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Table of Contents
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 June 30, 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  
BatesvilleIN 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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, without par valueHINew 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 filerSmaller 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 74,731,178 shares of common stock, no par value per share, outstanding as of July 31, 2020.


Table of Contents

HILLENBRAND, INC.
INDEX TO FORM 10-Q
 
  Page
  
   
 
   
 
   
 
   
 
   
 
   
 
   
   
   
   
  
   
   
   
   
 
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Table of Contents
PART IFINANCIAL INFORMATION

Item 1.                FINANCIAL STATEMENTS
 
Hillenbrand, Inc.
Consolidated Statements of Operations (Unaudited)
(in millions, except per share data)
 
Three Months Ended
June 30,
Nine Months Ended
June 30,
 2020201920202019
Net revenue$607.5  $446.6  $1,823.3  $1,321.5  
Cost of goods sold400.2  298.2  1,250.5  865.2  
Gross profit207.3  148.4  572.8  456.3  
Operating expenses118.5  90.8  411.9  275.2  
Amortization expense16.4  8.6  55.2  25.0  
Impairment charges    82.5    
Interest expense19.7  5.2  55.3  16.1  
Other income (expense), net0.6  (0.5) 1.8  0.1  
Income (loss) before income taxes53.3  43.3  (30.3) 140.1  
Income tax expense28.3  11.6  17.7  39.9  
Consolidated net income (loss)25.0  31.7  (48.0) 100.2  
Less: Net income attributable to noncontrolling interests1.0  1.3  5.1  3.5  
Net income (loss) attributable to Hillenbrand$24.0  $30.4  $(53.1) $96.7  
Net income (loss) attributable to Hillenbrand — per share of common stock:  
Basic earnings (loss) per share$0.32  $0.48  $(0.73) $1.54  
Diluted earnings (loss) per share$0.32  $0.48  $(0.73) $1.52  
Weighted average shares outstanding (basic)75.1  63.0  72.8  62.9  
Weighted average shares outstanding (diluted)75.1  63.4  72.8  63.4  

See Condensed Notes to Consolidated Financial Statements


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Table of Contents
Hillenbrand, Inc.
Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
(in millions)
 
Three Months Ended
June 30,
Nine Months Ended
June 30,
 2020201920202019
Consolidated net income (loss)$25.0  $31.7  $(48.0) $100.2  
Changes in other comprehensive income (loss), net of tax:
Currency translation adjustment11.9  6.1  (1.0) (3.4) 
Pension and postretirement (net of quarter-to-date tax of $0.4 and $0.5 and year-to-date tax of $1.3 and $0.7)
1.3  1.5  3.8  2.0  
Change in net unrealized gain (loss) on derivative instruments (net of quarter-to-date tax of $0.3 and $1.2 and year-to-date tax of $0.3 and $3.8)2.4  (4.3) 0.5  (12.7) 
Total changes in other comprehensive income (loss), net of tax15.6  3.3  3.3  (14.1) 
Consolidated comprehensive income (loss)40.6  35.0  (44.7) 86.1  
Less: Comprehensive income attributable to noncontrolling interests0.9  1.3  4.4  3.7  
Comprehensive income (loss) attributable to Hillenbrand$39.7  $33.7  $(49.1) $82.4  
 
See Condensed Notes to Consolidated Financial Statements

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Table of Contents
Hillenbrand, Inc.
Consolidated Balance Sheets
(in millions
June 30, 2020 (unaudited)September 30,
2019
ASSETS  
Current Assets  
Cash and cash equivalents$263.1  $399.0  
Trade receivables, net297.2  217.4  
Receivables from long-term manufacturing contracts166.2  181.1  
Inventories, net424.3  176.6  
Prepaid expenses and other current assets93.7  49.1  
Total current assets1,244.5  1,023.2  
Property, plant, and equipment, net331.6  140.3  
Operating lease right-of-use assets161.4    
Intangible assets, net1,093.6  454.9  
Goodwill1,143.1  578.0  
Other long-term assets55.7  32.2  
Total Assets$4,029.9  $2,228.6  
LIABILITIES  
Current Liabilities  
Trade accounts payable$264.9  $236.2  
Liabilities from long-term manufacturing contracts and advances168.4  158.2  
Current portion of long-term debt36.3    
Accrued compensation87.8  73.2  
Other current liabilities211.6  121.7  
Total current liabilities769.0  589.3  
Long-term debt1,674.8  619.5  
Accrued pension and postretirement healthcare159.3  131.3  
Operating lease liabilities126.2    
Deferred income taxes187.6  73.6  
Other long-term liabilities57.9  45.1  
Total Liabilities2,974.8  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 capital719.7  345.3  
Retained earnings504.4  599.5  
Treasury stock (1.1 and 1.2 shares)(44.9) (50.1) 
Accumulated other comprehensive loss(142.6) (140.6) 
Hillenbrand Shareholders’ Equity1,036.6  754.1  
Noncontrolling interests18.5  15.7  
Total Shareholders’ Equity1,055.1  769.8  
Total Liabilities and Shareholders’ Equity$4,029.9  $2,228.6  

 See Condensed Notes to Consolidated Financial Statements
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Table of Contents
Hillenbrand, Inc.
Consolidated Statements of Cash Flows (Unaudited)
(in millions)
Nine Months Ended
June 30,
 20202019
Operating Activities  
Consolidated net (loss) income$(48.0) $100.2  
Adjustments to reconcile net (loss) income to cash provided by operating activities:  
Depreciation and amortization98.4  44.3  
Impairment charges82.5    
Deferred income taxes(23.4) 0.2  
Amortization of deferred financing costs2.5  0.9  
Share-based compensation9.4  8.7  
Settlement of Milacron share-based equity awards5.9    
Net loss on divestiture3.0    
Trade accounts receivable and receivables from long-term manufacturing contracts59.6  (15.5) 
Inventories35.9  (15.0) 
Prepaid expenses and other current assets6.5  (6.0) 
Trade accounts payable(76.4) 28.3  
Liabilities from long-term manufacturing contracts and advances,
accrued compensation, and other current liabilities(46.7) (29.8) 
Income taxes payable15.5  (5.3) 
Defined benefit plan and postretirement funding(7.5) (6.8) 
Defined benefit plan and postretirement expense4.6  2.6  
Other, net(1.7) 2.8  
Net cash provided by operating activities120.1  109.6  
Investing Activities  
Capital expenditures(20.3) (12.6) 
Proceeds from sales of property, plant, and equipment14.2    
Acquisition of businesses, net of cash acquired(1,503.1) (25.9) 
Proceeds from divestiture, net of cash divested222.4    
Other, net  0.1  
Net cash used in investing activities(1,286.8) (38.4) 
Financing Activities  
Proceeds from issuance of long-term debt1,125.2    
Repayments on long-term debt(27.2)   
Proceeds from revolving credit facilities1,157.8  449.7  
Repayments on revolving credit facilities(1,158.9) (470.1) 
Payment of deferred financing costs(13.7)   
Payments of dividends on common stock(47.6) (39.4) 
Proceeds from stock option exercises 0.4  2.4  
Payments for employee taxes on net settlement equity awards(1.9) (4.2) 
Other, net(3.0) (0.9) 
Net cash provided by (used in) financing activities1,031.1  (62.5) 
Effect of exchange rates on cash and cash equivalents1.1  (0.2) 
Net cash flows(134.5) 8.5  
Cash, cash equivalents, and restricted cash:  
At beginning of period399.4  56.5  
At end of period$264.9  $65.0  
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:
June 30, 2020June 30, 2019
Cash and cash equivalents$263.1  $64.4  
Short-term restricted cash included in other current assets1.8  0.6  
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows$264.9  $65.0  
See Condensed Notes to Consolidated Financial Statements
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Table of Contents
Hillenbrand, Inc.
Consolidated Statements of Shareholders’ Equity (Unaudited)
(in millions)
Three Months Ended June 30, 2020
 Common StockAdditional
Paid-in
Capital
Retained
Earnings
Treasury StockAccumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
 SharesSharesAmount
Balance at March 31, 202075.8  $716.3  $496.4  1.1  $(45.4) $(158.3) $18.0  $1,027.0  
Total other comprehensive income (loss), net of tax—  —  —  —  —  15.7  (0.1) 15.6  
Net income—  —  24.0  —  —  —  1.0  25.0  
Issuance/retirement of stock for stock awards/options  (0.4) —    0.5  —  —  0.1  
Share-based compensation—  3.7  —  —  —  —  —  3.7  
Dividends ($0.2125 per share)—  0.1  (16.0) —  —  —  (0.4) (16.3) 
Balance at June 30, 202075.8  $719.7  $504.4  1.1  $(44.9) $(142.6) $18.5  $1,055.1  
Nine Months Ended June 30, 2020
Common StockAdditional
Paid-in
Capital
Retained
Earnings
Treasury StockAccumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
SharesSharesAmount
Balance at September 30, 201963.9  $345.3  $599.5  1.2  $(50.1) $(140.6) $15.7  $769.8  
Total other comprehensive income (loss), net of tax—  —  —  —  —  4.0  (0.7) 3.3  
Net (loss) income—  —  (53.1) —  —  —  5.1  (48.0) 
Issuance/retirement of stock for stock awards/options  (6.7) —  (0.1) 5.2  —  —  (1.5) 
Share-based compensation—  9.4  —  —  —  —  —  9.4  
Dividends ($0.6375 per share)—  0.4  (48.0) —  —  —  (1.6) (49.2) 
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 June 30, 202075.8  $719.7  $504.4  1.1  $(44.9) $(142.6) $18.5  $1,055.1  
(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













6

Table of Contents
Hillenbrand, Inc.
Consolidated Statements of Shareholders’ Equity (Unaudited)
(in millions)
Three Months Ended June 30, 2019
 Common StockAdditional
Paid-in
Capital
Retained
Earnings
Treasury StockAccumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
 SharesSharesAmount
Balance at March 31, 201963.9  $343.1  $571.1  1.3  $(55.6) $(101.8) $13.3  $770.1  
Total other comprehensive income, net of tax—  —  —  —  —  3.3    3.3  
Net income—  —  30.4  —  —  —  1.3  31.7  
Issuance/retirement of stock for stock awards/options  (0.9) —    1.9  —  —  1.0  
Share-based compensation—  2.9  —  —  —  —  —  2.9  
Dividends ($0.2100 per share)—  0.2  (13.4) —  —  —    (13.2) 
Balance at June 30, 201963.9  $345.3  $588.1  1.3  $(53.7