Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Information

v3.3.1.900
Condensed Consolidating Information
3 Months Ended
Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Information
Condensed Consolidating Information
 
Certain 100% owned subsidiaries of Hillenbrand fully and unconditionally, jointly and severally, agreed to guarantee all of the indebtedness relating to our obligations under our revolving credit facility, term loan, senior unsecured notes, Series A Notes, and LG Facility.  The following are the condensed consolidating financial statements, including the guarantors, which present the statements of income, balance sheets, and cash flows of (i) the parent holding company, (ii) the guarantor subsidiaries, (iii) the non-guarantor subsidiaries, and (iv) eliminations necessary to present the information for Hillenbrand on a consolidated basis.

Condensed Consolidating Statements of Income
 
Three Months Ended December 31, 2015
 
Three Months Ended December 31, 2014
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Net revenue
$

 
$
197.3

 
$
205.2

 
$
(50.8
)
 
$
351.7

 
$

 
$
216.7

 
$
233.5

 
$
(48.7
)
 
$
401.5

Cost of goods sold

 
102.2

 
146.7

 
(25.4
)
 
223.5

 

 
114.3

 
172.8

 
(24.0
)
 
263.1

Gross profit

 
95.1

 
58.5

 
(25.4
)
 
128.2

 

 
102.4

 
60.7

 
(24.7
)
 
138.4

Operating expenses
7.2

 
60.1

 
40.2

 
(25.4
)
 
82.1

 
8.0

 
60.3

 
40.0

 
(24.7
)
 
83.6

Amortization expense

 
2.3

 
7.5

 

 
9.8

 
0.1

 
2.6

 
4.9

 

 
7.6

Interest expense
5.2

 

 
0.7

 

 
5.9

 
4.9

 

 
0.8

 

 
5.7

Other income (expense), net
0.1

 
(1.0
)
 
0.2

 

 
(0.7
)
 

 

 

 

 

Equity in net income (loss) of subsidiaries
26.4

 
2.2

 

 
(28.6
)
 

 
34.1

 
2.2

 

 
(36.3
)
 

Income (loss) before income taxes
14.1

 
33.9

 
10.3

 
(28.6
)
 
29.7

 
21.1

 
41.7

 
15.0

 
(36.3
)
 
41.5

Income tax expense (benefit)
(5.9
)
 
12.0

 
2.6

 

 
8.7

 
(8.4
)
 
14.9

 
5.3

 

 
11.8

Consolidated net income
20.0

 
21.9

 
7.7

 
(28.6
)
 
21.0

 
29.5

 
26.8

 
9.7

 
(36.3
)
 
29.7

Less: Net income attributable to
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
noncontrolling interests

 

 
1.0

 

 
1.0

 

 

 
0.2

 

 
0.2

Net income (loss) (1)
$
20.0

 
$
21.9

 
$
6.7

 
$
(28.6
)
 
$
20.0

 
$
29.5

 
$
26.8

 
$
9.5

 
$
(36.3
)
 
$
29.5

Consolidated comprehensive income (loss)
$
6.2

 
$
30.8

 
$
(6.8
)
 
$
(23.1
)
 
$
7.1

 
$
9.8

 
$
27.6

 
$
2.3

 
$
(29.8
)
 
$
9.9

Less: Comprehensive income attributable
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     to noncontrolling interests

 

 
0.9

 

 
0.9

 

 

 
0.1

 

 
0.1

Comprehensive income (loss) (2)
$
6.2

 
$
30.8

 
$
(7.7
)
 
$
(23.1
)
 
$
6.2

 
$
9.8

 
$
27.6

 
$
2.2

 
$
(29.8
)
 
$
9.8



(1) Net income attributable to Hillenbrand
(2) Comprehensive income attributable to Hillenbrand










Condensed Consolidating Balance Sheets
 
December 31, 2015
 
September 30, 2015
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Cash and cash equivalents
$
0.7

 
$
6.5

 
$
47.9

 
$

 
$
55.1

 
$
0.3

 
$
7.1

 
$
40.9

 
$

 
$
48.3

Trade receivables, net

 
98.3

 
75.1

 

 
173.4

 

 
113.4

 
74.5

 

 
187.9

Unbilled receivables from long-term
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
manufacturing contracts

 
8.4

 
111.9

 

 
120.3

 

 
13.5

 
131.4

 

 
144.9

Inventories

 
75.0

 
93.9

 
(2.8
)
 
166.1

 

 
69.0

 
87.1

 
(2.5
)
 
153.6

Deferred income taxes
0.2

 
15.8

 
3.3

 

 
19.3

 
1.8

 
15.7

 
4.4

 

 
21.9

Prepaid expense
2.9

 
6.3

 
12.0

 

 
21.2

 
2.8

 
6.5

 
14.5

 

 
23.8

Intercompany receivables

 
973.1

 
54.2

 
(1,027.3
)
 

 

 
921.8

 
60.2

 
(982.0
)
 

Other current assets
0.3

 
1.6

 
17.7

 
0.7

 
20.3

 
0.6

 
1.9

 
20.8

 
0.4

 
23.7

Total current assets
4.1

 
1,185.0

 
416.0

 
(1,029.4
)
 
575.7

 
5.5

 
1,148.9

 
433.8

 
(984.1
)
 
604.1

Property, plant and equipment, net
6.3

 
65.3

 
86.4

 

 
158.0

 
6.3

 
66.2

 
85.8

 

 
158.3

Intangible assets, net
2.1

 
173.0

 
324.7

 

 
499.8

 
2.2

 
175.6

 
281.8

 

 
459.6

Goodwill

 
211.7

 
357.5

 

 
569.2

 

 
211.7

 
332.3

 

 
544.0

Investment in consolidated subsidiaries
2,130.9

 
842.6

 

 
(2,973.5
)
 

 
2,082.7

 
836.1

 

 
(2,918.8
)
 

Other assets
22.9

 
28.7

 
0.4

 
(11.9
)
 
40.1

 
24.5

 
31.0

 
0.9

 
(14.3
)
 
42.1

Total Assets
$
2,166.3

 
$
2,506.3

 
$
1,185.0

 
$
(4,014.8
)
 
$
1,842.8

 
$
2,121.2

 
$
2,469.5

 
$
1,134.6

 
$
(3,917.2
)
 
$
1,808.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trade accounts payable
$
1.1

 
$
19.4

 
$
81.2

 
$

 
$
101.7

 
$
0.5

 
$
22.7

 
$
81.3

 
$
(0.2
)
 
$
104.3

Liabilities from long-term manufacturing
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
contracts and advances

 
12.3

 
57.9

 

 
70.2

 

 
13.5

 
66.2

 

 
79.7

Current portion of long-term debt
10.1

 

 

 

 
10.1

 
9.0

 

 
0.4

 

 
9.4

Accrued compensation
1.5

 
12.4

 
26.8

 

 
40.7

 
3.9

 
23.0

 
35.4

 

 
62.3

Deferred income taxes

 

 
19.7

 

 
19.7

 

 

 
25.4

 

 
25.4

Intercompany payables
1,024.8

 
5.3

 

 
(1,030.1
)
 

 
979.7

 
4.8

 

 
(984.5
)
 

Other current liabilities
9.5

 
44.7

 
56.9

 
1.5

 
112.6

 
18.1

 
46.0

 
58.6

 
0.4

 
123.1

Total current liabilities
1,047.0

 
94.1

 
242.5

 
(1,028.6
)
 
355.0

 
1,011.2

 
110.0

 
267.3

 
(984.3
)
 
404.2

Long-term debt
531.3

 

 
81.6

 

 
612.9

 
513.1

 

 
5.6

 

 
518.7

Accrued pension and
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
postretirement healthcare
1.1

 
119.9

 
94.1

 

 
215.1

 
1.1

 
119.8

 
97.8

 

 
218.7

Deferred income taxes

 
17.4

 
26.9

 
(12.7
)
 
31.6

 

 
17.0

 
26.5

 
(14.1
)
 
29.4

Other long-term liabilities
1.9

 
20.6

 
8.1

 

 
30.6

 
1.7

 
20.4

 
9.2

 

 
31.3

Total Liabilities
1,581.3

 
252.0

 
453.2

 
(1,041.3
)
 
1,245.2

 
1,527.1

 
267.2

 
406.4

 
(998.4
)
 
1,202.3

Total Hillenbrand Shareholders’ Equity
585.0

 
2,254.3

 
719.2

 
(2,973.5
)
 
585.0

 
594.1

 
2,202.3

 
716.5

 
(2,918.8
)
 
594.1

Noncontrolling interests

 

 
12.6

 

 
12.6

 

 

 
11.7

 

 
11.7

Total Equity
585.0

 
2,254.3

 
731.8

 
(2,973.5
)
 
597.6

 
594.1

 
2,202.3

 
728.2

 
(2,918.8
)
 
605.8

Total Liabilities and Equity
$
2,166.3

 
$
2,506.3

 
$
1,185.0

 
$
(4,014.8
)
 
$
1,842.8

 
$
2,121.2

 
$
2,469.5

 
$
1,134.6

 
$
(3,917.2
)
 
$
1,808.1




Condensed Consolidating Statements of Cash Flow
 
 
Three Months Ended December 31, 2015
 
Three Months Ended December 31, 2014
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in)
     operating activities
$
(1.7
)
 
$
3.2

 
$
34.2

 
$

 
$
35.7

 
$
(33.3
)
 
$
3.6

 
$
(12.2
)
 
$

 
$
(41.9
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investing activities:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Capital expenditures
(0.3
)
 
(3.8
)
 
(2.4
)
 

 
(6.5
)
 
(0.3
)
 
(3.3
)
 
(2.1
)
 

 
(5.7
)
Proceeds from sales of property, plant, and
     equipment

 

 
0.1

 

 
0.1

 

 
0.5

 

 

 
0.5

Acquisition of business, net of cash
     acquired

 

 
(105.7
)
 

 
(105.7
)
 

 

 

 

 

Other, net

 

 

 

 

 

 
(2.4
)
 
(0.2
)
 

 
(2.6
)
Net cash used in investing activities
(0.3
)
 
(3.8
)
 
(108.0
)
 

 
(112.1
)
 
(0.3
)
 
(5.2
)
 
(2.3
)
 

 
(7.8
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financing activities:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Repayments on term loan
(3.4
)
 

 

 

 
(3.4
)
 
(2.3
)
 

 

 

 
(2.3
)
Proceeds from revolving credit facilities
79.0

 

 
103.3

 

 
182.3

 
111.5

 

 
37.8

 

 
149.3

Repayments on revolving credit facilities
(57.5
)
 

 
(24.0
)
 

 
(81.5
)
 
(157.5
)
 

 
(29.7
)
 

 
(187.2
)
Proceeds from unsecured Series A Notes,
      net of financing costs

 

 

 

 

 
99.7

 

 

 

 
99.7

Payment of dividends on common stock
(12.7
)
 

 

 

 
(12.7
)
 
(12.6
)
 

 

 

 
(12.6
)
Repurchases of common stock
(3.0
)
 

 

 

 
(3.0
)
 
(6.8
)
 

 

 

 
(6.8
)
Net proceeds on stock plans
(0.8
)
 

 

 

 
(0.8
)
 
1.2

 

 

 

 
1.2

Other, net
0.8

 

 

 

 
0.8

 
1.0

 

 

 

 
1.0

Net cash provided by
     financing activities
2.4

 

 
79.3

 

 
81.7

 
34.2

 

 
8.1

 

 
42.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rates on cash and
     cash equivalents

 

 
1.5

 

 
1.5

 

 

 
1.4

 

 
1.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash flow
0.4

 
(0.6
)
 
7.0

 

 
6.8

 
0.6

 
(1.6
)
 
(5.0
)
 

 
(6.0
)
Cash and equivalents at beginning of
     period
0.3

 
7.1

 
40.9

 

 
48.3

 
0.4

 
10.6

 
47.0

 

 
58.0

Cash and equivalents at end of period
$
0.7

 
$
6.5

 
$
47.9

 
$

 
$
55.1

 
$
1.0

 
$
9.0

 
$
42.0

 
$

 
$
52.0