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Stock-Based Compensation (Notes)
 12 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
Stock-based compensation STOCK-BASED COMPENSATION
Prior to the IPO, the Company’s employees participated in Post’s 2012 Long-Term Incentive Plan (the “Post 2012 Plan”), Post’s 2016 Long-Term Incentive Plan (the “Post 2016 Plan”) and Post’s 2019 Long-Term Incentive Plan (the “Post 2019 Plan”) (collectively, the “Post Long-Term Incentive Plans”). Subsequent to the IPO, the Company’s employees continue to hold unvested awards in the Post Long-Term Incentive Plans and also began participating in BellRing Inc.’s 2019 Long-Term Incentive Plan (the “BellRing 2019 Plan”).
Post Long-Term Incentive Plans
On February 3, 2012, Post established the Post 2012 Plan, which permitted the issuance of various stock-based compensation awards of up to 6.5 shares of Post’s common stock. On January 28, 2016, Post’s shareholders approved the Post 2016 Plan, which permitted the issuance of stock-based compensation awards of up to 2.4 shares of Post’s common stock. Upon effectiveness of the Post 2016 Plan, all shares remaining to be issued under the Post 2012 Plan were transferred to the Post 2016 Plan upon its establishment. On January 24, 2019, Post’s shareholders approved the Post 2019 Plan, which permits the issuance of stock-based compensation awards of up to 1.2 shares of Post’s common stock, plus shares remaining to be issued under the Post 2016 Plan (including any shares assumed thereunder from the Post 2012 Plan) which were transferred to the Post 2019 Plan upon its effectiveness. Awards issued under the Post Long-Term Incentive Plans have a maximum term of 10 years, provided, however, that the corporate governance and compensation committee of Post’s board of directors may, in its discretion, grant awards with a longer term to participants who are located outside of the U.S.
The following disclosures reflect the details of Post’s Long-Term Incentive Plans related solely to the BellRing employees who participate in such plans.
Total compensation cost for non-cash and cash stock-based compensation awards recognized in the years ended September 30, 2020, 2019 and 2018 was $3.9, $3.5 and $1.9, respectively, and the related recognized deferred tax benefit for each of those years was $0.3, $0.8 and $0.5, respectively. As of September 30, 2020, the total compensation cost related to non-vested awards not yet recognized was $4.0, which is expected to be recognized over a weighted-average period of 1.5 years.
Post Stock Options
Information about Post’s stock options granted to BellRing employees is summarized in the following table.
in millions, except options or where otherwise indicatedPost Stock OptionsWeighted-
Average
Exercise
Price Per Share		Weighted-
Average
Remaining
Contractual
Term in Years		Aggregate
Intrinsic
Value
Outstanding at September 30, 201938,314$81.42 
Granted—— 
Exercised—— 
Forfeited—— 
Expired—— 
Outstanding at September 30, 202038,31481.42 7.21$0.3 
Vested and expected to vest as of September 30, 202038,31481.42 7.210.3 
Exercisable at September 30, 202024,76378.29 6.910.2 
The fair value of each Post stock option was estimated on the date of grant using the Black-Scholes Model. Post uses the simplified method for estimating a stock option term as it does not have sufficient historical stock options exercise experience upon which to estimate an expected term. The expected term is estimated based on the award’s vesting period and contractual term. Expected volatilities are based on historical volatility trends and other factors. The risk-free rate is the interpolated U.S. Treasury rate for a term equal to the expected term. The weighted-average assumptions and fair values for Post stock options granted to BellRing employees during the years ended September 30, 2019 and 2018 are summarized in the table below. There were no Post stock options granted to BellRing employees during the year ended September 30, 2020.
September 30,
20192018
Expected term (in years)6.56.5
Expected stock price volatility29.7%30.7%
Risk-free interest rate3.1%2.3%
Expected dividends—%—%
Fair value (per option)$33.82$28.42
There were no stock options exercised during each of the years ended September 30, 2020, 2019 and 2018.
Post Restricted Stock Units (“Post RSUs”)
Information about Post RSUs granted to BellRing employees is summarized in the following table.
in millions, except restricted stock units or where otherwise indicatedPost RSUsWeighted-
Average
Grant Date Fair Value Per Share
Nonvested at September 30, 2019104,292 $96.64 
Granted— — 
Vested(44,208)92.38 
Forfeited(324)90.84 
Nonvested at September 30, 202059,760 99.83 
The grant date fair value of each Post RSU was determined based upon the closing price of Post’s common stock on the date of grant. The weighted-average grant date fair value of nonvested Post RSUs was $99.83, $96.64 and $76.06 at September 30, 2020, 2019 and 2018, respectively. The total vest date fair value of Post RSUs that vested during fiscal 2020, 2019 and 2018 was $4.5, $2.1 and $1.4, respectively.
Post Cash Settled Restricted Stock Units (“Post Cash RSUs”)
Information about Post Cash RSUs granted to BellRing employees is summarized in the following table.
in millions, except restricted stock units or where otherwise indicatedPost Cash RSUsWeighted- Average Grant Date Fair Value Per Share
Nonvested at September 30, 20195,000 $51.43 
Granted— — 
Vested(1,000)51.43 
Forfeited— — 
Nonvested at September 30, 20204,000 51.43 
At September 30, 2020, the 4,000 nonvested Post Cash RSUs were valued at the greater of the closing price of Post’s common stock or the grant price of $51.43. Cash used by Post to settle Post Cash RSUs was $0.1, $0.1 and $0.2 for the years ended September 30, 2020, 2019 and 2018, respectively.
BellRing Long-Term Incentive Plan
On October 22, 2019, the Company registered shares of its Class A Common Stock on a Form S-8 filed with the Securities and Exchange Commission, for issuance under the BellRing 2019 Plan, which permits the issuance of various stock-based compensation awards of up to 2.0 shares of the Company’s Class A Common Stock. Awards issued under the BellRing 2019 Plan have a maximum term of 10 years, provided, however, that the Corporate Governance and Compensation Committee of BellRing Inc.’s Board of Directors may, in its discretion, grant awards with a longer term to participants who are located outside of the U.S.
Total compensation cost for BellRing’s non-cash stock-based compensation awards recognized in the year ended September 30, 2020 was $2.5, and the related recognized deferred tax benefit was $0.2. See Note 7 for discussion related to income taxes. As of September 30, 2020, the total compensation cost related to BellRing’s non-vested awards not yet recognized was $5.7, which is expected to be recognized over a weighted-average period of 2.7 years.
BellRing Stock Options
Information about BellRing’s stock options is summarized in the following table.
in millions, except options or where otherwise indicatedBellRing Stock OptionsWeighted-
Average
Exercise
Price Per Share		Weighted-
Average
Remaining
Contractual
Term in Years		Aggregate
Intrinsic
Value
Outstanding at September 30, 2019—$— 
Granted96,00019.31 
Exercised—— 
Forfeited—— 
Expired—— 
Outstanding at September 30, 202096,00019.31 9.15$0.1 
Vested and expected to vest as of September 30, 202096,00019.31 9.150.1 
Exercisable at September 30, 2020—n/an/an/a
The fair value of each BellRing stock option was estimated on the date of grant using the Black-Scholes Model. BellRing uses the simplified method for estimating a stock option term as it does not have sufficient historical stock options exercise experience upon which to estimate an expected term. The expected term is estimated based on the award’s vesting period and contractual term. Expected volatilities are based on historical volatility trends and other factors. The risk-free rate is the
interpolated U.S. Treasury rate for a term equal to the expected term. The weighted-average assumptions and fair values for BellRing stock options granted during the year ended September 30, 2020 are summarized in the table below.
September 30,
2020
Expected term (in years)6.5
Expected stock price volatility38.5%
Risk-free interest rate1.6%
Expected dividends—%
Fair value (per option)$7.92
BellRing Restricted Stock Units (“BellRing RSUs”)
Information about BellRing RSUs is summarized in the following table.
in millions, except restricted stock units or where otherwise indicatedBellRing RSUsWeighted-
Average
Grant Date Fair Value Per Share
Nonvested at September 30, 2019— $— 
Granted395,232 19.39 
Vested— — 
Forfeited(10,000)19.31 
Nonvested at September 30, 2020385,232 19.39 
The grant date fair value of each BellRing RSU was determined based upon the closing price of BellRing’s Class A Common Stock on the date of grant.