Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Information (Tables)

v3.19.1
Condensed Consolidating Information (Tables)
6 Months Ended
Mar. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Schedule of condensed consolidating statements of income
 
Three Months Ended March 31, 2019
 
Three Months Ended March 31, 2018
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Net revenue
$

 
$
230.6

 
$
294.1

 
$
(60.1
)
 
$
464.6

 
$

 
$
250.9

 
$
256.4

 
$
(55.1
)
 
$
452.2

Cost of goods sold

 
126.8

 
210.0

 
(33.1
)
 
303.7

 

 
129.7

 
181.0

 
(27.1
)
 
283.6

Gross profit

 
103.8

 
84.1

 
(27.0
)
 
160.9

 

 
121.2

 
75.4

 
(28.0
)
 
168.6

Operating expenses
13.7

 
60.9

 
46.1

 
(27.0
)
 
93.7

 
13.6

 
64.8

 
47.9

 
(28.0
)
 
98.3

Amortization expense

 
3.4

 
5.2

 

 
8.6

 

 
3.2

 
4.3

 

 
7.5

Impairment charge

 

 

 

 

 

 
63.4

 

 

 
63.4

Interest expense
4.7

 
0.1

 
0.6

 

 
5.4

 
5.3

 

 
0.7

 

 
6.0

Other income (expense), net
(0.2
)
 
(0.1
)
 
0.4

 

 
0.1

 
(0.1
)
 
(0.2
)
 
(0.8
)
 

 
(1.1
)
Equity in net income (loss) of subsidiaries
51.4

 
3.5

 

 
(54.9
)
 

 
(5.1
)
 
1.8

 

 
3.3

 

Income (loss) before income taxes
32.8

 
42.8

 
32.6

 
(54.9
)
 
53.3

 
(24.1
)
 
(8.6
)
 
21.7

 
3.3

 
(7.7
)
Income tax expense (benefit)
(5.2
)
 
10.6

 
8.4

 

 
13.8

 
(2.2
)
 
9.4

 
6.4

 

 
13.6

Consolidated net income (loss)
38.0

 
32.2

 
24.2

 
(54.9
)
 
39.5

 
(21.9
)
 
(18.0
)
 
15.3

 
3.3

 
(21.3
)
Less: Net income attributable to
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
noncontrolling interests

 

 
1.5

 

 
1.5

 

 

 
0.6

 

 
0.6

Net income (loss) (1)
$
38.0

 
$
32.2

 
$
22.7

 
$
(54.9
)
 
$
38.0

 
$
(21.9
)
 
$
(18.0
)
 
$
14.7

 
$
3.3

 
$
(21.9
)
Consolidated comprehensive income (loss)
$
30.5

 
$
32.4

 
$
19.6

 
$
(50.5
)
 
$
32.0

 
$
(5.9
)
 
$
(17.6
)
 
$
30.1

 
$
(12.0
)
 
$
(5.4
)
Less: Comprehensive income attributable
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     to noncontrolling interests

 

 
1.5

 

 
1.5

 

 

 
0.5

 

 
0.5

Comprehensive income (loss) (2)
$
30.5

 
$
32.4

 
$
18.1

 
$
(50.5
)
 
$
30.5

 
$
(5.9
)
 
$
(17.6
)
 
$
29.6

 
$
(12.0
)
 
$
(5.9
)

 
Six Months Ended March 31, 2019
 
Six Months Ended March 31, 2018
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Net revenue
$

 
$
446.7

 
$
541.9

 
$
(113.7
)
 
$
874.9

 
$

 
$
469.1

 
$
485.5

 
$
(105.2
)
 
$
849.4

Cost of goods sold

 
242.6

 
384.4

 
(60.0
)
 
567.0

 

 
244.8

 
341.1

 
(51.3
)
 
534.6

Gross profit

 
204.1

 
157.5

 
(53.7
)
 
307.9

 

 
224.3

 
144.4

 
(53.9
)
 
314.8

Operating expenses
23.9

 
122.3

 
91.9

 
(53.7
)
 
184.4

 
24.5

 
126.4

 
90.4

 
(53.9
)
 
187.4

Amortization expense

 
6.7

 
9.7

 

 
16.4

 

 
6.7

 
8.4

 

 
15.1

Impairment charge









 

 
63.4

 

 

 
63.4

Interest expense
9.2

 
0.1

 
1.6

 

 
10.9

 
11.1

 

 
1.2

 

 
12.3

Other income (expense), net
(0.5
)
 
(0.1
)
 
1.2

 

 
0.6

 
(0.4
)
 
0.3

 
(1.4
)
 

 
(1.5
)
Equity in net income (loss) of subsidiaries
93.4

 
5.7

 

 
(99.1
)
 

 
32.3

 
3.2

 

 
(35.5
)
 

Income (loss) before income taxes
59.8

 
80.6

 
55.5

 
(99.1
)
 
96.8

 
(3.7
)
 
31.3

 
43.0

 
(35.5
)
 
35.1

Income tax expense (benefit)
(6.5
)
 
20.5

 
14.3

 

 
28.3

 
0.1

 
24.9

 
12.3

 

 
37.3

Consolidated net income (loss)
66.3

 
60.1

 
41.2

 
(99.1
)
 
68.5

 
(3.8
)
 
6.4

 
30.7

 
(35.5
)
 
(2.2
)
Less: Net income attributable to
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
noncontrolling interests

 

 
2.2

 

 
2.2

 

 

 
1.6

 

 
1.6

Net income (loss) (1)
$
66.3

 
$
60.1

 
$
39.0

 
$
(99.1
)
 
$
66.3

 
$
(3.8
)
 
$
6.4

 
$
29.1

 
$
(35.5
)
 
$
(3.8
)
Consolidated comprehensive income (loss)
$
48.7

 
$
60.2

 
$
31.4

 
$
(89.2
)
 
$
51.1

 
$
18.9

 
$
7.3

 
$
51.4

 
$
(57.1
)
 
$
20.5

Less: Comprehensive income attributable
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     to noncontrolling interests

 

 
2.4

 

 
2.4

 

 

 
1.6

 

 
1.6

Comprehensive income (loss) (2)
$
48.7

 
$
60.2

 
$
29.0

 
$
(89.2
)
 
$
48.7

 
$
18.9

 
$
7.3

 
$
49.8

 
$
(57.1
)
 
$
18.9


(1) Net income (loss) attributable to Hillenbrand
(2) Comprehensive income (loss) attributable to Hillenbrand
Schedule of condensed consolidating balance sheets
 
March 31, 2019
 
September 30, 2018
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Cash and cash equivalents
$
0.2

 
$
5.3

 
$
53.1

 
$

 
$
58.6

 
$
1.1

 
$
5.8

 
$
49.1

 
$

 
$
56.0

Trade receivables, net

 
105.7

 
93.8

 

 
199.5

 

 
124.5

 
94.0

 

 
218.5

Receivables from long-term manufacturing contracts

 
8.4

 
156.4

 

 
164.8

 

 
5.3

 
115.0

 

 
120.3

Inventories

 
82.9

 
103.0

 
(2.9
)
 
183.0

 

 
76.7

 
98.6

 
(2.8
)
 
172.5

Prepaid expense
2.9

 
7.7

 
13.5

 

 
24.1

 
2.7

 
7.0

 
15.5

 

 
25.2

Intercompany receivables

 
1,130.9

 
49.1

 
(1,180.0
)
 

 

 
1,131.1

 
79.1

 
(1,210.2
)
 

Other current assets

 
1.9

 
18.1

 
0.4

 
20.4

 

 
3.2

 
14.6

 
0.3

 
18.1

Total current assets
3.1

 
1,342.8

 
487.0

 
(1,182.5
)
 
650.4

 
3.8

 
1,353.6

 
465.9

 
(1,212.7
)
 
610.6

Property, plant and equipment, net
3.6

 
58.9

 
75.1

 

 
137.6

 
3.8

 
60.2

 
78.0

 

 
142.0

Intangible assets, net
2.8

 
188.6

 
285.9

 

 
477.3

 
3.2

 
196.0

 
288.1

 

 
487.3

Goodwill

 
225.0

 
358.0

 

 
583.0

 

 
225.0

 
356.9

 

 
581.9

Investment in consolidated subsidiaries
2,290.8

 
668.0

 

 
(2,958.8
)
 

 
2,263.1

 
653.9

 

 
(2,917.0
)
 

Other assets
27.1

 
26.5

 
1.9

 
(18.3
)
 
37.2

 
15.7

 
28.2

 
5.9

 
(7.0
)
 
42.8

Total Assets
$
2,327.4

 
$
2,509.8

 
$
1,207.9

 
$
(4,159.6
)
 
$
1,885.5

 
$
2,289.6

 
$
2,516.9

 
$
1,194.8

 
$
(4,136.7
)
 
$
1,864.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trade accounts payable
$
0.2

 
$
62.9

 
$
144.6

 
$

 
$
207.7

 
$

 
$
62.4

 
$
134.4

 
$

 
$
196.8

Liabilities from long-term manufacturing contracts and advances

 
24.6

 
100.5

 

 
125.1

 

 
26.6

 
99.3

 

 
125.9

Accrued compensation
3.9

 
13.6

 
38.0

 

 
55.5

 
7.2

 
20.1

 
44.6

 

 
71.9

Intercompany payables
1,176.6

 
6.3

 

 
(1,182.9
)
 

 
1,206.2

 
6.1

 

 
(1,212.3
)
 

Other current liabilities
22.8

 
47.4

 
58.3

 
(11.0
)
 
117.5

 
19.4

 
38.9

 
78.1

 
0.7

 
137.1

Total current liabilities
1,203.5

 
154.8

 
341.4

 
(1,193.9
)
 
505.8

 
1,232.8

 
154.1

 
356.4

 
(1,211.6
)
 
531.7

Long-term debt
333.6

 

 
28.1

 

 
361.7

 
300.2

 

 
44.4

 

 
344.6

Accrued pension and postretirement healthcare
0.7

 
29.1

 
84.8

 

 
114.6

 
0.7

 
29.8

 
90.0

 

 
120.5

Deferred income taxes

 
26.6

 
59.7

 
(6.9
)
 
79.4

 
0.7

 
22.9

 
60.9

 
(8.1
)
 
76.4

Other long-term liabilities
32.8

 
12.5

 
8.6

 

 
53.9

 
24.1

 
14.3

 
8.9

 

 
47.3

Total Liabilities
1,570.6

 
223.0

 
522.6

 
(1,200.8
)
 
1,115.4

 
1,558.5

 
221.1

 
560.6

 
(1,219.7
)
 
1,120.5

Total Hillenbrand Shareholders’ Equity
756.8

 
2,286.8

 
672.0

 
(2,958.8
)
 
756.8

 
731.1

 
2,295.8

 
621.2

 
(2,917.0
)
 
731.1

Noncontrolling interests

 

 
13.3

 

 
13.3

 

 

 
13.0

 

 
13.0

Total Equity
756.8

 
2,286.8

 
685.3

 
(2,958.8
)
 
770.1

 
731.1

 
2,295.8

 
634.2

 
(2,917.0
)
 
744.1

Total Liabilities and Equity
$
2,327.4

 
$
2,509.8

 
$
1,207.9

 
$
(4,159.6
)
 
$
1,885.5

 
$
2,289.6

 
$
2,516.9

 
$
1,194.8

 
$
(4,136.7
)
 
$
1,864.6

Schedule of condensed consolidating statements of cash flows
 
Six Months Ended March 31, 2019
 
Six Months Ended March 31, 2018
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 
Parent
 
Guarantors
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in)
     operating activities
$
(4.7
)
 
$
103.0

 
$
54.6

 
$
(106.4
)
 
$
46.5

 
$
143.6

 
$
125.0

 
$
(82.8
)
 
$
(124.3
)
 
$
61.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investing activities:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Capital expenditures
(0.4
)
 
(3.6
)
 
(4.3
)
 

 
(8.3
)
 
(1.4
)
 
(5.0
)
 
(4.2
)
 

 
(10.6
)
Acquisition of business, net of cash
     acquired

 

 
(26.2
)
 

 
(26.2
)
 

 

 

 

 

Other, net

 
0.1

 

 

 
0.1

 

 
0.1

 

 

 
0.1

Net cash used in investing activities
(0.4
)
 
(3.5
)
 
(30.5
)
 

 
(34.4
)
 
(1.4
)
 
(4.9
)
 
(4.2
)
 

 
(10.5
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financing activities:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Repayments on term loan

 

 

 

 

 
(148.5
)
 

 

 

 
(148.5
)
Proceeds from revolving credit facilities,
     net of financing costs
164.0

 

 
178.0

 

 
342.0

 
445.7

 

 
256.1

 

 
701.8

Repayments on revolving credit facilities
(130.8
)
 


 
(193.0
)
 

 
(323.8
)
 
(379.2
)
 

 
(163.6
)
 

 
(542.8
)
Payment of dividends - intercompany

 
(100.0
)
 
(6.4
)
 
106.4

 

 

 
(118.3
)
 
(6.0
)
 
124.3

 

Payment of dividends on common stock
(26.2
)
 

 

 

 
(26.2
)
 
(26.2
)
 

 

 

 
(26.2
)
Repurchases of common stock

 

 

 

 

 
(38.9
)
 

 

 

 
(38.9
)
Proceeds from stock option exercises and
     other
1.4

 

 

 

 
1.4

 
9.3

 

 

 

 
9.3

Payments for employee taxes on net
     settlement equity awards
(4.2
)
 

 

 


 
(4.2
)
 
(4.1
)
 

 

 

 
(4.1
)
Other, net

 

 
(0.5
)
 

 
(0.5
)
 

 

 
(1.0
)
 

 
(1.0
)
Net cash (used in) provided by
     financing activities
4.2

 
(100.0
)
 
(21.9
)
 
106.4

 
(11.3
)
 
(141.9
)
 
(118.3
)
 
85.5

 
124.3

 
(50.4
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rates on cash and
     cash equivalents

 

 
2.1

 

 
2.1

 

 

 
1.7

 

 
1.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash flow
(0.9
)
 
(0.5
)
 
4.3

 

 
2.9

 
0.3

 
1.8

 
0.2

 

 
2.3

Cash, cash equivalents and restricted cash at
     beginning of period
1.1

 
5.8

 
49.6

 

 
56.5

 
0.1

 
5.0

 
61.6

 

 
66.7

Cash, cash equivalents and restricted cash at
     end of period
$
0.2

 
$
5.3

 
$
53.9

 
$

 
$
59.4

 
$
0.4

 
$
6.8

 
$
61.8

 
$

 
$
69.0