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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, 2020
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. 001-33794
HILLENBRAND, INC.
(Exact name of registrant as specified in its charter)
|
| | | |
Indiana | | 26-1342272 |
(State of incorporation) | | (I.R.S. Employer Identification No.) |
| | | |
One Batesville Boulevard | | |
Batesville | IN | | 47006 |
(Address of principal executive offices) | | (Zip Code) |
(812) 934-7500
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
|
| | | | |
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common Stock, without par value | | HI | | New 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 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 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 | | ☐ | Emerging growth company | ☐ |
Non-accelerated filer | | ☐ | | Smaller reporting 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 ☒
The registrant had 74,718,686 shares of common stock, no par value per share, outstanding as of April 30, 2020.
HILLENBRAND, INC.
INDEX TO FORM 10-Q
PART I — FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
Hillenbrand, Inc.
Consolidated Statements of Operations (Unaudited)
(in millions, except per share data)
|
| | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | Six Months Ended March 31, |
| 2020 | | 2019 | | 2020 | | 2019 |
Net revenue | $ | 648.9 |
| | $ | 464.6 |
| | $ | 1,215.8 |
| | $ | 874.9 |
|
Cost of goods sold | 455.2 |
| | 303.7 |
| | 850.3 |
| | 567.0 |
|
Gross profit | 193.7 |
| | 160.9 |
| | 365.5 |
| | 307.9 |
|
Operating expenses | 136.0 |
| | 93.7 |
| | 293.4 |
| | 184.4 |
|
Amortization expense | 24.0 |
| | 8.6 |
| | 38.8 |
| | 16.4 |
|
Impairment charges | 82.5 |
| | — |
| | 82.5 |
| | — |
|
Interest expense | 20.9 |
| | 5.4 |
| | 35.6 |
| | 10.9 |
|
Other (expense) income, net | (0.7 | ) | | 0.1 |
| | 1.2 |
| | 0.6 |
|
(Loss) income before income taxes | (70.4 | ) | | 53.3 |
| | (83.6 | ) | | 96.8 |
|
Income tax expense (benefit) | 1.8 |
| | 13.8 |
| | (10.6 | ) | | 28.3 |
|
Consolidated net (loss) income | (72.2 | ) | | 39.5 |
| | (73.0 | ) | | 68.5 |
|
Less: Net income attributable to noncontrolling interests | 1.8 |
| | 1.5 |
| | 4.1 |
| | 2.2 |
|
Net (loss) income attributable to Hillenbrand | $ | (74.0 | ) | | $ | 38.0 |
| | $ | (77.1 | ) | | $ | 66.3 |
|
| | | | | | | |
Net (loss) income attributable to Hillenbrand — per share of common stock: | | | | | | | |
Basic (loss) earnings per share | $ | (0.99 | ) | | $ | 0.60 |
| | $ | (1.07 | ) | | $ | 1.05 |
|
Diluted (loss) earnings per share | $ | (0.99 | ) | | $ | 0.60 |
| | $ | (1.07 | ) | | $ | 1.05 |
|
Weighted average shares outstanding (basic) | 75.1 |
| | 62.9 |
| | 71.7 |
| | 62.9 |
|
Weighted average shares outstanding (diluted) | 75.1 |
| | 63.4 |
| | 71.7 |
| | 63.4 |
|
See Condensed Notes to Consolidated Financial Statements
Hillenbrand, Inc.
Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
(in millions)
|
| | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | Six Months Ended March 31, |
| 2020 | | 2019 | | 2020 | | 2019 |
Consolidated net (loss) income | $ | (72.2 | ) | | $ | 39.5 |
| | $ | (73.0 | ) | | $ | 68.5 |
|
Changes in other comprehensive (loss) income, net of tax: | | | | |
| |
|
Currency translation adjustment | (30.2 | ) | | (4.6 | ) | | (12.9 | ) | | (9.5 | ) |
Pension and postretirement (net of quarter-to-date tax of $0.4 and $0.1 and year-to-date tax of $0.9 and $0.2) | 1.4 |
| | 0.3 |
| | 2.5 |
| | 0.5 |
|
Change in net unrealized loss on derivative instruments (net of quarter-to-date tax of $0.9 and $0.9 and year-to-date tax of $0.7 and $2.6) | (3.3 | ) | | (3.2 | ) | | (1.9 | ) | | (8.4 | ) |
Total changes in other comprehensive loss, net of tax | (32.1 | ) | | (7.5 | ) | | (12.3 | ) | | (17.4 | ) |
Consolidated comprehensive (loss) income | (104.3 | ) | | 32.0 |
| | (85.3 | ) | | 51.1 |
|
Less: Comprehensive income attributable to noncontrolling interests | 1.3 |
| | 1.5 |
| | 3.5 |
| | 2.4 |
|
Comprehensive (loss) income attributable to Hillenbrand | $ | (105.6 | ) | | $ | 30.5 |
| | $ | (88.8 | ) | | $ | 48.7 |
|
See Condensed Notes to Consolidated Financial Statements
Hillenbrand, Inc.
Consolidated Balance Sheets
(in millions)
|
| | | | | | | |
| March 31, 2020 (unaudited) | | September 30, 2019 |
ASSETS | |
| | |
|
Current Assets | |
| | |
|
Cash and cash equivalents | $ | 374.0 |
| | $ | 399.0 |
|
Trade receivables, net | 292.8 |
| | 217.4 |
|
Receivables from long-term manufacturing contracts | 187.3 |
| | 181.1 |
|
Inventories, net | 423.3 |
| | 176.6 |
|
Prepaid expenses and other current assets | 86.7 |
| | 49.1 |
|
Total current assets | 1,364.1 |
| | 1,023.2 |
|
Property, plant, and equipment, net | 348.7 |
| | 140.3 |
|
Operating lease right-of-use assets | 165.0 |
| | — |
|
Intangible assets, net | 1,101.3 |
| | 454.9 |
|
Goodwill | 1,133.5 |
| | 578.0 |
|
Other long-term assets | 78.1 |
| | 32.2 |
|
Total Assets | $ | 4,190.7 |
| | $ | 2,228.6 |
|
| | | |
LIABILITIES | |
| | |
|
Current Liabilities | |
| | |
|
Trade accounts payable | $ | 297.9 |
| | $ | 236.2 |
|
Liabilities from long-term manufacturing contracts and advances | 176.6 |
| | 158.2 |
|
Current portion of long-term debt | 46.7 |
| | — |
|
Accrued compensation | 78.2 |
| | 73.2 |
|
Other current liabilities | 205.8 |
| | 121.7 |
|
Total current liabilities | 805.2 |
| | 589.3 |
|
Long-term debt | 1,826.6 |
| | 619.5 |
|
Accrued pension and postretirement healthcare | 157.9 |
| | 131.3 |
|
Operating lease liabilities | 130.8 |
| | — |
|
Deferred income taxes | 187.5 |
| | 73.6 |
|
Other long-term liabilities | 55.7 |
| | 45.1 |
|
Total Liabilities | 3,163.7 |
| | 1,458.8 |
|
| | | |
Commitments and contingencies (Note 15) |
|
| |
|
|
| | | |
SHAREHOLDERS’ EQUITY | |
| | |
|
Common stock, no par value (75.8 and 63.9 shares issued, 74.7 and 62.7 shares outstanding) | — |
| | — |
|
Additional paid-in capital | 716.3 |
| | 345.3 |
|
Retained earnings | 496.4 |
| | 599.5 |
|
Treasury stock (1.1 and 1.2 shares) | (45.4 | ) | | (50.1 | ) |
Accumulated other comprehensive loss | (158.3 | ) | | (140.6 | ) |
Hillenbrand Shareholders’ Equity | 1,009.0 |
| | 754.1 |
|
Noncontrolling interests | 18.0 |
| | 15.7 |
|
Total Shareholders’ Equity | 1,027.0 |
| | 769.8 |
|
| | | |
Total Liabilities and Shareholders’ Equity | $ | 4,190.7 |
| | $ | 2,228.6 |
|
See Condensed Notes to Consolidated Financial Statements
Hillenbrand, Inc.
Consolidated Statements of Cash Flows (Unaudited)
(in millions)
|
| | | | | | | |
| Six Months Ended March 31, |
| 2020 | | 2019 |
Operating Activities | |
| | |
|
Consolidated net (loss) income | $ | (73.0 | ) | | $ | 68.5 |
|
Adjustments to reconcile net (loss) income to cash provided by operating activities: | |
| | |
|
Depreciation and amortization | 64.5 |
| | 29.2 |
|
Impairment charges | 82.5 |
| | — |
|
Deferred income taxes | (47.0 | ) | | 8.7 |
|
Amortization of deferred financing costs | 1.4 |
| | 0.6 |
|
Share-based compensation | 5.7 |
| | 5.8 |
|
Settlement of Milacron share-based equity awards | 5.9 |
| | — |
|
Net loss on divestiture | 3.0 |
| | — |
|
Trade accounts receivable and receivables from long-term manufacturing contracts | 37.7 |
| | (24.8 | ) |
Inventories | 35.4 |
| | (12.1 | ) |
Prepaid expenses and other current assets | 8.7 |
| | (0.8 | ) |
Trade accounts payable | (41.0 | ) | | 12.7 |
|
Liabilities from long-term manufacturing contracts and advances, | | | |
accrued compensation, and other current liabilities | (45.7 | ) | | (24.6 | ) |
Income taxes payable | 14.4 |
| | (12.8 | ) |
Defined benefit plan and postretirement funding | (5.2 | ) | | (4.6 | ) |
Defined benefit plan and postretirement expense | 3.2 |
| | 1.7 |
|
Other, net | (5.2 | ) | | (1.0 | ) |
Net cash provided by operating activities | 45.3 |
| | 46.5 |
|
| | | |
Investing Activities | |
| | |
|
Capital expenditures | (15.0 | ) | | (8.3 | ) |
Proceeds from sales of property, plant, and equipment | 13.3 |
| | — |
|
Acquisition of businesses, net of cash acquired | (1,503.1 | ) | | (26.2 | ) |
Proceeds from divestiture, net of cash divested | 222.4 |
| | — |
|
Other, net | — |
| | 0.1 |
|
Net cash used in investing activities | (1,282.4 | ) | | (34.4 | ) |
| | | |
Financing Activities | |
| | |
|
Proceeds from issuance of long-term debt | 725.0 |
| | — |
|
Repayments on long-term debt | (9.1 | ) | | — |
|
Proceeds from revolving credit facilities | 1,082.8 |
| | 342.0 |
|
Repayments on revolving credit facilities | (544.7 | ) | | (323.8 | ) |
Payment of deferred financing costs | (7.0 | ) | | — |
|
Payments of dividends on common stock | (31.7 | ) | | (26.2 | ) |
Proceeds from stock option exercises | 0.2 |
| | 1.4 |
|
Payments for employee taxes on net settlement equity awards | (1.8 | ) | | (4.2 | ) |
Other, net | (1.1 | ) | | (0.5 | ) |
Net cash provided by (used in) financing activities | 1,212.6 |
| | (11.3 | ) |
| | | |
Effect of exchange rates on cash and cash equivalents | (0.5 | ) | | 2.1 |
|
| | | |
Net cash flows | (25.0 | ) | | 2.9 |
|
| | | |
Cash, cash equivalents, and restricted cash: | |
| | |
|
At beginning of period | 399.4 |
| | 56.5 |
|
At end of period | $ | 374.4 |
| | $ | 59.4 |
|
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same amounts shown in the Consolidated Statements of Cash Flows:
|
| | | | | | | |
| March 31, 2020 | | March 31, 2019 |
Cash and cash equivalents | $ | 374.0 |
| | $ | 58.6 |
|
Short-term restricted cash included in other current assets | 0.4 |
| | 0.8 |
|
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows | $ | 374.4 |
| | $ | 59.4 |
|
See Condensed Notes to Consolidated Financial Statements
Hillenbrand, Inc.
Consolidated Statements of Shareholders’ Equity (Unaudited)
(in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 2020 |
| Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Treasury Stock | | Accumulated Other Comprehensive Loss | | Noncontrolling Interests | | Total |
| Shares | | | | Shares | | Amount | | | |
Balance at December 31, 2019 | 75.8 |
| | $ | 712.9 |
| | $ | 586.5 |
| | 1.1 |
| | $ | (45.6 | ) | | $ | (126.7 | ) | | $ | 16.7 |
| | $ | 1,143.8 |
|
Total other comprehensive loss, net of tax | — |
| | — |
| | — |
| | — |
| | — |
| | (31.6 | ) | | (0.5 | ) | | (32.1 | ) |
Net (loss) income | — |
| | — |
| | (74.0 | ) | | — |
| | — |
| | — |
| | 1.8 |
| | (72.2 | ) |
Issuance/retirement of stock for stock awards/options | — |
| | (0.2 | ) | | — |
| | — |
| | 0.2 |
| | — |
| | — |
| | — |
|
Share-based compensation | — |
| | 3.4 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 3.4 |
|
Dividends ($0.2125 per share) | — |
| | 0.2 |
| | (16.1 | ) | | — |
| | — |
| | — |
| | — |
| | (15.9 | ) |
Balance at March 31, 2020 | 75.8 |
| | $ | 716.3 |
| | $ | 496.4 |
| | 1.1 |
| | $ | (45.4 | ) | | $ | (158.3 | ) | | $ | 18.0 |
| | $ | 1,027.0 |
|
| | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2020 |
| Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Treasury Stock | | Accumulated Other Comprehensive Loss | | Noncontrolling Interests | | Total |
| Shares | | | | Shares | | Amount | | | |
Balance at September 30, 2019 | 63.9 |
| | $ | 345.3 |
| | $ | 599.5 |
| | 1.2 |
| | $ | (50.1 | ) | | $ | (140.6 | ) | | $ | 15.7 |
| | $ | 769.8 |
|
Total other comprehensive loss, net of tax | — |
| | — |
| | — |
| | — |
| | — |
| | (11.7 | ) | | (0.6 | ) | | (12.3 | ) |
Net (loss) income | — |
| | — |
| | (77.1 | ) | | — |
| | — |
| | — |
| | 4.1 |
| | (73.0 | ) |
Issuance/retirement of stock for stock awards/options | — |
| | (6.3 | ) | | — |
| | (0.1 | ) | | 4.7 |
| | — |
| | — |
| | (1.6 | ) |
Share-based compensation | — |
| | 5.7 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 5.7 |
|
Dividends ($0.4250 per share) | — |
| | 0.3 |
| | (32.0 | ) | | — |
| | — |
| | — |
| | (1.2 | ) | | (32.9 | ) |
Common stock issued to acquire Milacron (see Note 4) | 11.9 |
| | 371.3 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 371.3 |
|
Reclassification of certain income tax effects (1) | — |
| | — |
| | 6.0 |
| | — |
| | — |
| | (6.0 | ) | | — |
| | — |
|
Balance at March 31, 2020 | 75.8 |
| | $ | 716.3 |
| | $ | 496.4 |
| | 1.1 |
| | $ | (45.4 | ) | | $ | (158.3 | ) | | $ | 18.0 |
| | $ | 1,027.0 |
|
| |
(1) | Income tax effects of the Tax Act (as defined in Note 2) were reclassified from accumulated other comprehensive loss to retained earnings due to the adoption of ASU 2018-02. See Note 2 for more information. |
See Condensed Notes to Consolidated Financial Statements
Hillenbrand, Inc.
Consolidated Statements of Shareholders’ Equity (Unaudited)
(in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 2019 |
| Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Treasury Stock | | Accumulated Other Comprehensive Loss | | Noncontrolling Interests | | Total |
| Shares | | | | Shares | | Amount | | | |
Balance at December 31, 2018 | 63.9 |
| | $ | 341.7 |
| | $ | 546.3 |
| | 1.4 |
| | $ | (59.2 | ) | | $ | (94.3 | ) | | $ | 12.9 |
| | $ | 747.4 |
|
Total other comprehensive loss, net of tax | — |
| | — |
| | — |
| | — |
| | — |
| | (7.5 | ) | | — |
| | (7.5 | ) |
Net income | — |
| | — |
| | 38.0 |
| | — |
| | — |
| | — |
| | 1.5 |
| | 39.5 |
|
Issuance/retirement of stock for stock awards/options | — |
| | (2.6 | ) | | — |
| | (0.1 | ) | | 3.6 |
| | — |
| | — |
| | 1.0 |
|
Share-based compensation | — |
| | 3.9 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 3.9 |
|
Dividends ($0.2100 per share) | — |
| | 0.1 |
| | (13.2 | ) | | — |
| | — |
| | — |
| | (1.1 | ) | | (14.2 | ) |
Balance at March 31, 2019 | 63.9 |
| | $ | 343.1 |
| | $ | 571.1 |
| | 1.3 |
| | $ | (55.6 | ) | | $ | (101.8 | ) | | $ | 13.3 |
| | $ | 770.1 |
|
| | | | | | | | | | | | | | | |
| Six Months Ended March 31, 2019 |
| Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Treasury Stock | | Accumulated Other Comprehensive Loss | | Noncontrolling Interests | | Total |
| Shares | | | | Shares | | Amount | | | |
Balance at September 30, 2018 | 63.9 |
| | $ | 351.4 |
| | $ | 531.0 |
| | 1.6 |
| | $ | (67.1 | ) | | $ | (84.2 | ) | | $ | 13.0 |
| | $ | 744.1 |
|
Total other comprehensive (loss) income, net of tax | — |
| | — |
| | — |
| | — |
| | — |
| | (17.6 | ) | | 0.2 |
| | (17.4 | ) |
Net income | — |
| | — |
| | 66.3 |
| | — |
| | — |
| | — |
| | 2.2 |
| | 68.5 |
|
Issuance/retirement of stock for stock awards/options | — |
| | (14.3 | ) | | — |
| | (0.3 | ) | | 11.5 |
| | — |
| | — |
| | (2.8 | ) |
Share-based compensation | — |
| | 5.8 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 5.8 |
|
Dividends ($0.4200 per share) | — |
| | 0.2 |
| | (26.4 | ) | | — |
| | — |
| | — |
| | (2.1 | ) | | (28.3 | ) |
Other | — |
| | — |
| | 0.2 |
| | — |
| | — |
| | — |
| | — |
| | 0.2 |
|
Balance at March 31, 2019 | 63.9 |
| | $ | 343.1 |
| | $ | 571.1 |
| | 1.3 |
| | $ | (55.6 | ) | | $ | (101.8 | ) | | $ | 13.3 |
| | $ | 770.1 |
|
See Condensed Notes to Consolidated Financial Statements
Hillenbrand, Inc.
Condensed Notes to Consolidated Financial Statements (Unaudited)
(in millions, except share and per share data)
| |
1. | Background and Basis of Presentation |
Hillenbrand, Inc. (the “Company” or “Hillenbrand”) is a global diversified industrial company with multiple leading brands that serve a wide variety of industries around the world. The Company strives to provide superior return for our shareholders, exceptional value for our customers, great professional opportunities for our employees, and to be responsible to our communities through deployment of the Hillenbrand Operating Model (“HOM”). The HOM is a consistent and repeatable framework designed to produce sustainable and predictable results. The HOM describes the Company’s mission, vision, values, and mindset as leaders; applies our management practices in Strategy Management, Segmentation, Lean, Talent Development, and Acquisitions; and prescribes three steps (Understand, Focus, and Grow) designed to make the Company’s businesses both bigger and better. The Company’s goal is to continue developing Hillenbrand as a world-class global diversified industrial company through the deployment of the HOM.
On July 12, 2019, Hillenbrand entered into a definitive agreement (the “Merger Agreement”) to acquire Milacron Holdings Corp. (“Milacron”) in a cash and stock merger transaction. The Company completed the acquisition on November 21, 2019 through a merger of its wholly-owned subsidiary with and into Milacron, resulting in ownership of 100% of Milacron’s common stock that was issued and outstanding after the merger. The Consolidated Financial Statements include the financial results of Milacron from the date of acquisition. See Note 4 for further information on the acquisition.
Hillenbrand’s portfolio is composed of three reportable business segments: the Process Equipment Group, Milacron®, and Batesville®. The Process Equipment Group businesses design, develop, manufacture, and service highly engineered industrial equipment around the world. Milacron is a global leader in highly engineered and customized systems in plastic technology and processing. Batesville is a recognized leader in the death care industry in North America. “Hillenbrand,” the “Company,” “we,” “us,” “our,” and similar words refer to Hillenbrand and its subsidiaries within this Form 10-Q unless context otherwise requires.
The accompanying unaudited Consolidated Financial Statements include the accounts of Hillenbrand and its subsidiaries. They also include two subsidiaries where the Company’s ownership percentage is less than 100%. The Company’s fiscal year ends on September 30. Unless otherwise stated, references to years relate to fiscal years.
These unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements and therefore do not include all information required in accordance with United States generally accepted accounting principles (“GAAP”). The unaudited Consolidated Financial Statements have been prepared on the same basis as, and should be read in conjunction with, the audited Consolidated Financial Statements and notes thereto included in the Company’s latest Annual Report on Form 10-K for the year ended September 30, 2019, as filed with the SEC. In the opinion of management, these Consolidated Financial Statements reflect all adjustments necessary to present a fair statement of the Company’s consolidated financial position and the consolidated results of operations and cash flows as of the dates and for the periods presented. The interim period results are subject to variation and are not necessarily indicative of the results of operations to be expected for the full fiscal year.
The preparation of the Consolidated Financial Statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Examples of such estimates include, but are not limited to, revenue recognition under the percentage-of-completion method, preliminary purchase price allocations, determination of reporting unit and identifiable intangible asset fair value, and the establishment of reserves related to customer rebates, doubtful accounts, warranties, early-pay discounts, inventories, income taxes, litigation, self-insurance, and progress toward achievement of performance criteria under incentive compensation programs.
On March 11, 2020, the World Health Organization declared the outbreak of the novel strain of coronavirus (“COVID-19”) a global pandemic and recommended containment and mitigation measures worldwide, and the effects of the COVID-19 pandemic and such associated measures on management’s estimates and results of operations through March 31, 2020 are reflected in the Consolidated Financial Statements. Events and changes in circumstances arising after March 31, 2020, including those resulting from the ongoing impacts of the COVID-19 pandemic, will be reflected in management’s estimates for future periods in subsequent periodic filings.
| |
2. | Summary of Significant Accounting Policies |
The significant accounting policies used in preparing the Consolidated Financial Statements are consistent with the accounting policies described in the Company’s Annual Report on Form 10-K for 2019, except as described below.
Recently Adopted Accounting Standards
In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 requires lessees to recognize a right of use asset and related lease liability for leases that have terms of more than twelve months. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance, with the classifications based on criteria that are similar to those applied under the current lease guidance, without the explicit bright lines. ASU 2016-02 became effective for the Company’s fiscal year that began on October 1, 2019. The Company adopted ASU 2016-02 under the allowable transition method to use the effective date as the date of initial application on transition without adjusting the comparative periods presented (modified retrospective method).
At transition, the Company elected the package of practical expedients to not reassess prior conclusions related to contracts containing leases, lease classification, and initial direct costs. Additionally, ASU 2016-02 also provides practical expedients for an entity’s ongoing accounting. The Company elected to not separate lease and non-lease components. Additionally, the Company will not recognize an asset for leases with a term of twelve months or less and will apply a portfolio approach in determining discount rates.
The Company surveyed its businesses, assessed its portfolio of leases, and compiled a central repository of all leases. Additionally, the Company identified and implemented appropriate changes to policies, procedures, and controls pertaining to existing and future lease arrangements to support recognition and disclosure requirements under ASU 2016-02. As a result of the adoption of ASU 2016-02, the Company recorded right-of-use assets of $165.0 and corresponding lease liabilities of $162.5 for its operating leases at March 31, 2020. The adoption of ASU 2016-02 did not have a material impact to the Consolidated Statements of Operations or Consolidated Statements of Cash Flows. See Note 6 for additional information.
In February 2018, the FASB issued ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (“ASU 2018-02”). ASU 2018-02 allows for the reclassification of stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) from accumulated other comprehensive loss to retained earnings. The Company adopted ASU 2018-02 on October 1, 2019, which resulted in a decrease to accumulated other comprehensive loss and an increase to retained earnings of $6.0 each on the Consolidated Balance Sheets, primarily related to deferred taxes previously recorded for pension and other postretirement benefits. The adoption of ASU 2018-02 did not have an impact to the Consolidated Statements of Operations or Consolidated Statements of Cash Flows.
Recently Issued Accounting Standards
In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Statements (“ASU 2016-13”). ASU 2016-13 replaces the current incurred loss impairment model with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. ASU 2016-13 will be effective for the Company’s fiscal year beginning on October 1, 2020. The Company is currently evaluating the impact that ASU 2016-13 will have on the Consolidated Financial Statements.
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-13”). ASU 2019-13 clarifies and simplifies accounting for income taxes by eliminating certain exceptions for intraperiod tax allocation principles, the methodology for calculating income tax rates in an interim period, and recognition of deferred taxes for outside basis differences in an investment, among other updates. ASU 2019-12 will be effective for the Company’s fiscal year beginning on October 1, 2021. The Company is currently evaluating the impact of ASU 2019-12 on the Consolidated Financial Statements
No other new accounting pronouncements recently adopted or issued had or are expected to have a material impact on the Consolidated Financial Statements.
Net revenue includes gross revenue less sales discounts, customer rebates, sales incentives, and product returns, all of which require the Company to make estimates for the portion of these allowances that have yet to be credited or paid to customers. The Company estimates these allowances using the expected value method, which is based upon historical rates and projections of customer purchases toward contractual rebate thresholds.
Contract balances
The balance in receivables from long-term manufacturing contracts at March 31, 2020 and September 30, 2019 was $187.3 and $181.1, respectively. The change was driven by the impact of net revenue recognized prior to billings. The balance in the liabilities from long-term manufacturing contracts and advances at March 31, 2020 and September 30, 2019 was $176.6 and $158.2, respectively, and consists primarily of cash payments received in advance of satisfying performance obligations. The revenue recognized for the six months ended March 31, 2020 and 2019 related to liabilities from long-term manufacturing contracts and advances as of September 30, 2019 and 2018 was $87.8 and $107.0, respectively. During the three and six months ended March 31, 2020 and 2019, the adjustments related to performance obligations satisfied in previous periods were immaterial.
Transaction price allocated to the remaining performance obligations
As of March 31, 2020, the aggregate amount of transaction price of remaining performance obligations within the Process Equipment Group and Milacron reportable segments, which corresponds to backlog as defined in Item 2 of this Form 10-Q, was $1,169.5. Approximately 83% of these performance obligations are expected to be satisfied over the next twelve months, and the remaining performance obligations, primarily within one to three years.
Disaggregation of revenue
As a result of completing the acquisition of Milacron during the current fiscal year, the Company now sells products in the following additional end markets: custom molders, automotive, consumer goods, packaging, electronics, and construction. The following tables present net revenue by end market, which include reclassifications in the prior year period to conform to the current year presentation:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 2020 | | Six Months Ended March 31, 2020 |
| Process Equipment Group | | Milacron | | Batesville | | Total | | Process Equipment Group | | Milacron | | Batesville | | Total |
End Market | | | | | | | | | | | | | | | |
Plastics | $ | 206.6 |
| | $ | — |
| |
|