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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________
FORM 10-Q
__________________
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission File Number: 1-35305
Post Holdings, Inc.
(Exact name of registrant as specified in its charter)
|
| | |
Missouri | | 45-3355106 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
2503 S. Hanley Road
St. Louis, Missouri 63144
(Address of principal executive offices) (Zip Code)
(314) 644-7600
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
|
| | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, $.01 par value | POST | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
| | | |
Large accelerated filer | ☒ | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
Common stock, $0.01 Par Value – 73,066,741 shares as of July 31, 2019
POST HOLDINGS, INC.
QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS
|
| | |
| | Page |
PART I. | | |
| | |
Item 1. | | |
| | |
| | |
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Item 2. | | |
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Item 3. | | |
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Item 4. | | |
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PART II. | | |
| | |
Item 1. | | |
| | |
Item 1A. | | |
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Item 2. | | |
| | |
Item 6. | | |
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| | |
PART I. FINANCIAL INFORMATION.
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED).
POST HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in millions, except per share data)
|
| | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Nine Months Ended June 30, |
| 2019 | | 2018 | | 2019 | | 2018 |
Net Sales | $ | 1,439.2 |
| | $ | 1,608.1 |
| | $ | 4,238.3 |
| | $ | 4,627.3 |
|
Cost of goods sold | 977.1 |
| | 1,149.9 |
| | 2,898.4 |
| | 3,248.2 |
|
Gross Profit | 462.1 |
| | 458.2 |
| | 1,339.9 |
| | 1,379.1 |
|
Selling, general and administrative expenses | 223.2 |
| | 225.9 |
| | 666.1 |
| | 736.5 |
|
Amortization of intangible assets | 40.3 |
| | 47.2 |
| | 121.0 |
| | 135.1 |
|
Gain on sale of business | — |
| | — |
| | (127.3 | ) | | — |
|
Other operating expenses, net | 0.4 |
| | 0.8 |
| | 1.7 |
| | 1.5 |
|
Operating Profit | 198.2 |
| | 184.3 |
| | 678.4 |
| | 506.0 |
|
Interest expense, net | 85.6 |
| | 98.9 |
| | 230.5 |
| | 288.2 |
|
(Gain) loss on extinguishment of debt, net | — |
| | (6.1 | ) | | 6.1 |
| | 31.5 |
|
Expense (income) on swaps, net | 86.2 |
| | (17.2 | ) | | 200.9 |
| | (70.4 | ) |
Other income, net | (3.7 | ) | | (3.5 | ) | | (11.1 | ) | | (10.6 | ) |
Earnings before Income Taxes and Equity Method Loss | 30.1 |
| | 112.2 |
| | 252.0 |
| | 267.3 |
|
Income tax expense (benefit) | 7.4 |
| | 15.4 |
| | 39.6 |
| | (216.5 | ) |
Equity method loss, net of tax | 6.2 |
| | — |
| | 25.7 |
| | — |
|
Net Earnings Including Noncontrolling Interest | 16.5 |
| | 96.8 |
| | 186.7 |
| | 483.8 |
|
Less: Net earnings attributable to noncontrolling interest | 0.3 |
| | 0.3 |
| | 0.9 |
| | 0.9 |
|
Net Earnings | 16.2 |
| | 96.5 |
| | 185.8 |
| | 482.9 |
|
Less: Preferred stock dividends | — |
| | 2.0 |
| | 3.0 |
| | 8.0 |
|
Net Earnings Available to Common Shareholders | $ | 16.2 |
| | $ | 94.5 |
| | $ | 182.8 |
| | $ | 474.9 |
|
| | | | | | | |
Earnings per Common Share: | | | | | | | |
Basic | $ | 0.22 |
| | $ | 1.41 |
| | $ | 2.61 |
| | $ | 7.13 |
|
Diluted | $ | 0.21 |
| | $ | 1.29 |
| | $ | 2.47 |
| | $ | 6.34 |
|
| | | | | | | |
Weighted-Average Common Shares Outstanding: | | | | | | | |
Basic | 73.3 |
| | 67.0 |
| | 70.1 |
| | 66.6 |
|
Diluted | 75.4 |
| | 75.0 |
| | 75.3 |
| | 76.2 |
|
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
POST HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited)
(in millions)
|
| | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Nine Months Ended June 30, |
| 2019 | | 2018 | | 2019 | | 2018 |
Net Earnings Including Noncontrolling Interest | $ | 16.5 |
| | $ | 96.8 |
| | $ | 186.7 |
| | $ | 483.8 |
|
Pension and postretirement benefits adjustments: | | | | | | | |
Reclassifications to net earnings | (1.2 | ) | | (0.8 | ) | | (3.5 | ) | | (2.4 | ) |
Hedging adjustments: | | | | | | | |
Unrealized net gain on derivatives | 13.6 |
| | 53.0 |
| | 26.1 |
| | 56.9 |
|
Reclassifications to net earnings | (0.4 | ) | | (1.1 | ) | | (30.9 | ) | | (2.6 | ) |
Other reclassifications | — |
| | — |
| | — |
| | (0.5 | ) |
Foreign currency translation adjustments: | | | | | | | |
Unrealized foreign currency translation adjustments | (41.0 | ) | | (111.3 | ) | | (43.5 | ) | | (27.4 | ) |
Reclassifications to net earnings | — |
| | — |
| | 42.1 |
| | — |
|
Tax benefit (expense) on other comprehensive income: | | | | | | | |
Pension and postretirement benefits | 0.3 |
| | 0.3 |
| | 0.8 |
| | 1.7 |
|
Hedging | (2.7 | ) | | (13.1 | ) | | 9.9 |
| | (15.9 | ) |
Total Other Comprehensive (Loss) Income | (31.4 | ) | | (73.0 | ) | | 1.0 |
| | 9.8 |
|
Less: Comprehensive income attributable to noncontrolling interest | 0.2 |
| | 0.3 |
| | 1.1 |
| | 0.9 |
|
Total Comprehensive (Loss) Income | $ | (15.1 | ) | | $ | 23.5 |
| | $ | 186.6 |
| | $ | 492.7 |
|
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
POST HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in millions)
|
| | | | | | | |
| June 30, 2019 | | September 30, 2018 |
ASSETS |
Current Assets | | | |
Cash and cash equivalents | $ | 364.7 |
| | $ | 989.7 |
|
Restricted cash | 1.8 |
| | 4.8 |
|
Receivables, net | 473.4 |
| | 462.3 |
|
Inventories | 560.6 |
| | 484.2 |
|
Current assets held for sale | — |
| | 195.0 |
|
Prepaid expenses and other current assets | 42.5 |
| | 64.3 |
|
Total Current Assets | 1,443.0 |
| | 2,200.3 |
|
Property, net | 1,722.0 |
| | 1,709.7 |
|
Goodwill | 4,476.0 |
| | 4,499.6 |
|
Other intangible assets, net | 3,406.9 |
| | 3,539.3 |
|
Equity method investments | 157.1 |
| | 5.2 |
|
Other assets held for sale | — |
| | 856.6 |
|
Other assets | 192.9 |
| | 246.8 |
|
Total Assets | $ | 11,397.9 |
| | $ | 13,057.5 |
|
| | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY |
Current Liabilities | | | |
Current portion of long-term debt | $ | 10.1 |
| | $ | 22.1 |
|
Accounts payable | 325.4 |
| | 365.1 |
|
Current liabilities held for sale | — |
| | 65.6 |
|
Other current liabilities | 380.2 |
| | 339.3 |
|
Total Current Liabilities | 715.7 |
| | 792.1 |
|
Long-term debt | 6,324.5 |
| | 7,232.1 |
|
Deferred income taxes | 723.9 |
| | 778.4 |
|
Other liabilities held for sale | — |
| | 695.1 |
|
Other liabilities | 416.5 |
| | 499.3 |
|
Total Liabilities | 8,180.6 |
| | 9,997.0 |
|
| | | |
Shareholders’ Equity | | | |
Preferred stock | — |
| | — |
|
Common stock | 0.8 |
| | 0.8 |
|
Additional paid-in capital | 3,653.4 |
| | 3,590.9 |
|
Retained earnings | 268.9 |
| | 88.0 |
|
Accumulated other comprehensive loss | (38.4 | ) | | (39.4 | ) |
Treasury stock, at cost | (678.6 | ) | | (589.9 | ) |
Total Shareholders’ Equity Excluding Noncontrolling Interest | 3,206.1 |
| | 3,050.4 |
|
Noncontrolling interest | 11.2 |
| | 10.1 |
|
Total Shareholders’ Equity | 3,217.3 |
| | 3,060.5 |
|
Total Liabilities and Shareholders’ Equity | $ | 11,397.9 |
| | $ | 13,057.5 |
|
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
POST HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in millions)
|
| | | | | | | |
| Nine Months Ended June 30, |
| 2019 | | 2018 |
Cash Flows from Operating Activities | | | |
Net Earnings Including Noncontrolling Interest | $ | 186.7 |
| | $ | 483.8 |
|
Adjustments to reconcile net earnings including noncontrolling interest to net cash flow provided by operating activities: | | | |
Depreciation and amortization | 288.1 |
| | 300.8 |
|
Unrealized loss (gain) on interest rate swaps | 200.5 |
| | (71.4 | ) |
Gain on sale of business | (127.3 | ) | | — |
|
Loss on extinguishment of debt, net | 6.1 |
| | 31.5 |
|
Non-cash stock-based compensation expense | 28.4 |
| | 23.2 |
|
Equity method loss, net of tax | 25.7 |
| | — |
|
Deferred income taxes | (39.7 | ) | | (241.1 | ) |
Other, net | 3.4 |
| | 10.5 |
|
Other changes in operating assets and liabilities, net of business acquisitions: | | | |
(Increase) decrease in receivables, net | (8.1 | ) | | 5.7 |
|
(Increase) decrease in inventories | (77.4 | ) | | 20.5 |
|
Decrease in prepaid expenses and other current assets | 14.3 |
| | 0.2 |
|
Decrease (increase) in other assets | 1.4 |
| | (22.4 | ) |
(Decrease) increase in accounts payable and other current liabilities | (1.1 | ) | | 60.2 |
|
Increase (decrease) in non-current liabilities | 3.8 |
| | (10.4 | ) |
Net Cash Provided by Operating Activities | 504.8 |
| | 591.1 |
|
Cash Flows from Investing Activities | | | |
Business acquisitions, net of cash acquired | — |
| | (1,454.0 | ) |
Additions to property | (202.7 | ) | | (142.1 | ) |
Proceeds from sale of property and assets held for sale | 2.1 |
| | 0.3 |
|
Proceeds from sale of business | 266.8 |
| | — |
|
Cross-currency swap cash settlements | 30.5 |
| | — |
|
Other, net | — |
| | (1.2 | ) |
Net Cash Provided by (Used in) Investing Activities | 96.7 |
| | (1,597.0 | ) |
Cash Flows from Financing Activities | | | |
Proceeds from issuance of long-term debt | — |
| | 1,000.0 |
|
Repayments of long-term debt | (919.1 | ) | | (900.5 | ) |
Payments to appraisal rights holders | (253.6 | ) | | — |
|
Purchases of treasury stock | (84.7 | ) | | (218.7 | ) |
Payments of preferred stock dividends | (4.0 | ) | | (8.8 | ) |
Payments of debt issuance and modification costs | (8.7 | ) | | (10.5 | ) |
Refund of debt issuance costs | 7.8 |
| | — |
|
Payment of debt extinguishment costs | — |
| | (33.7 | ) |
Proceeds from exercises of stock awards | 41.5 |
| | 4.0 |
|
Other, net | (7.5 | ) | | (5.7 | ) |
Net Cash Used in Financing Activities | (1,228.3 | ) | | (173.9 | ) |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (1.2 | ) | | (1.7 | ) |
Net Decrease in Cash, Cash Equivalents and Restricted Cash | (628.0 | ) | | (1,181.5 | ) |
Cash, Cash Equivalents and Restricted Cash, Beginning of Year | 994.5 |
| | 1,530.1 |
|
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 366.5 |
| | $ | 348.6 |
|
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
POST HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)
(in millions)
|
| | | | | | | | | | | | | | | |
| As Of and For The Three Months Ended June 30, | | As Of and For The Nine Months Ended June 30, |
| 2019 | | 2018 | | 2019 | | 2018 |
Preferred Stock | | | | | | | |
Beginning and end of period | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
|
Common Stock | | | | | | | |
Beginning of period | 0.8 |
| | 0.8 |
| | 0.8 |
| | 0.7 |
|
Preferred stock conversion | — |
| | — |
| | — |
| | 0.1 |
|
End of period | 0.8 |
| | 0.8 |
| | 0.8 |
| | 0.8 |
|
Additional Paid-in Capital | | | | | | | |
Beginning of period | 3,643.1 |
| | 3,574.0 |
| | 3,590.9 |
| | 3,566.5 |
|
Preferred stock dividends declared | — |
| | — |
| | — |
| | (6.8 | ) |
Activity under stock and deferred compensation plans | — |
| | — |
| | 34.2 |
| | (1.5 | ) |
Stock-based compensation expense | 10.3 |
| | 7.4 |
| | 28.4 |
| | 23.2 |
|
Preferred stock conversion
| — |
| | — |
| | (0.1 | ) | | — |
|
End of period | 3,653.4 |
| | 3,581.4 |
| | 3,653.4 |
| | 3,581.4 |
|
Retained Earnings (Accumulated Deficit) | | | | | | | |
Beginning of period | 252.7 |
| | 11.8 |
| | 88.0 |
| | (376.0 | ) |
Net earnings | 16.2 |
| | 96.5 |
| | 185.8 |
| | 482.9 |
|
Adoption of Accounting Standards Updates | — |
| | — |
| | (0.9 | ) | | 1.4 |
|
Preferred stock dividends declared | — |
| | (2.0 | ) | | (4.0 | ) | | (2.0 | ) |
End of period | 268.9 |
| | 106.3 |
| | 268.9 |
| | 106.3 |
|
Accumulated Other Comprehensive Loss |
Retirement Benefit Adjustments, net of tax | | | | | | | |
Beginning of period | 36.1 |
| | 34.9 |
| | 37.9 |
| | 35.1 |
|
Net change in retirement benefits, net of tax | (0.9 | ) | | (0.5 | ) | | (2.7 | ) | | (0.7 | ) |
End of period | 35.2 |
| | 34.4 |
| | 35.2 |
| | 34.4 |
|
Hedging Adjustments, net of tax | | | | | | | |
Beginning of period | 32.0 |
| | (12.0 | ) | | 37.4 |
| | (11.1 | ) |
Net change in hedges, net of tax | 10.5 |
| | 38.8 |
| | 5.1 |
| | 37.9 |
|
End of period | 42.5 |
| | 26.8 |
| | 42.5 |
| | 26.8 |
|
Foreign Currency Translation Adjustments | | | | | | | |
Beginning of period | (75.1 | ) | | 19.9 |
| | (114.7 | ) | | (64.0 | ) |
Foreign currency translation adjustments | (41.0 | ) | | (111.3 | ) | | (1.4 | ) | | (27.4 | ) |
End of period | (116.1 | ) | | (91.4 | ) | | (116.1 | ) | | (91.4 | ) |
Treasury Stock | | | | | | | |
Beginning of period | (655.7 | ) | | (510.0 | ) | | (589.9 | ) | | (371.2 | ) |
Purchases of treasury stock | (22.9 | ) | | (79.9 | ) | | (88.7 | ) | | (218.7 | ) |
End of period | (678.6 | ) | | (589.9 | ) | | (678.6 | ) | | (589.9 | ) |
Total Shareholders’ Equity Excluding Noncontrolling Interest | 3,206.1 |
| | 3,068.4 |
| | 3,206.1 |
| | 3,068.4 |
|
Noncontrolling Interest | | | | | | | |
Beginning of period | 11.0 |
| | 10.3 |
| | 10.1 |
| | 9.7 |
|
Net earnings attributable to noncontrolling interest | 0.3 |
| | 0.3 |
| | 0.9 |
| | 0.9 |
|
Foreign currency translation adjustments
| (0.1 | ) | | — |
| | 0.2 |
| | — |
|
End of period | 11.2 |
| | 10.6 |
| | 11.2 |
| | 10.6 |
|
Total Shareholders’ Equity | $ | 3,217.3 |
| | $ | 3,079.0 |
| | $ | 3,217.3 |
| | $ | 3,079.0 |
|
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
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”) as of and for the fiscal year ended September 30, 2018. 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, 2018, filed with the SEC on November 16, 2018.
These unaudited condensed consolidated financial statements include all adjustments (consisting of normal recurring adjustments and accruals) that management considers necessary for a fair statement of the Company’s results of operations, comprehensive income, financial condition, cash flows and shareholders’ equity for the interim periods presented. Interim results are not necessarily indicative of the results for any other interim period or for the entire fiscal year. Certain prior year amounts have been reclassified to conform with the fiscal 2019 presentation. These reclassifications had no impact on net earnings or shareholders’ equity as previously reported.
On October 1, 2018, Post and affiliates of Thomas H. Lee Partners, L.P. (collectively, “THL”) separately capitalized 8th Avenue Food & Provisions, Inc. (“8th Avenue,” and such transactions, the “8th Avenue Transactions”), and 8th Avenue became the holding company for Post’s historical private brands business. Post received gross proceeds of $875.0, as well as $16.8 related to final working capital adjustments, from the 8th Avenue Transactions, and the Company retained shares of common stock equal to 60.5% of the common equity in 8th Avenue. Effective October 1, 2018, 8th Avenue was no longer consolidated in the Company's financial statements and the 60.5% common equity retained interest in 8th Avenue is accounted for using the equity method. 8th Avenue is reported historically herein as Post’s Private Brands segment. For additional information, see Notes 4, 6, 9 and 17.
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 an impact on the Company’s results of operations, comprehensive income, financial condition, cash flows or shareholders’ equity based on current information.
Recently Issued
In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842).” This ASU requires a company to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. ASU 2016-02 offers specific accounting guidance for lessees, lessors and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. In July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842): Targeted Improvements.” This ASU provides an additional transition method by allowing entities to initially apply the new lease standard at the date of adoption with a cumulative effect adjustment to the opening balances of retained earnings in the period of adoption. This ASU also gives lessors the option of electing, as a practical expedient by class of underlying asset, not to separate the lease and non-lease components of a contract when those lease contracts meet certain criteria. These ASUs are effective for annual periods beginning after December 15, 2018 and interim periods therein (i.e., Post’s financial statements for the year ending September 30, 2020), with early adoption permitted. The Company will adopt these ASUs on October 1, 2019 and expects to use the modified retrospective method of adoption. The Company has selected a software vendor and is in the process of assessing its lease agreements to identify those that fall within the scope of this guidance. These ASUs will result in a material increase in both assets and liabilities; however, the Company is unable to quantify the impact at this time. In addition, the Company expects to provide expanded disclosures upon adoption to present additional information related to its leasing arrangements.
Recently Adopted
In August 2018, the FASB issued ASU 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract.” This ASU largely aligns the guidance for recognizing implementation costs incurred in a cloud computing arrangement that is a service contract with that for recognizing implementation costs incurred to develop or obtain internal-use software, including hosting arrangements that include an internal-use software license. The Company adopted this ASU on October 1, 2018 on a prospective basis, as permitted by the ASU. The adoption of this ASU did not have a material impact on the Company’s financial statements.
In June 2018, the FASB issued ASU 2018-07, “Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.” This ASU largely aligns the accounting for share-based payment awards issued to employees and nonemployees, whereby the existing employee guidance will apply to nonemployee share-based transactions (as long as the transaction is not effectively a form of financing), with the exception of specific guidance related to the attribution of compensation cost. The cost of nonemployee awards will continue to be recorded as if the grantor had paid cash for the goods or services, and the contractual term will be able to be used in lieu of an expected term in the option-pricing model for nonemployee awards. The Company adopted this ASU on October 1, 2018 on a prospective basis, as permitted by the ASU. In accordance with this ASU, historical share-based payment awards that were granted to employees of 8th Avenue are accounted for as nonemployee compensation. The adoption of this ASU did not have an impact on the Company’s financial statements.
In March 2017, the FASB issued ASU 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” This ASU requires an entity to report the service cost component of periodic net benefit cost as an operating expense in the same line item or items as other compensation costs arising from services rendered by employees during the period. Other components of net benefit cost are to be presented outside of income from operations in the statement of operations separately from the service cost component. This ASU also allows only the service cost component to be eligible for capitalization when applicable. The Company adopted this ASU on October 1, 2018 and used the retrospective method of adoption, as required by the ASU. The adoption of this ASU resulted in an increase in “Cost of goods sold” and “Selling, general and administrative expenses” of $3.2 and $0.3, respectively, and a corresponding increase in “Other income, net” of $3.5, for the three months ended June 30, 2018, and an increase in “Cost of goods sold” and “Selling, general and administrative expenses” of $9.7 and $0.9, respectively, and a corresponding increase in “Other income, net” of $10.6, for the nine months ended June 30, 2018, to reflect the exclusion of all components of benefit cost, with the exception of service cost, from operating profit. For additional disclosures about pension and other postretirement benefits, refer to Note 18.
In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash.” This ASU requires that a statement of cash flows explain the change in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents, and therefore, restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning of year cash balance to the end of year cash balance as shown on the statement of cash flows. The Company adopted this ASU on October 1, 2018 and used the retrospective method of adoption, as required by the ASU. The adoption of this ASU resulted in a decrease in net cash used in investing activities of $1.8 for the nine months ended June 30, 2018.
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which superseded all previously existing revenue recognition guidance under GAAP. This ASU’s core principle is that a company will recognize revenue when it transfers promised goods or services to a customer in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This ASU also calls for additional disclosures around the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The Company adopted this ASU on October 1, 2018, as required by the ASU, and used the modified retrospective transition method of adoption. The adoption of this ASU did not have a material impact on the Company’s financial statements as the impact of this ASU was limited to recognition timing and classification changes of immaterial amounts within the statements of operations and on the balance sheet. For additional information, refer to Note 3.
NOTE 3 — REVENUE FROM CONTRACTS WITH CUSTOMERS
In conjunction with the adoption of ASU 2014-09 (see Note 2), the Company updated its policy for recognizing revenue. The Company utilized a comprehensive approach to assess the impact of this ASU by reviewing its customer contract portfolio and existing accounting policies and procedures in order to identify potential differences that would result from applying the new requirements of Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers.” A summary of the updated policy is included below.
Revenue Recognition Policy
The Company recognizes revenue when performance obligations have been satisfied by transferring control of the goods to customers. Control is generally transferred upon delivery of the goods to the customer. At the time of delivery, the customer is invoiced using previously agreed-upon credit terms. Shipping and/or handling costs that occur before the customer obtains control of the goods are deemed fulfillment activities and are accounted for as fulfillment costs. The Company’s contracts with customers generally contain one performance obligation.
Many of the Company’s contracts with customers include some form of variable consideration. The most common forms of variable consideration are trade promotions, rebates and discounts. Variable consideration is treated as a reduction of revenue at the time product revenue is recognized. Depending on the nature of the variable consideration, the Company uses either the “expected value” or the “most likely amount” method to determine variable consideration. The Company does not believe that there will be significant changes to its estimates of variable consideration when any uncertainties are resolved with customers.
The Company reviews and updates estimates of variable consideration quarterly. Uncertainties related to the estimates of variable consideration are resolved in a short time frame and do not require any additional constraint on variable consideration.
The Company’s products are sold with no right of return, except in the case of goods which do not meet product specifications or are damaged. No services beyond this assurance-type warranty are provided to customers. Customer remedies include either a cash refund or an exchange of the product. As a result, the right of return and related refund liability is estimated and recorded as a reduction of revenue based on historical sales return experience.
Impacts of Adoption
The Company used the modified retrospective transition method of adoption and, accordingly, recorded an adjustment to retained earnings to reflect the application of its updated revenue recognition policy, which resulted in changes to the timing of when variable consideration payments are recognized. The cumulative adjustment resulted in a reduction of retained earnings and deferred income taxes of $0.9 and $0.3, respectively, and a corresponding increase in other current liabilities of $1.2 at October 1, 2018.
The Company elected the following practical expedients in accordance with ASC Topic 606:
| |
• | Significant financing component — The Company elected not to adjust the promised amount of consideration for the effects of a significant financing component as the Company expects, at contract inception, the period between the transfer of a promised good or service to a customer and when the customer pays for that good or service will be one year or less. |
| |
• | Shipping and handling costs — The Company elected to account for shipping and handling activities that occur before the customer has obtained control of a good as fulfillment activities (i.e., an expense), rather than as promised services. |
| |
• | Measurement of transaction price — The Company elected to exclude from the measurement of transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from a customer for sales taxes. |
The following tables summarize the impact of the Company’s adoption of ASC Topic 606 on a modified retrospective basis in the Company’s Condensed Consolidated Statements of Operations. As a result of the adoption, certain payments to customers totaling $6.9 and $19.2 in the three and nine months ended June 30, 2019, respectively, previously classified in “Selling, general, and administrative expenses” were classified as “Net Sales” in the Condensed Consolidated Statements of Operations. These payments to customers relate to trade advertisements that support the Company’s sales to customers. In accordance with ASC Topic 606, these payments were determined not to be distinct within the customer contracts and, as such, require classification within net sales. Additionally, in the three and nine months ended June 30, 2019, the Company has recognized revenue of $0.4 and $1.1, respectively, that was deferred upon the adoption of ASC Topic 606 in accordance with the satisfaction of the related performance obligation. The recognition of unearned revenue is included in “Net Sales” in the Company’s Condensed Consolidated Statements of Operations. No material changes to the balance sheet were required by the adoption of ASC Topic 606.
|
| | | | | | | | | | | |
| Three Months Ended June 30, 2019 |
| As Reported Under Topic 606 | | As Reported Under Prior Guidance | | Impact of Adoption |
Net Sales | $ | 1,439.2 |
| | $ | 1,445.7 |
| | $ | (6.5 | ) |
Cost of goods sold | 977.1 |
| | 977.1 |
| | — |
|
Gross Profit | 462.1 |
| | 468.6 |
| | (6.5 | ) |
Selling, general and administrative expenses | 223.2 |
| | 230.1 |
| | (6.9 | ) |
Amortization of intangible assets | 40.3 |
| | 40.3 |
| | — |
|
Other operating expenses, net | 0.4 |
| | 0.4 |
| | — |
|
Operating Profit | $ | 198.2 |
| | $ | 197.8 |
| | $ | 0.4 |
|
|
| | | | | | | | | | | |
| Nine Months Ended June 30, 2019 |
| As Reported Under Topic 606 | | As Reported Under Prior Guidance | | Impact of Adoption |
Net Sales | $ | 4,238.3 |
| | $ | 4,256.4 |
| | $ | (18.1 | ) |
Cost of goods sold | 2,898.4 |
| | 2,898.4 |
| | — |
|
Gross Profit | 1,339.9 |
| | 1,358.0 |
| | (18.1 | ) |
Selling, general and administrative expenses | 666.1 |
| | 685.3 |
| | (19.2 | ) |
Amortization of intangible assets | 121.0 |
| | 121.0 |
| | — |
|
Gain on sale of business | (127.3 | ) | | (127.3 | ) | | — |
|
Other operating expenses, net | 1.7 |
| | 1.7 |
| | — |
|
Operating Profit | $ | 678.4 |
| | $ | 677.3 |
| | $ | 1.1 |
|
Disaggregated Revenues
The following table presents net sales by product. The amounts for the three and nine months ended June 30, 2019 are presented under ASC Topic 606, “Revenue from Contracts with Customers,” and the amounts for the three and nine months ended June 30, 2018 are presented under ASC Topic 605, “Revenue Recognition.”
|
| | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Nine Months Ended June 30, |
| 2019 | | 2018 | | 2019 | | 2018 |
Cereal and granola | $ | 582.5 |
| | $ | 597.0 |
| | $ | 1,701.9 |
| | $ | 1,747.8 |
|
Egg and egg products | 399.1 |
| | 391.4 |
| | 1,174.9 |
| | 1,152.7 |
|
Side dishes | 124.3 |
| | 114.8 |
| | 393.4 |
| | 282.9 |
|
Cheese and dairy | 51.4 |
| | 59.0 |
| | 175.4 |
| | 190.3 |
|
Sausage | 32.9 |
| | 31.3 |
| | 113.2 |
| | 60.0 |
|
Protein-based products and supplements | 237.6 |
| | 216.4 |
| | 639.9 |
| | 607.6 |
|
Nut butters and dried fruit and nut | — |
| | 123.1 |
| | — |
| | 355.7 |
|
Pasta | — |
| | 59.8 |
| | — |
| | 196.2 |
|
Other | 12.0 |
| | 17.3 |
| | 41.1 |
| | 38.5 |
|
Eliminations | (0.6 | ) | | (2.0 | ) | | (1.5 | ) | | (4.4 | ) |
Net Sales | $ | 1,439.2 |
| | $ | 1,608.1 |
| | $ | 4,238.3 |
| | $ | 4,627.3 |
|
NOTE 4 — BUSINESS COMBINATIONS AND DIVESTITURES
The Company accounts for business combinations using the acquisition method of accounting, whereby the results of operations are included in the financial statements from the date of acquisition. The purchase price is allocated to acquired assets and assumed liabilities based on their estimated fair values at the date of acquisition, and any excess is allocated to goodwill. Goodwill represents the value the Company expects to achieve through the implementation of operational synergies and the expansion of the business into new or growing segments of the industry. The Company includes results of operations for business divestitures from the date of acquisition through the date of sale.
On October 1, 2018, the Company completed the 8th Avenue Transactions in which Post and THL separately capitalized 8th Avenue and 8th Avenue became the holding company for Post’s historical private brands business. Post received gross proceeds of $875.0 from the 8th Avenue Transactions, as well as $16.8 related to final working capital adjustments, retaining shares of common stock equal to 60.5% of the common equity in 8th Avenue. Post’s gross proceeds consisted of (i) $250.0 from THL and (ii) $625.0 from a committed senior increasing rate bridge loan (the “Bridge Loan”), which was funded in fiscal 2018 prior to the closing of the 8th Avenue Transactions (see Note 17). THL received 2.5 shares of 8th Avenue preferred stock with an 11% cumulative, quarterly compounding dividend and a $100.00 per share liquidation value and shares of common stock equal to 39.5% of the common equity in 8th Avenue. During the nine months ended June 30, 2019, the Company recorded a gain of $127.3 related to the 8th Avenue Transactions, which was reported as “Gain on sale of business” in the Condensed Consolidated Statement of Operations. The gain included foreign exchange losses previously recorded in accumulated other comprehensive income (“OCI”) of $42.1. Effective October 1, 2018, 8th Avenue was no longer consolidated in the Company's financial statements and the 60.5% common equity
retained interest in 8th Avenue is accounted for using the equity method. For additional information regarding the Company’s equity method investment in 8th Avenue, refer to Note 9.
In order to calculate the total recorded gain related to the 8th Avenue Transactions of $127.3, management was required to estimate the fair value of the Company’s equity method investment in 8th Avenue. In making this estimate, management used an approach combining the estimated implied value from the 8th Avenue Transactions, an income approach and a market approach, in which the greatest value was placed on the implied value from the 8th Avenue Transactions. In order to calculate the fair value implied by the 8th Avenue Transactions, management was required to estimate the value of the 8th Avenue equity. In making this estimate, management used a lattice model, which required significant assumptions, including estimates for the term, credit spread, yield volatility and risk free rates associated with 8th Avenue’s preferred stock. The income approach was based on discounted future cash flows and required significant assumptions, including estimates regarding future revenue, profitability and capital requirements. The market approach was based on a market multiple (revenue and EBITDA, which stands for earnings before interest, income taxes, depreciation and amortization) and required an estimate of appropriate multiples based on the market data.
On January 12, 2018, the Company completed its acquisition of Bob Evans Farms, Inc. (“Bob Evans”), resulting in the Company owning all of the outstanding shares of Bob Evans common stock. At closing, the Company paid each holder of shares of Bob Evans common stock, other than holders who demanded appraisal of their shares under Delaware law and had not withdrawn their demands as of the closing date, $77.00 per share, resulting in a payment at closing of $1,381.2 (which, in addition to the amounts paid to Bob Evans stockholders, includes amounts paid to retire certain debt and other obligations of Bob Evans). Any shares of Bob Evans common stock subject to appraisal as of the closing date were canceled and no longer outstanding after closing. The closing payment did not include any amounts due to former holders of approximately 4.35 shares of Bob Evans common stock who demanded appraisal under Delaware law and had not withdrawn their demands as of the closing date. At September 30, 2018, former holders of 3.3 shares of Bob Evans common stock had not withdrawn their appraisal demands and had not been paid for their shares of Bob Evans common stock. Related to these shares, the Company accrued $