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, 2014
Condensed Consolidating Information  
Schedule of condensed consolidating statements of income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended September 30, 2014

 

Year Ended September 30, 2013

 

Year Ended September 30, 2012

 

 

 

Parent

 

Guarantors

 

Non-
Guarantors

 

Eliminations

 

Consolidated

 

Parent

 

Guarantors

 

Non-
Guarantors

 

Eliminations

 

Consolidated

 

Parent

 

Guarantors

 

Non-
Guarantors

 

Eliminations

 

Consolidated

 

Net revenue

 

$

 

$

866.1

 

$

1,001.9

 

$

(200.8

)

$

1,667.2

 

$

 

$

863.4

 

$

862.7

 

$

(172.7

)

$

1,553.4

 

$

 

$

795.5

 

$

349.1

 

$

(161.4

)

$

983.2

 

Cost of goods sold

 

 

441.9

 

736.0

 

(99.9

)

1,078.0

 

 

442.8

 

655.8

 

(63.9

)

1,034.7

 

 

391.9

 

258.7

 

(56.3

)

594.3

 

Gross profit

 

 

424.2

 

265.9

 

(100.9

)

589.2

 

 

420.6

 

206.9

 

(108.8

)

518.7

 

 

403.6

 

90.4

 

(105.1

)

388.9

 

Operating expenses

 

41.5

 

272.8

 

201.3

 

(100.9

)

414.7

 

42.4

 

260.0

 

207.0

 

(108.8

)

400.6

 

31.4

 

249.6

 

64.2

 

(105.1

)

240.1

 

Operating profit

 

(41.5

)

151.4

 

64.6

 

 

174.5

 

(42.4

)

160.6

 

(0.1

)

 

118.1

 

(31.4

)

154.0

 

26.2

 

 

148.8

 

Interest expense

 

18.9

 

0.4

 

4.0

 

 

23.3

 

19.8

 

0.2

 

4.4

 

(0.4

)

24.0

 

12.4

 

 

 

 

12.4

 

Other income (expense), net

 

(0.1

)

8.5

 

0.3

 

 

8.7

 

1.4

 

(3.5

)

2.1

 

(0.4

)

(0.4

)

0.1

 

(0.2

)

(1.4

)

 

(1.5

)

Equity in net income (loss) of subsidiaries

 

144.4

 

10.3

 

 

(154.7

)

 

105.2

 

10.0

 

 

(115.2

)

 

116.4

 

4.5

 

 

(120.9

)

 

Income (loss) before income taxes

 

83.9

 

169.8

 

60.9

 

(154.7

)

159.9

 

44.4

 

166.9

 

(2.4

)

(115.2

)

93.7

 

72.7

 

158.3

 

24.8

 

(120.9

)

134.9

 

Income tax expense (benefit)

 

(25.8

)

59.7

 

14.8

 

 

48.7

 

(19.0

)

58.5

 

(11.2

)

 

28.3

 

(32.1

)

57.1

 

5.1

 

 

30.1

 

Consolidated net income

 

109.7

 

110.1

 

46.1

 

(154.7

)

111.2

 

63.4

 

108.4

 

8.8

 

(115.2

)

65.4

 

104.8

 

101.2

 

19.7

 

(120.9

)

104.8

 

Less: Net income attributable to noncontrolling interests

 

 

 

1.5

 

 

1.5

 

 

 

2.0

 

 

2.0

 

 

 

 

 

 

Net income (loss)(1)

 

$

109.7

 

$

110.1

 

$

44.6

 

$

(154.7

)

$

109.7

 

$

63.4

 

$

108.4

 

$

6.8

 

$

(115.2

)

$

63.4

 

$

104.8

 

$

101.2

 

$

19.7

 

$

(120.9

)

$

104.8

 

Consolidated comprehensive income (loss)

 

$

58.9

 

$

100.7

 

$

(8.4

)

$

(90.9

)

$

60.3

 

$

104.4

 

$

132.5

 

$

28.5

 

$

(159.5

)

$

105.9

 

$

101.9

 

$

104.9

 

$

13.1

 

$

(118.0

)

$

101.9

 

Less: Comprehensive income attributable to noncontrolling interests

 

 

 

1.4

 

 

1.4

 

 

 

1.5

 

 

1.5

 

 

 

 

 

 

Comprehensive income (loss)(2)

 

$

58.9

 

$

100.7

 

$

(9.8

)

$

(90.9

)

$

58.9

 

$

104.4

 

$

132.5

 

$

27.0

 

$

(159.5

)

$

104.4

 

$

101.9

 

$

104.9

 

$

13.1

 

$

(118.0

)

$

101.9

 

 

 

(1) Net income attributable to Hillenbrand

(2) Comprehensive income attributable to Hillenbrand

Schedule of condensed consolidating balance sheets

 

 

 

September 30, 2014

 

September 30, 2013

 

 

 

Parent

 

Guarantors

 

Non-
Guarantors

 

Eliminations

 

Consolidated

 

Parent

 

Guarantors

 

Non-
Guarantors

 

Eliminations

 

Consolidated

 

Cash and equivalents

 

$

0.4

 

$

10.6

 

$

47.0

 

$

 

$

58.0

 

$

0.6

 

$

8.7

 

$

33.4

 

$

 

$

42.7

 

Trade receivables, net

 

 

113.2

 

77.8

 

 

191.0

 

 

97.0

 

116.4

 

 

213.4

 

Unbilled receivables from long-term manufacturing contracts

 

 

4.0

 

145.3

 

 

149.3

 

 

15.2

 

126.9

 

 

142.1

 

Inventories

 

 

69.7

 

101.8

 

(3.0

)

168.5

 

 

72.4

 

107.8

 

(2.7

)

177.5

 

Deferred income taxes

 

10.6

 

17.3

 

2.6

 

 

30.5

 

9.1

 

8.3

 

4.9

 

 

22.3

 

Prepaid expense

 

2.5

 

4.9

 

11.6

 

 

19.0

 

1.0

 

4.4

 

15.0

 

 

20.4

 

Intercompany receivables

 

291.0

 

1,189.9

 

5.3

 

(1,486.2

)

 

222.5

 

1,011.3

 

33.3

 

(1,267.1

)

 

Other current assets

 

1.2

 

2.1

 

17.8

 

0.4

 

21.5

 

0.4

 

4.3

 

17.0

 

(0.7

)

21.0

 

Total current assets

 

305.7

 

1,411.7

 

409.2

 

(1,488.8

)

637.8

 

233.6

 

1,221.6

 

454.7

 

(1,270.5

)

639.4

 

Property, plant and equipment, net

 

6.7

 

65.4

 

87.4

 

 

159.5

 

7.4

 

69.0

 

95.5

 

 

171.9

 

Intangible assets, net

 

2.5

 

186.1

 

321.9

 

 

510.5

 

2.7

 

194.3

 

361.6

 

 

558.6

 

Goodwill

 

 

211.7

 

359.0

 

 

570.7

 

 

209.3

 

376.5

 

 

585.8

 

Investment in consolidated subsidiaries

 

2,000.2

 

644.0

 

 

(2,644.2

)

 

1,938.9

 

644.0

 

 

(2,582.9

)

 

Other assets

 

25.8

 

9.9

 

4.3

 

 

40.0

 

13.9

 

19.0

 

15.5

 

(0.9

)

47.5

 

Total Assets

 

$

2,340.9

 

$

2,528.8

 

$

1,181.8

 

$

(4,133.0

)

$

1,918.5

 

$

2,196.5

 

$

2,357.2

 

$

1,303.8

 

$

(3,854.3

)

$

2,003.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade accounts payable

 

$

3.0

 

$

32.8

 

$

156.8

 

$

 

$

192.6

 

$

0.6

 

$

25.8

 

$

156.8

 

$

 

$

183.2

 

Liabilities from long-term manufacturing contracts and advances

 

 

20.4

 

55.7

 

 

76.1

 

 

12.3

 

68.6

 

 

80.9

 

Current portion of long-term debt

 

15.0

 

 

 

 

15.0

 

10.0

 

 

 

 

10.0

 

Accrued compensation

 

5.0

 

55.3

 

9.3

 

 

69.6

 

3.6

 

22.3

 

33.7

 

 

59.6

 

Deferred income taxes

 

 

1.6

 

19.1

 

 

20.7

 

 

 

12.1

 

 

12.1

 

Intercompany payables

 

1,202.7

 

286.5

 

 

(1,489.2

)

 

1,048.1

 

221.7

 

 

(1,269.8

)

 

Other current liabilities

 

4.1

 

61.6

 

51.0

 

0.4

 

117.1

 

3.6

 

69.3

 

47.5

 

(0.7

)

119.7

 

Total current liabilities

 

1,229.8

 

458.2

 

291.9

 

(1,488.8

)

491.1

 

1,065.9

 

351.4

 

318.7

 

(1,270.5

)

465.5

 

Long-term debt

 

525.9

 

 

17.6

 

 

543.5

 

562.3

 

 

92.0

 

 

654.3

 

Accrued pension and postretirement healthcare

 

1.0

 

94.2

 

105.7

 

 

200.9

 

 

86.1

 

104.2

 

 

190.3

 

Deferred income taxes

 

0.8

 

15.1

 

39.5

 

 

55.4

 

 

46.2

 

30.1

 

(0.9

)

75.4

 

Other long-term liabilities

 

0.1

 

27.7

 

6.0

 

 

33.8

 

 

24.4

 

17.0

 

 

41.4

 

Total Liabilities

 

1,757.6

 

595.2

 

460.7

 

(1,488.8

)

1,324.7

 

1,628.2

 

508.1

 

562.0

 

(1,271.4

)

1,426.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Hillenbrand Shareholders’ Equity

 

583.3

 

1,933.6

 

710.6

 

(2,644.2

)

583.3

 

568.3

 

1,849.1

 

733.8

 

(2,582.9

)

568.3

 

Noncontrolling interests

 

 

 

10.5

 

 

10.5

 

 

 

8.0

 

 

8.0

 

Total Equity

 

583.3

 

1,933.6

 

721.1

 

(2,644.2

)

593.8

 

568.3

 

1,849.1

 

741.8

 

(2,582.9

)

576.3

 

Total Liabilities and Equity

 

$

2,340.9

 

$

2,528.8

 

$

1,181.8

 

$

(4,133.0

)

$

1,918.5

 

$

2,196.5

 

$

2,357.2

 

$

1,303.8

 

$

(3,854.3

)

$

2,003.2

 

 

Schedule of condensed consolidating statements of cash flows

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended September 30, 2014

 

Year Ended September 30, 2013

 

Year Ended September 30, 2012

 

 

 

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

 

$

82.9

 

$

45.8

 

$

98.2

 

$

(47.3

)

$

179.6

 

$

152.1

 

$

107.4

 

$

(36.4

)

$

(95.9

)

$

127.2

 

$

209.4

 

$

335.2

 

$

4.3

 

$

(410.7

)

$

138.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

(1.0

)

(9.5

)

(13.1

)

 

(23.6

)

(2.8

)

(14.3

)

(12.8

)

 

(29.9

)

(4.6

)

(10.1

)

(6.2

)

 

(20.9

)

Proceeds from property, plant, and equipment

 

 

0.3

 

7.2

 

 

7.5

 

1.2

 

0.1

 

0.3

 

 

1.6

 

 

 

 

 

 

Proceeds from investments

 

 

5.8

 

 

 

5.8

 

1.7

 

 

 

 

1.7

 

0.8

 

 

 

 

 

0.8

 

Acquisition of business, net of cash acquired

 

 

 

 

 

 

(404.3

)

(0.5

)

(10.9

)

 

(415.7

)

 

52.3

 

(56.7

)

 

(4.4

)

Other, net

 

 

1.1

 

0.9

 

 

2.0

 

1.1

 

 

0.2

 

 

1.3

 

2.0

 

 

 

 

2.0

 

Net cash used in investing activities

 

(1.0

)

(2.3

)

(5.0

)

 

(8.3

)

(403.1

)

(14.7

)

(23.2

)

 

(441.0

)

(1.8

)

42.2

 

(62.9

)

 

(22.5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from term loan

 

 

 

 

 

 

200.0

 

 

 

 

200.0

 

 

 

 

 

 

Repayments on term loan

 

(10.0

)

 

 

 

(10.0

)

(10.0

)

 

 

 

(10.0

)

 

 

 

 

 

Proceeds from revolving credit facilities, net of financing costs

 

248.4

 

 

68.2

 

 

316.6

 

592.3

 

 

118.0

 

 

710.3

 

545.7

 

 

 

 

545.7

 

Repayments on revolving credit facilities

 

(269.9

)

 

(140.8

)

 

(410.7

)

(485.5

)

 

(29.2

)

 

(514.7

)

(708.0

)

 

 

 

(708.0

)

Payment of dividends - intercompany

 

 

(41.6

)

(5.7

)

47.3

 

 

 

(90.3

)

(5.6

)

95.9

 

 

 

(388.8

)

(21.9

)

410.7

 

 

Payment of dividends on common stock

 

(49.7

)

 

 

 

(49.7

)

(48.7

)

 

 

 

(48.7

)

(47.6

)

 

 

 

(47.6

)

Repurchases of common stock

 

(16.5

)

 

 

 

(16.5

)

 

 

 

 

 

 

 

 

 

 

Net proceeds (payments) on stock plans

 

14.6

 

 

 

 

14.6

 

(0.4

)

 

 

 

(0.4

)

(1.2

)

 

 

 

(1.2

)

Other, net

 

1.0

 

 

(0.8

)

 

0.2

 

 

 

 

 

 

 

 

 

 

 

Net cash (used in) provided by financing activities

 

(82.1

)

(41.6

)

(79.1

)

47.3

 

(155.5

)

247.7

 

(90.3

)

83.2

 

95.9

 

336.5

 

(211.1

)

(388.8

)

(21.9

)

410.7

 

(211.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of exchange rates on cash and cash equivalents

 

 

 

(0.5

)

 

(0.5

)

 

 

(0.2

)

 

(0.2

)

 

 

0.1

 

 

0.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash flow

 

(0.2

)

1.9

 

13.6

 

 

15.3

 

(3.3

)

2.4

 

23.4

 

 

22.5

 

(3.5

)

(11.4

)

(80.4

)

 

(95.3

)

Cash and equivalents at beginning 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

 

Cash and equivalents at end of period

 

$

0.4

 

$

10.6

 

$

47.0

 

$

 

$

58.0

 

$

0.6

 

$

8.7

 

$

33.4

 

$

 

$

42.7

 

$

3.9

 

$

6.3

 

$

10.0

 

$

 

$

20.2