Document_and_Entity_Informatio
Document and Entity Information (USD $) | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Sep. 30, 2013 | Apr. 30, 2014 | Mar. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' | ' |
Entity Well-known Seasoned Issuer | ' | 'No | ' | ' |
Entity Registrant Name | 'Mueller Water Products, Inc. | ' | ' | ' |
Entity Central Index Key | '0001350593 | ' | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' | ' |
Document Type | '10-Q | ' | ' | ' |
Entity Voluntary Filers | ' | 'No | ' | ' |
Entity Current Reporting Status | ' | 'Yes | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 159,321,403 | ' |
Entity Public Float | ' | ' | ' | $921,010,549 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Assets: | ' | ' |
Cash and cash equivalents | $105.10 | $123.60 |
Receivables, net | 174.1 | 164.5 |
Inventories | 206.8 | 208.5 |
Deferred income taxes | 52.4 | 26.7 |
Other current assets | 45.9 | 46.1 |
Total current assets | 584.3 | 569.4 |
Property, plant and equipment, net | 143.7 | 141.9 |
Identifiable intangible assets | 539.5 | 553.1 |
Other noncurrent assets | 15.4 | 17.5 |
Total assets | 1,282.90 | 1,281.90 |
Liabilities and stockholders' equity: | ' | ' |
Current portion of long-term debt | 1.2 | 1.3 |
Accounts payable | 83.9 | 101.2 |
Other current liabilities | 68.6 | 80.6 |
Total current liabilities | 153.7 | 183.1 |
Long-term debt | 599.4 | 599.5 |
Deferred income taxes | 166.7 | 141.5 |
Other noncurrent liabilities | 37.4 | 29.6 |
Total liabilities | 957.2 | 953.7 |
Common Stock | 1.6 | 1.6 |
Additional paid-in capital | 1,581.10 | 1,584.40 |
Accumulated deficit | -1,218.40 | -1,229.20 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -38.6 | -28.6 |
Total stockholders' equity | 325.7 | 328.2 |
Total liabilities and stockholders' equity | $1,282.90 | $1,281.90 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) | Mar. 31, 2014 | Sep. 30, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Series A common stock, shares authorized | 600,000,000 | 600,000,000 |
Series A common stock, shares outstanding | 159,275,336 | 158,234,300 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Net sales | $288.10 | $283.10 | $545.50 | $528.20 |
Cost of sales | 205.9 | 205.8 | 396.2 | 393.8 |
Gross profit | 82.2 | 77.3 | 149.3 | 134.4 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | 54.2 | 52.6 | 107.2 | 102.1 |
Restructuring | 2.7 | 0.4 | 2.8 | 1.1 |
Total operating expenses | 56.9 | 53 | 110 | 103.2 |
Operating income | 25.3 | 24.3 | 39.3 | 31.2 |
Interest expense, net | 12.5 | 12.8 | 25.1 | 26.3 |
Loss on early extinguishment of debt | 0 | 1.4 | 0 | 1.4 |
Income (loss) before income taxes | 12.8 | 10.1 | 14.2 | 3.5 |
Income tax expense (benefit) | 3.1 | 2.5 | 3.4 | 0.9 |
Equity in income (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations | 9.7 | 7.6 | 10.8 | 2.6 |
Income (loss) from discontinued operations, net of tax | 0 | -1.4 | 0 | 10.6 |
Net income (loss) | 9.7 | 6.2 | 10.8 | 13.2 |
Net loss per basic share: | ' | ' | ' | ' |
Continuing operations, in dollars per share | $0.06 | $0.05 | $0.07 | $0.01 |
Discontinued operations, in dollars per share | $0 | ($0.01) | $0 | $0.07 |
Net income (loss) per basic share | $0.06 | $0.04 | $0.07 | $0.08 |
Net loss per diluted share: | ' | ' | ' | ' |
Continuing operations, in dollars per share | $0.06 | $0.05 | $0.07 | $0.01 |
Discontinued operations, in dollars per share | $0 | ($0.01) | $0 | $0.07 |
Net income (loss) per diluted share | $0.06 | $0.04 | $0.07 | $0.08 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic, in shares | 159.2 | 157.7 | 158.9 | 157.4 |
Diluted, in shares | 161.9 | 160 | 161.8 | 159.6 |
Dividends declared per share, in dollars per share | $0.02 | $0.02 | $0.04 | $0.04 |
Net income | ' | ' | 10.8 | ' |
Issuer [Member] | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | 8.4 | 8 | 17.5 | 15.1 |
Restructuring | 0 | 0 | 0 | 0 |
Total operating expenses | 8.4 | 8 | 17.5 | 15.1 |
Operating income | -8.4 | -8 | -17.5 | -15.1 |
Interest expense, net | -12.6 | 12.9 | 25.2 | 26.3 |
Loss on early extinguishment of debt | ' | ' | ' | 1.4 |
Income (loss) before income taxes | -21 | -22.3 | -42.7 | -42.8 |
Income tax expense (benefit) | -8.9 | -5.4 | -16.8 | -10.4 |
Equity in income (loss) of subsidiaries | 21.8 | 24.5 | 36.7 | 35 |
Income (loss) from continuing operations | ' | 7.6 | ' | 2.6 |
Income (loss) from discontinued operations, net of tax | ' | -1.4 | ' | 10.6 |
Net income (loss) | 9.7 | 6.2 | 10.8 | 13.2 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Net income | ' | ' | 10.8 | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Net sales | 266.6 | 258 | 502.4 | 479.8 |
Cost of sales | 187.9 | 185.6 | 360.6 | 353.2 |
Gross profit | 78.7 | 72.4 | 141.8 | 126.6 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | 42.7 | 41.6 | 83.4 | 80.8 |
Restructuring | 2.7 | 0.4 | 2.8 | 1.1 |
Total operating expenses | 45.4 | 42 | 86.2 | 81.9 |
Operating income | 33.3 | 30.4 | 55.6 | 44.7 |
Interest expense, net | 0 | 0 | 0.1 | 0.1 |
Loss on early extinguishment of debt | ' | ' | ' | 0 |
Income (loss) before income taxes | 33.3 | 30.4 | 55.5 | 44.6 |
Income tax expense (benefit) | 12 | 7.7 | 20 | 11.2 |
Equity in income (loss) of subsidiaries | 0.5 | 1.8 | 1.2 | 1.6 |
Income (loss) from continuing operations | ' | 24.5 | ' | 35 |
Income (loss) from discontinued operations, net of tax | ' | 0 | ' | 0 |
Net income (loss) | 21.8 | 24.5 | 36.7 | 35 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Net income | ' | ' | 36.7 | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Net sales | 21.5 | 25.1 | 43.1 | 48.4 |
Cost of sales | 18 | 20.2 | 35.6 | 40.6 |
Gross profit | 3.5 | 4.9 | 7.5 | 7.8 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | 3.1 | 3 | 6.3 | 6.2 |
Restructuring | 0 | 0 | 0 | 0 |
Total operating expenses | 3.1 | 3 | 6.3 | 6.2 |
Operating income | 0.4 | 1.9 | 1.2 | 1.6 |
Interest expense, net | 0.1 | -0.1 | -0.2 | -0.1 |
Loss on early extinguishment of debt | ' | ' | ' | 0 |
Income (loss) before income taxes | 0.5 | 2 | 1.4 | 1.7 |
Income tax expense (benefit) | 0 | 0.2 | 0.2 | 0.1 |
Equity in income (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations | ' | 1.8 | ' | 1.6 |
Income (loss) from discontinued operations, net of tax | ' | 0 | ' | 0 |
Net income (loss) | 0.5 | 1.8 | 1.2 | 1.6 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Net income | ' | ' | 1.2 | ' |
Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | 0 | 0 | 0 | 0 |
Restructuring | 0 | 0 | 0 | 0 |
Total operating expenses | 0 | 0 | 0 | 0 |
Operating income | 0 | 0 | 0 | 0 |
Interest expense, net | 0 | 0 | 0 | 0 |
Loss on early extinguishment of debt | ' | ' | ' | 0 |
Income (loss) before income taxes | 0 | 0 | 0 | 0 |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Equity in income (loss) of subsidiaries | -22.3 | -26.3 | -37.9 | -36.6 |
Income (loss) from continuing operations | ' | -26.3 | ' | -36.6 |
Income (loss) from discontinued operations, net of tax | ' | 0 | ' | 0 |
Net income (loss) | -22.3 | -26.3 | -37.9 | -36.6 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Net income | ' | ' | ($37.90) | ' |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income Statement (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Net income | ' | ' | $10.80 | ' |
Net income (loss) | 9.7 | 6.2 | 10.8 | 13.2 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Minimum pension liability | -4.9 | 2.3 | -9.8 | -1.1 |
Income tax effects | 1.9 | -0.1 | 3.8 | 6.7 |
Foreign currency translation | -2 | -1.1 | -4 | -1.8 |
Other Comprehensive Income (Loss), Net of Tax | -5 | 1.1 | -10 | 3.8 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $4.70 | $7.30 | $0.80 | $17 |
Consolidated_Statement_Of_Stoc
Consolidated Statement Of Stockholders' Equity (USD $) | Total | Common stock | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive income (loss) |
In Millions, unless otherwise specified | |||||
Balance at Sep. 30, 2013 | $328.20 | $1.60 | $1,584.40 | ($1,229.20) | ($28.60) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income (loss) | 10.8 | 0 | 0 | 10.8 | 0 |
Dividends declared | -5.6 | 0 | -5.6 | 0 | 0 |
Stock-based compensation | 3.6 | 0 | 3.6 | 0 | 0 |
Shares retained for employee taxes | -3.1 | 0 | ' | 0 | 0 |
Stock issued under stock compensation plans | 1.8 | 0 | 1.8 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | -10 | 0 | 0 | 0 | -10 |
Balance at Mar. 31, 2014 | $325.70 | $1.60 | $1,581.10 | ($1,218.40) | ($38.60) |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Early repayment of debt | $0 | $23.20 |
Net income (loss) | 10.8 | 13.2 |
Adjustments to reconcile net income (loss) to income (loss) from continuing operations: | ' | ' |
Income (loss) from discontinued operations, net of tax | 0 | -10.6 |
Income (loss) from continuing operations | 10.8 | 2.6 |
Depreciation | 13.5 | 15 |
Amortization | 15 | 14.8 |
Asset impairment | 1.5 | 0 |
Loss on early extinguishment of debt | 0 | 1.4 |
Stock-based compensation expense | 3.7 | 3.9 |
Deferred income taxes | 4 | 1.3 |
Retirement plans | 0.6 | 2.1 |
Other, net | 0.9 | 1.3 |
Changes in assets and liabilities, net of acquisitions: | ' | ' |
Receivables | -10.2 | -10.8 |
Inventories | 1.1 | -17.5 |
Other current assets and other noncurrent assets | 0.7 | 0.8 |
Accounts payable and other liabilities | -34 | -18.5 |
Net cash provided by (used in) operating activities | 7.6 | -3.6 |
Investing activities: | ' | ' |
Capital expenditures | -18.3 | -14.9 |
Acquisitions, net of cash acquired | 0 | -0.2 |
Proceeds from sales of assets | 0.3 | 0.1 |
Net cash provided by (used in) investing activities | -18 | -15 |
Financing activities: | ' | ' |
Dividends paid | -5.6 | -5.5 |
Common stock issued | 1.8 | 1.1 |
Shares retained for employee taxes | -3.1 | -1.5 |
Payment of deferred financing fees | 0 | -0.7 |
Other | 1.3 | 2 |
Net cash used in financing activities | -5.6 | -27.8 |
Effect of currency exchange rate changes on cash | -2.5 | -1 |
Net Cash Provided by (Used in) Discontinued Operations [Abstract] | ' | ' |
Operating activities | 0 | -2.2 |
Investing activities | 0 | 4.5 |
Net cash provided by (used in) discontinued operations | 0 | 2.3 |
Net change in cash and cash equivalents | -18.5 | -45.1 |
Cash and cash equivalents at beginning of period | 123.6 | 83 |
Cash and cash equivalents at end of period | $105.10 | $37.90 |
Income_Taxes
Income Taxes | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Income Taxes | ' | |||||||||||||||
Income Taxes | ||||||||||||||||
During the three months ended March 31, 2014, we completed an analysis of our taxable income apportionment by state. As a result of this analysis, we reduced our marginal tax rate, used in our calculation of deferred tax assets and liabilities, by 0.52%. This resulted in a net decrease in deferred tax liabilities and income tax expense of $2.0 million. | ||||||||||||||||
At the beginning of 2013, we had valuation allowances related to our deferred tax assets. We reevaluate the need for a valuation allowance against our U.S. deferred tax assets each quarter, considering results to date, projections of taxable income, tax planning strategies and reversing taxable temporary differences. During the six months ended March 31, 2013, we decreased our U.S. deferred tax valuation allowance by $11.1 million, including $6.3 million in other comprehensive income and $4.3 million in discontinued operations. Notwithstanding the valuation allowance, our net operating loss carryforwards remain available to offset future taxable earnings. | ||||||||||||||||
The components of income tax expense on continuing operations are provided below. | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||||
Expense (benefit) from income (loss) before income taxes | $ | 5.1 | $ | 3.9 | $ | 5.6 | $ | 1.5 | ||||||||
Deferred tax asset valuation allowance adjustments | — | (1.3 | ) | — | (0.5 | ) | ||||||||||
State tax rate change | (2.0 | ) | — | (2.0 | ) | — | ||||||||||
Other discrete items | — | (0.1 | ) | (0.2 | ) | (0.1 | ) | |||||||||
$ | 3.1 | $ | 2.5 | $ | 3.4 | $ | 0.9 | |||||||||
At March 31, 2014 and September 30, 2013, the gross liabilities for unrecognized income tax benefits were $3.6 million and $3.7 million, respectively. | ||||||||||||||||
We recognize interest related to uncertain income tax positions as interest expense and would recognize any penalties that may be incurred as selling, general and administrative expenses. At March 31, 2014 and September 30, 2013, we had $0.9 million and $0.9 million, respectively, of accrued interest liabilities related to uncertain tax positions. | ||||||||||||||||
Our state income tax returns are generally closed for years prior to 2006, except to the extent of our state net operating loss carryforwards. Our Canadian income tax returns are generally closed for years prior to 2006. We are currently under audit by several states at various levels of completion. We do not have any material unpaid assessments. |
Organization
Organization | 6 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization | ' |
Organization | |
Mueller Water Products, Inc., a Delaware corporation, together with its consolidated subsidiaries, operates in two business segments: Mueller Co. and Anvil. Mueller Co. manufactures valves for water and gas systems, including butterfly, iron gate, tapping, check, plug and ball valves, as well as dry-barrel and wet-barrel fire hydrants and metering systems, and provides leak detection and pipe condition assessment products and services for the water infrastructure industry. Anvil manufactures and sources a broad range of products, including a variety of fittings, couplings, hangers and related products. The “Company,” “we,” “us” or “our” refer to Mueller Water Products, Inc. and its subsidiaries. With regard to the Company's segments, “we,” “us” or “our” may also refer to the segment being discussed. | |
Unless the context indicates otherwise, whenever we refer to a particular year, we mean our fiscal year ended or ending September 30 in that particular calendar year. | |
Our consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which require us to make certain estimates and assumptions that affect the reported amounts of assets, liabilities, sales and expenses and the disclosure of contingent assets and liabilities for the reporting periods. Actual results could differ from those estimates. All significant intercompany balances and transactions have been eliminated. In our opinion, all normal and recurring adjustments that we consider necessary for a fair financial statement presentation have been made. Certain reclassifications have been made to previously reported amounts to conform to the current presentation. The condensed consolidated balance sheet data at September 30, 2013 was derived from audited financial statements, but does not include all disclosures required by GAAP. |
Discontinued_Operations_Assets
Discontinued Operations, Assets Held for Sale and Divestitures | 6 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
Discontinued Operations, Assets Held for Sale and Divestitures | ' | |||||||
Restructuring and Discontinued Operations | ||||||||
In January 2014, Mueller Co. changed its approach to the production of certain sizes of iron gate valves. This change resulted in an impairment of the related production equipment of $1.5 million, which is reported as restructuring expense for the three and six month periods ended March 31, 2014. This charge was based on our internal projections of future cash flows associated with the production equipment. | ||||||||
In April 2014, Anvil sold the production equipment and certain inventory at its Bloomington, Minnesota location for an immaterial gain. Anvil also signed a supply agreement with the buyer and terminated the employment of all employees at that location, which resulted in the withdrawal from the only multi-employer pension plan in which the Company had participated. Accordingly, at March 31, 2014, we recorded a reserve for our estimated withdrawal liability of $1.0 million. | ||||||||
On April 1, 2012, we sold our former U.S. Pipe segment. During 2013, we received $4.5 million in cash for certain purchase price adjustments and reduced our loss on sale of discontinued operations accordingly. | ||||||||
Activity related to U.S. Pipe is presented as discontinued operations for the three and six months ended March 31, 2013. The table below represents a summary of the operating results for these discontinued operations. | ||||||||
Three months | Six months | |||||||
(in millions) | ||||||||
Operating income (loss) | $ | (1.6 | ) | $ | 5.6 | |||
Gain on sale of discontinued operations | 0.2 | 5 | ||||||
Income (loss) from discontinued operations | $ | (1.4 | ) | $ | 10.6 | |||
We retained certain assets, liabilities and activities previously associated with our former U.S. Pipe segment, including ownership of certain real property and retention of pension and workers compensation obligations to employees of U.S. Pipe. Cash flows associated with some of these items are anticipated to continue indefinitely, but they are not clearly and closely related to the future operations of U.S. Pipe under its new ownership. |
Borrowing_Arrangements
Borrowing Arrangements | 6 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Long-term Debt and Capital Lease Obligations [Abstract] | ' | |||||||
Borrowing Arrangements | ' | |||||||
Borrowing Arrangements | ||||||||
The components of our long-term debt are presented below. | ||||||||
March 31, | September 30, | |||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
ABL Agreement | $ | — | $ | — | ||||
8.75% Senior Unsecured Notes | 178.1 | 178 | ||||||
7.375% Senior Subordinated Notes | 420 | 420 | ||||||
Other | 2.5 | 2.8 | ||||||
600.6 | 600.8 | |||||||
Less current portion | (1.2 | ) | (1.3 | ) | ||||
Long-term debt | $ | 599.4 | $ | 599.5 | ||||
ABL Agreement. At March 31, 2014, our asset based lending agreement (“ABL Agreement”) consisted of a revolving credit facility for up to $225 million of revolving credit borrowings, swing line loans and letters of credit. The ABL Agreement permits us to increase the size of the credit facility by an additional $150 million in certain circumstances subject to adequate borrowing base availability. We may borrow up to $25 million through swing line loans and may have up to $60 million of letters of credit outstanding. | ||||||||
Borrowings under the ABL Agreement bear interest at a floating rate equal to LIBOR plus a margin ranging from 175 to 225 basis points, or a base rate, as defined in the ABL Agreement, plus a margin ranging from 75 to 125 basis points. At March 31, 2014, the applicable rate was LIBOR plus 175 basis points. | ||||||||
The ABL Agreement terminates on the earlier of (1) December 18, 2017 and (2) 60 days prior to the final maturity of our 7.375% Senior Subordinated Notes. We pay a commitment fee for any unused borrowing capacity under the ABL Agreement of either 37.5 basis points per annum or 25 basis points per annum, based on daily average availability during the previous calendar quarter. At March 31, 2014, our commitment fee was 37.5 basis points. Our obligations under the ABL Agreement are secured by a first-priority perfected lien on all of our U.S. receivables and inventory, certain cash and other supporting obligations. Borrowings are not subject to any financial maintenance covenants unless excess availability is less than the greater of $22.5 million and 10% of the aggregate commitments under the ABL Agreement. Excess availability based on March 31, 2014 data, as reduced by outstanding letters of credit and accrued fees and expenses of $28.9 million, was $171.4 million. | ||||||||
8.75% Senior Unsecured Notes. The 8.75% Senior Unsecured Notes (“Senior Unsecured Notes”) mature on September 1, 2020. The Senior Unsecured Notes balance at March 31, 2014 is net of $1.9 million of unamortized discount. Based on quoted market prices, the outstanding Senior Unsecured Notes had a fair value of $201.6 million at March 31, 2014. | ||||||||
During the quarter ended March 31, 2013, we redeemed $22.5 million aggregate principal amount of the Senior Unsecured Notes at a redemption price of 103%, plus accrued and unpaid interest and recorded a loss on early extinguishment of debt of $1.4 million. After August 31, 2015, we may redeem the Senior Unsecured Notes at specified redemption prices. Upon a Change of Control (as defined in the indenture securing the Senior Unsecured Notes), we are required to offer to purchase the outstanding Senior Unsecured Notes at a purchase price of 101.0%. The Senior Unsecured Notes are guaranteed by essentially all of our U.S. subsidiaries, but are subordinate to borrowings under the ABL Agreement. | ||||||||
The indenture securing the Senior Unsecured Notes contains customary covenants and events of default, including covenants that limit our ability to incur debt, pay dividends and make investments. We believe we were compliant with these covenants at March 31, 2014 and expect to remain in compliance through March 31, 2015. | ||||||||
7.375% Senior Subordinated Notes. The 7.375% Senior Subordinated Notes (“Senior Subordinated Notes”) mature on June 1, 2017. Based on quoted market prices, the outstanding Senior Subordinated Notes had a fair value of $430.0 million at March 31, 2014. | ||||||||
We may redeem any portion of the Senior Subordinated Notes at specified redemption prices, subject to restrictions in the Senior Unsecured Notes. Upon a Change of Control (as defined in the indenture securing the Senior Subordinated Notes), we are required to offer to purchase the outstanding Senior Subordinated Notes at a purchase price of 101%. The Senior Subordinated Notes are guaranteed by essentially all of our U.S. subsidiaries, but are subordinate to the borrowings under the ABL Agreement and the Senior Unsecured Notes. | ||||||||
The indenture securing the Senior Subordinated Notes contains customary covenants and events of default, including covenants that limit our ability to incur debt, pay dividends and make investments. We believe we were compliant with these covenants at March 31, 2014 and expect to remain in compliance through March 31, 2015. |
Retirement_Plans
Retirement Plans | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||
Retirement Plans | ' | |||||||||||||||
Retirement Plans | ||||||||||||||||
The components of net periodic benefit cost allocated to continuing operations for defined benefit pension plans are as follows. | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||||
Service cost | $ | 0.4 | $ | 0.5 | $ | 0.8 | $ | 1 | ||||||||
Interest cost | 5 | 1.6 | 10 | 3.2 | ||||||||||||
Expected return on plan assets | (6.0 | ) | (2.2 | ) | (11.9 | ) | (4.3 | ) | ||||||||
Amortization of actuarial net loss | 0.9 | 0.8 | 1.8 | 1.5 | ||||||||||||
Net periodic benefit cost | $ | 0.3 | $ | 0.7 | $ | 0.7 | $ | 1.4 | ||||||||
The amortization of actuarial losses, net of tax, is recorded as a component of other comprehensive income (loss). | ||||||||||||||||
We expect to make $0.7 million of contributions to our U.S. pension plan during 2014. For financial reporting purposes, our U.S. pension plan obligations were 99% funded at September 30, 2013. We also expect to contribute approximately $1 million to our pension plans in Canada during 2014. | ||||||||||||||||
We ceased postretirement medical benefits substantially on December 31, 2012. Related to this cessation of benefits, we recorded a benefit of $7.4 million, which is included in income from discontinued operations for the six months ended March 31, 2013. |
Stockbased_Compensation_Plans
Stock-based Compensation Plans | 6 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||
ote 6. | Stock-based Compensation Plans | ||||||||||
From time to time, we grant various forms of stock-based compensation, including stock options, restricted stock units, and both cash-settled and stock-settled performance-based restricted stock units ("PRSUs") under our Amended and Restated 2006 Mueller Water Products, Inc. Stock Incentive Plan (the “2006 Stock Plan”). | |||||||||||
PRSUs represent a target number of units that may be paid out at the end of a multi-year award cycle consisting of annual performance periods coinciding with our fiscal years. As determined at the date of grant, PRSUs may settle in cash-value equivalent of, or directly in, shares of our common stock. Settlement will range from zero to two times the number of PRSUs granted, depending on our financial performance against predetermined targets. | |||||||||||
The cash-settled PRSUs granted in 2013 will settle in November 2014. Outstanding cash-settled PRSUs had a fair value of $9.50 per share at March 31, 2014 and our liability for cash-settled PRSUs was $2.8 million at March 31, 2014. | |||||||||||
The stock-settled PRSUs granted in 2013 and 2014 will settle in November 2015 and December 2016, respectively. The stock prices used to value the awards were $5.22 for the 2013 performance period and $8.52 for the 2014 performance period. | |||||||||||
From time to time, we grant Phantom Plan awards under the Mueller Water Products, Inc. Phantom Plan (“Phantom Plan”). At March 31, 2014, the outstanding Phantom Plan awards had a fair value of $9.50 per award and our liability for Phantom Plan awards was $2.4 million. | |||||||||||
We granted stock-based compensation awards under the 2006 Stock Plan, the Mueller Water Products, Inc. 2006 Employee Stock Purchase Plan and the Phantom Plan during the six months ended March 31, 2014 as follows. | |||||||||||
Number granted | Weighted average grant date fair value per instrument | Total grant date fair value (in millions) | |||||||||
Quarter ended December 31, 2013: | |||||||||||
Restricted stock units | 333,816 | $ | 8.5 | $ | 2.8 | ||||||
Employee stock purchase plan instruments | 56,643 | 1.87 | 0.1 | ||||||||
Phantom Plan awards | 304,815 | 8.52 | 2.6 | ||||||||
PRSUs | 272,531 | 8.52 | 2.3 | ||||||||
Quarter ended March 31, 2014: | |||||||||||
Restricted stock units | 47,196 | 8.58 | 0.4 | ||||||||
Non-qualified stock options | 86,904 | 5.13 | 0.4 | ||||||||
Employee stock purchase plan instruments | 52,980 | 1.8 | 0.1 | ||||||||
$ | 8.7 | ||||||||||
We recorded stock-based compensation expense in continuing operations of $2.0 million and $3.3 million during the three months ended March 31, 2014 and 2013, respectively, and $6.1 million and $5.6 million during the six months ended March 31, 2014 and 2013, respectively. At March 31, 2014, there was approximately $7.8 million of unrecognized compensation expense related to stock-based awards. | |||||||||||
We exclude stock-based compensation instruments from the calculations of diluted earnings per share when inclusion of such instruments would have an antidilutive effect. We excluded 1,087,649 and 1,634,143 of such instruments from the calculations of diluted earnings per share for the quarters ended March 31, 2014 and 2013, respectively, and 1,159,708 and 1,539,933 for the six months ended March 31, 2014 and 2013, respectively. |
Supplemental_Balance_Sheet_Inf
Supplemental Balance Sheet Information | 6 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||
Supplemental Balance Sheet Information | ' | |||||||
Selected supplemental balance sheet information is presented below. | ||||||||
March 31, | September 30, | |||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
Inventories: | ||||||||
Purchased components and raw material | $ | 71.1 | $ | 75.4 | ||||
Work in process | 38.2 | 38.6 | ||||||
Finished goods | 97.5 | 94.5 | ||||||
$ | 206.8 | $ | 208.5 | |||||
Other current assets: | ||||||||
Maintenance and repair tooling | $ | 22.2 | 22.5 | |||||
Income taxes | 15.5 | 14.9 | ||||||
Other | 8.2 | 8.7 | ||||||
$ | 45.9 | $ | 46.1 | |||||
Property, plant and equipment: | ||||||||
Land | $ | 10.6 | $ | 10.6 | ||||
Buildings | 77.9 | 75.5 | ||||||
Machinery and equipment | 318.7 | 305.7 | ||||||
Construction in progress | 18.3 | 19.6 | ||||||
425.5 | 411.4 | |||||||
Accumulated depreciation | (281.8 | ) | (269.5 | ) | ||||
$ | 143.7 | $ | 141.9 | |||||
Other current liabilities: | ||||||||
Compensation and benefits | $ | 28.7 | $ | 37.3 | ||||
Customer rebates | 10.6 | 15.5 | ||||||
Interest | 12 | 12 | ||||||
Taxes other than income taxes | 4.8 | 5 | ||||||
Warranty | 2.7 | 2.8 | ||||||
Income taxes | 1.6 | 1.3 | ||||||
Restructuring | 1.1 | — | ||||||
Environmental | 0.1 | 0.2 | ||||||
Other | 7 | 6.5 | ||||||
$ | 68.6 | $ | 80.6 | |||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 6 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||
Accumulated other comprehensive loss is presented below. | ||||||||||||
Foreign currency translation | Minimum pension liability, net of tax | Total | ||||||||||
(in millions) | ||||||||||||
Balance at September 30, 2013 | $ | 6.8 | $ | (35.4 | ) | $ | (28.6 | ) | ||||
Current period other comprehensive loss | (4.0 | ) | (6.0 | ) | (10.0 | ) | ||||||
Balance at March 31, 2014 | $ | 2.8 | $ | (41.4 | ) | $ | (38.6 | ) | ||||
Accumulated other comprehensive loss is presented below. | ||||||||||||
Foreign currency translation | Minimum pension liability, net of tax | Total | ||||||||||
(in millions) | ||||||||||||
Balance at September 30, 2013 | $ | 6.8 | $ | (35.4 | ) | $ | (28.6 | ) | ||||
Current period other comprehensive loss | (4.0 | ) | (6.0 | ) | (10.0 | ) | ||||||
Balance at March 31, 2014 | $ | 2.8 | $ | (41.4 | ) | $ | (38.6 | ) | ||||
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ' | |||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||||
Segment Information | ||||||||||||||||
Summarized financial information for our segments is presented below for the periods ended March 31. | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||||
Net sales, excluding intercompany: | ||||||||||||||||
Mueller Co. | $ | 191.3 | $ | 188.1 | $ | 356.3 | $ | 339.2 | ||||||||
Anvil | 96.8 | 95 | 189.2 | 189 | ||||||||||||
$ | 288.1 | $ | 283.1 | $ | 545.5 | $ | 528.2 | |||||||||
Intercompany sales: | ||||||||||||||||
Mueller Co. | $ | 1.6 | $ | 1.8 | $ | 3.2 | $ | 3.2 | ||||||||
Anvil | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||
$ | 1.7 | $ | 1.9 | $ | 3.3 | $ | 3.3 | |||||||||
Operating income (loss): | ||||||||||||||||
Mueller Co. | $ | 26.2 | $ | 23.2 | $ | 42.1 | $ | 31.3 | ||||||||
Anvil | 7.5 | 9.1 | 14.8 | 15 | ||||||||||||
Corporate | (8.4 | ) | (8.0 | ) | (17.6 | ) | (15.1 | ) | ||||||||
$ | 25.3 | $ | 24.3 | $ | 39.3 | $ | 31.2 | |||||||||
Depreciation and amortization: | ||||||||||||||||
Mueller Co. | $ | 10.1 | $ | 11.4 | $ | 21.2 | $ | 22.6 | ||||||||
Anvil | 3.6 | 3.5 | 7.1 | 7 | ||||||||||||
Corporate | 0.1 | 0.1 | 0.2 | 0.2 | ||||||||||||
$ | 13.8 | $ | 15 | $ | 28.5 | $ | 29.8 | |||||||||
Restructuring: | ||||||||||||||||
Mueller Co. | $ | 1.6 | $ | 0.3 | $ | 1.7 | $ | 1 | ||||||||
Anvil | 1.1 | 0.1 | 1.1 | 0.1 | ||||||||||||
$ | 2.7 | $ | 0.4 | $ | 2.8 | $ | 1.1 | |||||||||
Capital expenditures: | ||||||||||||||||
Mueller Co. | $ | 6.5 | $ | 5.5 | $ | 10.9 | $ | 8.9 | ||||||||
Anvil | 4.1 | 3.2 | 7.2 | 6 | ||||||||||||
Corporate | 0.2 | — | 0.2 | — | ||||||||||||
$ | 10.8 | $ | 8.7 | $ | 18.3 | $ | 14.9 | |||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments And Contingencies | ' |
Commitments and Contingencies | |
We are involved in various legal proceedings that have arisen in the normal course of operations, including the proceedings summarized below. The effect of the outcome of these matters on our financial statements cannot be predicted with certainty as any such effect depends on the amount and timing of the resolution of such matters. Other than the litigation described below, we do not believe that any of our outstanding litigation will have a material adverse effect on our business or prospects. | |
Environmental. We are subject to a wide variety of laws and regulations concerning the protection of the environment, both with respect to the operations at many of our properties and with respect to remediating environmental conditions that may exist at our own or other properties. We strive to comply with federal, state and local environmental laws and regulations. We accrue for environmental expenses resulting from existing conditions that relate to past operations when the costs are probable and reasonably estimable. | |
In the acquisition agreement pursuant to which a predecessor to Tyco sold our Mueller Co. and Anvil businesses to the prior owners of these businesses in August 1999, Tyco agreed to indemnify us and our affiliates, among other things, for all “Excluded Liabilities.” Excluded Liabilities include, among other things, substantially all liabilities relating to the time prior to August 1999, including environmental liabilities. The indemnity survives indefinitely. Tyco's indemnity does not cover liabilities to the extent caused by us or the operation of our businesses after August 1999, nor does it cover liabilities arising with respect to businesses or sites acquired after August 1999. Since 2007, Tyco has engaged in multiple corporate restructurings, split-offs and divestitures. While none of these transactions directly affects the indemnification obligations of the Tyco indemnitors under the 1999 acquisition agreement, the result of such transactions is that the assets of, and control over, such Tyco indemnitors has changed. Should any of these Tyco indemnitors become financially unable or fail to comply with the terms of the indemnity, we may be responsible for such obligations or liabilities. | |
In September 1987, we implemented an Administrative Consent Order (“ACO”) for our Burlington, New Jersey property, which was required under the New Jersey Environmental Cleanup Responsibility Act (now known as the Industrial Site Recovery Act). The ACO required soil and ground-water cleanup, and we completed, and received final approval on, the soil cleanup required by the ACO. We retained this property related to the sale of our former U.S. Pipe segment. We expect ground-water issues as well as issues associated with the demolition of former manufacturing facilities at this site will continue and remediation by us could be required. Long-term ground-water monitoring may also be required, but we do not know how long such monitoring would be required and do not believe monitoring or further remediation costs, if any, will have a material adverse effect on any of our financial statements. | |
On July 13, 2010, Rohcan Investments Limited, the former owner of property leased by Mueller Canada Ltd. and located in Milton, Ontario, filed suit against Mueller Canada Ltd. and its directors seeking C$10.0 million in damages arising from the defendants' alleged environmental contamination of the property and breach of lease. Mueller Canada Ltd. leased the property from 1988 through 2008. We are pursuing indemnification from a former owner for certain potential liabilities that are alleged in this lawsuit, and we have accrued for other liabilities not covered by indemnification. On December 7, 2011, the Court denied the plaintiff's motion for summary judgment. | |
Walter Energy-related Income Taxes. Each member of a consolidated group for federal income tax purposes is severally liable for the federal income tax liability of each other member of the consolidated group for any year in which it is a member of the group at any time during such year. Each member of the Walter Energy consolidated group, which included us through December 14, 2006, is also jointly and severally liable for pension and benefit funding and termination liabilities of other group members, as well as certain benefit plan taxes. Accordingly, we could be liable under such provisions in the event any such liability is incurred, and not discharged, by any other member of the Walter Energy consolidated group for any period during which we were included in the Walter Energy consolidated group. | |
A dispute exists with regard to federal income taxes for 1980 through 1994 allegedly owed by the Walter Energy consolidated group. According to Walter Energy's last available public filing on the matter, Walter Energy's management estimated that the amount of tax claimed by the IRS was approximately $34.0 million for issues currently in dispute in bankruptcy court for matters unrelated to us. This amount is subject to interest and penalties. Of the $34.0 million in claimed tax, $21.0 million represents issues in which the IRS is not challenging the deductibility of the particular expense but only whether such expense is deductible in a particular year. Walter Energy's management believes that Walter Energy's financial exposure should be limited to interest and possible penalties and the amount of any tax claimed will be offset by favorable adjustments in other years. | |
In addition, the IRS previously issued a Notice of Proposed Deficiency assessing additional tax of $82.2 million for the fiscal years ended May 31, 2000 through December 31, 2005. Walter Energy filed a formal protest with the IRS, but had not reached a final resolution with the Appeals Division at March 31, 2014. The unresolved issues relate primarily to Walter Energy's method of recognizing revenue on the sale of homes and related interest on the installment notes receivable. The items at issue relate primarily to the timing of revenue recognition and consequently, should the IRS prevail on its positions, Walter Energy's financial exposure should be limited to interest and penalties. As a matter of law, we are jointly and severally liable for any final tax determination for any year in which any of our subsidiaries were members of the Walter Energy consolidated group, which means that we would be liable in the event Walter Energy is unable to pay any amounts owed. Walter Energy has disclosed that it believes its filing positions have substantial merit and that it intends to defend vigorously any claims asserted. | |
Walter Energy effectively controlled all of our tax decisions for periods during which we were a member of the Walter Energy consolidated group for federal income tax purposes and certain combined, consolidated or unitary state and local income tax groups. Under the terms of the income tax allocation agreement between us and Walter Energy dated May 26, 2006, we generally compute our tax liability on a stand-alone basis, but Walter Energy has sole authority to respond to and conduct all tax proceedings (including tax audits) relating to our federal income and combined state returns, to file all such returns on our behalf and to determine the amount of our liability to (or entitlement to payment from) Walter Energy for such previous periods. This arrangement may result in conflicts between Walter Energy and us. | |
Our separation from Walter Energy on December 14, 2006 was intended to qualify as a tax-free spin-off under Section 355 of the Internal Revenue Code. In addition, the tax allocation agreement provides that if the spin-off is determined not to be tax-free pursuant to Section 355, we generally will be responsible for any taxes incurred by Walter Energy or its shareholders if such taxes result from certain of our actions or omissions and for a percentage of any such taxes that are not a result of our actions or omissions or Walter Energy's actions or omissions or taxes based upon our market value relative to Walter Energy's market value. Additionally, to the extent that Walter Energy was unable to pay taxes, if any, attributable to the spin-off and for which it is responsible under the tax allocation agreement, we could be liable for those taxes as a result of being a member of the Walter Energy consolidated group for the year in which the spin-off occurred. | |
In accordance with the income tax allocation agreement, Walter Energy used certain tax assets of one of our predecessors in its calendar 2006 tax return for which payment to us is required. The income tax allocation agreement only requires Walter Energy to make the payment upon realization of the tax benefit by receiving a refund or otherwise offsetting taxes due. Walter Energy currently owes us $11.6 million, which includes recent tax audit and amended tax return adjustments, that is payable pending completion of an IRS audit of Walter Energy's 2006 tax year and the related refund of tax from that year. This receivable is included in other current assets at March 31, 2014. | |
Indemnifications. We are a party to contracts in which it is common for us to agree to indemnify third parties for certain liabilities that arise out of or relate to the subject matter of the contract. In some cases, this indemnity extends to related liabilities arising from the negligence of the indemnified parties, but usually excludes any liabilities caused by gross negligence or willful misconduct. We cannot estimate the potential amount of future payments under these indemnities until events arise that would trigger a liability under the indemnities. | |
Additionally, in connection with the sale of assets and the divestiture of businesses, such as the divestiture of our U.S. Pipe segment, we may agree to indemnify buyers and related parties for certain losses or liabilities incurred by these parties with respect to: (i) the representations and warranties made by us to these parties in connection with the sale and (ii) liabilities related to the pre-closing operations of the assets or business sold. Indemnities related to pre-closing operations generally include certain environmental and tax liabilities and other liabilities not assumed by these parties in the transaction. | |
Indemnities related to the pre-closing operations of sold assets or businesses normally do not represent additional liabilities to us, but simply serve to protect these parties from potential liability associated with our obligations existing at the time of the sale. As with any liability, we have accrued for those pre-closing obligations that are considered probable and reasonably estimable. Should circumstances change, increasing the likelihood of payments related to a specific indemnity, we will accrue a liability when future payment is probable and the amount is reasonably estimable. | |
Other Matters. In April 2014, Anvil sold the production equipment and certain inventory at its Bloomington, Minnesota location for an immaterial gain. Anvil also signed a supply agreement with the buyer and withdrew from the only multi-employer pension plan in which the Company had participated. Accordingly, at March 31, 2014, we recorded a reserve for our estimated withdrawal liability of $1.0 million, although the ultimate liability could differ materially from our estimate. | |
We are party to a number of other lawsuits arising in the ordinary course of business, including product liability cases for products manufactured by us or third parties. We provide for costs relating to these matters when a loss is probable and the amount is reasonably estimable. Administrative costs related to these matters are expensed as incurred. The effect of the outcome of these matters on our future financial statements cannot be predicted with certainty as any such effect depends on the amount and timing of the resolution of such matters. While the results of litigation cannot be predicted with certainty, we believe that the final outcome of such other litigation is not likely to have a materially adverse effect on our business or prospects. |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
In April 2014, Anvil sold the production equipment and certain inventory at its Bloomington, Minnesota location for an immaterial gain. Anvil also signed a supply agreement with the buyer and terminated the employment of all employees at that location. Also in April 2014, Anvil entered into an agreement to sell the land and buildings at the Bloomington location, which had a net book value of $0.9 million at March 31, 2014, for $3.7 million. We expect this sale will close during the three months ending September 30, 2014. | |
On April 22, 2014, our board of directors declared a dividend of $0.0175 per share on our common stock, payable on or about May 20, 2014 to stockholders of record at the close of business on May 9, 2014. |
Consolidating_Guarantor_and_No
Consolidating Guarantor and Non-Guarantor Financial Information | 6 Months Ended | ||
Mar. 31, 2014 | |||
Consolidating Guarantor And Non-Guarantor Financial Information [Abstract] | ' | ||
Consolidating Guarantor and Non-Guarantor Financial Information [Text Block] | ' | ||
The following information is included as a result of the guarantee by certain of our 100% owned U.S. subsidiaries (“Guarantor Companies”) of the Senior Unsecured Notes and the Senior Subordinated Notes. None of our other subsidiaries guarantee the Senior Unsecured Notes and the Senior Subordinated Notes. Each of the guarantees is joint and several and full and unconditional. Guarantor Companies are listed below. | |||
Name | State of | ||
incorporation | |||
or organization | |||
Anvil International, LLC | Delaware | ||
Echologics, LLC | Delaware | ||
Henry Pratt Company, LLC | Delaware | ||
Henry Pratt International, LLC | Delaware | ||
Hydro Gate, LLC | Delaware | ||
J.B. Smith Mfg. Co., LLC | Delaware | ||
James Jones Company, LLC | Delaware | ||
Milliken Valve, LLC | Delaware | ||
Mueller Co. LLC | Delaware | ||
Mueller Group, LLC | Delaware | ||
Mueller Group Co-Issuer, Inc. | Delaware | ||
Mueller International, L.L.C. | Delaware | ||
Mueller Property Holdings, LLC | Delaware | ||
Mueller Co. International Holdings, LLC | Delaware | ||
Mueller Service California, Inc. | Delaware | ||
Mueller Service Co., LLC | Delaware | ||
Mueller Systems, LLC | Delaware | ||
OSP, LLC | Delaware | ||
U.S. Pipe Valve & Hydrant, LLC | Delaware |
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | |||||||
Mar. 31, 2013 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||
The table below represents a summary of the operating results for these discontinued operations. | ||||||||
Three months | Six months | |||||||
(in millions) | ||||||||
Operating income (loss) | $ | (1.6 | ) | $ | 5.6 | |||
Gain on sale of discontinued operations | 0.2 | 5 | ||||||
Income (loss) from discontinued operations | $ | (1.4 | ) | $ | 10.6 | |||
Discontinued_Operations_Assets1
Discontinued Operations, Assets Held for Sale and Divestitures (Tables) | 6 Months Ended | |||||||
Mar. 31, 2013 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||
The table below represents a summary of the operating results for these discontinued operations. | ||||||||
Three months | Six months | |||||||
(in millions) | ||||||||
Operating income (loss) | $ | (1.6 | ) | $ | 5.6 | |||
Gain on sale of discontinued operations | 0.2 | 5 | ||||||
Income (loss) from discontinued operations | $ | (1.4 | ) | $ | 10.6 | |||
Borrowing_Arrangements_Tables
Borrowing Arrangements (Tables) | 6 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Long-term Debt and Capital Lease Obligations [Abstract] | ' | |||||||
Components of Long-Term Debt | ' | |||||||
The components of our long-term debt are presented below. | ||||||||
March 31, | September 30, | |||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
ABL Agreement | $ | — | $ | — | ||||
8.75% Senior Unsecured Notes | 178.1 | 178 | ||||||
7.375% Senior Subordinated Notes | 420 | 420 | ||||||
Other | 2.5 | 2.8 | ||||||
600.6 | 600.8 | |||||||
Less current portion | (1.2 | ) | (1.3 | ) | ||||
Long-term debt | $ | 599.4 | $ | 599.5 | ||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Net Periodic Benefit Cost | ' | |||||||||||||||
The components of net periodic benefit cost allocated to continuing operations for defined benefit pension plans are as follows. | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||||
Service cost | $ | 0.4 | $ | 0.5 | $ | 0.8 | $ | 1 | ||||||||
Interest cost | 5 | 1.6 | 10 | 3.2 | ||||||||||||
Expected return on plan assets | (6.0 | ) | (2.2 | ) | (11.9 | ) | (4.3 | ) | ||||||||
Amortization of actuarial net loss | 0.9 | 0.8 | 1.8 | 1.5 | ||||||||||||
Net periodic benefit cost | $ | 0.3 | $ | 0.7 | $ | 0.7 | $ | 1.4 | ||||||||
Stockbased_Compensation_Plans_
Stock-based Compensation Plans (Tables) | 6 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | ' | ||||||||||
Number granted | Weighted average grant date fair value per instrument | Total grant date fair value (in millions) | |||||||||
Quarter ended December 31, 2013: | |||||||||||
Restricted stock units | 333,816 | $ | 8.5 | $ | 2.8 | ||||||
Employee stock purchase plan instruments | 56,643 | 1.87 | 0.1 | ||||||||
Phantom Plan awards | 304,815 | 8.52 | 2.6 | ||||||||
PRSUs | 272,531 | 8.52 | 2.3 | ||||||||
Quarter ended March 31, 2014: | |||||||||||
Restricted stock units | 47,196 | 8.58 | 0.4 | ||||||||
Non-qualified stock options | 86,904 | 5.13 | 0.4 | ||||||||
Employee stock purchase plan instruments | 52,980 | 1.8 | 0.1 | ||||||||
$ | 8.7 | ||||||||||
Supplemental_Balance_Sheet_Inf1
Supplemental Balance Sheet Information (Tables) | 6 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||
Schedule Of Selected Supplemental Balance Sheet Information [Table Text Block] | ' | |||||||
ental balance sheet information is presented below. | ||||||||
March 31, | September 30, | |||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
Inventories: | ||||||||
Purchased components and raw material | $ | 71.1 | $ | 75.4 | ||||
Work in process | 38.2 | 38.6 | ||||||
Finished goods | 97.5 | 94.5 | ||||||
$ | 206.8 | $ | 208.5 | |||||
Other current assets: | ||||||||
Maintenance and repair tooling | $ | 22.2 | 22.5 | |||||
Income taxes | 15.5 | 14.9 | ||||||
Other | 8.2 | 8.7 | ||||||
$ | 45.9 | $ | 46.1 | |||||
Property, plant and equipment: | ||||||||
Land | $ | 10.6 | $ | 10.6 | ||||
Buildings | 77.9 | 75.5 | ||||||
Machinery and equipment | 318.7 | 305.7 | ||||||
Construction in progress | 18.3 | 19.6 | ||||||
425.5 | 411.4 | |||||||
Accumulated depreciation | (281.8 | ) | (269.5 | ) | ||||
$ | 143.7 | $ | 141.9 | |||||
Other current liabilities: | ||||||||
Compensation and benefits | $ | 28.7 | $ | 37.3 | ||||
Customer rebates | 10.6 | 15.5 | ||||||
Interest | 12 | 12 | ||||||
Taxes other than income taxes | 4.8 | 5 | ||||||
Warranty | 2.7 | 2.8 | ||||||
Income taxes | 1.6 | 1.3 | ||||||
Restructuring | 1.1 | — | ||||||
Environmental | 0.1 | 0.2 | ||||||
Other | 7 | 6.5 | ||||||
$ | 68.6 | $ | 80.6 | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||
Schedule Of Accumulated Other Comprehensive Loss | ' | |||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||
Accumulated other comprehensive loss is presented below. | ||||||||||||
Foreign currency translation | Minimum pension liability, net of tax | Total | ||||||||||
(in millions) | ||||||||||||
Balance at September 30, 2013 | $ | 6.8 | $ | (35.4 | ) | $ | (28.6 | ) | ||||
Current period other comprehensive loss | (4.0 | ) | (6.0 | ) | (10.0 | ) | ||||||
Balance at March 31, 2014 | $ | 2.8 | $ | (41.4 | ) | $ | (38.6 | ) | ||||
Accumulated other comprehensive loss is presented below. | ||||||||||||
Foreign currency translation | Minimum pension liability, net of tax | Total | ||||||||||
(in millions) | ||||||||||||
Balance at September 30, 2013 | $ | 6.8 | $ | (35.4 | ) | $ | (28.6 | ) | ||||
Current period other comprehensive loss | (4.0 | ) | (6.0 | ) | (10.0 | ) | ||||||
Balance at March 31, 2014 | $ | 2.8 | $ | (41.4 | ) | $ | (38.6 | ) | ||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ' | |||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | ' | |||||||||||||||
Schedule Of Selected Supplemental Balance Sheet Information | ' | |||||||||||||||
Summarized financial information for our segments is presented below for the periods ended March 31. | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||||
Net sales, excluding intercompany: | ||||||||||||||||
Mueller Co. | $ | 191.3 | $ | 188.1 | $ | 356.3 | $ | 339.2 | ||||||||
Anvil | 96.8 | 95 | 189.2 | 189 | ||||||||||||
$ | 288.1 | $ | 283.1 | $ | 545.5 | $ | 528.2 | |||||||||
Intercompany sales: | ||||||||||||||||
Mueller Co. | $ | 1.6 | $ | 1.8 | $ | 3.2 | $ | 3.2 | ||||||||
Anvil | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||
$ | 1.7 | $ | 1.9 | $ | 3.3 | $ | 3.3 | |||||||||
Operating income (loss): | ||||||||||||||||
Mueller Co. | $ | 26.2 | $ | 23.2 | $ | 42.1 | $ | 31.3 | ||||||||
Anvil | 7.5 | 9.1 | 14.8 | 15 | ||||||||||||
Corporate | (8.4 | ) | (8.0 | ) | (17.6 | ) | (15.1 | ) | ||||||||
$ | 25.3 | $ | 24.3 | $ | 39.3 | $ | 31.2 | |||||||||
Depreciation and amortization: | ||||||||||||||||
Mueller Co. | $ | 10.1 | $ | 11.4 | $ | 21.2 | $ | 22.6 | ||||||||
Anvil | 3.6 | 3.5 | 7.1 | 7 | ||||||||||||
Corporate | 0.1 | 0.1 | 0.2 | 0.2 | ||||||||||||
$ | 13.8 | $ | 15 | $ | 28.5 | $ | 29.8 | |||||||||
Restructuring: | ||||||||||||||||
Mueller Co. | $ | 1.6 | $ | 0.3 | $ | 1.7 | $ | 1 | ||||||||
Anvil | 1.1 | 0.1 | 1.1 | 0.1 | ||||||||||||
$ | 2.7 | $ | 0.4 | $ | 2.8 | $ | 1.1 | |||||||||
Capital expenditures: | ||||||||||||||||
Mueller Co. | $ | 6.5 | $ | 5.5 | $ | 10.9 | $ | 8.9 | ||||||||
Anvil | 4.1 | 3.2 | 7.2 | 6 | ||||||||||||
Corporate | 0.2 | — | 0.2 | — | ||||||||||||
$ | 10.8 | $ | 8.7 | $ | 18.3 | $ | 14.9 | |||||||||
Consolidating_Guarantor_and_No1
Consolidating Guarantor and Non-Guarantor Financial Information (Tables) | 6 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Consolidating Guarantor And Non-Guarantor Financial Information [Abstract] | ' | |||||||||||||||||||
Schedule Of Guarantor Companies | ' | |||||||||||||||||||
The following information is included as a result of the guarantee by certain of our 100% owned U.S. subsidiaries (“Guarantor Companies”) of the Senior Unsecured Notes and the Senior Subordinated Notes. None of our other subsidiaries guarantee the Senior Unsecured Notes and the Senior Subordinated Notes. Each of the guarantees is joint and several and full and unconditional. Guarantor Companies are listed below. | ||||||||||||||||||||
Name | State of | |||||||||||||||||||
incorporation | ||||||||||||||||||||
or organization | ||||||||||||||||||||
Anvil International, LLC | Delaware | |||||||||||||||||||
Echologics, LLC | Delaware | |||||||||||||||||||
Henry Pratt Company, LLC | Delaware | |||||||||||||||||||
Henry Pratt International, LLC | Delaware | |||||||||||||||||||
Hydro Gate, LLC | Delaware | |||||||||||||||||||
J.B. Smith Mfg. Co., LLC | Delaware | |||||||||||||||||||
James Jones Company, LLC | Delaware | |||||||||||||||||||
Milliken Valve, LLC | Delaware | |||||||||||||||||||
Mueller Co. LLC | Delaware | |||||||||||||||||||
Mueller Group, LLC | Delaware | |||||||||||||||||||
Mueller Group Co-Issuer, Inc. | Delaware | |||||||||||||||||||
Mueller International, L.L.C. | Delaware | |||||||||||||||||||
Mueller Property Holdings, LLC | Delaware | |||||||||||||||||||
Mueller Co. International Holdings, LLC | Delaware | |||||||||||||||||||
Mueller Service California, Inc. | Delaware | |||||||||||||||||||
Mueller Service Co., LLC | Delaware | |||||||||||||||||||
Mueller Systems, LLC | Delaware | |||||||||||||||||||
OSP, LLC | Delaware | |||||||||||||||||||
U.S. Pipe Valve & Hydrant, LLC | Delaware | |||||||||||||||||||
The Condensed Consolidating Statements of Cash Flows below present intercompany cash transfers as financing or investing cash flows, rather than as operating cash flows as was previously our practice. The prior period presentation has been updated to conform to the current period presentation. | ||||||||||||||||||||
Schedule Of Consolidating Balance Sheet | ' | |||||||||||||||||||
Mueller Water Products, Inc. and Subsidiaries | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||
Issuer | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
companies | guarantor | |||||||||||||||||||
companies | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 74.3 | $ | (3.8 | ) | $ | 34.6 | $ | — | $ | 105.1 | |||||||||
Receivables, net | — | 160.9 | 13.2 | — | 174.1 | |||||||||||||||
Inventories | — | 194.7 | 12.1 | — | 206.8 | |||||||||||||||
Deferred income taxes | 52 | — | 0.4 | — | 52.4 | |||||||||||||||
Other current assets | 18.2 | 25.5 | 2.2 | — | 45.9 | |||||||||||||||
Total current assets | 144.5 | 377.3 | 62.5 | — | 584.3 | |||||||||||||||
Property, plant and equipment | 1.5 | 134.4 | 7.8 | — | 143.7 | |||||||||||||||
Identifiable intangible assets | — | 537.6 | 1.9 | — | 539.5 | |||||||||||||||
Other noncurrent assets | 13.9 | 0.2 | 1.3 | — | 15.4 | |||||||||||||||
Investment in subsidiaries | 210.8 | 36.7 | — | (247.5 | ) | — | ||||||||||||||
Intercompany accounts | 882.7 | — | — | (882.7 | ) | — | ||||||||||||||
Total assets | $ | 1,253.40 | $ | 1,086.20 | $ | 73.5 | $ | (1,130.2 | ) | $ | 1,282.90 | |||||||||
Liabilities and stockholders' equity: | ||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 1.2 | $ | — | $ | — | $ | 1.2 | ||||||||||
Accounts payable | 6.4 | 73.3 | 4.2 | — | 83.9 | |||||||||||||||
Other current liabilities | 29.3 | 36 | 3.3 | — | 68.6 | |||||||||||||||
Total current liabilities | 35.7 | 110.5 | 7.5 | — | 153.7 | |||||||||||||||
Long-term debt | 598.2 | 1.2 | — | — | 599.4 | |||||||||||||||
Deferred income taxes | 166.1 | — | 0.6 | — | 166.7 | |||||||||||||||
Other noncurrent liabilities | 29.3 | 7.4 | 0.7 | — | 37.4 | |||||||||||||||
Intercompany accounts | 98.4 | 756.3 | 28 | (882.7 | ) | — | ||||||||||||||
Total liabilities | 927.7 | 875.4 | 36.8 | (882.7 | ) | 957.2 | ||||||||||||||
Stockholders' equity | 325.7 | 210.8 | 36.7 | (247.5 | ) | 325.7 | ||||||||||||||
Total liabilities and stockholders' equity | $ | 1,253.40 | $ | 1,086.20 | $ | 73.5 | $ | (1,130.2 | ) | $ | 1,282.90 | |||||||||
Mueller Water Products, Inc. and Subsidiaries | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||
Issuer | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
companies | guarantor | |||||||||||||||||||
companies | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 86.6 | $ | (2.3 | ) | $ | 39.3 | $ | — | $ | 123.6 | |||||||||
Receivables, net | 0.1 | 150.4 | 14 | — | 164.5 | |||||||||||||||
Inventories | — | 195.3 | 13.2 | — | 208.5 | |||||||||||||||
Deferred income taxes | 26.3 | — | 0.4 | — | 26.7 | |||||||||||||||
Other current assets | 18.2 | 25.7 | 2.2 | — | 46.1 | |||||||||||||||
Total current assets | 131.2 | 369.1 | 69.1 | — | 569.4 | |||||||||||||||
Property, plant and equipment | 1.5 | 132 | 8.4 | — | 141.9 | |||||||||||||||
Identifiable intangible assets | — | 551.3 | 1.8 | — | 553.1 | |||||||||||||||
Other noncurrent assets | 16 | 0.2 | 1.3 | — | 17.5 | |||||||||||||||
Investment in subsidiaries | 155.2 | 39.2 | — | (194.4 | ) | — | ||||||||||||||
Intercompany accounts | 882.7 | — | — | (882.7 | ) | — | ||||||||||||||
Total assets | $ | 1,186.60 | $ | 1,091.80 | $ | 80.6 | $ | (1,077.1 | ) | $ | 1,281.90 | |||||||||
Liabilities and stockholders' equity: | ||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 1.3 | $ | — | $ | — | $ | 1.3 | ||||||||||
Accounts payable | 4.6 | 90 | 6.6 | — | 101.2 | |||||||||||||||
Other current liabilities | 29.7 | 46.6 | 4.3 | — | 80.6 | |||||||||||||||
Total current liabilities | 34.3 | 137.9 | 10.9 | — | 183.1 | |||||||||||||||
Long-term debt | 598 | 1.5 | — | — | 599.5 | |||||||||||||||
Deferred income taxes | 140.9 | — | 0.6 | — | 141.5 | |||||||||||||||
Other noncurrent liabilities | 21.3 | 7.5 | 0.8 | — | 29.6 | |||||||||||||||
Intercompany accounts | 63.9 | 789.7 | 29.1 | (882.7 | ) | — | ||||||||||||||
Total liabilities | 858.4 | 936.6 | 41.4 | (882.7 | ) | 953.7 | ||||||||||||||
Stockholders' equity | 328.2 | 155.2 | 39.2 | (194.4 | ) | 328.2 | ||||||||||||||
Total liabilities and stockholders' equity | $ | 1,186.60 | $ | 1,091.80 | $ | 80.6 | $ | (1,077.1 | ) | $ | 1,281.90 | |||||||||
Schedule Of Consolidating Statement Of Operations | ' | |||||||||||||||||||
Mueller Water Products, Inc. and Subsidiaries | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||
Issuer | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
companies | guarantor | |||||||||||||||||||
companies | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Net sales | $ | — | $ | 266.6 | $ | 21.5 | $ | — | $ | 288.1 | ||||||||||
Cost of sales | — | 187.9 | 18 | — | 205.9 | |||||||||||||||
Gross profit | — | 78.7 | 3.5 | — | 82.2 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general and administrative | 8.4 | 42.7 | 3.1 | — | 54.2 | |||||||||||||||
Restructuring | — | 2.7 | — | — | 2.7 | |||||||||||||||
Total operating expenses | 8.4 | 45.4 | 3.1 | — | 56.9 | |||||||||||||||
Operating income (loss) | (8.4 | ) | 33.3 | 0.4 | — | 25.3 | ||||||||||||||
Interest expense (income), net | 12.6 | — | (0.1 | ) | — | 12.5 | ||||||||||||||
Income (loss) before income taxes | (21.0 | ) | 33.3 | 0.5 | — | 12.8 | ||||||||||||||
Income tax expense (benefit) | (8.9 | ) | 12 | — | — | 3.1 | ||||||||||||||
Equity in income of subsidiaries | 21.8 | 0.5 | — | (22.3 | ) | — | ||||||||||||||
Net income | $ | 9.7 | $ | 21.8 | $ | 0.5 | $ | (22.3 | ) | $ | 9.7 | |||||||||
Mueller Water Products, Inc. and Subsidiaries | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||
Issuer | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
companies | guarantor | |||||||||||||||||||
companies | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Net sales | $ | — | $ | 258 | $ | 25.1 | $ | — | $ | 283.1 | ||||||||||
Cost of sales | — | 185.6 | 20.2 | — | 205.8 | |||||||||||||||
Gross profit | — | 72.4 | 4.9 | — | 77.3 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general and administrative | 8 | 41.6 | 3 | — | 52.6 | |||||||||||||||
Restructuring | — | 0.4 | — | — | 0.4 | |||||||||||||||
Total operating expenses | 8 | 42 | 3 | — | 53 | |||||||||||||||
Operating income (loss) | (8.0 | ) | 30.4 | 1.9 | — | 24.3 | ||||||||||||||
Interest expense (income), net | 12.9 | — | (0.1 | ) | — | 12.8 | ||||||||||||||
Loss on early extinguishment of debt | 1.4 | — | — | — | 1.4 | |||||||||||||||
Income (loss) before income taxes | (22.3 | ) | 30.4 | 2 | — | 10.1 | ||||||||||||||
Income tax expense (benefit) | (5.4 | ) | 7.7 | 0.2 | — | 2.5 | ||||||||||||||
Equity in income of subsidiaries | 24.5 | 1.8 | — | (26.3 | ) | — | ||||||||||||||
Income from continuing operations | 7.6 | 24.5 | 1.8 | (26.3 | ) | 7.6 | ||||||||||||||
Loss from discontinued operations | (1.4 | ) | — | — | — | (1.4 | ) | |||||||||||||
Net income | $ | 6.2 | $ | 24.5 | $ | 1.8 | $ | (26.3 | ) | $ | 6.2 | |||||||||
Mueller Water Products, Inc. and Subsidiaries | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Six months ended March 31, 2014 | ||||||||||||||||||||
Issuer | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
companies | guarantor | |||||||||||||||||||
companies | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Net sales | $ | — | $ | 502.4 | $ | 43.1 | $ | — | $ | 545.5 | ||||||||||
Cost of sales | — | 360.6 | 35.6 | — | 396.2 | |||||||||||||||
Gross profit | — | 141.8 | 7.5 | — | 149.3 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general and administrative | 17.5 | 83.4 | 6.3 | — | 107.2 | |||||||||||||||
Restructuring | — | 2.8 | — | — | 2.8 | |||||||||||||||
Total operating expenses | 17.5 | 86.2 | 6.3 | — | 110 | |||||||||||||||
Operating income (loss) | (17.5 | ) | 55.6 | 1.2 | — | 39.3 | ||||||||||||||
Interest expense (income), net | 25.2 | 0.1 | (0.2 | ) | — | 25.1 | ||||||||||||||
Income (loss) before income taxes | (42.7 | ) | 55.5 | 1.4 | — | 14.2 | ||||||||||||||
Income tax expense (benefit) | (16.8 | ) | 20 | 0.2 | — | 3.4 | ||||||||||||||
Equity in income of subsidiaries | 36.7 | 1.2 | — | (37.9 | ) | — | ||||||||||||||
Net income | $ | 10.8 | $ | 36.7 | $ | 1.2 | $ | (37.9 | ) | $ | 10.8 | |||||||||
Mueller Water Products, Inc. and Subsidiaries | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Six months ended March 31, 2013 | ||||||||||||||||||||
Issuer | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
companies | guarantor | |||||||||||||||||||
companies | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Net sales | $ | — | $ | 479.8 | $ | 48.4 | $ | — | $ | 528.2 | ||||||||||
Cost of sales | — | 353.2 | 40.6 | — | 393.8 | |||||||||||||||
Gross profit | — | 126.6 | 7.8 | — | 134.4 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general and administrative | 15.1 | 80.8 | 6.2 | — | 102.1 | |||||||||||||||
Restructuring | — | 1.1 | — | — | 1.1 | |||||||||||||||
Total operating expenses | 15.1 | 81.9 | 6.2 | — | 103.2 | |||||||||||||||
Operating income (loss) | (15.1 | ) | 44.7 | 1.6 | — | 31.2 | ||||||||||||||
Interest expense (income), net | 26.3 | 0.1 | (0.1 | ) | — | 26.3 | ||||||||||||||
Loss on early extinguishment of debt | 1.4 | — | — | — | 1.4 | |||||||||||||||
Income (loss) before income taxes | (42.8 | ) | 44.6 | 1.7 | — | 3.5 | ||||||||||||||
Income tax expense (benefit) | (10.4 | ) | 11.2 | 0.1 | — | 0.9 | ||||||||||||||
Equity in income of subsidiaries | 35 | 1.6 | — | (36.6 | ) | — | ||||||||||||||
Income from continuing operations | 2.6 | 35 | 1.6 | (36.6 | ) | 2.6 | ||||||||||||||
Income from discontinued operations | 10.6 | — | — | — | 10.6 | |||||||||||||||
Net income | $ | 13.2 | $ | 35 | $ | 1.6 | $ | (36.6 | ) | $ | 13.2 | |||||||||
Schedule Of Consolidating Statement Of Other Comprehensive Income [Table Text Block] | ' | |||||||||||||||||||
Mueller Water Products, Inc. and Subsidiaries | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income (Loss) | ||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||
Issuer | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
companies | guarantor | |||||||||||||||||||
companies | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Net income | $ | 9.7 | $ | 21.8 | $ | 0.5 | $ | (22.3 | ) | $ | 9.7 | |||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Minimum pension liability, net of tax | (3.0 | ) | — | — | — | (3.0 | ) | |||||||||||||
Equity in other comprehensive loss of subsidiaries | (2.0 | ) | (2.0 | ) | — | 4 | — | |||||||||||||
Foreign currency translation | — | — | (2.0 | ) | — | (2.0 | ) | |||||||||||||
(5.0 | ) | (2.0 | ) | (2.0 | ) | 4 | (5.0 | ) | ||||||||||||
Comprehensive income (loss) | $ | 4.7 | $ | 19.8 | $ | (1.5 | ) | $ | (18.3 | ) | $ | 4.7 | ||||||||
Mueller Water Products, Inc. and Subsidiaries | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||
Issuer | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
companies | guarantor | |||||||||||||||||||
companies | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Net income | $ | 6.2 | $ | 24.5 | $ | 1.8 | $ | (26.3 | ) | $ | 6.2 | |||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Minimum pension liability, net of tax | 2.2 | — | — | — | 2.2 | |||||||||||||||
Equity in other comprehensive loss of subsidiaries | (1.1 | ) | (1.1 | ) | — | 2.2 | — | |||||||||||||
Foreign currency translation | — | — | (1.1 | ) | — | (1.1 | ) | |||||||||||||
1.1 | (1.1 | ) | (1.1 | ) | 2.2 | 1.1 | ||||||||||||||
Comprehensive income | $ | 7.3 | $ | 23.4 | $ | 0.7 | $ | (24.1 | ) | $ | 7.3 | |||||||||
Mueller Water Products, Inc. and Subsidiaries | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income (Loss) | ||||||||||||||||||||
Six months ended March 31, 2014 | ||||||||||||||||||||
Issuer | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
companies | guarantor | |||||||||||||||||||
companies | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Net income | $ | 10.8 | $ | 36.7 | $ | 1.2 | $ | (37.9 | ) | $ | 10.8 | |||||||||
Other comprehensive loss: | ||||||||||||||||||||
Minimum pension liability, net of tax | (6.0 | ) | — | — | — | (6.0 | ) | |||||||||||||
Equity in other comprehensive loss of subsidiaries | (4.0 | ) | (4.0 | ) | — | 8 | — | |||||||||||||
Foreign currency translation | — | — | (4.0 | ) | — | (4.0 | ) | |||||||||||||
(10.0 | ) | (4.0 | ) | (4.0 | ) | 8 | (10.0 | ) | ||||||||||||
Comprehensive income (loss) | $ | 0.8 | $ | 32.7 | $ | (2.8 | ) | $ | (29.9 | ) | $ | 0.8 | ||||||||
Mueller Water Products, Inc. and Subsidiaries | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income (Loss) | ||||||||||||||||||||
Six months ended March 31, 2013 | ||||||||||||||||||||
Issuer | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
companies | guarantor | |||||||||||||||||||
companies | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Net income | $ | 13.2 | $ | 35 | $ | 1.6 | $ | (36.6 | ) | $ | 13.2 | |||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Minimum pension liability, net of tax | 5.6 | — | — | — | 5.6 | |||||||||||||||
Equity in other comprehensive loss of subsidiaries | (1.8 | ) | (1.8 | ) | — | 3.6 | — | |||||||||||||
Foreign currency translation | — | — | (1.8 | ) | — | (1.8 | ) | |||||||||||||
3.8 | (1.8 | ) | (1.8 | ) | 3.6 | 3.8 | ||||||||||||||
Comprehensive income (loss) | $ | 17 | $ | 33.2 | $ | (0.2 | ) | $ | (33.0 | ) | $ | 17 | ||||||||
Schedule Of Consolidating Statement Of Cash Flow | ' | |||||||||||||||||||
Mueller Water Products, Inc. and Subsidiaries | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Six months ended March 31, 2014 | ||||||||||||||||||||
Issuer | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
companies | guarantor | |||||||||||||||||||
companies | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (53.2 | ) | $ | 62.3 | $ | (1.5 | ) | $ | — | $ | 7.6 | ||||||||
Investing activities: | ||||||||||||||||||||
Capital expenditures | (0.2 | ) | (17.4 | ) | (0.7 | ) | — | (18.3 | ) | |||||||||||
Proceeds from sales of assets | — | 0.3 | — | — | 0.3 | |||||||||||||||
Intercompany | — | (48.0 | ) | 48 | — | |||||||||||||||
Net cash used in investing activities | (0.2 | ) | (65.1 | ) | (0.7 | ) | 48 | (18.0 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||
Dividends paid | (5.6 | ) | — | — | — | (5.6 | ) | |||||||||||||
Common stock issued | 1.8 | — | — | — | 1.8 | |||||||||||||||
Shares retained for employee taxes | (3.1 | ) | — | — | — | (3.1 | ) | |||||||||||||
Intercompany | 48 | — | — | (48.0 | ) | — | ||||||||||||||
Other | — | 1.3 | — | — | 1.3 | |||||||||||||||
Net cash provided by (used in) financing activities | 41.1 | 1.3 | — | (48.0 | ) | (5.6 | ) | |||||||||||||
Effect of currency exchange rate changes on cash | — | — | (2.5 | ) | — | (2.5 | ) | |||||||||||||
Net change in cash and cash equivalents | (12.3 | ) | (1.5 | ) | (4.7 | ) | — | (18.5 | ) | |||||||||||
Cash and cash equivalents at beginning of period | 86.6 | (2.3 | ) | 39.3 | — | 123.6 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 74.3 | $ | (3.8 | ) | $ | 34.6 | $ | — | $ | 105.1 | |||||||||
Mueller Water Products, Inc. and Subsidiaries | ||||||||||||||||||||
Consolidating Statement of Cash Flows | ||||||||||||||||||||
Six months ended March 31, 2013 | ||||||||||||||||||||
Issuer | Guarantor | Non- | Eliminations | Total | ||||||||||||||||
companies | guarantor | |||||||||||||||||||
companies | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net cash provided by (used in) operating activities from continuing operations | $ | (51.6 | ) | $ | 49.1 | $ | (1.1 | ) | $ | — | $ | (3.6 | ) | |||||||
Investing activities: | ||||||||||||||||||||
Capital expenditures | — | (14.6 | ) | (0.3 | ) | — | (14.9 | ) | ||||||||||||
Business acquisitions, net of cash acquired | — | (0.2 | ) | — | — | (0.2 | ) | |||||||||||||
Proceeds from sales of assets | — | 0.1 | — | — | 0.1 | |||||||||||||||
Intercompany | — | (37.3 | ) | — | 37.3 | — | ||||||||||||||
Net cash used in investing activities from continuing operations | — | (52.0 | ) | (0.3 | ) | 37.3 | (15.0 | ) | ||||||||||||
Financing activities: | ||||||||||||||||||||
Early repayment of debt | (23.2 | ) | — | — | — | (23.2 | ) | |||||||||||||
Dividends paid | (5.5 | ) | — | — | — | (5.5 | ) | |||||||||||||
Common stock issued | 1.1 | — | — | — | 1.1 | |||||||||||||||
Shares retained for employee taxes | (1.5 | ) | — | — | — | (1.5 | ) | |||||||||||||
Payment of deferred financing fees | (0.7 | ) | — | — | — | (0.7 | ) | |||||||||||||
Intercompany | 37.3 | — | — | (37.3 | ) | — | ||||||||||||||
Other | 1.9 | 0.1 | — | — | 2 | |||||||||||||||
Net cash provided by (used in) financing activities from continuing operations | 9.4 | 0.1 | — | (37.3 | ) | (27.8 | ) | |||||||||||||
Net cash flows from discontinued operations: | ||||||||||||||||||||
Operating activities | (2.2 | ) | — | — | — | (2.2 | ) | |||||||||||||
Investing activities | 4.5 | — | — | — | 4.5 | |||||||||||||||
Net cash provided by discontinued operations | 2.3 | — | — | — | 2.3 | |||||||||||||||
Effect of currency exchange rate changes on cash | — | — | (1.0 | ) | — | (1.0 | ) | |||||||||||||
Net change in cash and cash equivalents | (39.9 | ) | (2.8 | ) | (2.4 | ) | — | (45.1 | ) | |||||||||||
Cash and cash equivalents at beginning of period | 53.3 | (3.7 | ) | 33.4 | — | 83 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 13.4 | $ | (6.5 | ) | $ | 31 | $ | — | $ | 37.9 | |||||||||
Organization_Details
Organization (Details) | 6 Months Ended |
Mar. 31, 2014 | |
business_segments | |
Segment Reporting Information [Line Items] | ' |
Number of Reportable Segments | 2 |
Income_Taxes_Income_tax_tables
Income Taxes Income tax (tables) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Expense (Benefit) | $3.10 | $2.50 | $3.40 | $0.90 |
Operating Expense [Member] | ' | ' | ' | ' |
Income Tax Expense (Benefit) | 5.1 | 3.9 | 5.6 | 1.5 |
Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' | ' |
Income Tax Expense (Benefit) | 0 | -1.3 | 0 | -0.5 |
Effect of Change in Marginal Tax Rate [Member] | ' | ' | ' | ' |
Income Tax Expense (Benefit) | -2 | 0 | -2 | 0 |
Other Expense [Member] | ' | ' | ' | ' |
Income Tax Expense (Benefit) | $0 | ($0.10) | ($0.20) | ($0.10) |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 |
Change in weighted average enacted income tax rate | ' | ' | 0.52% | ' | ' |
Income Tax Expense (Benefit) | $3.10 | $2.50 | $3.40 | $0.90 | ' |
Valuation allowance, change | ' | ' | ' | 6.3 | ' |
Unrecognized Tax Benefits | 3.6 | ' | 3.6 | ' | 3.7 |
Accrued interest related to uncertain tax positions | 0.9 | ' | 0.9 | ' | 0.9 |
Income Tax Examination, Penalties and Interest Expense | ' | ' | ' | ' | 0 |
Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' | ' | ' |
Valuation allowance, change | ' | ' | ' | 11.1 | ' |
Effect of Change in Marginal Tax Rate [Member] | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | -2 | 0 | -2 | 0 | ' |
Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | 0 | -1.3 | 0 | -0.5 | ' |
Discontinued Operation, Tax Effect of Discontinued Operation | ' | ' | ' | $4.30 | ' |
Income_Taxes_Income_before_Inc
Income Taxes (Income before Income Tax, Domestic and Foreign) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income (loss) before income taxes | $12.80 | $10.10 | $14.20 | $3.50 |
Income_Taxes_Components_of_Inc
Income Taxes (Components of Income Tax Expense (Benefit) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Current and Deferred Income Tax Expense (Benefit) [Line Items] | ' | ' | ' | ' |
Deferred Income Tax Expense (Benefit) | ' | ' | $4 | $1.30 |
Income Tax Expense (Benefit) | $3.10 | $2.50 | $3.40 | $0.90 |
Income_Taxes_Disposal_Groups_i
Income Taxes (Disposal Groups, including Discontinued Operations) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Income Tax Expense (Benefit) | $3.10 | $2.50 | $3.40 | $0.90 |
Operating Expense [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Income Tax Expense (Benefit) | 5.1 | 3.9 | 5.6 | 1.5 |
Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Income Tax Expense (Benefit) | 0 | -1.3 | 0 | -0.5 |
Discontinued Operation, Tax Effect of Discontinued Operation | ' | ' | ' | 4.3 |
Other Expense [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Income Tax Expense (Benefit) | $0 | ($0.10) | ($0.20) | ($0.10) |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of Statutory Taxes to Effective Taxes) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income Tax Expense (Benefit) | $3.10 | $2.50 | $3.40 | $0.90 |
Income_Taxes_Summary_of_Valuat
Income Taxes (Summary of Valuation Allowance) (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2013 |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | $6.30 |
Income_Taxes_Income_Taxes_Pare
Income Taxes Income Taxes (Parenthetical) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Income Tax Disclosure [Abstract] | ' |
Income Tax Examination, Penalties and Interest Expense | $0 |
Discontinued_Operations_Assets2
Discontinued Operations, Assets Held for Sale and Divestitures (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2013 |
U.S. Pipe [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Impairment of Long-Lived Assets Held-for-use | $1.50 | ' |
Proceeds from Divestiture of Businesses | ' | $4.50 |
Discontinued_Operations_Assets3
Discontinued Operations, Assets Held for Sale and Divestitures (Schedule of Disposal Groups, Including Discontinued Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Impairment of Long-Lived Assets Held-for-use | $1.50 | ' | ' | ' |
Operating income | ' | -1.6 | ' | 5.6 |
Income on sale of discontinued operations | ' | 0.2 | ' | 5 |
Income from discontinued operations, net of tax | ' | -1.4 | 0 | 10.6 |
Multiemployer Plans, Withdrawal Obligation | $1 | ' | $1 | ' |
Borrowing_Arrangements_Narrati
Borrowing Arrangements (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 |
Line of Credit Facility, Interest Rate at Period End | 17500.00% | ' | 17500.00% | ' | ' |
Agreement termination date | ' | ' | 18-Dec-17 | ' | ' |
Debt Instrument, Redemption Period, Start Date | ' | ' | 31-Aug-15 | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | $22.50 |
Gains (Losses) on Extinguishment of Debt | 0 | -1.4 | 0 | -1.4 | -1.4 |
Swing Line Loans [Member] | ' | ' | ' | ' | ' |
Revolving credit facility amount | -25 | ' | -25 | ' | ' |
Letters Of Credit Outstanding [Member] | ' | ' | ' | ' | ' |
Revolving credit facility amount | -60 | ' | -60 | ' | ' |
Eight Point Seven Five Senior Unsecured Notes [Member] | ' | ' | ' | ' | ' |
Senior subordinated notes bear interest | 8.75% | ' | 8.75% | ' | ' |
Debt Instrument, Maturity Date | ' | ' | 1-Sep-20 | ' | ' |
Unamortized discount | 1.9 | ' | 1.9 | ' | ' |
Subordinated notes fair value | 201.6 | ' | 201.6 | ' | ' |
Seven Point Three Seven Five Senior Subordinated Notes [Member] | ' | ' | ' | ' | ' |
Senior subordinated notes bear interest | 7.38% | ' | 7.38% | ' | ' |
Debt Instrument, Maturity Date | ' | ' | 1-Jun-17 | ' | ' |
Subordinated notes fair value | 430 | ' | 430 | ' | ' |
ABL Agreement [Member] | ' | ' | ' | ' | ' |
Revolving credit facility amount | -225 | ' | -225 | ' | ' |
Potential increase size of the credit facility by an additional amount | ' | ' | 150 | ' | ' |
Aggregate commitments availability | ' | ' | 22.5 | ' | ' |
Aggregate commitments availability, percentage | ' | ' | 10.00% | ' | ' |
Outstanding letter of credit accrued fees and expenses | 28.9 | ' | 28.9 | ' | ' |
Excess availability reduced by outstanding borrowings, outstanding letters of credit and accrued fees and expenses | $171.40 | ' | $171.40 | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | 3750.00% | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | 2500.00% | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | 3750.00% | ' | ' |
Change in Control [Member] | Eight Point Seven Five Senior Unsecured Notes [Member] | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage | ' | ' | 101.00% | ' | ' |
Change in Control [Member] | Seven Point Three Seven Five Senior Subordinated Notes [Member] | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage | ' | ' | 101.00% | ' | ' |
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Borrowing rate in addition to LIBOR | ' | ' | 17500.00% | ' | ' |
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Borrowing rate in addition to LIBOR | ' | ' | 22500.00% | ' | ' |
Base Rate [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Borrowing rate in addition to LIBOR | ' | ' | 7500.00% | ' | ' |
Base Rate [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Borrowing rate in addition to LIBOR | ' | ' | 12500.00% | ' | ' |
Borrowing_Arrangements_Compone
Borrowing Arrangements (Components Of Long-Term Debt) (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Debt instrument | $600.60 | $600.80 |
Current portion of long-term debt | -1.2 | -1.3 |
Long-term debt | 599.4 | 599.5 |
ABL Agreement [Member] | ' | ' |
Debt instrument | 0 | 0 |
8.75% Senior Unsecured Notes [Member] | ' | ' |
Debt instrument | 178.1 | 178 |
7.375% Senior Subordinated Notes [Member] | ' | ' |
Debt instrument | 420 | 420 |
Other [Member] | ' | ' |
Debt instrument | $2.50 | $2.80 |
Retirement_Plans_Narrative_Det
Retirement Plans (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | CANADA | UNITED STATES | ||||||
Scenario, Forecast [Member] | Scenario, Forecast [Member] | |||||||
Defined Benefit Plan, Contributions by Employer | ' | ' | ' | ' | ' | ' | $1,000,000 | $700,000 |
Defined Benefit Plan, Funded Status of Plan | ' | ' | ' | ' | 0.99 | ' | ' | ' |
Decrease in accumulated other comprehensive loss net of tax | -3,000,000 | 2,200,000 | -6,000,000 | 5,600,000 | ' | ' | ' | ' |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | ' | ' | ' | ' | ' | $7,400,000 | ' | ' |
Retirement_Plans_Net_Periodic_
Retirement Plans (Net Periodic Benefit Cost) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Net periodic benefit cost | $0.30 | $0.70 | $0.70 | $1.40 |
Pension Plan, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan, Service Cost | 0.4 | 0.5 | 0.8 | 1 |
Defined Benefit Plan, Interest Cost | 5 | 1.6 | 10 | 3.2 |
Defined Benefit Plan, Expected Return on Plan Assets | -6 | -2.2 | -11.9 | -4.3 |
Amortization of actuarial net loss | $0.90 | $0.80 | $1.80 | $1.50 |
Stockbased_Compensation_Plans_1
Stock-based Compensation Plans (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Phantom Share Units (PSUs) [Member] | Phantom Share Units (PSUs) [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Cash-settled Performance Shares [Member] | Minimum [Member] | Maximum [Member] | |||||
Performance Shares [Member] | Performance Shares [Member] | |||||||||||
Performance Factor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | ' | ' | 304,815 | ' | 272,531 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share | ' | ' | ' | ' | ' | ' | ' | $9.50 | ' | ' | ' | ' |
Share-based compensation liability | ' | ' | ' | ' | ' | $2.40 | ' | ' | ' | $2.80 | ' | ' |
Allocated Share-based Compensation Expense | 2 | 3.3 | 6.1 | 5.6 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | $8.52 | $5.22 | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $7.80 | ' | $7.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,087,649 | 1,634,143 | 1,159,708 | 1,539,933 | ' | ' | ' | ' | ' | ' | ' | ' |
Stockbased_Compensation_Plans_2
Stock-based Compensation Plans Grants Table (USD $) | 6 Months Ended | 3 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Employee Stock Option [Member] | Employee Stock [Member] | Employee Stock [Member] | Phantom Share Units (PSUs) [Member] | Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Granted, shares | ' | 47,196 | 333,816 | 86,904 | 52,980 | 56,643 | 304,815 | 272,531 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | $5.13 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | ' | $8.58 | $8.50 | ' | $1.80 | $1.87 | $8.52 | $8.52 |
Stock Granted, Value, Share-based Compensation, Gross | $8.70 | $0.40 | $2.80 | $0.40 | $0.10 | $0.10 | $2.60 | $2.30 |
Supplemental_Balance_Sheet_Inf2
Supplemental Balance Sheet Information (Schedule Of Selected Supplemental Balance Sheet Information) (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Inventories: | ' | ' |
Purchased components and raw material | $71.10 | $75.40 |
Work in process | 38.2 | 38.6 |
Finished goods | 97.5 | 94.5 |
Inventories, net | 206.8 | 208.5 |
Other current assets: | ' | ' |
Maintenance and repair tooling | 22.2 | 22.5 |
Prepaid income taxes | 15.5 | 14.9 |
Other | 8.2 | 8.7 |
Other current assets | 45.9 | 46.1 |
Property, plant and equipment: | ' | ' |
Land | 10.6 | 10.6 |
Buildings | 77.9 | 75.5 |
Machinery and equipment | 318.7 | 305.7 |
Construction in progress | 18.3 | 19.6 |
Property, plant and equipment, gross | 425.5 | 411.4 |
Accumulated depreciation | -281.8 | -269.5 |
Property, plant and equipment net | 143.7 | 141.9 |
Other current liabilities: | ' | ' |
Compensation and benefits | 28.7 | 37.3 |
Customer rebates | 10.6 | 15.5 |
Interest | 12 | 12 |
Taxes other than income taxes | 4.8 | 5 |
Warranty | 2.7 | 2.8 |
Income taxes | 1.6 | 1.3 |
Restructuring | 1.1 | 0 |
Environmental | 0.1 | 0.2 |
Other | 7 | 6.5 |
Other current liabilities | $68.60 | $80.60 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | ' | ' | ($6.80) | ' |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | ' | ' | -35.4 | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | ' | -28.6 | ' |
Foreign currency translation | -2 | -1.1 | -4 | -1.8 |
Minimum pension liability, net of tax | -3 | 2.2 | -6 | 5.6 |
Other Comprehensive Income (Loss), Net of Tax | -5 | 1.1 | -10 | 3.8 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -2.8 | ' | -2.8 | ' |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -41.4 | ' | -41.4 | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($38.60) | ' | ($38.60) | ' |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) | 6 Months Ended |
Mar. 31, 2014 | |
business_segments | |
Segment Reporting [Abstract] | ' |
Number of Reportable Segments | 2 |
Segment_Information_Schedule_O
Segment Information (Schedule Of Selected Supplemental Balance Sheet Information) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales, excluding intercompany | $288.10 | $283.10 | $545.50 | $528.20 | ' |
2013 | 1.7 | 1.9 | 3.3 | 3.3 | ' |
Operating income | 25.3 | 24.3 | 39.3 | 31.2 | ' |
Depreciation and amortization | 13.8 | 15 | 28.5 | 29.8 | ' |
Restructuring | 2.7 | 0.4 | 2.8 | 1.1 | ' |
2013 | 10.8 | 8.7 | 18.3 | 14.9 | ' |
Total assets | 1,282.90 | ' | 1,282.90 | ' | 1,281.90 |
Intangible intangible assets, net | 539.5 | ' | 539.5 | ' | 553.1 |
Mueller Co. [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales, excluding intercompany | 191.3 | 188.1 | 356.3 | 339.2 | ' |
2013 | 1.6 | 1.8 | 3.2 | 3.2 | ' |
Operating income | 26.2 | 23.2 | 42.1 | 31.3 | ' |
Depreciation and amortization | 10.1 | 11.4 | 21.2 | 22.6 | ' |
Restructuring | 1.6 | 0.3 | 1.7 | 1 | ' |
2013 | 6.5 | 5.5 | 10.9 | 8.9 | ' |
Anvil [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales, excluding intercompany | 96.8 | 95 | 189.2 | 189 | ' |
2013 | 0.1 | 0.1 | 0.1 | 0.1 | ' |
Operating income | 7.5 | 9.1 | 14.8 | 15 | ' |
Depreciation and amortization | 3.6 | 3.5 | 7.1 | 7 | ' |
Restructuring | 1.1 | 0.1 | 1.1 | 0.1 | ' |
2013 | 4.1 | 3.2 | 7.2 | 6 | ' |
Corporate [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating income | -8.4 | -8 | -17.6 | -15.1 | ' |
Depreciation and amortization | 0.1 | 0.1 | 0.2 | 0.2 | ' |
2013 | $0.20 | $0 | $0.20 | $0 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) | 6 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
USD ($) | CAD | CAD | Prior To 1995 [member] | From 2000 to 2005 [Member] | |
USD ($) | USD ($) | ||||
Loss Contingency, Damages Sought, Value | ' | 10 | ' | ' | ' |
Damages arising due to alleged environmental contamination of the property and breach of lease | ' | ' | 10 | ' | ' |
Walter Energy tax assessment | ' | ' | ' | 34 | 82.2 |
Walter Energy tax assessment prior to 1995 related to timing | 21 | ' | ' | ' | ' |
Amount payable pending completion of an IRS audit | 11.6 | ' | ' | ' | ' |
Multiemployer Plans, Withdrawal Obligation | $1 | ' | ' | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | ||||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | 20-May-14 | 9-May-14 | Apr. 22, 2014 |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Multiemployer Plans, Withdrawal Obligation | $1 | ' | $1 | ' | ' | ' | ' |
Dividends Payable, Date Declared | ' | ' | ' | ' | ' | ' | 22-Apr-14 |
Dividends declared, in dollars per share | $0.02 | $0.02 | $0.04 | $0.04 | ' | ' | $0.02 |
Dividends Payable, Date to be Paid | ' | ' | ' | ' | 20-May-14 | ' | ' |
Dividends Payable, Date of Record | ' | ' | ' | ' | ' | 9-May-14 | ' |
Consolidating_Guarantor_and_No2
Consolidating Guarantor and Non-Guarantor Financial Information (Schedule Of Guarantor Companies) (Details) | 12 Months Ended |
Sep. 30, 2013 | |
Anvil International Holdings, LLC [Member] | ' |
Entity Incorporation, State Country Name | 'Delaware |
Echologics, LLC [Member] | ' |
Entity Incorporation, State Country Name | 'Delaware |
Henry Pratt Company, LLC [Member] | ' |
Entity Incorporation, State Country Name | 'Delaware |
Henry Pratt International, LLC [Member] | ' |
Entity Incorporation, State Country Name | 'Delaware |
Hydro Gate, LLC [Member] | ' |
Entity Incorporation, State Country Name | 'Delaware |
J.B. Smith Mfg. Co., LLC [Member] | ' |
Entity Incorporation, State Country Name | 'Delaware |
James Jones Company, LLC [Member] | ' |
Entity Incorporation, State Country Name | 'Delaware |
Milliken Valve, LLC [Member] | ' |
Entity Incorporation, State Country Name | 'Delaware |
Mueller Co. LLC [Member] | ' |
Entity Incorporation, State Country Name | 'Delaware |
Mueller Group, LLC [Member] | ' |
Entity Incorporation, State Country Name | 'Delaware |
Mueller Group Co-Issuer, Inc. [Member] | ' |
Entity Incorporation, State Country Name | 'Delaware |
Mueller International, L.L.C. [Member] | ' |
Entity Incorporation, State Country Name | 'Delaware |
Mueller Property Holdings, LLC [Member] | ' |
Entity Incorporation, State Country Name | 'Delaware |
Mueller Co. International Holdings, LLC [Member] | ' |
Entity Incorporation, State Country Name | 'Delaware |
Mueller Service California, Inc. [Member] | ' |
Entity Incorporation, State Country Name | 'Delaware |
Mueller Service Co., LLC [Member] | ' |
Entity Incorporation, State Country Name | 'Delaware |
Mueller Systems, LLC [Member] | ' |
Entity Incorporation, State Country Name | 'Delaware |
OSP, LLC [Member] | ' |
Entity Incorporation, State Country Name | 'Delaware |
US Pipe Valve & Hydrant LLC [Member] | ' |
Entity Incorporation, State Country Name | 'Delaware |
Consolidating_Guarantor_and_No3
Consolidating Guarantor and Non-Guarantor Financial Information (Schedule Of Consolidating Balance Sheet) (Details) (USD $) | 6 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | ||
Consolidating Guarantor and Non-Guarantor Financial Information [Text Block] | ' | ' | ' | ' | ||
The following information is included as a result of the guarantee by certain of our 100% owned U.S. subsidiaries (“Guarantor Companies”) of the Senior Unsecured Notes and the Senior Subordinated Notes. None of our other subsidiaries guarantee the Senior Unsecured Notes and the Senior Subordinated Notes. Each of the guarantees is joint and several and full and unconditional. Guarantor Companies are listed below. | ||||||
Name | State of | |||||
incorporation | ||||||
or organization | ||||||
Anvil International, LLC | Delaware | |||||
Echologics, LLC | Delaware | |||||
Henry Pratt Company, LLC | Delaware | |||||
Henry Pratt International, LLC | Delaware | |||||
Hydro Gate, LLC | Delaware | |||||
J.B. Smith Mfg. Co., LLC | Delaware | |||||
James Jones Company, LLC | Delaware | |||||
Milliken Valve, LLC | Delaware | |||||
Mueller Co. LLC | Delaware | |||||
Mueller Group, LLC | Delaware | |||||
Mueller Group Co-Issuer, Inc. | Delaware | |||||
Mueller International, L.L.C. | Delaware | |||||
Mueller Property Holdings, LLC | Delaware | |||||
Mueller Co. International Holdings, LLC | Delaware | |||||
Mueller Service California, Inc. | Delaware | |||||
Mueller Service Co., LLC | Delaware | |||||
Mueller Systems, LLC | Delaware | |||||
OSP, LLC | Delaware | |||||
U.S. Pipe Valve & Hydrant, LLC | Delaware | |||||
Assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | $105.10 | $123.60 | $37.90 | $83 | ||
Receivables, net | 174.1 | 164.5 | ' | ' | ||
Inventories | 206.8 | 208.5 | ' | ' | ||
Deferred income taxes | 52.4 | 26.7 | ' | ' | ||
Other current assets | 45.9 | 46.1 | ' | ' | ||
Total current assets | 584.3 | 569.4 | ' | ' | ||
Intercompany debits | ' | 0 | ' | ' | ||
Property, plant and equipment | 143.7 | 141.9 | ' | ' | ||
Identifiable intangible assets | 539.5 | 553.1 | ' | ' | ||
Other noncurrent assets | 15.4 | 17.5 | ' | ' | ||
Equity Method Investment, Aggregate Cost | 0 | 0 | ' | ' | ||
Total assets | 1,282.90 | 1,281.90 | ' | ' | ||
Liabilities and equity: | ' | ' | ' | ' | ||
Accounts payable | 83.9 | 101.2 | ' | ' | ||
Other current liabilities | -68.6 | -80.6 | ' | ' | ||
Total current liabilities | 153.7 | 183.1 | ' | ' | ||
Long-term debt | -599.4 | -599.5 | ' | ' | ||
Deferred income taxes | 166.7 | 141.5 | ' | ' | ||
Other noncurrent liabilities | 37.4 | 29.6 | ' | ' | ||
Intercompany accounts | 0 | 0 | ' | ' | ||
Total liabilities | 957.2 | 953.7 | ' | ' | ||
Stockholders' equity | 325.7 | 328.2 | ' | ' | ||
Total liabilities and stockholders' equity | 1,282.90 | 1,281.90 | ' | ' | ||
Current portion of long-term debt | 1.2 | 1.3 | ' | ' | ||
Issuer [Member] | ' | ' | ' | ' | ||
Assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 74.3 | 86.6 | 13.4 | 53.3 | ||
Receivables, net | 0 | 0.1 | ' | ' | ||
Inventories | 0 | 0 | ' | ' | ||
Deferred income taxes | 52 | 26.3 | ' | ' | ||
Other current assets | 18.2 | 18.2 | ' | ' | ||
Total current assets | 144.5 | 131.2 | ' | ' | ||
Intercompany debits | 882.7 | 882.7 | ' | ' | ||
Property, plant and equipment | 1.5 | 1.5 | ' | ' | ||
Identifiable intangible assets | 0 | 0 | ' | ' | ||
Other noncurrent assets | 13.9 | 16 | ' | ' | ||
Equity Method Investment, Aggregate Cost | 210.8 | 155.2 | ' | ' | ||
Total assets | 1,253.40 | 1,186.60 | ' | ' | ||
Liabilities and equity: | ' | ' | ' | ' | ||
Accounts payable | 6.4 | 4.6 | ' | ' | ||
Other current liabilities | -29.3 | -29.7 | ' | ' | ||
Total current liabilities | 35.7 | 34.3 | ' | ' | ||
Long-term debt | -598.2 | -598 | ' | ' | ||
Deferred income taxes | 166.1 | 140.9 | ' | ' | ||
Other noncurrent liabilities | 29.3 | 21.3 | ' | ' | ||
Intercompany accounts | 98.4 | 63.9 | ' | ' | ||
Total liabilities | 927.7 | 858.4 | ' | ' | ||
Stockholders' equity | 325.7 | 328.2 | ' | ' | ||
Total liabilities and stockholders' equity | 1,253.40 | 1,186.60 | ' | ' | ||
Current portion of long-term debt | 0 | 0 | ' | ' | ||
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
Assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | -3.8 | -2.3 | -6.5 | -3.7 | ||
Receivables, net | 160.9 | 150.4 | ' | ' | ||
Inventories | 194.7 | 195.3 | ' | ' | ||
Deferred income taxes | 0 | 0 | ' | ' | ||
Other current assets | 25.5 | 25.7 | ' | ' | ||
Total current assets | 377.3 | 369.1 | ' | ' | ||
Intercompany debits | ' | 0 | ' | ' | ||
Property, plant and equipment | 134.4 | 132 | ' | ' | ||
Identifiable intangible assets | 537.6 | 551.3 | ' | ' | ||
Other noncurrent assets | 0.2 | 0.2 | ' | ' | ||
Equity Method Investment, Aggregate Cost | 36.7 | 39.2 | ' | ' | ||
Total assets | 1,086.20 | 1,091.80 | ' | ' | ||
Liabilities and equity: | ' | ' | ' | ' | ||
Accounts payable | 73.3 | 90 | ' | ' | ||
Other current liabilities | -36 | -46.6 | ' | ' | ||
Total current liabilities | 110.5 | 137.9 | ' | ' | ||
Long-term debt | -1.2 | -1.5 | ' | ' | ||
Deferred income taxes | 0 | 0 | ' | ' | ||
Other noncurrent liabilities | 7.4 | 7.5 | ' | ' | ||
Intercompany accounts | 756.3 | 789.7 | ' | ' | ||
Total liabilities | 875.4 | 936.6 | ' | ' | ||
Stockholders' equity | 210.8 | 155.2 | ' | ' | ||
Total liabilities and stockholders' equity | 1,086.20 | 1,091.80 | ' | ' | ||
Current portion of long-term debt | 1.2 | 1.3 | ' | ' | ||
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
Assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 34.6 | 39.3 | 31 | 33.4 | ||
Receivables, net | 13.2 | 14 | ' | ' | ||
Inventories | 12.1 | 13.2 | ' | ' | ||
Deferred income taxes | 0.4 | 0.4 | ' | ' | ||
Other current assets | 2.2 | 2.2 | ' | ' | ||
Total current assets | 62.5 | 69.1 | ' | ' | ||
Intercompany debits | ' | 0 | ' | ' | ||
Property, plant and equipment | 7.8 | 8.4 | ' | ' | ||
Identifiable intangible assets | 1.9 | 1.8 | ' | ' | ||
Other noncurrent assets | 1.3 | 1.3 | ' | ' | ||
Equity Method Investment, Aggregate Cost | 0 | 0 | ' | ' | ||
Total assets | 73.5 | 80.6 | ' | ' | ||
Liabilities and equity: | ' | ' | ' | ' | ||
Accounts payable | 4.2 | 6.6 | ' | ' | ||
Other current liabilities | -3.3 | -4.3 | ' | ' | ||
Total current liabilities | 7.5 | 10.9 | ' | ' | ||
Long-term debt | 0 | 0 | ' | ' | ||
Deferred income taxes | 0.6 | 0.6 | ' | ' | ||
Other noncurrent liabilities | 0.7 | 0.8 | ' | ' | ||
Intercompany accounts | 28 | 29.1 | ' | ' | ||
Total liabilities | 36.8 | 41.4 | ' | ' | ||
Stockholders' equity | 36.7 | 39.2 | ' | ' | ||
Total liabilities and stockholders' equity | 73.5 | 80.6 | ' | ' | ||
Current portion of long-term debt | 0 | 0 | ' | ' | ||
Consolidation, Eliminations [Member] | ' | ' | ' | ' | ||
Assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Receivables, net | 0 | 0 | ' | ' | ||
Inventories | 0 | 0 | ' | ' | ||
Deferred income taxes | 0 | 0 | ' | ' | ||
Other current assets | 0 | 0 | ' | ' | ||
Total current assets | 0 | 0 | ' | ' | ||
Intercompany debits | -882.7 | -882.7 | ' | ' | ||
Property, plant and equipment | 0 | 0 | ' | ' | ||
Identifiable intangible assets | 0 | 0 | ' | ' | ||
Other noncurrent assets | 0 | 0 | ' | ' | ||
Equity Method Investment, Aggregate Cost | -247.5 | -194.4 | ' | ' | ||
Total assets | -1,130.20 | -1,077.10 | ' | ' | ||
Liabilities and equity: | ' | ' | ' | ' | ||
Accounts payable | 0 | 0 | ' | ' | ||
Other current liabilities | 0 | 0 | ' | ' | ||
Total current liabilities | 0 | 0 | ' | ' | ||
Long-term debt | 0 | 0 | ' | ' | ||
Deferred income taxes | 0 | 0 | ' | ' | ||
Other noncurrent liabilities | 0 | 0 | ' | ' | ||
Intercompany accounts | -882.7 | -882.7 | ' | ' | ||
Total liabilities | -882.7 | -882.7 | ' | ' | ||
Stockholders' equity | -247.5 | -194.4 | ' | ' | ||
Total liabilities and stockholders' equity | -1,130.20 | -1,077.10 | ' | ' | ||
Current portion of long-term debt | $0 | $0 | ' | ' |
Consolidating_Guarantor_and_No4
Consolidating Guarantor and Non-Guarantor Financial Information (Schedule Of Consolidating Statement Of Operations and Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Net sales | $288.10 | $283.10 | $545.50 | $528.20 |
Cost of sales | 205.9 | 205.8 | 396.2 | 393.8 |
Gross profit | 82.2 | 77.3 | 149.3 | 134.4 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | 54.2 | 52.6 | 107.2 | 102.1 |
Restructuring | 2.7 | 0.4 | 2.8 | 1.1 |
Total operating expenses | 56.9 | 53 | 110 | 103.2 |
Operating income | 25.3 | 24.3 | 39.3 | 31.2 |
Interest expense, net | 12.5 | 12.8 | 25.1 | 26.3 |
Loss on early extinguishment of debt | ' | 1.4 | ' | ' |
Income (loss) before income taxes | 12.8 | 10.1 | 14.2 | 3.5 |
Income tax expense (benefit) | -3.1 | -2.5 | -3.4 | -0.9 |
Equity in income (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations | 9.7 | 7.6 | 10.8 | 2.6 |
Income (loss) from discontinued operations, net of tax | 0 | -1.4 | 0 | 10.6 |
Net income (loss) | 9.7 | 6.2 | 10.8 | 13.2 |
Net income | ' | ' | 10.8 | ' |
Issuer [Member] | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | 8.4 | 8 | 17.5 | 15.1 |
Restructuring | 0 | 0 | 0 | 0 |
Total operating expenses | 8.4 | 8 | 17.5 | 15.1 |
Operating income | -8.4 | -8 | -17.5 | -15.1 |
Interest expense, net | -12.6 | 12.9 | 25.2 | 26.3 |
Loss on early extinguishment of debt | ' | 1.4 | ' | ' |
Income (loss) before income taxes | -21 | -22.3 | -42.7 | -42.8 |
Income tax expense (benefit) | 8.9 | 5.4 | 16.8 | 10.4 |
Equity in income (loss) of subsidiaries | 21.8 | 24.5 | 36.7 | 35 |
Income (loss) from continuing operations | ' | 7.6 | ' | 2.6 |
Income (loss) from discontinued operations, net of tax | ' | -1.4 | ' | 10.6 |
Net income (loss) | 9.7 | 6.2 | 10.8 | 13.2 |
Net income | ' | ' | 10.8 | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Net sales | 266.6 | 258 | 502.4 | 479.8 |
Cost of sales | 187.9 | 185.6 | 360.6 | 353.2 |
Gross profit | 78.7 | 72.4 | 141.8 | 126.6 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | 42.7 | 41.6 | 83.4 | 80.8 |
Restructuring | 2.7 | 0.4 | 2.8 | 1.1 |
Total operating expenses | 45.4 | 42 | 86.2 | 81.9 |
Operating income | 33.3 | 30.4 | 55.6 | 44.7 |
Interest expense, net | 0 | 0 | 0.1 | 0.1 |
Loss on early extinguishment of debt | ' | 0 | ' | ' |
Income (loss) before income taxes | 33.3 | 30.4 | 55.5 | 44.6 |
Income tax expense (benefit) | -12 | -7.7 | -20 | -11.2 |
Equity in income (loss) of subsidiaries | 0.5 | 1.8 | 1.2 | 1.6 |
Income (loss) from continuing operations | ' | 24.5 | ' | 35 |
Income (loss) from discontinued operations, net of tax | ' | 0 | ' | 0 |
Net income (loss) | 21.8 | 24.5 | 36.7 | 35 |
Net income | ' | ' | 36.7 | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Net sales | 21.5 | 25.1 | 43.1 | 48.4 |
Cost of sales | 18 | 20.2 | 35.6 | 40.6 |
Gross profit | 3.5 | 4.9 | 7.5 | 7.8 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | 3.1 | 3 | 6.3 | 6.2 |
Restructuring | 0 | 0 | 0 | 0 |
Total operating expenses | 3.1 | 3 | 6.3 | 6.2 |
Operating income | 0.4 | 1.9 | 1.2 | 1.6 |
Interest expense, net | 0.1 | -0.1 | -0.2 | -0.1 |
Loss on early extinguishment of debt | ' | 0 | ' | ' |
Income (loss) before income taxes | 0.5 | 2 | 1.4 | 1.7 |
Income tax expense (benefit) | 0 | -0.2 | -0.2 | -0.1 |
Equity in income (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations | ' | 1.8 | ' | 1.6 |
Income (loss) from discontinued operations, net of tax | ' | 0 | ' | 0 |
Net income (loss) | 0.5 | 1.8 | 1.2 | 1.6 |
Net income | ' | ' | 1.2 | ' |
Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | 0 | 0 | 0 | 0 |
Restructuring | 0 | 0 | 0 | 0 |
Total operating expenses | 0 | 0 | 0 | 0 |
Operating income | 0 | 0 | 0 | 0 |
Interest expense, net | 0 | 0 | 0 | 0 |
Loss on early extinguishment of debt | ' | 0 | ' | ' |
Income (loss) before income taxes | 0 | 0 | 0 | 0 |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Equity in income (loss) of subsidiaries | -22.3 | -26.3 | -37.9 | -36.6 |
Income (loss) from continuing operations | ' | -26.3 | ' | -36.6 |
Income (loss) from discontinued operations, net of tax | ' | 0 | ' | 0 |
Net income (loss) | -22.3 | -26.3 | -37.9 | -36.6 |
Net income | ' | ' | ($37.90) | ' |
Consolidating_Guarantor_and_No5
Consolidating Guarantor and Non-Guarantor Financial Information (Schedule of Consolidating Statements of Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Net income (loss) | $9.70 | $6.20 | $10.80 | $13.20 |
Income (loss) from continuing operations | 9.7 | 7.6 | 10.8 | 2.6 |
Net income | ' | ' | 10.8 | ' |
Other comprehensive income (loss): | ' | ' | ' | ' |
Minimum pension liability, net of tax | -3 | 2.2 | -6 | 5.6 |
Other Comprehensive Income (Loss) from Consolidated Subsidiaries | 0 | 0 | 0 | 0 |
Foreign currency translation | -2 | -1.1 | -4 | -1.8 |
Other Comprehensive Income (Loss), Net of Tax | -5 | 1.1 | -10 | 3.8 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 4.7 | 7.3 | 0.8 | 17 |
Issuer [Member] | ' | ' | ' | ' |
Net income (loss) | 9.7 | 6.2 | 10.8 | 13.2 |
Income (loss) from continuing operations | ' | 7.6 | ' | 2.6 |
Net income | ' | ' | 10.8 | ' |
Other comprehensive income (loss): | ' | ' | ' | ' |
Minimum pension liability, net of tax | -3 | 2.2 | -6 | 5.6 |
Other Comprehensive Income (Loss) from Consolidated Subsidiaries | -2 | -1.1 | -4 | -1.8 |
Foreign currency translation | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | -5 | 1.1 | -10 | 3.8 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 4.7 | 7.3 | 0.8 | 17 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Net income (loss) | 21.8 | 24.5 | 36.7 | 35 |
Income (loss) from continuing operations | ' | 24.5 | ' | 35 |
Net income | ' | ' | 36.7 | ' |
Other comprehensive income (loss): | ' | ' | ' | ' |
Minimum pension liability, net of tax | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss) from Consolidated Subsidiaries | -2 | -1.1 | -4 | -1.8 |
Foreign currency translation | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | -2 | -1.1 | -4 | -1.8 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 19.8 | 23.4 | 32.7 | 33.2 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Net income (loss) | 0.5 | 1.8 | 1.2 | 1.6 |
Income (loss) from continuing operations | ' | 1.8 | ' | 1.6 |
Net income | ' | ' | 1.2 | ' |
Other comprehensive income (loss): | ' | ' | ' | ' |
Minimum pension liability, net of tax | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss) from Consolidated Subsidiaries | 0 | 0 | 0 | 0 |
Foreign currency translation | -2 | -1.1 | -4 | -1.8 |
Other Comprehensive Income (Loss), Net of Tax | -2 | -1.1 | -4 | -1.8 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -1.5 | 0.7 | -2.8 | -0.2 |
Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Net income (loss) | -22.3 | -26.3 | -37.9 | -36.6 |
Income (loss) from continuing operations | ' | -26.3 | ' | -36.6 |
Net income | ' | ' | -37.9 | ' |
Other comprehensive income (loss): | ' | ' | ' | ' |
Minimum pension liability, net of tax | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss) from Consolidated Subsidiaries | 4 | 2.2 | 8 | 3.6 |
Foreign currency translation | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 4 | 2.2 | 8 | 3.6 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | ($18.30) | ($24.10) | ($29.90) | ($33) |
Consolidating_Guarantor_and_No6
Consolidating Guarantor and Non-Guarantor Financial Information (Schedule Of Consolidating Statement Of Cash Flows) (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Early repayment of debt | $0 | $23.20 |
Operating activities: | ' | ' |
Net cash provided by (used in) operating activities | 7.6 | -3.6 |
Investing activities: | ' | ' |
Capital expenditures | -18.3 | -14.9 |
Acquisitions, net of cash acquired | 0 | -0.2 |
Proceeds from sales of assets | 0.3 | 0.1 |
Intercompany (loans) repayments | 0 | 0 |
Net cash provided by (used in) investing activities | -18 | -15 |
Financing activities: | ' | ' |
Dividends paid | -5.6 | -5.5 |
Common stock issued | 1.8 | 1.1 |
Shares retained for employee taxes | -3.1 | -1.5 |
Payment of deferred financing fees | 0 | -0.7 |
Proceeds from (repayments of) intercompany borrowing | 0 | 0 |
Other | 1.3 | 2 |
Net cash used in financing activities | -5.6 | -27.8 |
Net cash flows from discontinued operations: | ' | ' |
Operating activities | 0 | -2.2 |
Investing activities | 0 | 4.5 |
Net cash provided by (used in) discontinued operations | 0 | 2.3 |
Effect of currency exchange rate changes on cash | -2.5 | -1 |
Net change in cash and cash equivalents | -18.5 | -45.1 |
Cash and cash equivalents at beginning of period | 123.6 | 83 |
Cash and cash equivalents at end of period | 105.1 | 37.9 |
Issuer [Member] | ' | ' |
Early repayment of debt | ' | 23.2 |
Operating activities: | ' | ' |
Net cash provided by (used in) operating activities | -53.2 | -51.6 |
Investing activities: | ' | ' |
Capital expenditures | -0.2 | 0 |
Acquisitions, net of cash acquired | ' | 0 |
Proceeds from sales of assets | 0 | 0 |
Intercompany (loans) repayments | 0 | 0 |
Net cash provided by (used in) investing activities | -0.2 | 0 |
Financing activities: | ' | ' |
Dividends paid | -5.6 | -5.5 |
Common stock issued | 1.8 | 1.1 |
Shares retained for employee taxes | -3.1 | -1.5 |
Payment of deferred financing fees | ' | -0.7 |
Proceeds from (repayments of) intercompany borrowing | 48 | 37.3 |
Other | 0 | 1.9 |
Net cash used in financing activities | 41.1 | 9.4 |
Net cash flows from discontinued operations: | ' | ' |
Operating activities | ' | -2.2 |
Investing activities | ' | 4.5 |
Net cash provided by (used in) discontinued operations | ' | 2.3 |
Effect of currency exchange rate changes on cash | 0 | 0 |
Net change in cash and cash equivalents | -12.3 | -39.9 |
Cash and cash equivalents at beginning of period | 86.6 | 53.3 |
Cash and cash equivalents at end of period | 74.3 | 13.4 |
Guarantor Subsidiaries [Member] | ' | ' |
Early repayment of debt | ' | 0 |
Operating activities: | ' | ' |
Net cash provided by (used in) operating activities | 62.3 | 49.1 |
Investing activities: | ' | ' |
Capital expenditures | -17.4 | -14.6 |
Acquisitions, net of cash acquired | ' | -0.2 |
Proceeds from sales of assets | 0.3 | 0.1 |
Intercompany (loans) repayments | -48 | -37.3 |
Net cash provided by (used in) investing activities | -65.1 | -52 |
Financing activities: | ' | ' |
Dividends paid | 0 | 0 |
Common stock issued | 0 | 0 |
Shares retained for employee taxes | 0 | 0 |
Payment of deferred financing fees | ' | 0 |
Proceeds from (repayments of) intercompany borrowing | 0 | 0 |
Other | 1.3 | 0.1 |
Net cash used in financing activities | 1.3 | 0.1 |
Net cash flows from discontinued operations: | ' | ' |
Operating activities | ' | 0 |
Investing activities | ' | 0 |
Net cash provided by (used in) discontinued operations | ' | 0 |
Effect of currency exchange rate changes on cash | 0 | 0 |
Net change in cash and cash equivalents | -1.5 | -2.8 |
Cash and cash equivalents at beginning of period | -2.3 | -3.7 |
Cash and cash equivalents at end of period | -3.8 | -6.5 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Early repayment of debt | ' | 0 |
Operating activities: | ' | ' |
Net cash provided by (used in) operating activities | -1.5 | -1.1 |
Investing activities: | ' | ' |
Capital expenditures | -0.7 | -0.3 |
Acquisitions, net of cash acquired | ' | 0 |
Proceeds from sales of assets | 0 | 0 |
Intercompany (loans) repayments | ' | 0 |
Net cash provided by (used in) investing activities | -0.7 | -0.3 |
Financing activities: | ' | ' |
Dividends paid | 0 | 0 |
Common stock issued | 0 | 0 |
Shares retained for employee taxes | 0 | 0 |
Payment of deferred financing fees | ' | 0 |
Proceeds from (repayments of) intercompany borrowing | 0 | 0 |
Other | 0 | 0 |
Net cash used in financing activities | 0 | 0 |
Net cash flows from discontinued operations: | ' | ' |
Operating activities | ' | 0 |
Investing activities | ' | 0 |
Net cash provided by (used in) discontinued operations | ' | 0 |
Effect of currency exchange rate changes on cash | -2.5 | -1 |
Net change in cash and cash equivalents | -4.7 | -2.4 |
Cash and cash equivalents at beginning of period | 39.3 | 33.4 |
Cash and cash equivalents at end of period | 34.6 | 31 |
Consolidation, Eliminations [Member] | ' | ' |
Early repayment of debt | ' | 0 |
Operating activities: | ' | ' |
Net cash provided by (used in) operating activities | 0 | 0 |
Investing activities: | ' | ' |
Capital expenditures | 0 | 0 |
Acquisitions, net of cash acquired | ' | 0 |
Proceeds from sales of assets | 0 | 0 |
Intercompany (loans) repayments | 48 | 37.3 |
Net cash provided by (used in) investing activities | 48 | 37.3 |
Financing activities: | ' | ' |
Dividends paid | 0 | 0 |
Common stock issued | 0 | 0 |
Shares retained for employee taxes | 0 | 0 |
Payment of deferred financing fees | ' | 0 |
Proceeds from (repayments of) intercompany borrowing | -48 | -37.3 |
Other | 0 | 0 |
Net cash used in financing activities | -48 | -37.3 |
Net cash flows from discontinued operations: | ' | ' |
Operating activities | ' | 0 |
Investing activities | ' | 0 |
Net cash provided by (used in) discontinued operations | ' | 0 |
Effect of currency exchange rate changes on cash | 0 | 0 |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | $0 | $0 |