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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 March 31, 2021

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 75,248,374 shares of common stock, no par value per share, outstanding as of April 29, 2021.


Table of Contents

HILLENBRAND, INC.
INDEX TO FORM 10-Q
 
  Page
  
   
 
   
 
   
 
   
 
   
 
   
 
   
   
   
   
  
   
   
   
   
 
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PART IFINANCIAL 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,
 2021202020212020
Net revenue$722.3 $648.9 $1,414.8 $1,215.8 
Cost of goods sold476.4 455.2 924.7 850.3 
Gross profit245.9 193.7 490.1 365.5 
Operating expenses138.0 136.0 269.6 293.4 
Amortization expense14.1 24.0 27.7 38.8 
(Gain) loss on divestitures(34.1)3.0 (65.7)3.0 
Impairment charges 82.5  82.5 
Interest expense19.5 20.9 40.7 35.6 
Other income, net1.0 2.3 0.6 4.2 
Income (loss) before income taxes109.4 (70.4)218.4 (83.6)
Income tax expense (benefit)30.4 1.8 61.7 (10.6)
Consolidated net income (loss)79.0 (72.2)156.7 (73.0)
Less: Net income attributable to noncontrolling interests0.9 1.8 2.2 4.1 
Net income (loss) attributable to Hillenbrand$78.1 $(74.0)$154.5 $(77.1)
Net income (loss) attributable to Hillenbrand — per share of common stock:  
Basic earnings (loss) per share$1.04 $(0.99)$2.05 $(1.07)
Diluted earnings (loss) per share$1.03 $(0.99)$2.04 $(1.07)
Weighted average shares outstanding (basic)75.5 75.1 75.4 71.7 
Weighted average shares outstanding (diluted)76.2 75.1 75.8 71.7 

See Condensed Notes to Consolidated Financial Statements


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Hillenbrand, Inc.
Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
(in millions)
 
Three Months Ended
March 31,
Six Months Ended
March 31,
 2021202020212020
Consolidated net income (loss)$79.0 $(72.2)$156.7 $(73.0)
Changes in other comprehensive income (loss), net of tax:
Currency translation adjustment(45.2)(30.2)14.1 (12.9)
Pension and postretirement (net of quarter-to-date tax expense of $0.3 and $0.4 and year-to-date tax expense of $0.6 and $0.9)
0.6 1.4 1.8 2.5 
Change in net unrealized (loss) gain on derivative instruments (net of quarter-to-date tax (benefit) expense of ($0.3) and $0.9 and year-to-date tax expense (benefit) of $0.0 and $0.7)(0.5)(3.3)1.2 (1.9)
Total changes in other comprehensive (loss) income, net of tax(45.1)(32.1)17.1 (12.3)
Consolidated comprehensive income (loss)33.9 (104.3)173.8 (85.3)
Less: Comprehensive income attributable to noncontrolling interests0.9 1.3 2.3 3.5 
Comprehensive income (loss) attributable to Hillenbrand$33.0 $(105.6)$171.5 $(88.8)
 
See Condensed Notes to Consolidated Financial Statements

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Hillenbrand, Inc.
Consolidated Balance Sheets
(in millions)
March 31, 2021 (unaudited)September 30,
2020
ASSETS  
Current Assets  
Cash and cash equivalents$344.9 $302.2 
Trade receivables, net293.4 279.5 
Receivables from long-term manufacturing contracts149.2 138.1 
Inventories, net385.0 385.4 
Prepaid expenses and other current assets82.6 83.2 
Current assets held for sale62.7 181.3 
Total current assets1,317.8 1,369.7 
Property, plant, and equipment, net296.4 314.2 
Operating lease right-of-use assets150.6 154.4 
Intangible assets, net939.1 960.7 
Goodwill1,165.9 1,137.8 
Other long-term assets47.3 50.6 
Total Assets$3,917.1 $3,987.4 
LIABILITIES  
Current Liabilities  
Trade accounts payable$293.8 $271.6 
Liabilities from long-term manufacturing contracts and advances265.6 189.1 
Current portion of long-term debt 36.3 
Accrued compensation95.6 96.1 
Current liabilities held for sale18.7 32.5 
Other current liabilities246.8 226.5 
Total current liabilities920.5 852.1 
Long-term debt1,211.9 1,516.3 
Accrued pension and postretirement healthcare163.8 166.8 
Operating lease liabilities116.4 120.9 
Deferred income taxes199.3 185.8 
Other long-term liabilities69.5 66.1 
Total Liabilities2,681.4 2,908.0 
Commitments and contingencies (Note 15)
SHAREHOLDERS’ EQUITY  
Common stock, no par value (75.8 and 75.8 shares issued, 75.2 and 74.8 shares outstanding)  
Additional paid-in capital720.5 723.6 
Retained earnings603.1 481.4 
Treasury stock (0.6 and 1.0 shares)(23.4)(43.2)
Accumulated other comprehensive loss(85.8)(102.8)
Hillenbrand Shareholders’ Equity1,214.4 1,059.0 
Noncontrolling interests21.3 20.4 
Total Shareholders’ Equity1,235.7 1,079.4 
Total Liabilities and Shareholders’ Equity$3,917.1 $3,987.4 

 See Condensed Notes to Consolidated Financial Statements
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Hillenbrand, Inc.
Consolidated Statements of Cash Flows (Unaudited)
(in millions)
Six Months Ended
March 31,
 20212020
Operating Activities  
Consolidated net income (loss)$156.7 $(73.0)
Adjustments to reconcile net income (loss) to cash provided by operating activities:  
Depreciation and amortization57.6 64.5 
Impairment charges 82.5 
Deferred income taxes15.0 (47.0)
Amortization of deferred financing costs4.6 1.4 
Share-based compensation10.4 5.7 
Settlement of Milacron share-based equity awards 5.9 
(Gain) loss on divestitures(65.7)3.0 
Trade accounts receivable and receivables from long-term manufacturing contracts(21.0)37.7 
Inventories, net(5.6)35.4 
Prepaid expenses and other current assets(4.1)8.7 
Trade accounts payable21.2 (41.0)
Liabilities from long-term manufacturing contracts and advances,
accrued compensation, and other current liabilities83.9 (45.7)
Income taxes payable4.3 14.4 
Defined benefit plan and postretirement funding(4.6)(5.2)
Defined benefit plan and postretirement expense1.4 3.2 
Other, net4.9 (5.2)
Net cash provided by operating activities259.0 45.3 
Investing Activities  
Capital expenditures(11.6)(15.0)
Proceeds from sales of property, plant, and equipment 13.3 
Acquisition of businesses, net of cash acquired (1,503.1)
Proceeds from divestitures, net of cash divested165.7 222.4 
Net cash provided by (used in) investing activities154.1 (1,282.4)
Financing Activities  
Proceeds from issuance of long-term debt350.0 725.0 
Repayments on long-term debt(688.8)(9.1)
Proceeds from revolving credit facilities395.0 1,082.8 
Repayments on revolving credit facilities(395.0)(544.7)
Payment of deferred financing costs(3.5)(7.0)
Payments of dividends on common stock(32.3)(31.7)
Proceeds from stock option exercises 8.7 0.2 
Payments for employee taxes on net settlement equity awards(2.9)(1.8)
Other, net(1.3)(1.1)
Net cash (used in) provided by financing activities(370.1)1,212.6 
Effect of exchange rates on cash and cash equivalents(7.5)(0.5)
Net cash flows35.5 (25.0)
Cash, cash equivalents, and restricted cash:  
At beginning of period311.8 399.4 
At end of period$347.3 $374.4 
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, 2021March 31, 2020
Cash and cash equivalents$344.9 $374.0 
Short-term restricted cash included in other current assets2.4 0.4 
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows$347.3 $374.4 
See Condensed Notes to Consolidated Financial Statements
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Hillenbrand, Inc.
Consolidated Statements of Shareholders’ Equity (Unaudited)
(in millions)
Three Months Ended March 31, 2021
Shareholders of Hillenbrand, Inc.
 Common StockAdditional
Paid-in
Capital
Retained
Earnings
Treasury StockAccumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
 SharesSharesAmount
Balance at December 31, 202075.8 $717.2 $541.4 0.7 $(32.0)$(40.7)$20.4 $1,206.3 
Total other comprehensive loss, net of tax— — — — — (45.1)— (45.1)
Net income— — 78.1 — — — 0.9 79.0 
Issuance/retirement of stock for stock awards/options— (3.1)— (0.1)8.6 — — 5.5 
Share-based compensation— 6.2 — — — — — 6.2 
Dividends ($0.2150 per share)— 0.2 (16.4)— — — — (16.2)
Balance at March 31, 202175.8 $720.5 $603.1 0.6 $(23.4)$(85.8)$21.3 $1,235.7 
Six Months Ended March 31, 2021
Shareholders of Hillenbrand, Inc.
Common StockAdditional
Paid-in
Capital
Retained
Earnings
Treasury StockAccumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
SharesSharesAmount
Balance at September 30, 202075.8 $723.6 $481.4 1.0 $(43.2)$(102.8)$20.4 $1,079.4 
Total other comprehensive income, net of tax— — — — — 17.0 0.1 17.1 
Net income— — 154.5 — — — 2.2 156.7 
Issuance/retirement of stock for stock awards/options— (14.0)— (0.4)19.8 — — 5.8 
Share-based compensation— 10.4 — — — — — 10.4 
Dividends ($0.4300 per share)— 0.5 (32.8)— — — (1.4)(33.7)
Balance at March 31, 202175.8 $720.5 $603.1 0.6 $(23.4)$(85.8)$21.3 $1,235.7 



See Condensed Notes to Consolidated Financial Statements
















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Hillenbrand, Inc.
Consolidated Statements of Shareholders’ Equity (Unaudited)
(in millions)
Three Months Ended March 31, 2020
Shareholders of Hillenbrand, Inc.
 Common StockAdditional
Paid-in
Capital
Retained
Earnings
Treasury StockAccumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
 SharesSharesAmount
Balance at December 31, 201975.8 $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)— — — —  
Balance at March 31, 202075.8 $716.3 $496.4 1.1 $(45.4)$(158.3)$18.0 $1,027.0 
Six Months Ended March 31, 2020
Shareholders of Hillenbrand, Inc.
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 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, 202075.8 $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

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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.

Hillenbrand’s portfolio is composed of three reportable operating segments. Advanced Process Solutions businesses design, develop, manufacture, and service highly engineered industrial equipment around the world. Molding Technology Solutions 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 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, 2020, as filed with the SEC on November 12, 2020. 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 and are normal and recurring in nature. 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, carrying value of businesses held for sale, 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, 2021 are reflected in the Consolidated Financial Statements. Given the unprecedented nature of the COVID-19 pandemic, the Company cannot reasonably estimate the full extent of the impact that the COVID-19 pandemic will have on its consolidated financial condition, results of operations, or cash flows in the foreseeable future. The ultimate impact of the COVID-19 pandemic on the Company is highly uncertain and will depend on future developments, and such impacts could exist for an extended period of time, even after the COVID-19 pandemic subsides. Events and changes in circumstances arising after March 31, 2021, 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.

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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 as of and for the year ended September 30, 2020, except as described below.

Recently Adopted Accounting Standards

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, 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 became effective for the Company’s fiscal year beginning on October 1, 2020. As a result of the Company’s assessment on its trade receivables and receivables from long-term manufacturing contracts, ASU 2016-13 did not have a material impact on the Consolidated Financial Statements.

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 one-time decrease to accumulated other comprehensive loss and an increase to retained earnings of $6.0 on the Consolidated Balance Sheet as of October 1, 2019, 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 December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 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.

3.Revenue Recognition

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, 2021 and September 30, 2020 was $149.2 and $138.1, 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, 2021 and September 30, 2020 was $265.6 and $189.1, respectively, and consists primarily of cash payments received or due in advance of satisfying performance obligations. The revenue recognized for the six months ended March 31, 2021 and 2020 related to liabilities from long-term manufacturing contracts and advances as of September 30, 2020 and 2019 was $97.6 and $87.8, respectively. During the three and six months ended March 31, 2021 and 2020, the adjustments related to performance obligations satisfied in previous periods were immaterial.

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Transaction price allocated to the remaining performance obligations
                                            
As of March 31, 2021, the aggregate amount of transaction price of remaining performance obligations for the Company, which corresponds to backlog as defined in Item 2 of this Form 10-Q, was $1,520.6 for the Company. Approximately 78% 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

The following tables present net revenue by end market:
Three Months Ended March 31, 2021Six Months Ended March 31, 2021
Advanced Process SolutionsMolding Technology SolutionsBatesvilleTotalAdvanced Process SolutionsMolding Technology SolutionsBatesvilleTotal
End Market
  Plastics$210.4 $ $ $210.4 $405.1 $ $ $405.1 
  Automotive 42.5