Annual report pursuant to Section 13 and 15(d)

Condensed Consolidating Information (Tables)

v2.4.0.8
Condensed Consolidating Information (Tables)
12 Months Ended
Sep. 30, 2013
Condensed Consolidating Information  
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