Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Information

v3.8.0.1
Condensed Consolidating Information
3 Months Ended
Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Information
Condensed Consolidating Information
 
Certain 100% owned domestic subsidiaries of Hillenbrand fully and unconditionally, jointly and severally, agreed to guarantee all of the indebtedness and guarantee obligations relating to our obligations under our senior unsecured notes.  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, 2017
 
Three Months Ended December 31, 2016
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Net revenue
$

 
$
218.2

 
$
229.1

 
$
(50.1
)
 
$
397.2

 
$

 
$
202.7

 
$
202.9

 
$
(49.5
)
 
$
356.1

Cost of goods sold

 
114.6

 
160.5

 
(24.2
)
 
250.9

 

 
109.2

 
145.5

 
(24.6
)
 
230.1

Gross profit

 
103.6

 
68.6

 
(25.9
)
 
146.3

 

 
93.5

 
57.4

 
(24.9
)
 
126.0

Operating expenses
11.1

 
61.4

 
42.6

 
(25.9
)
 
89.2

 
9.6

 
58.7

 
39.4

 
(24.9
)
 
82.8

Amortization expense

 
3.5

 
4.1

 

 
7.6

 

 
3.4

 
3.8

 

 
7.2

Interest expense
5.8

 

 
0.5

 

 
6.3

 
5.4

 

 
0.7

 

 
6.1

Other income (expense), net
(0.1
)
 
(0.2
)
 
(0.1
)
 

 
(0.4
)
 

 

 
(1.3
)
 

 
(1.3
)
Equity in net income (loss) of subsidiaries
37.4

 
1.4

 

 
(38.8
)
 

 
28.8

 
2.2

 

 
(31.0
)
 

Income (loss) before income taxes
20.4

 
39.9

 
21.3

 
(38.8
)
 
42.8

 
13.8

 
33.6

 
12.2

 
(31.0
)
 
28.6

Income tax expense (benefit)
2.3

 
15.5

 
5.9

 

 
23.7

 
(7.9
)
 
11.7

 
2.9

 

 
6.7

Consolidated net income (loss)
18.1

 
24.4

 
15.4

 
(38.8
)
 
19.1

 
21.7

 
21.9

 
9.3

 
(31.0
)
 
21.9

Less: Net income attributable to
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
noncontrolling interests

 

 
1.0

 

 
1.0

 

 

 
0.2

 

 
0.2

Net income (loss) (1)
$
18.1

 
$
24.4

 
$
14.4

 
$
(38.8
)
 
$
18.1

 
$
21.7

 
$
21.9

 
$
9.1

 
$
(31.0
)
 
$
21.7

Consolidated comprehensive income (loss)
$
24.8

 
$
24.9

 
$
21.3

 
$
(45.1
)
 
$
25.9

 
$
5.7

 
$
21.5

 
$
(11.6
)
 
$
(9.8
)
 
$
5.8

Less: Comprehensive income attributable
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     to noncontrolling interests

 

 
1.1

 

 
1.1

 

 

 
0.1

 

 
0.1

Comprehensive income (loss) (2)
$
24.8

 
$
24.9

 
$
20.2

 
$
(45.1
)
 
$
24.8

 
$
5.7

 
$
21.5

 
$
(11.7
)
 
$
(9.8
)
 
$
5.7



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










Condensed Consolidating Balance Sheets
 
December 31, 2017
 
September 30, 2017
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Cash and cash equivalents
$
0.8

 
$
7.4

 
$
69.6

 
$

 
$
77.8

 
$
0.1

 
$
4.9

 
$
61.0

 
$

 
$
66.0

Trade receivables, net

 
109.0

 
80.8

 

 
189.8

 

 
114.5

 
91.6

 

 
206.1

Receivables from long-term manufacturing contracts

 
12.3

 
152.4

 

 
164.7

 

 
8.5

 
116.7

 

 
125.2

Inventories

 
72.0

 
97.8

 
(2.7
)
 
167.1

 

 
68.2

 
85.9

 
(2.5
)
 
151.6

Prepaid expense
3.2

 
8.7

 
18.5

 

 
30.4

 
2.1

 
7.6

 
18.5

 

 
28.2

Intercompany receivables

 
1,085.2

 
81.0

 
(1,166.2
)
 

 

 
1,050.4

 
93.9

 
(1,144.3
)
 

Other current assets
0.1

 
1.7

 
15.2

 
(0.1
)
 
16.9

 
0.2

 
1.6

 
14.4

 
0.3

 
16.5

Total current assets
4.1

 
1,296.3

 
515.3

 
(1,169.0
)
 
646.7

 
2.4

 
1,255.7

 
482.0

 
(1,146.5
)
 
593.6

Property, plant and equipment, net
3.7

 
62.2

 
79.7

 

 
145.6

 
4.7

 
64.5

 
81.2

 

 
150.4

Intangible assets, net
4.3

 
210.8

 
308.0

 

 
523.1

 
3.6

 
211.3

 
309.0

 

 
523.9

Goodwill

 
283.9

 
367.3

 

 
651.2

 

 
283.9

 
363.6

 

 
647.5

Investment in consolidated subsidiaries
2,366.7

 
666.2

 

 
(3,032.9
)
 

 
2,298.0

 
664.1

 

 
(2,962.1
)
 

Other assets
19.9

 
28.9

 
1.6

 
(7.9
)
 
42.5

 
20.2

 
29.0

 
4.4

 
(12.5
)
 
41.1

Total Assets
$
2,398.7

 
$
2,548.3

 
$
1,271.9

 
$
(4,209.8
)
 
$
2,009.1

 
$
2,328.9

 
$
2,508.5

 
$
1,240.2

 
$
(4,121.1
)
 
$
1,956.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trade accounts payable
$
0.3

 
$
39.3

 
$
112.1

 
$
0.3

 
$
152.0

 
$
1.0

 
$
36.7

 
$
120.0

 
$
0.3

 
$
158.0

Liabilities from long-term manufacturing contracts and advances

 
33.0

 
138.2

 

 
171.2

 

 
26.2

 
106.1

 

 
132.3

Current portion of long-term debt

 

 
3.8

 

 
3.8

 
18.0

 

 
0.8

 

 
18.8

Accrued compensation
1.9

 
13.2

 
34.6

 

 
49.7

 
7.6

 
17.9

 
41.4

 

 
66.9

Intercompany payables
1,168.9

 

 

 
(1,168.9
)
 

 
1,142.8

 
4.0

 

 
(1,146.8
)
 

Other current liabilities
24.3

 
42.8

 
78.2

 

 
145.3

 
14.0

 
42.2

 
79.3

 
0.2

 
135.7

Total current liabilities
1,195.4

 
128.3

 
366.9

 
(1,168.6
)
 
522.0

 
1,183.4

 
127.0

 
347.6

 
(1,146.3
)
 
511.7

Long-term debt
422.0

 

 
55.0

 

 
477.0

 
392.0

 

 
54.9

 

 
446.9

Accrued pension and postretirement healthcare
0.8

 
32.7

 
95.6

 

 
129.1

 
0.8

 
33.3

 
95.5

 

 
129.6

Deferred income taxes

 
16.4

 
49.0

 
(8.3
)
 
57.1

 

 
27.5

 
60.9

 
(12.7
)
 
75.7

Other long-term liabilities
27.6

 
17.8

 
10.0

 

 
55.4

 
1.3

 
15.3

 
10.1

 

 
26.7

Total Liabilities
1,645.8

 
195.2

 
576.5

 
(1,176.9
)
 
1,240.6

 
1,577.5

 
203.1

 
569.0

 
(1,159.0
)
 
1,190.6

Total Hillenbrand Shareholders’ Equity
752.9

 
2,353.1

 
679.8

 
(3,032.9
)
 
752.9

 
751.4

 
2,305.4

 
656.7

 
(2,962.1
)
 
751.4

Noncontrolling interests

 

 
15.6

 

 
15.6

 

 

 
14.5

 

 
14.5

Total Equity
752.9

 
2,353.1

 
695.4

 
(3,032.9
)
 
768.5

 
751.4

 
2,305.4

 
671.2

 
(2,962.1
)
 
765.9

Total Liabilities and Equity
$
2,398.7

 
$
2,548.3

 
$
1,271.9

 
$
(4,209.8
)
 
$
2,009.1

 
$
2,328.9

 
$
2,508.5

 
$
1,240.2

 
$
(4,121.1
)
 
$
1,956.5



Condensed Consolidating Statements of Cash Flow
 
 
Three Months Ended December 31, 2017
 
Three Months Ended December 31, 2016
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in)
     operating activities
$
17.2

 
$
5.4

 
$
4.3

 
$

 
$
26.9

 
$
(72.6
)
 
$
3.6

 
$
20.3

 
$

 
$
(48.7
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investing activities:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Capital expenditures
(1.0
)
 
(3.0
)
 
(1.6
)
 

 
(5.6
)
 
(0.2
)
 
(2.0
)
 
(2.4
)
 

 
(4.6
)
Other, net

 
0.1

 
0.1

 

 
0.2

 
0.2

 

 
(0.1
)
 

 
0.1

Net cash used in investing activities
(1.0
)
 
(2.9
)
 
(1.5
)
 

 
(5.4
)
 

 
(2.0
)
 
(2.5
)
 

 
(4.5
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financing activities:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Repayments on term loan
(148.5
)
 

 

 

 
(148.5
)
 
(3.4
)
 

 

 

 
(3.4
)
Proceeds from revolving credit facilities,
     net of financing costs
264.7

 

 
107.1

 

 
371.8

 
135.0

 

 
47.1

 

 
182.1

Repayments on revolving credit facilities
(106.0
)
 

 
(107.0
)
 

 
(213.0
)
 
(59.0
)
 

 
(66.9
)
 

 
(125.9
)
Payment of dividends on common stock
(13.1
)
 

 

 

 
(13.1
)
 
(13.0
)
 

 

 

 
(13.0
)
Repurchases of common stock
(15.2
)
 

 

 

 
(15.2
)
 

 

 

 

 

Net proceeds on stock plans
2.6

 

 

 

 
2.6

 
8.6

 

 

 

 
8.6

Other, net

 

 
2.8

 

 
2.8

 

 

 
1.1

 

 
1.1

Net cash (used in) provided by
     financing activities
(15.5
)
 

 
2.9

 

 
(12.6
)
 
68.2

 

 
(18.7
)
 

 
49.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rates on cash and
     cash equivalents

 

 
2.9

 

 
2.9

 

 

 
(1.7
)
 

 
(1.7
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash flow
0.7

 
2.5

 
8.6

 

 
11.8

 
(4.4
)
 
1.6

 
(2.6
)
 

 
(5.4
)
Cash and equivalents at beginning of
     period
0.1

 
4.9

 
61.0

 

 
66.0

 
4.4

 
5.6

 
42.0

 

 
52.0

Cash and equivalents at end of period
$
0.8

 
$
7.4

 
$
69.6

 
$

 
$
77.8

 
$

 
$
7.2

 
$
39.4

 
$

 
$
46.6