Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Information (Tables)

v3.8.0.1
Condensed Consolidating Information (Tables)
6 Months Ended
Mar. 31, 2018
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Schedule of condensed consolidating statements of income
 
Three Months Ended March 31, 2018
 
Three Months Ended March 31, 2017
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Net revenue
$

 
$
250.9

 
$
256.4

 
$
(55.1
)
 
$
452.2

 
$

 
$
228.7

 
$
217.5

 
$
(50.9
)
 
$
395.3

Cost of goods sold

 
129.3

 
181.3

 
(27.1
)
 
283.5

 

 
117.2

 
156.7

 
(27.2
)
 
246.7

Gross profit

 
121.6

 
75.1

 
(28.0
)
 
168.7

 

 
111.5

 
60.8

 
(23.7
)
 
148.6

Operating expenses
13.7

 
64.5

 
48.1

 
(28.0
)
 
98.3

 
11.4

 
57.1

 
40.8

 
(23.7
)
 
85.6

Amortization expense

 
3.2

 
4.3

 

 
7.5

 

 
3.4

 
3.8

 

 
7.2

Impairment charge

 
63.4

 

 

 
63.4

 

 

 

 

 

Interest expense
5.3

 

 
0.7

 

 
6.0

 
5.4

 

 
0.9

 

 
6.3

Other (expense) income, net

 
(0.9
)
 
(0.3
)
 

 
(1.2
)
 
(0.4
)
 
(0.4
)
 
0.2

 

 
(0.6
)
Equity in net income (loss) of subsidiaries
(5.1
)
 
1.8

 

 
3.3

 

 
42.7

 
1.5

 

 
(44.2
)
 

(Loss) income before income taxes
(24.1
)
 
(8.6
)
 
21.7

 
3.3

 
(7.7
)
 
25.5

 
52.1

 
15.5

 
(44.2
)
 
48.9

Income tax expense (benefit)
(2.2
)
 
9.4

 
6.4

 

 
13.6

 
(7.9
)
 
19.0

 
3.8

 

 
14.9

Consolidated net (loss) income
(21.9
)
 
(18.0
)
 
15.3

 
3.3

 
(21.3
)
 
33.4

 
33.1

 
11.7

 
(44.2
)
 
34.0

Less: Net income attributable to
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
noncontrolling interests

 

 
0.6

 

 
0.6

 

 

 
0.6

 

 
0.6

Net (loss) income (1)
$
(21.9
)
 
$
(18.0
)
 
$
14.7

 
$
3.3

 
$
(21.9
)
 
$
33.4

 
$
33.1

 
$
11.1

 
$
(44.2
)
 
$
33.4

Consolidated comprehensive (loss) income
$
(5.9
)
 
$
(17.6
)
 
$
30.1

 
$
(12.0
)
 
$
(5.4
)
 
$
46.2

 
$
38.2

 
$
19.7

 
$
(57.0
)
 
$
47.1

Less: Comprehensive income attributable
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     to noncontrolling interests

 

 
0.5

 

 
0.5

 

 

 
0.9

 

 
0.9

Comprehensive (loss) income (2)
$
(5.9
)
 
$
(17.6
)
 
$
29.6

 
$
(12.0
)
 
$
(5.9
)
 
$
46.2

 
$
38.2

 
$
18.8

 
$
(57.0
)
 
$
46.2



 
Six Months Ended March 31, 2018
 
Six Months Ended March 31, 2017
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Net revenue
$

 
$
469.1

 
$
485.5

 
$
(105.2
)
 
$
849.4

 
$

 
$
431.4

 
$
420.4

 
$
(100.4
)
 
$
751.4

Cost of goods sold

 
243.9

 
341.8

 
(51.3
)
 
534.4

 

 
226.4

 
302.2

 
(51.8
)
 
476.8

Gross profit

 
225.2

 
143.7

 
(53.9
)
 
315.0

 

 
205.0

 
118.2

 
(48.6
)
 
274.6

Operating expenses
24.8

 
125.9

 
90.7

 
(53.9
)
 
187.5

 
21.0

 
115.8

 
80.2

 
(48.6
)
 
168.4

Amortization expense

 
6.7

 
8.4

 

 
15.1

 

 
6.8

 
7.6

 

 
14.4

Impairment charge

 
63.4

 

 

 
63.4

 

 

 

 

 

Interest expense
11.1

 

 
1.2

 

 
12.3

 
10.8

 

 
1.6

 

 
12.4

Other (expense) income, net
(0.1
)
 
(1.1
)
 
(0.4
)
 

 
(1.6
)
 
(0.4
)
 
(0.4
)
 
(1.1
)
 

 
(1.9
)
Equity in net income (loss) of subsidiaries
32.3

 
3.2

 

 
(35.5
)
 

 
71.5

 
3.7

 

 
(75.2
)
 

(Loss) income before income taxes
(3.7
)
 
31.3

 
43.0

 
(35.5
)
 
35.1

 
39.3

 
85.7

 
27.7

 
(75.2
)
 
77.5

Income tax expense (benefit)
0.1

 
24.9

 
12.3

 

 
37.3

 
(15.8
)
 
30.7

 
6.7

 

 
21.6

Consolidated net (loss) income
(3.8
)
 
6.4

 
30.7

 
(35.5
)
 
(2.2
)
 
55.1

 
55.0


21.0

 
(75.2
)
 
55.9

Less: Net income attributable to
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
noncontrolling interests

 

 
1.6

 

 
1.6

 

 

 
0.8

 

 
0.8

Net (loss) income (1)
$
(3.8
)
 
$
6.4

 
$
29.1

 
$
(35.5
)
 
$
(3.8
)
 
$
55.1

 
$
55.0

 
$
20.2

 
$
(75.2
)
 
$
55.1

Consolidated comprehensive (loss) income
$
18.9

 
$
7.3

 
$
51.4

 
$
(57.1
)
 
$
20.5

 
$
51.9

 
$
59.7

 
$
8.1

 
$
(66.8
)
 
$
52.9

Less: Comprehensive income attributable
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     to noncontrolling interests

 

 
1.6

 

 
1.6

 

 

 
1.0

 

 
1.0

Comprehensive (loss) income (2)
$
18.9

 
$
7.3

 
$
49.8

 
$
(57.1
)
 
$
18.9

 
$
51.9

 
$
59.7

 
$
7.1

 
$
(66.8
)
 
$
51.9


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

Schedule of condensed consolidating balance sheets
 
March 31, 2018
 
September 30, 2017
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Cash and cash equivalents
$
0.4

 
$
6.8

 
$
61.3

 
$

 
$
68.5

 
$
0.1

 
$
4.9

 
$
61.0

 
$

 
$
66.0

Trade receivables, net

 
111.6

 
83.2

 

 
194.8

 

 
114.5

 
91.6

 

 
206.1

Receivables from long-term
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
manufacturing contracts

 
6.6

 
172.7

 

 
179.3

 

 
8.5

 
116.7

 

 
125.2

Inventories

 
72.9

 
110.4

 
(2.7
)
 
180.6

 

 
68.2

 
85.9

 
(2.5
)
 
151.6

Prepaid expense
3.2

 
11.9

 
19.2

 

 
34.3

 
2.1

 
7.6

 
18.5

 

 
28.2

Intercompany receivables

 
1,029.0

 
66.6

 
(1,095.6
)
 

 

 
1,050.4

 
93.9

 
(1,144.3
)
 

Other current assets
0.2

 
1.8

 
21.0

 
0.2

 
23.2

 
0.2

 
1.6

 
14.4

 
0.3

 
16.5

Total current assets
3.8

 
1,240.6

 
534.4

 
(1,098.1
)
 
680.7

 
2.4

 
1,255.7

 
482.0

 
(1,146.5
)
 
593.6

Property, plant and equipment, net
4.1

 
62.0

 
80.0

 

 
146.1

 
4.7

 
64.5

 
81.2

 

 
150.4

Intangible assets, net
3.7

 
202.9

 
311.2

 

 
517.8

 
3.6

 
211.3

 
309.0

 

 
523.9

Goodwill

 
225.0

 
377.6

 

 
602.6

 

 
283.9

 
363.6

 

 
647.5

Investment in consolidated subsidiaries
2,165.7

 
567.6

 

 
(2,733.3
)
 

 
2,298.0

 
664.1

 

 
(2,962.1
)
 

Other assets
17.9

 
30.5

 
1.4

 
(7.6
)
 
42.2

 
20.2

 
29.0

 
4.4

 
(12.5
)
 
41.1

Total Assets
$
2,195.2

 
$
2,328.6

 
$
1,304.6

 
$
(3,839.0
)
 
$
1,989.4

 
$
2,328.9

 
$
2,508.5

 
$
1,240.2

 
$
(4,121.1
)
 
$
1,956.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trade accounts payable
$
0.5

 
$
54.6

 
$
120.1

 
$

 
$
175.2

 
$
1.0

 
$
36.7

 
$
120.0

 
$
0.3

 
$
158.0

Liabilities from long-term manufacturing
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
contracts and advances

 
24.1

 
141.7

 

 
165.8

 

 
26.2

 
106.1

 

 
132.3

Current portion of long-term debt

 

 
0.7

 

 
0.7

 
18.0

 

 
0.8

 

 
18.8

Accrued compensation
3.7

 
14.4

 
37.7

 

 
55.8

 
7.6

 
17.9

 
41.4

 

 
66.9

Intercompany payables
1,097.0

 
1.3

 

 
(1,098.3
)
 

 
1,142.8

 
4.0

 

 
(1,146.8
)
 

Other current liabilities
17.7

 
39.5

 
75.8

 
0.3

 
133.3

 
14.0

 
42.2

 
79.3

 
0.2

 
135.7

Total current liabilities
1,118.9

 
133.9

 
376.0

 
(1,098.0
)
 
530.8

 
1,183.4

 
127.0

 
347.6

 
(1,146.3
)
 
511.7

Long-term debt
331.0

 

 
147.4

 

 
478.4

 
392.0

 

 
54.9

 

 
446.9

Accrued pension and
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
postretirement healthcare
0.8

 
32.4

 
96.8

 

 
130.0

 
0.8

 
33.3

 
95.5

 

 
129.6

Deferred income taxes

 
19.6

 
50.1

 
(7.7
)
 
62.0

 

 
27.5

 
60.9

 
(12.7
)
 
75.7

Other long-term liabilities
27.7

 
18.3

 
10.2

 

 
56.2

 
1.3

 
15.3

 
10.1

 

 
26.7

Total Liabilities
1,478.4

 
204.2

 
680.5

 
(1,105.7
)
 
1,257.4

 
1,577.5

 
203.1

 
569.0

 
(1,159.0
)
 
1,190.6

Hillenbrand Shareholders’ Equity
716.8

 
2,124.4

 
608.9

 
(2,733.3
)
 
716.8

 
751.4

 
2,305.4

 
656.7

 
(2,962.1
)
 
751.4

Noncontrolling interests

 

 
15.2

 

 
15.2

 

 

 
14.5

 

 
14.5

Total Shareholders’ Equity
716.8

 
2,124.4

 
624.1

 
(2,733.3
)
 
732.0

 
751.4

 
2,305.4

 
671.2

 
(2,962.1
)
 
765.9

Total Liabilities and Equity
$
2,195.2

 
$
2,328.6

 
$
1,304.6

 
$
(3,839.0
)
 
$
1,989.4

 
$
2,328.9

 
$
2,508.5

 
$
1,240.2

 
$
(4,121.1
)
 
$
1,956.5



Condensed Cash Flow Statement [Table Text Block]
 
Six Months Ended March 31, 2018
 
Six Months Ended March 31, 2017
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in)
     operating activities
$
143.6

 
$
125.0

 
$
(82.8
)
 
$
(124.3
)
 
$
61.5

 
$
(22.9
)
 
$
124.4

 
$
47.0

 
$
(128.7
)
 
$
19.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investing activities:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Capital expenditures
(1.4
)
 
(5.0
)
 
(4.2
)
 

 
(10.6
)
 
(0.4
)
 
(4.0
)
 
(4.7
)
 

 
(9.1
)
Proceeds from sales of property, plant, and
     equipment

 

 

 

 

 

 
1.8

 
0.4

 

 
2.2

Other, net

 
0.2

 
0.1

 

 
0.3

 
2.7

 
(0.3
)
 
(2.5
)
 

 
(0.1
)
Net cash provided by (used in) investing
     activities
(1.4
)
 
(4.8
)
 
(4.1
)
 

 
(10.3
)
 
2.3

 
(2.5
)
 
(6.8
)
 

 
(7.0
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financing activities:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Repayments on term loan
(148.5
)
 

 

 

 
(148.5
)
 
(6.7
)
 

 

 

 
(6.7
)
Proceeds from revolving credit facilities,
     net of financing costs
445.7

 

 
256.1

 

 
701.8

 
189.1

 

 
362.6

 

 
551.7

Repayments on revolving credit facilities
(379.2
)
 

 
(163.6
)
 

 
(542.8
)
 
(133.0
)
 

 
(391.8
)
 

 
(524.8
)
Payment of dividends - intercompany

 
(118.3
)

(6.0
)
 
124.3

 

 

 
(122.6
)
 
(6.1
)
 
128.7

 

Payment of dividends on common stock
(26.2
)
 

 

 

 
(26.2
)
 
(26.0
)
 

 

 

 
(26.0
)
Repurchases of common stock
(38.9
)
 

 

 

 
(38.9
)
 
(17.0
)
 

 

 

 
(17.0
)
Net proceeds on stock plans
5.2

 

 

 

 
5.2

 
10.2

 

 

 

 
10.2

Other, net

 

 
(1.0
)
 

 
(1.0
)
 

 

 
(0.2
)
 

 
(0.2
)
Net cash provided by (used in)
     financing activities
(141.9
)
 
(118.3
)
 
85.5

 
124.3

 
(50.4
)
 
16.6

 
(122.6
)
 
(35.5
)
 
128.7

 
(12.8
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rates on cash and
     cash equivalents

 

 
1.7

 

 
1.7

 

 

 
(0.6
)
 

 
(0.6
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash flow
0.3

 
1.9

 
0.3

 

 
2.5

 
(4.0
)
 
(0.7
)
 
4.1

 

 
(0.6
)
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
$
0.4

 
$
6.8

 
$
61.3

 
$

 
$
68.5

 
$
0.4

 
$
4.9

 
$
46.1

 
$

 
$
51.4