Shareholders' Equity |
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| Shareholders' Equity | SHAREHOLDERS’ EQUITY The following table summarizes the Company’s repurchases of its common stock.
(a)Average price per share excludes accrued excise tax and broker’s commissions, which are included in “Total share repurchase costs” within this table. (b)“Purchases of treasury stock” in the Condensed Consolidated Statements of Cash Flows for the nine months ended June 30, 2024 excluded $4.0 of repurchases of common stock that were accrued in the third quarter of fiscal 2024 but did not settle until July 2024 and $1.8 of accrued excise tax that had not been paid as of June 30, 2024. “Purchases of treasury stock” in the Condensed Consolidated Statements of Cash Flows for the nine months ended June 30, 2023 excluded $8.1 of repurchases of common stock that were accrued in the third quarter of fiscal 2023 but did not settle until July 2023. In February 2024, the Company entered into a structured share repurchase arrangement, which consisted of purchased call options with a $0 strike price per option and written call options with a $99.45 strike price per option. The Company paid $50.0 of net premiums in connection with the contracts, which were included in “Payment for share repurchase contracts” in the Condensed Consolidated Statements of Cash Flows for the nine months ended June 30, 2024. Upon settlement, the Company had the right to receive approximately 0.5 shares of Post common stock, to be settled in shares or cash, at the option of the Company. The contracts settled in May 2024, which resulted in the Company receiving cash proceeds of $50.9, which were included in “Proceeds from share repurchase contracts” in the Condensed Consolidated Statements of Cash Flows for the nine months ended June 30, 2024.
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