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Table of Contents

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 December 31, 2020
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-20201231_g1.jpg
Post Holdings, Inc.
(Exact name of registrant as specified in its charter)
Missouri45-3355106
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valuePOSTNew 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 – 64,367,518 shares as of February 1, 2021


Table of Contents

POST HOLDINGS, INC.
QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS
Page
PART I.
Item 1.
Item 2.
Item 3.
Item 4.
PART II.
Item 1.
Item 1A.
Item 2.
Item 6.
i

Table of Contents

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
December 31,
20202019
Net Sales$1,458.0 $1,456.8 
Cost of goods sold1,002.6 985.3 
Gross Profit455.4 471.5 
Selling, general and administrative expenses251.1 235.3 
Amortization of intangible assets40.6 40.1 
Other operating (income) expenses, net(2.6)0.1 
Operating Profit166.3 196.0 
Interest expense, net96.6 102.9 
Loss on extinguishment of debt, net 12.9 
Income on swaps, net(41.6)(61.4)
Other income, net(10.8)(3.2)
Earnings before Income Taxes and Equity Method Loss122.1 144.8 
Income tax expense 23.2 30.4 
Equity method loss, net of tax7.9 7.3 
Net Earnings Including Noncontrolling Interests91.0 107.1 
Less: Net earnings attributable to noncontrolling interests9.8 7.9 
Net Earnings$81.2 $99.2 
Earnings per Common Share:
Basic$1.24 $1.40 
Diluted$1.21 $1.38 
Weighted-Average Common Shares Outstanding:
Basic65.7 70.7 
Diluted66.9 72.1 
 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
 


1

Table of Contents


POST HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(in millions)

Three Months Ended
December 31,
20202019
Net Earnings Including Noncontrolling Interests$91.0 $107.1 
Pension and postretirement benefits adjustments:
Reclassifications to net earnings(0.2)(0.5)
Hedging adjustments:
Net loss on derivatives  (33.3)
Reclassifications to net earnings 0.5 7.2 
Foreign currency translation adjustments:
Unrealized foreign currency translation adjustments101.6 115.1 
Tax benefit (expense) on other comprehensive income:
Pension and postretirement benefits adjustments:
Reclassifications to net earnings0.1 0.1 
Hedging adjustments:
Net loss on derivatives  8.5 
Reclassifications to net earnings (0.1)(1.6)
Total Other Comprehensive Income Including Noncontrolling Interests101.9 95.5 
Less: Comprehensive income attributable to noncontrolling interests10.1 8.4 
Total Comprehensive Income $182.8 $194.2 

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


2

Table of Contents


POST HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in millions)  
December 31,
2020
September 30, 2020
ASSETS
Current Assets
Cash and cash equivalents$1,118.0 $1,187.9 
Restricted cash0.5 5.5 
Receivables, net452.7 441.6 
Inventories584.4 599.4 
Prepaid expenses and other current assets100.9 53.4 
Total Current Assets2,256.5 2,287.8 
Property, net1,776.0 1,779.7 
Goodwill4,492.0 4,438.6 
Other intangible assets, net3,182.5 3,197.5 
Equity method investments106.8 114.1 
Other assets326.5 329.0 
Total Assets$12,140.3 $12,146.7 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Current portion of long-term debt$36.1 $64.9 
Accounts payable374.0 367.9 
Other current liabilities480.0 541.6 
Total Current Liabilities890.1 974.4 
Long-term debt6,972.1 6,959.0 
Deferred income taxes808.5 784.5 
Other liabilities565.1 599.8 
Total Liabilities9,235.8 9,317.7 
Shareholders’ Equity
Common stock0.8 0.8 
Additional paid-in capital4,226.2 4,182.9 
Retained earnings289.8 208.6 
Accumulated other comprehensive income (loss)72.3 (29.3)
Treasury stock, at cost(1,668.4)(1,508.5)
Total Shareholders’ Equity Excluding Noncontrolling Interests2,920.7 2,854.5 
Noncontrolling interests(16.2)(25.5)
Total Shareholders’ Equity2,904.5 2,829.0 
Total Liabilities and Shareholders’ Equity$12,140.3 $12,146.7 
 See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
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POST HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in millions)
Three Months Ended
December 31,
20202019
Cash Flows from Operating Activities
Net Earnings Including Noncontrolling Interests$91.0 $107.1 
Adjustments to reconcile net earnings including noncontrolling interests to net cash provided by operating activities:
Depreciation and amortization94.1 90.3 
Unrealized gain on interest rate swaps and foreign exchange contracts, net(42.3)(73.3)
Loss on extinguishment of debt, net 12.9 
Non-cash stock-based compensation expense13.9 11.4 
Equity method loss, net of tax7.9 7.3 
Deferred income taxes17.0 19.0 
Other, net(10.0)3.2 
Other changes in operating assets and liabilities:
Increase in receivables, net(10.4)(6.7)
Decrease (increase) in inventories15.5 (6.1)
Increase in prepaid expenses and other current assets(17.2)(20.0)
(Increase) decrease in other assets(8.3)2.6 
Decrease in accounts payable and other current liabilities(48.0)(41.3)
Increase in non-current liabilities11.3 2.0 
Net Cash Provided by Operating Activities114.5 108.4 
Cash Flows from Investing Activities
Business acquisitions, net of cash acquired1.0  
Additions to property(53.9)(77.3)
Proceeds from sale of property and assets held for sale16.4 0.1 
Purchases of equity securities(5.0) 
Cross-currency swap cash settlements 1.4 
Net Cash Used in Investing Activities(41.5)(75.8)
Cash Flows from Financing Activities
Proceeds from issuance of long-term debt20.0 2,031.0 
Repayments of long-term debt(37.5)(2,574.5)
Payments to appraisal rights holders (3.8)
Purchases of treasury stock(165.3)(231.8)
Proceeds from initial public offering 524.4 
Payments of debt issuance costs and deferred financing fees(0.1)(28.2)
Refund of debt issuance costs 15.3 
Cash received from share repurchase contracts47.5  
Other, net(19.1)(7.3)
Net Cash Used in Financing Activities(154.5)(274.9)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash6.6 2.9 
Net Decrease in Cash, Cash Equivalents and Restricted Cash(74.9)(239.4)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year1,193.4 1,054.5 
Cash, Cash Equivalents and Restricted Cash, End of Period$1,118.5 $815.1 
    
 See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited). 
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POST HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)
(in millions)
 As Of and For The Three Months Ended
December 31,
20202019
Common Stock
Beginning and end of period$0.8 $0.8 
Additional Paid-in Capital
Beginning of period4,182.9 3,734.8 
Activity under stock and deferred compensation plans(17.0)(7.3)
Non-cash stock-based compensation expense12.8 11.1 
Cash received from share repurchase contracts47.5  
Initial public offering, net of tax 457.0 
End of period4,226.2 4,195.6 
Retained Earnings
Beginning of period208.6 207.8 
Net earnings 81.2 99.2 
End of period289.8 307.0 
Accumulated Other Comprehensive Loss
Retirement Benefit Adjustments, net of tax
Beginning of period
(4.3)26.6 
Net change in retirement benefits, net of tax
(0.1)(0.4)
End of period
(4.4)26.2 
Hedging Adjustments, net of tax
Beginning of period
70.3 44.5 
Net change in hedges, net of tax
0.3 (19.4)
End of period
70.6 25.1 
Foreign Currency Translation Adjustments
Beginning of period
(95.3)(167.9)
Foreign currency translation adjustments
101.4 114.8 
End of period
6.1 (53.1)
Treasury Stock
Beginning of period(1,508.5)(920.7)
Purchases of treasury stock(159.9)(223.1)
End of period(1,668.4)(1,143.8)
Total Shareholders’ Equity Excluding Noncontrolling Interests2,920.7 3,357.8 
Noncontrolling Interests
Beginning of period(25.5)11.4 
Initial public offering (66.3)
Net earnings attributable to noncontrolling interests9.8 7.9 
Activity under stock and deferred compensation plans(0.9) 
Distribution to noncontrolling interest(1.0) 
Non-cash stock-based compensation expense1.1 0.3 
Net change in hedges, net of tax0.1 0.2 
Foreign currency translation adjustments0.2 0.3 
End of period(16.2)(46.2)
Total Shareholders’ Equity$2,904.5 $3,311.6 
 See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited). 
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POST HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(in millions, except per share information and where indicated otherwise)
NOTE 1 — BASIS OF PRESENTATION
These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), under the rules and regulations of the United States Securities and Exchange Commission (the “SEC”), and on a basis substantially consistent with the audited consolidated financial statements of Post Holdings, Inc. (herein referred to as “Post,” “the Company,” “us,” “our” or “we,” and unless otherwise stated or context otherwise indicates, all such references herein mean Post Holdings, Inc. and its consolidated subsidiaries) as of and for the fiscal year ended September 30, 2020. 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, 2020, filed with the SEC on November 20, 2020.
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.
NOTE 2 — RECENTLY ISSUED AND ADOPTED 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 condition, cash flows, shareholders’ equity or disclosures based on current information.
Recently Issued
In March 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional expedients and exceptions for 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 this ASU do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. This ASU is elective and effective for all entities as of March 12, 2020, the date this ASU was issued. An entity may elect to apply the amendments for contract modifications provided by this ASU as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020. Once elected, this ASU must be applied prospectively for all eligible contract modifications. The Company is currently evaluating the impact of this ASU as it relates to its debt and hedging relationships.
Recently Adopted
In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This ASU provides guidance on the measurement of credit losses for most financial assets and certain other instruments. This ASU replaced the prior incurred loss impairment approach with a methodology to reflect expected credit losses and requires consideration of a broader range of reasonable and supportable information to explain credit loss estimates. The Company adopted this ASU on October 1, 2020. In conjunction with the adoption of this ASU, the Company updated its methodology for calculating its allowance for doubtful accounts. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements and related disclosures.
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NOTE 3 — NONCONTROLLING INTERESTS, EQUITY INTERESTS AND RELATED PARTY TRANSACTIONS
BellRing
On October 21, 2019, BellRing Brands, Inc. (“BellRing”), a subsidiary of the Company, closed its initial public offering (the “IPO”) of 39.4 shares of its Class A common stock, $0.01 par value per share (the “Class A Common Stock”). BellRing received net proceeds from the IPO of $524.4, after deducting underwriting discounts and commissions. As a result of the IPO and certain other transactions completed in connection with the IPO, BellRing became a publicly-traded company whose Class A Common Stock is traded on the New York Stock Exchange under the ticker symbol “BRBR” and the holding company of BellRing Brands, LLC, a Delaware limited liability company (“BellRing LLC”), owning 28.8% of BellRing LLC’s non-voting membership units (the “BellRing LLC units”), with Post owning 71.2% of the BellRing LLC units and one share of BellRing’s Class B common stock, $0.01 par value per share (the “Class B Common Stock” and, collectively with the Class A Common Stock, the “BellRing Common Stock”). The Class B Common Stock has voting rights but no rights to dividends or other economic rights. For so long as Post or its affiliates (other than BellRing and its subsidiaries) directly own more than 50% of the BellRing LLC units, the Class B Common Stock represents 67% of the combined voting power of the BellRing Common Stock, which provides the Company control over BellRing’s board of directors and results in the full consolidation of BellRing and its subsidiaries into the Company’s financial statements. The BellRing LLC units held by the Company include a redemption feature that allows the Company to, at BellRing LLC’s option (as determined by its board of managers), redeem BellRing LLC units for either (i) Class A Common Stock of BellRing or (ii) cash equal to the market value of the BellRing Class A Common Stock at the time of redemption. BellRing LLC is the holding company for the Company’s historical active nutrition business. The term “BellRing” as used herein generally refers to BellRing Brands, Inc.; however, in discussions related to debt facilities, the term “BellRing” refers to BellRing Brands, LLC. BellRing and its subsidiaries are reported herein as the BellRing Brands segment.
In the event the Company (other than BellRing and its subsidiaries) holds 50% or less of the BellRing LLC units, the holder of the share of Class B Common Stock will be entitled to a number of votes equal to the number of BellRing LLC units held by all persons other than BellRing and its subsidiaries. In such situation, the Company, as the holder of the share of Class B Common Stock, will only be entitled to cast a number of votes equal to the number of BellRing LLC units held by the Company (other than BellRing and its subsidiaries). Also, in such situation, if any BellRing LLC units are held by persons other than the Company, then the Company, as the holder of the share of Class B Common Stock, will cast the remainder of votes to which the share of Class B Common Stock is entitled only in accordance with the instructions and directions from such other holders of the BellRing LLC units.
As of December 31, 2020 and September 30, 2020, the Company owned 71.2% of the BellRing LLC units and the net income and net assets of BellRing and its subsidiaries were consolidated within the Company’s financial statements, and the remaining 28.8% of the consolidated net income and net assets of BellRing and its subsidiaries, representing the percentage of economic interest in BellRing LLC held by BellRing (and therefore indirectly held by the public stockholders of BellRing through their ownership of the Class A Common Stock), were allocated to noncontrolling interest (“NCI”).
The following table summarizes the effects of changes in ownership of BellRing on the Company’s equity:
Three Months Ended
December 31,
20202019
Increase in additional paid-in capital related to net proceeds from IPO$ $524.4 
Increase in additional paid-in capital related to establishment of noncontrolling interest 66.3 
Decrease in additional paid-in capital related to tax effects of IPO (133.7)
Net transfers from noncontrolling interest$ $457.0 
8th Avenue
The Company has a 60.5% common equity interest in 8th Avenue Food & Provisions, Inc. (“8th Avenue”) that is accounted for using the equity method. In determining the accounting treatment of the common equity interest, management concluded that 8th Avenue was not a variable interest entity as defined by Accounting Standards Codification (“ASC”) Topic 810, “Consolidation” and, as such, was evaluated under the voting interest model. Based on the terms of 8th Avenue’s governing documents, management determined that the Company does not have a controlling voting interest in 8th Avenue due to substantive participating rights held by third parties associated with the governance of 8th Avenue. However, Post does retain significant influence, and therefore, the use of the equity method of accounting is required.
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The following table presents the calculation of the Company’s equity method loss attributable to 8th Avenue:
Three Months Ended
December 31,
20202019
8th Avenue’s net loss available to 8th Avenue’s common shareholders$(10.2)$(8.7)
60.5 %60.5 %
Equity method loss available to Post$(6.2)$(5.3)
Less: Amortization of basis difference, net of tax (a)1.7 1.7 
Equity method loss, net of tax$(7.9)$(7.0)
(a)The Company adjusted the historical basis of 8th Avenue’s assets and liabilities to fair value and recognized a basis difference of $70.3. The basis difference related to property, plant and equipment and other intangible assets is being amortized over the weighted average useful lives of the assets. At December 31, 2020 and September 30, 2020, the remaining basis difference to be amortized was $52.9 and $54.6, respectively.
Summarized financial information of 8th Avenue is presented in the following table.
Three Months Ended
December 31,
20202019
Net sales $229.0 $218.4 
Gross profit$35.4 $38.4 
Net loss$(1.4)$(0.9)
Less: Preferred stock dividend8.8 7.8 
Net Loss Available to 8th Avenue Common Shareholders$(10.2)$(8.7)
The Company provides services to 8th Avenue under a master services agreement (the “MSA”), as well as certain advisory services for a fee. The Company recorded MSA and advisory income of $0.8 and $1.0 during the three months ended December 31, 2020 and 2019, respectively, which were recorded in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Operations.
During the three months ended December 31, 2020 and 2019, the Company had net sales to 8th Avenue of $2.0 and $1.6, respectively, and purchases from and royalties paid to 8th Avenue of $2.2 and $2.8, respectively. Sales and purchases between the Company and 8th Avenue were all made at arm’s-length. The investment in 8th Avenue was $102.2 and $110.1 at December 31, 2020 and September 30, 2020, respectively, and was included in “Equity method investments” on the Condensed Consolidated Balance Sheets. The Company had current receivables, current payables and a long-term liability with 8th Avenue of $4.6, $0.6 and $0.7, respectively, at December 31, 2020 and current receivables, current payables and a long-term liability of $3.2, $0.6 and $0.7, respectively, at September 30, 2020. The current receivables, current payables and long-term liability, which related to the separation of 8th Avenue from the Company, MSA fees, pass through charges owed by 8th Avenue to the Company and related party sales and purchases, were included in “Receivables, net,” “Accounts payable” and “Other liabilities,” respectively, on the Condensed Consolidated Balance Sheets.
Alpen and Weetabix East Africa
The Company holds an equity interest in two legal entities, Alpen Food Company South Africa (Pty) Limited (“Alpen”) and Weetabix East Africa Limited (“Weetabix East Africa”).
Alpen is a South African-based company that produces ready-to-eat (“RTE”) cereal and muesli. The Company owns 50% of Alpen’s common stock with no other indicators of control, and accordingly, the Company accounts for its investment in Alpen using the equity method. The Company’s equity method earnings (loss), net of tax, attributable to Alpen was zero and $(0.3) for the three months ended December 31, 2020 and 2019, respectively, and was included in “Equity method loss, net of tax” in the Condensed Consolidated Statements of Operations. The investment in Alpen was $4.6 and $4.0 at December 31, 2020 and September 30, 2020, respectively, and was included in “Equity method investments” on the Condensed Consolidated Balance Sheets. The Company had a note receivable balance with Alpen of $0.5 at both December 31, 2020 and September 30, 2020, which was included in “Other assets” on the Condensed Consolidated Balance Sheets.
Weetabix East Africa is a Kenyan-based company that produces 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
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Company’s financial statements and its assets and results from operations are reported in the Weetabix segment (see Note 19). The remaining interest in the consolidated net income and net assets of Weetabix East Africa is allocated to NCI.
NOTE 4 — BUSINESS COMBINATIONS
On July 1, 2020, the Company completed its acquisition of Henningsen Foods, Inc. (“Henningsen”) from a subsidiary of Kewpie Corporation for $20.0, subject to working capital and other adjustments, resulting in a payment at closing of $22.7. The acquisition was completed using cash on hand. Henningsen is a producer of egg and meat products and is reported in the Foodservice segment (see Note 19). Based upon the preliminary purchase price allocation at September 30, 2020, the Company identified and recorded $32.6 of net assets, including cash of $2.8, which exceeded the purchase price paid for Henningsen. As a result, the Company recorded a gain of $11.7, which was reported as other operating income in the consolidated statement of operations for the year ended September 30, 2020. At September 30, 2020, the Company had recorded an estimated working capital settlement receivable of $1.8, which was included in “Receivables, net” on the Condensed Consolidated Balance Sheet. In the three months ended December 31, 2020, the Company recorded measurement period adjustments related to inventory and deferred income taxes of $1.5 and reached a final settlement of net working capital, resulting in an amount received by the Company of $1.0. As a result of these adjustments, the Company recorded a loss of $2.3, which was included in “Other operating (income) expenses, net” in the Condensed Consolidated Statement of Operations for the three months ended December 31, 2020.
NOTE 5 — RESTRUCTURING
In October 2020, BellRing announced its plan to strategically realign its business, resulting in the closing of its Dallas, Texas office and the downsizing of its Munich, Germany location (the “BellRing Restructuring”). The BellRing Restructuring is expected to be completed by the end of the third quarter of fiscal 2021.
Restructuring charges and the associated liabilities for employee-related costs are shown in the following table.
Balance, September 30, 2020$ 
Charge to expense4.5 
Cash payments(0.4)
Non-cash charges 
Balance, December 31, 2020$4.1 
Total expected restructuring charges$4.7 
Cumulative restructuring charges incurred to date4.5 
Remaining expected restructuring charges$0.2 
No restructuring charges were incurred related to the BellRing Restructuring during the three months ended December 31, 2019. Restructuring charges were included in “Selling, general and administrative expenses” in the Condensed Consolidated Statement of Operations. These expenses are included in the measure of segment performance for BellRing Brands (see Note 19).
NOTE 6 — AMOUNTS HELD FOR SALE
The Company had a Post Consumer Brands RTE cereal manufacturing plant in Clinton, Massachusetts (the “Clinton Plant”) with a book value of $1.4 and $3.4 classified as held for sale at December 31, 2020 and September 30, 2020, respectively. Additionally, at September 30, 2020, the Company had land and a building with a combined book value of $1.4 classified as held for sale at its Post Consumer Brands RTE cereal manufacturing facility in Asheboro, North Carolina (the “Asheboro Facility”) and land and a building with a combined book value of $2.5 classified as held for sale at one of its Weetabix manufacturing facilities, in Corby, United Kingdom (the “Corby Facility”). The Company sold a portion of the Clinton Plant, the Asheboro Facility and the Corby Facility in November 2020. These assets held for sale were reported as “Prepaid expenses and other current assets” on the Condensed Consolidated Balance Sheets.
In the three months ended December 31, 2020, a net gain on assets held for sale of $0.6 was recorded consisting of (i) a gain of $0.7 related to the sale of the Corby Facility and (ii) a loss of $0.1 related to the sale of the Asheboro Facility. This held for sale net gain was included in “Other operating (income) expenses, net” in the Condensed Consolidated Statement of Operations for the three months ended December 31 2020. There were no held for sale gains or losses recorded in the three months ended December 31, 2019.
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NOTE 7 EARNINGS PER SHARE
Basic earnings per share is based on the average number of common shares 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. In addition, “Net earnings for diluted earnings per share” in the table below has been adjusted for the Company’s share of BellRing’s consolidated net earnings for diluted earnings per share, to the extent it is dilutive.
The following table sets forth the computation of basic and diluted earnings per share.
Three Months Ended
December 31,
20202019
Net earnings for basic earnings per share$81.2 $99.2 
Dilutive impact of BellRing net earnings  
Net earnings for diluted earnings per share$81.2 $99.2 
Weighted-average shares for basic earnings per share65.7 70.7 
Effect of dilutive securities:
Stock options
0.6 0.7 
Stock appreciation rights
0.1 0.1 
Restricted stock units
0.4 0.5 
Performance-based restricted stock units0.1 0.1 
Total dilutive securities1.2 1.4 
Weighted-average shares for diluted earnings per share66.9 72.1 
Basic earnings per common share$1.24 $1.40 
Diluted earnings per common share$1.21 $1.38 
The following table details 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
December 31,
20202019
Stock options0.2 0.1 
Restricted stock units0.1 0.1 
Performance-based restricted stock units0.2 0.1 
NOTE 8 — INVENTORIES
December 31,
2020
September 30, 2020
Raw materials and supplies$114.2 $118.1 
Work in process19.6 17.8 
Finished products418.2 429.4 
Flocks32.4 34.1 
$584.4 $599.4 
NOTE 9 — PROPERTY, NET
December 31,
2020
September 30, 2020
Property, at cost$3,021.0 $2,979.2 
Accumulated depreciation(1,245.0)(1,199.5)
$1,776.0 $1,779.7 
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NOTE 10 — GOODWILL
The changes in the carrying amount of goodwill by segment are noted in the following table.
Post Consumer BrandsWeetabixFoodserviceRefrigerated RetailBellRing BrandsTotal
Balance, September 30, 2020
Goodwill (gross)$2,011.8 $889.5 $1,335.6 $793.6 $180.7 $5,211.2 
Accumulated impairment losses(609.1)  (48.7)(114.8)(772.6)
Goodwill (net)$1,402.7 $889.5 $1,335.6 $744.9 $65.9 $4,438.6 
Currency translation adjustment0.2 53.2    53.4 
Balance, December 31, 2020
Goodwill (gross)$2,012.0 $942.7 $1,335.6 $793.6 $180.7 $5,264.6 
Accumulated impairment losses(609.1)  (48.7)(114.8)(772.6)
Goodwill (net)$1,402.9 $942.7 $1,335.6 $744.9 $65.9 $4,492.0 
NOTE 11 — INTANGIBLE ASSETS, NET
    Total intangible assets are as follows:
December 31, 2020September 30, 2020
Carrying
Amount
Accumulated
Amortization
Net
Amount
Carrying
Amount
Accumulated
Amortization
Net
Amount
Subject to amortization:
Customer relationships$2,315.1 $(713.7)$1,601.4 $2,304.8 $(681.9)$1,622.9 
Trademarks and brands796.8 (277.8)519.0 795.0 (266.9)528.1 
Other intangible assets3.1 (3.1) 3.1 (3.1) 
3,115.0 (994.6)2,120.4 3,102.9 (951.9)2,151.0 
Not subject to amortization:
Trademarks and brands1,062.1 — 1,062.1 1,046.5 — 1,046.5 
$4,177.1 $(994.6)$3,182.5 $4,149.4 $(951.9)$3,197.5 
In December 2020, BellRing finalized its plan to discontinue the Supreme Protein brand and related sales of Supreme Protein products. In connection with the discontinuance, BellRing updated the useful lives of the customer relationships and trademarks associated with the Supreme Protein brand to reflect the remaining period in which BellRing expects to continue to sell existing Supreme Protein product inventory. The net carrying values of the customer relationships and trademarks associated with the Supreme Protein brand were $18.7 and $11.8 as of December 31, 2020, respectively, which are expected to be fully amortized by June 1, 2021 as a result of their updated useful lives.
NOTE 12 — DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING
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 relating to variable rate debt 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.
At December 31, 2020, the Company’s derivative instruments, none of which were designated as hedging instruments under ASC Topic 815, “Derivatives and Hedging,” consisted of:
Commodity and energy futures, swaps and option contracts, which relate to inputs that generally will be utilized within the next two years;
foreign currency forward contracts maturing in the next year that have the effect of hedging currency fluctuations between the Euro and the Pound Sterling and the United States (“U.S.”) Dollar and the Pound Sterling;
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interest rate swaps that have the effect of hedging interest payments on debt expected to be issued but not yet priced, including:
pay-fixed, receive-variable interest rate swaps maturing in May 2021 and May 2024 that require monthly settlements;
rate-lock interest rate swaps that require nine lump sum settlements with the first settlement occurring in July 2021 and the last in July 2026; and
interest rate swaps that mature in July 2021 and give the Company the option of pay-variable, receive-fixed lump sum settlements; and
pay-fixed, receive-variable interest rate swaps maturing in December 2022 that require monthly settlements and have the effect of hedging forecasted interest payments on BellRing’s variable rate debt.
In the first quarter of fiscal 2020, contemporaneously with the repayment of its term loan, the Company changed the designation of one of its interest rate swap contracts from a cash flow hedge to a non-designated hedging instrument. In connection with the de-designation, the Company reclassified losses previously recorded in accumulated other comprehensive income (“OCI”) of $7.2 to “Interest expense, net” in the Condensed Consolidated Statement of Operations for the three months ended December 31, 2019.
As of April 1, 2020, the Company changed the designation of its interest rate swap contracts that are used as hedges of forecasted interest payments on BellRing’s variable rate debt from cash flow hedges to non-designated hedging instruments as the swaps were no longer effective (as defined by ASC Topic 815). In connection with the de-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 BellRing’s variable rate debt. Mark-to-market adjustments related to these swaps will also be included in “Interest expense, net” in the Condensed Consolidated Statements of Operations. At December 31, 2020 and September 30, 2020, the remaining net loss before taxes to be amortized was $8.9 and $9.4, respectively.
The following table shows the notional amounts of derivative instruments held.
December 31,
2020
September 30, 2020
Commodity contracts $36.9 $24.7 
Energy contracts76.0 87.1 
Foreign exchange contracts - Forward contracts39.0 28.9 
Interest rate swaps621.3 621.7 
Interest rate swaps - Rate-lock swaps1,666.0 1,666.0 
Interest rate swaps - Options433.3 433.3 
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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 LocationDecember 31,
2020
September 30, 2020
Asset Derivatives:
Commodity contractsPrepaid expenses and other current assets$6.6 $5.0 
Energy contractsPrepaid expenses and other current assets1.6 1.8 
Commodity contractsOther assets5.9 0.1 
Energy contractsOther assets1.7 0.9 
Foreign exchange contractsPrepaid expenses and other current assets 0.1 
Interest rate swapsPrepaid expenses and other current assets2.1 6.8 
Interest rate swapsOther assets7.7  
$25.6 $14.7 
Liability Derivatives:
Commodity contractsOther current liabilities$0.9 $1.4 
Energy contractsOther current liabilities3.8 10.1 
Energy contractsOther liabilities0.9 3.9 
Foreign exchange contractsOther current liabilities1.4  
Interest rate swapsOther current liabilities164.1 176.4 
Interest rate swapsOther liabilities322.3 351.3 
$493.4 $543.1 
The following tables present the effects of the Company’s derivative instruments on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income for the three months ended December 31, 2020 and 2019.
Derivatives Not Designated as Hedging InstrumentsStatement of Operations Location(Gain) Loss Recognized in Statement of Operations
20202019
Commodity contractsCost of goods sold$(7.4)$(1.9)
Energy contractsCost of goods sold(8.0)(2.5)
Foreign exchange contractsSelling, general and administrative expenses1.5  
Interest rate swapsInterest expense, net0.5  
Interest rate swapsIncome on swaps, net(41.6)(61.4)
Derivatives Designated as Hedging Instruments(Gain) Loss Recognized in OCI including NCILoss Reclassified from Accumulated OCI including NCI into Earnings (a)Statement of Operations Location
2020201920202019
Interest rate swaps$ $(1.3)$0.5 $7.2 Interest expense, net
Cross-currency swaps 34.6   Income on swaps, net
(a)For the three months ended December 31, 2020, this amount includes the amortization of previously unrealized losses on BellRing’s interest rate swaps that were de-designated as hedging instruments as of April 1, 2020. For the three months ended December 31, 2019, this amount includes the amortization of previously unrealized losses on interest rate swaps that were de-designated as hedging instruments in the first quarter of fiscal 2020.
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Table of Contents

The following table presents the components of the Company’s net hedging losses (gains) on interest rate swaps, which are included in “Interest expense, net” and “Income on swaps, net” in the Condensed Consolidated Statements of Operations.
Three Months Ended
December 31,
Statement of Operations LocationMark-to-Market (Gain), net (a)Cash Settlements Paid, Net (b)Net Loss Reclassified from Accumulated OCI including NCI (c)
Interest expense, net$(1.2)$1.2 $0.5 
Income on swaps, net(43.1)1.5  
2020Total$(44.3)$2.7 $0.5 
Interest expense, net$ $ $7.2 
Income on swaps, net(80.5)19.1  
2019Total$(80.5)$19.1 $7.2 

(a)Includes non-cash adjustments related to interest rate swaps that were not designated as hedging instruments.
(b)Includes cash settlements recognized in earnings related to interest rate swaps that were not designated as hedging instruments.
(c)Includes the amortization of previously unrealized losses on BellRing’s interest rate swaps over the term of the related debt that were de-designated as hedging instruments, as well as the reclassification of previously unrealized losses on interest rate swaps that were de-designated as hedging instruments.
Accumulated OCI, including amounts reported as NCI, included a $90.7 net gain on hedging instruments before taxes ($68.3 after taxes) at December 31, 2020, compared to a $90.2 net gain before taxes ($67.9 after taxes) at September 30, 2020. Approximately $2.3 of the net hedging losses reported in accumulated OCI at December 31, 2020 are expected to be reclassified into earnings within the next 12 months. Accumulated OCI included settlements of and previously unrealized gains on cross-currency swaps of $99.5 at both December 31, 2020 and September 30, 2020. In connection with the settlements of cross-currency swaps, the Company recognized gains in accumulated OCI of $1.4 during the three months ended December 31, 2019. Reclassification of amounts recorded in accumulated OCI into earnings will only occur in the event United Kingdom-based operations are substantially liquidated.
At December 31, 2020 and September 30, 2020, the Company had pledged collateral of $0.3 and $4.9, respectively, related to its commodity and energy contracts. These amounts are classified as “Restricted cash” on the Condensed Consolidated Balance Sheets.
NOTE 13 — FAIR VALUE MEASUREMENTS
The following table represents 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.”
December 31, 2020September 30, 2020
TotalLevel 1Level 2TotalLevel 1Level 2
Assets:
Deferred compensation investments$15.0 $