Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Information (Tables)

v3.10.0.1
Condensed Consolidating Information (Tables)
9 Months Ended
Jun. 30, 2018
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Schedule of condensed consolidating statements of income
 
Three Months Ended June 30, 2018
 
Three Months Ended June 30, 2017
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Net revenue
$

 
$
232.7

 
$
273.2

 
$
(59.9
)
 
$
446.0

 
$

 
$
225.4

 
$
226.6

 
$
(56.1
)
 
$
395.9

Cost of goods sold

 
125.9

 
189.9

 
(33.5
)
 
282.3

 

 
115.2

 
158.7

 
(30.4
)
 
243.5

Gross profit

 
106.8

 
83.3

 
(26.4
)
 
163.7

 

 
110.2

 
67.9

 
(25.7
)
 
152.4

Operating expenses
13.6

 
62.9

 
48.3

 
(26.4
)
 
98.4

 
11.3

 
58.7

 
42.0

 
(25.7
)
 
86.3

Amortization expense

 
3.3

 
4.3

 

 
7.6

 

 
3.3

 
4.0

 

 
7.3

Impairment charge

 

 

 

 

 

 

 

 

 

Interest expense
4.6

 

 
0.9

 

 
5.5

 
5.6

 

 
0.9

 

 
6.5

Other (expense) income, net

 
(1.1
)
 
0.3

 

 
(0.8
)
 
(0.2
)
 
(2.0
)
 
1.1

 

 
(1.1
)
Equity in net income of subsidiaries
34.8

 
3.6

 

 
(38.4
)
 

 
45.3

 
2.2

 

 
(47.5
)
 

Income before income taxes
16.6

 
43.1

 
30.1

 
(38.4
)
 
51.4

 
28.2

 
48.4

 
22.1

 
(47.5
)
 
51.2

Income tax expense (benefit)
(19.3
)
 
9.9

 
24.6

 

 
15.2

 
(4.7
)
 
16.3

 
5.0

 

 
16.6

Consolidated net income
35.9

 
33.2

 
5.5

 
(38.4
)
 
36.2

 
32.9

 
32.1

 
17.1

 
(47.5
)
 
34.6

Less: Net income attributable to
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
noncontrolling interests

 

 
0.3

 

 
0.3

 

 

 
1.7

 

 
1.7

Net income (1)
$
35.9

 
$
33.2

 
$
5.2

 
$
(38.4
)
 
$
35.9

 
$
32.9

 
$
32.1

 
$
15.4

 
$
(47.5
)
 
$
32.9

Consolidated comprehensive (loss) income
$
10.7

 
$
33.8

 
$
(20.4
)
 
$
(13.4
)
 
$
10.7

 
$
59.3

 
$
32.5

 
$
43.3

 
$
(74.0
)
 
$
61.1

Less: Comprehensive income attributable
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     to noncontrolling interests

 

 

 

 

 

 

 
1.8

 

 
1.8

Comprehensive income (2)
$
10.7

 
$
33.8

 
$
(20.4
)
 
$
(13.4
)
 
$
10.7

 
$
59.3

 
$
32.5

 
$
41.5

 
$
(74.0
)
 
$
59.3



 
Nine Months Ended June 30, 2018
 
Nine Months Ended June 30, 2017
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Net revenue
$

 
$
701.8

 
$
758.7

 
$
(165.1
)
 
$
1,295.4

 
$

 
$
656.8

 
$
647.0

 
$
(156.5
)
 
$
1,147.3

Cost of goods sold

 
369.8

 
531.7

 
(84.8
)
 
816.7

 

 
341.6

 
460.9

 
(82.2
)
 
720.3

Gross profit

 
332.0

 
227.0

 
(80.3
)
 
478.7

 

 
315.2

 
186.1

 
(74.3
)
 
427.0

Operating expenses
38.4

 
188.8

 
139.0

 
(80.3
)
 
285.9

 
32.3

 
174.5

 
122.2

 
(74.3
)
 
254.7

Amortization expense

 
10.0

 
12.7

 

 
22.7

 

 
10.1

 
11.6

 

 
21.7

Impairment charge

 
63.4

 

 

 
63.4

 

 

 

 

 

Interest expense
15.7

 

 
2.1

 

 
17.8

 
16.4

 

 
2.5

 

 
18.9

Other (expense) income, net
(0.1
)
 
(2.2
)
 
(0.1
)
 

 
(2.4
)
 
(0.6
)
 
(2.4
)
 

 

 
(3.0
)
Equity in net income of subsidiaries
67.1

 
6.8

 

 
(73.9
)
 

 
116.8

 
5.9

 

 
(122.7
)
 

Income before income taxes
12.9

 
74.4

 
73.1

 
(73.9
)
 
86.5

 
67.5

 
134.1

 
49.8

 
(122.7
)
 
128.7

Income tax expense (benefit)
(19.2
)
 
34.8

 
36.9

 

 
52.5

 
(20.5
)
 
47.0

 
11.7

 

 
38.2

Consolidated net income
32.1

 
39.6

 
36.2

 
(73.9
)
 
34.0

 
88.0

 
87.1


38.1

 
(122.7
)
 
90.5

Less: Net income attributable to
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
noncontrolling interests

 

 
1.9

 

 
1.9

 

 

 
2.5

 

 
2.5

Net income (1)
$
32.1

 
$
39.6

 
$
34.3

 
$
(73.9
)
 
$
32.1

 
$
88.0

 
$
87.1

 
$
35.6

 
$
(122.7
)
 
$
88.0

Consolidated comprehensive income
$
29.6

 
$
41.1

 
$
31.0

 
$
(70.5
)
 
$
31.2

 
$
111.2

 
$
92.2

 
$
51.4

 
$
(140.8
)
 
$
114.0

Less: Comprehensive income attributable
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     to noncontrolling interests

 

 
1.6

 

 
1.6

 

 

 
2.8

 

 
2.8

Comprehensive income (2)
$
29.6

 
$
41.1

 
$
29.4

 
$
(70.5
)
 
$
29.6

 
$
111.2

 
$
92.2

 
$
48.6

 
$
(140.8
)
 
$
111.2


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

Schedule of condensed consolidating balance sheets
 
June 30, 2018
 
September 30, 2017
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Cash and cash equivalents
$
0.3

 
$
5.8

 
$
65.0

 
$

 
$
71.1

 
$
0.1

 
$
4.9

 
$
61.0

 
$

 
$
66.0

Trade receivables, net

 
111.5

 
80.7

 

 
192.2

 

 
114.5

 
91.6

 

 
206.1

Receivables from long-term
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
manufacturing contracts

 
6.4

 
171.6

 

 
178.0

 

 
8.5

 
116.7

 

 
125.2

Inventories

 
79.5

 
105.1

 
(2.9
)
 
181.7

 

 
68.2

 
85.9

 
(2.5
)
 
151.6

Prepaid expenses
3.2

 
8.6

 
17.8

 

 
29.6

 
2.1

 
7.6

 
18.5

 

 
28.2

Intercompany receivables

 
1,078.1

 
79.0

 
(1,157.1
)
 

 

 
1,050.4

 
93.9

 
(1,144.3
)
 

Other current assets
0.4

 
1.8

 
15.1

 
(0.4
)
 
16.9

 
0.2

 
1.6

 
14.4

 
0.3

 
16.5

Total current assets
3.9

 
1,291.7

 
534.3

 
(1,160.4
)
 
669.5

 
2.4

 
1,255.7

 
482.0

 
(1,146.5
)
 
593.6

Property, plant and equipment, net
4.0

 
61.7

 
76.1

 

 
141.8

 
4.7

 
64.5

 
81.2

 

 
150.4

Intangible assets, net
3.4

 
199.5

 
293.2

 

 
496.1

 
3.6

 
211.3

 
309.0

 

 
523.9

Goodwill

 
225.0

 
358.2

 

 
583.2

 

 
283.9

 
363.6

 

 
647.5

Investment in consolidated subsidiaries
2,206.0

 
653.8

 

 
(2,859.8
)
 

 
2,298.0

 
664.1

 

 
(2,962.1
)
 

Other assets
15.8

 
31.2

 
1.2

 
(5.2
)
 
43.0

 
20.2

 
29.0

 
4.4

 
(12.5
)
 
41.1

Total Assets
$
2,233.1

 
$
2,462.9

 
$
1,263.0

 
$
(4,025.4
)
 
$
1,933.6

 
$
2,328.9

 
$
2,508.5

 
$
1,240.2

 
$
(4,121.1
)
 
$
1,956.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trade accounts payable
$
0.9

 
$
59.7

 
$
112.8

 
$
(0.3
)
 
$
173.1

 
$
1.0

 
$
36.7

 
$
120.0

 
$
0.3

 
$
158.0

Liabilities from long-term manufacturing
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
contracts and advances

 
17.6

 
158.9

 

 
176.5

 

 
26.2

 
106.1

 

 
132.3

Current portion of long-term debt

 

 

 

 

 
18.0

 

 
0.8

 

 
18.8

Accrued compensation
5.0

 
19.4

 
42.4

 

 
66.8

 
7.6

 
17.9

 
41.4

 

 
66.9

Intercompany payables
1,157.5

 
2.5

 

 
(1,160.0
)
 

 
1,142.8

 
4.0

 

 
(1,146.8
)
 

Other current liabilities
19.6

 
41.6

 
71.9

 

 
133.1

 
14.0

 
42.2

 
79.3

 
0.2

 
135.7

Total current liabilities
1,183.0

 
140.8

 
386.0

 
(1,160.3
)
 
549.5

 
1,183.4

 
127.0

 
347.6

 
(1,146.3
)
 
511.7

Long-term debt
322.3

 

 
102.1

 

 
424.4

 
392.0

 

 
54.9

 

 
446.9

Accrued pension and
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
postretirement healthcare
0.8

 
32.1

 
90.2

 

 
123.1

 
0.8

 
33.3

 
95.5

 

 
129.6

Deferred income taxes

 
22.6

 
49.3

 
(5.3
)
 
66.6

 

 
27.5

 
60.9

 
(12.7
)
 
75.7

Other long-term liabilities
30.7

 
17.9

 
9.9

 

 
58.5

 
1.3

 
15.3

 
10.1

 

 
26.7

Total Liabilities
1,536.8

 
213.4

 
637.5

 
(1,165.6
)
 
1,222.1

 
1,577.5

 
203.1

 
569.0

 
(1,159.0
)
 
1,190.6

Hillenbrand Shareholders’ Equity
696.3

 
2,249.5

 
610.3

 
(2,859.8
)
 
696.3

 
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
696.3

 
2,249.5

 
625.5

 
(2,859.8
)
 
711.5

 
751.4

 
2,305.4

 
671.2

 
(2,962.1
)
 
765.9

Total Liabilities and Equity
$
2,233.1

 
$
2,462.9

 
$
1,263.0

 
$
(4,025.4
)
 
$
1,933.6

 
$
2,328.9

 
$
2,508.5

 
$
1,240.2

 
$
(4,121.1
)
 
$
1,956.5



Condensed Cash Flow Statement [Table Text Block]
 
Nine Months Ended June 30, 2018
 
Nine Months Ended June 30, 2017
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in)
     operating activities
$
186.0

 
$
126.6

 
$
(32.0
)
 
$
(124.3
)
 
$
156.3

 
$
33.2

 
$
129.0

 
$
70.2

 
$
(128.7
)
 
$
103.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investing activities:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Capital expenditures
(1.5
)
 
(7.5
)
 
(7.3
)
 

 
(16.3
)
 
(0.5
)
 
(7.2
)
 
(6.5
)
 

 
(14.2
)
Proceeds from sales of property, plant, and
     equipment

 

 
0.4

 

 
0.4

 

 
1.9

 
0.4

 

 
2.3

Other, net

 
0.1

 
0.1

 

 
0.2

 
2.7

 
(0.4
)
 
(2.7
)
 

 
(0.4
)
Net cash provided by (used in) investing
     activities
(1.5
)
 
(7.4
)
 
(6.8
)
 

 
(15.7
)
 
2.2

 
(5.7
)
 
(8.8
)
 

 
(12.3
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financing activities:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Repayments on term loan
(148.5
)
 

 

 

 
(148.5
)
 
(10.1
)
 

 

 

 
(10.1
)
Proceeds from revolving credit facilities,
     net of financing costs
530.6

 

 
415.9

 

 
946.5

 
233.0

 

 
488.2

 

 
721.2

Repayments on revolving credit facilities
(472.9
)
 

 
(364.3
)
 

 
(837.2
)
 
(207.0
)
 

 
(518.5
)
 

 
(725.5
)
Payment of dividends - intercompany

 
(118.3
)
 
(6.0
)
 
124.3

 

 

 
(122.6
)
 
(6.1
)
 
128.7

 

Payment of dividends on common stock
(39.1
)
 

 

 

 
(39.1
)
 
(39.0
)
 

 

 

 
(39.0
)
Repurchases of common stock
(60.6
)
 

 

 

 
(60.6
)
 
(28.0
)
 

 

 

 
(28.0
)
Net proceeds on stock plans
6.2

 

 

 

 
6.2

 
11.4

 

 

 

 
11.4

Other, net

 

 
(1.8
)
 

 
(1.8
)
 

 

 
(2.5
)
 

 
(2.5
)
Net cash provided by (used in)
     financing activities
(184.3
)
 
(118.3
)
 
43.8

 
124.3

 
(134.5
)
 
(39.7
)
 
(122.6
)
 
(38.9
)
 
128.7

 
(72.5
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rates on cash and
     cash equivalents

 

 
(1.0
)
 

 
(1.0
)
 

 

 
0.6

 

 
0.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash flow
0.2

 
0.9

 
4.0

 

 
5.1

 
(4.3
)
 
0.7

 
23.1

 

 
19.5

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
$
0.3

 
$
5.8

 
$
65.0

 
$

 
$
71.1

 
$
0.1

 
$
6.3

 
$
65.1

 
$

 
$
71.5