hi-20240331

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, 2024

☐ 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 or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

One Batesville Boulevard
Batesville,	Indiana	47006
(Address of principal executive offices)		(Zip Code)

(812) 931-5000

(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

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 70,195,438 shares of common stock, no par value per share, outstanding as of April 26, 2024.

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HILLENBRAND, INC.

INDEX TO FORM 10-Q


		Page
	PART I — FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)

	Consolidated Statements of Operations for the Three and Six Months Ended March 31, 2024 and 2023	2

	Consolidated Statements of Comprehensive (Loss) Income for the Three and Six Months Ended March 31, 2024 and 2023	3

	Consolidated Balance Sheets at March 31, 2024 and September 30, 2023	4

	Consolidated Statements of Cash Flows for the Six Months Ended March 31, 2024 and 2023	5

	Consolidated Statements of Shareholders’ Equity for the Three and Six Months Ended March 31, 2024 and 2023	6

	Condensed Notes to Consolidated Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	44

Item 4.	Controls and Procedures	44

	PART II — OTHER INFORMATION

Item 1.	Legal Proceedings	45

Item 1A.	Risk Factors	45





Item 5.	Other Information	45

Item 6.	Exhibits	45

SIGNATURES

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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,
	2024		2023		2024		2023
Net revenue	$	785.3	$	690.9	$	1,558.6	$	1,346.6
Cost of goods sold	534.6		464.8		1,056.9		912.9
Gross profit	250.7		226.1		501.7		433.7
Operating expenses	181.4		139.5		339.3		277.4
Amortization expense	25.7		19.8		51.2		38.9


Pension settlement charge	—		—		8.3		—
Interest expense, net	30.8		18.6		60.6		40.1

Income from continuing operations before income taxes	12.8		48.2		42.3		77.3
Income tax expense	4.2		24.1		14.2		26.4
Income from continuing operations	8.6		24.1		28.1		50.9
(Loss) income from discontinued operations (net of income tax (benefit) expense)	—		(1.5)		(0.3)		19.5
Gain on divestiture of discontinued operations (net of income tax expense)	—		440.9		—		440.9
Total income (loss) from discontinued operations	—		439.4		(0.3)		460.4
Consolidated net income	8.6		463.5		27.8		511.3
Less: Net income attributable to noncontrolling interests	2.5		0.8		4.5		3.1
Net income attributable to Hillenbrand	$	6.1	$	462.7	$	23.3	$	508.2

Earnings per share
Basic earnings per share
Income from continuing operations attributable to Hillenbrand	$	0.09	$	0.33	$	0.34	$	0.69
Income from discontinued operations	—		6.31		—		6.62
Net income attributable to Hillenbrand	$	0.09	$	6.64	$	0.34	$	7.31
Diluted earnings per share
Income from continuing operations attributable to Hillenbrand	$	0.09	$	0.33	$	0.34	$	0.68
Income (loss) from discontinued operations	—		6.27		(0.01)		6.59
Net income attributable to Hillenbrand	$	0.09	$	6.60	$	0.33	$	7.27
Weighted average shares outstanding (basic)	70.4		69.7		70.4		69.6
Weighted average shares outstanding (diluted)	70.7		70.1		70.6		69.9

See Condensed Notes to Consolidated Financial Statements

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Hillenbrand, Inc.

Consolidated Statements of Comprehensive (Loss) Income (Unaudited)

(in millions)


	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Consolidated net income	$	8.6	$	463.5	$	27.8	$	511.3
Changes in other comprehensive (loss) income, net of tax:
Currency translation adjustment (1)	(34.1)		19.4		15.2		62.4
Pension and postretirement	—		(1.3)		6.0		(1.5)
Change in net unrealized (loss) gain on derivative instruments	—		(0.4)		0.9		3.3

Total changes in other comprehensive (loss) income, net of tax	(34.1)		17.7		22.1		64.2
Consolidated comprehensive (loss) income	(25.5)		481.2		49.9		575.5
Less: Comprehensive income attributable to noncontrolling interests	2.0		1.0		4.0		3.1
Comprehensive (loss) income attributable to Hillenbrand	$	(27.5)	$	480.2	$	45.9	$	572.4

(1)Includes gains and losses on intra-entity foreign currency transactions that are of a long-term investment nature.

See Condensed Notes to Consolidated Financial Statements

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Hillenbrand, Inc.

Consolidated Balance Sheets

(in millions)


	March 31, 2024 (unaudited)		September 30, 2023
ASSETS
Current Assets
Cash and cash equivalents	$	224.4	$	242.9
Trade receivables, net	348.5		398.7
Receivables from long-term manufacturing contracts, net	329.7		260.2
Inventories, net	588.9		592.6

Prepaid expenses and other current assets	137.1		113.2


Total current assets	1,628.6		1,607.6
Property, plant, and equipment, net	329.4		320.7
Operating lease right-of-use assets, net	112.0		111.3
Intangible assets, net	1,346.8		1,377.1
Goodwill	2,044.5		2,028.1
Other long-term assets	109.2		102.9

Total Assets	$	5,570.5	$	5,547.7

LIABILITIES
Current Liabilities
Trade accounts payable	$	452.5	$	451.5
Liabilities from long-term manufacturing contracts and advances	369.8		388.5
Current portion of long-term debt	20.0		19.7
Accrued compensation	116.1		99.6


Other current liabilities	253.7		331.7
Total current liabilities	1,212.1		1,291.0
Long-term debt	2,087.0		1,990.4
Accrued pension and postretirement healthcare	101.5		101.4
Operating lease liabilities	85.3		88.1
Deferred income taxes	314.5		351.2
Other long-term liabilities	87.9		62.7

Total Liabilities	3,888.3		3,884.8

Commitments and contingencies (Note 15)

SHAREHOLDERS’ EQUITY
Common stock, no par value (75.8 and 75.8 shares issued, 70.2 and 69.9 shares outstanding)	—		—
Additional paid-in capital	704.2		709.5
Retained earnings	1,311.3		1,319.6
Treasury stock (5.6 and 5.9 shares, at cost)	(239.9)		(251.7)
Accumulated other comprehensive loss	(124.5)		(147.1)
Hillenbrand Shareholders’ Equity	1,651.1		1,630.3
Noncontrolling interests	31.1		32.6
Total Shareholders’ Equity	1,682.2		1,662.9

Total Liabilities and Shareholders’ Equity	$	5,570.5	$	5,547.7

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,
	2024		2023
Operating activities from continuing operations
Consolidated net income	$	27.8	$	511.3
Adjustments to reconcile income from continuing operations to (used in) provided by operating activities:
Total loss (income) from discontinued operations (net of income tax (benefit) expense)	0.3		(460.4)

Depreciation and amortization	80.0		62.0

Deferred income taxes	(41.3)		(10.8)
Amortization of deferred financing costs	2.0		1.9
Share-based compensation	9.9		11.8

Trade accounts receivable, net and receivables from long-term manufacturing contracts	(13.5)		(79.1)
Inventories, net	5.4		13.2
Prepaid expenses and other current assets	(32.3)		(1.4)
Trade accounts payable	(1.1)		(1.6)
Liabilities from long-term manufacturing contracts and advances,
accrued compensation, and other current liabilities	(53.0)		(4.5)
Income taxes payable	(11.5)		11.3
Accrued pension and postretirement	5.6		(3.1)
Other, net	0.9		(5.9)
Net cash (used in) provided by operating activities from continuing operations	(20.8)		44.7

Investing activities from continuing operations
Capital expenditures	(25.2)		(32.2)
Proceeds from sales of property, plant, and equipment	0.1		0.8

Acquisition of businesses, net of cash acquired	—		(626.8)
Proceeds from divestitures, net of cash divested	—		696.7
Other, net	(2.8)		—
Net cash (used in) provided by investing activities from continuing operations	(27.9)		38.5

Financing activities from continuing operations
Proceeds from issuance of long-term debt	500.0		200.0
Repayments on long-term debt	(10.0)		(102.5)
Proceeds from revolving credit facilities	185.1		829.3
Repayments on revolving credit facilities	(585.0)		(887.1)
Payment of deferred financing costs	(6.2)		(0.6)
Payments of dividends on common stock	(31.2)		(30.6)

Proceeds from stock option exercises	2.3		10.6
Payments for employee taxes on net settlement equity awards	(6.1)		(12.2)
Other, net	(2.7)		(1.5)
Net cash provided by financing activities from continuing operations	46.2		5.4
Cash (used in) provided by continuing operations	(2.5)		88.6
Cash (used in) provided by discontinued operations:
Operating cash flows	(23.3)		4.2
Investing cash flows	—		(7.6)
Total cash used in discontinued operations	(23.3)		(3.4)
Effect of exchange rates on cash and cash equivalents	0.8		(6.9)
Net cash flows	(25.0)		78.3

Cash and cash equivalents:
At beginning of period	250.2		237.6
At end of period	$	225.2	$	315.9

See Condensed Notes to Consolidated Financial Statements

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Hillenbrand, Inc.

Consolidated Statements of Shareholders’ Equity (Unaudited)

(in millions)


	Shareholders of Hillenbrand, Inc.
	Three Months Ended March 31, 2024
	Common Stock	Additional Paid-in Capital		Retained Earnings		Treasury Stock			Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total
	Shares					Shares	Amount
Balance at December 31, 2023	75.8	$	701.2	$	1,321.0	5.7	$	(242.7)	$	(90.9)	$	30.4	$	1,719.0
Total other comprehensive loss, net of tax	—	—		—		—	—		(33.6)		(0.5)		(34.1)
Net income	—	—		6.1		—	—		—		2.5		8.6
Issuance/retirement of stock for stock awards/options	—	(1.9)		—		(0.1)	2.8		—		—		0.9
Share-based compensation	—	4.7		—		—	—		—		—		4.7
Dividends ($0.2225 per share)	—	0.2		(15.8)		—	—		—		(1.3)		(16.9)

Balance at March 31, 2024	75.8	$	704.2	$	1,311.3	5.6	$	(239.9)	$	(124.5)	$	31.1	$	1,682.2

	Six Months Ended March 31, 2024
	Common Stock	Additional Paid-in Capital		Retained Earnings		Treasury Stock			Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total
	Shares					Shares	Amount
Balance at September 30, 2023	75.8	$	709.5	$	1,319.6	5.9	$	(251.7)	$	(147.1)	$	32.6	$	1,662.9
Total other comprehensive income (loss), net of tax	—	—		—		—	—		22.6		(0.5)		22.1
Net income	—	—		23.3		—	—		—		4.5		27.8
Issuance/retirement of stock for stock awards/options	—	(15.6)		—		(0.3)	11.8		—		—		(3.8)
Share-based compensation	—	9.9		—		—	—		—		—		9.9
Dividends ($0.4450 per share)	—	0.4		(31.6)		—	—		—		(2.5)		(33.7)
Purchase of noncontrolling interests	—	—		—		—	—		—		(3.0)		(3.0)
Balance at March 31, 2024	75.8	$	704.2	$	1,311.3	5.6	$	(239.9)	$	(124.5)	$	31.1	$	1,682.2

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	Shareholders of Hillenbrand, Inc.
	Three Months Ended March 31, 2023
	Common Stock	Additional Paid-in Capital		Retained Earnings		Treasury Stock			Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total
	Shares					Shares	Amount
Balance at December 31, 2022	75.8	$	706.5	$	842.0	6.5	$	(277.0)	$	(108.9)	$	30.2	$	1,192.8
Total other comprehensive income, net of tax	—	—		—		—	—		17.5		0.2		17.7
Net income	—	—		462.7		—	—		—		0.8		463.5

Issuance/retirement of stock for stock awards/options	—	(9.4)		—		(0.3)	10.1		—		—		0.7
Share-based compensation	—	7.4		—		—	—		—		—		7.4
Dividends ($0.22 per share)	—	0.2		(15.5)		—	—		—		—		(15.3)



Balance at March 31, 2023	75.8	$	704.7	$	1,289.2	6.2	$	(266.9)	$	(91.4)	$	31.2	$	1,666.8

	Six Months Ended March 31, 2023
	Common Stock	Additional Paid-in Capital		Retained Earnings		Treasury Stock			Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total
	Shares					Shares	Amount
Balance at September 30, 2022	75.8	$	723.8	$	812.0	6.9	$	(297.3)	$	(155.6)	$	25.1	$	1,108.0
Total other comprehensive income, net of tax	—	—		—		—	—		64.2		—		64.2
Net income	—	—		508.2		—	—		—		3.1		511.3

Issuance/retirement of stock for stock awards/options	—	(32.0)		—		(0.7)	30.4		—		—		(1.6)
Share-based compensation	—	12.5		—		—	—		—		—		12.5
Dividends ($0.44 per share)	—	0.4		(31.0)		—	—		—		(1.6)		(32.2)
Acquisition of noncontrolling interests	—	—		—		—	—		—		4.6		4.6
Balance at March 31, 2023	75.8	$	704.7	$	1,289.2	6.2	$	(266.9)	$	(91.4)	$	31.2	$	1,666.8

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 industrial company that provides highly-engineered processing equipment and solutions to customers around the world. Our portfolio is composed of leading industrial brands that serve large, attractive end markets, including durable plastics, food, and recycling. Guided by our Purpose, Shape What Matters for TomorrowTM, we pursue excellence, collaboration, and innovation to shape solutions that best serve our people, our customers, and our communities. Customers choose Hillenbrand due to our reputation for designing, manufacturing, and servicing highly-engineered, mission-critical equipment and solutions that meet their unique and complex processing requirements.

On February 1, 2023, the Company completed the divestiture of its historical Batesville reportable operating segment (“Batesville”) to BL Memorial Partners, LLC, a Delaware limited liability company owned by funds affiliated with LongRange Capital, L.P., for $761.5, including an $11.5 subordinated note.

This divestiture represented a strategic shift in Hillenbrand’s business and qualified as a discontinued operation. Accordingly, the operating results and cash flows related to Batesville have been reflected as discontinued operations in the Consolidated Statements of Operations and the Consolidated Statements of Cash Flows for all periods presented. Unless otherwise noted, discussion within the condensed notes to the Consolidated Financial Statements relates to continuing operations only and excludes Batesville. See Note 4 for additional information on this divestiture.

The Company is providing, and will continue to provide, certain transition services to Batesville for applicable fees that are not material to the Company’s consolidated financial position. The transition services vary in duration depending upon the type of service provided.

As a result of the divestiture, Hillenbrand is now composed of two reportable operating segments: Advanced Process Solutions and Molding Technology Solutions. Advanced Process Solutions is a leading global provider of highly-engineered process and material handling equipment, systems, and aftermarket parts and services for a variety of industries, including durable plastics, food, and recycling. Molding Technology Solutions is a global leader in highly-engineered equipment, systems, and aftermarket parts and service for the plastic technology processing industry. Molding Technology Solutions has a comprehensive product portfolio that includes injection molding and extrusion equipment, hot runner systems, process control systems, mold bases and components, and maintenance, repair, and operating (“MRO”) supplies.

The Consolidated Financial Statements include the accounts of Hillenbrand and its subsidiaries. They also include three 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 refer 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 (“U.S.”) 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, 2023, as filed with the SEC on November 15, 2023. In the opinion of management, these unaudited 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 consolidated 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 net revenue 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 over time method, establishment of reserves related to credit losses, warranties, inventories, income taxes, litigation, and self-insurance.

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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, 2023.

Recently adopted accounting standards

In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50); Disclosure of Supplier Finance Program Obligations. ASU 2022-04 requires entities that use supplier finance programs to disclose information about the nature and potential magnitude of the programs, activity during the period, and changes from period to period. ASU 2022-04 does not affect the recognition, measurement, or consolidated financial statement presentation of obligations covered by supplier finance programs. The Company adopted ASU 2022-04 effective October 1, 2023. The adoption of ASU 2022-04 did not have a material effect on our Consolidated Financial Statements and related disclosures. See Note 6 for further details.

Recently issued accounting standards

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires additional disclosures pertaining to significant expenses and other items of an entity’s reportable operating segments. ASU 2023-07 is effective for annual periods beginning after December 15, 2023 (fiscal 2025). Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-07 on the Consolidated Financial Statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. ASU 2023-09 will be effective for annual periods beginning after December 15, 2024 (fiscal 2026). The Company is currently evaluating the impact of ASU 2023-09 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 and sales incentives, 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 based upon historical experience.

Contract balances

The balance in receivables from long-term manufacturing contracts at March 31, 2024 and September 30, 2023, was $329.7 and $260.2, respectively. The change was driven by the impact of net revenue recognized prior to billings to customers. The balance in the liabilities from long-term manufacturing contracts and advances at March 31, 2024 and September 30, 2023, was $369.8 and $388.5, respectively, and consists primarily of cash payments received in advance of satisfying performance obligations. The net revenue recognized for the six months ended March 31, 2024 and 2023, related to liabilities from long-term manufacturing contracts and advances as of September 30, 2023 and 2022, was $209.7 and $147.1, respectively. During the three and six months ended March 31, 2024 and 2023, the adjustments related to performance obligations satisfied in previous periods were immaterial.

Transaction price allocated to the remaining performance obligations

As of March 31, 2024, the aggregate amount of transaction price of remaining performance obligations for the Company, which corresponds to backlog as defined in Part I, Item 2 of this Quarterly Report on Form 10-Q, was $2,106.9. Approximately 84% 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.

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Disaggregation of revenue

The following tables present net revenue by end market:


	Three Months Ended March 31, 2024				Six Months Ended March 31, 2024
	Advanced Process Solutions		Molding Technology Solutions		Total		Advanced Process Solutions		Molding Technology Solutions		Total
End market
Plastics and recycling	$	237.5	$	—	$	237.5	$	481.1	$	—	$	481.1
Automotive	—		49.1		49.1		—		89.8		89.8
Chemicals	47.7		—		47.7		93.1		—		93.1
Consumer goods	—		23.4		23.4		—		51.7		51.7
Food and pharmaceuticals	175.1		—		175.1		357.9		—		357.9
Custom molders	—		24.3		24.3		—		49.4		49.4
Packaging	—		34.6		34.6		—		64.2		64.2
Construction	14.0		32.6		46.6		31.7		57.6		89.3
Minerals	21.0		—		21.0		41.0		—		41.0
Electronics	—		13.3		13.3		—		26.2		26.2
Medical	—		16.4		16.4		—		32.4		32.4
Other industrial	63.9		32.4		96.3		122.7		59.8		182.5
Total	$	559.2	$	226.1	$	785.3	$	1,127.5	$	431.1	$	1,558.6

	Three Months Ended March 31, 2023				Six Months Ended March 31, 2023
	Advanced Process Solutions		Molding Technology Solutions		Total		Advanced Process Solutions		Molding Technology Solutions		Total
End market
Plastics and recycling	$	248.3	$	—	$	248.3	$	489.1	$	—	$	489.1
Automotive	—		52.5		52.5		—		101.7		101.7
Chemicals	32.1		—		32.1		56.8		—		56.8
Consumer goods	—		34.3		34.3		—		67.4		67.4
Food and pharmaceuticals	98.6		—		98.6		202.4		—		202.4
Custom molders	—		30.7		30.7		—		57.3		57.3
Packaging	—		37.4		37.4		—		66.0		66.0
Construction	—		38.7		38.7		—		69.8		69.8
Minerals	18.7		—		18.7		32.5		—		32.5
Electronics	—		19.7		19.7		—		35.6		35.6
Medical	—		15.2		15.2		—		31.7		31.7

Other industrial	32.8		31.9		64.7		62.5		73.8		136.3
Total	$	430.5	$	260.4	$	690.9	$	843.3	$	503.3	$	1,346.6

Table of Contents

The following tables present net revenue by geography:


	Three Months Ended March 31, 2024				Six Months Ended March 31, 2024
	Advanced Process Solutions		Molding Technology Solutions		Total		Advanced Process Solutions		Molding Technology Solutions		Total
Geography (1)
Americas	$	257.9	$	127.5	$	385.4	$	522.1	$	237.4	$	759.5
Asia	134.2		62.6		196.8		280.4		123.1		403.5
Europe, the Middle East, and Africa	167.1		36.0		203.1		325.0		70.6		395.6
Total	$	559.2	$	226.1	$	785.3	$	1,127.5	$	431.1	$	1,558.6

	Three Months Ended March 31, 2023				Six Months Ended March 31, 2023
	Advanced Process Solutions		Molding Technology Solutions		Total		Advanced Process Solutions		Molding Technology Solutions		Total
Geography (1)
Americas	$	159.0	$	157.1	$	316.1	$	297.5	$	293.3	$	590.8
Asia	142.3		65.3		207.6		291.0		133.5		424.5
Europe, the Middle East, and Africa	129.2		38.0		167.2		254.8		76.5		331.3
Total	$	430.5	$	260.4	$	690.9	$	843.3	$	503.3	$	1,346.6

(1)The Company attributes net revenue to a geography based upon the location of the end customer.

The following tables present net revenue by products and services:


	Three Months Ended March 31, 2024				Six Months Ended March 31, 2024
	Advanced Process Solutions		Molding Technology Solutions		Total		Advanced Process Solutions		Molding Technology Solutions		Total
Products and services
Equipment	$	375.3	$	137.0	$	512.3	$	757.3	$	264.2	$	1,021.5
Parts and services	183.9		73.8		257.7		370.2		136.6		506.8
Other	—		15.3		15.3		—		30.3		30.3
Total	$	559.2	$	226.1	$	785.3	$	1,127.5	$	431.1	$	1,558.6

	Three Months Ended March 31, 2023				Six Months Ended March 31, 2023
	Advanced Process Solutions		Molding Technology Solutions		Total		Advanced Process Solutions		Molding Technology Solutions		Total
Products and services
Equipment	$	305.5	$	173.2	$	478.7	$	610.8	$	335.3	$	946.1
Parts and services	125.0		70.8		195.8		232.5		135.4		367.9
Other	—		16.4		16.4		—		32.6		32.6
Total	$	430.5	$	260.4	$	690.9	$	843.3	$	503.3	$	1,346.6

Table of Contents

The following tables present net revenue by timing of transfer:


	Three Months Ended March 31, 2024				Six Months Ended March 31, 2024
	Advanced Process Solutions		Molding Technology Solutions		Total		Advanced Process Solutions		Molding Technology Solutions		Total
Timing of transfer
Point in time	$	281.6	$	205.2	$	486.8	$	559.7	$	391.7	$	951.4
Over time	277.6		20.9		298.5		567.8		39.4		607.2
Total	$	559.2	$	226.1	$	785.3	$	1,127.5	$	431.1	$	1,558.6

	Three Months Ended March 31, 2023				Six Months Ended March 31, 2023
	Advanced Process Solutions		Molding Technology Solutions		Total		Advanced Process Solutions		Molding Technology Solutions		Total
Timing of transfer
Point in time	$	221.6	$	226.1	$	447.7	$	441.8	$	456.1	$	897.9
Over time	208.9		34.3		243.2		401.5		47.2		448.7
Total	$	430.5	$	260.4	$	690.9	$	843.3	$	503.3	$	1,346.6

4. Divestiture

As previously described, on February 1, 2023, the Company completed the divestiture of Batesville to BL Memorial Partners, LLC, a Delaware limited liability company owned by funds affiliated with LongRange Capital, L.P., for $761.5, including an $11.5 subordinated note. At closing, after the applicable adjustments, the Company received $698.0 in pre-tax cash proceeds, including an adjustment for cash on hand acquired from the Company, and the previously mentioned subordinated note.

Certain indirect corporate costs included within operating expenses in the Consolidated Statements of Operations that were previously allocated to Batesville do not qualify for classification within discontinued operations and are now reported as operating expenses in continuing operations within corporate expenses. In addition, costs directly attributable to the Batesville reportable operating segment divestiture have been reflected in discontinued operations. As a result, income before income taxes of the historical Batesville reportable operating segment decreased $14.4 and $17.9 for the three and six months ended March 31, 2023, respectively.

Discontinued operations

Components of amounts reflected in the Consolidated Statements of Operations related to discontinued operations are presented in the table, as follows:


	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Net revenue	$	—	$	57.7	$	—	$	213.7
Cost of goods sold	—		38.5		—		142.2
Gross profit	—		19.2		—		71.5
Operating expenses	—		23.1		0.3		44.0
(Loss) income from discontinued operations before income taxes	—		(3.9)		(0.3)		27.5
Income tax (benefit) expense	—		(2.4)		—		8.0
(Loss) income from discontinued operations (net of income tax (benefit) expense)	—		(1.5)		(0.3)		19.5
Gain on divestiture of discontinued operations (net of income tax expense of $145.1)	—		440.9		—		440.9
Total income (loss) from discontinued operations	$