(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | |||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||||||||
Emerging growth company |
Page | ||||||||
PART I. | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 6. | ||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net Sales | $ | $ | $ | $ | |||||||||||||||||||
Cost of goods sold | |||||||||||||||||||||||
Gross Profit | |||||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Amortization of intangible assets | |||||||||||||||||||||||
Other operating income, net | ( | ||||||||||||||||||||||
Operating Profit | |||||||||||||||||||||||
Interest expense, net | |||||||||||||||||||||||
Loss on extinguishment and refinancing of debt, net | |||||||||||||||||||||||
Earnings before Income Taxes | |||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Net Earnings Including Redeemable Noncontrolling Interest | |||||||||||||||||||||||
Less: Net earnings attributable to redeemable noncontrolling interest | |||||||||||||||||||||||
Net Earnings Available to Common Stockholders | $ | $ | $ | $ | |||||||||||||||||||
Earnings per share of Common Stock: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Weighted-Average shares of Common Stock Outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net Earnings Including Redeemable Noncontrolling Interest | $ | $ | $ | $ | |||||||||||||||||||
Hedging adjustments: | |||||||||||||||||||||||
Reclassifications to net earnings | |||||||||||||||||||||||
Foreign currency translation adjustments: | |||||||||||||||||||||||
Unrealized foreign currency translation adjustments | ( | ( | |||||||||||||||||||||
Tax expense on other comprehensive income: | |||||||||||||||||||||||
Reclassifications to net earnings | ( | ( | ( | ||||||||||||||||||||
Total Other Comprehensive (Loss) Income Including Redeemable Noncontrolling Interest | ( | ||||||||||||||||||||||
Less: Comprehensive income attributable to redeemable noncontrolling interest | |||||||||||||||||||||||
Total Comprehensive Income Available to Common Stockholders | $ | $ | $ | $ |
June 30, 2022 | September 30, 2021 | ||||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Receivables, net | |||||||||||
Inventories | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total Current Assets | |||||||||||
Property, net | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Other assets | |||||||||||
Total Assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |||||||||||
Current Liabilities | |||||||||||
Current portion of long-term debt | $ | $ | |||||||||
Accounts payable | |||||||||||
Other current liabilities | |||||||||||
Total Current Liabilities | |||||||||||
Long-term debt | |||||||||||
Deferred income taxes | |||||||||||
Other liabilities | |||||||||||
Total Liabilities | |||||||||||
Redeemable noncontrolling interest | |||||||||||
Stockholders’ Deficit | |||||||||||
Preferred stock | |||||||||||
Common stock | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Treasury stock, at cost | ( | ||||||||||
Total Stockholders’ Deficit | ( | ( | |||||||||
Total Liabilities and Stockholders’ Deficit | $ | $ |
Nine Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash Flows from Operating Activities | |||||||||||
Net earnings including redeemable noncontrolling interest | $ | $ | |||||||||
Adjustments to reconcile net earnings including redeemable noncontrolling interest to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Loss on extinguishment and refinancing of debt, net | |||||||||||
Non-cash stock-based compensation expense | |||||||||||
Deferred income taxes | ( | ( | |||||||||
Other, net | |||||||||||
Other changes in operating assets and liabilities: | |||||||||||
Increase in receivables | ( | ( | |||||||||
(Increase) decrease in inventories | ( | ||||||||||
Decrease (increase) in prepaid expenses and other current assets | ( | ||||||||||
Decrease in other assets | |||||||||||
Increase in accounts payable and other current liabilities | |||||||||||
Decrease in non-current liabilities | ( | ( | |||||||||
Net Cash Provided by Operating Activities | |||||||||||
Cash Flows from Investing Activities | |||||||||||
Additions to property | ( | ( | |||||||||
Net Cash Used in Investing Activities | ( | ( | |||||||||
Cash Flows from Financing Activities | |||||||||||
Proceeds from issuance of long-term debt | |||||||||||
Payment of merger consideration | ( | ||||||||||
Repayments of long-term debt | ( | ( | |||||||||
Purchases of treasury stock | ( | ||||||||||
Payments of debt issuance, extinguishment and refinancing costs and deferred financing fees | ( | ( | |||||||||
Distributions from (to) Post Holdings, Inc., net | ( | ||||||||||
Other, net | ( | ( | |||||||||
Net Cash Used in Financing Activities | ( | ( | |||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | ( | ||||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | ( | ||||||||||
Cash and Cash Equivalents, Beginning of Year | |||||||||||
Cash and Cash Equivalents, End of Period | $ | $ | |||||||||
Supplemental noncash information: | |||||||||||
Debt issued to Post Holdings, Inc. in connection with Spin-off | $ | $ |
As Of and For The Three Months Ended June 30, | As Of and For The Nine Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Preferred Stock | |||||||||||||||||||||||
Beginning and end of period | $ | $ | $ | $ | |||||||||||||||||||
Common Stock | |||||||||||||||||||||||
Beginning of period | |||||||||||||||||||||||
Impact of Spin-off | |||||||||||||||||||||||
End of period | |||||||||||||||||||||||
Additional Paid-in Capital | |||||||||||||||||||||||
Beginning of period | |||||||||||||||||||||||
Activity under stock and deferred compensation plans | ( | ( | |||||||||||||||||||||
Non-cash stock-based compensation expense | |||||||||||||||||||||||
Redemption value adjustment to redeemable noncontrolling interest | ( | ( | ( | ||||||||||||||||||||
End of period | |||||||||||||||||||||||
Accumulated Deficit | |||||||||||||||||||||||
Beginning of period | ( | ( | ( | ( | |||||||||||||||||||
Net earnings available to common stockholders | |||||||||||||||||||||||
Distribution to Post Holdings, Inc. | ( | ( | ( | ||||||||||||||||||||
Redemption value adjustment to redeemable noncontrolling interest | ( | ( | |||||||||||||||||||||
Impact of Spin-off | |||||||||||||||||||||||
End of period | ( | ( | ( | ( | |||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||
Hedging Adjustments, net of tax | |||||||||||||||||||||||
Beginning of period | ( | ( | ( | ||||||||||||||||||||
Net change in hedges, net of tax | |||||||||||||||||||||||
End of period | ( | ( | |||||||||||||||||||||
Foreign Currency Translation Adjustments | |||||||||||||||||||||||
Beginning of period | ( | ( | ( | ( | |||||||||||||||||||
Foreign currency translation adjustments | ( | ( | |||||||||||||||||||||
End of period | ( | ( | ( | ( | |||||||||||||||||||
Treasury Stock | |||||||||||||||||||||||
Beginning of period | |||||||||||||||||||||||
Purchases of treasury stock | ( | ( | |||||||||||||||||||||
Impact of Spin-off | |||||||||||||||||||||||
End of period | ( | ( | |||||||||||||||||||||
Total Stockholders’ Deficit | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Shakes and other beverages | $ | $ | $ | $ | |||||||||||||||||||
Powders | |||||||||||||||||||||||
Nutrition bars | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Net Sales | $ | $ | $ | $ |
As Of and For The Three Months Ended June 30, | As Of and For The Nine Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Net earnings attributable to NCI | |||||||||||||||||||||||
Net change in hedges, net of tax | |||||||||||||||||||||||
Foreign currency translation adjustments | ( | ||||||||||||||||||||||
Redemption value adjustment to NCI | ( | ||||||||||||||||||||||
Impact of Spin-off | ( | ||||||||||||||||||||||
End of period | $ | $ | $ | $ |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net earnings available to common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Transfers to (from) NCI: | |||||||||||||||||||||||
Changes in equity as a result of redemption value adjustment to NCI | ( | ||||||||||||||||||||||
Increase in equity as a result of the Spin-off | ( | ||||||||||||||||||||||
Changes from net earnings available to common stockholders and transfers to (from) NCI | $ | $ | $ | ( | $ |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net earnings available to common stockholders for basic earnings per share | $ | $ | $ | $ | |||||||||||||||||||
Dilutive impact of net earnings attributable to NCI | |||||||||||||||||||||||
Net earnings available to common stockholders for diluted earnings per share | $ | $ | $ | $ | |||||||||||||||||||
shares in millions | |||||||||||||||||||||||
Weighted-average shares for basic earnings per share | |||||||||||||||||||||||
Total dilutive restricted stock units | |||||||||||||||||||||||
Weighted-average shares for diluted earnings per share | |||||||||||||||||||||||
Basic earnings per share of Common Stock | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per share of Common Stock | $ | $ | $ | $ | |||||||||||||||||||
June 30, 2022 | September 30, 2021 | ||||||||||
Raw materials and supplies | $ | $ | |||||||||
Work in process | |||||||||||
Finished products | |||||||||||
Inventories | $ | $ |
June 30, 2022 | September 30, 2021 | ||||||||||
Property, at cost | $ | $ | |||||||||
Accumulated depreciation | ( | ( | |||||||||
Property, net | $ | $ |
Goodwill, gross | $ | ||||
Accumulated impairment losses | ( | ||||
Goodwill | $ | ||||
June 30, 2022 | September 30, 2021 | ||||||||||||||||||||||||||||||||||
Carrying Amount | Accumulated Amortization | Net Amount | Carrying Amount | Accumulated Amortization | Net Amount | ||||||||||||||||||||||||||||||
Customer relationships | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Trademarks and brands | ( | ( | |||||||||||||||||||||||||||||||||
Other intangible assets | ( | ( | |||||||||||||||||||||||||||||||||
Intangible assets, net | $ | $ | ( | $ | $ | $ | ( | $ |
September 30, 2021 | |||||
Other current liabilities | $ | ||||
Other liabilities | |||||
Total liabilities | $ |
Statement of Operations Location | Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||||||||||
Hedging Activity | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||
Mark-to-market adjustments | Interest expense, net | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||
Net loss reclassified from accumulated OCI | Interest expense, net | |||||||||||||||||||||||||||||||
Net loss reclassified from accumulated OCI | Loss on extinguishment and refinancing of debt, net | |||||||||||||||||||||||||||||||
Tax benefit reclassified from accumulated OCI | Income tax expense | ( | ( | ( | ||||||||||||||||||||||||||||
Total net hedging losses, net of tax | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Cash settlements paid, net | $ | $ | ( | $ | ( | $ | ( |
September 30, 2021 | |||||||||||||||||
Total | Level 1 | Level 2 | |||||||||||||||
Derivative liabilities | $ | $ | $ | ||||||||||||||
NCI | $ | $ | $ |
June 30, 2022 | September 30, 2021 | ||||||||||
7.00% Senior Notes maturing in March 2030 | $ | $ | |||||||||
Term B Facility | |||||||||||
Revolving credit facilities | |||||||||||
Total principal amount of debt | |||||||||||
Less: Current portion of long-term debt | |||||||||||
Debt issuance costs, net | |||||||||||
Unamortized discount | |||||||||||
Long-term debt | $ | $ |
Three Months Ended June 30, 2022 | Nine Months Ended June 30, 2022 | ||||||||||
Shares repurchased (in millions) | |||||||||||
Average price per share including broker’s commissions | $ | $ | |||||||||
Total cost including broker’s commissions | $ | $ |
Nine Months Ended June 30, 2022 | |||||
Shares repurchased (in millions) | |||||
Average price per share | $ | ||||
Total cost including broker’s commissions | $ |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
favorable/(unfavorable) | favorable/(unfavorable) | ||||||||||||||||||||||||||||||||||||||||||||||
dollars in millions | 2022 | 2021 | $ Change | % Change | 2022 | 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||
Net Sales | $ | 370.6 | $ | 342.6 | $ | 28.0 | 8 | % | $ | 992.3 | $ | 907.1 | $ | 85.2 | 9 | % | |||||||||||||||||||||||||||||||
Operating Profit | $ | 67.5 | $ | 51.5 | $ | 16.0 | 31 | % | $ | 151.3 | $ | 114.9 | $ | 36.4 | 32 | % | |||||||||||||||||||||||||||||||
Interest expense, net | 15.9 | 9.5 | (6.4) | (67) | % | 32.8 | 33.6 | 0.8 | 2 | % | |||||||||||||||||||||||||||||||||||||
Loss on extinguishment and refinancing of debt, net | — | 0.1 | 0.1 | 100 | % | 17.6 | 1.6 | (16.0) | (1,000) | % | |||||||||||||||||||||||||||||||||||||
Income tax expense | 12.5 | 3.4 | (9.1) | (268) | % | 18.6 | 5.8 | (12.8) | (221) | % | |||||||||||||||||||||||||||||||||||||
Less: Net earnings attributable to redeemable noncontrolling interest | — | 29.0 | 29.0 | 100 | % | 33.7 | 56.0 | 22.3 | 40 | % | |||||||||||||||||||||||||||||||||||||
Net Earnings Available to Common Stockholders | $ | 39.1 | $ | 9.5 | $ | 29.6 | 312 | % | $ | 48.6 | $ | 17.9 | $ | 30.7 | 172 | % |
Nine Months Ended June 30, | |||||||||||
dollars in millions | 2022 | 2021 | |||||||||
Cash provided by (used in): | |||||||||||
Operating activities | $ | 11.4 | $ | 145.9 | |||||||
Investing activities | (1.2) | (0.8) | |||||||||
Financing activities | (127.7) | (105.0) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (0.4) | 0.6 | |||||||||
Net (decrease) increase in cash and cash equivalents | $ | (117.9) | $ | 40.7 |
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 (a) (b) | ||||||||||
April 1, 2022 - April 30, 2022 | — | — | — | $0 | ||||||||||
May 1, 2022 - May 31, 2022 | — | — | — | $50,000,000 | ||||||||||
June 1, 2022 - June 30, 2022 | 102,848 | $ | 22.94 | 102,848 | $47,640,913 | |||||||||
Total | 102,848 | $ | 22.94 | 102,848 | $47,640,913 |
Exhibit No. | Description | |||||||
*2.1 | ||||||||
2.2 | ||||||||
3.1 | ||||||||
3.2 | ||||||||
*4.1 | ||||||||
4.2 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
31.3 | ||||||||
32.1 | ||||||||
101 | Interactive Data File (Form 10-Q for the quarterly period ended June 30, 2022 filed in iXBRL (Inline eXtensible Business Reporting Language)). The financial information contained in the iXBRL-related documents is “unaudited” and “unreviewed.” | |||||||
104 | The cover page from the Company’s Form 10-Q for the quarterly period ended June 30, 2022, formatted in iXBRL (Inline eXtensible Business Reporting Language) and contained in Exhibit 101 |
* | Exhibits and schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company agrees to furnish supplementally to the Securities and Exchange Commission (the “SEC”) a copy of any omitted exhibit or schedule upon request by the SEC. |
BELLRING BRANDS, INC. | |||||||||||
Date: | August 5, 2022 | By: | /s/ Darcy H. Davenport | ||||||||
Darcy H. Davenport | |||||||||||
President and Chief Executive Officer |
Date: | August 5, 2022 | By: | /s/ Robert V. Vitale | ||||||||||||||
Robert V. Vitale | |||||||||||||||||
Chief Executive Chairman |
Date: | August 5, 2022 | By: | /s/ Darcy H. Davenport | ||||||||||||||
Darcy H. Davenport | |||||||||||||||||
President and Chief Executive Officer |
Date: | August 5, 2022 | By: | /s/ Paul A. Rode | ||||||||||||||
Paul A. Rode | |||||||||||||||||
Chief Financial Officer |
Date: | August 5, 2022 | By: | /s/ Robert V. Vitale | ||||||||||||||
Robert V. Vitale | |||||||||||||||||
Chief Executive Chairman |
Date: | August 5, 2022 | By: | /s/ Darcy H. Davenport | ||||||||||||||
Darcy H. Davenport | |||||||||||||||||
President and Chief Executive Officer |
Date: | August 5, 2022 | By: | /s/ Paul A. Rode | ||||||||||||||
Paul A. Rode | |||||||||||||||||
Chief Financial Officer |
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net Earnings Including Redeemable Noncontrolling Interest | $ 39.1 | $ 38.5 | $ 82.3 | $ 73.9 |
Hedging adjustments: | ||||
Reclassifications to net earnings | 0.0 | 0.6 | 7.1 | 1.7 |
Foreign currency translation adjustments: | ||||
Unrealized foreign currency translation adjustments | (1.1) | 0.3 | (1.9) | 0.3 |
Tax expense on other comprehensive income: | ||||
Reclassifications to net earnings | 0.0 | (0.1) | (0.4) | (0.1) |
Total Other Comprehensive (Loss) Income Including Redeemable Noncontrolling Interest | (1.1) | 0.8 | 4.8 | 1.9 |
Less: Comprehensive income attributable to redeemable noncontrolling interest | 0.0 | 29.6 | 38.3 | 57.4 |
Total Comprehensive Income Available to Common Stockholders | $ 38.0 | $ 9.7 | $ 48.8 | $ 18.4 |
Basis of Presentation (Notes) |
9 Months Ended |
---|---|
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BACKGROUND AND BASIS OF PRESENTATION Background On October 21, 2019, BellRing Intermediate Holdings, Inc. (formerly known as BellRing Brands, Inc.) (“Old BellRing”) closed its initial public offering (the “IPO”) of 39.4 million shares of its Class A common stock, $0.01 par value per share (the “Old BellRing Class A Common Stock”), and contributed the net proceeds from the IPO to BellRing Brands, LLC, a Delaware limited liability company and subsidiary of Old BellRing (“BellRing LLC”), in exchange for 39.4 million BellRing LLC non-voting membership units (the “BellRing LLC units”). As a result of the IPO and certain other transactions completed in connection with the IPO (the “formation transactions”), BellRing LLC became the holder of the active nutrition business of Post Holdings, Inc. (“Post”). Old BellRing, as a holding company, had no material assets other than its ownership of BellRing LLC units and its indirect interests in the subsidiaries of BellRing LLC and had no independent means of generating revenue or cash flow. The members of BellRing LLC were Post and Old BellRing. During the second quarter of fiscal 2022, Post completed its previously announced distribution of 80.1% of its ownership interest in BellRing Brands, Inc. (formally known as BellRing Distribution, LLC) (“BellRing”) to Post’s shareholders. On March 9, 2022, pursuant to the Transaction Agreement and Plan of Merger, dated as of October 26, 2021 (as amended by Amendment No. 1 to the Transaction Agreement and Plan of Merger, dated as of February 28, 2022, the “Transaction Agreement”), by and among Post, Old BellRing, BellRing and BellRing Merger Sub Corporation, a wholly-owned subsidiary of BellRing (“BellRing Merger Sub”), Post contributed its share of Old BellRing Class B common stock, $0.01 par value per share (“Old BellRing Class B Common Stock”), all of its BellRing LLC units and $550.4 of cash to BellRing (collectively, the “Contribution”) in exchange for certain limited liability company interests of BellRing (prior to the conversion of BellRing into a Delaware corporation) and the right to receive $840.0 in aggregate principal amount of BellRing’s 7.00% Senior Notes (as defined in Note 14). On March 10, 2022, BellRing converted into a Delaware corporation and changed its name to “BellRing Brands, Inc.”, and Post distributed an aggregate of 78.1 million, or 80.1%, of its shares of BellRing common stock, par value $0.01 per share (“BellRing Common Stock”) to Post shareholders of record as of the close of business, Central Time, on February 25, 2022 (the “Record Date”) in a pro-rata distribution (the “Distribution”). Post shareholders received 1.267788 shares of BellRing Common Stock for every one share of Post common stock held as of the Record Date. No fractional shares of BellRing Common Stock were issued, and instead, cash in lieu of any fractional shares was paid to Post shareholders. Upon completion of the Distribution, BellRing Merger Sub merged with and into Old BellRing (the “Merger”), with Old BellRing continuing as the surviving corporation and becoming a wholly-owned subsidiary of BellRing. Pursuant to the Merger, each outstanding share of Old BellRing Class A Common Stock was converted into one share of BellRing Common Stock and $2.97 in cash, or $115.5 total consideration paid to Old BellRing Class A common stockholders pursuant to the Merger. As a result of the transactions described above (collectively, the “Spin-off”), BellRing became the new public parent company of, and successor issuer to, Old BellRing, and shares of BellRing Common Stock were deemed to be registered under Section 12(b) of the Securities Exchange Act of 1934, as amended, pursuant to Rule 12g-3(a) promulgated thereunder. Immediately following the Spin-off, Post owned approximately 14.2% of the BellRing Common Stock and Post shareholders owned approximately 57.3% of the BellRing Common Stock. The former Old BellRing stockholders owned approximately 28.5% of the BellRing Common Stock, maintaining the same effective percentage ownership interest in the Old BellRing business as prior to the Spin-off. As a result of the Spin-off, the dual class voting structure in the BellRing business was eliminated. Immediately prior to the Spin-off, Post held 97.5 million BellRing LLC units, equal to 71.5% of the economic interest in BellRing LLC, and one share of Old BellRing Class B Common Stock, which represented 67% of the combined voting power of the common stock of Old BellRing. Subsequent to the Spin-off, Post owned 14.2% of the BellRing Common Stock, which did not represent a controlling interest in BellRing. The Company incurred separation-related expenses of $0.9 and $13.2 during the three and nine months ended June 30, 2022, respectively, in connection with the Spin-off. These expenses generally included third party costs for advisory services, fees charged by other service providers and government filing fees and were included in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Operations. The term the “Company” generally refers to BellRing Brands, Inc. and its consolidated subsidiaries during the periods both prior to and subsequent to the Spin-off, unless otherwise stated or context otherwise indicates. The term “Common Stock” generally refers to Old BellRing Class A Common Stock and Old BellRing Class B Common Stock during the periods prior to the Spin-off and to BellRing Common Stock during the periods subsequent to the Spin-off. The term “Net earnings available to Common Stockholders” generally refers to net earnings available to Old BellRing Class A common stockholders during the periods prior to the Spin-off and to net earnings available to BellRing common stockholders during the periods subsequent to the Spin-off. The Company is a consumer products holding company operating in the global convenient nutrition category and is a provider of ready-to-drink (“RTD”) protein shakes, other RTD beverages, powders and nutrition bars. The Company has a single operating and reportable segment, with its principal products being protein-based consumer goods. The Company’s primary brands are Premier Protein and Dymatize. 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”), and on a basis substantially consistent with the audited consolidated financial statements of the Company as of and for the fiscal year ended September 30, 2021. These unaudited condensed consolidated financial statements should be read in conjunction with such audited consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2021, filed with the SEC on November 19, 2021. These unaudited condensed consolidated financial statements include all adjustments (consisting of normal recurring adjustments and accruals) that management considers necessary for a fair statement of the Company’s results of operations, comprehensive income, financial position, cash flows and stockholders’ 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. Prior to the Spin-off, the financial results of BellRing LLC and its subsidiaries were consolidated with Old BellRing, and a portion of the consolidated net earnings of BellRing LLC was allocated to the redeemable noncontrolling interest (the “NCI”). The calculation of the NCI was based on Post’s ownership percentage of BellRing LLC units during each period prior to the Spin-off, and reflected the entitlement of Post to a portion of the consolidated net earnings of BellRing LLC prior to the Spin-off. As a result of the Spin-off, Post’s remaining ownership of BellRing no longer represented a NCI to the Company (see Note 5). All intercompany balances and transactions have been eliminated. See Note 4 for further information on transactions with Post included in these financial statements.
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Recently Issued and Adopted Accounting Standards (Notes) |
9 Months Ended |
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Jun. 30, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently issued and adopted accounting standards | RECENTLY ISSUED AND ADOPTED ACCOUNTING STANDARDS The Company has considered all new accounting pronouncements and has concluded there are no new pronouncements (other than those described below) that had or will have a material impact on the Company’s results of operations, comprehensive income, financial position, cash flows, stockholders’ equity or related disclosures based on current information. Recently Adopted In October 2021, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” This ASU requires a company to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” as if the company had originated the contracts. The Company early adopted this ASU on October 1, 2021 on a prospective basis, as permitted by the ASU. The adoption of this ASU had no impact on the Company’s consolidated financial statements or related disclosures. In August 2020, the FASB issued ASU No. 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” which simplifies the accounting for convertible instruments by removing major separation models required under current GAAP. This ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The Company early adopted this ASU on October 1, 2021, using the modified retrospective approach. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements or related disclosures. In March 2020 and January 2021, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” and ASU No. 2021-01, “Reference Rate Reform (Topic 848): Scope,” respectively (collectively, “Topic 848”). Topic 848 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by Topic 848 are effective for all entities as of March 12, 2020 through December 31, 2022. The Company adopted Topic 848 on October 1, 2021. The adoption of Topic 848 did not have and is not expected to have a material impact on the Company’s consolidated financial statements or related disclosures.
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Revenue (Notes) |
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Revenues [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | REVENUE The following table presents net sales by product.
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Related Party Transactions (Notes) |
9 Months Ended |
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Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related party transactions | RELATED PARTY TRANSACTIONS Immediately prior to the Spin-off, Post held 97.5 million BellRing LLC units, equal to 71.5% of the economic interest in BellRing LLC, and one share of Old BellRing Class B Common Stock, which represented 67% of the combined voting power of the common stock of the Company. Subsequent to the Spin-off, and as of June 30, 2022, Post owned 14.2% of the BellRing Common Stock. As such, both prior to and subsequent to the Spin-off, transactions with Post were considered related party transactions. The Company sells certain products to, purchases certain products from and licenses certain intellectual property to and from Post and its subsidiaries based upon pricing governed by agreements between the Company and Post and its subsidiaries, consistent with pricing of similar arm's-length transactions. During each of the three and nine months ended June 30, 2022 and 2021, net sales to, purchases from and royalties paid to and received from Post and its subsidiaries were immaterial. The Company has a series of agreements with Post which are intended to govern the ongoing relationship between the Company and Post. Prior to the Spin-off, these agreements included the amended and restated limited liability company agreement of BellRing LLC (the “BellRing LLC Agreement”), an employee matters agreement, an investor rights agreement, a tax matters agreement, a tax receivable agreement and a master services agreement, among others. In connection with the Spin-off, the Company and Post amended and restated the master services agreement (the “MSA”) and the employee matters agreement and entered into a new tax matters agreement (the “Tax Matters Agreement”). The previous investor rights agreement between the Company and Post was terminated, and the Company and Post entered into a new registration rights agreement. Under certain of these agreements, the Company incurs expenses payable to Post in connection with certain administrative services provided for varying lengths of time. The Company had immaterial receivables with Post at both June 30, 2022 and September 30, 2021 related to sales with Post and its subsidiaries. The Company had $2.3 and $2.2 of payables with Post at June 30, 2022 and September 30, 2021, respectively, related to MSA fees and pass-through charges owed by the Company to Post, as well as related party purchases, which were recorded in “Accounts payable,” on the Condensed Consolidated Balance Sheets. The MSA The Company uses certain functions and services performed by Post under the MSA. These functions and services include finance, internal audit, treasury, information technology support, insurance and tax matters, the use of office and/or data center space, payroll processing services and tax compliance services. Prior to the Spin-off, Post also provided legal services to the Company. The MSA was amended and restated upon completion of the Spin-off to provide for similar services following the Spin-off and such other services as BellRing and Post may agree. For the three and nine months ended June 30, 2022, MSA fees were $1.4 and $3.2, respectively. For the three and nine months ended June 30, 2021, MSA fees were $0.6 and $1.7, respectively. MSA fees were reported in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Operations. Stock Based Compensation Prior to the Spin-off, the Company incurred pass-through charges from Post relating to stock-based compensation for employees participating in Post’s stock-based compensation plans. There were no material pass-through charges incurred subsequent to the Spin-off. For the nine months ended June 30, 2022, stock-based compensation expense related to Post’s stock-based compensation plans was $0.9. For the three and nine months ended June 30, 2021, stock-based compensation expense related to Post’s stock-based compensation plans was $0.6 and $2.0, respectively. Stock-based compensation expense was reported in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Operations. Tax Agreements Prior to the Spin-off, BellRing LLC made payments to Post related to quarterly tax distributions and state corporate tax withholdings made pursuant to the terms of the BellRing LLC Agreement. During the nine months ended June 30, 2022, BellRing LLC paid $3.2 to Post related to quarterly tax distributions and had immaterial payments for state corporate tax withholdings on behalf of Post. During the nine months ended June 30, 2021, BellRing LLC paid $15.7 to Post related to quarterly tax distributions and $1.8 for state corporate tax withholdings on behalf of Post. Based on the provisions of the tax receivable agreement prior to the Spin-off, Old BellRing paid Post (or certain of its transferees or other assignees) 85% of the amount of cash savings, if any, in U.S. federal income tax, as well as state and local income tax and franchise tax (using an assumed tax rate) and foreign tax that Old BellRing realized (or, in some circumstances, was deemed to realize) as a result of (a) the increase in the tax basis of assets of BellRing LLC attributable to (i) the redemption of Post’s (or certain transferees’ or assignees’) BellRing LLC units for shares of Old BellRing Class A Common Stock or cash, (ii) deemed sales by Post (or certain of its transferees or assignees) of BellRing LLC units or assets to Old BellRing, (iii) certain actual or deemed distributions from BellRing LLC to Post (or certain transferees or assignees) and (iv) certain formation transactions, (b) disproportionate allocations of tax benefits to Old BellRing as a result of Section 704(c) of the Internal Revenue Code and (c) certain tax benefits (e.g., imputed interest, basis adjustments, etc.) attributable to payments under the tax receivable agreement. Amounts payable to Post related to the tax receivable agreement of $0.4 were recorded in “Accounts Payable” on the Condensed Consolidated Balance Sheet at June 30, 2022. Amounts payable to Post related to the tax receivable agreement of $0.3 and $10.2 were recorded in “Accounts Payable” and “Other liabilities,” respectively, on the Condensed Consolidated Balance Sheet at September 30, 2021. In connection with and upon completion of the Spin-off, the Company entered into the Tax Matters Agreement by and among Post, BellRing and Old BellRing. The Tax Matters Agreement (i) governs the parties’ respective rights, responsibilities and obligations with respect to taxes, including taxes arising in the ordinary course of business and taxes, if any, that may be incurred if the Distribution fails to qualify for its intended tax treatment, (ii) addresses U.S. federal, state, local and non-U.S. tax matters and (iii) sets forth the respective obligations of the parties with respect to the filing of tax returns, the administration of tax contests and assistance and cooperation on tax matters. Pursuant to the Tax Matters Agreement, BellRing is expected to indemnify Post for (i) all taxes for which BellRing is responsible (as described in the Tax Matters Agreement) and (ii) all taxes incurred by reason of certain actions or events, or by reason of any breach by BellRing or any of its subsidiaries of any of their respective representations, warranties or covenants under the Tax Matters Agreement that, in each case, affect the intended tax-free treatment of the Spin-off. Additionally, Post is expected to indemnify BellRing for the (i) taxes for which Post is responsible (as described in the Tax Matters Agreement) and (ii) taxes attributable to a failure of the Spin-off to qualify as tax-free, to the extent incurred by any action or failure to take any action within the control of Post. There were no amounts paid under the Tax Matters Agreement during the nine months ended June 30, 2022. Contract Manufacturing Arrangement In the first quarter of fiscal 2022, Premier Nutrition Company, LLC (“Premier Nutrition”), a subsidiary of the Company, and Michael Foods, Inc. (“MFI”), a subsidiary of Post, entered into a reimbursement agreement relating to MFI’s acquisition and development of property intended to be used as an aseptic processing plant to produce RTD shakes for Premier Nutrition (such agreement, the “Reimbursement Agreement” and such arrangement to produce RTD shakes for Premier Nutrition, the “Co-Man Arrangement”). Pursuant to the Reimbursement Agreement, prior to the execution of a definitive agreement governing the Co-Man Arrangement, Premier Nutrition will indemnify MFI for certain costs and expenses incurred in the acquisition and development of property for the Co-Man Arrangement. For the three and nine months ended June 30, 2022, Premier Nutrition did not reimburse MFI for any amounts under the Reimbursement Agreement.
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Redeemable Noncontrolling Interest (Notes) |
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Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest disclosure | REDEEMABLE NONCONTROLLING INTERESTAt September 30, 2021, Post held 97.5 million BellRing LLC units, equal to 71.2% of the economic interest in BellRing LLC. Immediately prior to the Spin-off, Post held 97.5 million BellRing LLC units, equal to 71.5% of the economic interest in BellRing LLC. Prior to the Spin-off, Post had the right to redeem BellRing LLC units for, at BellRing LLC’s option (as determined by its Board of Managers), (i) shares of Old BellRing Class A Common Stock, at an initial redemption rate of one share of Old BellRing Class A Common Stock for one BellRing LLC unit, subject to customary redemption rate adjustments for stock splits, stock dividends and reclassification or (ii) cash (based on the market price of the shares of Old BellRing Class A Common Stock). Post’s ownership of BellRing LLC units prior to the Spin-off represented a NCI to the Company, which was classified outside of permanent stockholders’ equity as the BellRing LLC units were redeemable at the option of Post, through Post’s ownership of its share of Old BellRing Class B Common Stock (see Note 1). The carrying amount of the NCI was the greater of (i) the initial carrying amount, increased or decreased for the NCI’s share of net income or loss, other comprehensive income or loss (“OCI”) and distributions or dividends or (ii) the redemption value. As of September 30, 2021, the carrying amount of the NCI was recorded at its redemption value of $2,997.3. Changes in the redemption value of the NCI were recorded to “Additional paid-in capital”, to the extent available, and “Accumulated deficit” on the Condensed Consolidated Balance Sheets. At September 30, 2021 and immediately prior to the Spin-off, Old BellRing owned 28.8% and 28.5%, respectively, of the outstanding BellRing LLC units. Prior to the Spin-off, the financial results of BellRing LLC and its subsidiaries were consolidated with Old BellRing, and the portion of the consolidated net earnings of BellRing LLC to which Post was entitled was allocated to the NCI during each period. Immediately following the Spin-off, and as of June 30, 2022, Post owned 14.2% of the BellRing Common Stock, which did not represent a controlling interest in the Company. As a result of the Spin-off, the carrying amount of the NCI was reduced to zero immediately following the Spin-off. The following table summarizes the changes to the Company’s NCI prior to the Spin-off. There were no changes to the Company’s NCI for the three months ended June 30, 2022 as the carrying amount of the NCI was reduced to zero immediately following the Spin-off on March 10, 2022.
The following table summarizes the effects of changes in NCI on the Company’s equity prior to the Spin-off. There were no transfers to or from NCI for the three months ended June 30, 2022 as the carrying amount of the NCI was reduced to zero immediately following the Spin-off on March 10, 2022.
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Income Taxes (Notes) |
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Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income taxes | INCOME TAXESPrior to the Spin-off, Old BellRing held an economic interest in BellRing LLC (see Note 1) which, as a result of the IPO and formation transactions, was treated as a partnership for U.S. federal income tax purposes. As a partnership, BellRing LLC itself was generally not subject to U.S. federal income tax under current U.S. tax laws. Generally, items of taxable income, gain, loss and deduction of BellRing LLC were passed through to its members, Old BellRing and Post. Old BellRing was responsible for its share of taxable income or loss of BellRing LLC allocated to it in accordance with the BellRing LLC Agreement and partnership tax rules and regulations. Subsequent to the Spin-off, the Company reported 100% of the income, gain, loss and deduction of BellRing LLC for U.S. federal, state, and local income tax purposes. The effective income tax rate was 24.2% and 18.4% for the three and nine months ended June 30, 2022, respectively, and 8.1% and 7.3% for the three and nine months ended June 30, 2021, respectively. The increase in the effective income tax rate compared to the prior periods was primarily due to (i) the Company reporting 100% of the income, gain, loss and deduction of BellRing LLC in the periods subsequent to the Spin-off. and (ii) during the nine months ended June 30, 2022, certain separation-related expenses incurred in connection with the Spin-off that were treated as non-deductible. For additional information on the Tax Matters Agreement by and among Post, BellRing and Old BellRing, see Note 4.
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Earnings Per Share (Notes) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share | EARNINGS PER SHARE Prior to the Spin-off, basic earnings per share was based on the average number of shares of Old BellRing Class A Common Stock outstanding during each period. Diluted earnings per share was based on the average number of shares of Old BellRing Class A Common Stock used for the basic earnings per share calculation, adjusted for the dilutive effect of stock options and restricted stock units using the “treasury stock” method. In addition, “Net earnings available to Common Stockholders for diluted earnings per share” in the table below was adjusted for diluted net earnings per share of Old BellRing Class A Common Stock attributable to NCI, to the extent it was dilutive. Subsequent to the Spin-off, basic earnings per share is based on the average number of shares of BellRing Common Stock outstanding during each period. Diluted earnings per share is based on the average number of shares of BellRing Common Stock used for the basic earnings per share calculation, adjusted for the dilutive effect of stock options and restricted stock units using the “treasury stock” method. Prior to the Spin-off, the share of Old BellRing Class B Common Stock did not have economic rights, including rights to dividends or distributions upon liquidation, and was therefore not a participating security. Subsequent to the Spin-off, the share of Old BellRing Class B Common Stock was no longer outstanding. As such, separate presentation of basic and diluted earnings per share of Old BellRing Class B Common Stock under the two-class method was not presented for any periods. The following table sets forth the computation of basic and diluted earnings per share.
Weighted-average shares for diluted earnings per share excluded equity awards of zero and 0.1 million for the three and nine months ended June 30, 2022, respectively, and zero and 0.2 million for the three and nine months ended June 30, 2021, respectively, as they were anti-dilutive.
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Inventories (Notes) |
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Inventories | INVENTORIES
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Property, net (Notes) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, net | PROPERTY, NET
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Goodwill (Notes) |
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Goodwill [Abstract] | |||||||||||||||||||||||||
Goodwill | GOODWILL The components of “Goodwill” on the Condensed Consolidated Balance Sheets at both June 30, 2022 and September 30, 2021 are presented in the following table.
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Intangible Assets, net (Notes) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets, net | INTANGIBLE ASSETS, NET Total intangible assets are as follows:
In December 2020, the Company finalized its plan to discontinue the Supreme Protein brand and related sales of Supreme Protein products. In connection with the discontinuance, the Company updated the useful lives of the customer relationships and trademarks associated with the Supreme Protein brand to reflect the remaining period in which the Company sold existing Supreme Protein product inventory. Accelerated amortization of $11.8 and $29.9 was recorded during the three and nine months ended June 30, 2021, respectively, resulting from the updated useful lives of the customer relationships and trademarks associated with the Supreme Protein brand, which were fully amortized and written off as of September 30, 2021.
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Derivative Financial Instruments (Notes) |
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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 acquisition of raw materials and supplies, interest rate risks relating to floating rate debt and foreign currency exchange rate risks. The Company utilizes swaps to manage certain of these exposures by hedging when it is practical to do so. The Company does not hold or issue financial instruments for speculative or trading purposes. At September 30, 2021, the Company had pay-fixed, receive-variable interest rate swaps with a notional amount of $350.0. The interest rate swaps required monthly settlements, which began on January 31, 2020, and were used to hedge forecasted interest payments on the Company’s variable rate debt (see Note 14). On April 1, 2020, the Company changed the designation of the interest rate swaps from cash flow hedges to non-designated hedging instruments as the swaps were no longer effective (as defined by GAAP). In connection with the new designation, the Company started reclassifying losses previously recorded in accumulated OCI to “Interest expense, net” in the Condensed Consolidated Statements of Operations on a straight-line basis over the term of the related debt. At September 30, 2021, accumulated OCI, including amounts reported as NCI, included a $7.1 net hedging loss before taxes ($6.7 after taxes). In connection with the extinguishment of Old BellRing’s debt (see Note 14), the Company paid $1.5 to settle its interest rate swaps associated with the extinguished debt in the second quarter of fiscal 2022. In addition, the Company reclassified to earnings the remaining unamortized net hedging losses and related tax benefits previously recorded to accumulated OCI of $6.1 and $0.4, respectively. The following table presents the balance sheet location and fair value of the Company’s derivative instruments on a gross basis at September 30, 2021. The Company does not offset derivative assets and liabilities within the Condensed Consolidated Balance Sheets. The Company held no material derivative instruments at June 30, 2022.
The following table presents the effects of the Company’s interest rate swaps on the Condensed Consolidated Statements of Operations and the net cash settlements paid on interest rate swaps. The Company held no interest rate swaps during the three months ended June 30, 2022.
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Fair Value Measurements (Notes) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value measurements | FAIR VALUE MEASUREMENTS The following table represents the Company’s liabilities and NCI measured at fair value on a recurring basis and the basis for that measurement according to the levels in the fair value hierarchy in Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurement.” As of June 30, 2022, the Company had no material derivative liabilities and no NCI.
At September 30, 2021, the Company’s calculation of the fair value of interest rate swaps was derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve on a recurring basis. The fair value of the NCI was calculated as its redemption value based on the Old BellRing Class A Common Stock price and number of BellRing LLC units owned by Post as of the end of the period (see Note 5). The Company’s financial assets and liabilities 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 or long-term debt at fair value on the Condensed Consolidated Balance Sheets. The fair value of outstanding borrowings under the Revolving Credit Facility (as defined in Note 14) as of June 30, 2022 approximated its carrying value. Based on current market rates, the fair value (Level 2) of the Company’s debt, excluding any borrowings under its revolving credit facilities, was $793.6 and $613.8 as of June 30, 2022 and September 30, 2021, respectively. Certain assets and liabilities, including property, plant and equipment, goodwill and other intangible assets, are measured at fair value on a non-recurring basis.
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Long-Term Debt (Notes) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | LONG-TERM DEBT The following table presents the components of “Long-term debt” on the Condensed Consolidated Balance Sheets.
Senior Notes On March 10, 2022, pursuant to the Transaction Agreement, the Company issued $840.0 aggregate principal amount of 7.00% senior notes maturing in March 2030 (the “7.00% Senior Notes”) to Post as partial consideration for the Contribution in connection with the Distribution. Post subsequently delivered the 7.00% Senior Notes to certain financial institutions in satisfaction of term loan obligations of Post in an equal principal amount. The 7.00% Senior Notes were issued at par, and the Company incurred debt issuance costs of $10.2, which were deferred and are being amortized to interest expense over the term of the 7.00% Senior Notes. Interest payments are due semi-annually each March 15 and September 15, beginning on September 15, 2022. The 7.00% Senior Notes are senior unsecured obligations of BellRing and are guaranteed by BellRing’s existing and subsequently acquired or organized direct and indirect domestic subsidiaries (other than immaterial subsidiaries and certain excluded subsidiaries). The maturity date of the 7.00% Senior Notes is March 15, 2030. Credit Agreement On March 10, 2022, pursuant to the Transaction Agreement, the Company entered into a credit agreement (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), which provides for a revolving credit facility in an aggregate principal amount of $250.0 (the “Revolving Credit Facility”), with commitments to be made available to the Company in U.S. Dollars, Euros and United Kingdom (“U.K.”) Pounds Sterling. Letters of credit are available under the Credit Agreement in an aggregate amount of up to $20.0. The outstanding amounts under the Credit Agreement must be repaid on or before March 10, 2027. Borrowings under the Revolving Credit Facility bear interest at an annual rate equal to: (i) in the case of loans denominated in U.S. Dollars, at the Company’s option, the base rate (as defined in the Credit Agreement) plus a margin which was initially 2.00% and thereafter will range from 2.00% to 2.75% depending on the Company’s secured net leverage ratio (as defined in the Credit Agreement), or the adjusted term SOFR rate (as defined in the Credit Agreement) for the applicable interest period plus a margin which was initially 3.00% and thereafter will range from 3.00% to 3.75% depending on the Company’s secured net leverage ratio; (ii) in the case of loans denominated in Euros, the adjusted Eurodollar rate (as defined in the Credit Agreement) for the applicable interest period plus a margin which was initially 3.00% and thereafter will range from 3.00% to 3.75% depending on the Company’s secured net leverage ratio; and (iii) in the case of loans denominated in U.K. Pounds Sterling, the adjusted daily simple risk-free rate (as defined in the Credit Agreement) plus a margin which was initially 3.00% and thereafter will range from 3.00% to 3.75% depending on the Company’s secured net leverage ratio. Facility fees on the daily unused amount of commitments under the Revolving Credit Facility were initially accrued at the rate of 0.25% per annum, and thereafter, depending on the Company’s secured net leverage ratio, will accrue at rates ranging from 0.25% to 0.375% per annum. The Company incurred $1.5 of financing fees in connection with the Revolving Credit Facility, which were deferred and are being amortized to interest expense over the term of the Revolving Credit Facility. During the nine months ended June 30, 2022, the Company borrowed $109.0 under the Revolving Credit Facility and repaid $25.0 under the Revolving Credit Facility. The available borrowing capacity under the Revolving Credit Facility was $166.0 as of June 30, 2022. There were no outstanding letters of credit as of June 30, 2022. Under the terms of the Credit Agreement, BellRing is required to comply with a financial covenant requiring it to maintain a total net leverage ratio (as defined in the Credit Agreement) not to exceed 6.00 to 1.00, measured as of the last day of each fiscal quarter, beginning with the fiscal quarter ending June 30, 2022. The total net leverage ratio of the Company did not exceed this threshold as of June 30, 2022. The Credit Agreement provides for potential incremental revolving and term facilities at the Company’s request and at the discretion of the lenders or other persons providing such incremental facilities, in each case on terms to be determined, and also permits the Company to incur other secured or unsecured debt, in all cases subject to conditions and limitations on the amount as specified in the Credit Agreement. Furthermore, the Credit Agreement provides for customary events of default. 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 administrative 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. The Company’s obligations under the Credit Agreement are unconditionally guaranteed by its existing and subsequently acquired or organized direct and indirect domestic subsidiaries (other than immaterial domestic subsidiaries and certain excluded subsidiaries) and are secured by security interests in substantially all of the Company’s assets and the assets of its subsidiary guarantors, but excluding, in each case, real property. Old Credit Agreement On October 21, 2019, BellRing LLC entered into a credit agreement (as subsequently amended, the “Old Credit Agreement”) which provided for a term B loan facility in an aggregate original principal amount of $700.0 (the “Term B Facility”) and a revolving credit facility in an aggregate principal amount of up to $200.0 (the “Old Revolving Credit Facility”), with the commitments under the Old Revolving Credit Facility to be made available to BellRing LLC in U.S. Dollars, Euros and U.K. Pounds Sterling. Letters of credit were available under the Old Credit Agreement in an aggregate amount of up to $20.0. Any outstanding amounts under the Old Revolving Credit Facility and Term B Facility were required to be repaid on or before October 21, 2024. On February 26, 2021, BellRing LLC entered into a second amendment to the Old Credit Agreement (the “Amendment”). The Amendment provided for the refinancing of the Term B Facility on substantially the same terms as in effect prior to the Amendment, except that it (i) reduced the interest rate margin by 100 basis points resulting in (A) for Eurodollar rate loans, an interest rate of the Eurodollar rate plus a margin of 4.00% and (B) for base rate loans, an interest rate of the base rate plus a margin of 3.00%, (ii) reduced the floor for the Eurodollar rate to 0.75%, (iii) modified the Old Credit Agreement to address the anticipated unavailability of LIBOR as a reference interest rate and (iv) provided that if on or before August 26, 2021 BellRing LLC repaid the Term B Facility in whole or in part with the proceeds of new or replacement debt at a lower effective interest rate, or further amended the Old Credit Agreement to reduce the effective interest rate applicable to the Term B Facility, BellRing LLC would have paid a 1.00% premium on the amount repaid or subject to the interest rate reduction. BellRing LLC did not repay the Term B Facility or further amend the Old Credit Agreement on or before August 26, 2021. In connection with the Amendment, BellRing LLC paid debt refinancing fees of $0.1 and $1.6 in the three and nine months ended June 30, 2021, which were included in “Loss on extinguishment and refinancing of debt, net” on the Condensed Consolidated Statements of Operations. Subsequent to the Amendment, borrowings under the Term B Facility bore interest, at the option of BellRing LLC, at an annual rate equal to either (a) the Eurodollar rate or (b) the base rate determined by reference to the greatest of (i) the prime rate, (ii) the federal funds effective rate plus 0.50% per annum and (iii) the one-month Eurodollar rate plus 1.00% per annum, in each case plus an applicable margin of 4.00% for Eurodollar rate-based loans and 3.00% for base rate-based loans. On March 10, 2022, with certain of the proceeds from the debt financing transactions described above, BellRing LLC repaid the aggregate outstanding principal balance of $519.8 on its Term B Facility and terminated all obligations and commitments under the Old Credit Agreement. The Company recorded a loss of $17.6 in the second quarter of fiscal 2022, which was included in “Loss on extinguishment and refinancing of debt, net” in the Condensed Consolidated Statements of Operations. This loss included (i) a $6.9 write-off of unamortized discounts and debt extinguishment fees, (ii) a $6.1 write-off of unamortized net hedging losses recorded within accumulated OCI related to the Term B Facility (see Note 12) and (iii) a $4.6 write-off of debt issuance costs and deferred financing fees. Following the termination of the Old Credit Agreement, BellRing LLC and the guarantors had no further obligations under the Old Credit Agreement and the related guarantees. The Term B Facility required quarterly scheduled amortization payments of $8.75 which began on March 31, 2020, with the balance to be paid at maturity on October 21, 2024. Interest was paid on each Interest Payment Date (as defined in the Old Credit Agreement) during the periods prior to the termination of the Old Credit Agreement. The Term B Facility contained customary mandatory prepayment provisions, including provisions for mandatory prepayment (a) from the net cash proceeds of certain asset sales and (b) of 75% of consolidated excess cash flow (as defined in the Old Credit Agreement) (which percentage would have been reduced to 50% if the secured net leverage ratio (as defined in the Old Credit Agreement) was less than or equal to 3.35:1.00 as of a fiscal year end). The interest rate on the Term B Facility was 4.75% as of September 30, 2021. During the nine months ended June 30, 2022 and prior to the termination of the Old Credit Agreement, the Company repaid $81.4 on its Term B Facility as a mandatory prepayment from fiscal 2021 excess cash flow, which was in addition to the scheduled amortization payments. During the nine months ended June 30, 2021, the Company repaid $28.8 on its Term B Facility as a mandatory prepayment from fiscal 2020 excess cash flow, which was in addition to the scheduled amortization payments Borrowings under the Old Revolving Credit Facility bore interest, at the option of BellRing LLC, at an annual rate equal to either the Eurodollar rate or the base rate (determined as described above) plus a margin, which was determined by reference to the secured net leverage ratio, with the applicable margin for Eurodollar rate-based loans and base rate-based loans being (i) 4.25% and 3.25%, respectively, if the secured net leverage ratio was greater than or equal to 3.50:1.00, (ii) 4.00% and 3.00%, respectively, if the secured net leverage ratio was less than 3.50:1.00 and greater than or equal to 2.50:1.00 or (iii) 3.75% and 2.75%, respectively, if the secured net leverage ratio was less than 2.50:1.00. Facility fees on the daily unused amount of commitments under the Old Revolving Credit Facility accrued at rates ranging from 0.25% to 0.50% per annum depending on BellRing LLC’s secured net leverage ratio. There were no amounts drawn under the Old Revolving Credit Facility as of September 30, 2021. During the nine months ended June 30, 2021, BellRing LLC borrowed $20.0 under the Old Revolving Credit Facility and repaid $50.0 on the Old Revolving Credit Facility. There were no borrowings under or repayments on the Old Revolving Credit Facility during the nine months ended June 30, 2022 prior to the Spin-off. The available borrowing capacity under the Old Revolving Credit Facility was $200.0 as of September 30, 2021. There were no outstanding letters of credit as of September 30, 2021.
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Commitments and Contingencies (Notes) |
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Jun. 30, 2022 | |
Legal Proceedings [Abstract] | |
Commitments and contingencies | COMMITMENTS AND CONTINGENCIES Legal Proceedings Joint Juice Litigation In March 2013, a complaint was filed on behalf of a putative, nationwide class of consumers against Premier Nutrition in the U.S. District Court for the Northern District of California seeking monetary damages and injunctive relief. The case asserted that some of Premier Nutrition’s advertising claims regarding its Joint Juice line of glucosamine and chondroitin dietary supplements were false and misleading. In April 2016, the district court certified a California-only class of consumers in this lawsuit (this lawsuit is hereinafter referred to as the “California Federal Class Lawsuit”). In 2016 and 2017, the lead plaintiff’s counsel in the California Federal Class Lawsuit filed ten additional class action complaints in the U.S. District Court for the Northern District of California on behalf of putative classes of consumers under the laws of Connecticut, Florida, Illinois, New Jersey, New Mexico, New York, Maryland, Massachusetts, Michigan and Pennsylvania. These additional complaints contain factual allegations similar to the California Federal Class Lawsuit, also seeking monetary damages and injunctive relief. The action on behalf of New Jersey consumers was voluntarily dismissed. Trial in the action on behalf of consumers in New York was held beginning in May 2022, and the jury delivered its verdict in favor of plaintiffs in June 2022, but the Court has not yet entered a judgment in the case. In April 2018, the district court dismissed the California Federal Class Lawsuit with prejudice. This dismissal was upheld on appeal by the U.S. Court of Appeals for the Ninth Circuit and Plaintiff’s petition for an en banc rehearing by the Ninth Circuit was denied. The other complaints remain pending in the U.S. District Court for the Northern District of California, and the court has certified individual state classes in each of those cases. In January 2019, the same lead counsel filed an additional class action complaint against Premier Nutrition in California Superior Court for the County of Alameda, alleging claims similar to the above actions and seeking monetary damages and injunctive relief on behalf of a putative class of California consumers, beginning after the California Federal Class Lawsuit class period. In September 2020, the same lead counsel filed another class action complaint against Premier Nutrition in California Superior Court for the County of Alameda, alleging identical claims and seeking restitution and injunctive relief on behalf of the same putative class of California consumers as the California Federal Class Lawsuit. Following the Court’s denial of Premier Nutrition’s motion to preliminarily enjoin this complaint under the doctrine of res judicata, Premier Nutrition appealed to the Ninth Circuit. The Company continues to vigorously defend these cases and intends to appeal any adverse judgments and awards of damages. The Company does not believe that the ultimate resolution of these cases will have a material adverse effect on its financial condition, results of operations or cash flows. Other than legal fees, no expense related to this litigation was incurred during the three or nine months ended June 30, 2022 or 2021. At both June 30, 2022 and September 30, 2021, the Company had accrued $8.5 related to these matters that was included in “Other current liabilities” on the Condensed Consolidated Balance Sheets. Other Subsequent to June 30, 2022, a voluntary product recall was initiated by one of the Company’s contract manufacturers which produces RTD shakes for Premier Nutrition. The recall was for products produced from April 1, 2022 to July 15, 2022 at one of the contract manufacturer’s facilities. The Company is currently assessing the impact of the recall and does not believe it will have a material adverse effect on its financial condition, results of operations or cash flows. The Company is subject to various other legal proceedings and actions arising in the normal course of business. In the opinion of management, based upon the information presently known, the ultimate liability, if any, arising from such pending legal proceedings, as well as from asserted legal claims and known potential legal claims which are likely to be asserted, taking into account established accruals for estimated liabilities (if any), are not expected to be material individually or in the aggregate to the consolidated financial condition, results of operations or cash flows of the Company. In addition, although it is difficult to estimate the potential financial impact of actions regarding expenditures for compliance with regulatory matters, in the opinion of management, based upon the information currently available, the ultimate liability arising from such compliance matters is not expected to be material to the consolidated financial condition, results of operations or cash flows of the Company.
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Stockholders' Equity (Notes) |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | STOCKHOLDERS’ DEFICIT In connection with the Spin-off, 97.5 million shares of BellRing Common Stock were issued to Post, of which 78.1 million were distributed by Post to its shareholders in the Distribution, and 38.9 million shares of Old BellRing Class A Common Stock that were outstanding immediately prior to the Merger were converted into 38.9 million shares of BellRing Common Stock (see Note 1). As of June 30, 2022, the Company had 136.4 million and 136.3 million shares of BellRing Common Stock issued and outstanding, respectively. As of September 30, 2021, the Company had 39.5 million shares of Old BellRing Class A Common Stock issued and outstanding. On May 23, 2022, the Company’s Board of Directors approved a $50.0 share repurchase authorization with respect to the shares of BellRing Common Stock. The Company’s prior share repurchase authorization for Old BellRing Class A Common Stock was no longer applicable subsequent to the Spin-off. The following table summarizes the Company’s repurchases of BellRing Common Stock subsequent to the Spin-off.
The following table summarizes the Company’s repurchases of Old BellRing Class A Common Stock prior to the Spin-off. There were no repurchases of Old BellRing Class A Common Stock by the Company during the three months ended June 30, 2022 or the three and nine months ended June 30, 2021.
In connection with the Spin-off, 0.8 million shares of Old BellRing Class A Common Stock held in treasury stock immediately prior to the Merger effective time were cancelled pursuant to the Transaction Agreement. On the terms and subject to the conditions set forth in the Transaction Agreement, at the Merger effective time, all outstanding unexercised and unexpired options to purchase shares of Old BellRing Class A Common Stock, outstanding restricted stock units with respect to shares of Old BellRing Class A Common Stock and other equity awards with respect to shares of Old BellRing Class A Common Stock outstanding under the BellRing Brands, Inc. 2019 Long-Term Incentive Plan (the “BellRing Equity Awards”), whether or not exercisable or vested, were assumed by BellRing. Additionally, the board of directors of BellRing (the “Board”) approved adjustments to the terms of the outstanding BellRing Equity Awards to preserve the intrinsic value of the awards. The adjustments to the BellRing Equity Awards were based on the volume weighted average price of Old BellRing Class A Common Stock during the five trading day period prior to and including March 10, 2022 and the volume weighted average price of BellRing Common Stock during the five trading day period immediately following March 10, 2022. The equity award adjustments had an immaterial impact on the Company’s Statements of Operations for the three and nine months ended June 30, 2022.
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Revenue (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of revenues |
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Redeemable Noncontrolling Interest (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest |
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of changes in NCI on the Company's equity |
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Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of basic and diluted earnings per share |
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Inventories (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories |
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Property, net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, net |
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Goodwill (Tables) |
9 Months Ended | ||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||
Goodwill [Abstract] | |||||||||||||||||||||||||
Carrying amount of goodwill |
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Intangible Assets, net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total intangible assets |
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Derivative Financial Instruments (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments in condensed consolidated balance sheets |
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Derivative Instruments, Loss (Gain) |
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Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
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Long-Term Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt |
|
Stockholders' Equity (Table) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Treasury Stock |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Old BellRing Treasury Stock |
|
Basis of Presentation (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Sep. 30, 2021 |
|
Cash distributions directly to related parties | $ 550.4 | |||
Other Restructuring Costs | $ 0.9 | 13.2 | ||
Payment of merger consideration | 115.5 | $ 0.0 | ||
7.00% Senior Notes Maturing in March 2030 | ||||
Long-term debt, gross | $ 840.0 | $ 840.0 | $ 0.0 | |
BellRing Common Stock | Post Shareholders | ||||
Conversion of Stock, Shares Received | 1.267788 |
Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Disaggregation of Revenue | ||||
Net Sales | $ 370.6 | $ 342.6 | $ 992.3 | $ 907.1 |
Shakes and other beverages | ||||
Disaggregation of Revenue | ||||
Net Sales | 295.7 | 278.6 | 786.7 | 740.2 |
Powders | ||||
Disaggregation of Revenue | ||||
Net Sales | 61.0 | 49.7 | 170.9 | 126.5 |
Nutrition bars | ||||
Disaggregation of Revenue | ||||
Net Sales | 10.5 | 11.9 | 27.4 | 34.6 |
Other | ||||
Disaggregation of Revenue | ||||
Net Sales | $ 3.4 | $ 2.4 | $ 7.3 | $ 5.8 |
Income Taxes (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Income Tax Disclosure | ||||
Effective income tax rate | 24.20% | 8.10% | 18.40% | 7.30% |
Inventories (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Sep. 30, 2021 |
---|---|---|
Inventory [Abstract] | ||
Raw materials and supplies | $ 68.4 | $ 34.0 |
Work in process | 0.1 | 0.1 |
Finished products | 159.4 | 83.8 |
Inventories | $ 227.9 | $ 117.9 |
Property, net (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Sep. 30, 2021 |
---|---|---|
Property, Plant and Equipment [Abstract] | ||
Property, at cost | $ 21.6 | $ 21.6 |
Accumulated depreciation | (13.3) | (12.7) |
Property, net | $ 8.3 | $ 8.9 |
Goodwill (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Sep. 30, 2021 |
---|---|---|
Goodwill [Abstract] | ||
Goodwill, gross | $ 180.7 | $ 180.7 |
Accumulated impairment losses | (114.8) | (114.8) |
Goodwill | $ 65.9 | $ 65.9 |
Fair Value Measurements (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Sep. 30, 2021 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Derivative fair value, gross liability | $ 5.8 | |
Redeemable noncontrolling interest, fair value | $ 0.0 | 2,997.3 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Derivative fair value, gross liability | 0.0 | |
Redeemable noncontrolling interest, fair value | 2,997.3 | |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Derivative fair value, gross liability | 5.8 | |
Redeemable noncontrolling interest, fair value | 0.0 | |
Debt, fair value | $ 793.6 | $ 613.8 |
Commitments and Contingencies (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Sep. 30, 2021 |
---|---|---|
Other current liabilities | ||
Loss Contingencies | ||
Estimated litigation liability, current | $ 8.5 | $ 8.5 |
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