Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Information (Tables)

v2.4.0.8
Condensed Consolidating Information (Tables)
9 Months Ended
Jun. 30, 2013
Condensed Consolidating Information  
Schedule of condensed consolidating statements of income

 

 

 

 

Three months ended June 30, 2013

 

Three months ended June 30, 2012

 

 

 

Parent

 

Guarantors

 

Non-
Guarantors

 

Eliminations

 

Consolidated

 

Parent

 

Guarantors

 

Non-
Guarantors

 

Eliminations

 

Consolidated

 

Net revenue

 

$

 

$

211.9

 

$

235.5

 

$

(38.6

)

$

408.8

 

$

 

$

191.9

 

$

87.6

 

$

(41.1

)

$

238.4

 

Cost of goods sold

 

 

107.4

 

178.2

 

(11.9

)

273.7

 

 

96.1

 

65.2

 

(13.7

)

147.6

 

Gross profit

 

 

104.5

 

57.3

 

(26.7

)

135.1

 

 

95.8

 

22.4

 

(27.4

)

90.8

 

Operating expenses

 

7.7

 

65.4

 

63.0

 

(26.7

)

109.4

 

5.4

 

63.2

 

16.6

 

(27.4

)

57.8

 

Operating profit

 

(7.7

)

39.1

 

(5.7

)

 

25.7

 

(5.4

)

32.6

 

5.8

 

 

33.0

 

Interest expense

 

5.2

 

0.1

 

0.6

 

 

5.9

 

3.0

 

 

 

 

3.0

 

Other income (expense), net

 

(0.1

)

(1.0

)

0.8

 

 

(0.3

)

(0.1

)

0.4

 

(0.4

)

 

(0.1

)

Equity in net income (loss) of subsidiaries

 

19.3

 

2.9

 

 

(22.2

)

 

24.9

 

0.3

 

 

(25.2

)

 

Income (loss) before income taxes

 

6.3

 

40.9

 

(5.5

)

(22.2

)

19.5

 

16.4

 

33.3

 

5.4

 

(25.2

)

29.9

 

Income tax expense (benefit)

 

(7.0

)

13.0

 

(0.2

)

 

5.8

 

(4.9

)

12.2

 

1.3

 

 

8.6

 

Consolidated net income

 

13.3

 

27.9

 

(5.3

)

(22.2

)

13.7

 

21.3

 

21.1

 

4.1

 

(25.2

)

21.3

 

Less: Net income attributable to noncontrolling interests

 

 

 

0.4

 

 

0.4

 

 

 

 

 

 

Net income (loss)(1)

 

$

13.3

 

$

27.9

 

$

(5.7

)

$

(22.2

)

$

13.3

 

$

21.3

 

$

21.1

 

$

4.1

 

$

(25.2

)

$

21.3

 

Consolidated Comprehensive income (loss)

 

$

20.4

 

$

29.1

 

$

0.5

 

$

(29.2

)

$

20.8

 

$

14.3

 

$

22.6

 

$

(4.4

)

$

(18.2

)

$

14.3

 

Less: Comprehensive income attributable to noncontrolling interests

 

 

 

0.4

 

 

0.4

 

 

 

 

 

 

Comprehensive income (loss)(2)

 

$

20.4

 

$

29.1

 

$

0.1

 

$

(29.2

)

$

20.4

 

$

14.3

 

$

22.6

 

$

(4.4

)

$

(18.2

)

$

14.3

 

 

 

 

Nine months ended June 30, 2013

 

Nine months ended June 30, 2012

 

 

 

Parent

 

Guarantors

 

Non-
Guarantors

 

Eliminations

 

Consolidated

 

Parent

 

Guarantors

 

Non-
Guarantors

 

Eliminations

 

Consolidated

 

Net revenue

 

$

 

$

638.2

 

$

600.3

 

$

(126.0

)

$

1,112.5

 

$

 

$

590.8

 

$

259.9

 

$

(121.0

)

$

729.7

 

Cost of goods sold

 

 

320.6

 

452.6

 

(43.0

)

730.2

 

 

289.3

 

193.4

 

(41.8

)

440.9

 

Gross profit

 

 

317.6

 

147.7

 

(83.0

)

382.3

 

 

301.5

 

66.5

 

(79.2

)

288.8

 

Operating expenses

 

35.5

 

194.1

 

160.3

 

(83.0

)

306.9

 

22.3

 

185.5

 

50.0

 

(79.2

)

178.6

 

Operating profit

 

(35.5

)

123.5

 

(12.6

)

 

75.4

 

(22.3

)

116.0

 

16.5

 

 

110.2

 

Interest expense

 

14.8

 

0.2

 

2.2

 

 

17.2

 

8.8

 

 

 

 

8.8

 

Other income (expense), net

 

1.4

 

(2.7

)

1.6

 

 

0.3

 

(0.1

)

 

(0.7

)

 

(0.8

)

Equity in net income (loss) of subsidiaries

 

64.7

 

7.5

 

 

(72.2

)

 

86.1

 

1.8

 

 

(87.9

)

 

Income before income taxes

 

15.8

 

128.1

 

(13.2

)

(72.2

)

58.5

 

54.9

 

117.8

 

15.8

 

(87.9

)

100.6

 

Income tax expense (benefit)

 

(24.5

)

45.0

 

(3.5

)

 

17.0

 

(25.1

)

42.9

 

2.8

 

 

20.6

 

Consolidated net income

 

40.3

 

83.1

 

(9.7

)

(72.2

)

41.5

 

80.0

 

74.9

 

13.0

 

(87.9

)

80.0

 

Less: Net income attributable to noncontrolling interests

 

 

 

1.2

 

 

1.2

 

 

 

 

 

 

Net income (loss)(1)

 

$

40.3

 

$

83.1

 

$

(10.9

)

$

(72.2

)

$

40.3

 

$

80.0

 

$

74.9

 

$

13.0

 

$

(87.9

)

$

80.0

 

Consolidated Comprehensive income (loss)

 

$

38.8

 

$

85.6

 

$

(11.1

)

$

(73.3

)

$

40.0

 

$

74.2

 

$

76.8

 

$

5.2

 

$

(82.0

)

$

74.2

 

Less: Comprehensive income attributable to noncontrolling interests

 

 

 

1.2

 

 

1.2

 

 

 

 

 

 

Comprehensive income (loss)(2)

 

$

38.8

 

$

85.6

 

$

(12.3

)

$

(73.3

)

$

38.8

 

$

74.2

 

$

76.8

 

$

5.2

 

$

(82.0

)

$

74.2

 

 

 

(1) Net income attributable to Hillenbrand

(2) Comprehensive income attributable to Hillenbrand

Schedule of condensed consolidating balance sheets

 

 

 

 

As of June 30, 2013

 

As of September 30, 2012

 

 

 

Parent

 

Guarantors

 

Non-
Guarantors

 

Eliminations

 

Consolidated

 

Parent

 

Guarantors

 

Non-
Guarantors

 

Eliminations

 

Consolidated

 

Cash and equivalents

 

$

0.4

 

$

8.6

 

$

32.1

 

$

 

$

41.1

 

$

3.9

 

$

6.3

 

$

10.0

 

$

 

$

20.2

 

Trade receivables, net

 

 

94.1

 

89.5

 

 

183.6

 

 

110.4

 

40.3

 

 

150.7

 

Unbilled receivables from long-term manufacturing contracts

 

 

3.9

 

134.2

 

 

138.1

 

 

 

 

 

 

Inventories

 

 

76.6

 

112.3

 

(3.0

)

185.9

 

 

62.5

 

29.9

 

(2.4

)

90.0

 

Deferred income taxes

 

8.8

 

26.0

 

1.7

 

(6.9

)

29.6

 

 

26.5

 

 

(6.9

)

19.6

 

Prepaid expense

 

1.5

 

5.0

 

30.7

 

 

37.2

 

5.5

 

2.6

 

7.0

 

 

15.1

 

Intercompany receivables

 

221.2

 

941.7

 

42.7

 

(1,205.6

)

 

211.6

 

870.3

 

44.2

 

(1,126.1

)

 

Other current assets

 

0.1

 

2.6

 

20.6

 

0.5

 

23.8

 

2.0

 

1.2

 

8.2

 

(1.7

)

9.7

 

Total current assets

 

232.0

 

1,158.5

 

463.8

 

(1,215.0

)

639.3

 

223.0

 

1,079.8

 

139.6

 

(1,137.1

)

305.3

 

Property, plant and equipment, net

 

7.3

 

70.3

 

90.4

 

 

168.0

 

7.1

 

66.0

 

44.8

 

 

117.9

 

Intangible assets, net

 

2.6

 

199.8

 

356.1

 

 

558.5

 

1.6

 

185.5

 

126.8

 

 

313.9

 

Goodwill

 

 

211.8

 

324.1

 

 

535.9

 

 

176.0

 

127.7

 

 

303.7

 

Investment in consolidated subsidiaries

 

1,861.1

 

644.0

 

 

(2,505.1

)

 

1,457.3

 

311.3

 

 

(1,768.6

)

 

Other assets

 

16.3

 

26.1

 

16.0

 

(3.2

)

55.2

 

9.8

 

77.4

 

0.9

 

(41.4

)

46.7

 

Total Assets

 

$

2,119.3

 

$

2,310.5

 

$

1,250.4

 

$

(3,723.3

)

$

1,956.9

 

$

1,698.8

 

$

1,896.0

 

$

439.8

 

$

(2,947.1

)

$

1,087.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade accounts payable

 

$

0.3

 

$

23.4

 

$

155.1

 

$

 

$

178.8

 

$

0.7

 

$

18.2

 

$

16.4

 

$

 

$

35.3

 

Liabilities from long-term manufacturing contracts and advances

 

 

13.1

 

58.9

 

 

72.0

 

 

9.6

 

6.3

 

 

15.9

 

Current portion of long-term debt

 

10.0

 

 

 

 

10.0

 

 

 

 

 

 

Accrued compensation

 

2.2

 

16.8

 

5.9

 

 

24.9

 

 

22.2

 

8.8

 

(1.7

)

29.3

 

Deferred income taxes

 

 

 

25.7

 

(6.9

)

18.8

 

 

 

7.8

 

(6.9

)

0.9

 

Intercompany payables

 

977.0

 

231.6

 

 

(1,208.6

)

 

911.8

 

216.7

 

 

(1,128.5

)

 

Other current liabilities

 

6.8

 

55.4

 

69.8

 

0.5

 

132.5

 

8.4

 

49.9

 

12.1

 

 

70.4

 

Total current liabilities

 

996.3

 

340.3

 

315.4

 

(1,215.0

)

437.0

 

920.9

 

316.6

 

51.4

 

(1,137.1

)

151.8

 

Long-term debt

 

610.3

 

8.2

 

82.8

 

 

701.3

 

271.6

 

 

 

 

271.6

 

Accrued pension and postretirement healthcare

 

 

112.6

 

115.4

 

 

228.0

 

 

111.8

 

 

 

111.8

 

Deferred income taxes

 

 

13.5

 

19.9

 

(3.2

)

30.2

 

 

56.3

 

6.8

 

(41.4

)

21.7

 

Other long-term liabilities

 

 

25.6

 

14.9

 

 

40.5

 

 

24.3

 

 

 

24.3

 

Total Liabilities

 

1,606.6

 

500.2

 

548.4

 

(1,218.2

)

1,437.0

 

1,192.5

 

509.0

 

58.2

 

(1,178.5

)

581.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Hillenbrand Shareholders’ Equity

 

512.7

 

1,810.3

 

694.7

 

(2,505.1

)

512.6

 

506.3

 

1,387.0

 

381.6

 

(1,768.6

)

506.3

 

Noncontrolling interests

 

 

 

7.3

 

 

7.3

 

 

 

 

 

 

Total Equity

 

512.7

 

1,810.3

 

702.0

 

(2,505.1

)

519.9

 

506.3

 

1,387.0

 

381.6

 

(1,768.6

)

506.3

 

Total Liabilities and Equity

 

$

2,119.3

 

$

2,310.5

 

$

1,250.4

 

$

(3,723.3

)

$

1,956.9

 

$

1,698.8

 

$

1,896.0

 

$

439.8

 

$

(2,947.1

)

$

1,087.5

 

Schedule of condensed consolidating statements of cash flows

 

 

 

 

Nine months ended June 30, 2013

 

Nine months ended June 30, 2012

 

 

 

Parent

 

Guarantors

 

Non-
Guarantors

 

Eliminations

 

Consolidated

 

Parent

 

Guarantors

 

Non-
Guarantors

 

Eliminations

 

Consolidated

 

Net cash provided by (used in) operating activities

 

$

81.3

 

$

101.0

 

$

(35.6

)

$

(95.9

)

$

50.8

 

$

190.0

 

$

326.3

 

$

4.0

 

$

(410.7

)

$

109.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

(2.4

)

(8.0

)

(8.7

)

 

(19.1

)

(3.6

)

(6.1

)

(4.3

)

 

(14.0

)

Acquisition of business, net of cash acquired

 

(404.3

)

(0.5

)

(10.9

)

 

(415.7

)

 

56.7

 

(56.7

)

 

 

Other

 

3.9

 

0.1

 

 

 

4.0

 

0.4

 

 

 

 

0.4

 

Net cash provided by (used in) investing activities

 

(402.8

)

(8.4

)

(19.6

)

 

(430.8

)

(3.2

)

50.6

 

(61.0

)

 

(13.6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from term loan

 

200.0

 

 

 

 

200.0

 

 

 

 

 

 

Repayments on term loan

 

(7.5

)

 

 

 

(7.5

)

 

 

 

 

 

Proceeds from revolving credit facilities, net of financing costs

 

557.9

 

 

91.0

 

 

648.9

 

150.0

 

 

 

 

150.0

 

Repayments on revolving credit facilities

 

(395.0

)

 

(9.1

)

 

(404.1

)

(308.0

)

 

 

 

(308.0

)

Payment of dividends - intercompany

 

 

(90.3

)

(5.6

)

95.9

 

 

 

(388.8

)

(21.9

)

410.7

 

 

Payment of dividends on common stock

 

(36.5

)

 

 

 

(36.5

)

(35.8

)

 

 

 

(35.8

)

Other, net

 

(0.9

)

 

 

 

(0.9

)

(0.2

)

 

 

 

(0.2

)

Net cash provided by (used in) financing activities

 

318.0

 

(90.3

)

76.3

 

95.9

 

399.9

 

(194.0

)

(388.8

)

(21.9

)

410.7

 

(194.0

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of exchange rates on cash and cash equivalents

 

 

 

1.0

 

 

1.0

 

 

 

(1.5

)

 

(1.5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash flow

 

(3.5

)

2.3

 

22.1

 

 

20.9

 

(7.2

)

(11.9

)

(80.4

)

 

(99.5

)

Cash and equivalents at beginning of period

 

3.9

 

6.3

 

10.0

 

 

20.2

 

7.4

 

17.7

 

90.4

 

 

115.5

 

Cash and equivalents at end of period

 

$

0.4

 

$

8.6

 

$

32.1

 

$

 

$

41.1

 

$

0.2

 

$

5.8

 

$

10.0

 

$

 

$

16.0