Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Information (Tables)

v3.19.3.a.u2
Condensed Consolidating Information (Tables)
 3 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Schedule of condensed consolidating statements of income
 
Three Months Ended December 31, 2019
 
Three Months Ended December 31, 2018
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Net revenue
$
—

 
$
205.5

 
$
417.0

 
$
(55.6
)
 
$
566.9

 
$
—

 
$
216.1

 
$
247.8

 
$
(53.6
)
 
$
410.3

Cost of goods sold
—

 
117.7

 
306.3

 
(28.9
)
 
395.1

 
—

 
115.8

 
174.4

 
(26.9
)
 
263.3

Gross profit
—

 
87.8

 
110.7

 
(26.7
)
 
171.8

 
—

 
100.3

 
73.4

 
(26.7
)
 
147.0

Operating expenses
48.6

 
58.5

 
77.0

 
(26.7
)
 
157.4

 
10.2

 
61.4

 
45.8

 
(26.7
)
 
90.7

Amortization expense
—

 
3.3

 
11.5

 
—

 
14.8

 
—

 
3.3

 
4.5

 
—

 
7.8

Interest expense
5.2

 
—

 
9.5

 
—

 
14.7

 
4.5

 
—

 
1.0

 
—

 
5.5

Other income (expense), net
0.9

 
(0.9
)
 
1.9

 
—

 
1.9

 
(0.3
)
 
—

 
0.8

 
—

 
0.5

Equity in net income of subsidiaries
25.6

 
1.8

 
—

 
(27.4
)
 
—

 
42.0

 
2.2

 
—

 
(44.2
)
 
—

(Loss) income before income taxes
(27.3
)
 
26.9

 
14.6

 
(27.4
)
 
(13.2
)
 
27.0

 
37.8

 
22.9

 
(44.2
)
 
43.5

Income tax (benefit) expense
(24.2
)
 
6.2

 
5.6

 
—

 
(12.4
)
 
(1.3
)
 
9.9

 
5.9

 
—

 
14.5

Consolidated net (loss) income
(3.1
)
 
20.7

 
9.0

 
(27.4
)
 
(0.8
)
 
28.3

 
27.9

 
17.0

 
(44.2
)
 
29.0

Less: Net income attributable to
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
noncontrolling interests
—

 
—

 
2.3

 
—

 
2.3

 
—

 
—

 
0.7

 
—

 
0.7

Net (loss) income attributable to Hillenbrand
$
(3.1
)
 
$
20.7

 
$
6.7

 
$
(27.4
)
 
$
(3.1
)
 
$
28.3

 
$
27.9

 
$
16.3

 
$
(44.2
)
 
$
28.3

Consolidated comprehensive income
$
16.8

 
$
18.9

 
$
25.9

 
$
(42.6
)
 
$
19.0

 
$
18.2

 
$
27.8

 
$
11.8

 
$
(38.7
)
 
$
19.1

Less: Comprehensive income attributable
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     to noncontrolling interests
—

 
—

 
2.2

 
—

 
2.2

 
—

 
—

 
0.9

 
—

 
0.9

Comprehensive income attributable to Hillenbrand
$
16.8

 
$
18.9

 
$
23.7

 
$
(42.6
)
 
$
16.8

 
$
18.2

 
$
27.8

 
$
10.9

 
$
(38.7
)
 
$
18.2















Schedule of condensed consolidating balance sheets
 
December 31, 2019
 
September 30, 2019
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Cash and cash equivalents
$
1.3

 
$
1.7

 
$
139.4

 
$
—

 
$
142.4

 
$
283.1

 
$
9.6

 
$
106.3

 
$
—

 
$
399.0

Trade receivables, net
—

 
100.7

 
243.6

 
—

 
344.3

 
—

 
113.6

 
103.8

 
—

 
217.4

Receivables from long-term manufacturing contracts
—

 
11.7

 
194.2

 
—

 
205.9

 
—

 
9.8

 
171.3

 
—

 
181.1

Inventories
—

 
79.0

 
365.9

 
(2.8
)
 
442.1

 
—

 
78.2

 
101.2

 
(2.8
)
 
176.6

Intercompany receivables
70.5

 
1,225.4

 
—

 
(1,295.9
)
 
—

 
—

 
1,179.7

 
—

 
(1,179.7
)
 
—

Prepaid expenses and other current assets
6.3

 
8.0

 
72.5

 
0.6

 
87.4

 
2.5

 
6.1

 
40.1

 
0.4

 
49.1

Total current assets
78.1

 
1,426.5

 
1,015.6

 
(1,298.1
)
 
1,222.1

 
285.6

 
1,397.0

 
522.7

 
(1,182.1
)
 
1,023.2

Property, plant and equipment, net
3.4

 
60.9

 
333.8

 
—

 
398.1

 
3.8

 
61.2

 
75.3

 
—

 
140.3

Operating lease right-of-use assets
0.8

 
13.4

 
158.3

 
—

 
172.5

 
—

 
—

 
—

 
—

 
—

Intangible assets, net
2.4

 
177.8

 
1,137.5

 
—

 
1,317.7

 
2.4

 
181.4

 
271.1

 
—

 
454.9

Goodwill
—

 
225.0

 
1,031.9

 
—

 
1,256.9

 
—

 
225.0

 
353.0

 
—

 
578.0

Investment in consolidated subsidiaries
2,913.7

 
655.1

 
—

 
(3,568.8
)
 
—

 
2,266.4

 
655.2

 
—

 
(2,921.6
)
 
—

Other long-term assets
48.3

 
24.6

 
37.0

 
(56.5
)
 
53.4

 
33.8

 
20.5

 
3.1

 
(25.2
)
 
32.2

Total Assets
$
3,046.7

 
$
2,583.3

 
$
3,714.1

 
$
(4,923.4
)
 
$
4,420.7

 
$
2,592.0

 
$
2,540.3

 
$
1,225.2

 
$
(4,128.9
)
 
$
2,228.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trade accounts payable
$
5.0

 
$
67.0

 
$
277.0

 
$
—

 
$
349.0

 
$
2.6

 
$
59.0

 
$
174.6

 
$
—

 
$
236.2

Liabilities from long-term manufacturing contracts and advances
—

 
17.3

 
165.8

 
—

 
183.1

 
—

 
13.5

 
144.7

 
—

 
158.2

Current portion of long-term debt
36.2

 
—

 
5.9

 
—

 
42.1

 
—

 
—

 
—

 
—

 
—

Accrued compensation
2.6

 
15.1

 
68.5

 
—

 
86.2

 
6.9

 
20.8

 
45.5

 
—

 
73.2

Intercompany payables
—

 
—

 
1,298.7

 
(1,298.7
)
 
—

 
1,167.0

 
10.2

 
5.3

 
(1,182.5
)
 
—

Other current liabilities
29.8

 
58.1

 
148.4

 
(16.9
)
 
219.4

 
19.2

 
45.0

 
67.1

 
(9.6
)
 
121.7

Total current liabilities
73.6

 
157.5

 
1,964.3

 
(1,315.6
)
 
879.8

 
1,195.7

 
148.5

 
437.2

 
(1,192.1
)
 
589.3

Long-term debt
1,822.4

 
—

 
0.2

 
—

 
1,822.6

 
619.5

 
—

 
—

 
—

 
619.5

Accrued pension and postretirement healthcare
1.0

 
31.1

 
129.9

 
—

 
162.0

 
0.8

 
32.1

 
98.4

 
—

 
131.3

Operating lease liabilities
0.4

 
10.5

 
126.2

 
—

 
137.1

 
—

 
—

 
—

 
—

 
—

Deferred income taxes
—

 
20.4

 
234.0

 
(39.0
)
 
215.4

 
—

 
24.0

 
64.8

 
(15.2
)
 
73.6

Other long-term liabilities
22.2

 
16.6

 
21.2

 
—

 
60.0

 
21.9

 
12.5

 
10.7

 
—

 
45.1

Total Liabilities
1,919.6

 
236.1

 
2,475.8

 
(1,354.6
)
 
3,276.9

 
1,837.9

 
217.1

 
611.1

 
(1,207.3
)
 
1,458.8

Hillenbrand Shareholders’ Equity
1,127.1

 
2,347.2

 
1,221.6

 
(3,568.8
)
 
1,127.1

 
754.1

 
2,323.2

 
598.4

 
(2,921.6
)
 
754.1

Noncontrolling interests
—

 
—

 
16.7

 
—

 
16.7

 
—

 
—

 
15.7

 
—

 
15.7

Total Shareholders’ Equity
1,127.1

 
2,347.2

 
1,238.3

 
(3,568.8
)
 
1,143.8

 
754.1

 
2,323.2

 
614.1

 
(2,921.6
)
 
769.8

Total Liabilities and Shareholders’ Equity
$
3,046.7

 
$
2,583.3

 
$
3,714.1

 
$
(4,923.4
)
 
$
4,420.7

 
$
2,592.0

 
$
2,540.3

 
$
1,225.2

 
$
(4,128.9
)
 
$
2,228.6


Schedule of condensed consolidating statements of cash flows
 
Three Months Ended December 31, 2019
 
Three Months Ended December 31, 2018
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in)
     operating activities
$
3.6

 
$
(5.6
)
 
$
19.8

 
$
—

 
$
17.8

 
$
(17.5
)
 
$
0.1

 
$
52.9

 
$
—

 
$
35.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investing activities:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Capital expenditures
(0.2
)
 
(2.3
)
 
(3.8
)
 
—

 
(6.3
)
 
—

 
(1.7
)
 
(1.9
)
 
—

 
(3.6
)
Proceeds from sales of property, plant, and
     equipment
—

 
—

 
13.3

 
—

 
13.3

 
—

 
—

 
—

 
—

 
—

Acquisition of business, net of cash
     acquired
(1,503.1
)
 
—

 
—

 
—

 
(1,503.1
)
 
—

 
—

 
(26.2
)
 
—

 
(26.2
)
Net cash (used in) provided by investing
       activities
(1,503.3
)
 
(2.3
)
 
9.5

 
—

 
(1,496.1
)
 
—

 
(1.7
)
 
(28.1
)
 
—

 
(29.8
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financing activities:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Proceeds from issuance of long-term debt
725.0

 
—

 
—

 
—

 
725.0

 
—

 
—

 
—

 
—

 
—

Repayments on term loan
(9.1
)
 
—

 
—

 
—

 
(9.1
)
 
—

 
—

 
—

 
—

 
—

Proceeds from revolving credit facilities,
     net of financing costs
747.3

 
—

 
0.2

 
—

 
747.5

 
106.0

 
—

 
54.2

 
—

 
160.2

Repayments on revolving credit facilities
(222.5
)
 
—

 
—

 
—

 
(222.5
)
 
(72.3
)
 
—

 
(67.3
)
 
—

 
(139.6
)
Payment of deferred financing costs
(5.4
)
 
—

 
—

 
—

 
(5.4
)
 
—

 
—

 
—

 
—

 
—

Payment of dividends on common stock
(15.8
)
 
—

 
—

 
—

 
(15.8
)
 
(13.1
)
 
—

 
—

 
—

 
(13.1
)
Proceeds from stock option exercises and
     other
0.2

 
—

 
—

 
—

 
0.2

 
0.3

 
—

 
—

 
—

 
0.3

Payments for employee taxes on net
     settlement equity awards
(1.8
)
 
—

 
—

 
—

 
(1.8
)
 
(4.1
)
 
—

 
—

 
—

 
(4.1
)
Other, net
—

 
—

 
3.3

 
—

 
3.3

 
—

 
—

 
(0.9
)
 
—

 
(0.9
)
Net cash provided by (used in)
     financing activities
1,217.9

 
—

 
3.5

 
—

 
1,221.4

 
16.8

 
—

 
(14.0
)
 
—

 
2.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rates on cash and
     cash equivalents
—

 
—

 
0.4

 
—

 
0.4

 
—

 
—

 
0.3

 
—

 
0.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash flow
(281.8
)
 
(7.9
)
 
33.2

 
—

 
(256.5
)
 
(0.7
)
 
(1.6
)
 
11.1

 
—

 
8.8

Cash, cash equivalents and restricted cash at
     beginning of period
283.1

 
9.6

 
106.7

 
—

 
399.4

 
1.1

 
5.8

 
49.6

 
—

 
56.5

Cash, cash equivalents and restricted cash at
     end of period
$
1.3

 
$
1.7

 
$
139.9

 
$
—

 
$
142.9

 
$
0.4

 
$
4.2

 
$
60.7

 
$
—

 
$
65.3