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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 March 31, 2022
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-20220331_g1.jpg
Post Holdings, Inc.
(Exact name of registrant as specified in its charter)
Missouri45-3355106
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per sharePOSTNew 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 per share – 60,744,679 shares as of May 2, 2022


POST HOLDINGS, INC.
QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS
Page
PART I.
Item 1.
Item 2.
Item 3.
Item 4.
PART II.
Item 1.
Item 1A.
Item 2.
Item 6.
i

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
March 31,
Six Months Ended
March 31,
2022202120222021
Net Sales$1,409.7 $1,201.5 $2,747.2 $2,377.3 
Cost of goods sold1,031.2 837.5 2,037.0 1,649.8 
Gross Profit378.5 364.0 710.2 727.5 
Selling, general and administrative expenses235.4 201.2 455.9 414.0 
Amortization of intangible assets36.4 35.3 72.9 70.0 
Other operating expense (income), net6.7 (2.0)3.2 (4.5)
Operating Profit100.0 129.5 178.2 248.0 
Interest expense, net87.2 83.5 170.0 167.3 
Loss on extinguishment of debt, net19.3 93.2 19.3 93.2 
Income on swaps, net(128.2)(185.6)(91.3)(227.2)
Gain on investment in BellRing
(447.7) (447.7) 
Other expense (income), net1.7 (6.1)(1.2)(16.9)
Earnings before Income Taxes and Equity Method Loss567.7 144.5 529.1 231.6 
Income tax expense21.1 28.6 8.3 43.5 
Equity method loss, net of tax18.7 7.0 37.3 14.9 
Net Earnings from Continuing Operations, Including Noncontrolling Interests527.9 108.9 483.5 173.2 
Less: Net earnings attributable to noncontrolling interests from continuing operations2.3 0.2 2.6 0.5 
Net Earnings from Continuing Operations525.6 108.7 480.9 172.7 
Net (loss) earnings from discontinued operations, net of tax and noncontrolling interest(2.3)1.2 21.6 18.4 
Net Earnings $523.3 $109.9 $502.5 $191.1 
Earnings from Continuing Operations per Common Share:
Basic$8.51 $1.69 $7.81 $2.66 
Diluted$8.44 $1.67 $7.74 $2.62 
(Loss) Earnings from Discontinued Operations per Common Share:
Basic$(0.04)$0.02 $0.35 $0.28 
Diluted$(0.04)$0.02 $0.34 $0.28 
Earnings per Common Share:
Basic$8.47 $1.71 $8.16 $2.94 
Diluted$8.40 $1.69 $8.08 $2.90 
Weighted-Average Common Shares Outstanding:
Basic61.7 64.1 62.1 64.9 
Diluted62.2 65.1 62.7 66.0 
 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
 


1


POST HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(in millions)

Three Months Ended
March 31,
Six Months Ended
March 31,
2022202120222021
Net Earnings$523.3 $109.9 $502.5 $191.1 
Net earnings attributable to noncontrolling interests from continuing operations2.3 0.2 2.6 0.5 
Net earnings attributable to noncontrolling interest from discontinued operations0.5 0.7 11.8 10.2 
Net Earnings Including Noncontrolling Interests526.1 110.8 516.9 201.8 
Pension and postretirement benefits adjustments:
Reclassifications to net earnings (0.5)(0.2)(1.0)(0.4)
Hedging adjustments:
Reclassifications to net earnings6.6 0.6 7.1 1.1 
Foreign currency translation adjustments:
Unrealized foreign currency translation adjustments(46.1)14.0 (41.2)115.6 
Tax benefit (expense) on other comprehensive income:
Pension and postretirement benefits adjustments:
Reclassifications to net earnings0.2 0.1 0.3 0.2 
Hedging adjustments:
Reclassifications to net earnings(1.8)(0.1)(1.8)(0.2)
Total Other Comprehensive (Loss) Income Including Noncontrolling Interests(41.6)14.4 (36.6)116.3 
Less: Comprehensive income attributable to noncontrolling interests4.3 0.8 15.7 10.9 
Total Comprehensive Income $480.2 $124.4 $464.6 $307.2 

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).


2


POST HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in millions)
March 31,
2022
September 30, 2021
ASSETS
Current Assets
Cash and cash equivalents$489.8 $664.5 
Restricted cash3.5 7.1 
Receivables, net477.8 452.4 
Inventories517.5 476.6 
Investment in BellRing
447.7  
Current assets of discontinued operations 385.7 
Prepaid expenses and other current assets127.2 99.8 
Total Current Assets2,063.5 2,086.1 
Property, net1,736.3 1,830.5 
Goodwill4,475.2 4,501.6 
Other intangible assets, net2,830.5 2,924.4 
Equity method investments33.4 70.7 
Investments held in trust345.0 345.0 
Other assets of discontinued operations 308.4 
Other assets346.8 348.0 
Total Assets$11,830.7 $12,414.7 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Current portion of long-term debt$1.1 $1.1 
Accounts payable386.0 384.2 
Current liabilities of discontinued operations 248.9 
Other current liabilities406.9 415.0 
Total Current Liabilities794.0 1,049.2 
Long-term debt6,105.9 6,441.6 
Deferred income taxes702.3 729.1 
Other liabilities of discontinued operations 627.7 
Other liabilities435.2 507.9 
Total Liabilities8,037.4 9,355.5 
Redeemable noncontrolling interest305.0 305.0 
Shareholders’ Equity
Common stock0.9 0.9 
Additional paid-in capital4,711.7 4,253.5 
Retained earnings852.0 347.3 
Accumulated other comprehensive income 7.3 42.9 
Treasury stock, at cost(2,095.4)(1,902.2)
Total Shareholders’ Equity Excluding Noncontrolling Interests3,476.5 2,742.4 
Noncontrolling interests11.8 11.8 
Total Shareholders’ Equity3,488.3 2,754.2 
Total Liabilities and Shareholders’ Equity$11,830.7 $12,414.7 
 See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
3

POST HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in millions)
Six Months Ended March 31,
20222021
Cash Flows from Operating Activities
Net Earnings from Continuing Operations, Including Noncontrolling Interests$483.5 $173.2 
Adjustments to reconcile net earnings from continuing operations, including noncontrolling interests, to net cash provided by operating activities:
Depreciation and amortization191.7 176.9 
Unrealized gain on interest rate swaps, foreign exchange contracts and warrant liabilities, net(97.0)(241.1)
Gain on investment in BellRing
(447.7) 
Loss on extinguishment of debt, net19.3 93.2 
Non-cash stock-based compensation expense31.6 24.2 
Equity method loss, net of tax37.3 14.9 
Deferred income taxes(21.2)57.0 
Other, net2.4 (14.2)
Other changes in operating assets and liabilities, net of held for sale assets and liabilities and business acquisitions:
Increase in receivables, net(32.2)(79.2)
Increase in inventories(51.7)(29.9)
Increase in prepaid expenses and other current assets(28.0)(40.7)
Decrease (increase) in other assets12.0 (10.5)
Increase (decrease) in accounts payable and other current liabilities41.9 (49.9)
Decrease in non-current liabilities1.7 14.6 
Net Cash Provided by Operating Activities - continuing operations143.6 88.5 
Net Cash (Used in) Provided by Operating Activities - discontinued operations (1.6)73.8 
Net Cash Provided by Operating Activities142.0 162.3
Cash Flows from Investing Activities
Business acquisitions, net of cash acquired(0.1)(153.7)
Additions to property(102.5)(98.9)
Proceeds from sale of property and assets held for sale17.3 18.7 
Proceeds from sale of business50.5  
Purchases of equity securities (5.0)
Investments in partnerships(8.2)(17.1)
Net Cash Used in Investing Activities - continuing operations(43.0)(256.0)
Net Cash Used in Investing Activities - discontinued operations(0.8)(0.5)
Net Cash Used in Investing Activities(43.8)(256.5)
Cash Flows from Financing Activities
Proceeds from issuance of debt1,340.0 1,800.0 
Repayments of long-term debt(841.1)(1,698.3)
Premium from issuance of debt17.5  
Purchases of treasury stock(197.2)(322.7)
Payments of debt issuance costs and deferred financing fees(7.4)(16.8)
Payments of debt premiums(24.1)(74.3)
Cash received from share repurchase contracts 47.5 
Distributions (to) from BellRing Brands, Inc., net(547.2)10.7 
Other, net(17.4)(19.4)
Net Cash Used in Financing Activities - continuing operations(276.9)(273.3)
Net Cash Used in Financing Activities - discontinued operations(149.5)(89.4)
Net Cash Used in Financing Activities(426.4)(362.7)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash(2.7)6.1 
Net Decrease in Cash, Cash Equivalents and Restricted Cash(330.9)(450.8)
Cash, Cash Equivalents and Restricted Cash from continuing operations, Beginning of Year671.6 1,144.7 
Plus: Cash, Cash Equivalents and Restricted Cash from discontinued operations, Beginning of Year152.6 48.7 
Less: Cash, Cash Equivalents and Restricted Cash from discontinued operations, End of Period 33.2 
Cash, Cash Equivalents and Restricted Cash from continuing operations, End of Period$493.3 $709.4 
 See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited). 
4

POST HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)
(in millions)
 As Of and For The Three Months Ended
March 31,
 As Of and For The Six Months Ended
March 31,
2022202120222021
Common Stock
Beginning and end of period$0.9 $0.8 $0.9 $0.8 
Additional Paid-in Capital
Beginning of period4,247.7 4,226.2 4,253.5 4,182.9 
Activity under stock and deferred compensation plans1.1 (1.2)(16.6)(18.2)
Non-cash stock-based compensation expense20.4 12.7 32.3 25.5 
Cash received from share repurchase contracts   47.5 
BellRing Spin-off442.5  442.5  
End of period4,711.7 4,237.7 4,711.7 4,237.7 
Retained Earnings
Beginning of period326.6 289.8 347.3 208.6 
Net earnings523.3 109.9 502.5 191.1 
Post Holdings Partnering Corporation deemed dividend2.1  2.2  
End of period852.0 399.7 852.0 399.7 
Accumulated Other Comprehensive Loss
Retirement Benefit Adjustments, net of tax
Beginning of period
(11.3)(4.4)(10.9)(4.3)
Net change in retirement benefits, net of tax
(0.3)(0.1)(0.7)(0.2)
End of period
(11.6)(4.5)(11.6)(4.5)
Hedging Adjustments, net of tax
Beginning of period
71.8 70.6 71.4 70.3 
Net change in hedges, net of tax
3.0 0.3 3.4 0.6 
End of period
74.8 70.9 74.8 70.9 
Foreign Currency Translation Adjustments
Beginning of period
(12.4)6.1 (17.6)(95.3)
Foreign currency translation adjustments
(45.8)14.3 (40.6)115.7 
BellRing Spin-off2.3  2.3  
End of period
(55.9)20.4 (55.9)20.4 
Treasury Stock
Beginning of period(2,057.2)(1,668.4)(1,902.2)(1,508.5)
Purchases of treasury stock(38.2)(155.4)(193.2)(315.3)
End of period(2,095.4)(1,823.8)(2,095.4)(1,823.8)
Total Shareholders’ Equity Excluding Noncontrolling Interests3,476.5 2,901.2 3,476.5 2,901.2 
Noncontrolling Interests
Beginning of period5.5 (16.2)11.8 (25.5)
Net earnings attributable to noncontrolling interests0.7 0.9 12.2 10.7 
Purchases of treasury stock  (18.1) 
Activity under stock and deferred compensation plans 0.1 (1.0)(0.8)
Distribution to noncontrolling interest   (1.0)
Non-cash stock-based compensation expense1.4 1.1 2.9 2.2 
Net change in hedges, net of tax1.8 0.2 1.9 0.3 
Foreign currency translation adjustments(0.3)(0.3)(0.6)(0.1)
BellRing Spin-off2.7  2.7  
End of period11.8 (14.2)11.8 (14.2)
Total Shareholders’ Equity$3,488.3 $2,887.0 $3,488.3 $2,887.0 
 See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited). 
5

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 (the “U.S.”) Securities and Exchange Commission (the “SEC”). These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of Post Holdings, Inc. (herein referred to as “Post,” the “Company,” “us,” “our” or “we,” and unless otherwise stated or context otherwise indicates, all such references herein mean Post Holdings, Inc. and its consolidated subsidiaries), which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2021, filed with the SEC on November 19, 2021.
On March 10, 2022, the Company completed its previously announced distribution of 80.1% of its ownership interest in BellRing Brands, Inc. (formerly known as BellRing Distribution, LLC) (“BellRing”) to Post’s shareholders (the “BellRing Distribution”, and such transaction, as well as the BellRing Contribution, the BellRing Merger, the Debt-for-Debt Exchange (as such terms are defined in Note 3) and the related transactions described in Note 3, the “BellRing Spin-off”). The BellRing Spin-off represented a strategic shift that had a major effect on the Company’s operations and consolidated financial results. Accordingly, the historical results of BellRing Intermediate Holdings, Inc. (formerly known as BellRing Brands, Inc.) (“Old BellRing“) and BellRing Distribution, LLC prior to the BellRing Spin-off have been presented as discontinued operations in the Company’s Condensed Consolidated Statements of Operations, Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows. The Notes to Condensed Consolidated Financial Statements reflect continuing operations only, unless otherwise indicated. See Note 3 for additional information regarding the BellRing Spin-off and discontinued operations.
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.
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 a material impact on the Company’s results of operations, comprehensive income, financial condition, cash flows, shareholders’ equity or related disclosures based on current information.
Recently Adopted
In October 2021, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” This ASU requires a company to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASU No. 2014-19, “Revenue from Contracts with Customers (Topic 606)” as if it had originated the contracts. The Company early adopted this ASU on October 1, 2021 on a prospective basis, as permitted by the ASU. The adoption of this ASU had no impact on the Company’s consolidated financial statements and related disclosures.
In August 2020, the FASB issued ASU No. 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” which simplifies the accounting for convertible instruments by removing major separation models required under current GAAP. This ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The Company early adopted this ASU on October 1, 2021, using the modified retrospective approach. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements and related disclosures.
In March 2020 and January 2021, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” and ASU No. 2021-01, “Reference Rate Reform (Topic 848): Scope,” respectively (collectively, “Topic 848”). Topic 848 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by Topic 848 are effective for all entities as of March 12, 2020 through December 31, 2022. The Company adopted Topic 848 on
6

October 1, 2021. The adoption of Topic 848 did not have and is not expected to have a material impact on the Company’s consolidated financial statements and related disclosures.
NOTE 3 — BELLRING SPIN-OFF AND DISCONTINUED OPERATIONS
BellRing Spin-off
On March 9, 2022, pursuant to the Transaction Agreement and Plan of Merger, dated as of October 26, 2021 (as amended by Amendment No.1 to the Transaction Agreement and Plan of Merger, dated as of February 28, 2022, the “Spin-off Agreement”), by and among Post, Old BellRing, BellRing and BellRing Merger Sub Corporation, a wholly-owned subsidiary of BellRing (“BellRing Merger Sub”), Post contributed its share of Old BellRing Class B common stock, $0.01 par value per share, all of its BellRing Brands, LLC non-voting membership units and $550.4 of cash to BellRing in exchange for certain limited liability company interests of BellRing and the right to receive $840.0 in aggregate principal amount of BellRing’s 7.00% senior notes maturing 2030 (the “BellRing Notes” and such transactions, collectively, the “BellRing Contribution”).
On March 10, 2022, BellRing converted into a Delaware corporation and changed its name to “BellRing Brands, Inc.”, and Post consummated the BellRing Distribution, distributing an aggregate of 78.1 million, or 80.1%, of its shares of BellRing common stock, par value $0.01 per share (“BellRing Common Stock”), to Post shareholders of record as of the close of business, Central Time, on February 25, 2022 (the “Record Date”) in a pro-rata distribution. Post shareholders received 1.267788 shares of BellRing Common Stock for every one share of Post common stock held as of the Record Date. No fractional shares of BellRing Common Stock were issued and instead, cash in lieu of any fractional shares was paid to Post shareholders.
Upon completion of the BellRing Distribution, BellRing Merger Sub merged with and into Old BellRing (the “BellRing Merger”), with Old BellRing continuing as the surviving corporation and becoming a wholly-owned subsidiary of BellRing. Pursuant to the BellRing Merger, each outstanding share of Old BellRing Class A common stock, $0.01 par value per share, was converted into one share of BellRing Common Stock plus $2.97 in cash.
Immediately following the BellRing Spin-off, Post owned approximately 14.2% of the BellRing Common Stock and Post shareholders owned approximately 57.3% of the BellRing Common Stock. The former Old BellRing stockholders owned approximately 28.5% of the BellRing Common Stock, maintaining the same effective percentage ownership interest in the Old BellRing business as prior to the BellRing Spin-off. As a result of the BellRing Spin-off, the dual class voting structure in the BellRing business was eliminated. The BellRing Distribution was structured in a manner intended to qualify as a tax-free distribution to Post shareholders for U.S. federal income tax purposes, except to the extent of any cash received in lieu of fractional shares of BellRing Common Stock.
The Company incurred separation-related expenses of $25.9 and $28.4 during the three and six months ended March 31, 2022, respectively, which were included in “Selling, general and administrative expenses” within continuing operations in the Condensed Consolidated Statements of Operations. Old BellRing incurred separation-related expenses prior to the BellRing Spin-off of $2.3 and $4.3 during the three and six months ended March 31, 2022, respectively, which were included in “Net (loss) earnings from discontinued operations, net of tax and noncontrolling interest” in the Condensed Consolidated Statements of Operations. These expenses generally included third party costs for advisory services, fees charged by other service providers and government filing fees.
On March 17, 2022, the Company utilized proceeds received in connection with the BellRing Spin-off to redeem a portion of existing Post 5.75% senior notes (the “Debt-for-Debt Exchange”) (see Note 15).
7

The following is a summary of BellRing’s assets and liabilities as of March 10, 2022.
March 10, 2022
Assets
Cash and cash equivalents (a)$50.6 
Receivables, net120.0 
Inventories146.1 
Prepaid expenses and other current assets17.0 
Property, net8.7 
Goodwill65.9 
Other intangible assets, net214.4 
Other assets10.3 
Total Assets633.0 
Liabilities
Current portion of long-term debt 
Accounts payable69.5 
Other current liabilities40.5 
Long-term debt938.8 
Deferred income taxes (b)6.3 
Other liabilities9.5 
Total Liabilities1,064.6 
BellRing Net Assets
$(431.6)
(a)Excludes $115.5 of merger consideration paid to former Old BellRing stockholders immediately following the completion of the BellRing Distribution.
(b)Excludes $127.1 related to Post’s investment in BellRing Brands, LLC, which was contributed to BellRing and subsequently eliminated immediately following the completion of the BellRing Distribution.
As a result of the BellRing Spin-off, the Company recorded a $442.5 adjustment to additional paid-in capital, which included BellRing net assets of $(431.6). The BellRing Spin-off also resulted in a reduction of accumulated other comprehensive loss associated with BellRing’s foreign currency translation adjustments. The total adjustment to accumulated other comprehensive loss was $2.3.
The Company’s remaining 14.2% equity interest in BellRing (its “Investment in BellRing”) immediately following the BellRing Spin-off did not represent a controlling interest in BellRing. As such, the Company’s remaining proportionate share of BellRing’s net assets were recorded at a zero carrying value on March 10, 2022, as the BellRing net assets were negative. See Note 14 for additional information regarding the Company’s subsequent remeasurement of its Investment in BellRing to fair value as of March 31, 2022. The Company intends to divest its remaining Investment in BellRing within 12 months from the BellRing Spin-off.
Discontinued Operations
The BellRing Spin-off represented a strategic shift that had a major effect on the Company’s operations and consolidated financial results. Accordingly, the historical results of Old BellRing and BellRing Distribution, LLC prior to the BellRing Spin-off have been presented as discontinued operations in the Company’s Condensed Consolidated Statements of Operations, Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows.
8

The following table presents the components of net earnings from discontinued operations. The three and six months ended March 31, 2022 represent the periods ending March 10, 2022, the completion date of the BellRing Spin-off.
Three Months Ended March 31,Six Months Ended March 31,
2022202120222021
Net Sales$235.6 $281.8 $541.9 $564.0 
Cost of goods sold176.3 194.8 390.3 385.1 
Gross Profit59.3 87.0 151.6 178.9 
Selling, general and administrative expenses 31.7 48.2 68.5 86.5 
Amortization of intangible assets3.8 23.2 8.7 29.1 
Other operating income, net   (0.1)
Operating Profit23.8 15.6 74.4 63.4 
Interest expense, net 4.7 11.3 13.1 24.1 
Loss on extinguishment and refinancing of debt, net17.6 1.5 17.6 1.5 
Earnings from Discontinued Operations before Income Taxes1.5 2.8 43.7 37.8 
Income tax expense3.3 0.9 10.3 9.2 
Net (Loss) Earnings from Discontinued Operations, Including Noncontrolling Interest(1.8)1.9 33.4 28.6 
Less: Net earnings attributable to noncontrolling interest from discontinued operations0.5 0.7 11.8 10.2 
Net (Loss) Earnings from Discontinued Operations, net of tax and noncontrolling interest$(2.3)$1.2 $21.6 $18.4 
9

The following table presents the carrying amounts of major classes of assets and liabilities that were included in discontinued operations at September 30, 2021. There were no assets or liabilities classified as discontinued operations at March 31, 2022.
September 30, 2021
Cash and cash equivalents$152.6 
Receivables, net101.5 
Inventories117.9 
Prepaid expenses and other current assets13.7 
Current assets of discontinued operations
$385.7 
Property, net$8.9 
Goodwill65.9 
Other intangible assets, net223.1 
Other assets10.5 
Other assets of discontinued operations
$308.4 
Current portion of long-term debt$116.3 
Accounts payable89.5 
Other current liabilities43.1 
Current liabilities of discontinued operations
$248.9 
Long-term debt$481.2 
Deferred income taxes 134.8 
Other liabilities11.7 
Other liabilities of discontinued operations
$627.7 
NOTE 4 — NONCONTROLLING INTERESTS, EQUITY INTERESTS AND RELATED PARTY TRANSACTIONS
Post Holdings Partnering Corporation
On May 28, 2021, the Company and Post Holdings Partnering Corporation, a newly formed special purpose acquisition company incorporated as a Delaware corporation (“PHPC”), consummated the initial public offering of 30.0 million units of PHPC (the “PHPC Units”). On June 3, 2021, PHPC issued an additional 4.5 million PHPC Units pursuant to the underwriters’ exercise in full of their over-allotment option. The term “PHPC IPO” as used herein generally refers to the consummation of the initial public offering on May 28, 2021 and the underwriters’ exercise in full of their over-allotment option on June 3, 2021. Each PHPC Unit consists of one share of Series A common stock of PHPC, $0.0001 par value per share (“PHPC Series A Common Stock”), and one-third of one redeemable warrant of PHPC, each whole warrant entitling the holder thereof to purchase one share of PHPC Series A Common Stock at an exercise price of $11.50 per share (the “PHPC Warrants”). The PHPC Units were sold at a price of $10.00 per PHPC Unit, generating gross proceeds to PHPC of $345.0. PHPC Sponsor, LLC, a wholly-owned subsidiary of the Company (“PHPC Sponsor”), purchased 4.0 million of the 30.0 million PHPC Units in the initial public offering on May 28, 2021 for $40.0. The PHPC Units began trading on the New York Stock Exchange (the “NYSE”) under the ticker symbol “PSPC.U” on May 26, 2021. As of July 16, 2021, holders of the PHPC Units could elect to separately trade their shares of PHPC Series A Common Stock and PHPC Warrants, with the shares of PHPC Series A Common Stock and the PHPC Warrants listed on the NYSE under the ticker symbols “PSPC” and “PSPC WS”, respectively. Under the terms of the PHPC IPO, PHPC is required to consummate a partnering transaction within 24 months (or 27 months under certain circumstances) of the closing of the initial public offering on May 28, 2021.
10

Substantially concurrently with the closing of the initial public offering on May 28, 2021, PHPC completed the private sale of 1.0 million units of PHPC (the “PHPC Private Placement Units”), at a purchase price of $10.00 per PHPC Private Placement Unit, to PHPC Sponsor, and in connection with the underwriters’ exercise in full of their option to purchase additional PHPC Units, PHPC Sponsor purchased an additional 0.1 million PHPC Private Placement Units, generating proceeds to PHPC of $10.9 (the “PHPC Private Placement”). The PHPC Private Placement Units sold in the PHPC Private Placement are identical to the PHPC Units sold in the PHPC IPO, except that, with respect to the warrants underlying the PHPC Private Placement Units (the “PHPC Private Placement Warrants”) that are held by PHPC Sponsor or its permitted transferees, such PHPC Private Placement Warrants (i) may be exercised for cash or on a cashless basis, (ii) are not subject to being called for redemption (except in certain circumstances when the PHPC Warrants are called for redemption and a certain price per share of PHPC Series A Common Stock threshold is met) and (iii) subject to certain limited exceptions, will be subject to transfer restrictions until 30 days following the consummation of PHPC’s partnering transaction. If the PHPC Private Placement Warrants are held by holders other than PHPC Sponsor or its permitted transferees, the PHPC Private Placement Warrants will be redeemable by PHPC in all redemption scenarios and exercisable by holders on the same basis as the PHPC Warrants.
In addition, the Company, through PHPC Sponsor’s ownership of 8.6 million shares of Series F common stock of PHPC, $0.0001 par value per share, has certain governance rights in PHPC relating to the election of PHPC directors and voting rights on amendments to PHPC’s certificate of incorporation.
In connection with the completion of the initial public offering on May 28, 2021, PHPC also entered into a forward purchase agreement with PHPC Sponsor (the “Forward Purchase Agreement”), providing for the purchase by PHPC Sponsor, at the election of PHPC, of up to 10.0 million units of PHPC (the “PHPC Forward Purchase Units”), subject to the terms and conditions of the Forward Purchase Agreement, with each PHPC Forward Purchase Unit consisting of one share of PHPC’s Series B common stock, $0.0001 par value per share, and one-third of one warrant to purchase one share of PHPC Series A Common Stock, for a purchase price of $10.00 per PHPC Forward Purchase Unit, in an aggregate amount of up to $100.0 in a private placement to occur concurrently with the closing of PHPC’s partnering transaction.
In determining the accounting treatment of the Company’s equity interest in PHPC, management concluded that PHPC is a variable interest entity (“VIE”) as defined by Accounting Standards Codification (“ASC”) Topic 810, “Consolidation.” A VIE is an entity in which equity investors at risk lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary, the party who has both the power to direct the activities of a VIE that most significantly impact the entity’s economic performance, as well as the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the entity. PHPC Sponsor is the primary beneficiary of PHPC as it has, through its equity interest, the right to receive benefits or the obligation to absorb losses from PHPC, as well as the power to direct a majority of the activities that significantly impact PHPC’s economic performance, including target identification. As such, PHPC is fully consolidated into the Company’s financial statements.
Proceeds of $345.0 were deposited in a trust account established for the benefit of PHPC’s public stockholders consisting of certain proceeds from the PHPC IPO and certain proceeds from the PHPC Private Placement, net of underwriters’ discounts and commissions and other costs and expenses. A minimum balance of $345.0, representing the number of PHPC Units sold at the offering price of $10.00 per PHPC Unit, is required by the underwriting agreement to be maintained in the trust account. These proceeds will be invested only in U.S. treasury securities. In connection with the trust account, the Company reported “Investments held in trust” of $345.0 on the Condensed Consolidated Balance Sheets at both March 31, 2022 and September 30, 2021.
The public stockholders’ ownership of PHPC equity represents a noncontrolling interest (“NCI”) to the Company, which is classified outside of permanent shareholders’ equity as the PHPC Series A Common Stock is redeemable at the option of the public stockholders in certain circumstances. The carrying amount of the redeemable NCI is equal to the greater of (i) the initial carrying amount, increased or decreased for the redeemable NCI’s share of PHPC’s net income or loss, other comprehensive income or loss (“OCI”) and distributions or (ii) the redemption value. The public stockholders of PHPC Series A Common Stock will be entitled in certain circumstances to redeem their shares of PHPC Series A Common Stock for a pro rata portion of the amount in the trust account at $10.00 per share of PHPC Series A Common Stock held, plus any pro rata interest earned on the funds held in the trust account and not previously released to PHPC to pay taxes. As of both March 31, 2022 and September 30, 2021, the carrying amount of the redeemable NCI was recorded at its redemption value of $305.0. Remeasurements to the redemption value of the redeemable NCI are recognized as a deemed dividend and are recorded to “Retained earnings” on the Condensed Consolidated Balance Sheets.
In connection with the PHPC IPO, PHPC incurred offering costs of $17.9, of which $10.7 were deferred underwriting commissions that will become payable to the underwriters solely in the event that PHPC completes a partnering transaction and were included in “Other liabilities” on the Condensed Consolidated Balance Sheets at both March 31, 2022 and September 30, 2021.
11

As of both March 31, 2022 and September 30, 2021, the Company beneficially owned