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