v3.24.3
Segments
 12 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segments SEGMENTS
At September 30, 2024, the Company managed and reported operating results through the following four reportable segments:
•Post Consumer Brands: primarily North American RTE cereal, pet food and peanut butter;
•Weetabix: primarily U.K. RTE cereal, muesli and protein-based shakes;
•Foodservice: primarily egg and potato products; and
•Refrigerated Retail: primarily side dish, egg, cheese and sausage products.
Due to the level of integration between the Foodservice and Refrigerated Retail segments, it is impracticable to present additions to property and intangibles and total assets separately for each segment. An allocation has been made between the two segments for depreciation based on inventory costing.
Amounts reported for Corporate in the table below include any amounts attributable to PHPC prior to the PHPC Redemption (see Note 5).
Management evaluates each segment’s performance based on its segment profit, which for all segments is its earnings/loss before income taxes and equity method earnings/loss before impairment of property, goodwill and other intangible assets, facility closure related costs, restructuring expenses, gain/loss on assets and liabilities held for sale, gain/loss on sale of businesses and facilities, demolition and site remediation costs related to unused facilities, gain on/adjustment to bargain purchase, interest expense and other unallocated corporate income and expenses.
In fiscal 2024, 2023 and 2022, Post’s revenues were primarily generated by sales within the U.S.; foreign sales were 10.2%, 11.0% and 12.5% of total net sales, respectively. The largest concentration of foreign sales was within the U.K., which accounted for 55.6%, 54.0% and 52.9% of total foreign sales in fiscal 2024, 2023 and 2022, respectively. Sales are attributed to individual countries based on the address to which the product is shipped.
As of September 30, 2024 and 2023, the majority of Post’s tangible long-lived assets were located in the U.S.; the remainder were located primarily in the U.K. and Canada, which combined have a net carrying value of approximately $314.7 and $280.9, respectively.
During the years ended September 30, 2024, 2023 and 2022, one customer, including its affiliates, accounted for 19.9%, 17.3% and 14.4%, respectively, of Post’s total net sales. The Post Consumer Brands and Refrigerated Retail segments sold products to this major customer or its affiliates.
The following tables present information about the Company’s reportable segments. In addition, the tables present net sales by product. Note that additions to property and intangibles exclude additions through business acquisitions (see Note 6).
Year Ended September 30,
202420232022
Net Sales
Post Consumer Brands$4,109.6 $3,033.1 $2,242.7 
Weetabix543.2 512.1 477.3 
Foodservice2,307.1 2,425.9 2,095.0 
Refrigerated Retail962.2 1,019.7 1,036.6 
Eliminations and Corporate0.6 0.2 (0.4)
Total$7,922.7 $6,991.0 $5,851.2 
Segment Profit
Post Consumer Brands$541.2 $378.8 $314.6 
Weetabix82.9 73.9 109.5 
Foodservice308.1 349.5 151.0 
Refrigerated Retail75.9 69.2 57.1 
Total segment profit1,008.1 871.4 632.2 
General corporate expenses and other201.7 222.7 196.8 
Impairment of goodwill
— 42.2 — 
Interest expense, net316.5 279.1 317.8 
Loss (gain) on extinguishment of debt, net2.1 (40.5)(72.6)
Expense (income) on swaps, net15.7 (39.9)(268.0)
Gain on investment in BellRing— (5.1)(437.1)
Earnings before income taxes and equity method loss
$472.1 $412.9 $895.3 
Net sales by product
Cereal$2,754.6 $2,730.8 $2,595.0 
Eggs and egg products2,121.6 2,304.0 2,026.1 
Side dishes (including potato products)754.9 732.0 652.4 
Pet food
1,758.3 679.8 — 
Cheese and dairy168.8 191.5 214.3 
Sausage165.2 163.6 171.2 
Peanut butter
104.0 100.5 111.7 
Protein-based products44.2 34.1 12.9 
Other51.1 55.4 68.5 
Eliminations— (0.7)(0.9)
Total$7,922.7 $6,991.0 $5,851.2 
Additions to property and intangibles
Post Consumer Brands$202.6 $112.8 $91.2 
Weetabix34.1 30.1 26.7 
Foodservice and Refrigerated Retail190.7 144.0 136.1 
Corporate (a)2.1 24.2 20.8 
Total$429.5 $311.1 $274.8 
Depreciation and amortization
Post Consumer Brands$207.3 $157.3 $133.1 
Weetabix42.2 35.9 37.5 
Foodservice131.1 128.7 127.5 
Refrigerated Retail72.3 76.1 78.4 
Total segment depreciation and amortization452.9 398.0 376.5 
Corporate24.0 9.1 3.7 
Total$476.9 $407.1 $380.2 
September 30,
20242023
Assets
Post Consumer Brands$5,106.5 $4,782.2 
Weetabix1,948.4 1,737.8 
Foodservice and Refrigerated Retail4,875.2 4,921.6 
Corporate924.1 205.1 
Total assets$12,854.2 $11,646.7 
(a)During the years ended September 30, 2023 and 2022, the Company had non-cash exchanges of fixed assets of $8.1 and $19.5, respectively, which were included in the Corporate additions to property and intangibles.