| Schedule of condensed consolidating statements of income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended September 30, 2013
|
|
Year ended September 30, 2012
|
|
Year ended September 30, 2011
|
|
|
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Consolidated
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Consolidated
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Consolidated
|
|
|
Net revenue
|
|
$
|
—
|
|
$
|
863.4
|
|
$
|
862.7
|
|
$
|
(172.7
|
)
|
$
|
1,553.4
|
|
$
|
—
|
|
$
|
795.5
|
|
$
|
349.1
|
|
$
|
(161.4
|
)
|
$
|
983.2
|
|
$
|
—
|
|
$
|
726.4
|
|
$
|
316.9
|
|
$
|
(159.9
|
)
|
$
|
883.4
|
|
|
Cost of goods sold
|
|
—
|
|
442.8
|
|
647.3
|
|
(63.9
|
)
|
1,026.2
|
|
—
|
|
391.9
|
|
258.7
|
|
(56.3
|
)
|
594.3
|
|
—
|
|
334.2
|
|
233.6
|
|
(54.3
|
)
|
513.5
|
|
|
Gross profit
|
|
—
|
|
420.6
|
|
215.4
|
|
(108.8
|
)
|
527.2
|
|
—
|
|
403.6
|
|
90.4
|
|
(105.1
|
)
|
388.9
|
|
—
|
|
392.2
|
|
83.3
|
|
(105.6
|
)
|
369.9
|
|
|
Operating expenses
|
|
42.4
|
|
260.0
|
|
215.5
|
|
(108.8
|
)
|
409.1
|
|
31.4
|
|
249.6
|
|
64.2
|
|
(105.1
|
)
|
240.1
|
|
36.1
|
|
225.1
|
|
55.7
|
|
(105.6
|
)
|
211.3
|
|
|
Operating profit
|
|
(42.4
|
)
|
160.6
|
|
(0.1
|
)
|
—
|
|
118.1
|
|
(31.4
|
)
|
154.0
|
|
26.2
|
|
—
|
|
148.8
|
|
(36.1
|
)
|
167.1
|
|
27.6
|
|
—
|
|
158.6
|
|
|
Interest expense
|
|
19.8
|
|
0.2
|
|
4.4
|
|
(0.4
|
)
|
24.0
|
|
12.4
|
|
—
|
|
—
|
|
—
|
|
12.4
|
|
11.0
|
|
—
|
|
—
|
|
—
|
|
11.0
|
|
|
Other income (expense), net
|
|
1.4
|
|
(3.5
|
)
|
2.1
|
|
(0.4
|
)
|
(0.4
|
)
|
0.1
|
|
(0.2
|
)
|
(1.4
|
)
|
—
|
|
(1.5
|
)
|
—
|
|
11.2
|
|
(1.0
|
)
|
—
|
|
10.2
|
|
|
Equity in net income (loss) of subsidiaries
|
|
105.2
|
|
10.0
|
|
—
|
|
(115.2
|
)
|
—
|
|
116.4
|
|
4.5
|
|
—
|
|
(120.9
|
)
|
—
|
|
131.9
|
|
6.2
|
|
—
|
|
(138.1
|
)
|
—
|
|
|
Income (loss) before income taxes
|
|
44.4
|
|
166.9
|
|
(2.4
|
)
|
(115.2
|
)
|
93.7
|
|
72.7
|
|
158.3
|
|
24.8
|
|
(120.9
|
)
|
134.9
|
|
84.8
|
|
184.5
|
|
26.6
|
|
(138.1
|
)
|
157.8
|
|
|
Income tax expense (benefit)
|
|
(19.0
|
)
|
58.5
|
|
(11.2
|
)
|
—
|
|
28.3
|
|
(32.1
|
)
|
57.1
|
|
5.1
|
|
—
|
|
30.1
|
|
(21.3
|
)
|
66.9
|
|
6.1
|
|
—
|
|
51.7
|
|
|
Consolidated net income
|
|
63.4
|
|
108.4
|
|
8.8
|
|
(115.2
|
)
|
65.4
|
|
104.8
|
|
101.2
|
|
19.7
|
|
(120.9
|
)
|
104.8
|
|
106.1
|
|
117.6
|
|
20.5
|
|
(138.1
|
)
|
106.1
|
|
|
Less: Net income attributable to noncontrolling interests
|
|
—
|
|
—
|
|
2.0
|
|
—
|
|
2.0
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
Net income (loss)(1)
|
|
$
|
63.4
|
|
$
|
108.4
|
|
$
|
6.8
|
|
$
|
(115.2
|
)
|
$
|
63.4
|
|
$
|
104.8
|
|
$
|
101.2
|
|
$
|
19.7
|
|
$
|
(120.9
|
)
|
$
|
104.8
|
|
$
|
106.1
|
|
$
|
117.6
|
|
$
|
20.5
|
|
$
|
(138.1
|
)
|
$
|
106.1
|
|
|
Consolidated Comprehensive income (loss)
|
|
$
|
104.4
|
|
$
|
132.5
|
|
$
|
28.5
|
|
$
|
(159.0
|
)
|
$
|
105.9
|
|
$
|
101.9
|
|
$
|
104.9
|
|
$
|
13.1
|
|
$
|
(118.0
|
)
|
$
|
101.9
|
|
$
|
109.6
|
|
$
|
109.5
|
|
$
|
32.0
|
|
$
|
(141.5
|
)
|
$
|
109.6
|
|
|
Less: Comprehensive income attributable to noncontrolling interests
|
|
—
|
|
—
|
|
1.5
|
|
—
|
|
1.5
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
Comprehensive income (loss)(2)
|
|
$
|
104.4
|
|
$
|
132.5
|
|
$
|
27.0
|
|
$
|
(159.0
|
)
|
$
|
104.4
|
|
$
|
101.9
|
|
$
|
104.9
|
|
$
|
13.1
|
|
$
|
(118.0
|
)
|
$
|
101.9
|
|
$
|
109.6
|
|
$
|
109.5
|
|
$
|
32.0
|
|
$
|
(141.5
|
)
|
$
|
109.6
|
|
(1) Net income attributable to Hillenbrand
(2) Comprehensive income attributable to Hillenbrand
|
| Schedule of condensed consolidating balance sheets |
|
|
|
As of September 30, 2013
|
|
As of September 30, 2012
|
|
|
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Consolidated
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Consolidated
|
|
|
Cash and equivalents
|
|
$
|
0.6
|
|
$
|
8.7
|
|
$
|
33.4
|
|
$
|
—
|
|
$
|
42.7
|
|
$
|
3.9
|
|
$
|
6.3
|
|
$
|
10.0
|
|
$
|
—
|
|
$
|
20.2
|
|
|
Trade receivables, net
|
|
—
|
|
97.0
|
|
116.4
|
|
—
|
|
213.4
|
|
—
|
|
110.4
|
|
40.3
|
|
—
|
|
150.7
|
|
|
Unbilled receivables from long-term manufacturing contracts
|
|
—
|
|
15.2
|
|
126.9
|
|
—
|
|
142.1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
Inventories
|
|
—
|
|
72.4
|
|
107.8
|
|
(2.7
|
)
|
177.5
|
|
—
|
|
62.5
|
|
29.9
|
|
(2.4
|
)
|
90.0
|
|
|
Deferred income taxes
|
|
9.1
|
|
8.3
|
|
4.9
|
|
—
|
|
22.3
|
|
—
|
|
26.5
|
|
—
|
|
(6.9
|
)
|
19.6
|
|
|
Prepaid expense
|
|
1.0
|
|
4.4
|
|
15.0
|
|
—
|
|
20.4
|
|
5.5
|
|
2.6
|
|
7.0
|
|
—
|
|
15.1
|
|
|
Intercompany receivables
|
|
222.5
|
|
1,011.3
|
|
33.3
|
|
(1,267.1
|
)
|
—
|
|
211.6
|
|
870.3
|
|
44.2
|
|
(1,126.1
|
)
|
—
|
|
|
Other current assets
|
|
0.4
|
|
4.3
|
|
17.0
|
|
(0.7
|
)
|
21.0
|
|
2.0
|
|
1.2
|
|
8.2
|
|
(1.7
|
)
|
9.7
|
|
|
Total current assets
|
|
233.6
|
|
1,221.6
|
|
454.7
|
|
(1,270.5
|
)
|
639.4
|
|
223.0
|
|
1,079.8
|
|
139.6
|
|
(1,137.1
|
)
|
305.3
|
|
|
Property, plant and equipment, net
|
|
7.4
|
|
69.0
|
|
95.5
|
|
—
|
|
171.9
|
|
7.1
|
|
66.0
|
|
44.8
|
|
—
|
|
117.9
|
|
|
Intangible assets, net
|
|
2.7
|
|
194.3
|
|
361.6
|
|
—
|
|
558.6
|
|
1.6
|
|
185.5
|
|
126.8
|
|
—
|
|
313.9
|
|
|
Goodwill
|
|
—
|
|
209.3
|
|
376.5
|
|
—
|
|
585.8
|
|
—
|
|
176.0
|
|
127.7
|
|
—
|
|
303.7
|
|
|
Investment in consolidated subsidiaries
|
|
1,938.9
|
|
644.0
|
|
—
|
|
(2,582.9
|
)
|
—
|
|
1,457.3
|
|
311.3
|
|
—
|
|
(1,768.6
|
)
|
—
|
|
|
Other assets
|
|
13.9
|
|
19.0
|
|
15.5
|
|
(0.9
|
)
|
47.5
|
|
9.8
|
|
77.4
|
|
0.9
|
|
(41.4
|
)
|
46.7
|
|
|
Total Assets
|
|
$
|
2,196.5
|
|
$
|
2,357.2
|
|
$
|
1,303.8
|
|
$
|
(3,854.3
|
)
|
$
|
2,003.2
|
|
$
|
1,698.8
|
|
$
|
1,896.0
|
|
$
|
439.8
|
|
$
|
(2,947.1
|
)
|
$
|
1,087.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade accounts payable
|
|
$
|
0.6
|
|
$
|
25.8
|
|
$
|
155.0
|
|
$
|
—
|
|
$
|
181.4
|
|
$
|
0.7
|
|
$
|
18.2
|
|
$
|
16.4
|
|
$
|
—
|
|
$
|
35.3
|
|
|
Liabilities from long-term manufacturing contracts and advances
|
|
—
|
|
12.3
|
|
68.6
|
|
—
|
|
80.9
|
|
—
|
|
9.6
|
|
6.3
|
|
—
|
|
15.9
|
|
|
Current portion of long-term debt
|
|
10.0
|
|
—
|
|
—
|
|
—
|
|
10.0
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
Accrued compensation
|
|
3.6
|
|
22.3
|
|
33.7
|
|
—
|
|
59.6
|
|
—
|
|
22.2
|
|
8.8
|
|
(1.7
|
)
|
29.3
|
|
|
Deferred income taxes
|
|
—
|
|
—
|
|
12.1
|
|
—
|
|
12.1
|
|
—
|
|
—
|
|
7.8
|
|
(6.9
|
)
|
0.9
|
|
|
Intercompany payables
|
|
1,048.1
|
|
221.7
|
|
—
|
|
(1,269.8
|
)
|
—
|
|
911.8
|
|
216.7
|
|
—
|
|
(1,128.5
|
)
|
—
|
|
|
Other current liabilities
|
|
3.6
|
|
69.3
|
|
49.3
|
|
(0.7
|
)
|
121.5
|
|
8.4
|
|
49.9
|
|
12.1
|
|
—
|
|
70.4
|
|
|
Total current liabilities
|
|
1,065.9
|
|
351.4
|
|
318.7
|
|
(1,270.5
|
)
|
465.5
|
|
920.9
|
|
316.6
|
|
51.4
|
|
(1,137.1
|
)
|
151.8
|
|
|
Long-term debt
|
|
562.3
|
|
—
|
|
92.0
|
|
—
|
|
654.3
|
|
271.6
|
|
—
|
|
—
|
|
—
|
|
271.6
|
|
|
Accrued pension and postretirement healthcare
|
|
—
|
|
86.1
|
|
104.2
|
|
—
|
|
190.3
|
|
—
|
|
111.8
|
|
—
|
|
—
|
|
111.8
|
|
|
Deferred income taxes
|
|
—
|
|
46.2
|
|
30.1
|
|
(0.9
|
)
|
75.4
|
|
—
|
|
56.3
|
|
6.8
|
|
(41.4
|
)
|
21.7
|
|
|
Other long-term liabilities
|
|
—
|
|
24.4
|
|
17.0
|
|
—
|
|
41.4
|
|
—
|
|
24.3
|
|
—
|
|
—
|
|
24.3
|
|
|
Total Liabilities
|
|
1,628.2
|
|
508.1
|
|
562.0
|
|
(1,271.4
|
)
|
1,426.9
|
|
1,192.5
|
|
509.0
|
|
58.2
|
|
(1,178.5
|
)
|
581.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Hillenbrand Shareholders’ Equity
|
|
568.3
|
|
1,849.1
|
|
733.8
|
|
(2,582.9
|
)
|
568.3
|
|
506.3
|
|
1,387.0
|
|
381.6
|
|
(1,768.6
|
)
|
506.3
|
|
|
Noncontrolling interests
|
|
—
|
|
—
|
|
8.0
|
|
—
|
|
8.0
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
Total Equity
|
|
568.3
|
|
1,849.1
|
|
741.8
|
|
(2,582.9
|
)
|
576.3
|
|
506.3
|
|
1,387.0
|
|
381.6
|
|
(1,768.6
|
)
|
506.3
|
|
|
Total Liabilities and Equity
|
|
$
|
2,196.5
|
|
$
|
2,357.2
|
|
$
|
1,303.8
|
|
$
|
(3,854.3
|
)
|
$
|
2,003.2
|
|
$
|
1,698.8
|
|
$
|
1,896.0
|
|
$
|
439.8
|
|
$
|
(2,947.1
|
)
|
$
|
1,087.5
|
|
|
| Schedule of condensed consolidating statements of cash flows |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended September 30, 2013
|
|
Year ended September 30, 2012
|
|
Year ended September 30, 2011
|
|
|
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Consolidated
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Consolidated
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Eliminations
|
|
Consolidated
|
|
|
Net cash provided by (used in) operating activities
|
|
$
|
152.1
|
|
$
|
107.4
|
|
$
|
(36.4
|
)
|
$
|
(95.9
|
)
|
$
|
127.2
|
|
$
|
209.4
|
|
$
|
335.2
|
|
$
|
4.3
|
|
$
|
(410.7
|
)
|
$
|
138.2
|
|
$
|
252.8
|
|
$
|
(81.8
|
)
|
$
|
18.5
|
|
$
|
—
|
|
$
|
189.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
(2.8
|
)
|
(14.3
|
)
|
(12.8
|
)
|
—
|
|
(29.9
|
)
|
(4.6
|
)
|
(10.1
|
)
|
(6.2
|
)
|
—
|
|
(20.9
|
)
|
(5.0
|
)
|
(14.3
|
)
|
(2.6
|
)
|
—
|
|
(21.9
|
)
|
|
Forethought Note principal repayment
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
91.5
|
|
—
|
|
—
|
|
91.5
|
|
|
Acquisition of business, net of cash acquired
|
|
(404.3
|
)
|
(0.5
|
)
|
(10.9
|
)
|
—
|
|
(415.7
|
)
|
—
|
|
52.3
|
|
(56.7
|
)
|
—
|
|
(4.4
|
)
|
(240.9
|
)
|
—
|
|
—
|
|
—
|
|
(240.9
|
)
|
|
Proceeds from redemption and sales of auction rate securities and investments
|
|
1.7
|
|
—
|
|
—
|
|
—
|
|
1.7
|
|
0.8
|
|
—
|
|
—
|
|
—
|
|
0.8
|
|
—
|
|
12.4
|
|
—
|
|
—
|
|
12.4
|
|
|
Other
|
|
2.3
|
|
0.1
|
|
0.5
|
|
—
|
|
2.9
|
|
2.0
|
|
—
|
|
—
|
|
—
|
|
2.0
|
|
4.4
|
|
—
|
|
—
|
|
—
|
|
4.4
|
|
|
Net cash provided by (used in) investing activities
|
|
(403.1
|
)
|
(14.7
|
)
|
(23.2
|
)
|
—
|
|
(441.0
|
)
|
(1.8
|
)
|
42.2
|
|
(62.9
|
)
|
—
|
|
(22.5
|
)
|
(241.5
|
)
|
89.6
|
|
(2.6
|
)
|
—
|
|
(154.5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from term loan
|
|
200.0
|
|
—
|
|
—
|
|
—
|
|
200.0
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
Repayments on term loan
|
|
(10.0
|
)
|
—
|
|
—
|
|
—
|
|
(10.0
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
Proceeds from revolving credit facilities, net of financing costs
|
|
592.3
|
|
—
|
|
118.0
|
|
—
|
|
710.3
|
|
545.7
|
|
—
|
|
—
|
|
—
|
|
545.7
|
|
179.0
|
|
—
|
|
—
|
|
—
|
|
179.0
|
|
|
Repayments on revolving credit facilities
|
|
(485.5
|
)
|
—
|
|
(29.2
|
)
|
—
|
|
(514.7
|
)
|
(708.0
|
)
|
—
|
|
—
|
|
—
|
|
(708.0
|
)
|
(150.9
|
)
|
—
|
|
—
|
|
—
|
|
(150.9
|
)
|
|
Payment of dividends - intercompany
|
|
—
|
|
(90.3
|
)
|
(5.6
|
)
|
95.9
|
|
—
|
|
—
|
|
(388.8
|
)
|
(21.9
|
)
|
410.7
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
Payment of dividends on common stock
|
|
(48.7
|
)
|
—
|
|
—
|
|
—
|
|
(48.7
|
)
|
(47.6
|
)
|
—
|
|
—
|
|
—
|
|
(47.6
|
)
|
(46.9
|
)
|
—
|
|
—
|
|
—
|
|
(46.9
|
)
|
|
Purchase of common stock
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(3.8
|
)
|
—
|
|
—
|
|
—
|
|
(3.8
|
)
|
|
Other, net
|
|
(0.4
|
)
|
—
|
|
—
|
|
—
|
|
(0.4
|
)
|
(1.2
|
)
|
—
|
|
—
|
|
—
|
|
(1.2
|
)
|
0.6
|
|
—
|
|
—
|
|
—
|
|
0.6
|
|
|
Net cash provided by (used in) financing activities
|
|
247.7
|
|
(90.3
|
)
|
83.2
|
|
95.9
|
|
336.5
|
|
(211.1
|
)
|
(388.8
|
)
|
(21.9
|
)
|
410.7
|
|
(211.1
|
)
|
(22.0
|
)
|
—
|
|
—
|
|
—
|
|
(22.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rates on cash and cash equivalents
|
|
—
|
|
—
|
|
(0.2
|
)
|
—
|
|
(0.2
|
)
|
—
|
|
—
|
|
0.1
|
|
—
|
|
0.1
|
|
—
|
|
—
|
|
4.1
|
|
—
|
|
4.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flow
|
|
(3.3
|
)
|
2.4
|
|
23.4
|
|
—
|
|
22.5
|
|
(3.5
|
)
|
(11.4
|
)
|
(80.4
|
)
|
—
|
|
(95.3
|
)
|
(10.7
|
)
|
7.8
|
|
20.0
|
|
—
|
|
17.1
|
|
|
Cash and equivalents at beginning of period
|
|
3.9
|
|
6.3
|
|
10.0
|
|
—
|
|
20.2
|
|
7.4
|
|
17.7
|
|
90.4
|
|
—
|
|
115.5
|
|
18.1
|
|
9.9
|
|
70.4
|
|
—
|
|
98.4
|
|
|
Cash and equivalents at end of period
|
|
$
|
0.6
|
|
$
|
8.7
|
|
$
|
33.4
|
|
$
|
—
|
|
$
|
42.7
|
|
$
|
3.9
|
|
$
|
6.3
|
|
$
|
10.0
|
|
$
|
—
|
|
$
|
20.2
|
|
$
|
7.4
|
|
$
|
17.7
|
|
$
|
90.4
|
|
$
|
—
|
|
$
|
115.5
|
|
|