Quarterly report pursuant to Section 13 or 15(d)

Acquisitions (Tables)

v3.23.1
Acquisitions (Tables)
 6 Months Ended
Mar. 31, 2023
Business Combinations [Abstract]  
Schedule of Business Acquisition
December 1, 2022 (as initially reported) Measurement Period Adjustments December 1, 2022 (as adjusted)
Assets acquired:
Current assets $ 16.2  $ 1.3  $ 17.5 
Property, plant, and equipment 2.3  —  2.3 
Intangible assets —  25.3  25.3 
Goodwill 50.9  (27.3) 23.6 
     Total assets acquired 69.4  (0.7) 68.7 
Liabilities assumed:
Current liabilities 9.5  —  9.5 
     Total liabilities assumed 9.5  —  9.5 
          Net assets acquired $ 59.9  $ (0.7) $ 59.2 
Based on current fair value estimates, the preliminary purchase price for Linxis has been allocated to individual assets acquired and liabilities assumed as of the acquisition date:
October 6, 2022 (as initially reported) Measurement Period Adjustments October 6, 2022 (as adjusted)
Assets acquired:
Cash and cash equivalents $ 22.9  $ —  $ 22.9 
Trade receivables 31.5  —  31.5 
Receivables from long-term manufacturing contracts 12.1  —  12.1 
Inventories 80.1  —  80.1 
Prepaid expenses and other current assets 11.7  —  11.7 
Property, plant, and equipment 36.7  1.1  37.8 
Operating lease right-of-use assets 15.0  —  15.0 
Intangible assets 243.8  —  243.8 
Goodwill 332.0  (1.7) 330.3 
Other noncurrent assets 1.0  —  1.0 
     Total assets acquired 786.8  (0.6) 786.2 
Liabilities assumed:
Trade accounts payable 18.9  —  18.9 
Liabilities from long-term manufacturing contracts 52.0  —  52.0 
Accrued compensation 10.3  —  10.3 
Other current liabilities 19.6  0.6  20.2 
Accrued pension and postretirement healthcare 3.9  —  3.9 
Operating lease liabilities 9.4  —  9.4 
Deferred income taxes 77.0  (1.2) 75.8 
Other noncurrent liabilities 0.3  —  0.3 
     Total liabilities assumed 191.4  (0.6) 190.8 
          Net assets acquired 595.4  —  595.4 
Less: Fair value of Linxis noncontrolling interest (1)
(4.6) —  (4.6)
Purchase price consideration $ 590.8  $ —  $ 590.8 
(1) While the Company acquired all issued and outstanding securities of Linxis in the acquisition, there remain certain noncontrolling interests in two subsidiaries of Linxis that existed as of the acquisition date.
The following table provides the results of operations for Linxis included in Hillenbrand’s Consolidated Statement of Operations:
Three Months Ended March 31, 2023 Six Months Ended March 31, 2023
Net revenue $ 71.5  $ 152.5 
Loss from continuing operations before income taxes (2.5) (2.6)
Based on current fair value estimates, the preliminary purchase price for Herbold has been allocated to individual assets acquired and liabilities assumed as of the acquisition date:
August 31, 2022 (as initially reported) Measurement Period Adjustments August 31, 2022 (as adjusted)
Assets acquired:
Current assets $ 38.2  $ 2.3  $ 40.5 
Property, plant, and equipment 4.7  2.3  7.0
Intangible assets —  22.6  22.6
Goodwill 69.3  (18.8) 50.5
Other assets 5.3  —  5.3
     Total assets acquired 117.5  8.4  125.9 
Liabilities assumed:
Current liabilities 33.9  1.4  35.3 
Other long-term liabilities 5.9  7.0  12.9 
     Total liabilities assumed 39.8  8.4  48.2 
          Net assets acquired $ 77.7  $ —  $ 77.7 
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination
The preliminary amounts allocated to intangible assets are as follows:

Gross Carrying Amount Weighted-Average Useful Life
Customer relationships $ 211.1  13 years
Trade name 32.7  10 years
Total intangible assets $ 243.8 
The preliminary amounts allocated to intangible assets are as follows:

Gross Carrying Amount Weighted-Average Useful Life
Customer relationships $ 10.2  15 years
Trade name 8.0  10 years
Technology 4.4  7 years
Total intangible assets $ 22.6 
Schedule of Business Acquisition Pro Forma Information
The supplemental pro forma financial information for the periods presented is as follows:
Three Months Ended March 31, Six Months Ended
March 31,
2023 2022 2023 2022
Net revenue $ 690.9  $ 686.2  $ 1,352.4  $ 1,347.2 
Income from continuing operations attributable to Hillenbrand 28.9  29.6  63.7  48.6 
Income from continuing operations attributable to Hillenbrand — per share of common stock:
Basic earnings per share from continuing operations $ 0.41  $ 0.40  $ 0.92  $ 0.67 
Diluted earnings per share from continuing operations $ 0.41  $ 0.40  $ 0.91  $ 0.66