Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Information (Tables)

v3.20.1
Condensed Consolidating Information (Tables)
 6 Months Ended
Mar. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
Schedule of condensed consolidating statements of income
 
Three Months Ended March 31, 2020
 
Three Months Ended March 31, 2019
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Net revenue
$
—

 
$
212.6

 
$
493.2

 
$
(56.9
)
 
$
648.9

 
$
—

 
$
230.6

 
$
294.1

 
$
(60.1
)
 
$
464.6

Cost of goods sold
—

 
117.2

 
367.8

 
(29.8
)
 
455.2

 
—

 
126.8

 
210.0

 
(33.1
)
 
303.7

Gross profit
—

 
95.4

 
125.4

 
(27.1
)
 
193.7

 
—

 
103.8

 
84.1

 
(27.0
)
 
160.9

Operating expenses
15.0

 
57.6

 
90.5

 
(27.1
)
 
136.0

 
13.7

 
60.9

 
46.1

 
(27.0
)
 
93.7

Amortization expense
—

 
3.4

 
20.6

 
—

 
24.0

 
—

 
3.4

 
5.2

 
—

 
8.6

Impairment charges
—

 
54.7

 
27.8

 
—

 
82.5

 
—

 
—

 
—

 
—

 
—

Interest expense
0.3

 
0.2

 
20.4

 
—

 
20.9

 
4.7

 
0.1

 
0.6

 
—

 
5.4

Other (expense) income, net
(0.5
)
 
(0.7
)
 
0.5

 
—

 
(0.7
)
 
(0.2
)
 
(0.1
)
 
0.4

 
—

 
0.1

Equity in net income of subsidiaries
(43.7
)
 
2.5

 
—

 
41.2

 
—

 
51.4

 
3.5

 
—

 
(54.9
)
 
—

(Loss) income before income taxes
(59.5
)
 
(18.7
)
 
(33.4
)
 
41.2

 
(70.4
)
 
32.8

 
42.8

 
32.6

 
(54.9
)
 
53.3

Income tax expense (benefit)
14.5

 
(5.2
)
 
(7.5
)
 
—

 
1.8

 
(5.2
)
 
10.6

 
8.4

 
—

 
13.8

Consolidated net (loss) income
(74.0
)
 
(13.5
)
 
(25.9
)
 
41.2

 
(72.2
)
 
38.0

 
32.2

 
24.2

 
(54.9
)
 
39.5

Less: Net income attributable to
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
noncontrolling interests
—

 
—

 
1.8

 
—

 
1.8

 
—

 
—

 
1.5

 
—

 
1.5

Net (loss) income attributable to Hillenbrand
$
(74.0
)
 
$
(13.5
)
 
$
(27.7
)
 
$
41.2

 
$
(74.0
)
 
$
38.0

 
$
32.2

 
$
22.7

 
$
(54.9
)
 
$
38.0

Consolidated comprehensive (loss) income
$
(105.6
)
 
$
(15.1
)
 
$
(55.3
)
 
$
71.7

 
$
(104.3
)
 
$
30.5

 
$
32.4

 
$
19.6

 
$
(50.5
)
 
$
32.0

Less: Comprehensive income attributable
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     to noncontrolling interests
—

 
—

 
1.3

 
—

 
1.3

 
—

 
—

 
1.5

 
—

 
1.5

Comprehensive (loss) income attributable to Hillenbrand
$
(105.6
)
 
$
(15.1
)
 
$
(56.6
)
 
$
71.7

 
$
(105.6
)
 
$
30.5

 
$
32.4

 
$
18.1

 
$
(50.5
)
 
$
30.5



 
Six Months Ended March 31, 2020
 
Six Months Ended March 31, 2019
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Net revenue
$
—

 
$
418.1

 
$
910.2

 
$
(112.5
)
 
$
1,215.8

 
$
—

 
$
446.7

 
$
541.9

 
$
(113.7
)
 
$
874.9

Cost of goods sold
—

 
234.9

 
674.1

 
(58.7
)
 
850.3

 
—

 
242.6

 
384.4

 
(60.0
)
 
567.0

Gross profit
—

 
183.2

 
236.1

 
(53.8
)
 
365.5

 
—

 
204.1

 
157.5

 
(53.7
)
 
307.9

Operating expenses
63.6

 
116.1

 
167.5

 
(53.8
)
 
293.4

 
23.9

 
122.3

 
91.9

 
(53.7
)
 
184.4

Amortization expense
—

 
6.7

 
32.1

 
—

 
38.8

 
—

 
6.7

 
9.7

 
—

 
16.4

Impairment charges
—

 
54.7

 
27.8

 
—

 
82.5

 
—

 
—

 
—

 
—

 
—

Interest expense
5.5

 
0.2

 
29.9

 
—

 
35.6

 
9.2

 
0.1

 
1.6

 
—

 
10.9

Other income (expense), net
0.4

 
(1.6
)
 
2.4

 
—

 
1.2

 
(0.5
)
 
(0.1
)
 
1.2

 
—

 
0.6

Equity in net income of subsidiaries
(18.1
)
 
4.3

 
—

 
13.8

 
—

 
93.4

 
5.7

 
—

 
(99.1
)
 
—

(Loss) income before income taxes
(86.8
)
 
8.2

 
(18.8
)
 
13.8

 
(83.6
)
 
59.8

 
80.6

 
55.5

 
(99.1
)
 
96.8

Income tax (benefit) expense
(9.7
)
 
1.0

 
(1.9
)
 
—

 
(10.6
)
 
(6.5
)
 
20.5

 
14.3

 
—

 
28.3

Consolidated net (loss) income
(77.1
)
 
7.2

 
(16.9
)
 
13.8

 
(73.0
)
 
66.3

 
60.1

 
41.2

 
(99.1
)
 
68.5

Less: Net income attributable to
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
noncontrolling interests
—

 
—

 
4.1

 
—

 
4.1

 
—

 
—

 
2.2

 
—

 
2.2

Net (loss) income attributable to Hillenbrand
$
(77.1
)
 
$
7.2

 
$
(21.0
)
 
$
13.8

 
$
(77.1
)
 
$
66.3

 
$
60.1

 
$
39.0

 
$
(99.1
)
 
$
66.3

Consolidated comprehensive (loss) income
$
(88.8
)
 
$
3.8

 
$
(29.4
)
 
$
29.1

 
$
(85.3
)
 
$
48.7

 
$
60.2

 
$
31.4

 
$
(89.2
)
 
$
51.1

Less: Comprehensive income attributable
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     to noncontrolling interests
—

 
—

 
3.5

 
—

 
3.5

 
—

 
—

 
2.4

 
—

 
2.4

Comprehensive (loss) income attributable to Hillenbrand
$
(88.8
)
 
$
3.8

 
$
(32.9
)
 
$
29.1

 
$
(88.8
)
 
$
48.7

 
$
60.2

 
$
29.0

 
$
(89.2
)
 
$
48.7






















Schedule of condensed consolidating balance sheets
 
March 31, 2020
 
September 30, 2019
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Cash and cash equivalents
$
145.3

 
$
11.5

 
$
217.2

 
$
—

 
$
374.0

 
$
283.1

 
$
9.6

 
$
106.3

 
$
—

 
$
399.0

Trade receivables, net
—

 
92.3

 
200.5

 
—

 
292.8

 
—

 
113.6

 
103.8

 
—

 
217.4

Receivables from long-term manufacturing contracts
—

 
13.2

 
174.1

 
—

 
187.3

 
—

 
9.8

 
171.3

 
—

 
181.1

Inventories, net
—

 
78.2

 
347.9

 
(2.8
)
 
423.3

 
—

 
78.2

 
101.2

 
(2.8
)
 
176.6

Intercompany receivables
—

 
1,135.2

 
149.9

 
(1,285.1
)
 
—

 
—

 
1,179.7

 
—

 
(1,179.7
)
 
—

Prepaid expenses and other current assets
4.6

 
25.3

 
54.8

 
2.0

 
86.7

 
2.5

 
6.1

 
40.1

 
0.4

 
49.1

Total current assets
149.9

 
1,355.7

 
1,144.4

 
(1,285.9
)
 
1,364.1

 
285.6

 
1,397.0

 
522.7

 
(1,182.1
)
 
1,023.2

Property, plant and equipment, net
3.7

 
60.8

 
284.2

 
—

 
348.7

 
3.8

 
61.2

 
75.3

 
—

 
140.3

Operating lease right-of-use assets
0.7

 
13.2

 
151.1

 
—

 
165.0

 
—

 
—

 
—

 
—

 
—

Intangible assets, net
2.3

 
174.3

 
924.7

 
—

 
1,101.3

 
2.4

 
181.4

 
271.1

 
—

 
454.9

Goodwill
—

 
170.3

 
963.2

 
—

 
1,133.5

 
—

 
225.0

 
353.0

 
—

 
578.0

Investment in consolidated subsidiaries
3,947.1

 
654.1

 
—

 
(4,601.2
)
 
—

 
2,266.4

 
655.2

 
—

 
(2,921.6
)
 
—

Other long-term assets
49.9

 
27.4

 
27.7

 
(26.9
)
 
78.1

 
33.8

 
20.5

 
3.1

 
(25.2
)
 
32.2

Total Assets
$
4,153.6

 
$
2,455.8

 
$
3,495.3

 
$
(5,914.0
)
 
$
4,190.7

 
$
2,592.0

 
$
2,540.3

 
$
1,225.2

 
$
(4,128.9
)
 
$
2,228.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trade accounts payable
$
3.9

 
$
60.4

 
$
233.6

 
$
—

 
$
297.9

 
$
2.6

 
$
59.0

 
$
174.6

 
$
—

 
$
236.2

Liabilities from long-term manufacturing contracts and advances
—

 
13.0

 
163.6

 
—

 
176.6

 
—

 
13.5

 
144.7

 
—

 
158.2

Current portion of long-term debt
45.3

 
—

 
1.4

 
—

 
46.7

 
—

 
—

 
—

 
—

 
—

Accrued compensation
3.0

 
13.3

 
61.9

 
—

 
78.2

 
6.9

 
20.8

 
45.5

 
—

 
73.2

Intercompany payables
1,287.9

 
—

 
—

 
(1,287.9
)
 
—

 
1,167.0

 
10.2

 
5.3

 
(1,182.5
)
 
—

Other current liabilities
26.2

 
54.8

 
124.5

 
0.3

 
205.8

 
19.2

 
45.0

 
67.1

 
(9.6
)
 
121.7

Total current liabilities
1,366.3

 
141.5

 
585.0

 
(1,287.6
)
 
805.2

 
1,195.7

 
148.5

 
437.2

 
(1,192.1
)
 
589.3

Long-term debt
1,754.8

 
—

 
71.8

 
—

 
1,826.6

 
619.5

 
—

 
—

 
—

 
619.5

Accrued pension and postretirement healthcare
0.9

 
30.4

 
126.6

 
—

 
157.9

 
0.8

 
32.1

 
98.4

 
—

 
131.3

Operating lease liabilities
0.4

 
10.3

 
120.1

 
—

 
130.8

 
—

 
—

 
—

 
—

 
—

Deferred income taxes
—

 
12.0

 
200.7

 
(25.2
)
 
187.5

 
—

 
24.0

 
64.8

 
(15.2
)
 
73.6

Other long-term liabilities
22.2

 
14.7

 
18.8

 
—

 
55.7

 
21.9

 
12.5

 
10.7

 
—

 
45.1

Total Liabilities
3,144.6

 
208.9

 
1,123.0

 
(1,312.8
)
 
3,163.7

 
1,837.9

 
217.1

 
611.1

 
(1,207.3
)
 
1,458.8

Hillenbrand Shareholders’ Equity
1,009.0

 
2,246.9

 
2,354.3

 
(4,601.2
)
 
1,009.0

 
754.1

 
2,323.2

 
598.4

 
(2,921.6
)
 
754.1

Noncontrolling interests
—

 
—

 
18.0

 
—

 
18.0

 
—

 
—

 
15.7

 
—

 
15.7

Total Shareholders’ Equity
1,009.0

 
2,246.9

 
2,372.3

 
(4,601.2
)
 
1,027.0

 
754.1

 
2,323.2

 
614.1

 
(2,921.6
)
 
769.8

Total Liabilities and Shareholders’ Equity
$
4,153.6

 
$
2,455.8

 
$
3,495.3

 
$
(5,914.0
)
 
$
4,190.7

 
$
2,592.0

 
$
2,540.3

 
$
1,225.2

 
$
(4,128.9
)
 
$
2,228.6


Schedule of condensed consolidating statements of cash flows
 
Six Months Ended March 31, 2020
 
Six Months Ended March 31, 2019
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in)
     operating activities
$
2.0

 
$
103.2

 
$
42.6

 
$
(102.5
)
 
$
45.3

 
$
(4.7
)
 
$
103.0

 
$
54.6

 
$
(106.4
)
 
$
46.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investing activities:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Capital expenditures
(0.7
)
 
(5.3
)
 
(9.0
)
 
—

 
(15.0
)
 
(0.4
)
 
(3.6
)
 
(4.3
)
 
—

 
(8.3
)
Proceeds from sales of property, plant, and
     equipment
—

 
0.1

 
13.2

 
—

 
13.3

 
—

 
—

 
—

 
—

 
—

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

 
—

 
—

 
(1,503.1
)
 
—

 
—

 
(26.2
)
 
—

 
(26.2
)
Proceeds from divestiture, net of cash
      divested
222.4

 
 
 
 
 
 
 
222.4

 
—

 
—

 
—

 
—

 
—

Other, net
—

 
—

 
—

 
—

 
—

 
—

 
0.1

 
—

 
—

 
0.1

Net cash (used in) provided by investing
       activities
(1,281.4
)
 
(5.2
)
 
4.2

 
—

 
(1,282.4
)
 
(0.4
)
 
(3.5
)
 
(30.5
)
 
—

 
(34.4
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financing activities:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Proceeds from issuance of long-term debt
725.0

 
—

 
—

 
—

 
725.0

 
—

 
—

 
—

 
—

 
—

Repayments on long-term debt
(9.1
)
 
—

 
—

 
—

 
(9.1
)
 
—

 
—

 
—

 
—

 
—

Proceeds from revolving credit facilities
804.0

 
—

 
278.8

 
—

 
1,082.8

 
164.0

 
—

 
178.0

 
—

 
342.0

Repayments on revolving credit facilities
(338.0
)
 
—

 
(206.7
)
 
—

 
(544.7
)
 
(130.8
)
 
—

 
(193.0
)
 
—

 
(323.8
)
Payment of deferred financing costs
(7.0
)
 
—

 
—

 
—

 
(7.0
)
 
—

 
—

 
—

 
—

 
—

Payment of dividends - intercompany
—

 
(96.1
)
 
(6.4
)
 
102.5

 
—

 
—

 
(100.0
)
 
(6.4
)
 
106.4

 
—

Payment of dividends on common stock
(31.7
)
 
—

 
—

 
—

 
(31.7
)
 
(26.2
)
 
—

 
—

 
—

 
(26.2
)
Proceeds from stock option exercises
0.2

 
—

 
—

 
—

 
0.2

 
1.4

 
—

 
—

 
—

 
1.4

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

 
—

 
—

 
(1.8
)
 
(4.2
)
 
—

 
—

 
—

 
(4.2
)
Other, net
—

 
—

 
(1.1
)
 
—

 
(1.1
)
 
—

 
—

 
(0.5
)
 
—

 
(0.5
)
Net cash provided by (used in)
     financing activities
1,141.6

 
(96.1
)
 
64.6

 
102.5

 
1,212.6

 
4.2

 
(100.0
)
 
(21.9
)
 
106.4

 
(11.3
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rates on cash and
     cash equivalents
—

 
—

 
(0.5
)
 
—

 
(0.5
)
 
—

 
—

 
2.1

 
—

 
2.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash flow
(137.8
)
 
1.9

 
110.9

 
—

 
(25.0
)
 
(0.9
)
 
(0.5
)
 
4.3

 
—

 
2.9

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
$
145.3

 
$
11.5

 
$
217.6

 
$
—

 
$
374.4

 
$
0.2

 
$
5.3

 
$
53.9

 
$
—

 
$
59.4