expense over the remaining term of the Credit Agreement.

The Third Amendment to the Credit Agreement (i) replaced the Old Revolving Credit Facility with a new revolving credit facility in an aggregate principal amount of $1,000.0 (the “New Revolving Credit Facility”), (ii) extended the maturity date of the New Revolving Credit Facility to February 20, 2029, provided that if on October 16, 2027 the Company’s 5.625% senior notes maturing in January 2028 have not been redeemed in full in cash or refinanced and replaced in full with notes and/or loans maturing at least 91 days after February 20, 2029, then the maturity date of the New Revolving Credit Facility will be October 16, 2027 and (iii) modified certain other terms, conditions and provisions of the Credit Agreement, including transferring the administrative agent role from Barclays to JPMorgan Chase. The term “Revolving Credit Facility” used herein generally refers to the Old Revolving Credit Facility prior to the Third Amendment and the New Revolving Credit Facility subsequent to the Third Amendment.

Borrowings in U.S. Dollars under the New Revolving Credit Facility bear interest, at the option of the Company, at an annual rate equal to either (a) the adjusted term SOFR rate (as defined in the Credit Agreement) or (b) the base rate determined by reference to the highest of (i) the prime rate, (ii) the NYFRB Rate (as defined in the Credit Agreement) 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 or equal to 3.00:1.00, and accrue at a rate of 0.25% if the Company’s secured net leverage ratio is less than 3.00:1.00.

During the six months ended March 31, 2024, the Company borrowed $645.0 and repaid $345.0 under the Revolving Credit Facility. There were no borrowings or repayments under the Revolving Credit Facility during the six months ended March 31, 2023. As of March 31, 2024, the Revolving Credit Facility had outstanding borrowings of $300.0, outstanding letters of credit of $20.5 and an available borrowing capacity under the Revolving Credit Facility of $679.5. As of September 30, 2023, the Revolving Credit Facility had no outstanding borrowings, outstanding letters of credit of $19.7 and an available borrowing capacity of $730.3. As of March 31, 2024, the interest rate on the outstanding borrowings under the Revolving Credit Facility was 6.93%.

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 specified in the Credit Agreement.

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 $125.0, certain events of bankruptcy and insolvency, inability to pay debts, the occurrence of one or more unstayed or undischarged judgments in excess of $125.0, attachments issued against all or any material part of the Company’s property, certain events under the Employee Retirement Income Security Act of 1974, 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.

Third Incremental Term Loan

On November 18, 2022, the Company entered into 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, as administrative agent, and JPMorgan Chase, 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.

On November 21, 2022, the Company and J.P. Morgan entered into an exchange agreement pursuant to which the Company transferred the remaining shares of BellRing common stock it held from its previous transactions related to the distribution of a portion of its interest in BellRing, which occurred in fiscal 2022, to J.P. Morgan to repay $99.9 in aggregate principal amount of the Third Incremental Term Loan (such exchange, the “Fiscal 2023 Debt-for-Equity Exchange”). Following the completion of the Fiscal 2023 Debt-for-Equity Exchange, the Company no longer held shares of BellRing

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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.

Fourth Incremental Term Loan

On April 26, 2023, the Company entered into 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 and Barclays, 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.

On February 20, 2024, the Company repaid the outstanding principal balance of the Fourth Incremental Term Loan and all accrued, unpaid interest thereon using a portion of the net proceeds from the 6.25% senior notes issuance. For additional information, see “Repayments of Debt” below.

Interest on the Fourth Incremental Term Loan accrued, 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 plus 2.25% per annum. Interest was 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. As of September 30, 2023, the interest rate on the Fourth Incremental Term Loan was 7.67%.

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 the “Third Incremental Term Loan” section above), which were not included in the Condensed Consolidated Statements of Cash Flows and (iii) the associated loss (gain) related to such repayments and exchanges included in “Loss (gain) on extinguishment of debt, net” in the Condensed Consolidated Statements of Operations.

					Loss (Gain) 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 March 31, 2024
4.50% senior notes	$	25.2	$	—	$	(2.7)	$	0.2	$	—
5.75% senior notes	459.3		—		4.4		1.6		(4.6)
Municipal bond	1.1		—		—		—		—
Fourth Incremental Term Loan	400.0		—		—		1.4		—
Revolving Credit Facility	300.0		—		—		—		—
Total	$	1,185.6	$	—	$	1.7	$	3.2	$	(4.6)
Three Months Ended March 31, 2023
4.50% senior notes	$	49.5	$	—	$	(6.5)	$	0.4	$	—
Municipal bond	1.1		—		—		—		—
Total	$	50.6	$	—	$	(6.5)	$	0.4	$	—
Six Months Ended March 31, 2024
4.50% senior notes	$	51.1	$	—	$	(6.0)	$	0.4	$	—
5.75% senior notes	459.3		—		4.4		1.6		(4.6)
Municipal bond	1.1		—		—		—
Fourth Incremental Term Loan	400.0		—		—		1.4		—
Revolving Credit Facility	345.0		—		—		—		—
Total	$	1,256.5	$	—	$	(1.6)	$	3.4	$	(4.6)
Six Months Ended March 31, 2023
4.50% senior notes	$	120.5	$	—	$	(16.9)	$	1.0	—
Municipal bond	1.1		—		—		—		—
Third Incremental Term Loan	30.1		99.9		—		1.1		—
Total	$	151.7	$	99.9	$	(16.9)	$	2.1	$	—

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 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. As of March 31, 2024, the Company was in compliance with this financial covenant.

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 14 — COMMITMENTS AND CONTINGENCIES

Legal Proceedings

The Company is subject to various 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 15 — 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).

On February 16, 2024, the Company adopted the Post Holdings, Inc. 2024 Supplemental Executive Retirement Plan (the “SERP”), an unfunded, non-qualified defined benefit retirement plan for certain management employees of the Company, including its named executive officers, that was effective on February 19, 2024. The SERP is a supplemental program that provides a cash balance benefit to each participant. The SERP participants were credited with an opening credit, based on years of past service with the Company, and accrue ongoing benefits with a pay credit equal to a percentage of certain of the participant’s annualized compensation. The Company recorded an initial projected benefit obligation of $8.3 related to the SERP during the second quarter of fiscal 2024, which was included in “Accumulated other comprehensive loss” on the Condensed Consolidated Balance Sheets at March 31, 2024. Net periodic benefit costs related to the SERP during the three and six months ended March 31, 2024 were immaterial.

Amounts for the Canadian plans and the SERP 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 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 income were reported in “Other income, net” in the Condensed Consolidated Statements of Operations.

	North America
	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Service cost	$	0.5	$	0.5	$	1.0	$	1.1
Interest cost	1.4		1.3		2.8		2.6
Expected return on plan assets	(2.0)		(1.9)		(4.1)		(3.8)
Recognized net actuarial gain	(0.1)		(0.1)		(0.2)		(0.1)
Recognized prior service cost	0.1		0.1		0.1		0.1
Net periodic benefit income	$	(0.1)	$	(0.1)	$	(0.4)	$	(0.1)

	Other International
	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Service cost	$	0.1	$	—	$	0.1	$	—
Interest cost	6.6		5.7		12.7		11.3
Expected return on plan assets	(8.9)		(7.6)		(17.2)		(15.0)
Recognized net actuarial loss	—		0.1		0.1		0.1
Recognized prior service cost	0.1		0.1		0.2		0.2
Net periodic benefit income	$	(2.1)	$	(1.7)	$	(4.1)	$	(3.4)

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The following table presents the components of net periodic benefit cost (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 cost (income) were reported in “Other income, net” in the Condensed Consolidated Statements of Operations.

	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Service cost	$	—	$	—	$	0.1	$	0.1
Interest cost	0.6		0.7		1.3		1.3
Recognized net actuarial gain	(0.2)		(0.2)		(0.5)		(0.3)
Recognized prior service credit	(0.1)		(1.1)		(0.3)		(2.3)
Net periodic benefit cost (income)	$	0.3	$	(0.6)	$	0.6	$	(1.2)

NOTE 16 — SHAREHOLDERS’ EQUITY

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

	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Shares repurchased	0.1		0.7		0.5		1.0
Average price per share (a)	$	103.88	$	88.59	$	87.23	$	87.47
Total share repurchase costs	$	8.1	$	59.7	$	44.8	$	83.7

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

In February 2024, the Company entered into a structured share repurchase arrangement, which consisted of purchased call options with a $0 strike price per option and written call options with a $99.45 strike price per option. The Company paid $50.0 of net premiums in connection with the contract, which were recorded to “Additional paid-in capital” on the Condensed Consolidated Balance Sheets at March 31, 2024 and as “Payment for share repurchase contracts” in the Condensed Consolidated Statements of Cash Flows for the six months ended March 31, 2024. Upon settlement, the Company will have the right to receive approximately 0.5 shares of Post common stock, to be settled in shares or cash, at the option of the Company. The contract is expected to settle in the third quarter of fiscal 2024.

NOTE 17 — SEGMENTS

At March 31, 2024, the Company managed and reported operating results through the following four reportable segments:

•Post Consumer Brands: North American RTE cereal, pet food and peanut butter;

•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 in the third quarter of fiscal 2023 (see Note 3).

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. In addition, the tables present net sales by product.

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			Three Months Ended March 31,				Six Months Ended March 31,
			2024		2023		2024		2023
Net Sales
	Post Consumer Brands		$	1,065.5	$	599.1	$	2,054.1	$	1,153.8
	Weetabix		138.0		124.9		267.1		243.0
	Foodservice		554.8		633.2		1,121.9		1,233.7
	Refrigerated Retail		240.4		262.7		521.3		555.7
	Eliminations and Corporate		0.3		—		0.5		—
		Total	$	1,999.0	$	1,619.9	$	3,964.9	$	3,186.2
Segment Profit
	Post Consumer Brands		$	139.7	$	75.5	$	272.4	$	154.8
	Weetabix		18.1		19.4		39.1		40.9
	Foodservice		64.5		78.1		140.2		157.2
	Refrigerated Retail		22.4		18.2		58.0		39.2
		Total segment profit	244.7		191.2		509.7		392.1
General corporate expenses and other			51.8		50.0		104.0		87.6
Interest expense, net			80.0		63.8		158.1		129.7
Loss (gain) on extinguishment of debt, net			0.3		(6.1)		(2.8)		(14.8)
(Income) expense on swaps, net			(13.3)		9.0		7.8		(3.3)
Earnings before income taxes and equity method loss			$	125.9	$	74.5	$	242.6	$	192.9
Net sales by product
	Cereal		$	706.6	$	690.3	$	1,361.8	$	1,327.7
	Eggs and egg products		517.0		609.4		1,039.8		1,178.1
	Side dishes (including potato products)		184.8		184.7		401.8		390.0
	Pet food		460.7		—		887.3		—
	Cheese and dairy		41.4		47.9		90.0		101.0
	Sausage		40.1		40.2		89.2		92.3
	Peanut butter		27.3		26.0		54.7		54.9
	Protein-based products		8.4		7.7		13.5		14.2
	Other		12.7		14.5		26.8		28.8
	Eliminations		—		(0.8)		—		(0.8)
		Total	$	1,999.0	$	1,619.9	$	3,964.9	$	3,186.2
Depreciation and amortization
	Post Consumer Brands		$	51.7	$	32.8	$	101.2	$	65.1
	Weetabix		9.8		8.9		19.4		17.4
	Foodservice		33.3		32.0		65.8		63.7
	Refrigerated Retail		17.7		19.3		35.6		38.3
		Total segment depreciation and amortization	112.5		93.0		222.0		184.5
	Corporate		7.1		1.2		10.0		2.3
		Total	$	119.6	$	94.2	$	232.0	$	186.8
Assets							March 31, 2024		September 30, 2023
	Post Consumer Brands						$	4,983.5	$	4,782.2
	Weetabix						1,818.6		1,737.8
	Foodservice and Refrigerated Retail						4,924.5		4,921.6
	Corporate						464.5		205.1
		Total assets					$	12,191.1	$	11,646.7

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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. 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, 2023 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.

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 March 31, 2024, our reportable segments were as follows:

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

•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 2021, we and Post Holdings Partnering Corporation (“PHPC”), a special purpose acquisition company, consummated the initial public offering of 34.5 million units of PHPC (the “PHPC Units” and such transaction, the “PHPC IPO”), of which 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 (“PHPC Series A Common Stock”) and one-third of one redeemable warrant 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 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 (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 amended and restated certificate of incorporation.

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.

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.

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 during the third quarter of fiscal 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.

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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. We received $40.9 million from the PHPC Redemption related to our ownership of 4.0 million shares of PHPC Series A Common Stock.

Subsequent to the PHPC Redemption, PHPC 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. PHPC Sponsor subsequently dissolved in August 2023.

Acquisitions

Fiscal 2024

On December 1, 2023, we completed our acquisition of substantially all of the assets of Perfection Pet Foods, LLC (“Perfection”), a manufacturer and packager of private label and co-manufactured pet food and baked treat products, which is reported in our Post Consumer Brands segment.

Also on December 1, 2023, we completed our acquisition of Deeside Cereals I Ltd (“Deeside”), a private label cereal manufacturer based in the U.K., which is reported in our Weetabix segment.

Fiscal 2023

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 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.

For additional information on these acquisitions, refer to Note 4 within “Notes to Condensed Consolidated Financial Statements.”

Market and Company Trends

Our Company, as well as the consumer packaged goods industry in which we operate, have been impacted by the following trends which have impacted our results of operations and may continue to impact our results of operations in the future, including:

•inflationary pressures on input costs across all segments of our business. During fiscal 2023, input cost inflation put downward pressures on our profit margins, which we largely mitigated through pricing actions across all segments, cost savings measures and hedging programs. During the first half of fiscal 2024, inflationary pressures on certain input costs have eased, while other input costs have continued to face inflationary pressures, and we expect this trend to continue during the remainder of fiscal 2024; and

•outbreaks of avian influenza, which impacted our Foodservice and Refrigerated Retail segments. During fiscal 2023, we incurred increased costs as a result of outbreaks, which were mitigated through management of volume needs with customers and pricing actions. During the first quarter of fiscal 2024, we experienced additional outbreaks of avian influenza; however, the impact to our results of operations during the three and six months ended March 31, 2024 were not material. The impact from these outbreaks, or further outbreaks in the future, could have a materially adverse impact on our results of operations if we are unable to mitigate the impact on our businesses.

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RESULTS OF OPERATIONS

	Three Months Ended March 31,				Change in				Six Months Ended March 31,				Change in
dollars in millions	2024		2023		$		%		2024		2023		$		%
Net Sales	$	1,999.0	$	1,619.9	$	379.1	23	%	$	3,964.9	$	3,186.2	$	778.7	24	%
Operating Profit	$	190.1	$	137.7	$	52.4	38	%	$	399.4	$	287.6	$	111.8	39	%
Interest expense, net	80.0		63.8		16.2		25	%	158.1		129.7		28.4		22	%
Loss (gain) on extinguishment of debt, net	0.3		(6.1)		6.4		105	%	(2.8)		(14.8)		12.0		81	%
(Income) expense on swaps, net	(13.3)		9.0		(22.3)		(248)	%	7.8		(3.3)		11.1		336	%
Other income, net	(2.8)		(3.5)		0.7		20	%	(6.3)		(16.9)		10.6		63	%
Income tax expense	28.6		18.9		9.7		51	%	57.1		43.6		13.5		31	%
Equity method loss, net of tax	—		0.2		(0.2)		(100)	%	0.1		0.2		(0.1)		(50)	%
Less: Net earnings attributable to noncontrolling interests	0.1		1.3		(1.2)		(92)	%	0.1		3.1		(3.0)		(97)	%
Net Earnings	$	97.2	$	54.1	$	43.1	80	%	$	185.3	$	146.0	$	39.3	27	%

Net Sales

Net sales increased $379.1 million, or 23%, during the three months ended March 31, 2024, when compared to the prior year period, as a result of higher net sales in our Post Consumer Brands and Weetabix segments, partially offset by lower net sales within our Foodservice and Refrigerated Retail segments.

Net sales increased $778.7 million, or 24%, during the six months ended March 31, 2024, when compared to the prior year period, as a result of higher net sales in our Post Consumer Brands and Weetabix segments, partially offset by lower net sales within our Foodservice and Refrigerated Retail segments.

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

Operating Profit

Operating profit increased $52.4 million, or 38%, during the three months ended March 31, 2024, when compared to the prior year period, primarily driven by higher segment profit within our Post Consumer Brands and Refrigerated Retail segments, partially offset by lower segment profit within our Foodservice and Weetabix segments and higher general corporate expenses.

Operating profit increased $111.8 million, or 39%, during the six months ended March 31, 2024, when compared to the prior year period, primarily driven by higher segment profit within our Post Consumer Brands and Refrigerated Retail segments, partially offset by lower segment profit within our Foodservice and Weetabix segments and higher general corporate expenses.

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

Interest Expense, Net

Interest expense, net increased $16.2 million, or 25%, during the three months ended March 31, 2024, when compared to the prior year period. This increase was driven by lower interest income, higher average outstanding principal amounts of debt and a higher weighted-average interest rate compared to the prior year period. Our weighted-average interest rate on our total outstanding debt was 5.1% and 4.8% for the three months ended March 31, 2024 and 2023, respectively.

Interest expense, net increased $28.4 million, or 22%, during the six months ended March 31, 2024, when compared to the prior year period. This increase was driven by lower interest income, higher average outstanding principal amounts of debt and a higher weighted-average interest rate compared to the prior year period. Our weighted-average interest rate on our total outstanding debt was 5.1% and 4.8% for the six months ended March 31, 2024 and 2023, respectively.

For additional information on our debt, refer to Note 13 within “Notes to Condensed Consolidated Financial Statements.”

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Loss (Gain) on Extinguishment of Debt, Net

Fiscal 2024

During the three months ended March 31, 2024, we recognized a net loss of $0.3 million related to the repayment of our Fourth Incremental Term Loan (as defined in “Liquidity and Capital Resources” within this section), the redemption of our 5.75% senior notes and the partial repurchase of our 4.50% senior notes. The net loss included the write-off of debt issuance costs of $3.2 million and net premiums paid of $1.7 million, partially offset by the write-off of unamortized premiums of $4.6 million.

During the six months ended March 31, 2024, we recognized a net gain of $2.8 million related to the repayment of our Fourth Incremental Term Loan, the redemption of our 5.75% senior notes and the partial repurchase of our 4.50% senior notes. The net gain included the write-off of unamortized premiums of $4.6 million and net discounts received of $1.6 million, partially offset by the write-off of debt issuance costs of $3.4 million.

Fiscal 2023

During the three months ended March 31, 2023, we recognized a net gain of $6.1 million related to the partial repurchase of our 4.50% senior notes. The net gain included debt discounts received of $6.5 million, partially offset by the write-off of debt issuance costs of $0.4 million.

During the six months ended March 31, 2023, we recognized a net gain of $14.8 million primarily related to the partial repurchase of our 4.50% senior notes. The net gain included debt discounts received of $16.9 million, partially offset by the write-off of debt issuance costs of $1.0 million related to our 4.50% senior notes and the write-off of debt issuance costs of $1.1 million related to an incremental term loan under our Credit Agreement (as defined in “Liquidity and Capital Resources” within this section) pursuant to Joinder Agreement No. 3 (the “Third Incremental Term Loan”).

For additional information on our debt, refer to Note 13 within “Notes to Condensed Consolidated Financial Statements.”

(Income) Expense on Swaps, Net

During the three and six months ended March 31, 2024, we recognized (income) expense on swaps, net of $(13.3) million and $7.8 million, respectively, related to mark-to-market adjustments on our interest rate swaps.

During the three and six months ended March 31, 2023, we recognized (income) expense on swaps, net of $9.0 million and $(3.3) 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 11 within “Notes to Condensed Consolidated Financial Statements” and “Quantitative and Qualitative Disclosures About Market Risk,” respectively.

Income Tax Expense

The effective income tax rate was 22.7% and 23.5% for the three and six months ended March 31, 2024, respectively, and 25.4% and 22.6% for the three and six months ended March 31, 2023, respectively.

 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.

Post Consumer Brands

	Three Months Ended March 31,						Change in				Six Months Ended March 31,						Change in
dollars in millions	2024			2023			$		%		2024			2023			$		%
Net Sales	$	1,065.5		$	599.1		$	466.4	78	%	$	2,054.1		$	1,153.8		$	900.3	78	%
Segment Profit	$	139.7		$	75.5		$	64.2	85	%	$	272.4		$	154.8		$	117.6	76	%
Segment Profit Margin	13		%	13		%					13		%	13		%

Net sales for the Post Consumer Brands segment increased $466.4 million, or 78%, for the three months ended March 31, 2024, when compared to the prior year period. The increase in net sales was primarily driven by the inclusion of three months of Pet Food and Perfection net sales of $395.6 million and $65.1 million, respectively. In addition to these impacts, average net

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selling prices increased primarily due to the annualization of prior year price increases taken to mitigate inflation. Excluding Pet Food and Perfection, volumes declined 4% primarily driven by decreases in non-retail cereal and peanut butter.

Net sales for the Post Consumer Brands segment increased $900.3 million, or 78%, for the six months ended March 31, 2024, when compared to the prior year period. The increase in net sales was primarily driven by the inclusion of six months of Pet Food net sales of $802.7 million and four months of Perfection net sales of $84.6 million. In addition to these impacts, average net selling prices increased primarily due to the annualization of prior year price increases taken to mitigate inflation. Excluding Pet Food and Perfection, volumes declined 5% primarily driven by decreases in branded and non-retail cereal and peanut butter.

Segment profit for the three months ended March 31, 2024 increased $64.2 million, or 85%, when compared to the prior year period. The increase in segment profit 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 the inclusion of three months of incremental costs attributable to Pet Food and Perfection of $276.8 million and $54.7 million, respectively, partially offset by lower freight costs of $9.6 million. In addition, warehousing costs, advertising and consumer spending and amortization expense increased compared to the prior year period, primarily due to the inclusion of three months of Pet Food and Perfection results.

Segment profit for the six months ended March 31, 2024 increased $117.6 million, or 76%, when compared to the prior year period. The increase in segment profit 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 the inclusion of six months of incremental costs attributable to Pet Food of $574.1 million and four months of incremental costs attributable to Perfection of $72.2 million, higher manufacturing costs of $10.0 million and higher raw material costs of $6.7 million, partially offset by lower freight costs of $16.7 million. In addition, warehousing costs, advertising and consumer spending and amortization expense increased compared to the prior year period, primarily due to the inclusion of six months of Pet Food results and four months of Perfection results.

Weetabix

	Three Months Ended March 31,						Change in				Six Months Ended March 31,						Change in
dollars in millions	2024			2023			$		%		2024			2023			$		%
Net Sales	$	138.0		$	124.9		$	13.1	10	%	$	267.1		$	243.0		$	24.1	10	%
Segment Profit	$	18.1		$	19.4		$	(1.3)	(7)	%	$	39.1		$	40.9		$	(1.8)	(4)	%
Segment Profit Margin	13		%	16		%					15		%	17		%

Net sales for the Weetabix segment increased $13.1 million, or 10%, for the three months ended March 31, 2024, when compared to the prior year period. The increase in net sales was primarily driven by the inclusion of three months of Deeside net sales of $7.2 million and a favorable foreign currency exchange impact of $5.5 million. Excluding Deeside, volumes increased 3% primarily driven by volume increases in private label products.

Net sales for the Weetabix segment increased $24.1 million, or 10%, for the six months ended March 31, 2024, when compared to the prior year period. The increase in net sales was primarily driven by a favorable foreign currency exchange impact of $12.4 million and the inclusion of four months of Deeside net sales of $9.5 million. In addition to these impacts, average net selling prices increased primarily due to the annualization of prior year price increases, partially offset by a shift in product mix towards private label products. Excluding Deeside, volumes were flat compared to the prior year period.

Segment profit for the three months ended March 31, 2024 decreased $1.3 million, or 7%, when compared to the prior year period. This decrease was primarily driven by higher advertising and consumer spending of $2.4 million and the inclusion of three months of Deeside segment loss of $0.7 million, partially offset by higher net sales, as previously discussed, and favorable raw material costs of $1.6 million.

Segment profit for the six months ended March 31, 2024 decreased $1.8 million, or 4%, when compared to the prior year period. This decrease was primarily driven by higher manufacturing costs of $2.9 million and higher advertising and consumer spending of $1.5 million, partially offset by higher net sales, as previously discussed, and a favorable foreign currency exchange impact of $1.9 million.

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Foodservice

	Three Months Ended March 31,						Change in				Six Months Ended March 31,						Change in
dollars in millions	2024			2023			$		%		2024			2023			$		%
Net Sales	$	554.8		$	633.2		$	(78.4)	(12)	%	$	1,121.9		$	1,233.7		$	(111.8)	(9)	%
Segment Profit	$	64.5		$	78.1		$	(13.6)	(17)	%	$	140.2		$	157.2		$	(17.0)	(11)	%
Segment Profit Margin	12		%	12		%					12		%	13		%

Net sales for the Foodservice segment decreased $78.4 million, or 12%, for the three months ended March 31, 2024, when compared to the prior year period. Egg product sales were down $78.4 million, or 14%, driven by lower average net selling prices due to the pass-through of lower grain and egg market prices. Egg volumes decreased 3% primarily due to lower volumes in foodservice channels, partially offset by higher volumes in food ingredient channels. Sales of side dishes were up $0.9 million, or 1%, on flat volumes, driven by the annualization of prior year price increases taken to mitigate inflation. Sales of other products were down $0.9 million.

Net sales for the Foodservice segment decreased $111.8 million, or 9%, for the six months ended March 31, 2024, when compared to the prior year period. Egg product sales were down $113.6 million, or 11%, on flat volumes, driven by lower average net selling prices due to the pass-through of lower grain and egg market prices, partially offset by favorable product mix. Sales of side dishes were up $5.0 million, or 4%, driven by the annualization of prior year price increases taken to mitigate inflation and volume increases of 2% as a result of distribution gains. Sales of other products were down $3.2 million.

Segment profit for the three months ended March 31, 2024 decreased $13.6 million, or 17%, when compared to the prior year period, driven by lower net sales, as previously discussed, and higher manufacturing costs of $12.6 million. These negative impacts were partially offset by lower raw material costs of $68.6 million, primarily due to favorable grain and egg market prices compared to the prior year period, and lower freight costs of $5.2 million.

Segment profit for the six months ended March 31, 2024 decreased $17.0 million, or 11%, when compared to the prior year period, driven by lower net sales, as previously discussed, and higher manufacturing costs of $21.1 million. These negative impacts were partially offset by lower raw material costs of $120.4 million, primarily due to favorable grain and egg market prices compared to the prior year period, and lower freight costs of $14.6 million.

Refrigerated Retail

	Three Months Ended March 31,						Change in				Six Months Ended March 31,						Change in
dollars in millions	2024			2023			$		%		2024			2023			$		%
Net Sales	$	240.4		$	262.7		$	(22.3)	(8)	%	$	521.3		$	555.7		$	(34.4)	(6)	%
Segment Profit	$	22.4		$	18.2		$	4.2	23	%	$	58.0		$	39.2		$	18.8	48	%
Segment Profit Margin	9		%	7		%					11		%	7		%

Net sales for the Refrigerated Retail segment decreased $22.3 million, or 8%, for the three months ended March 31, 2024, when compared to the prior year period, primarily driven by distribution losses in egg and cheese and other dairy product volumes. Egg product sales were down $14.0 million, or 26%, driven by 17% lower volumes and lower average net selling prices due to unfavorable product mix and increased promotional spending. Cheese and other dairy product sales decreased $6.4 million, or 13%, on 11% lower volumes. Sales of side dishes decreased $0.7 million, or 1%, on flat volumes. Sausage sales increased $1.2 million, or 3%, with volume up 7%, due to distribution gains, partially offset by lower average net selling prices due to unfavorable customer mix. Sales of all other products were down $2.4 million driven by the exit of certain low-margin products.

Net sales for the Refrigerated Retail segment decreased $34.4 million, or 6%, for the six months ended March 31, 2024, when compared to the prior year period, primarily driven by distribution losses in egg and cheese and other dairy product volumes. Egg product sales were down $24.7 million, or 24%, driven by 14% lower volumes and lower average net selling prices due to unfavorable product mix and increased promotional spending. Cheese and other dairy product sales decreased $11.0 million, or 11%, on 10% lower volumes. Sausage sales decreased $0.7 million, or 1%, driven by lower average net selling prices due to unfavorable customer mix, partially offset by volume increases of 4% due to distribution gains. Sales of side dishes increased $6.9 million, or 3%, on flat volumes, primarily driven by higher average net selling prices due to the

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annualization of prior year price increases taken to mitigate input cost inflation, partially offset by increased promotional spending. Sales of all other products were down $4.9 million driven by the exit of certain low-margin products.

Segment profit for the three months ended March 31, 2024 increased $4.2 million, or 23%, when compared to the prior year period, driven by lower raw material costs of $6.5 million and lower manufacturing costs of $4.5 million. These positive impacts were partially offset by lower net sales, as previously discussed.

Segment profit for the six months ended March 31, 2024 increased $18.8 million, or 48%, when compared to the prior year period, driven by lower manufacturing costs of $14.9 million, lower raw material costs of $12.0 million and lower freight costs of $2.7 million. These positive impacts were partially offset by lower net sales, as previously discussed.

General Corporate Expenses and Other

	Three Months Ended March 31,				Change in				Six Months Ended March 31,				Change in
dollars in millions	2024		2023		$		%		2024		2023		$		%
General corporate expenses and other	$	51.8	$	50.0	$	1.8	4	%	$	104.0	$	87.6	$	16.4	19	%

General corporate expenses and other increased $1.8 million, or 4%, for the three months ended March 31, 2024, when compared to the prior year period. This increase was driven by restructuring and facility closure costs (including accelerated depreciation) of $7.3 million primarily related to our Post Consumer Brands segment and higher employee-related expenses of $2.4 million. These negative impacts were partially offset by increased net gains related to mark-to-market adjustments on economic hedges of $12.4 million (compared to net losses in the prior year period).

General corporate expenses and other increased $16.4 million, or 19%, for the six months ended March 31, 2024, when compared to the prior year period. This increase was driven by restructuring and facility closure costs (including accelerated depreciation) of $17.1 million primarily related to our Post Consumer Brands segment, decreased net gains related to mark-to-market adjustments on equity securities of $10.2 million and higher employee-related expenses of $5.8 million. These negative impacts were partially offset by decreased net losses related to mark-to-market adjustments on economic hedges of $13.2 million and a gain on bargain purchase of $6.2 million related to our Deeside acquisition.

LIQUIDITY AND CAPITAL RESOURCES

We completed the following activities during the six months ended March 31, 2024 (for additional information, see Notes 13 and 16 within “Notes to Condensed Consolidated Financial Statements”) impacting our liquidity and capital resources:

•$1,000.0 million principal value issued of 6.25% senior secured notes (the “6.25% senior notes”);

•entered into a third amendment to our second amended and restated credit agreement dated March 18, 2020 (the “Credit Agreement” and such amendment, the “Third Amendment”) which replaced our previous revolving credit facility in an aggregate principal amount of $750.0 million (the “Old Revolving Credit Facility”), with a new revolving credit facility in an aggregate principal amount of $1,000.0 million (the “New Revolving Credit Facility”), and extended the maturity date of the New Revolving Credit Facility to February 20, 2029, provided that certain criteria are met;

•$645.0 million borrowed under our Revolving Credit Facility, which such term refers to our Old Revolving Credit Facility prior to the Third Amendment and our New Revolving Credit Facility subsequent to the Third Amendment;

•$345.0 million repaid under our Revolving Credit Facility;

•$459.3 million principal value of our 5.75% senior notes redeemed at a premium of $4.4 million;

•$51.1 million principal value of our 4.50% senior notes repurchased at a discount of $6.0 million;

•$400.0 million principal value repaid on our fourth incremental term loan under our Credit Agreement (the “Fourth Incremental Term Loan”);

•0.5 million shares of our common stock repurchased at an average share price of $87.23 per share and at a total cost, including broker’s commissions, of $44.8 million; and

•$50.0 million paid for a structured share repurchase contract that is expected to settle in the third quarter of fiscal 2024, at which time we will have the right to receive 0.5 million shares of our common stock, to be settled in stock or cash.

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

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expenditures, pension contributions and benefit payments and other financing requirements for the foreseeable future. We are currently not aware of any existing 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 13 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 Food & Provisions, Inc. (“8th Avenue”) and its subsidiaries) 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. These guarantees are subject to release in certain circumstances.

Our senior notes, other than our 6.25% 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). Our 6.25% senior notes are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by each of our existing and subsequently acquired or organized wholly-owned domestic subsidiaries that guarantee the Credit Agreement or certain of our other indebtedness (other than immaterial subsidiaries, certain excluded subsidiaries and subsidiaries we designate as unrestricted subsidiaries, which include 8th Avenue and its subsidiaries). 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. 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.

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

	Six Months Ended March 31,
dollars in millions	2024		2023
Cash provided by (used in):
Operating activities	$	424.0	$	198.3
Investing activities	(432.6)		(134.0)
Financing activities	237.1		(161.7)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1.9		3.4
Net increase (decrease) in cash, cash equivalents and restricted cash	$	230.4	$	(94.0)

Operating Activities

Cash provided by operating activities for the six months ended March 31, 2024 increased $225.7 million compared to the prior year period. This increase was primarily driven by lapping inventory cash outflows in the prior year period within our Post Consumer Brands segment, cash inflows related to fluctuations in timing of purchases and payments of trade payables within our Post Consumer Brands and Refrigerated Retail segments, cash inflows related to fluctuations in timing of sales and collections of trade receivables at our Post Consumer Brands segment and increased net cash receipts on our interest rate swaps

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of $3.2 million. These positive impacts were partially offset by higher interest payments of $11.0 million and higher tax payments of $5.7 million.

Investing Activities

Six months ended March 31, 2024

Cash used in investing activities for the six months ended March 31, 2024 was $432.6 million, primarily driven by net cash payments of $252.7 million related to the Perfection and Deeside acquisitions and capital expenditures of $179.5 million. Capital expenditures in the period primarily related to ongoing projects in our Post Consumer Brands and Foodservice segments.

Six months ended March 31, 2023

Cash used in investing activities for the six months ended March 31, 2023 was $134.0 million, primarily driven by capital expenditures of $132.9 million. Capital expenditures in the period primarily related to ongoing projects in our Foodservice and Post Consumer Brands segments.

Financing Activities

Six months ended March 31, 2024

Cash provided by financing activities for the six months ended March 31, 2024 was $237.1 million. We received proceeds of $1,000.0 million from the issuance of our 6.25% senior notes and $645.0 million from borrowings under our Revolving Credit Facility. We redeemed $459.3 million principal value of our 5.75% senior notes, repaid $51.1 million principal value of our 4.50% senior notes (net of $6.0 million in discounts), repaid $400.0 million principal value of our Fourth Incremental Term Loan, repaid $345.0 million under our Revolving Credit Facility and repaid $1.1 million principal value of our municipal bonds, resulting in net repayments of debt of $1,250.5 million. We paid $50.0 million for a structured share repurchase contract and $44.8 million, including broker’s commissions, for the repurchase of shares of our common stock. In addition, we paid $19.9 million of debt issuance costs and deferred financing fees in connection with the issuance of our 6.25% senior notes and entry into the Third Amendment and $4.4 million of debt premiums related to the redemption of our 5.75% senior notes.

Six months ended March 31, 2023

Cash used in financing activities for the six months ended March 31, 2023 was $161.7 million. We received proceeds of $130.0 million from our Third Incremental Term Loan, which was partially repaid through a debt-for-equity exchange of the remaining shares of BellRing Brands, Inc. (“BellRing”) common stock we held from our previous transactions related to the distribution of a portion of our interest in BellRing, and the remaining principal balance of $30.1 million was repaid using cash on hand. In addition, we repaid $120.5 million principal value of our 4.50% senior notes, net of a $16.9 million discount, and $1.1 million principal value of our municipal bond, which resulted in total net repayments of debt of $134.8 million. We paid $83.7 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.

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 commitments. As of March 31, 2024, we were in compliance with this financial covenant. 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, 2023, as filed with the Securities and Exchange Commission (the “SEC”) on November 17, 2023. There have been no significant changes to our critical accounting estimates since September 30, 2023.

RECENTLY ISSUED ACCOUNTING STANDARDS

See Note 2 within “Notes to Condensed Consolidated Financial Statements” for a discussion regarding recently issued accounting standards.

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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:

•consumer and customer reaction to our pricing actions;

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

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

•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;

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

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

•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;

•our and our private brand 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;

•our ability to successfully integrate Pet Food and the assets from the Perfection acquisition, deliver on the expected financial contribution, cost savings and synergies from these acquisitions and maintain relationships with employees, customers and suppliers for the acquired businesses, 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;

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

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

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

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

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

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

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

•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;

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•risks associated with our international businesses;

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

•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 and in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023, filed with the SEC on November 17, 2023.

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, including ingredients and packaging, energy and fuel. 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 $5 million as of both March 31, 2024 and September 30, 2023. 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 commodity exposures.

For more information regarding the Company’s commodity derivative contracts, refer to Note 11 within “Notes to Condensed Consolidated Financial Statements.”

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 both March 31, 2024 and September 30, 2023, a hypothetical 10% change in the expected Euro-GBP foreign currency exchange rates would have changed 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 11 within “Notes to Condensed Consolidated Financial Statements.”

Interest Rate Risk

Long-term debt

As of March 31, 2024, the Company had outstanding principal value of indebtedness of $6,438.1 million related to its senior notes, borrowings outstanding under its Revolving Credit Facility and a municipal bond. At March 31, 2024, Post’s Revolving Credit Facility had available borrowing capacity of $679.5 million. Of the total $6,438.1 million of outstanding indebtedness, $6,133.9 million bore interest at a weighted-average fixed interest rate of 5.0%. As of September 30, 2023, the Company had principal value of indebtedness of $6,049.6 million related to its senior notes, the Fourth Incremental Term Loan and a municipal bond, and the Revolving Credit Facility had available borrowing capacity of $730.3 million. Of the total $6,049.6 million of outstanding indebtedness, $5,644.3 million bore interest at a weighted-average fixed interest rate of 4.8%.

As of March 31, 2024 and September 30, 2023, the fair value of the Company’s debt, excluding any outstanding borrowings under the Revolving Credit Facility and the municipal bond, was $5,960.1 million and $5,491.5 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 $115 million and $112 million as of March 31, 2024 and September 30, 2023, respectively. A hypothetical

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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 six months ended March 31, 2024 and 2023.

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

Interest rate swaps

As of March 31, 2024 and September 30, 2023, the Company had interest rate swaps with a notional value of $300.0 million and $700.0 million, respectively. A hypothetical 10% increase in interest rates would have decreased the fair value of the interest rate swaps by approximately $9 million and $15 million as of March 31, 2024 and September 30, 2023, respectively.

For additional information regarding the Company’s interest rate swap contracts, refer to Note 11 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 Perfection and Pet Food acquisitions completed in fiscal 2024 and 2023, respectively, 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. Based on management’s evaluation, there were no other significant changes in the Company’s internal control over financial reporting during the quarter ended March 31, 2024 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II.    OTHER INFORMATION.

ITEM 1.     LEGAL PROCEEDINGS.

For information regarding our legal proceedings, refer to “Legal Proceedings” in Note 14 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 (the “Quarterly Report”), 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, 2023, filed with the SEC on November 17, 2023 (the “Annual Report”). As of the date of the Quarterly Report, there have been no material changes to the risk factors previously disclosed in the Annual Report. These risks 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.

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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 March 31, 2024:

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)
January 1, 2024 - January 31, 2024	—	$—	—	$165,697,970
February 1, 2024 - February 29, 2024	—	$—	—	$400,000,000
March 1, 2024 - March 31, 2024	76,996	$103.88	76,996	$392,001,335
Total	76,996	$103.88	76,996	$392,001,335

(a)Does not include broker’s commissions.

(b)On June 6, 2023, our Board of Directors approved an authorization to repurchase up to $400.0 million of shares of our common stock effective June 7, 2023 (the “Prior Authorization”). The Prior Authorization had an expiration date of June 7, 2025. On January 30, 2024, our Board of Directors cancelled the Prior Authorization effective February 4, 2024 and approved a new authorization to repurchase up to $400.0 million of shares of our common stock effective February 5, 2024 (the “New Authorization”). The New Authorization has an expiration date of February 5, 2026. 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.

ITEM 5.    OTHER INFORMATION.

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

During the three months ended March 31, 2024, 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.

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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 BellRing Brands, Inc. (now known as BellRing Intermediate Holdings, Inc.), Post Holdings, Inc., BellRing Distribution, LLC (now known as BellRing Brands, Inc.) 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 BellRing Brands, Inc. (now known as BellRing Intermediate Holdings, Inc.), Post Holdings, Inc., BellRing Distribution, LLC (now known as BellRing Brands, Inc.) 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., effective February 2, 2012 (Incorporated by reference to Exhibit 3.1 to the Company’s Form 10-Q filed on February 2, 2024)
3.2	Amendment of Amended and Restated Articles of Incorporation of Post Holdings, Inc., effective January 30, 2018 (Incorporated by reference to Exhibit 3.2 to the Company’s Form 10-Q filed on February 2, 2024)
3.3	Amendment of Amended and Restated Articles of Incorporation of Post Holdings, Inc., effective January 26, 2024 (Incorporated by reference to Exhibit 3.3 to the Company’s Form 10-Q filed on February 2, 2024)
3.4	Amended and Restated Bylaws of Post Holdings, Inc. (Incorporated by reference to Exhibit 3.2 to the Company’s Form 8-K filed on January 30, 2024)
4.1	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)
4.2	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)
4.3	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)
4.4	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)
4.5	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)
4.6	Indenture (2032 Secured Notes), dated as of February 20, 2024, by and among Post Holdings, Inc., the Guarantors (as defined therein) and Computershare Trust Company, N.A., as trustee and notes collateral agent (Incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on February 26, 2024)
†10.53	Amendment to Certain Performance-Based Restricted Stock Unit Agreements (Incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on January 26, 2024)
†*10.54	Post Holdings, Inc. 2024 Supplemental Executive Retirement Plan (Incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on February 20, 2024)

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Exhibit No.	Description
10.55	Third Amendment to Second Amended and Restated Credit Agreement and Agency Transfer, dated as of February 20, 2024, by and among Post Holdings, Inc., as borrower, certain of its subsidiaries, as guarantors, Barclays Bank PLC, as administrative agent under the Credit Agreement prior to the effective date of the Amendment, JPMorgan Chase Bank, N.A., as administrative agent under the Credit Agreement from and after the effective date of the Amendment, the institutions constituting the 2024 Revolving Credit Lenders, the L/C Issuers and the Swing Line Lender (as each such term is defined in the Amendment) (Incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on February 26, 2024)
*10.56	Notes Security Agreement, dated as of February 20, 2024, by and among Post Holdings, Inc., certain of its subsidiaries as provided therein and Computershare Trust Company, National Association, as notes collateral agent (Incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K filed on February 26, 2024)
10.57	Pari Passu Intercreditor Agreement, dated as of February 20, 2024, by and between JPMorgan Chase Bank, N.A., as initial first lien representative and initial first lien collateral agent, and Computershare Trust Company, National Association, as initial other representative and initial other collateral agent, and acknowledged and agreed to by Post Holdings, Inc. and certain of its subsidiaries as provided therein (Incorporated by reference to Exhibit 10.3 to the Company’s Form 8-K filed on February 26, 2024)
31.1	Certification of Robert V. Vitale pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, dated May 3, 2024
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 May 3, 2024
**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 May 3, 2024
101	Interactive Data File (Form 10-Q for the quarterly period ended March 31, 2024 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 March 31, 2024, formatted in iXBRL (Inline eXtensible Business Reporting Language) and contained in Exhibit 101

†	These exhibits constitute management contracts, compensatory plans and arrangements.
*	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.
**	Exhibit furnished herewith and shall not be deemed to be “filed” with the SEC or subject to the liabilities of the Exchange Act, nor shall such exhibit be incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

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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:	May 3, 2024	By:	/s/ Matthew J. Mainer
			Matthew J. Mainer
			Senior Vice President, 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:	May 3, 2024	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:	May 3, 2024	By:	/s/ Matthew J. Mainer
			Matthew J. Mainer
			Senior Vice President, 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 March 31, 2024, filed on the date hereof with the Securities and Exchange Commission (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(b)    information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	May 3, 2024	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 Senior Vice President, 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 March 31, 2024, filed on the date hereof with the Securities and Exchange Commission (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(b)    information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	May 3, 2024	By:	/s/ Matthew J. Mainer
			Matthew J. Mainer
			Senior Vice President, Chief Financial Officer and Treasurer

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Cover Page - shares	6 Months Ended
	Mar. 31, 2024	Apr. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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)		60,585,877
Entity Central Index Key	0001530950
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

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Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net Sales	$ 1,999.0	$ 1,619.9	$ 3,964.9	$ 3,186.2
Cost of goods sold	1,419.4	1,206.1	2,812.7	2,357.5
Gross Profit	579.6	413.8	1,152.2	828.7
Selling, general and administrative expenses	341.3	239.3	664.2	468.0
Amortization of intangible assets	46.4	36.6	92.1	73.0
Other operating expense (income), net	1.8	0.2	(3.5)	0.1
Operating Profit	190.1	137.7	399.4	287.6
Interest expense, net	80.0	63.8	158.1	129.7
Loss (gain) on extinguishment of debt, net	0.3	(6.1)	(2.8)	(14.8)
(Income) expense on swaps, net	(13.3)	9.0	7.8	(3.3)
Other income, net	(2.8)	(3.5)	(6.3)	(16.9)
Earnings before Income Taxes and Equity Method Loss	125.9	74.5	242.6	192.9
Income tax expense	28.6	18.9	57.1	43.6
Equity method loss, net of tax	0.0	0.2	0.1	0.2
Net Earnings Including Noncontrolling Interests	97.3	55.4	185.4	149.1
Less: Net earnings attributable to noncontrolling interests	0.1	1.3	0.1	3.1
Net Earnings	$ 97.2	$ 54.1	$ 185.3	$ 146.0
Earnings Per Share [Abstract]
Earnings, Per Basic Share	$ 1.60	$ 0.98	$ 3.06	$ 2.64
Earnings, Per Diluted Share	$ 1.48	$ 0.92	$ 2.83	$ 2.44
Weighted Average Number of Shares Outstanding
Weighted-Average Common Shares Outstanding, Basic (in shares)	60.8	58.8	60.6	58.8
Weighted-Average Common Shares Outstanding, Diluted (in shares)	67.6	65.7	67.5	65.8

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Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net Earnings Including Noncontrolling Interests	$ 97.3	$ 55.4	$ 185.4	$ 149.1
Pension and postretirement benefits adjustments:
Unrealized pension and other postretirement benefit obligations	(8.3)	0.0	(8.3)	0.0
Reclassifications to net earnings	(0.2)	(1.1)	(0.6)	(2.3)
Foreign currency translation adjustments:
Unrealized foreign currency translation adjustments	(11.9)	31.5	53.5	149.2
Tax benefit (expense) on pension and postretirement benefits adjustments:
Unrealized pension and other postretirement benefit obligations	2.0	0.0	2.0	0.0
Reclassifications to net earnings	0.1	0.3	0.2	0.6
Total Other Comprehensive (Loss) Income Including Noncontrolling Interests	(18.3)	30.7	46.8	147.5
Less: Comprehensive income attributable to noncontrolling interests	1.6	0.5	1.2	2.0
Total Comprehensive Income	$ 77.4	$ 85.6	$ 231.0	$ 294.6

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Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2024	Sep. 30, 2023
ASSETS
Cash and cash equivalents	$ 333.4	$ 93.3
Restricted cash	14.2	23.9
Receivables, net	569.3	512.4
Inventories	802.7	789.9
Prepaid expenses and other current assets	91.3	59.0
Total Current Assets	1,810.9	1,478.5
Property, net	2,145.1	2,021.4
Goodwill	4,647.0	4,574.4
Other intangible assets, net	3,214.7	3,212.4
Other assets	373.4	360.0
Total Assets	12,191.1	11,646.7
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current portion of long-term debt	1.2	1.1
Accounts payable	396.3	368.8
Other current liabilities	442.0	435.4
Total Current Liabilities	839.5	805.3
Long-term debt	6,414.6	6,039.0
Deferred income taxes	666.7	674.4
Other liabilities	279.6	276.7
Total Liabilities	8,200.4	7,795.4
Common stock	0.9	0.9
Additional paid-in capital	5,240.1	5,288.1
Retained earnings	1,601.8	1,416.5
Accumulated other comprehensive loss	(89.4)	(135.1)
Treasury stock, at cost	(2,773.1)	(2,728.3)
Total Shareholders’ Equity Excluding Noncontrolling Interests	3,980.3	3,842.1
Noncontrolling interests	10.4	9.2
Total Shareholders’ Equity	3,990.7	3,851.3
Total Liabilities and Shareholders’ Equity	$ 12,191.1	$ 11,646.7

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Operating Activities:
Net Earnings Including Noncontrolling Interests	$ 185.4	$ 149.1
Adjustments to reconcile net earnings including noncontrolling interests to net cash provided by operating activities:
Depreciation and amortization	232.0	186.8
Unrealized loss on interest rate swaps, foreign exchange contracts and warrant liability, net	17.8	4.1
Loss (gain) on extinguishment of debt, net	(2.8)	(14.8)
Non-cash stock-based compensation expense	39.8	37.2
Equity method loss, net of tax	0.1	0.2
Deferred income taxes	(13.2)	(27.9)
Other, net	(3.5)	(4.6)
Other changes in operating assets and liabilities, net of business acquisitions:
Increase in receivables, net	(3.5)	(26.0)
Decrease (increase) in inventories	12.5	(41.6)
Increase in prepaid expenses and other current assets	(38.3)	(21.3)
(Increase) decrease in other assets	(4.8)	6.7
Decrease in accounts payable and other current liabilities	(11.5)	(57.6)
Increase in non-current liabilities	14.0	8.0
Net Cash Provided by Operating Activities	424.0	198.3
Cash Flows from Investing Activities:
Business acquisitions, net of cash acquired	(252.7)	0.0
Additions to property	(179.5)	(132.9)
Other, net	(0.4)	(1.1)
Net Cash Used in Investing Activities	(432.6)	(134.0)
Cash Flows from Financing Activities:
Proceeds from issuance of debt	1,645.0	130.0
Repayments of debt, net of discounts	(1,250.5)	(134.8)
Purchases of treasury stock	(44.8)	(83.7)
Payments of debt issuance costs and deferred financing fees	(19.9)	(1.3)
Payments of debt premiums	(4.4)	0.0
Payment for share repurchase contracts	(50.0)	0.0
Financing portion of cash paid for rate-lock interest rate swaps	0.0	(43.5)
Other, net	(38.3)	(28.4)
Net Cash Provided by (Used in) Financing Activities	237.1	(161.7)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	1.9	3.4
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	230.4	(94.0)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year	117.2	590.1
Cash, Cash Equivalents and Restricted Cash, End of Period	$ 347.6	$ 496.1

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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, 2022		$ 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									$ 11.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activity under stock and deferred compensation plans			(27.9)
Non-cash stock-based compensation expense			37.2
Payment for share repurchase contracts	$ 0.0		0.0
Net Earnings	146.0			146.0
Post Holdings Partnering Corporation deemed dividend				(1.2)
Net change in retirement benefits, net of tax					(1.7)
Foreign currency translation adjustments							150.3		(1.1)
Purchases of treasury stock								(83.7)
Net earnings attributable to noncontrolling interests	3.1								0.3
Shareholders' Equity Excluding Noncontrolling Interest, End of period at Mar. 31, 2023	3,473.0	0.9	4,757.5	1,253.8	(31.4)	74.8	(157.7)	(2,424.9)
Total Shareholders' Equity, End of period at Mar. 31, 2023	3,483.9								10.9
Shareholders' Equity Excluding Noncontrolling Interest, Beginning of period at Dec. 31, 2022		0.9	4,737.4	1,201.0	(30.6)	74.8	(190.0)	(2,365.2)
Total Shareholders' Equity, Beginning of period at Dec. 31, 2022									11.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activity under stock and deferred compensation plans			(0.1)
Non-cash stock-based compensation expense			20.2
Payment for share repurchase contracts			0.0
Net Earnings	54.1			54.1
Post Holdings Partnering Corporation deemed dividend				(1.3)
Net change in retirement benefits, net of tax					(0.8)
Foreign currency translation adjustments							32.3		(0.8)
Purchases of treasury stock								(59.7)
Net earnings attributable to noncontrolling interests	1.3								0.1
Shareholders' Equity Excluding Noncontrolling Interest, End of period at Mar. 31, 2023	3,473.0	0.9	4,757.5	1,253.8	(31.4)	74.8	(157.7)	(2,424.9)
Total Shareholders' Equity, End of period at Mar. 31, 2023	3,483.9								10.9
Shareholders' Equity Excluding Noncontrolling Interest, Beginning of period at Sep. 30, 2023	3,842.1	0.9	5,288.1	1,416.5	(30.3)	74.8	(179.6)	(2,728.3)
Total Shareholders' Equity, Beginning of period at Sep. 30, 2023	3,851.3								9.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activity under stock and deferred compensation plans			(37.8)
Non-cash stock-based compensation expense			39.8
Payment for share repurchase contracts	(50.0)		(50.0)
Net Earnings	185.3			185.3
Post Holdings Partnering Corporation deemed dividend				0.0
Net change in retirement benefits, net of tax					(6.7)
Foreign currency translation adjustments							52.4		1.1
Purchases of treasury stock								(44.8)
Net earnings attributable to noncontrolling interests	0.1								0.1
Shareholders' Equity Excluding Noncontrolling Interest, End of period at Mar. 31, 2024	3,980.3	0.9	5,240.1	1,601.8	(37.0)	74.8	(127.2)	(2,773.1)
Total Shareholders' Equity, End of period at Mar. 31, 2024	3,990.7								10.4
Shareholders' Equity Excluding Noncontrolling Interest, Beginning of period at Dec. 31, 2023		0.9	5,273.1	1,504.6	(30.6)	74.8	(113.8)	(2,765.0)
Total Shareholders' Equity, Beginning of period at Dec. 31, 2023									8.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activity under stock and deferred compensation plans			(3.7)
Non-cash stock-based compensation expense			20.7
Payment for share repurchase contracts			(50.0)
Net Earnings	97.2			97.2
Post Holdings Partnering Corporation deemed dividend				0.0
Net change in retirement benefits, net of tax					(6.4)
Foreign currency translation adjustments							(13.4)		1.5
Purchases of treasury stock								(8.1)
Net earnings attributable to noncontrolling interests	0.1								0.1
Shareholders' Equity Excluding Noncontrolling Interest, End of period at Mar. 31, 2024	3,980.3	$ 0.9	$ 5,240.1	$ 1,601.8	$ (37.0)	$ 74.8	$ (127.2)	$ (2,773.1)
Total Shareholders' Equity, End of period at Mar. 31, 2024	$ 3,990.7								$ 10.4

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Basis of Presentation

6 Months Ended

Mar. 31, 2024

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 have been prepared on a basis substantially consistent with, and 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, 2023, filed with the SEC on November 17, 2023.

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)

6 Months Ended

Mar. 31, 2024

Accounting Standards Update and Change in Accounting Principle [Abstract]

Recently Issued and Adopted Accounting Standards

RECENTLY ISSUED ACCOUNTING STANDARDS

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

In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU is effective for fiscal years beginning after December 15, 2024 (i.e., the Company’s annual financial statements for the year ended September 30, 2026), with early adoption permitted. This ASU should be adopted prospectively; however, retrospective adoption is permitted. The Company is currently evaluating the impact of this standard.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU is effective for fiscal years beginning after December 15, 2023 (i.e., the Company’s annual financial statements for the year ended September 30, 2025) and for interim periods within fiscal years beginning after December 15, 2024 (i.e., the Company’s interim financial statements for the three months ended December 31, 2025), with early adoption permitted. This ASU requires retrospective adoption. The Company is currently evaluating the impact of this standard.

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

6 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments and Joint Ventures Disclosure - PHPC

Post Holdings Partnering Corporation

In May and June 2021, the Company and Post Holdings Partnering Corporation (“PHPC”), a special purpose acquisition company, consummated the initial public offering of 34.5 units of PHPC (the “PHPC Units” and such transaction, the “PHPC IPO”), of which a wholly-owned subsidiary of the Company (“PHPC Sponsor”) purchased 4.0 PHPC Units. Each PHPC Unit consisted of one share of Series A common stock of PHPC (“PHPC Series A Common Stock”) and one-third of one redeemable warrant 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. 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 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”). Each PHPC Private Placement Unit consisted of one share of PHPC Series A Common Stock and one-third of one redeemable warrant of PHPC 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, the Company, through PHPC Sponsor’s ownership of 8.6 shares of Series F common stock of PHPC (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 amended and restated certificate of incorporation.

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 partnering transaction 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.

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). Remeasurements to the redemption value of the redeemable NCI were recognized as a deemed dividend and recorded to retained earnings on the balance sheet prior to the PHPC Redemption (as defined below).

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.

Prior to the PHPC Redemption, 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 during the third quarter of fiscal 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, during the third quarter of fiscal 2023:

•$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. The Company received $40.9 from the PHPC Redemption related to its ownership of 4.0 shares of PHPC Series A Common Stock; and

•redeemable NCI of $312.5 immediately prior to the PHPC Redemption was reduced to zero.

Subsequent to the PHPC Redemption, PHPC 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 the PHPC Series F Common Stock, which were surrendered by PHPC Sponsor for no consideration. PHPC Sponsor subsequently dissolved in August 2023.

The following table summarizes the effects of changes in the Company’s redeemable NCI on the Company’s equity for the three and six months ended March 31, 2023.

	Three Months Ended March 31, 2023		Six Months Ended March 31, 2023
Net earnings attributable to redeemable NCI	$	1.2	$	2.8
Redemption value adjustment	(2.5)		(4.0)
PHPC deemed dividend	$	(1.3)	$	(1.2)

The following table summarizes the changes to the Company’s redeemable NCI for the three and six months ended March 31, 2023.

	Three Months Ended March 31, 2023		Six Months Ended March 31, 2023
Beginning of period	$	308.1	$	306.6
Net earnings attributable to redeemable NCI	1.2		2.8
PHPC deemed dividend	1.3		1.2
End of period	$	310.6	$	310.6

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, in accordance with ASC Topic 323, “Investments—Equity Method and Joint Ventures,” the Company discontinued applying the equity method to the investment after reducing the balance of the investment to zero. The Company’s investment in 8th Avenue was zero at both March 31, 2024 and September 30, 2023, and the Company did not recognize an equity method gain (loss) attributable to 8th Avenue for the three or six months ended March 31, 2024 or 2023.

During the three and six months ended March 31, 2024, the Company had net sales to 8th Avenue of $2.1 and $3.8, respectively, and purchases from and royalties paid to 8th Avenue of $19.7 and $39.6, respectively. During the three and six months ended March 31, 2023, the Company had net sales to 8th Avenue of $3.1 and $5.5, respectively, and purchases from and royalties paid to 8th Avenue of $25.1 and $48.4, respectively. Sales and purchases between the Company and 8th Avenue were all made at arm’s-length.

The Company had current payables with 8th Avenue of $13.7 and $13.3 at March 31, 2024 and September 30, 2023, respectively, which were included in “Accounts payable” on the Condensed Consolidated Balance Sheets and primarily related to related party purchases and royalties. Current receivables with 8th Avenue at March 31, 2024 and September 30, 2023 were immaterial. In addition, the Company had a long-term receivable and a long-term liability with 8th Avenue of $12.9 and $0.7, respectively, at both March 31, 2024 and September 30, 2023, 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 - 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. 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 investment in Alpen was $3.5 and $3.6 at March 31, 2024 and September 30, 2023, respectively, and was included in “Other assets” on the Condensed Consolidated Balance Sheets.

Equity Method Investments and Joint Ventures Disclosure - BRBR

BellRing

Transactions between the Company and BellRing Brands, Inc. (“BellRing”) are considered related party transactions as certain of the Company’s officers or directors serve as directors of BellRing.

On September 30, 2022, Comet Processing, Inc. (“Comet”), a wholly-owned subsidiary of the Company, entered into a co-packing agreement with Premier Nutrition Company, LLC (“Premier Nutrition”), a subsidiary of BellRing (the “Co-Packing Agreement”). Under the Co-Packing Agreement, Premier Nutrition procures certain packaging materials for Comet that Comet utilizes in the production of ready-to-drink (“RTD”) shakes for Premier Nutrition. In December 2023, in accordance with the terms of the Co-Packing Agreement, Comet began manufacturing RTD shakes for Premier Nutrition. Sales of RTD shakes to Premier Nutrition during both the three and six months ended March 31, 2024 were immaterial, and there were no sales to Premier Nutrition during fiscal 2023. Other related party transactions and balances between the Company and BellRing were immaterial as of and for the three and six months ended March 31, 2024 and 2023.

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Business Combinations

6 Months Ended

Mar. 31, 2024

Business Combinations [Abstract]

Business Combinations

BUSINESS COMBINATIONS

The Company uses the acquisition method of accounting for acquired businesses. Under the acquisition method, the Company’s financial statements reflect the operations of an acquired business starting from the date of acquisition. The assets acquired and liabilities assumed are recorded at their respective estimated fair values at the date of the acquisition based on Level 3 inputs. 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 acquired 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 2024

On December 1, 2023, the Company completed its acquisition of substantially all of the assets of Perfection Pet Foods, LLC (“Perfection”) for $235.0, subject to working capital adjustments and other adjustments, resulting in a payment at closing of $238.8. Perfection is a manufacturer and packager of private label and co-manufactured pet food and baked treat products and is reported in the Post Consumer Brands segment. The acquisition was completed using cash on hand, including borrowings under the Revolving Credit Facility (as defined in Note 13). At March 31, 2024, the Company had recorded a receivable related to additional estimated working capital adjustments of $4.6, which was included in “Receivables, net” on the Condensed Consolidated Balance Sheets.

Based upon the preliminary purchase price allocation, the Company recorded $81.0 of customer relationships, which is being amortized over a weighted-average useful life of 16 years. Net sales and operating profit included in the Condensed Consolidated Statements of Operations attributable to Perfection were $65.1 and $4.8, respectively, for the three months ended March 31, 2024 and $84.6 and $4.9, respectively, for the six months ended March 31, 2024. During the three and six months ended March 31, 2024, the Company recorded acquisition-related costs related to Perfection of $0.1 and $1.9, respectively, which were included in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Operations.

Preliminary values of Perfection 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 goodwill generated by the Company’s Perfection acquisition is expected to be deductible for U.S. income tax purposes.

The following table presents the preliminary purchase price allocation, including immaterial measurement period adjustments, related to the Perfection acquisition based upon the fair values of assets acquired and liabilities assumed as of March 31, 2024.

Cash and cash equivalents	$	0.3
Receivables, net	40.8
Inventories	21.1
Prepaid expenses and other current assets	0.4
Property, net	69.9
Other intangible assets, net	81.0
Other assets	2.9
Accounts payable	(21.5)
Other current liabilities	(1.6)
Other liabilities	(1.8)
Total identifiable net assets	191.5
Goodwill	42.7
Fair value of total consideration transferred	$	234.2

Also on December 1, 2023, the Company completed its acquisition of Deeside Cereals I Ltd (“Deeside”) for £11.3 (approximately $14.3). The acquisition was completed using cash on hand. Deeside is a producer of private label cereals in the United Kingdom (the “U.K.”) and is reported in the Weetabix segment. Based upon the preliminary purchase price allocation at March 31, 2024, the Company identified and recorded $20.5 of net assets, which exceeded the purchase price paid for Deeside. As a result, the Company recorded a gain of $6.2, which was included in “Other operating expense (income), net” in the Condensed Consolidated Statements of Operations for the six months ended March 31, 2024. Net sales and operating loss included in the Condensed Consolidated Statements of Operations attributable to Deeside were $7.2 and $0.7, respectively, for the three months ended March 31, 2024 and $9.5 and $0.9, respectively, for the six months ended March 31, 2024. Preliminary values of Deeside are measured as of the date of the acquisition, are not yet finalized pending the final purchase price allocation and are subject to change.

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 shares of Post common stock, or $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 13). Pet Food is reported in the Post Consumer Brands segment.

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 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 the three and six months ended March 31, 2024, Post incurred $4.5 and $9.5, respectively, related to TSA fees, which were recorded within “Selling, general and administrative expenses” in 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 March 31, 2024 and September 30, 2023, the Company had recorded a net receivable due from Smucker related to the TSA of $29.5 and $35.5, respectively, which was recorded within “Receivables, net” on the Condensed Consolidated Balance Sheets.

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 2024 Perfection acquisition and the fiscal 2023 Pet Food acquisition for the periods presented as if the fiscal 2024 Perfection acquisition had occurred on October 1, 2022 and the fiscal 2023 Pet Food acquisition had occurred on October 1, 2021, along with certain pro forma adjustments. The results of operations for the fiscal 2024 Deeside 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 Perfection and Pet Food acquisitions occurred on the assumed dates, nor is it necessarily an indication of future operating results.

	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Pro forma net sales	$	1,999.0	$	2,071.4	$	4,005.8	$	4,087.4
Pro forma net earnings	$	100.7	$	67.8	$	192.6	$	163.5
Pro forma basic earnings per common share	$	1.66	$	1.11	$	3.18	$	2.69
Pro forma diluted earnings per common share	$	1.53	$	1.04	$	2.93	$	2.50

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Restructuring (Notes)

6 Months Ended

Mar. 31, 2024

Restructuring [Abstract]

Restructuring

RESTRUCTURING

In November 2023, the Company finalized its plan to close its Post Consumer Brands cereal manufacturing facility in Lancaster, Ohio (the “Lancaster Facility”). The transfer of production capabilities to other Company locations and closure of the Lancaster Facility is expected to be completed by the end of fiscal 2024.

Restructuring charges and the associated liabilities for employee-related expenses related to the closure of the Lancaster Facility are shown in the following table.

Balance, September 30, 2023	$	—
Charge to expense	7.7
Cash payments	(0.2)
Non-cash charges	—
Balance, March 31, 2024	$	7.5
Total expected restructuring charges	$	7.8
Cumulative restructuring charges incurred to date	7.7
Remaining expected restructuring charges	$	0.1

No restructuring charges were incurred during the three or six months ended March 31, 2023. Restructuring charges of $0.2 and $7.7 were included in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Operations during the three and six months ended March 31, 2024, respectively.

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Earnings (Loss) Per Share

6 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

(Loss) Earnings per Share

EARNINGS PER SHARE

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 prior to the PHPC Redemption were recognized as a deemed dividend (see Note 3). 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 per share. In addition, dilutive net earnings was adjusted for interest expense, net of tax, related to the Company’s convertible senior notes.

The following table sets forth the computation of basic and diluted earnings per share.

	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Net earnings	$	97.2	$	54.1	$	185.3	$	146.0
Impact of redeemable NCI	—		3.4		—		9.1
Net earnings for basic earnings per share	$	97.2	$	57.5	$	185.3	$	155.1
Impact of interest expense, net of tax, related to convertible senior notes	2.7		2.7		5.4		5.4
Net earnings for diluted earnings per share	$	99.9	$	60.2	$	190.7	$	160.5
Weighted-average shares for basic earnings per share	60.8		58.8		60.6		58.8
Effect of dilutive securities:
Stock options	0.3		0.3		0.3		0.4
Stock appreciation rights	—		0.1		—		0.1
Restricted stock units	0.3		0.4		0.4		0.5
Market-based performance restricted stock units	0.8		0.6		0.7		0.5
Earnings-based performance restricted stock units	—		0.1		0.1		0.1
Shares issuable upon conversion of convertible senior notes	5.4		5.4		5.4		5.4
Total dilutive securities	6.8		6.9		6.9		7.0
Weighted-average shares for diluted earnings per share	67.6		65.7		67.5		65.8
Earnings per Common Share:
Basic	$	1.60	$	0.98	$	3.06	$	2.64
Diluted	$	1.48	$	0.92	$	2.83	$	2.44

The following table presents the securities that have been excluded from the calculation of weighted-average shares for diluted earnings per share as they were anti-dilutive.

	Three Months Ended March 31,		Six Months Ended March 31,
	2024	2023	2024	2023
Restricted stock units	—	—	—	0.1
Market-based performance restricted stock units	—	0.2	—	0.2

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Inventories

6 Months Ended

Mar. 31, 2024

Inventory [Abstract]

Inventories

INVENTORIES

	March 31, 2024		September 30, 2023
Raw materials and supplies	$	157.6	$	155.9
Work in process	23.4		24.4
Finished products	587.2		573.6
Flocks	34.5		36.0
	$	802.7	$	789.9

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Property, net

6 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property, net

PROPERTY, NET

	March 31, 2024		September 30, 2023
Property, at cost	$	4,031.2	$	3,769.4
Accumulated depreciation	(1,886.1)		(1,748.0)
	$	2,145.1	$	2,021.4

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Goodwill (Notes)

6 Months Ended

Mar. 31, 2024

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, 2023
Goodwill (gross)	$	2,261.1	$	854.3	$	1,355.3	$	803.7	$	5,274.4
Accumulated impairment losses	(609.1)		—		—		(90.9)		(700.0)
Goodwill (net)	$	1,652.0	$	854.3	$	1,355.3	$	712.8	$	4,574.4
Goodwill from acquisition	42.7		—		—		—		42.7
Currency translation adjustment	—		29.9		—		—		29.9
Balance, March 31, 2024
Goodwill (gross)	$	2,303.8	$	884.2	$	1,355.3	$	803.7	$	5,347.0
Accumulated impairment losses	(609.1)		—		—		(90.9)		(700.0)
Goodwill (net)	$	1,694.7	$	884.2	$	1,355.3	$	712.8	$	4,647.0

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Intangible Assets, net

6 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net

INTANGIBLE ASSETS, NET

	March 31, 2024						September 30, 2023
	Carrying Amount		Accumulated Amortization		Net Amount		Carrying Amount		Accumulated Amortization		Net Amount
Subject to amortization:
Customer relationships	$	2,622.5	$	(1,011.0)	$	1,611.5	$	2,535.5	$	(940.7)	$	1,594.8
Trademarks, brands and licensing agreements	886.1		(324.4)		561.7		885.8		(301.3)		584.5
	3,508.6		(1,335.4)		2,173.2		3,421.3		(1,242.0)		2,179.3
Not subject to amortization:
Trademarks and brands	1,041.5		—		1,041.5		1,033.1		—		1,033.1
	$	4,550.1	$	(1,335.4)	$	3,214.7	$	4,454.4	$	(1,242.0)	$	3,212.4

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Derivative Financial Instruments and Hedging

6 Months Ended

Mar. 31, 2024

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 March 31, 2024, 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 (the “FX contracts”) maturing in the next year that have the effect of hedging currency fluctuations between the Euro and the Pound Sterling; and

•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.

During the six months ended March 31, 2024, the Company received cash proceeds of $5.2 in connection with the termination of its interest rate swap contracts with a $400.0 notional value.

During the six months ended March 31, 2023, the Company paid $43.5 in connection with the termination of $516.7 notional value of its rate-lock swap contracts and received cash proceeds of $6.7 in connection with the termination of its interest rate swap contract with a $200.0 notional value.

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

	March 31, 2024		September 30, 2023
Commodity contracts	$	222.0	$	215.0
Energy contracts	39.9		48.9
FX contracts	2.3		3.0
Interest rate swaps	300.0		700.0

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	March 31, 2024		September 30, 2023
Asset Derivatives:
Commodity contracts	Prepaid expenses and other current assets	$	2.2	$	1.2
Energy contracts	Prepaid expenses and other current assets	0.4		2.5
Interest rate swaps	Prepaid expenses and other current assets	3.6		10.6
Commodity contracts	Other assets	6.0		—
Interest rate swaps	Other assets	1.6		11.3
		$	13.8	$	25.6
Liability Derivatives:
Commodity contracts	Other current liabilities	$	10.6	$	14.1
Energy contracts	Other current liabilities	4.5		2.0
Interest rate swaps	Other liabilities	1.1		—
		$	16.2	$	16.1

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 March 31,				Six Months Ended March 31,
		2024		2023		2024		2023
Commodity contracts	Cost of goods sold	$	17.6	$	7.8	$	19.2	$	5.7
Energy contracts	Cost of goods sold	(1.8)		5.8		5.7		8.6
FX contracts	Selling, general and administrative expenses	—		0.1		—		—
Interest rate swaps	(Income) expense on swaps, net	(13.3)		9.0		7.8		(3.3)
PHPC Warrants	Other income, net	—		0.7		—		0.5

At March 31, 2024 and September 30, 2023, the Company had pledged collateral of $13.5 and $23.4, respectively, related to its commodity and energy contracts. These amounts were classified as “Restricted cash” on the Condensed Consolidated Balance Sheets.

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Fair Value Measurements

6 Months Ended

Mar. 31, 2024

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.”

	March 31, 2024						September 30, 2023
	Total		Level 1		Level 2		Total		Level 1		Level 2
Assets:
Deferred compensation investments	$	15.5	$	15.5	$	—	$	13.0	$	13.0	$	—
Derivative assets	13.8		—		13.8		25.6		—		25.6
	$	29.3	$	15.5	$	13.8	$	38.6	$	13.0	$	25.6
Liabilities:
Deferred compensation liabilities	$	45.6	$	—	$	45.6	$	36.8	$	—	$	36.8
Derivative liabilities	16.2		—		16.2		16.1		—		16.1
	$	61.8	$	—	$	61.8	$	52.9	$	—	$	52.9

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 notional 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 notional 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. FX 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 11 for the classification of changes in fair value of derivative assets and liabilities measured at fair value on a recurring basis within the Condensed Consolidated Statements of Operations.

Equity Securities and Other Fair Value Measurements

The Company uses the market approach to measure the fair value of its equity securities, which were immaterial as of both March 31, 2024 and September 30, 2023. 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 and the Revolving Credit Facility (as defined in Note 13) as of March 31, 2024 and September 30, 2023 approximated their carrying values. Based on current market rates, the fair value (Level 2) of the Company’s debt, excluding any outstanding borrowings under the municipal bond and the Revolving Credit Facility, was $5,960.1 and $5,491.5 as of March 31, 2024 and September 30, 2023, respectively, which included $649.2 and $572.6 related to the Company’s convertible senior notes, respectively.

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

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Long-Term Debt

6 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Long-Term Debt

LONG-TERM DEBT

The components of “Long-term debt” on the Condensed Consolidated Balance Sheets are presented in the following table.

	March 31, 2024		September 30, 2023
2.50% convertible senior notes maturing August 2027	$	575.0	$	575.0
4.50% senior notes maturing September 2031	998.6		1,049.7
4.625% senior notes maturing April 2030	1,385.4		1,385.4
5.50% senior notes maturing December 2029	1,235.0		1,235.0
5.625% senior notes maturing January 2028	939.9		939.9
5.75% senior notes maturing March 2027	—		459.3
6.25% senior secured notes maturing February 2032	1,000.0		—
Fourth Incremental Term Loan	—		400.0
Revolving Credit Facility	300.0		—
Municipal bond	4.2		5.3
	$	6,438.1	$	6,049.6
Less: Current portion of long-term debt	1.2		1.1
Debt issuance costs, net	47.8		42.0
Plus: Unamortized premium, net	25.5		32.5
Total long-term debt	$	6,414.6	$	6,039.0

Long-Term Debt - Senior Notes

6.25% Senior Notes

On February 20, 2024, the Company issued $1,000.0 principal value of 6.25% senior secured notes (the “6.25% senior notes”) maturing in February 2032. The 6.25% senior notes were issued at par, and the Company received $986.7 after incurring underwriting fees and other fees and expenses of $13.3, which were deferred and are being amortized to interest expense over the term of the 6.25% senior notes. Interest payments on the 6.25% senior notes are due semi-annually each August 15 and February 15, and the maturity date of the 6.25% senior notes is February 15, 2032.

The 6.25% senior notes and the related guarantees are secured by first-priority security interests, subject to permitted liens, in collateral that generally includes most of the Company's and the subsidiary guarantors' property except for real property and certain other excluded assets. The assets that secure the 6.25% senior notes also secure (and will continue to secure) the Credit Agreement (as defined below) on a pari passu basis.

The 6.25% senior notes are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by each of the Company’s existing and subsequently acquired or organized wholly-owned domestic subsidiaries that guarantee the Credit Agreement or certain of the Company’s other indebtedness, other than immaterial subsidiaries, certain excluded subsidiaries and subsidiaries the Company designates as unrestricted subsidiaries, which such unrestricted subsidiaries include 8th Avenue and its subsidiaries. These guarantees are subject to release in certain circumstances.

With a portion of the net proceeds received from the 6.25% senior notes issuance, borrowings under the New Revolving Credit Facility (as defined below) and cash on hand, the Company repaid the outstanding principal balance of the Fourth Incremental Term Loan (as defined below) and all accrued, unpaid interest thereon, redeemed the remainder of the outstanding 5.75% senior notes maturing in March 2027 and all accrued, unpaid interest to the redemption date and repaid the outstanding borrowings under the Old Revolving Credit Facility (as defined below) and all accrued, unpaid interest thereon. For additional information, see the “Credit Agreement,” “Fourth Incremental Term Loan” and “Repayments of Debt” sections 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. 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 the 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 “Convertible Notes 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 Convertible Notes Indenture) occurs, then the Company must 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) 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 the 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 Convertible Notes 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 Convertible Notes Indenture) occurs, then, except as described in the Convertible Notes 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 Convertible Notes Indenture).

The 2.50% convertible senior notes may be redeemed, in whole or in part (subject to the partial redemption limitation described in the Convertible Notes 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 March 31, 2024 and September 30, 2023, 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 2.50% convertible senior notes had no embedded features that required separate bifurcation under ASC Topic 815 as of March 31, 2024 or September 30, 2023. 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 March 31, 2024 and September 30, 2023.

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 Joinder Agreement No. 1, Joinder Agreement No. 2, the Third Joinder Agreement (as defined below), the Fourth Joinder Agreement (as defined below) and the Third Amendment (as defined below), as amended, restated or amended and restated, the “Credit Agreement”). Prior to the effective date of the Third Amendment, the Credit Agreement provided for a revolving credit facility in an aggregate principal amount of $750.0 (the “Old 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.

On February 20, 2024, the Company entered into a third amendment to the Credit Agreement (the “Third Amendment”) by and among the Company, as borrower, certain of the Company’s subsidiaries, as guarantors, Barclays Bank PLC (“Barclays”), as administrative agent under the Credit Agreement prior to the effective date of the Third Amendment, JPMorgan Chase Bank, N.A. (“JPMorgan Chase”), as administrative agent under the Credit Agreement from and after the effective date of the Third Amendment, the institutions constituting the 2024 Revolving Credit Lenders, the L/C Issuers and the Swing Line Lender (as

each such term is defined in the Third Amendment). The Company incurred $7.1 of financing fees in connection with the Third Amendment, which were deferred and are being amortized to interest expense over the remaining term of the Credit Agreement.

The Third Amendment to the Credit Agreement (i) replaced the Old Revolving Credit Facility with a new revolving credit facility in an aggregate principal amount of $1,000.0 (the “New Revolving Credit Facility”), (ii) extended the maturity date of the New Revolving Credit Facility to February 20, 2029, provided that if on October 16, 2027 the Company’s 5.625% senior notes maturing in January 2028 have not been redeemed in full in cash or refinanced and replaced in full with notes and/or loans maturing at least 91 days after February 20, 2029, then the maturity date of the New Revolving Credit Facility will be October 16, 2027 and (iii) modified certain other terms, conditions and provisions of the Credit Agreement, including transferring the administrative agent role from Barclays to JPMorgan Chase. The term “Revolving Credit Facility” used herein generally refers to the Old Revolving Credit Facility prior to the Third Amendment and the New Revolving Credit Facility subsequent to the Third Amendment.

Borrowings in U.S. Dollars under the New Revolving Credit Facility bear interest, at the option of the Company, at an annual rate equal to either (a) the adjusted term SOFR rate (as defined in the Credit Agreement) or (b) the base rate determined by reference to the highest of (i) the prime rate, (ii) the NYFRB Rate (as defined in the Credit Agreement) 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 or equal to 3.00:1.00, and accrue at a rate of 0.25% if the Company’s secured net leverage ratio is less than 3.00:1.00.

During the six months ended March 31, 2024, the Company borrowed $645.0 and repaid $345.0 under the Revolving Credit Facility. There were no borrowings or repayments under the Revolving Credit Facility during the six months ended March 31, 2023. As of March 31, 2024, the Revolving Credit Facility had outstanding borrowings of $300.0, outstanding letters of credit of $20.5 and an available borrowing capacity under the Revolving Credit Facility of $679.5. As of September 30, 2023, the Revolving Credit Facility had no outstanding borrowings, outstanding letters of credit of $19.7 and an available borrowing capacity of $730.3. As of March 31, 2024, the interest rate on the outstanding borrowings under the Revolving Credit Facility was 6.93%.

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 specified in the Credit Agreement.

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 $125.0, certain events of bankruptcy and insolvency, inability to pay debts, the occurrence of one or more unstayed or undischarged judgments in excess of $125.0, attachments issued against all or any material part of the Company’s property, certain events under the Employee Retirement Income Security Act of 1974, 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 -Third Incremental Term Loan

Third Incremental Term Loan

On November 18, 2022, the Company entered into 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, as administrative agent, and JPMorgan Chase, 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.

On November 21, 2022, the Company and J.P. Morgan entered into an exchange agreement pursuant to which the Company transferred the remaining shares of BellRing common stock it held from its previous transactions related to the distribution of a portion of its interest in BellRing, which occurred in fiscal 2022, to J.P. Morgan to repay $99.9 in aggregate principal amount of the Third Incremental Term Loan (such exchange, the “Fiscal 2023 Debt-for-Equity Exchange”). Following the completion of the Fiscal 2023 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 - Fourth Incremental Term Loan

Fourth Incremental Term Loan

On April 26, 2023, the Company entered into 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 and Barclays, 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.

On February 20, 2024, the Company repaid the outstanding principal balance of the Fourth Incremental Term Loan and all accrued, unpaid interest thereon using a portion of the net proceeds from the 6.25% senior notes issuance. For additional information, see “Repayments of Debt” below.

Interest on the Fourth Incremental Term Loan accrued, 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 plus 2.25% per annum. Interest was 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. As of September 30, 2023, the interest rate on the Fourth Incremental Term Loan was 7.67%.

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 the “Third Incremental Term Loan” section above), which were not included in the Condensed Consolidated Statements of Cash Flows and (iii) the associated loss (gain) related to such repayments and exchanges included in “Loss (gain) on extinguishment of debt, net” in the Condensed Consolidated Statements of Operations.

					Loss (Gain) 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 March 31, 2024
4.50% senior notes	$	25.2	$	—	$	(2.7)	$	0.2	$	—
5.75% senior notes	459.3		—		4.4		1.6		(4.6)
Municipal bond	1.1		—		—		—		—
Fourth Incremental Term Loan	400.0		—		—		1.4		—
Revolving Credit Facility	300.0		—		—		—		—
Total	$	1,185.6	$	—	$	1.7	$	3.2	$	(4.6)
Three Months Ended March 31, 2023
4.50% senior notes	$	49.5	$	—	$	(6.5)	$	0.4	$	—
Municipal bond	1.1		—		—		—		—
Total	$	50.6	$	—	$	(6.5)	$	0.4	$	—
Six Months Ended March 31, 2024
4.50% senior notes	$	51.1	$	—	$	(6.0)	$	0.4	$	—
5.75% senior notes	459.3		—		4.4		1.6		(4.6)
Municipal bond	1.1		—		—		—
Fourth Incremental Term Loan	400.0		—		—		1.4		—
Revolving Credit Facility	345.0		—		—		—		—
Total	$	1,256.5	$	—	$	(1.6)	$	3.4	$	(4.6)
Six Months Ended March 31, 2023
4.50% senior notes	$	120.5	$	—	$	(16.9)	$	1.0	—
Municipal bond	1.1		—		—		—		—
Third Incremental Term Loan	30.1		99.9		—		1.1		—
Total	$	151.7	$	99.9	$	(16.9)	$	2.1	$	—

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 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. As of March 31, 2024, the Company was in compliance with this financial covenant.

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)

6 Months Ended

Mar. 31, 2024

Legal Proceedings [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Legal Proceedings

The Company is subject to various 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

6 Months Ended

Mar. 31, 2024

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

Pension and Other Postretirement benefits

PENSION AND OTHER POSTRETIREMENT BENEFITS

The Company maintains qualified defined benefit plans in the U.S., the U.K. and Canada for certain employees primarily within its Post Consumer Brands and Weetabix segments. Certain of the Company’s employees are eligible to participate in the Company’s postretirement benefit plans (partially subsidized retiree health and life insurance).

On February 16, 2024, the Company adopted the Post Holdings, Inc. 2024 Supplemental Executive Retirement Plan (the “SERP”), an unfunded, non-qualified defined benefit retirement plan for certain management employees of the Company, including its named executive officers, that was effective on February 19, 2024. The SERP is a supplemental program that provides a cash balance benefit to each participant. The SERP participants were credited with an opening credit, based on years of past service with the Company, and accrue ongoing benefits with a pay credit equal to a percentage of certain of the participant’s annualized compensation. The Company recorded an initial projected benefit obligation of $8.3 related to the SERP during the second quarter of fiscal 2024, which was included in “Accumulated other comprehensive loss” on the Condensed Consolidated Balance Sheets at March 31, 2024. Net periodic benefit costs related to the SERP during the three and six months ended March 31, 2024 were immaterial.

Amounts for the Canadian plans and the SERP 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 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 income were reported in “Other income, net” in the Condensed Consolidated Statements of Operations.

	North America
	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Service cost	$	0.5	$	0.5	$	1.0	$	1.1
Interest cost	1.4		1.3		2.8		2.6
Expected return on plan assets	(2.0)		(1.9)		(4.1)		(3.8)
Recognized net actuarial gain	(0.1)		(0.1)		(0.2)		(0.1)
Recognized prior service cost	0.1		0.1		0.1		0.1
Net periodic benefit income	$	(0.1)	$	(0.1)	$	(0.4)	$	(0.1)

	Other International
	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Service cost	$	0.1	$	—	$	0.1	$	—
Interest cost	6.6		5.7		12.7		11.3
Expected return on plan assets	(8.9)		(7.6)		(17.2)		(15.0)
Recognized net actuarial loss	—		0.1		0.1		0.1
Recognized prior service cost	0.1		0.1		0.2		0.2
Net periodic benefit income	$	(2.1)	$	(1.7)	$	(4.1)	$	(3.4)

The following table presents the components of net periodic benefit cost (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 cost (income) were reported in “Other income, net” in the Condensed Consolidated Statements of Operations.

	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Service cost	$	—	$	—	$	0.1	$	0.1
Interest cost	0.6		0.7		1.3		1.3
Recognized net actuarial gain	(0.2)		(0.2)		(0.5)		(0.3)
Recognized prior service credit	(0.1)		(1.1)		(0.3)		(2.3)
Net periodic benefit cost (income)	$	0.3	$	(0.6)	$	0.6	$	(1.2)

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Shareholders' Equity

6 Months Ended

Mar. 31, 2024

Equity [Abstract]

Shareholders' Equity

SHAREHOLDERS’ EQUITY

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

	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Shares repurchased	0.1		0.7		0.5		1.0
Average price per share (a)	$	103.88	$	88.59	$	87.23	$	87.47
Total share repurchase costs	$	8.1	$	59.7	$	44.8	$	83.7

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

In February 2024, the Company entered into a structured share repurchase arrangement, which consisted of purchased call options with a $0 strike price per option and written call options with a $99.45 strike price per option. The Company paid $50.0 of net premiums in connection with the contract, which were recorded to “Additional paid-in capital” on the Condensed Consolidated Balance Sheets at March 31, 2024 and as “Payment for share repurchase contracts” in the Condensed Consolidated Statements of Cash Flows for the six months ended March 31, 2024. Upon settlement, the Company will have the right to receive approximately 0.5 shares of Post common stock, to be settled in shares or cash, at the option of the Company. The contract is expected to settle in the third quarter of fiscal 2024.

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Segments

6 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segments

SEGMENTS

At March 31, 2024, the Company managed and reported operating results through the following four reportable segments:

•Post Consumer Brands: North American RTE cereal, pet food and peanut butter;

•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 in the third quarter of fiscal 2023 (see Note 3).

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. In addition, the tables present net sales by product.

			Three Months Ended March 31,				Six Months Ended March 31,
			2024		2023		2024		2023
Net Sales
	Post Consumer Brands		$	1,065.5	$	599.1	$	2,054.1	$	1,153.8
	Weetabix		138.0		124.9		267.1		243.0
	Foodservice		554.8		633.2		1,121.9		1,233.7
	Refrigerated Retail		240.4		262.7		521.3		555.7
	Eliminations and Corporate		0.3		—		0.5		—
		Total	$	1,999.0	$	1,619.9	$	3,964.9	$	3,186.2
Segment Profit
	Post Consumer Brands		$	139.7	$	75.5	$	272.4	$	154.8
	Weetabix		18.1		19.4		39.1		40.9
	Foodservice		64.5		78.1		140.2		157.2
	Refrigerated Retail		22.4		18.2		58.0		39.2
		Total segment profit	244.7		191.2		509.7		392.1
General corporate expenses and other			51.8		50.0		104.0		87.6
Interest expense, net			80.0		63.8		158.1		129.7
Loss (gain) on extinguishment of debt, net			0.3		(6.1)		(2.8)		(14.8)
(Income) expense on swaps, net			(13.3)		9.0		7.8		(3.3)
Earnings before income taxes and equity method loss			$	125.9	$	74.5	$	242.6	$	192.9
Net sales by product
	Cereal		$	706.6	$	690.3	$	1,361.8	$	1,327.7
	Eggs and egg products		517.0		609.4		1,039.8		1,178.1
	Side dishes (including potato products)		184.8		184.7		401.8		390.0
	Pet food		460.7		—		887.3		—
	Cheese and dairy		41.4		47.9		90.0		101.0
	Sausage		40.1		40.2		89.2		92.3
	Peanut butter		27.3		26.0		54.7		54.9
	Protein-based products		8.4		7.7		13.5		14.2
	Other		12.7		14.5		26.8		28.8
	Eliminations		—		(0.8)		—		(0.8)
		Total	$	1,999.0	$	1,619.9	$	3,964.9	$	3,186.2
Depreciation and amortization
	Post Consumer Brands		$	51.7	$	32.8	$	101.2	$	65.1
	Weetabix		9.8		8.9		19.4		17.4
	Foodservice		33.3		32.0		65.8		63.7
	Refrigerated Retail		17.7		19.3		35.6		38.3
		Total segment depreciation and amortization	112.5		93.0		222.0		184.5
	Corporate		7.1		1.2		10.0		2.3
		Total	$	119.6	$	94.2	$	232.0	$	186.8
Assets							March 31, 2024		September 30, 2023
	Post Consumer Brands						$	4,983.5	$	4,782.2
	Weetabix						1,818.6		1,737.8
	Foodservice and Refrigerated Retail						4,924.5		4,921.6
	Corporate						464.5		205.1
		Total assets					$	12,191.1	$	11,646.7

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Earnings	$ 97.2	$ 54.1	$ 185.3	$ 146.0

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Insider Trading Arrangements

3 Months Ended

6 Months Ended

Mar. 31, 2024

Mar. 31, 2024

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 March 31, 2024, 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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Noncontrolling Interests, Equity Interests and Related Party Transactions (Tables)

6 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Effects of changes in ownership of PHPC on Post equity

	Three Months Ended March 31, 2023		Six Months Ended March 31, 2023
Net earnings attributable to redeemable NCI	$	1.2	$	2.8
Redemption value adjustment	(2.5)		(4.0)
PHPC deemed dividend	$	(1.3)	$	(1.2)

Redeemable Noncontrolling Interest

	Three Months Ended March 31, 2023		Six Months Ended March 31, 2023
Beginning of period	$	308.1	$	306.6
Net earnings attributable to redeemable NCI	1.2		2.8
PHPC deemed dividend	1.3		1.2
End of period	$	310.6	$	310.6

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Business Combinations (Tables)

6 Months Ended

Mar. 31, 2024

Business Combinations [Abstract]

Opening Balance Sheets

The following table presents the preliminary purchase price allocation, including immaterial measurement period adjustments, related to the Perfection acquisition based upon the fair values of assets acquired and liabilities assumed as of March 31, 2024.

Cash and cash equivalents	$	0.3
Receivables, net	40.8
Inventories	21.1
Prepaid expenses and other current assets	0.4
Property, net	69.9
Other intangible assets, net	81.0
Other assets	2.9
Accounts payable	(21.5)
Other current liabilities	(1.6)
Other liabilities	(1.8)
Total identifiable net assets	191.5
Goodwill	42.7
Fair value of total consideration transferred	$	234.2

Pro Forma Information

	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Pro forma net sales	$	1,999.0	$	2,071.4	$	4,005.8	$	4,087.4
Pro forma net earnings	$	100.7	$	67.8	$	192.6	$	163.5
Pro forma basic earnings per common share	$	1.66	$	1.11	$	3.18	$	2.69
Pro forma diluted earnings per common share	$	1.53	$	1.04	$	2.93	$	2.50

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Restructuring (Tables)

6 Months Ended

Mar. 31, 2024

Restructuring [Abstract]

Restructuring charges and related liabilities

Restructuring charges and the associated liabilities for employee-related expenses related to the closure of the Lancaster Facility are shown in the following table.

Balance, September 30, 2023	$	—
Charge to expense	7.7
Cash payments	(0.2)
Non-cash charges	—
Balance, March 31, 2024	$	7.5
Total expected restructuring charges	$	7.8
Cumulative restructuring charges incurred to date	7.7
Remaining expected restructuring charges	$	0.1

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Earnings (Loss) Per Share (Tables)

6 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Computation of basic and diluted (loss) earnings per share

	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Net earnings	$	97.2	$	54.1	$	185.3	$	146.0
Impact of redeemable NCI	—		3.4		—		9.1
Net earnings for basic earnings per share	$	97.2	$	57.5	$	185.3	$	155.1
Impact of interest expense, net of tax, related to convertible senior notes	2.7		2.7		5.4		5.4
Net earnings for diluted earnings per share	$	99.9	$	60.2	$	190.7	$	160.5
Weighted-average shares for basic earnings per share	60.8		58.8		60.6		58.8
Effect of dilutive securities:
Stock options	0.3		0.3		0.3		0.4
Stock appreciation rights	—		0.1		—		0.1
Restricted stock units	0.3		0.4		0.4		0.5
Market-based performance restricted stock units	0.8		0.6		0.7		0.5
Earnings-based performance restricted stock units	—		0.1		0.1		0.1
Shares issuable upon conversion of convertible senior notes	5.4		5.4		5.4		5.4
Total dilutive securities	6.8		6.9		6.9		7.0
Weighted-average shares for diluted earnings per share	67.6		65.7		67.5		65.8
Earnings per Common Share:
Basic	$	1.60	$	0.98	$	3.06	$	2.64
Diluted	$	1.48	$	0.92	$	2.83	$	2.44

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

	Three Months Ended March 31,		Six Months Ended March 31,
	2024	2023	2024	2023
Restricted stock units	—	—	—	0.1
Market-based performance restricted stock units	—	0.2	—	0.2

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Inventories (Tables)

6 Months Ended

Mar. 31, 2024

Inventory [Abstract]

Inventories

	March 31, 2024		September 30, 2023
Raw materials and supplies	$	157.6	$	155.9
Work in process	23.4		24.4
Finished products	587.2		573.6
Flocks	34.5		36.0
	$	802.7	$	789.9

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Property, net (Tables)

6 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property, net

	March 31, 2024		September 30, 2023
Property, at cost	$	4,031.2	$	3,769.4
Accumulated depreciation	(1,886.1)		(1,748.0)
	$	2,145.1	$	2,021.4

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Goodwill (Tables)

6 Months Ended

Mar. 31, 2024

Goodwill

Carrying Amount of Goodwill

	Post Consumer Brands		Weetabix		Foodservice		Refrigerated Retail		Total
Balance, September 30, 2023
Goodwill (gross)	$	2,261.1	$	854.3	$	1,355.3	$	803.7	$	5,274.4
Accumulated impairment losses	(609.1)		—		—		(90.9)		(700.0)
Goodwill (net)	$	1,652.0	$	854.3	$	1,355.3	$	712.8	$	4,574.4
Goodwill from acquisition	42.7		—		—		—		42.7
Currency translation adjustment	—		29.9		—		—		29.9
Balance, March 31, 2024
Goodwill (gross)	$	2,303.8	$	884.2	$	1,355.3	$	803.7	$	5,347.0
Accumulated impairment losses	(609.1)		—		—		(90.9)		(700.0)
Goodwill (net)	$	1,694.7	$	884.2	$	1,355.3	$	712.8	$	4,647.0

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Intangible Assets, net (Tables)

6 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Total Intangible Assets

	March 31, 2024						September 30, 2023
	Carrying Amount		Accumulated Amortization		Net Amount		Carrying Amount		Accumulated Amortization		Net Amount
Subject to amortization:
Customer relationships	$	2,622.5	$	(1,011.0)	$	1,611.5	$	2,535.5	$	(940.7)	$	1,594.8
Trademarks, brands and licensing agreements	886.1		(324.4)		561.7		885.8		(301.3)		584.5
	3,508.6		(1,335.4)		2,173.2		3,421.3		(1,242.0)		2,179.3
Not subject to amortization:
Trademarks and brands	1,041.5		—		1,041.5		1,033.1		—		1,033.1
	$	4,550.1	$	(1,335.4)	$	3,214.7	$	4,454.4	$	(1,242.0)	$	3,212.4

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Derivative Financial Instruments and Hedging (Tables)

6 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional amounts of derivatives held

	March 31, 2024		September 30, 2023
Commodity contracts	$	222.0	$	215.0
Energy contracts	39.9		48.9
FX contracts	2.3		3.0
Interest rate swaps	300.0		700.0

Derivative Instruments in Condensed Consolidated Balance Sheets

	Balance Sheet Location	March 31, 2024		September 30, 2023
Asset Derivatives:
Commodity contracts	Prepaid expenses and other current assets	$	2.2	$	1.2
Energy contracts	Prepaid expenses and other current assets	0.4		2.5
Interest rate swaps	Prepaid expenses and other current assets	3.6		10.6
Commodity contracts	Other assets	6.0		—
Interest rate swaps	Other assets	1.6		11.3
		$	13.8	$	25.6
Liability Derivatives:
Commodity contracts	Other current liabilities	$	10.6	$	14.1
Energy contracts	Other current liabilities	4.5		2.0
Interest rate swaps	Other liabilities	1.1		—
		$	16.2	$	16.1

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 March 31,				Six Months Ended March 31,
		2024		2023		2024		2023
Commodity contracts	Cost of goods sold	$	17.6	$	7.8	$	19.2	$	5.7
Energy contracts	Cost of goods sold	(1.8)		5.8		5.7		8.6
FX contracts	Selling, general and administrative expenses	—		0.1		—		—
Interest rate swaps	(Income) expense on swaps, net	(13.3)		9.0		7.8		(3.3)
PHPC Warrants	Other income, net	—		0.7		—		0.5

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Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 2024

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

Assets and liabilities measured at fair value on a recurring basis

	March 31, 2024						September 30, 2023
	Total		Level 1		Level 2		Total		Level 1		Level 2
Assets:
Deferred compensation investments	$	15.5	$	15.5	$	—	$	13.0	$	13.0	$	—
Derivative assets	13.8		—		13.8		25.6		—		25.6
	$	29.3	$	15.5	$	13.8	$	38.6	$	13.0	$	25.6
Liabilities:
Deferred compensation liabilities	$	45.6	$	—	$	45.6	$	36.8	$	—	$	36.8
Derivative liabilities	16.2		—		16.2		16.1		—		16.1
	$	61.8	$	—	$	61.8	$	52.9	$	—	$	52.9

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Long-Term Debt (Tables)

6 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Long-term Debt

	March 31, 2024		September 30, 2023
2.50% convertible senior notes maturing August 2027	$	575.0	$	575.0
4.50% senior notes maturing September 2031	998.6		1,049.7
4.625% senior notes maturing April 2030	1,385.4		1,385.4
5.50% senior notes maturing December 2029	1,235.0		1,235.0
5.625% senior notes maturing January 2028	939.9		939.9
5.75% senior notes maturing March 2027	—		459.3
6.25% senior secured notes maturing February 2032	1,000.0		—
Fourth Incremental Term Loan	—		400.0
Revolving Credit Facility	300.0		—
Municipal bond	4.2		5.3
	$	6,438.1	$	6,049.6
Less: Current portion of long-term debt	1.2		1.1
Debt issuance costs, net	47.8		42.0
Plus: Unamortized premium, net	25.5		32.5
Total long-term debt	$	6,414.6	$	6,039.0

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 the “Third Incremental Term Loan” section above), which were not included in the Condensed Consolidated Statements of Cash Flows and (iii) the associated loss (gain) related to such repayments and exchanges included in “Loss (gain) on extinguishment of debt, net” in the Condensed Consolidated Statements of Operations.

					Loss (Gain) 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 March 31, 2024
4.50% senior notes	$	25.2	$	—	$	(2.7)	$	0.2	$	—
5.75% senior notes	459.3		—		4.4		1.6		(4.6)
Municipal bond	1.1		—		—		—		—
Fourth Incremental Term Loan	400.0		—		—		1.4		—
Revolving Credit Facility	300.0		—		—		—		—
Total	$	1,185.6	$	—	$	1.7	$	3.2	$	(4.6)
Three Months Ended March 31, 2023
4.50% senior notes	$	49.5	$	—	$	(6.5)	$	0.4	$	—
Municipal bond	1.1		—		—		—		—
Total	$	50.6	$	—	$	(6.5)	$	0.4	$	—
Six Months Ended March 31, 2024
4.50% senior notes	$	51.1	$	—	$	(6.0)	$	0.4	$	—
5.75% senior notes	459.3		—		4.4		1.6		(4.6)
Municipal bond	1.1		—		—		—
Fourth Incremental Term Loan	400.0		—		—		1.4		—
Revolving Credit Facility	345.0		—		—		—		—
Total	$	1,256.5	$	—	$	(1.6)	$	3.4	$	(4.6)
Six Months Ended March 31, 2023
4.50% senior notes	$	120.5	$	—	$	(16.9)	$	1.0	—
Municipal bond	1.1		—		—		—		—
Third Incremental Term Loan	30.1		99.9		—		1.1		—
Total	$	151.7	$	99.9	$	(16.9)	$	2.1	$	—

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Pension and Other Postretirement Benefits (Tables)

6 Months Ended

Mar. 31, 2024

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

Schedule of Net Benefit Costs

The following tables present the components of net periodic benefit 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 income were reported in “Other income, net” in the Condensed Consolidated Statements of Operations.

	North America
	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Service cost	$	0.5	$	0.5	$	1.0	$	1.1
Interest cost	1.4		1.3		2.8		2.6
Expected return on plan assets	(2.0)		(1.9)		(4.1)		(3.8)
Recognized net actuarial gain	(0.1)		(0.1)		(0.2)		(0.1)
Recognized prior service cost	0.1		0.1		0.1		0.1
Net periodic benefit income	$	(0.1)	$	(0.1)	$	(0.4)	$	(0.1)

	Other International
	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Service cost	$	0.1	$	—	$	0.1	$	—
Interest cost	6.6		5.7		12.7		11.3
Expected return on plan assets	(8.9)		(7.6)		(17.2)		(15.0)
Recognized net actuarial loss	—		0.1		0.1		0.1
Recognized prior service cost	0.1		0.1		0.2		0.2
Net periodic benefit income	$	(2.1)	$	(1.7)	$	(4.1)	$	(3.4)

The following table presents the components of net periodic benefit cost (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 cost (income) were reported in “Other income, net” in the Condensed Consolidated Statements of Operations.

	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Service cost	$	—	$	—	$	0.1	$	0.1
Interest cost	0.6		0.7		1.3		1.3
Recognized net actuarial gain	(0.2)		(0.2)		(0.5)		(0.3)
Recognized prior service credit	(0.1)		(1.1)		(0.3)		(2.3)
Net periodic benefit cost (income)	$	0.3	$	(0.6)	$	0.6	$	(1.2)

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Shareholders' Equity (Tables)

6 Months Ended

Mar. 31, 2024

Equity [Abstract]

Repurchases of Common Stock

	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Shares repurchased	0.1		0.7		0.5		1.0
Average price per share (a)	$	103.88	$	88.59	$	87.23	$	87.47
Total share repurchase costs	$	8.1	$	59.7	$	44.8	$	83.7

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

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Segments (Tables)

6 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Reporting Information, by Segment and Disaggregated Revenue

			Three Months Ended March 31,				Six Months Ended March 31,
			2024		2023		2024		2023
Net Sales
	Post Consumer Brands		$	1,065.5	$	599.1	$	2,054.1	$	1,153.8
	Weetabix		138.0		124.9		267.1		243.0
	Foodservice		554.8		633.2		1,121.9		1,233.7
	Refrigerated Retail		240.4		262.7		521.3		555.7
	Eliminations and Corporate		0.3		—		0.5		—
		Total	$	1,999.0	$	1,619.9	$	3,964.9	$	3,186.2
Segment Profit
	Post Consumer Brands		$	139.7	$	75.5	$	272.4	$	154.8
	Weetabix		18.1		19.4		39.1		40.9
	Foodservice		64.5		78.1		140.2		157.2
	Refrigerated Retail		22.4		18.2		58.0		39.2
		Total segment profit	244.7		191.2		509.7		392.1
General corporate expenses and other			51.8		50.0		104.0		87.6
Interest expense, net			80.0		63.8		158.1		129.7
Loss (gain) on extinguishment of debt, net			0.3		(6.1)		(2.8)		(14.8)
(Income) expense on swaps, net			(13.3)		9.0		7.8		(3.3)
Earnings before income taxes and equity method loss			$	125.9	$	74.5	$	242.6	$	192.9
Net sales by product
	Cereal		$	706.6	$	690.3	$	1,361.8	$	1,327.7
	Eggs and egg products		517.0		609.4		1,039.8		1,178.1
	Side dishes (including potato products)		184.8		184.7		401.8		390.0
	Pet food		460.7		—		887.3		—
	Cheese and dairy		41.4		47.9		90.0		101.0
	Sausage		40.1		40.2		89.2		92.3
	Peanut butter		27.3		26.0		54.7		54.9
	Protein-based products		8.4		7.7		13.5		14.2
	Other		12.7		14.5		26.8		28.8
	Eliminations		—		(0.8)		—		(0.8)
		Total	$	1,999.0	$	1,619.9	$	3,964.9	$	3,186.2
Depreciation and amortization
	Post Consumer Brands		$	51.7	$	32.8	$	101.2	$	65.1
	Weetabix		9.8		8.9		19.4		17.4
	Foodservice		33.3		32.0		65.8		63.7
	Refrigerated Retail		17.7		19.3		35.6		38.3
		Total segment depreciation and amortization	112.5		93.0		222.0		184.5
	Corporate		7.1		1.2		10.0		2.3
		Total	$	119.6	$	94.2	$	232.0	$	186.8
Assets							March 31, 2024		September 30, 2023
	Post Consumer Brands						$	4,983.5	$	4,782.2
	Weetabix						1,818.6		1,737.8
	Foodservice and Refrigerated Retail						4,924.5		4,921.6
	Corporate						464.5		205.1
		Total assets					$	12,191.1	$	11,646.7

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PHPC (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended	8 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2023	May 30, 2023	Sep. 30, 2021	Dec. 31, 2022	Sep. 30, 2022
Schedule of Equity Method Investments
Investments held in trust			$ 353.4
Redeemable noncontrolling interest			312.5
Maximum interest to pay dissolution expenses						$ 0.1
Gain on write-off of underwriting commissions			$ 10.7
Initial public offering costs				$ 17.9
Deferred Offering Costs						$ 10.7
Series A common stock included in each unit						1
PHPC Units
Schedule of Equity Method Investments
Common Unit, Issued				34,500,000
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 Sponsor | PHPC Private Placement Units
Schedule of Equity Method Investments
Common Unit, Issued				1,100,000
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%
PHPC | Public Shareholders
Schedule of Equity Method Investments
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			69.00%
PHPC Sponsor | Series F Common Stock
Schedule of Equity Method Investments
Common Stock, Shares, Outstanding						8,600,000
PHPC Sponsor | PHPC Units
Schedule of Equity Method Investments
Common Unit, Issued			4,000,000.0	4,000,000.0
Return of subsidiary investments held in trust account			$ 40.9
Redeemable Noncontrolling Interest
Schedule of Equity Method Investments
Redeemable noncontrolling interest	$ 310.6	$ 310.6			$ 308.1	$ 306.6
Net earnings attributable to redeemable noncontrolling interest	1.2	2.8
Noncontrolling interest, Redemption value adjustment	(2.5)	(4.0)
Noncontrolling Interest, Change in Redemption Value	$ (1.3)	$ (1.2)

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8th Ave (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2022
Schedule of Equity Method Investments
Net Sales	$ 1,999.0	$ 1,619.9	$ 3,964.9	$ 3,186.2
Accounts payable	396.3		396.3		$ 368.8
Other liabilities	279.6		279.6		276.7
8th Avenue
Schedule of Equity Method Investments
Net Sales	2.1	3.1	3.8	5.5
Purchases from and Royalties paid to Related Party	19.7	$ 25.1	39.6	$ 48.4
Accounts Payable | 8th Avenue
Schedule of Equity Method Investments
Accounts payable	13.7		13.7		13.3
Other Assets | 8th Avenue
Schedule of Equity Method Investments
Accounts Receivable, after Allowance for Credit Loss, Noncurrent	12.9		12.9		12.9
Other Liabilities | 8th Avenue
Schedule of Equity Method Investments
Other liabilities	$ 0.7		$ 0.7		0.7
8th Avenue
Schedule of Equity Method Investments
Equity Method Investment, Ownership Percentage	60.50%		60.50%
8th Avenue | Equity Method Investments
Schedule of Equity Method Investments
Equity method investments	$ 0.0		$ 0.0		$ 0.0	$ 0.0

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WBX East Africa and Alpen (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2023
Schedule of Equity Method Investments
Equity method earnings (loss), net of tax	$ 0.0	$ (0.2)	$ (0.1)	$ (0.2)
Other current liabilities	442.0		442.0		$ 435.4
Other assets	$ 373.4		$ 373.4		360.0
Alpen Food Company South Africa (Pty) Limited
Schedule of Equity Method Investments
Equity Method Investment, Ownership Percentage	50.00%		50.00%
Alpen Food Company South Africa (Pty) Limited | Equity Method Investments
Schedule of Equity Method Investments
Other assets	$ 3.5		$ 3.5		$ 3.6
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		6 Months Ended
	Dec. 01, 2023 USD ($)	Dec. 01, 2023 GBP (£)	Apr. 28, 2023 USD ($) shares	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)
Business Acquisition
Net Sales				$ 1,999.0	$ 1,619.9	$ 3,964.9	$ 3,186.2
Goodwill				4,647.0		4,647.0		$ 4,574.4
Selling, general and administrative expenses				341.3	$ 239.3	664.2	$ 468.0
Pet Food
Business Acquisition
Payments to Acquire Businesses, Base Purchase Price			$ 700.0
Payment at closing			715.5
Fair value of total consideration transferred			1,207.5
Issuance of common stock			$ 492.3
Pet Food | TSA Agreement
Business Acquisition
Selling, general and administrative expenses				4.5		9.5
Receivables, net				29.5		29.5		$ 35.5
Pet Food | Smucker | Common Stock
Business Acquisition
Stock Issued During Period, Shares, Acquisitions | shares			5.4
Perfection
Business Acquisition
Payments to Acquire Businesses, Base Purchase Price	$ 235.0
Payment at closing	238.8
Net Sales				65.1		84.6
Segment Profit (Loss)				4.8		4.9
Transaction-related expenses				0.1		1.9
Cash and cash equivalents				0.3		0.3
Receivables, net				40.8		40.8
Inventories				21.1		21.1
Prepaid expenses and other current assets				0.4		0.4
Property, net				69.9		69.9
Other intangible assets, net				81.0		81.0
Other assets				2.9		2.9
Accounts payable				(21.5)		(21.5)
Other current liabilities				(1.6)		(1.6)
Other liabilities				(1.8)		(1.8)
Total identifiable net assets				191.5		191.5
Goodwill				42.7		42.7
Fair value of total consideration transferred				234.2		234.2
Business Combination, WC Receivable				4.6		$ 4.6
Perfection | Customer Relationships
Business Acquisition
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life						16 years
Other intangible assets, net				81.0		$ 81.0
Deeside
Business Acquisition
Payments to Acquire Businesses, Base Purchase Price	$ 14.3
Net Sales				7.2		9.5
Segment Profit (Loss)				(0.7)		(0.9)
Fair value of total consideration transferred				$ 20.5		20.5
Business Combination, Bargain Purchase, Gain Recognized, Amount						$ 6.2
Business Combination, Bargain Purchase, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]						Other Operating Income (Expense), Net
Deeside | Euro Member Countries, Euro
Business Acquisition
Payments to Acquire Businesses, Base Purchase Price | £		£ 11.3

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Business Combinations Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Business Combinations [Abstract]
Pro forma net sales	$ 1,999.0	$ 2,071.4	$ 4,005.8	$ 4,087.4
Pro forma net earnings	$ 100.7	$ 67.8	$ 192.6	$ 163.5
Pro forma basic earnings per common share	$ 1.66	$ 1.11	$ 3.18	$ 2.69
Pro forma diluted earnings per common share	$ 1.53	$ 1.04	$ 2.93	$ 2.50

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Restructuring (Details) - Lancaster Facility $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)
Restructuring Reserve
Balance, Beginning of Period		$ 0.0
Charge to expense	$ 0.2	7.7
Cash payments		(0.2)
Non-cash charges		0.0
Balance, End of Period	7.5	7.5
Total expected restructuring charges	7.8	7.8
Cumulative restructuring charges incurred to date	7.7	7.7
Remaining expected restructuring charges	$ 0.1	$ 0.1

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Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Earnings (Loss) Per Share, Diluted, by Common Class, Including Two Class Method
Net Earnings	$ 97.2	$ 54.1	$ 185.3	$ 146.0
Impact of redeemable NCI	0.0	3.4	0.0	9.1
Net (loss) earnings for basic (loss) earnings per share	97.2	57.5	185.3	155.1
Impact of interest expense, net of tax, related to convertible senior notes	2.7	2.7	5.4	5.4
Net (loss) earnings for diluted (loss) earnings per share	$ 99.9	$ 60.2	$ 190.7	$ 160.5
Weighted-average shares for basic earnings per share	60.8	58.8	60.6	58.8
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities	5.4	5.4	5.4	5.4
Weighted Average Number of Shares Outstanding, Diluted, Adjustment	6.8	6.9	6.9	7.0
Weighted-average shares for diluted earnings per share	67.6	65.7	67.5	65.8
Basic earnings per share (in usd per share)	$ 1.60	$ 0.98	$ 3.06	$ 2.64
Diluted earnings per share (in usd per share)	$ 1.48	$ 0.92	$ 2.83	$ 2.44
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	0.3	0.3	0.4
Stock Appreciation Rights
Earnings (Loss) Per Share, Diluted, by Common Class, Including Two Class Method
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	0.0	0.1	0.0	0.1
Restricted Stock Awards
Earnings (Loss) Per Share, Diluted, by Common Class, Including Two Class Method
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	0.3	0.4	0.4	0.5
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	0.8	0.6	0.7	0.5
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	0.0	0.1	0.1	0.1

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Earnings (Loss) Per Share Antidilutive shares excluded from earnings per share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
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	0.0	0.1
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	0.0	0.2	0.0	0.2

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Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2024	Sep. 30, 2023
Inventory [Abstract]
Raw materials and supplies	$ 157.6	$ 155.9
Work in process	23.4	24.4
Finished products	587.2	573.6
Flocks	34.5	36.0
Inventories	$ 802.7	$ 789.9

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Property, net (Details) - USD ($) $ in Millions	Mar. 31, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Property, at cost	$ 4,031.2	$ 3,769.4
Accumulated depreciation	(1,886.1)	(1,748.0)
Property, net	$ 2,145.1	$ 2,021.4

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Goodwill (Details) - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2024	Sep. 30, 2023
Goodwill
Goodwill (gross)	$ 5,347.0	$ 5,274.4
Accumulated impairment losses	(700.0)	(700.0)
Goodwill	4,647.0	4,574.4
Goodwill from acquisition	42.7
Currency translation adjustment	29.9
Post Consumer Brands
Goodwill
Goodwill (gross)	2,303.8	2,261.1
Accumulated impairment losses	(609.1)	(609.1)
Goodwill	1,694.7	1,652.0
Goodwill from acquisition	42.7
Currency translation adjustment	0.0
Weetabix
Goodwill
Goodwill (gross)	884.2	854.3
Accumulated impairment losses	0.0	0.0
Goodwill	884.2	854.3
Goodwill from acquisition	0.0
Currency translation adjustment	29.9
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	(90.9)	(90.9)
Goodwill	712.8	$ 712.8
Goodwill from acquisition	0.0
Currency translation adjustment	$ 0.0

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Intangible Assets, net (Details) - USD ($) $ in Millions	Mar. 31, 2024	Sep. 30, 2023
Finite-Lived Intangible Assets
Finite-Lived Intangible Assets, Gross	$ 3,508.6	$ 3,421.3
Finite-Lived Intangible Assets, Accumulated Amortization	(1,335.4)	(1,242.0)
Finite-Lived Intangible Assets, Net	2,173.2	2,179.3
Intangible Assets, Net (Excluding Goodwill)
Carrying amount, total	4,550.1	4,454.4
Other intangible assets, net	3,214.7	3,212.4
Trademarks and brands
Indefinite-Lived Intangible Assets (Excluding Goodwill)
Carrying amount	1,041.5	1,033.1
Customer Relationships
Finite-Lived Intangible Assets
Finite-Lived Intangible Assets, Gross	2,622.5	2,535.5
Finite-Lived Intangible Assets, Accumulated Amortization	(1,011.0)	(940.7)
Finite-Lived Intangible Assets, Net	1,611.5	1,594.8
Trademarks and brands
Finite-Lived Intangible Assets
Finite-Lived Intangible Assets, Gross	886.1	885.8
Finite-Lived Intangible Assets, Accumulated Amortization	(324.4)	(301.3)
Finite-Lived Intangible Assets, Net	$ 561.7	$ 584.5

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Derivative Financial Instruments and Hedging (Details) - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2023
Derivatives, Fair Value
Financing portion of cash paid for rate-lock interest rate swaps	$ 0.0	$ 43.5
Commodity contracts | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value
Notional Amount of Derivative	222.0		$ 215.0
Energy Contracts | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value
Notional Amount of Derivative	39.9		48.9
Foreign Exchange Contract - Forward Contracts | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value
Notional Amount of Derivative	2.3		3.0
Interest Rate Swap | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value
Derivative, Notional amount of terminated contracts	400.0	200.0
Derivative, Cash Received for Termination	5.2	6.7
Notional Amount of Derivative	300.0		700.0
Interest rate swap, rate lock swaps | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value
Derivative, Cash Settlements paid, net		43.5
Derivative, Notional amount of terminated contracts		$ 516.7
Other Current Assets | Commodity contracts
Derivatives, Fair Value
Derivative Asset, Fair Value, Gross Asset	2.2		1.2
Other Current Assets | Energy Contracts
Derivatives, Fair Value
Derivative Asset, Fair Value, Gross Asset	0.4		2.5
Other Current Assets | Interest Rate Swap
Derivatives, Fair Value
Derivative Asset, Fair Value, Gross Asset	3.6		10.6
Other Assets | Commodity contracts
Derivatives, Fair Value
Derivative Asset, Fair Value, Gross Asset	6.0		0.0
Other Assets | Interest Rate Swap
Derivatives, Fair Value
Derivative Asset, Fair Value, Gross Asset	1.6		11.3
Assets, Total
Derivatives, Fair Value
Derivative Asset, Fair Value, Gross Asset	13.8		25.6
Other Current Liabilities | Commodity contracts
Derivatives, Fair Value
Derivative Liability, Fair Value, Gross Liability	10.6		14.1
Other Current Liabilities | Energy Contracts
Derivatives, Fair Value
Derivative Liability, Fair Value, Gross Liability	4.5		2.0
Other Liabilities | Interest Rate Swap
Derivatives, Fair Value
Derivative Liability, Fair Value, Gross Liability	1.1		0.0
Liabilities, Total
Derivatives, Fair Value
Derivative Liability, Fair Value, Gross Liability	$ 16.2		$ 16.1

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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		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
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	$ 17.6	$ 7.8	$ 19.2	$ 5.7
Derivatives Not Designated as Hedging Instruments | Energy Contracts
Derivative Instruments, (Gain) Loss
(Gain) Loss Recognized in Statement of Operations	(1.8)	5.8	5.7	8.6
Derivatives Not Designated as Hedging Instruments | Foreign Exchange Contract - Forward Contracts
Derivative Instruments, (Gain) Loss
(Gain) Loss Recognized in Statement of Operations	0.0	0.1	0.0	0.0
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap
Derivative Instruments, (Gain) Loss
(Gain) Loss Recognized in Statement of Operations	(13.3)	9.0	7.8	(3.3)
Derivatives Not Designated as Hedging Instruments | PHPC Warrants
Derivative Instruments, (Gain) Loss
(Gain) Loss Recognized in Statement of Operations	$ 0.0	$ 0.7	$ 0.0	$ 0.5

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Derivative Financial Instruments and Hedging Derivatives designated as hedges and pledged collateral (Details) - USD ($) $ in Millions	Mar. 31, 2024	Sep. 30, 2023
Derivative Instruments, (Gain) Loss
Collateral Already Posted	$ 13.5	$ 23.4

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Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2024	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Deferred Compensation Investment	$ 15.5	$ 13.0
Derivative Asset	13.8	25.6
Assets, Fair Value Disclosure	29.3	38.6
Deferred Compensation Liabilities	45.6	36.8
Derivative Liability	16.2	16.1
Other Liabilities, Fair Value Disclosure	61.8	52.9
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Deferred Compensation Investment	15.5	13.0
Derivative Asset	0.0	0.0
Assets, Fair Value Disclosure	15.5	13.0
Deferred Compensation Liabilities	0.0	0.0
Derivative Liability	0.0	0.0
Other Liabilities, Fair Value Disclosure	0.0	0.0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Deferred Compensation Investment	0.0	0.0
Derivative Asset	13.8	25.6
Assets, Fair Value Disclosure	13.8	25.6
Deferred Compensation Liabilities	45.6	36.8
Derivative Liability	16.2	16.1
Other Liabilities, Fair Value Disclosure	61.8	52.9
Debt, Fair Value	5,960.1	5,491.5
Level 2 | 2.50% convertible senior notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt, Fair Value	$ 649.2	$ 572.6

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Long-Term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Sep. 30, 2023	Aug. 12, 2022
Debt Instrument
Long-term Debt, Including Current Maturities	$ 6,438.1	$ 6,049.6
Current portion of long-term debt	1.2	1.1
Unamortized Debt Issuance Costs, net	47.8	42.0
Plus: Unamortized premium and discount, net	25.5	32.5
Total Long-term Debt	6,414.6	6,039.0
Municipal Bonds
Debt Instrument
Long-term Debt	4.2	5.3
Term Loan
Debt Instrument
Long-term Debt	0.0	400.0
Revolving Credit Facility
Debt Instrument
Long-term Debt	300.0	0.0
2.50% convertible senior notes | Senior Notes
Debt Instrument
Long-term Debt	$ 575.0	575.0	$ 575.0
Debt Instrument, Interest Rate, Stated Percentage	2.50%
4.50% Senior Notes Maturing in September 2031 | Senior Notes
Debt Instrument
Long-term Debt	$ 998.6	1,049.7
4.625% Senior Notes Maturing April 2030 | Senior Notes
Debt Instrument
Long-term Debt	1,385.4	1,385.4
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	939.9	939.9
5.75% Senior Notes Maturing March 2027 | Senior Notes
Debt Instrument
Long-term Debt	0.0	459.3
6.25% Senior Notes Maturing in February 2032 | Senior Notes
Debt Instrument
Long-term Debt	$ 1,000.0	$ 0.0
Debt Instrument, Interest Rate, Stated Percentage	6.25%

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Long-Term Debt - Senior Notes (Details)	6 Months Ended
	Mar. 31, 2024 USD ($) d $ / shares	Mar. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Aug. 12, 2022 USD ($)
Debt Instrument
Payments of debt issuance costs and deferred financing fees	$ 19,900,000	$ 1,300,000
6.25% Senior Notes Maturing in February 2032 | Senior Notes
Debt Instrument
Long-term Debt	$ 1,000,000,000		$ 0
Debt Instrument, Interest Rate, Stated Percentage	6.25%
Proceeds from Issuance of Debt	$ 986,700,000
Payments of debt issuance costs and deferred financing fees	13,300,000
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
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	6 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)
Debt Instrument
Payments of debt issuance costs and deferred financing fees	$ 19.9	$ 1.3
Debt Covenant, Leverage Ratio	4.25
Revolving Credit Facility
Debt Instrument
Line of Credit Facility, Current Borrowing Capacity	$ 1,000.0		$ 750.0
Payments of debt issuance costs and deferred financing fees	7.1
Proceeds from Lines of Credit	645.0	0.0
Repayments of Lines of Credit	345.0	$ 0.0
Letters of Credit Outstanding, Amount	20.5		19.7
Line of Credit Facility, Remaining Borrowing Capacity	679.5		730.3
Long-term Debt	$ 300.0		0.0
Line of Credit Facility, Interest Rate at Period End	6.93%
Debt Covenant, Maximum Undischarged Judgments	$ 125.0
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 | NYFRB
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate	0.50%
Revolving Credit Facility | Base Rate | Maximum
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate	1.00%
Revolving Credit Facility | Base Rate | Median
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate	0.75%
Revolving Credit Facility | Base Rate | Minimum
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate	0.50%
Revolving Credit Facility | One-Month adjusted term SOFR
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate	1.00%
Revolving Credit Facility | Adjusted term SOFR | Maximum
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate	2.00%
Revolving Credit Facility | Adjusted term SOFR | Median
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate	1.75%
Revolving Credit Facility | Adjusted term SOFR | Minimum
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate	1.50%
Line of Credit
Debt Instrument
Line of Credit Facility, Current Borrowing Capacity	$ 75.0		$ 75.0

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Long-Term Debt - Third Incremental Term Loan (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Nov. 18, 2022
Debt Instrument
Gross Exchanges of Long-term debt	$ 0.0	$ 0.0	$ 0.0	$ 99.9
Gross Repayments of Long-term debt	$ 1,185.6	$ 50.6	$ 1,256.5	151.7
Third Incremental Term Loan | Term Loan
Debt Instrument
Loans Payable to Bank					$ 130.0
Gross Exchanges of Long-term debt				99.9
Gross Repayments of Long-term debt				$ 30.1

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Long-Term Debt - Fourth Incremental Term Loan (Details) - Fourth Incremental Term Loan - Term Loan - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Apr. 26, 2023
Extinguishment of Debt [Line Items]
Loans Payable to Bank		$ 400.0
Debt Instrument, Interest Rate, Effective Percentage	7.67%
Base Rate
Extinguishment of Debt [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.25%
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		6 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
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	$ 1,185.6	$ 50.6	$ 1,256.5	$ 151.7
Gross Exchanges of Long-term debt	$ 0.0	0.0	$ 0.0	99.9
Debt Covenant, Leverage Ratio	4.25		4.25
Debt Covenant, Percentage of Revolving Credit Commitments	30.00%		30.00%
Loss on extinguishment of debt and refinancing fees, net
Extinguishment of Debt [Line Items]
Payment (Proceeds) for debt discounts and premiums	$ 1.7	(6.5)	$ (1.6)	(16.9)
Write off of Debt Issuance Costs and Deferred Financing Fees	3.2	0.4	3.4	2.1
Write-off of Unamortized Debt Discount/(Premium)	(4.6)	0.0	(4.6)	0.0
Municipal Bonds
Extinguishment of Debt [Line Items]
Gross Repayments of Long-term debt	1.1	1.1	1.1	1.1
Gross Exchanges of Long-term debt	0.0	0.0	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	0.0	0.0
Write off of Debt Issuance Costs and Deferred Financing Fees	0.0	0.0	0.0	0.0
Write-off of Unamortized Debt Discount/(Premium)	0.0	0.0		0.0
Revolving Credit Facility
Extinguishment of Debt [Line Items]
Gross Repayments of Long-term debt	300.0		345.0
Gross Exchanges of Long-term debt	0.0		0.0
Revolving Credit Facility | 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	25.2	49.5	51.1	120.5
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	(2.7)	(6.5)	(6.0)	(16.9)
Write off of Debt Issuance Costs and Deferred Financing Fees	0.2	0.4	0.4	1.0
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	459.3		459.3
Gross Exchanges of Long-term debt	0.0		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	4.4		4.4
Write off of Debt Issuance Costs and Deferred Financing Fees	1.6		1.6
Write-off of Unamortized Debt Discount/(Premium)	(4.6)		(4.6)
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
Fourth Incremental Term Loan | Term Loan
Extinguishment of Debt [Line Items]
Gross Repayments of Long-term debt	400.0		400.0
Gross Exchanges of Long-term debt	0.0		0.0
Fourth 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		0.0
Write off of Debt Issuance Costs and Deferred Financing Fees	1.4		1.4
Write-off of Unamortized Debt Discount/(Premium)	$ 0.0		$ 0.0

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Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Gain) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Defined Benefit Plan Disclosure
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax	$ 8.3	$ 0.0	$ 8.3	$ 0.0
Pension Benefits | North America
Components of net periodic benefit cost (gain)
Service cost	0.5	0.5	1.0	1.1
Interest cost	1.4	1.3	2.8	2.6
Expected return on plan assets	(2.0)	(1.9)	(4.1)	(3.8)
Recognized net actuarial loss (gain)	(0.1)	(0.1)	(0.2)	(0.1)
Recognized prior service cost (credit)	0.1	0.1	0.1	0.1
Net periodic benefit cost (income)	(0.1)	(0.1)	(0.4)	(0.1)
Pension Benefits | Other International
Components of net periodic benefit cost (gain)
Service cost	0.1	0.0	0.1	0.0
Interest cost	6.6	5.7	12.7	11.3
Expected return on plan assets	(8.9)	(7.6)	(17.2)	(15.0)
Recognized net actuarial loss (gain)	0.0	0.1	0.1	0.1
Recognized prior service cost (credit)	0.1	0.1	0.2	0.2
Net periodic benefit cost (income)	(2.1)	(1.7)	(4.1)	(3.4)
Other Postretirement Benefit Plan | North America
Components of net periodic benefit cost (gain)
Service cost	0.0	0.0	0.1	0.1
Interest cost	0.6	0.7	1.3	1.3
Recognized net actuarial loss (gain)	(0.2)	(0.2)	(0.5)	(0.3)
Recognized prior service cost (credit)	(0.1)	(1.1)	(0.3)	(2.3)
Net periodic benefit cost (income)	$ 0.3	$ (0.6)	$ 0.6	$ (1.2)

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Shareholders' Equity (Details) $ / shares in Units, shares in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares
Equity, Class of Treasury Stock [Line Items]
Purchased call option strike price for share repurchase contracts	0		0
Written Call Option Strike Price for share repurchase contracts	99.45		99.45
Payment for share repurchase contracts			$ (50,000,000.0)	$ 0
Share repurchase contracts - number of shares received | shares	0.5		0.5
Common Stock
Equity, Class of Treasury Stock [Line Items]
Shares repurchased | shares	0.1	0.7	0.5	1.0
Average price per share (a) | $ / shares	$ 103.88	$ 88.59	$ 87.23	$ 87.47
Total Share Repurchase Cost	$ 8,100,000	$ 59,700,000	$ 44,800,000	$ 83,700,000

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Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2023
Segment Reporting Information
Net Sales	$ 1,999.0	$ 1,619.9	$ 3,964.9	$ 3,186.2
Interest expense, net	80.0	63.8	158.1	129.7
Loss (gain) on extinguishment of debt, net	0.3	(6.1)	(2.8)	(14.8)
(Income) expense on swaps, net	(13.3)	9.0	7.8	(3.3)
Earnings before income taxes and equity method loss	125.9	74.5	242.6	192.9
Depreciation and amortization	119.6	94.2	232.0	186.8
Assets	12,191.1		12,191.1		$ 11,646.7
Operating Segments
Segment Reporting Information
Net Sales	1,999.0	1,619.9	3,964.9	3,186.2
Segment Profit (Loss)	244.7	191.2	509.7	392.1
Depreciation and amortization	112.5	93.0	222.0	184.5
Operating Segments | Post Consumer Brands
Segment Reporting Information
Net Sales	1,065.5	599.1	2,054.1	1,153.8
Segment Profit (Loss)	139.7	75.5	272.4	154.8
Depreciation and amortization	51.7	32.8	101.2	65.1
Assets	4,983.5		4,983.5		4,782.2
Operating Segments | Weetabix
Segment Reporting Information
Net Sales	138.0	124.9	267.1	243.0
Segment Profit (Loss)	18.1	19.4	39.1	40.9
Depreciation and amortization	9.8	8.9	19.4	17.4
Assets	1,818.6		1,818.6		1,737.8
Operating Segments | Foodservice
Segment Reporting Information
Net Sales	554.8	633.2	1,121.9	1,233.7
Segment Profit (Loss)	64.5	78.1	140.2	157.2
Depreciation and amortization	33.3	32.0	65.8	63.7
Operating Segments | Refrigerated Retail
Segment Reporting Information
Net Sales	240.4	262.7	521.3	555.7
Segment Profit (Loss)	22.4	18.2	58.0	39.2
Depreciation and amortization	17.7	19.3	35.6	38.3
Operating Segments | Foodservice and Refrigerated Retail
Segment Reporting Information
Assets	4,924.5		4,924.5		4,921.6
Eliminations and Corporate
Segment Reporting Information
Net Sales	0.3	0.0	0.5	0.0
Corporate
Segment Reporting Information
General corporate expenses and other	51.8	50.0	104.0	87.6
Depreciation and amortization	7.1	1.2	10.0	2.3
Assets	464.5		464.5		$ 205.1
Cereal | Operating Segments
Segment Reporting Information
Net Sales	706.6	690.3	1,361.8	1,327.7
Eggs and egg products | Operating Segments
Segment Reporting Information
Net Sales	517.0	609.4	1,039.8	1,178.1
Side dishes (including potato products) | Operating Segments
Segment Reporting Information
Net Sales	184.8	184.7	401.8	390.0
Pet Food | Operating Segments
Segment Reporting Information
Net Sales	460.7	0.0	887.3	0.0
Cheese and dairy | Operating Segments
Segment Reporting Information
Net Sales	41.4	47.9	90.0	101.0
Sausage | Operating Segments
Segment Reporting Information
Net Sales	40.1	40.2	89.2	92.3
Nut butters | Operating Segments
Segment Reporting Information
Net Sales	27.3	26.0	54.7	54.9
Protein-based products and supplements | Operating Segments
Segment Reporting Information
Net Sales	8.4	7.7	13.5	14.2
Other | Operating Segments
Segment Reporting Information
Net Sales	12.7	14.5	26.8	28.8
Eliminations | Eliminations and Corporate
Segment Reporting Information
Net Sales	$ 0.0	$ (0.8)	$ 0.0	$ (0.8)