Annual report pursuant to Section 13 and 15(d)

Condensed Consolidating Information (Tables)

v3.19.3
Condensed Consolidating Information (Tables)
12 Months Ended
Sep. 30, 2019
Condensed Financial Information Disclosure [Abstract]  
Schedule of condensed consolidating statements of income
Condensed Consolidating Statements of Income

 
Year Ended September 30, 2019
 
Year Ended September 30, 2018
 
Year Ended September 30, 2017
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Net revenue
$

 
$
893.7

 
$
1,144.1

 
$
(230.5
)
 
$
1,807.3

 
$

 
$
937.0


$
1,052.9


$
(219.8
)

$
1,770.1


$


$
901.4


$
904.7


$
(215.9
)

$
1,590.2

Cost of goods sold

 
493.7

 
814.7

 
(124.1
)
 
1,184.3

 

 
498.7


742.3


(113.0
)

1,128.0




468.4


646.8


(115.8
)

999.4

Gross profit

 
400.0

 
329.4

 
(106.4
)
 
623.0

 

 
438.3

 
310.6

 
(106.8
)
 
642.1




433.0


257.9


(100.1
)

590.8

Operating expenses
61.2

 
242.2

 
182.7

 
(106.4
)
 
379.7

 
54.2

 
248.2


183.3


(106.8
)

378.9


41.6


238.1


163.9


(100.1
)

343.5

Amortization expense

 
13.3

 
19.2

 

 
32.5

 

 
13.4

 
16.8

 

 
30.2

 

 
13.5

 
15.7

 

 
29.2

Impairment charge

 

 

 

 

 

 
63.4






63.4











Interest expense
23.8

 
0.2

 
3.4

 

 
27.4

 
20.3

 
1.1


1.9




23.3


21.8




3.4




25.2

Other (expense) income, net
(7.2
)
 
(0.3
)
 
0.8

 

 
(6.7
)
 
1.5

 
(0.3
)

(1.0
)



0.2


(1.4
)

(2.0
)

(1.2
)



(4.6
)
Equity in net income (loss) of subsidiaries
191.4

 
12.5

 

 
(203.9
)
 

 
139.3

 
9.1




(148.4
)



164.4


8.2




(172.6
)


Income (loss) before income taxes
99.2

 
156.5

 
124.9

 
(203.9
)
 
176.7

 
66.3

 
121.0


107.6


(148.4
)

146.5


99.6


187.6


73.7


(172.6
)

188.3

Income tax expense (benefit)
(22.2
)
 
34.3

 
38.4

 

 
50.5

 
(10.3
)
 
48.3


27.3




65.3


(26.6
)

65.9


20.6




59.9

Consolidated net income
121.4

 
122.2

 
86.5

 
(203.9
)
 
126.2

 
76.6

 
72.7


80.3


(148.4
)

81.2


126.2


121.7


53.1


(172.6
)

128.4

Less: Net income attributable to noncontrolling interests

 

 
4.8

 

 
4.8

 

 


4.6




4.6






2.2




2.2

Net income (loss)(1)
$
121.4

 
$
122.2

 
$
81.7

 
$
(203.9
)
 
$
121.4

 
$
76.6

 
$
72.7


$
75.7


$
(148.4
)

$
76.6


$
126.2


$
121.7


$
50.9


$
(172.6
)

$
126.2

Consolidated comprehensive income (loss)
$
65.0

 
$
108.6

 
$
51.2

 
$
(155.0
)
 
$
69.8

 
$
73.6

 
$
77.1


$
72.1


$
(145.3
)

$
77.5


$
174.8


$
131.8


$
86.4


$
(215.8
)

$
177.2

Less: Comprehensive income attributable to noncontrolling interests

 

 
4.8

 

 
4.8

 

 

 
3.9

 

 
3.9






2.4



 
2.4

Comprehensive income (loss)(2)
$
65.0

 
$
108.6

 
$
46.4

 
$
(155.0
)
 
$
65.0

 
$
73.6

 
$
77.1


$
68.2


$
(145.3
)

$
73.6


$
174.8


$
131.8


$
84.0


$
(215.8
)

$
174.8

 
(1) Net income attributable to Hillenbrand
(2) Comprehensive income attributable to Hillenbrand
Schedule of condensed consolidating balance sheets
Condensed Consolidating Balance Sheets
 
 
September 30, 2019
 
September 30, 2018
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Cash and cash equivalents
$
283.1


$
9.6


$
106.3


$


$
399.0


$
1.1


$
5.8


$
49.1


$


$
56.0

Trade receivables, net


113.6


103.8




217.4




124.5


94.0




218.5

Receivables from long-term manufacturing contracts


9.8


171.3




181.1




5.3


115.0




120.3

Inventories


78.2


101.2


(2.8
)

176.6




76.7


98.6


(2.8
)

172.5

Prepaid expense
2.5


4.1


20.1




26.7


2.7


7.0


15.5




25.2

Intercompany receivables


1,179.7




(1,179.7
)





1,131.1


79.1


(1,210.2
)


Other current assets


2.0


20.0


0.4


22.4




3.2


14.6


0.3


18.1

Total current assets
285.6


1,397.0


522.7


(1,182.1
)

1,023.2


3.8


1,353.6


465.9


(1,212.7
)

610.6

Property, plant, and equipment, net
3.8


61.2


75.3




140.3


3.8


60.2


78.0




142.0

Intangible assets, net
2.4


181.4


271.1




454.9


3.2


196.0


288.1




487.3

Goodwill


225.0


353.0




578.0




225.0


356.9




581.9

Investment in consolidated subsidiaries
2,266.4


655.2




(2,921.6
)



2,263.1


653.9




(2,917.0
)


Other assets
33.8


20.5


3.1


(25.2
)

32.2


15.7


28.2


5.9


(7.0
)

42.8

Total Assets
$
2,592.0


$
2,540.3


$
1,225.2


$
(4,128.9
)

$
2,228.6


$
2,289.6


$
2,516.9


$
1,194.8


$
(4,136.7
)

$
1,864.6

 





























Trade accounts payable
$
2.6


$
59.0


$
174.6


$


$
236.2


$


$
62.4


$
134.4


$


$
196.8

Liabilities from long-term manufacturing contracts and advances


13.5


144.7




158.2




26.6


99.3




125.9

Accrued compensation
6.9


20.8


45.5




73.2


7.2


20.1


44.6




71.9

Intercompany payables
1,167.0


10.2


5.3


(1,182.5
)



1,206.2


6.1




(1,212.3
)


Other current liabilities
19.2


45.0


67.1


(9.6
)

121.7


19.4


38.9


78.1


0.7


137.1

Total current liabilities
1,195.7


148.5


437.2


(1,192.1
)

589.3


1,232.8


154.1


356.4


(1,211.6
)

531.7

Long-term debt
619.5








619.5


300.2




44.4




344.6

Accrued pension and postretirement healthcare
0.8


32.1


98.4




131.3


0.7


29.8


90.0




120.5

Deferred income taxes


24.0


64.8


(15.2
)

73.6


0.7


22.9


60.9


(8.1
)

76.4

Other long-term liabilities
21.9


12.5


10.7




45.1


24.1


14.3


8.9




47.3

Total Liabilities
1,837.9


217.1


611.1


(1,207.3
)

1,458.8


1,558.5


221.1


560.6


(1,219.7
)

1,120.5

Total Hillenbrand Shareholders’ Equity
754.1


2,323.2


598.4


(2,921.6
)

754.1


731.1


2,295.8


621.2


(2,917.0
)

731.1

Noncontrolling interests




15.7




15.7






13.0




13.0

Total Equity
754.1


2,323.2


614.1


(2,921.6
)

769.8


731.1


2,295.8


634.2


(2,917.0
)

744.1

Total Liabilities and Equity
$
2,592.0


$
2,540.3


$
1,225.2


$
(4,128.9
)

$
2,228.6


$
2,289.6


$
2,516.9


$
1,194.8


$
(4,136.7
)

$
1,864.6


Schedule of condensed consolidating statements of cash flows
Condensed Consolidating Statements of Cash Flows
 
 
Year Ended September 30, 2019
 
Year Ended September 30, 2018
 
Year Ended September 30, 2017
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
22.1


$
114.5


$
148.7


$
(106.4
)

$
178.9


$
221.6


$
127.8


$
23.2


$
(124.3
)

$
248.3


$
79.9


$
126.7


$
168.3


$
(128.7
)

$
246.2

 












































Investing activities:












 














 














 

Capital expenditures
(1.5
)

(10.9
)

(13.1
)



(25.5
)

(1.7
)

(12.1
)

(13.2
)



(27.0
)

(0.7
)

(9.7
)

(11.6
)



(22.0
)
Proceeds from sales of property, plant, and equipment


0.2






0.2




3.4


0.3




3.7




5.3


0.4




5.7

Acquisition of business, net of cash acquired




(25.9
)



(25.9
)




















Return of investment capital from affiliates

 

 

 

 

 

 

 

 

 

 
3.2

 

 

 

 
3.2

Other, net












(0.1
)





(0.1
)



(0.4
)





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

(10.7
)

(39.0
)



(51.2
)

(1.7
)

(8.8
)

(12.9
)



(23.4
)

2.5


(4.8
)

(11.2
)



(13.5
)
 












































Financing activities:












 














 














 

Proceeds from long-term debt, net of discount
374.4

 

 

 

 
374.4

 

 

 

 

 

 

 

 

 

 

Repayments of long-term debt










(148.5
)







(148.5
)

(13.5
)







(13.5
)
Proceeds from revolving credit facility
387.0




510.3




897.3


586.7




510.1




1,096.8


289.5




529.8




819.3

Repayments on revolving credit facility
(438.3
)



(552.1
)



(990.4
)

(548.3
)



(517.4
)



(1,065.7
)

(296.5
)



(656.5
)



(953.0
)
Payment of deferred financing costs
(7.5
)
 

 

 

 
(7.5
)
 
(2.8
)
 

 

 

 
(2.8
)
 

 

 

 

 

Payment of dividends - intercompany


(100.0
)

(6.4
)

106.4






(118.3
)

(6.0
)

124.3






(122.6
)

(6.1
)

128.7



Payment of dividends on common stock
(52.6
)







(52.6
)

(52.1
)







(52.1
)

(51.9
)







(51.9
)
Repurchases of common stock










(61.0
)







(61.0
)

(28.0
)







(28.0
)
Proceeds from stock option exercises and other
2.6








2.6


11.2








11.2


16.3








16.3

Payments for employee taxes on net settlement equity awards

(4.2
)
 

 

 

 
(4.2
)
 
(4.1
)
 

 

 

 
(4.1
)
 
(2.6
)
 

 

 

 
(2.6
)
Other, net





(2.1
)



(2.1
)





(6.3
)



(6.3
)





(1.7
)



(1.7
)
Net cash (used in) provided by financing activities
261.4


(100.0
)

(50.3
)

106.4


217.5


(218.9
)

(118.3
)

(19.6
)

124.3


(232.5
)

(86.7
)

(122.6
)

(134.5
)

128.7


(215.1
)
 












































Effect of exchange rates on cash and cash equivalents




(2.3
)



(2.3
)





(2.7
)



(2.7
)





(3.6
)



(3.6
)
 












































Net cash flows
282.0


3.8


57.1




342.9


1.0


0.7


(12.0
)



(10.3
)

(4.3
)

(0.7
)

19.0




14.0

Cash, cash equivalents and restricted cash at beginning of period
1.1


5.8


49.6




56.5


0.1


5.1


61.6




66.8


4.4


5.8


42.6




52.8

Cash, cash equivalents and restricted cash at end of period
$
283.1


$
9.6


$
106.7


$


$
399.4


$
1.1


$
5.8


$
49.6


$


$
56.5


$
0.1


$
5.1


$
61.6


$


$
66.8