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Redeemable Noncontrolling Interest (Notes)
 3 Months Ended
Dec. 31, 2020
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract]  
Redeemable noncontrolling interest disclosure REDEEMABLE NONCONTROLLING INTEREST
At both December 31, 2020 and September 30, 2020, Post held 97.5 million BellRing LLC units, equal to 71.2% of the economic interest in BellRing LLC. Post may redeem BellRing LLC units for, at BellRing LLC’s option (as determined by its Board of Managers), (i) shares of Class A Common Stock or (ii) cash (based on the market price of the shares of Class A Common Stock). The redemption of BellRing LLC units for shares of Class A Common Stock will be at an initial redemption rate of one share of Class A Common Stock for one BellRing LLC unit, subject to customary redemption rate adjustments for stock splits, stock dividends and reclassifications.
Post’s ownership of BellRing LLC units represents a NCI to the Company, which is classified outside of permanent stockholders’ equity as the BellRing LLC units are redeemable at the option of Post, through Post’s ownership of the Company’s Class B Common Stock (see Note 1). The carrying amount of the NCI is the greater of (i) the initial carrying amount, increased or decreased for the NCI’s share of net income or loss, other comprehensive income (“OCI”) or loss and distributions or dividends or (ii) the redemption value. As of December 31, 2020 and September 30, 2020, the carrying amount of the NCI was recorded at its redemption value of $2,369.6 and $2,021.6, respectively. Changes in the redemption value of the NCI are recorded to additional paid-in capital, to the extent available, and “Accumulated deficit” on the Condensed Consolidated Balance Sheets.
As of both December 31, 2020 and September 30, 2020, BellRing Inc. owned 28.8% of the outstanding BellRing LLC units. For the three months ended December 31, 2020 and 2019, the financial results of BellRing LLC and its subsidiaries were consolidated with BellRing Inc., and 71.2% of the consolidated net earnings of BellRing LLC subsequent to the IPO were allocated to the NCI to reflect the entitlement of Post to a portion of the consolidated net earnings during each period.
The following table summarizes the changes to the Company’s NCI. The period as of and for the three months ended December 31, 2019 represents the period beginning October 21, 2019, the effective date of the IPO, and ending December 31, 2019 (see Note 1).
As Of and For The
Three Months Ended
December 31,
20202019
Beginning of period$2,021.6 $— 
Net earnings attributable to NCI after IPO25.1 20.3 
Net change in hedges, net of tax0.4 0.4 
Foreign currency translation adjustments0.6 0.1 
Impact of initial public offering— 1,364.6 
Redemption value adjustment to NCI321.9 689.8 
End of period$2,369.6 $2,075.2 
The following table summarizes the effects of changes in ownership in BellRing LLC on BellRing Inc.’s equity. The period for the three months ended December 31, 2019 represents the period beginning October 21, 2019, the effective date of the IPO, and ending December 31, 2019 (see Note 1).
Three Months Ended
December 31,
20202019
Net earnings available to Class A Common Stockholders$7.8 $6.0 
Transfers to NCI:
Impact of initial public offering— 1,364.6 
Redemption value adjustment to NCI321.9 689.8 
Changes from net earnings available to Class A Common Stockholders and transfers to NCI$329.7 $2,060.4