Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Dec. 31, 2013 | Jan. 28, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'Hillenbrand, Inc. | ' |
Entity Central Index Key | '0001417398 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Dec-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 63,049,281 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Consolidated Statements of Income | ' | ' | ||
Net revenue | $384.90 | $305.20 | ||
Cost of goods sold | 253.9 | 194.7 | ||
Gross profit | 131 | 110.5 | ||
Operating expenses | 94 | 86.4 | ||
Operating profit | 37 | 24.1 | ||
Interest expense | 6.3 | 4.5 | ||
Other income (expense), net | -0.1 | 0.9 | ||
Income before income taxes | 30.6 | 20.5 | ||
Income tax expense | 9 | 5.9 | ||
Consolidated net income | 21.6 | 14.6 | ||
Less: Net income attributable to noncontrolling interests | 1.3 | 0.3 | ||
Net income | $20.30 | [1] | $14.30 | [1] |
Net income - per share of common stock: | ' | ' | ||
Basic earnings per share (in dollars per share) | $0.32 | $0.23 | ||
Diluted earnings per share (in dollars per share) | $0.32 | $0.23 | ||
Weighted-average shares outstanding - basic (in shares) | 63.1 | 62.4 | ||
Weighted-average shares outstanding - diluted (in shares) | 63.7 | 62.6 | ||
Cash dividends per share (in dollars per share) | $0.20 | $0.20 | ||
[1] | Net income attributable to Hillenbrand |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Consolidated Statements of Comprehensive Income | ' | ' | ||
Consolidated net income | $21.60 | $14.60 | ||
Other comprehensive income (loss), net of tax | ' | ' | ||
Currency translation | 8.7 | 10.2 | ||
Pension and postretirement (net of tax of $1.0 and $0.7) | 2.2 | 1.1 | ||
Change in net unrealized gain (loss) on derivative instruments (net of tax of $0.2 and $0.0) | 0.5 | 0.2 | ||
Change in net unrealized gain (loss) on available-for-sale securities (net of tax of $0.0 and $0.1) | ' | -0.2 | ||
Total other comprehensive income, net of tax | 11.4 | 11.3 | ||
Consolidated comprehensive income | 33 | 25.9 | ||
Less: Comprehensive income attributable to noncontrolling interests | 1.2 | 0.3 | ||
Comprehensive income | $31.80 | [1] | $25.60 | [1] |
[1] | Comprehensive income attributable to Hillenbrand |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Statements of Comprehensive Income | ' | ' |
Pension and postretirement, tax | $1 | $0.70 |
Change in net unrealized gain (loss) on derivative instruments, tax | 0.2 | 0 |
Change in net unrealized gain (loss) on available-for-sale securities, tax | $0 | $0.10 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $62.30 | $42.70 |
Trade receivables, net | 189.6 | 213.4 |
Unbilled receivables from long-term manufacturing contracts | 131 | 142.1 |
Inventories | 178.6 | 177.5 |
Deferred income taxes | 23.4 | 22.3 |
Prepaid expenses | 28.9 | 20.4 |
Other current assets | 16.7 | 21 |
Total current assets | 630.5 | 639.4 |
Property, plant, and equipment, net | 171.9 | 171.9 |
Intangible assets, net | 556.1 | 558.6 |
Goodwill | 599.4 | 585.8 |
Other assets | 46 | 47.5 |
Total Assets | 2,003.90 | 2,003.20 |
Current Liabilities | ' | ' |
Trade accounts payable | 169.6 | 183.2 |
Liabilities from long-term manufacturing contracts and advances | 97.1 | 80.9 |
Current portion of long-term debt | 11.2 | 10 |
Accrued compensation | 43.3 | 59.6 |
Deferred income taxes | 11 | 12.1 |
Other current liabilities | 117.6 | 119.7 |
Total current liabilities | 449.8 | 465.5 |
Long-term debt | 640.5 | 654.3 |
Accrued pension and postretirement healthcare | 193 | 190.3 |
Deferred income taxes | 74 | 75.4 |
Other long-term liabilities | 39.8 | 41.4 |
Total Liabilities | 1,397.10 | 1,426.90 |
Commitments and contingencies | ' | ' |
SHAREHOLDERS' EQUITY | ' | ' |
Common stock, no par value (63.1 and 63.1 shares issued, 63.0 and 62.9 shares outstanding) | ' | ' |
Additional paid-in capital | 328.1 | 321.7 |
Retained earnings | 259.8 | 252.2 |
Treasury stock (0.1 and 0.2 shares) | -1.6 | -4.2 |
Accumulated other comprehensive gain (loss) | 10 | -1.4 |
Hillenbrand Shareholders' Equity | 596.3 | 568.3 |
Noncontrolling interests | 10.5 | 8 |
Total Shareholders' Equity | 606.8 | 576.3 |
Total Liabilities and Equity | $2,003.90 | $2,003.20 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Consolidated Balance Sheets | ' | ' |
Common stock, par value (in dollars per share) | ' | ' |
Common stock, shares issued | 63.1 | 63.1 |
Common stock, shares outstanding | 63 | 62.9 |
Treasury stock, shares | 0.1 | 0.2 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flow (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities | ' | ' |
Consolidated net income | $21.60 | $14.60 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' |
Depreciation and amortization | 14.3 | 15 |
Deferred income taxes | -5.4 | 4.7 |
Share-based compensation | 1.7 | 4.5 |
Trade accounts receivable and receivables on long-term manufacturing contracts | 38.3 | 4.3 |
Inventories | 0.4 | 8.4 |
Other current assets | -2.1 | -8.3 |
Trade accounts payable | -16.6 | 0.2 |
Accrued expenses and other current liabilities | -5.6 | -25.3 |
Income taxes payable | -2.6 | -1.2 |
Defined benefit plan funding | -4.2 | -1.2 |
Defined benefit plan expense | 3.6 | 3.8 |
Other, net | 2.5 | 0.2 |
Net cash provided by operating activities | 45.9 | 19.7 |
Investing Activities | ' | ' |
Capital expenditures | -5.6 | -5.6 |
Proceeds from sales of property, plant, and equipment | ' | 1.2 |
Proceeds from sales of investments | ' | 1.4 |
Acquisition of business, net of cash acquired | ' | -415.6 |
Other, net | -0.6 | ' |
Net cash used in investing activities | -6.2 | -418.6 |
Financing Activities | ' | ' |
Proceeds from term loan | ' | 200 |
Repayments on term loan | -2.5 | -2.5 |
Proceeds from revolving credit facilities, net of financing costs | 94.2 | 535.3 |
Repayments on revolving credit facilities | -105.9 | -238 |
Payment of dividends on common stock | -12.4 | -12.1 |
Net proceeds (payments) on stock plans | 7.6 | -2.7 |
Other, net | -0.3 | ' |
Net cash (used in) provided by financing activities | -19.3 | 480 |
Effect of exchange rates on cash and cash equivalents | -0.8 | 0.8 |
Net cash flows | 19.6 | 81.9 |
Cash and cash equivalents: | ' | ' |
At beginning of period | 42.7 | 20.2 |
At end of period | $62.30 | $102.10 |
Background_and_Basis_of_Presen
Background and Basis of Presentation | 3 Months Ended |
Dec. 31, 2013 | |
Background and Basis of Presentation | ' |
Background and Basis of Presentation | ' |
1. Background and Basis of Presentation | |
Hillenbrand, Inc. (“Hillenbrand”) is a global diversified industrial company that makes and sells premium business-to-business products and services for a wide variety of industries. We pursue profitable growth and meaningful dividends for our shareholders by leveraging our leading brands, robust cash generation capabilities, and strong core competencies. Hillenbrand has two segments: the Process Equipment Group and Batesville®. The Process Equipment Group has multiple market-leading brands of process and material handling equipment and systems serving a wide variety of industries across the globe. Batesville is a recognized leader in the North American death care industry. Hillenbrand was incorporated on November 1, 2007, in the state of Indiana and began trading on the New York Stock Exchange under the symbol “HI” on April 1, 2008. “Hillenbrand,” “the Company,” “we,” “us,” “our,” and similar words refer to Hillenbrand and its subsidiaries. | |
The accompanying unaudited consolidated financial statements include the accounts of Hillenbrand and its subsidiaries, including Coperion Capital GmbH (“Coperion”), which was acquired on December 1, 2012. The acquisition of Coperion included a few small subsidiaries where Coperion’s ownership percentage was less than 100%. These unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements and therefore do not include all information required in accordance with accounting principles generally accepted in the United States (“GAAP”). The unaudited consolidated financial statements have been prepared on the same basis as, and should be read in conjunction with, the audited consolidated financial statements and notes thereto included in our latest Annual Report on Form 10-K for the fiscal year ended September 30, 2013, as filed with the SEC. Certain prior period balances have been reclassified to conform to the current presentation. In the opinion of management, these financial statements reflect all adjustments necessary to present a fair statement of the Company’s consolidated financial position and the consolidated results of operations and cash flow as of the dates and for the periods presented. | |
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the period. Actual results could differ from those estimates. Examples of such estimates include, but are not limited to, revenue recognition under the percentage-of-completion method, the establishment of reserves related to customer rebates, doubtful accounts, warranties, early-pay discounts, inventories, income taxes, litigation, self-insurance, and progress toward achievement of performance criteria under the incentive compensation programs. | |
Correction of Errors | |
During the first quarter of fiscal 2014, we recorded an adjustment to operating expenses to correct errors related to the accounting for sales commissions at Coperion in fiscal 2013. The adjustment reduced operating expenses in the first quarter of fiscal 2014 by $2.0, which should have been recorded in fiscal 2013. In connection with this same issue, we identified a classification error of $8.5 between operating expenses and cost of goods sold in fiscal 2013. We have revised our consolidated statement of income for the three months ended December 31, 2012, to increase cost of goods sold and decrease operating expenses by $0.1. We will revise the March 31, 2013; June 30, 2013; and September 30, 2013; consolidated statements of income to reflect the revisions the next time such financial information is included in future filings for comparable purposes. These revisions will decrease operating expenses and increase cost of goods sold by $2.6 in the second quarter of 2013, $2.3 in the third quarter of 2013, and $8.5 for fiscal year 2013. We believe the impact of these income statement classification errors and the $2.0 adjustment to correct prior period errors was immaterial to our consolidated financial statements for the current and prior periods. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2013 | |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | ' |
2. Summary of Significant Accounting Policies | |
The significant accounting policies used in preparing these financial statements are consistent with the accounting policies described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2013. | |
Recently Adopted and Issued Accounting Standards | |
In February 2013, the FASB issued an accounting standards update titled Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This standard is intended to improve the reporting of reclassifications out of accumulated other comprehensive income of various components. An entity is required to present significant amounts reclassified from each component of accumulated other comprehensive income and the income statement affected by the reclassification. The new disclosure requirements became effective and were adopted for our fiscal year beginning October 1, 2013. The adoption of this disclosure-only guidance did not have an impact on our financial statements. | |
In July 2013, the FASB issued an accounting standard update titled Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The new standard requires the netting of unrecognized tax benefits (“UTBs”) against a deferred tax asset for a loss or other carryforward that would apply in settlement of the uncertain tax positions. Under the new standard, UTBs will be netted against all available same—jurisdiction loss or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by the UTBs. The standard will be effective for our fiscal year beginning October 1, 2014. We do not expect the adoption of this standard to have a significant impact on our financial statements. |
Business_Acquisitions
Business Acquisitions | 3 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Acquisitions | ' | ||||
Business Acquisitions | ' | ||||
3. Business Acquisitions | |||||
We completed the acquisition of Coperion on December 1, 2012, in a transaction valued at $545.0. The aggregate purchase consideration consisted of $269.1 of cash, net of cash acquired, and the assumption of $146.0 of debt and $129.9 of pension liabilities. We utilized $426.3 of borrowings under our revolving credit facility and cash on hand to finance the acquisition, including the repayment of $146.0 of debt outstanding under Coperion’s prior financing arrangements. | |||||
This acquisition was the largest in the Company’s history and represented an important step in the execution of our strategic plans to further diversify Hillenbrand and accelerate the growth of the Process Equipment Group. The integration of Coperion with the Process Equipment Group will continue to be a key initiative for the near term. Combining our product offerings to provide a more complete system solution is our highest priority from an integration perspective. In addition, we believe leveraging Coperion’s global infrastructure will enable the existing businesses within the Process Equipment Group to enter new global markets more quickly. We also expect the Process Equipment Group’s existing strong U.S. sales network will enhance Coperion’s expansion in North America. Finally, the application of the Company’s Lean tools and other core competencies to Coperion’s operations is expected to contribute to improved margins and increased customer satisfaction. | |||||
The following table summarizes fair values of the assets acquired and liabilities assumed for the Coperion acquisition: | |||||
December 1, | |||||
2012 | |||||
Cash and cash equivalents | $ | 32.8 | |||
Inventory | 112.4 | ||||
Current assets, excluding cash and cash equivalents and inventory | 175.2 | ||||
Property, plant, and equipment | 54.4 | ||||
Identifiable intangible assets | 291.8 | ||||
Goodwill | 275.1 | ||||
Other assets | 2.1 | ||||
Total assets acquired | 943.8 | ||||
Current liabilities | 282.5 | ||||
Accrued pension obligations | 129.9 | ||||
Deferred income taxes | 68.6 | ||||
Other long-term liabilities | 6.7 | ||||
Total liabilities assumed | 487.7 | ||||
Noncontrolling interests | 8.2 | ||||
Aggregate purchase price | $ | 447.9 | |||
Final purchase accounting adjustments were made during the first quarter of fiscal 2014 that increased goodwill ($7.3) and the accrued pension obligations ($4.3) based on finalization of the actuarial analysis for Coperion’s defined benefit plans. In addition, adjustments were made to current liabilities ($1.3) and the noncontrolling interests ($1.7) based on final valuation adjustments. The remaining change in consolidated goodwill during the first quarter of fiscal 2014 was related to change in foreign currency. | |||||
Set forth below is unaudited pro forma information for the first quarter of fiscal 2013. It excludes acquisition costs ($8.2) and backlog amortization and inventory step-up costs ($6.8). The unaudited pro forma information is presented for informational purposes only and does not necessarily reflect the results of operations that would actually have been achieved. | |||||
Three Months | |||||
Ended | |||||
December 31, | |||||
2012 | |||||
Pro forma net revenue | $ | 420.4 | |||
Pro forma net income(1) | 28.3 | ||||
Pro forma basic and diluted earnings per share | $ | 0.46 | |||
(1)Pro forma net income attributable to Hillenbrand | |||||
We incurred $8.2 of net business acquisition costs associated with acquisitions during the first quarter of fiscal 2013. These costs consisted of $9.0 of operating expenses, partially offset by $0.8 of other income (see Note 12). |
Supplemental_Balance_Sheet_Inf
Supplemental Balance Sheet Information | 3 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Supplemental Balance Sheet Information | ' | |||||||
Supplemental Balance Sheet Information | ' | |||||||
4. Supplemental Balance Sheet Information | ||||||||
December 31, | September 30, | |||||||
2013 | 2013 | |||||||
Trade accounts receivable reserves | $ | 18.7 | $ | 19.3 | ||||
Accumulated depreciation on property, plant, and equipment | $ | 272 | $ | 268 | ||||
Accumulated amortization on intangible assets | $ | 110.4 | $ | 99.6 | ||||
Inventories: | ||||||||
Raw materials and components | $ | 54.8 | $ | 58.3 | ||||
Work in process | 78.6 | 74.8 | ||||||
Finished goods | 45.2 | 44.4 | ||||||
Total inventories | $ | 178.6 | $ | 177.5 |
Financing_Agreements
Financing Agreements | 3 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Financing Agreements | ' | |||||||
Financing Agreements | ' | |||||||
5. Financing Agreements | ||||||||
December 31, | September 30, | |||||||
2013 | 2013 | |||||||
$700 revolving credit facility (excludes outstanding letters of credit) | $ | 315.4 | $ | 325.5 | ||||
$200 term loan | 187.5 | 190 | ||||||
$150 senior unsecured notes, due July 15, 2020, net of discount | 148.8 | 148.8 | ||||||
Total debt | 651.7 | 664.3 | ||||||
Less: current portion | 11.2 | 10 | ||||||
Total long-term debt | $ | 640.5 | $ | 654.3 | ||||
With respect to the $700 revolving credit facility (the “Facility”), as of December 31, 2013, we had $23.0 in outstanding letters of credit issued and $361.6 of remaining borrowing capacity available. The weighted-average interest rate on borrowings under the Facility was 1.35% in the first quarter of fiscal 2014 and 2013. | ||||||||
The weighted average interest rates on the term loan were 1.68% and 1.81% for the first quarter of fiscal 2014 and 2013. | ||||||||
In the normal course of business, the Process Equipment Group provides certain customers with bank guarantees and other credit arrangements in support of performance, warranty, advance payment, and other contract obligations. This form of trade finance is customary in the industry and, as a result, we are required to maintain adequate capacity to provide the guarantees. As of December 31, 2013, we had credit arrangements totaling $301.0 under which $210.9 was utilized for this purpose. These arrangements include a €150.0 Syndicated Letter of Guarantee Facility (“LG Facility”) under which unsecured letters of credit, bank guarantees, or other surety bonds may be issued. There were no borrowings under these credit arrangements. | ||||||||
The availability of borrowings under the Facility and the LG Facility is subject to our ability to meet certain conditions including compliance with covenants, absence of default, and continued accuracy of certain representations and warranties. As of December 31, 2013, we were in compliance with all covenants. | ||||||||
We had restricted cash of $0.5 and $1.6 at December 31, 2013 and 2012. |
Retirement_Benefits
Retirement Benefits | 3 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Retirement Benefits | ' | |||||||||||||
Retirement Benefits | ' | |||||||||||||
6. Retirement Benefits | ||||||||||||||
Defined Benefit Plans | ||||||||||||||
U.S. Pension Benefits | Non-U.S. Pension Benefits | |||||||||||||
Three Months Ended December 31, | Three Months Ended December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Service costs | $ | 1 | $ | 1.2 | $ | 0.4 | $ | 0.4 | ||||||
Interest costs | 3.7 | 2.9 | 1.1 | 0.6 | ||||||||||
Expected return on plan assets | (3.5 | ) | (3.0 | ) | (0.3 | ) | (0.4 | ) | ||||||
Amortization of unrecognized prior service costs, net | 0.2 | 0.2 | — | — | ||||||||||
Amortization of net loss | 0.9 | 1.8 | — | — | ||||||||||
Net pension costs | $ | 2.3 | $ | 3.1 | $ | 1.2 | $ | 0.6 | ||||||
Postretirement Healthcare Plans — Net postretirement healthcare costs were $0.1 and $0.1 for the first quarter of fiscal 2014 and 2013. | ||||||||||||||
Defined Contribution Plans — Expenses related to our defined contribution plans were $2.1 and $2.0 for the first quarter of fiscal 2014 and 2013. |
Income_Taxes
Income Taxes | 3 Months Ended |
Dec. 31, 2013 | |
Income Taxes | ' |
Income Taxes | ' |
7. Income Taxes | |
The effective tax rates for the first quarter of fiscal 2014 and 2013 were 29.4% and 28.8%. The year-over-year change in the effective tax rate was largely due to a prior year discrete tax benefit related to changes in California tax law, offset by higher business acquisition and integration costs related to Coperion in fiscal 2013. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Earnings Per Share | ' | |||||||
Earnings Per Share | ' | |||||||
8. Earnings Per Share | ||||||||
The dilutive effects of performance-based stock awards were included in the computation of diluted earnings per share at the level the related performance criteria were met through the respective balance sheet date. At December 31, 2013 and 2012, potential dilutive effects, representing approximately 1,800,000 and 2,000,000 shares were excluded from the computation of diluted earnings per share as the related performance criteria were not yet met, although we expect to meet various levels of criteria in the future. | ||||||||
Three Months Ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Net income (1) | $ | 20.3 | $ | 14.3 | ||||
Weighted-average shares outstanding — basic (in millions) | 63.1 | 62.4 | ||||||
Effect of dilutive stock options and other unvested equity awards (in millions) | 0.6 | 0.2 | ||||||
Weighted-average shares outstanding — diluted (in millions) | 63.7 | 62.6 | ||||||
Earnings per share — basic | $ | 0.32 | $ | 0.23 | ||||
Earnings per share — diluted | $ | 0.32 | $ | 0.23 | ||||
Shares with anti-dilutive effect excluded from the computation of diluted earnings per share (in millions) | 0.6 | 2.4 | ||||||
(1) Net income attributable to Hillenbrand |
Shareholders_Equity
Shareholders' Equity | 3 Months Ended |
Dec. 31, 2013 | |
Shareholders' Equity | ' |
Shareholders' Equity | ' |
9. Shareholders’ Equity | |
During the first quarter of fiscal 2014, we paid $12.4 of cash dividends and acquired the remaining shares of one of the less than wholly-owned subsidiaries for $1.4. |
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) | 3 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||
Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||
10. Other Comprehensive Income (Loss) | |||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income | |||||||||||||||||||||||
Pension and | Currency | Net | Net | Total | Noncontrolling | Total | |||||||||||||||||
Postretirement | Translation | Unrealized | Unrealized | attributable | Interests | ||||||||||||||||||
Gain (Loss) | Gain (Loss) | to | |||||||||||||||||||||
on Derivative | on | Hillenbrand, | |||||||||||||||||||||
Instruments | Available- | Inc. | |||||||||||||||||||||
for-Sale | |||||||||||||||||||||||
Securities | |||||||||||||||||||||||
Balance at September 30, 2012 | $ | (58.5 | ) | $ | 16.2 | $ | (0.3 | ) | $ | 0.2 | $ | (42.4 | ) | ||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||||||||
Before tax amount | — | 10.2 | 0.2 | (0.3 | ) | 10.1 | $ | — | $ | 10.1 | |||||||||||||
Tax benefit | — | — | — | 0.1 | 0.1 | — | 0.1 | ||||||||||||||||
After tax amount | — | 10.2 | 0.2 | (0.2 | ) | 10.2 | — | 10.2 | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income(1) | 1.1 | — | — | — | 1.1 | — | 1.1 | ||||||||||||||||
Net current period other comprehensive income (loss) | 1.1 | 10.2 | 0.2 | (0.2 | ) | 11.3 | $ | — | $ | 11.3 | |||||||||||||
Balance at December 31, 2012 | $ | (57.4 | ) | $ | 26.4 | $ | (0.1 | ) | $ | — | $ | (31.1 | ) | ||||||||||
Balance at September 30, 2013 | $ | (33.0 | ) | $ | 31.4 | $ | 0.2 | $ | — | $ | (1.4 | ) | |||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||||||||
Before tax amount | 2.1 | 8.7 | 0.6 | — | 11.4 | $ | (0.1 | ) | $ | 11.3 | |||||||||||||
Tax expense | (0.6 | ) | — | (0.2 | ) | — | (0.8 | ) | — | (0.8 | ) | ||||||||||||
After tax amount | 1.5 | 8.7 | 0.4 | — | 10.6 | — | 10.5 | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income(1) | 0.7 | — | 0.1 | — | 0.8 | — | 0.8 | ||||||||||||||||
Net current period other comprehensive income (loss) | 2.2 | 8.7 | 0.5 | — | 11.4 | $ | (0.1 | ) | $ | 11.3 | |||||||||||||
Balance at December 31, 2013 | $ | (30.8 | ) | $ | 40.1 | $ | 0.7 | $ | — | $ | 10 | ||||||||||||
(1) Amounts are net of tax. | |||||||||||||||||||||||
Reclassifications out of Accumulated Other Comprehensive Income | |||||||||||||||||||||||
Three Months Ended December 31, 2013 | |||||||||||||||||||||||
Amortization of Pension and | Realized (Gain)/Loss | ||||||||||||||||||||||
Postretirement (1) | |||||||||||||||||||||||
Net Loss | Prior Service Costs | on Derivative | Total | ||||||||||||||||||||
Recognized | Recognized | Instruments | |||||||||||||||||||||
Affected Line in the Consolidated Statement of Operations: | |||||||||||||||||||||||
Net revenue | $ | — | $ | — | $ | 0.1 | $ | 0.1 | |||||||||||||||
Cost of goods sold | 0.6 | 0.1 | (0.1 | ) | 0.6 | ||||||||||||||||||
Operating expenses | 0.3 | 0.1 | — | 0.4 | |||||||||||||||||||
Other income (expense), net | — | — | 0.1 | 0.1 | |||||||||||||||||||
Total before tax | $ | 0.9 | $ | 0.2 | $ | 0.1 | 1.2 | ||||||||||||||||
Tax expense | (0.4 | ) | |||||||||||||||||||||
Total reclassifications for the period, net of tax | $ | 0.8 | |||||||||||||||||||||
(1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 6). |
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Share-Based Compensation. | ' | |||||||
Share-Based Compensation | ' | |||||||
11. Share-Based Compensation | ||||||||
Three Months Ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Share-based compensation cost | $ | 1.7 | $ | 4.5 | ||||
Less impact of income tax | 0.6 | 1.6 | ||||||
Share-based compensation cost, net of tax | $ | 1.1 | $ | 2.9 | ||||
During the first quarter of fiscal 2014, we made the following grants: | ||||||||
Number of | ||||||||
Units | ||||||||
Stock options | 449,706 | |||||||
Time-based stock awards | 22,891 | |||||||
Performance-based stock awards (maximum that can be earned) | 575,782 | |||||||
Stock options granted had a weighted-average exercise price of $28.16 and a weighted-average grant date fair value of $6.95. Our time-based stock awards and performance-based stock awards had a weighted-average grant date fair value of $28.39 and $28.49. Included in the performance-based stock awards granted in the first quarter of fiscal 2014 are 185,278 units whose payout level is based upon the Company’s total shareholder return as it relates to the performance of companies in its compensation peer group over a three-year measurement period. These units will be expensed on a straight-line basis over the measurement period. |
Other_Income_Expense_Net
Other Income (Expense), Net | 3 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Income (Expense), Net | ' | |||||||
Other Income (Expense), Net | ' | |||||||
12. Other Income (Expense), Net | ||||||||
Three Months Ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Equity in net income (loss) of affiliates | $ | (0.2 | ) | $ | (0.2 | ) | ||
Foreign currency exchange gain (loss) | (0.3 | ) | 0.8 | |||||
Business acquisition and integration costs, net | — | 0.8 | ||||||
Other, net | 0.4 | (0.5 | ) | |||||
Other income and expense, net | $ | (0.1 | ) | $ | 0.9 | |||
The acquisition of Coperion was transacted in euros. Business acquisition and integration costs, net within other income and expense represent the foreign exchange gain recognized on euro-denominated cash required to fund the acquisition, offset by the costs of derivative contracts that hedged currency exposure on the funds required to close the transaction. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies. | ' |
Commitments and Contingencies | ' |
13. Commitments and Contingencies | |
Litigation | |
General — Like most companies, we are involved on an ongoing basis in claims, lawsuits, and government proceedings relating to our operations, including environmental, patent infringement, business practices, commercial transactions, product and general liability, workers’ compensation, auto liability, employment, and other matters. The ultimate outcome of these matters cannot be predicted with certainty. An estimated loss from these contingencies is recognized when we believe it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated; however, it is difficult to measure the actual loss that might be incurred related to litigation. If a loss is not considered probable and/or cannot be reasonably estimated, we are required to make a disclosure if there is at least a reasonable possibility that a significant loss may have been incurred. Legal fees associated with claims and lawsuits are generally expensed as incurred. | |
Claims other than employment and related matters have deductibles and self-insured retentions ranging from $0.5 to $1.0 per occurrence or per claim, depending upon the type of coverage and policy period. Outside insurance companies and third-party claims administrators assist in establishing individual claim reserves, and an independent outside actuary provides estimates of ultimate projected losses, including incurred but not reported claims, which are used to establish reserves for losses. Claim reserves for employment-related matters are established based upon advice from internal and external counsel and historical settlement information for claims and related fees when such amounts are considered probable of payment. | |
The recorded amounts represent our best estimate of the costs we will incur in relation to such exposures, but it is possible that actual costs will differ from those estimates. | |
Matthews Litigation — In August 2010, the York Group, Inc., Milso Industries Corporation, and Matthews International Corporation (collectively “Matthews”) filed a lawsuit against Scott Pontone and Batesville Casket Company, Inc. in the U.S. District Court, Western District of Pennsylvania, which was subsequently amended by Matthews in February 2011 to include two additional defendants, Harry Pontone and Pontone Casket Company, LLC (the “Matthews Litigation”). The Matthews Litigation arises, in part, as a result of a Marketing Consulting Agreement entered into between Batesville and Pontone Casket Company effective June 24, 2010, and Batesville’s hiring of two former employees of certain Matthews entities in June 2010. Scott Pontone provides consulting services to Batesville pursuant to the Marketing Consulting Agreement entered into between Batesville and Pontone Casket Company. Matthews alleges that Scott Pontone and Harry Pontone breached contractual and business obligations with Matthews and that Batesville induced certain of those breaches as part of its sales initiatives in the New York metropolitan area. | |
Matthews claims that it has lost revenue and will lose future revenue in the New York metropolitan area, although the amount of those alleged damages is unspecified. Matthews seeks to: (i) recover compensatory damages, punitive damages, attorneys’ fees and costs; and (ii) enjoin certain activities by Harry Pontone, Scott Pontone, Pontone Casket Company, and Batesville and its employees in the New York metropolitan area. Although Matthews originally moved for a preliminary injunction, that request was withdrawn. Discovery has closed. Batesville has moved for summary judgment on Matthews’ claims. No trial date has been set. | |
The Company believes Batesville acted lawfully and intends to defend this matter vigorously. The Company does not believe, based on currently available information, that the outcome of this lawsuit will have a material adverse effect on the Company’s financial condition or liquidity. If Matthews prevails at trial, however, the outcome could be materially adverse to the Company’s operating results or cash flows for the particular period, depending, in part, upon the operating results or cash flows for such period. | |
Horstmann Litigation — On March 18, 2013, a joint and several judgment was entered by the Higher Regional Court (OLG) Hamm, Germany, in favor of plaintiff, Jürgen Horstmann, and against defendants, Atlas-Vermögensverwaltungs GmbH, ThyssenKrupp Technologies Beteiligungen (“ThyssenKrupp”), and Hillenbrand subsidiary, Coperion, in the amount of €10.3, plus interest, for a total estimated judgment of €18.5 to €19.6 (the “Horstmann Litigation”). In the Horstmann Litigation, the plaintiff alleged numerous claims relating to its purchase from ThyssenKrupp of a former ThyssenKrupp business in 1996. This judgment reversed a ruling on September 1, 2010, by the Court of First Instance that previously dismissed these claims. | |
Pursuant to a Framework Agreement entered into in 2000 between ThyssenKrupp and Admini Zweiundsiebzig (“Admini”) (predecessor to Coperion), ThyssenKrupp agreed to indemnify Coperion for all liability associated with the Horstmann Litigation. Additionally, pursuant to the Share Purchase Agreement by which the Company acquired Coperion, the sellers are required to indemnify Hillenbrand in the event ThyssenKrupp does not fulfill its indemnification obligations, subject to the terms and conditions of such Share Purchase Agreement. | |
On August 22, 2013, the defendants in the Horstmann Litigation filed an appeal with the German Federal Court of Justice of the judgment that was entered on March 18, 2013. Even if the appeal is unsuccessful and the judgment stands, Hillenbrand believes it will be fully indemnified with respect to the Horstmann Litigation and does not believe that the outcome of this lawsuit will have a material adverse effect on the Company’s financial condition or liquidity. Hillenbrand’s balance sheet at December 31, 2013 and September 30, 2013, included a long-term liability of $8.9 and $8.7 and a corresponding indemnification receivable, recorded in other assets, for $8.9 and $8.7. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Fair Value Measurements | ' | |||||||||||||
14. Fair Value Measurements | ||||||||||||||
Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The authoritative guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are from sources independent of the Company. Unobservable inputs reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is broken down into three levels: | ||||||||||||||
Level 1: | Inputs are quoted prices in active markets for identical assets or liabilities. | |||||||||||||
Level 2: | Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. | |||||||||||||
Level 3: | Inputs are unobservable for the asset or liability. | |||||||||||||
Carrying | ||||||||||||||
Value at | Fair Value at December 31, 2013 | |||||||||||||
December 31, | Using Inputs Considered as: | |||||||||||||
2013 | Level 1 | Level 2 | Level 3 | |||||||||||
Assets: | ||||||||||||||
Cash and cash equivalents | $ | 62.3 | $ | 62.3 | $ | — | $ | — | ||||||
Equity investments | 1 | — | — | 6.2 | ||||||||||
Investments in rabbi trust | 6 | 6 | — | — | ||||||||||
Derivative instruments | 1.8 | — | 1.8 | — | ||||||||||
Liabilities: | ||||||||||||||
$150 senior unsecured notes | 148.8 | 159.1 | — | — | ||||||||||
Revolving credit facility | 315.4 | — | 315.4 | — | ||||||||||
Term loan | 187.5 | — | 187.5 | — | ||||||||||
Derivative instruments | 0.6 | — | 0.6 | — | ||||||||||
The equity investments include $1.0 of warrants to purchase the common stock of a privately held company that was acquired by a third-party on January 2, 2014. The warrants were exercised as described in Note 17, and had a fair value of $6.2 at December 31, 2013. | ||||||||||||||
The fair values of the revolving credit facility and term loan approximated book value at December 31, 2013. The fair values of the revolving credit facility and term loan are estimated based on internally developed models, using current market interest rate data for similar issues as there is no active market for our revolving credit facility and term loan. | ||||||||||||||
The fair values of the Company’s derivative instruments are based upon pricing models using inputs derived from third-party pricing services or observable market data such as currency spot and forward rates. These values are periodically validated by comparing to third-party broker quotes. The aggregate notional value of these derivatives was $165.1 at December 31, 2013. |
Segment_and_Geographical_Infor
Segment and Geographical Information | 3 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Segment and Geographical Information | ' | |||||||
Segment and Geographical Information | ' | |||||||
15. Segment and Geographical Information | ||||||||
Three Months Ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Net revenue | ||||||||
Process Equipment Group | $ | 242.2 | $ | 153.7 | ||||
Batesville | 142.7 | 151.5 | ||||||
Total | $ | 384.9 | $ | 305.2 | ||||
Adjusted EBITDA | ||||||||
Process Equipment Group | $ | 26.7 | $ | 20.9 | ||||
Batesville | 34.5 | 38.5 | ||||||
Corporate | (8.0 | ) | (8.0 | ) | ||||
Net revenue (1) | ||||||||
United States | $ | 202.4 | $ | 205.5 | ||||
International | 182.5 | 99.7 | ||||||
Total | $ | 384.9 | $ | 305.2 | ||||
(1) We attribute revenue to a geography based upon the location of the business unit that consummates the external sale. | ||||||||
December 31, | September 30, | |||||||
2013 | 2013 | |||||||
Total assets | ||||||||
Process Equipment Group | $ | 1,714.80 | $ | 1,708.60 | ||||
Batesville | 236.3 | 238.3 | ||||||
Corporate | 52.8 | 56.3 | ||||||
Total | $ | 2,003.90 | $ | 2,003.20 | ||||
Tangible long-lived assets | ||||||||
United States | $ | 101.2 | $ | 101.9 | ||||
International | 70.7 | 70 | ||||||
Total | $ | 171.9 | $ | 171.9 | ||||
The following schedule reconciles segment adjusted EBITDA to consolidated net income. | ||||||||
Three Months Ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Adjusted EBITDA: | ||||||||
Process Equipment Group | $ | 26.7 | $ | 20.9 | ||||
Batesville | 34.5 | 38.5 | ||||||
Corporate | (8.0 | ) | (8.0 | ) | ||||
Less: | ||||||||
Interest income | (0.2 | ) | (0.1 | ) | ||||
Interest expense | 6.3 | 4.5 | ||||||
Income tax expense | 9 | 5.9 | ||||||
Depreciation and amortization | 14.3 | 15 | ||||||
Business acquisition and integration | 1.9 | 8.2 | ||||||
Inventory step-up | — | 2.6 | ||||||
Restructuring | 0.3 | 0.6 | ||||||
Antitrust litigation | — | 0.1 | ||||||
Consolidated net income | $ | 21.6 | $ | 14.6 |
Condensed_Consolidating_Inform
Condensed Consolidating Information | 3 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Condensed Consolidating Information | ' | |||||||||||||||||||||||||||||||
Condensed Consolidating Information | ' | |||||||||||||||||||||||||||||||
16. Condensed Consolidating Information | ||||||||||||||||||||||||||||||||
On January 9, 2013, the Company’s subsidiary, Coperion Corporation, a Delaware corporation, was joined as a party to the Guaranty dated July 27, 2012 (“Guaranty”), by certain subsidiaries of the Company (including Coperion Corporation, the “Guarantors”), which was entered into in connection with the Company’s revolving credit facility. In accordance with the terms of the revolving credit facility, Coperion Corporation was required to join the Guaranty as a material domestic subsidiary of the Company following the acquisition of Coperion Capital GmbH. | ||||||||||||||||||||||||||||||||
On January 10, 2013, the Company, the Guarantors, and U.S. Bank National Association (“Trustee”) entered into a supplemental indenture pursuant to which the Guarantors agreed to guarantee the obligations of the Company under its 5.50% Notes due 2020 issued pursuant to an Indenture entered into on July 9, 2010, between the Company and the Trustee. As such, certain 100% owned subsidiaries of Hillenbrand fully and unconditionally, jointly and severally, agreed to guarantee all of the indebtedness relating to our obligations under our 5.50% Notes due 2020. The following are the condensed consolidating financial statements, including the guarantors, which present the statements of income, balance sheets, and cash flows of (i) the parent holding company, (ii) the guarantor subsidiaries, (iii) the non-guarantor subsidiaries, and (iv) eliminations necessary to present the information for Hillenbrand on a consolidated basis. | ||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Income | ||||||||||||||||||||||||||||||||
Three months ended December 31, 2013 | Three months ended December 31, 2012 | |||||||||||||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||||||||||||||
Net revenue | $ | — | $ | 200.3 | $ | 225 | $ | (40.4 | ) | $ | 384.9 | $ | — | $ | 198.7 | $ | 148.2 | $ | (41.7 | ) | $ | 305.2 | ||||||||||
Cost of goods sold | — | 102.5 | 166.6 | (15.2 | ) | 253.9 | — | 98.5 | 110.9 | (14.7 | ) | 194.7 | ||||||||||||||||||||
Gross profit | — | 97.8 | 58.4 | (25.2 | ) | 131 | — | 100.2 | 37.3 | (27.0 | ) | 110.5 | ||||||||||||||||||||
Operating expenses | 9 | 61.9 | 48.3 | (25.2 | ) | 94 | 18.1 | 60.8 | 34.5 | (27.0 | ) | 86.4 | ||||||||||||||||||||
Operating profit | (9.0 | ) | 35.9 | 10.1 | — | 37 | (18.1 | ) | 39.4 | 2.8 | — | 24.1 | ||||||||||||||||||||
Interest expense | 4.9 | 0.1 | 1.3 | — | 6.3 | 4.1 | — | 0.4 | — | 4.5 | ||||||||||||||||||||||
Other income (expense), net | (0.1 | ) | (0.7 | ) | 0.7 | — | (0.1 | ) | 1.5 | (0.9 | ) | 0.3 | — | 0.9 | ||||||||||||||||||
Equity in net income (loss) of subsidiaries | 28.6 | 1.9 | — | (30.5 | ) | — | 25.1 | 1.5 | — | (26.6 | ) | — | ||||||||||||||||||||
Income (loss) before income taxes | 14.6 | 37 | 9.5 | (30.5 | ) | 30.6 | 4.4 | 40 | 2.7 | (26.6 | ) | 20.5 | ||||||||||||||||||||
Income tax expense (benefit) | (5.7 | ) | 13.2 | 1.5 | — | 9 | (9.9 | ) | 14.4 | 1.4 | — | 5.9 | ||||||||||||||||||||
Consolidated net income | 20.3 | 23.8 | 8 | (30.5 | ) | 21.6 | 14.3 | 25.6 | 1.3 | (26.6 | ) | 14.6 | ||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 1.3 | — | 1.3 | — | — | 0.3 | — | 0.3 | ||||||||||||||||||||||
Net income (loss)(1) | $ | 20.3 | $ | 23.8 | $ | 6.7 | $ | (30.5 | ) | $ | 20.3 | $ | 14.3 | $ | 25.6 | $ | 1 | $ | (26.6 | ) | $ | 14.3 | ||||||||||
Consolidated comprehensive income (loss) | $ | 31.8 | $ | 24.5 | $ | 18.7 | $ | (42.0 | ) | $ | 33 | $ | 25.6 | $ | 25.6 | $ | 15.2 | $ | (40.5 | ) | $ | 25.9 | ||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 1.2 | — | 1.2 | — | — | 0.3 | — | 0.3 | ||||||||||||||||||||||
Comprehensive income (loss)(2) | $ | 31.8 | $ | 24.5 | $ | 17.5 | $ | (42.0 | ) | $ | 31.8 | $ | 25.6 | $ | 25.6 | $ | 14.9 | $ | (40.5 | ) | $ | 25.6 | ||||||||||
(1) Net income attributable to Hillenbrand | ||||||||||||||||||||||||||||||||
(2) Comprehensive income attributable to Hillenbrand | ||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of September 30, 2013 | |||||||||||||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||||||||||||||
Cash and equivalents | $ | 1.2 | $ | 9 | $ | 52.1 | $ | — | $ | 62.3 | $ | 0.6 | $ | 8.7 | $ | 33.4 | $ | — | $ | 42.7 | ||||||||||||
Trade receivables, net | — | 92.7 | 96.9 | — | 189.6 | — | 97 | 116.4 | — | 213.4 | ||||||||||||||||||||||
Unbilled receivables from long-term manufacturing contracts | — | 9.6 | 121.4 | — | 131 | — | 15.2 | 126.9 | — | 142.1 | ||||||||||||||||||||||
Inventories | — | 75.6 | 105.9 | (2.9 | ) | 178.6 | — | 72.4 | 107.8 | (2.7 | ) | 177.5 | ||||||||||||||||||||
Deferred income taxes | 9.1 | 11.4 | 2.9 | — | 23.4 | 9.1 | 8.3 | 4.9 | — | 22.3 | ||||||||||||||||||||||
Prepaid expense | 1.5 | 4.6 | 22.8 | — | 28.9 | 1 | 4.4 | 15 | — | 20.4 | ||||||||||||||||||||||
Intercompany receivables | 238.3 | 1,019.90 | 71.7 | (1,329.9 | ) | — | 222.5 | 1,011.30 | 33.3 | (1,267.1 | ) | — | ||||||||||||||||||||
Other current assets | 0.5 | 2.7 | 14.3 | (0.8 | ) | 16.7 | 0.4 | 4.3 | 17 | (0.7 | ) | 21 | ||||||||||||||||||||
Total current assets | 250.6 | 1,225.50 | 488 | (1,333.6 | ) | 630.5 | 233.6 | 1,221.60 | 454.7 | (1,270.5 | ) | 639.4 | ||||||||||||||||||||
Property, plant and equipment, net | 7.4 | 67.8 | 96.7 | — | 171.9 | 7.4 | 69 | 95.5 | — | 171.9 | ||||||||||||||||||||||
Intangible assets, net | 2.6 | 191.6 | 361.9 | — | 556.1 | 2.7 | 194.3 | 361.6 | — | 558.6 | ||||||||||||||||||||||
Goodwill | — | 209.1 | 390.3 | — | 599.4 | — | 209.3 | 376.5 | — | 585.8 | ||||||||||||||||||||||
Investment in consolidated subsidiaries | 1,987.20 | 644 | — | (2,631.2 | ) | — | 1,938.90 | 644 | — | (2,582.9 | ) | — | ||||||||||||||||||||
Other assets | 13.1 | 19.4 | 13.5 | — | 46 | 13.9 | 19 | 15.5 | (0.9 | ) | 47.5 | |||||||||||||||||||||
Total Assets | $ | 2,260.90 | $ | 2,357.40 | $ | 1,350.40 | $ | (3,964.8 | ) | $ | 2,003.90 | $ | 2,196.50 | $ | 2,357.20 | $ | 1,303.80 | $ | (3,854.3 | ) | $ | 2,003.20 | ||||||||||
Trade accounts payable | $ | 0.3 | $ | 21 | $ | 148.3 | $ | — | $ | 169.6 | $ | 0.6 | $ | 25.8 | $ | 156.8 | $ | — | $ | 183.2 | ||||||||||||
Liabilities from long-term manufacturing contracts and advances | — | 13.8 | 83.3 | — | 97.1 | — | 12.3 | 68.6 | — | 80.9 | ||||||||||||||||||||||
Current portion of long-term debt | 11.2 | — | — | — | 11.2 | 10 | — | — | — | 10 | ||||||||||||||||||||||
Accrued compensation | 1 | 14.7 | 28.4 | (0.8 | ) | 43.3 | 3.6 | 22.3 | 33.7 | — | 59.6 | |||||||||||||||||||||
Deferred income taxes | — | — | 11 | — | 11 | — | — | 12.1 | — | 12.1 | ||||||||||||||||||||||
Intercompany payables | 1,091.00 | 233.1 | 8.7 | (1,332.8 | ) | — | 1,048.10 | 221.7 | — | (1,269.8 | ) | — | ||||||||||||||||||||
Other current liabilities | 5 | 62.6 | 50 | — | 117.6 | 3.6 | 69.3 | 47.5 | (0.7 | ) | 119.7 | |||||||||||||||||||||
Total current liabilities | 1,108.50 | 345.2 | 329.7 | (1,333.6 | ) | 449.8 | 1,065.90 | 351.4 | 318.7 | (1,270.5 | ) | 465.5 | ||||||||||||||||||||
Long-term debt | 555.1 | — | 85.4 | — | 640.5 | 562.3 | — | 92 | — | 654.3 | ||||||||||||||||||||||
Accrued pension and postretirement healthcare | 1 | 84.9 | 107.1 | — | 193 | — | 86.1 | 104.2 | — | 190.3 | ||||||||||||||||||||||
Deferred income taxes | — | 21.8 | 52.2 | — | 74 | — | 46.2 | 30.1 | (0.9 | ) | 75.4 | |||||||||||||||||||||
Other long-term liabilities | — | 23.6 | 16.2 | — | 39.8 | — | 24.4 | 17 | — | 41.4 | ||||||||||||||||||||||
Total Liabilities | 1,664.60 | 475.5 | 590.6 | (1,333.6 | ) | 1,397.10 | 1,628.20 | 508.1 | 562 | (1,271.4 | ) | 1,426.90 | ||||||||||||||||||||
Total Hillenbrand Shareholders’ Equity | 596.3 | 1,881.90 | 749.3 | (2,631.2 | ) | 596.3 | 568.3 | 1,849.10 | 733.8 | (2,582.9 | ) | 568.3 | ||||||||||||||||||||
Noncontrolling interests | — | — | 10.5 | — | 10.5 | — | — | 8 | — | 8 | ||||||||||||||||||||||
Total Equity | 596.3 | 1,881.90 | 759.8 | (2,631.2 | ) | 606.8 | 568.3 | 1,849.10 | 741.8 | (2,582.9 | ) | 576.3 | ||||||||||||||||||||
Total Liabilities and Equity | $ | 2,260.90 | $ | 2,357.40 | $ | 1,350.40 | $ | (3,964.8 | ) | $ | 2,003.90 | $ | 2,196.50 | $ | 2,357.20 | $ | 1,303.80 | $ | (3,854.3 | ) | $ | 2,003.20 | ||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||||||||||
Three months ended December 31, 2013 | Three months ended December 31, 2012 | |||||||||||||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 11.8 | $ | 2.2 | $ | 31.9 | $ | — | $ | 45.9 | $ | (12.1 | ) | $ | 26.9 | $ | 4.9 | $ | — | $ | 19.7 | |||||||||||
Investing activities: | ||||||||||||||||||||||||||||||||
Capital expenditures | (0.3 | ) | (1.9 | ) | (3.4 | ) | — | (5.6 | ) | (0.9 | ) | (2.7 | ) | (2.0 | ) | — | (5.6 | ) | ||||||||||||||
Proceeds from property, plant, and equipment | — | — | — | — | — | 1.1 | 0.1 | — | — | 1.2 | ||||||||||||||||||||||
Proceeds from sales of investments | — | — | — | — | — | 1.4 | — | — | — | 1.4 | ||||||||||||||||||||||
Acquisition of business, net of cash acquired | — | — | — | — | — | (404.2 | ) | (0.5 | ) | (10.9 | ) | — | (415.6 | ) | ||||||||||||||||||
Other, net | (0.6 | ) | — | — | — | (0.6 | ) | — | — | — | — | — | ||||||||||||||||||||
Net cash used in investing activities | (0.9 | ) | (1.9 | ) | (3.4 | ) | — | (6.2 | ) | (402.6 | ) | (3.1 | ) | (12.9 | ) | — | (418.6 | ) | ||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||
Proceeds from term loan | — | — | — | — | — | 200 | — | — | — | 200 | ||||||||||||||||||||||
Repayments on term loan | (2.5 | ) | — | — | — | (2.5 | ) | (2.5 | ) | — | — | — | (2.5 | ) | ||||||||||||||||||
Proceeds from revolving credit facilities, net of financing costs | 76.5 | — | 17.7 | — | 94.2 | 484.1 | — | 51.2 | — | 535.3 | ||||||||||||||||||||||
Repayments on revolving credit facilities | (80.0 | ) | — | (25.9 | ) | — | (105.9 | ) | (238.0 | ) | — | — | — | (238.0 | ) | |||||||||||||||||
Payment of dividends on common stock | (12.4 | ) | — | — | — | (12.4 | ) | (12.1 | ) | — | — | — | (12.1 | ) | ||||||||||||||||||
Net proceeds (payments) on stock plans | 7.6 | — | — | — | 7.6 | (2.7 | ) | — | — | — | (2.7 | ) | ||||||||||||||||||||
Other, net | 0.5 | — | (0.8 | ) | — | (0.3 | ) | — | — | — | — | — | ||||||||||||||||||||
Net cash (used in) provided by financing activities | (10.3 | ) | — | (9.0 | ) | — | (19.3 | ) | 428.8 | — | 51.2 | — | 480 | |||||||||||||||||||
Effect of exchange rates on cash and cash equivalents | — | — | (0.8 | ) | — | (0.8 | ) | — | — | 0.8 | — | 0.8 | ||||||||||||||||||||
Net cash flow | 0.6 | 0.3 | 18.7 | — | 19.6 | 14.1 | 23.8 | 44 | — | 81.9 | ||||||||||||||||||||||
Cash and equivalents at beginning of period | 0.6 | 8.7 | 33.4 | — | 42.7 | 3.9 | 6.3 | 10 | — | 20.2 | ||||||||||||||||||||||
Cash and equivalents at end of period | $ | 1.2 | $ | 9 | $ | 52.1 | $ | — | $ | 62.3 | $ | 18 | $ | 30.1 | $ | 54 | $ | — | $ | 102.1 |
Subsequent_Event
Subsequent Event | 3 Months Ended |
Dec. 31, 2013 | |
Subsequent Event | ' |
Subsequent Event | ' |
17. Subsequent Event | |
At December 31, 2013, we held warrants with a carrying value of $1.0 to purchase common stock of a privately held company, which was acquired by a third party on January 2, 2014. In connection with that transaction, the Company exercised the warrants and received $5.5 of cash in January with a majority of the remaining $0.7 of payments due over the next 12 months. The transaction resulted in a gain of $5.2 that will be recognized in the second quarter of fiscal 2014. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 2013 | |
Summary of Significant Accounting Policies | ' |
Recently Adopted and Issued Accounting Standards | ' |
Recently Adopted and Issued Accounting Standards | |
In February 2013, the FASB issued an accounting standards update titled Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This standard is intended to improve the reporting of reclassifications out of accumulated other comprehensive income of various components. An entity is required to present significant amounts reclassified from each component of accumulated other comprehensive income and the income statement affected by the reclassification. The new disclosure requirements became effective and were adopted for our fiscal year beginning October 1, 2013. The adoption of this disclosure-only guidance did not have an impact on our financial statements. | |
In July 2013, the FASB issued an accounting standard update titled Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The new standard requires the netting of unrecognized tax benefits (“UTBs”) against a deferred tax asset for a loss or other carryforward that would apply in settlement of the uncertain tax positions. Under the new standard, UTBs will be netted against all available same—jurisdiction loss or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by the UTBs. The standard will be effective for our fiscal year beginning October 1, 2014. We do not expect the adoption of this standard to have a significant impact on our financial statements. |
Business_Acquisitions_Tables
Business Acquisitions (Tables) (Coperion) | 3 Months Ended | ||||
Dec. 31, 2013 | |||||
Coperion | ' | ||||
Background and Basis of Presentation | ' | ||||
Summary of fair values of the assets acquired and liabilities assumed | ' | ||||
December 1, | |||||
2012 | |||||
Cash and cash equivalents | $ | 32.8 | |||
Inventory | 112.4 | ||||
Current assets, excluding cash and cash equivalents and inventory | 175.2 | ||||
Property, plant, and equipment | 54.4 | ||||
Identifiable intangible assets | 291.8 | ||||
Goodwill | 275.1 | ||||
Other assets | 2.1 | ||||
Total assets acquired | 943.8 | ||||
Current liabilities | 282.5 | ||||
Accrued pension obligations | 129.9 | ||||
Deferred income taxes | 68.6 | ||||
Other long-term liabilities | 6.7 | ||||
Total liabilities assumed | 487.7 | ||||
Noncontrolling interests | 8.2 | ||||
Aggregate purchase price | $ | 447.9 | |||
Schedule of pro forma financial information | ' | ||||
Three Months | |||||
Ended | |||||
December 31, | |||||
2012 | |||||
Pro forma net revenue | $ | 420.4 | |||
Pro forma net income(1) | 28.3 | ||||
Pro forma basic and diluted earnings per share | $ | 0.46 | |||
(1)Pro forma net income attributable to Hillenbrand |
Supplemental_Balance_Sheet_Inf1
Supplemental Balance Sheet Information (Tables) | 3 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Supplemental Balance Sheet Information | ' | |||||||
Schedule of supplemental balance sheet information | ' | |||||||
December 31, | September 30, | |||||||
2013 | 2013 | |||||||
Trade accounts receivable reserves | $ | 18.7 | $ | 19.3 | ||||
Accumulated depreciation on property, plant, and equipment | $ | 272 | $ | 268 | ||||
Accumulated amortization on intangible assets | $ | 110.4 | $ | 99.6 | ||||
Inventories: | ||||||||
Raw materials and components | $ | 54.8 | $ | 58.3 | ||||
Work in process | 78.6 | 74.8 | ||||||
Finished goods | 45.2 | 44.4 | ||||||
Total inventories | $ | 178.6 | $ | 177.5 |
Financing_Agreements_Tables
Financing Agreements (Tables) | 3 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Financing Agreements | ' | |||||||
Schedule of borrowings under financing agreements | ' | |||||||
December 31, | September 30, | |||||||
2013 | 2013 | |||||||
$700 revolving credit facility (excludes outstanding letters of credit) | $ | 315.4 | $ | 325.5 | ||||
$200 term loan | 187.5 | 190 | ||||||
$150 senior unsecured notes, due July 15, 2020, net of discount | 148.8 | 148.8 | ||||||
Total debt | 651.7 | 664.3 | ||||||
Less: current portion | 11.2 | 10 | ||||||
Total long-term debt | $ | 640.5 | $ | 654.3 |
Retirement_Benefits_Tables
Retirement Benefits (Tables) | 3 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Retirement and Postemployment Benefits | ' | |||||||||||||
Components of net pension costs | ' | |||||||||||||
U.S. Pension Benefits | Non-U.S. Pension Benefits | |||||||||||||
Three Months Ended December 31, | Three Months Ended December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Service costs | $ | 1 | $ | 1.2 | $ | 0.4 | $ | 0.4 | ||||||
Interest costs | 3.7 | 2.9 | 1.1 | 0.6 | ||||||||||
Expected return on plan assets | (3.5 | ) | (3.0 | ) | (0.3 | ) | (0.4 | ) | ||||||
Amortization of unrecognized prior service costs, net | 0.2 | 0.2 | — | — | ||||||||||
Amortization of net loss | 0.9 | 1.8 | — | — | ||||||||||
Net pension costs | $ | 2.3 | $ | 3.1 | $ | 1.2 | $ | 0.6 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Earnings Per Share | ' | |||||||
Schedule of computation of basic and diluted earnings per share | ' | |||||||
Three Months Ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Net income (1) | $ | 20.3 | $ | 14.3 | ||||
Weighted-average shares outstanding — basic (in millions) | 63.1 | 62.4 | ||||||
Effect of dilutive stock options and other unvested equity awards (in millions) | 0.6 | 0.2 | ||||||
Weighted-average shares outstanding — diluted (in millions) | 63.7 | 62.6 | ||||||
Earnings per share — basic | $ | 0.32 | $ | 0.23 | ||||
Earnings per share — diluted | $ | 0.32 | $ | 0.23 | ||||
Shares with anti-dilutive effect excluded from the computation of diluted earnings per share (in millions) | 0.6 | 2.4 | ||||||
(1) Net income attributable to Hillenbrand |
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||
Schedule of changes in accumulated other comprehensive income (loss) by component | ' | ||||||||||||||||||||||
Pension and | Currency | Net | Net | Total | Noncontrolling | Total | |||||||||||||||||
Postretirement | Translation | Unrealized | Unrealized | attributable | Interests | ||||||||||||||||||
Gain (Loss) | Gain (Loss) | to | |||||||||||||||||||||
on Derivative | on | Hillenbrand, | |||||||||||||||||||||
Instruments | Available- | Inc. | |||||||||||||||||||||
for-Sale | |||||||||||||||||||||||
Securities | |||||||||||||||||||||||
Balance at September 30, 2012 | $ | (58.5 | ) | $ | 16.2 | $ | (0.3 | ) | $ | 0.2 | $ | (42.4 | ) | ||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||||||||
Before tax amount | — | 10.2 | 0.2 | (0.3 | ) | 10.1 | $ | — | $ | 10.1 | |||||||||||||
Tax benefit | — | — | — | 0.1 | 0.1 | — | 0.1 | ||||||||||||||||
After tax amount | — | 10.2 | 0.2 | (0.2 | ) | 10.2 | — | 10.2 | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income(1) | 1.1 | — | — | — | 1.1 | — | 1.1 | ||||||||||||||||
Net current period other comprehensive income (loss) | 1.1 | 10.2 | 0.2 | (0.2 | ) | 11.3 | $ | — | $ | 11.3 | |||||||||||||
Balance at December 31, 2012 | $ | (57.4 | ) | $ | 26.4 | $ | (0.1 | ) | $ | — | $ | (31.1 | ) | ||||||||||
Balance at September 30, 2013 | $ | (33.0 | ) | $ | 31.4 | $ | 0.2 | $ | — | $ | (1.4 | ) | |||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||||||||
Before tax amount | 2.1 | 8.7 | 0.6 | — | 11.4 | $ | (0.1 | ) | $ | 11.3 | |||||||||||||
Tax expense | (0.6 | ) | — | (0.2 | ) | — | (0.8 | ) | — | (0.8 | ) | ||||||||||||
After tax amount | 1.5 | 8.7 | 0.4 | — | 10.6 | — | 10.5 | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income(1) | 0.7 | — | 0.1 | — | 0.8 | — | 0.8 | ||||||||||||||||
Net current period other comprehensive income (loss) | 2.2 | 8.7 | 0.5 | — | 11.4 | $ | (0.1 | ) | $ | 11.3 | |||||||||||||
Balance at December 31, 2013 | $ | (30.8 | ) | $ | 40.1 | $ | 0.7 | $ | — | $ | 10 | ||||||||||||
(1) Amounts are net of tax. | |||||||||||||||||||||||
Schedule of reclassifications out of accumulated other comprehensive income | ' | ||||||||||||||||||||||
Three Months Ended December 31, 2013 | |||||||||||||||||||||||
Amortization of Pension and | Realized (Gain)/Loss | ||||||||||||||||||||||
Postretirement (1) | |||||||||||||||||||||||
Net Loss | Prior Service Costs | on Derivative | Total | ||||||||||||||||||||
Recognized | Recognized | Instruments | |||||||||||||||||||||
Affected Line in the Consolidated Statement of Operations: | |||||||||||||||||||||||
Net revenue | $ | — | $ | — | $ | 0.1 | $ | 0.1 | |||||||||||||||
Cost of goods sold | 0.6 | 0.1 | (0.1 | ) | 0.6 | ||||||||||||||||||
Operating expenses | 0.3 | 0.1 | — | 0.4 | |||||||||||||||||||
Other income (expense), net | — | — | 0.1 | 0.1 | |||||||||||||||||||
Total before tax | $ | 0.9 | $ | 0.2 | $ | 0.1 | 1.2 | ||||||||||||||||
Tax expense | (0.4 | ) | |||||||||||||||||||||
Total reclassifications for the period, net of tax | $ | 0.8 | |||||||||||||||||||||
(1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 6). |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Share-Based Compensation. | ' | |||||||
Schedule of stock-based compensation costs | ' | |||||||
Three Months Ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Share-based compensation cost | $ | 1.7 | $ | 4.5 | ||||
Less impact of income tax | 0.6 | 1.6 | ||||||
Share-based compensation cost, net of tax | $ | 1.1 | $ | 2.9 | ||||
Schedule of stock-based awards granted in the period | ' | |||||||
Number of | ||||||||
Units | ||||||||
Stock options | 449,706 | |||||||
Time-based stock awards | 22,891 | |||||||
Performance-based stock awards (maximum that can be earned) | 575,782 |
Other_Income_Expense_Net_Table
Other Income (Expense), Net (Tables) | 3 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Income (Expense), Net | ' | |||||||
Other Income and Expense | ' | |||||||
Three Months Ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Equity in net income (loss) of affiliates | $ | (0.2 | ) | $ | (0.2 | ) | ||
Foreign currency exchange gain (loss) | (0.3 | ) | 0.8 | |||||
Business acquisition and integration costs, net | — | 0.8 | ||||||
Other, net | 0.4 | (0.5 | ) | |||||
Other income and expense, net | $ | (0.1 | ) | $ | 0.9 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Schedule of financial assets and liabilities at carrying value and fair value and the level within the fair value hierarchy | ' | |||||||||||||
Carrying | ||||||||||||||
Value at | Fair Value at December 31, 2013 | |||||||||||||
December 31, | Using Inputs Considered as: | |||||||||||||
2013 | Level 1 | Level 2 | Level 3 | |||||||||||
Assets: | ||||||||||||||
Cash and cash equivalents | $ | 62.3 | $ | 62.3 | $ | — | $ | — | ||||||
Equity investments | 1 | — | — | 6.2 | ||||||||||
Investments in rabbi trust | 6 | 6 | — | — | ||||||||||
Derivative instruments | 1.8 | — | 1.8 | — | ||||||||||
Liabilities: | ||||||||||||||
$150 senior unsecured notes | 148.8 | 159.1 | — | — | ||||||||||
Revolving credit facility | 315.4 | — | 315.4 | — | ||||||||||
Term loan | 187.5 | — | 187.5 | — | ||||||||||
Derivative instruments | 0.6 | — | 0.6 | — | ||||||||||
Segment_and_Geographical_Infor1
Segment and Geographical Information (Tables) | 3 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Segment and Geographical Information | ' | |||||||
Schedule of net revenue, adjusted EBITDA, and depreciation and amortization by segment and geographic location | ' | |||||||
Three Months Ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Net revenue | ||||||||
Process Equipment Group | $ | 242.2 | $ | 153.7 | ||||
Batesville | 142.7 | 151.5 | ||||||
Total | $ | 384.9 | $ | 305.2 | ||||
Adjusted EBITDA | ||||||||
Process Equipment Group | $ | 26.7 | $ | 20.9 | ||||
Batesville | 34.5 | 38.5 | ||||||
Corporate | (8.0 | ) | (8.0 | ) | ||||
Net revenue (1) | ||||||||
United States | $ | 202.4 | $ | 205.5 | ||||
International | 182.5 | 99.7 | ||||||
Total | $ | 384.9 | $ | 305.2 | ||||
(1) We attribute revenue to a geography based upon the location of the business unit that consummates the external sale. | ||||||||
Schedule of assets by segment and tangible long-lived assets, net by geographic location | ' | |||||||
December 31, | September 30, | |||||||
2013 | 2013 | |||||||
Total assets | ||||||||
Process Equipment Group | $ | 1,714.80 | $ | 1,708.60 | ||||
Batesville | 236.3 | 238.3 | ||||||
Corporate | 52.8 | 56.3 | ||||||
Total | $ | 2,003.90 | $ | 2,003.20 | ||||
Tangible long-lived assets | ||||||||
United States | $ | 101.2 | $ | 101.9 | ||||
International | 70.7 | 70 | ||||||
Total | $ | 171.9 | $ | 171.9 | ||||
Schedule of reconciliation of segment adjusted EBITDA to consolidated net income | ' | |||||||
Three Months Ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Adjusted EBITDA: | ||||||||
Process Equipment Group | $ | 26.7 | $ | 20.9 | ||||
Batesville | 34.5 | 38.5 | ||||||
Corporate | (8.0 | ) | (8.0 | ) | ||||
Less: | ||||||||
Interest income | (0.2 | ) | (0.1 | ) | ||||
Interest expense | 6.3 | 4.5 | ||||||
Income tax expense | 9 | 5.9 | ||||||
Depreciation and amortization | 14.3 | 15 | ||||||
Business acquisition and integration | 1.9 | 8.2 | ||||||
Inventory step-up | — | 2.6 | ||||||
Restructuring | 0.3 | 0.6 | ||||||
Antitrust litigation | — | 0.1 | ||||||
Consolidated net income | $ | 21.6 | $ | 14.6 |
Condensed_Consolidating_Inform1
Condensed Consolidating Information (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Condensed Consolidating Information | ' | |||||||||||||||||||||||||||||||
Schedule of condensed consolidating statements of income | ' | |||||||||||||||||||||||||||||||
Three months ended December 31, 2013 | Three months ended December 31, 2012 | |||||||||||||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||||||||||||||
Net revenue | $ | — | $ | 200.3 | $ | 225 | $ | (40.4 | ) | $ | 384.9 | $ | — | $ | 198.7 | $ | 148.2 | $ | (41.7 | ) | $ | 305.2 | ||||||||||
Cost of goods sold | — | 102.5 | 166.6 | (15.2 | ) | 253.9 | — | 98.5 | 110.9 | (14.7 | ) | 194.7 | ||||||||||||||||||||
Gross profit | — | 97.8 | 58.4 | (25.2 | ) | 131 | — | 100.2 | 37.3 | (27.0 | ) | 110.5 | ||||||||||||||||||||
Operating expenses | 9 | 61.9 | 48.3 | (25.2 | ) | 94 | 18.1 | 60.8 | 34.5 | (27.0 | ) | 86.4 | ||||||||||||||||||||
Operating profit | (9.0 | ) | 35.9 | 10.1 | — | 37 | (18.1 | ) | 39.4 | 2.8 | — | 24.1 | ||||||||||||||||||||
Interest expense | 4.9 | 0.1 | 1.3 | — | 6.3 | 4.1 | — | 0.4 | — | 4.5 | ||||||||||||||||||||||
Other income (expense), net | (0.1 | ) | (0.7 | ) | 0.7 | — | (0.1 | ) | 1.5 | (0.9 | ) | 0.3 | — | 0.9 | ||||||||||||||||||
Equity in net income (loss) of subsidiaries | 28.6 | 1.9 | — | (30.5 | ) | — | 25.1 | 1.5 | — | (26.6 | ) | — | ||||||||||||||||||||
Income (loss) before income taxes | 14.6 | 37 | 9.5 | (30.5 | ) | 30.6 | 4.4 | 40 | 2.7 | (26.6 | ) | 20.5 | ||||||||||||||||||||
Income tax expense (benefit) | (5.7 | ) | 13.2 | 1.5 | — | 9 | (9.9 | ) | 14.4 | 1.4 | — | 5.9 | ||||||||||||||||||||
Consolidated net income | 20.3 | 23.8 | 8 | (30.5 | ) | 21.6 | 14.3 | 25.6 | 1.3 | (26.6 | ) | 14.6 | ||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 1.3 | — | 1.3 | — | — | 0.3 | — | 0.3 | ||||||||||||||||||||||
Net income (loss)(1) | $ | 20.3 | $ | 23.8 | $ | 6.7 | $ | (30.5 | ) | $ | 20.3 | $ | 14.3 | $ | 25.6 | $ | 1 | $ | (26.6 | ) | $ | 14.3 | ||||||||||
Consolidated comprehensive income (loss) | $ | 31.8 | $ | 24.5 | $ | 18.7 | $ | (42.0 | ) | $ | 33 | $ | 25.6 | $ | 25.6 | $ | 15.2 | $ | (40.5 | ) | $ | 25.9 | ||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 1.2 | — | 1.2 | — | — | 0.3 | — | 0.3 | ||||||||||||||||||||||
Comprehensive income (loss)(2) | $ | 31.8 | $ | 24.5 | $ | 17.5 | $ | (42.0 | ) | $ | 31.8 | $ | 25.6 | $ | 25.6 | $ | 14.9 | $ | (40.5 | ) | $ | 25.6 | ||||||||||
(1) Net income attributable to Hillenbrand | ||||||||||||||||||||||||||||||||
(2) Comprehensive income attributable to Hillenbrand | ||||||||||||||||||||||||||||||||
Schedule of condensed consolidating balance sheets | ' | |||||||||||||||||||||||||||||||
As of December 31, 2013 | As of September 30, 2013 | |||||||||||||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||||||||||||||
Cash and equivalents | $ | 1.2 | $ | 9 | $ | 52.1 | $ | — | $ | 62.3 | $ | 0.6 | $ | 8.7 | $ | 33.4 | $ | — | $ | 42.7 | ||||||||||||
Trade receivables, net | — | 92.7 | 96.9 | — | 189.6 | — | 97 | 116.4 | — | 213.4 | ||||||||||||||||||||||
Unbilled receivables from long-term manufacturing contracts | — | 9.6 | 121.4 | — | 131 | — | 15.2 | 126.9 | — | 142.1 | ||||||||||||||||||||||
Inventories | — | 75.6 | 105.9 | (2.9 | ) | 178.6 | — | 72.4 | 107.8 | (2.7 | ) | 177.5 | ||||||||||||||||||||
Deferred income taxes | 9.1 | 11.4 | 2.9 | — | 23.4 | 9.1 | 8.3 | 4.9 | — | 22.3 | ||||||||||||||||||||||
Prepaid expense | 1.5 | 4.6 | 22.8 | — | 28.9 | 1 | 4.4 | 15 | — | 20.4 | ||||||||||||||||||||||
Intercompany receivables | 238.3 | 1,019.90 | 71.7 | (1,329.9 | ) | — | 222.5 | 1,011.30 | 33.3 | (1,267.1 | ) | — | ||||||||||||||||||||
Other current assets | 0.5 | 2.7 | 14.3 | (0.8 | ) | 16.7 | 0.4 | 4.3 | 17 | (0.7 | ) | 21 | ||||||||||||||||||||
Total current assets | 250.6 | 1,225.50 | 488 | (1,333.6 | ) | 630.5 | 233.6 | 1,221.60 | 454.7 | (1,270.5 | ) | 639.4 | ||||||||||||||||||||
Property, plant and equipment, net | 7.4 | 67.8 | 96.7 | — | 171.9 | 7.4 | 69 | 95.5 | — | 171.9 | ||||||||||||||||||||||
Intangible assets, net | 2.6 | 191.6 | 361.9 | — | 556.1 | 2.7 | 194.3 | 361.6 | — | 558.6 | ||||||||||||||||||||||
Goodwill | — | 209.1 | 390.3 | — | 599.4 | — | 209.3 | 376.5 | — | 585.8 | ||||||||||||||||||||||
Investment in consolidated subsidiaries | 1,987.20 | 644 | — | (2,631.2 | ) | — | 1,938.90 | 644 | — | (2,582.9 | ) | — | ||||||||||||||||||||
Other assets | 13.1 | 19.4 | 13.5 | — | 46 | 13.9 | 19 | 15.5 | (0.9 | ) | 47.5 | |||||||||||||||||||||
Total Assets | $ | 2,260.90 | $ | 2,357.40 | $ | 1,350.40 | $ | (3,964.8 | ) | $ | 2,003.90 | $ | 2,196.50 | $ | 2,357.20 | $ | 1,303.80 | $ | (3,854.3 | ) | $ | 2,003.20 | ||||||||||
Trade accounts payable | $ | 0.3 | $ | 21 | $ | 148.3 | $ | — | $ | 169.6 | $ | 0.6 | $ | 25.8 | $ | 156.8 | $ | — | $ | 183.2 | ||||||||||||
Liabilities from long-term manufacturing contracts and advances | — | 13.8 | 83.3 | — | 97.1 | — | 12.3 | 68.6 | — | 80.9 | ||||||||||||||||||||||
Current portion of long-term debt | 11.2 | — | — | — | 11.2 | 10 | — | — | — | 10 | ||||||||||||||||||||||
Accrued compensation | 1 | 14.7 | 28.4 | (0.8 | ) | 43.3 | 3.6 | 22.3 | 33.7 | — | 59.6 | |||||||||||||||||||||
Deferred income taxes | — | — | 11 | — | 11 | — | — | 12.1 | — | 12.1 | ||||||||||||||||||||||
Intercompany payables | 1,091.00 | 233.1 | 8.7 | (1,332.8 | ) | — | 1,048.10 | 221.7 | — | (1,269.8 | ) | — | ||||||||||||||||||||
Other current liabilities | 5 | 62.6 | 50 | — | 117.6 | 3.6 | 69.3 | 47.5 | (0.7 | ) | 119.7 | |||||||||||||||||||||
Total current liabilities | 1,108.50 | 345.2 | 329.7 | (1,333.6 | ) | 449.8 | 1,065.90 | 351.4 | 318.7 | (1,270.5 | ) | 465.5 | ||||||||||||||||||||
Long-term debt | 555.1 | — | 85.4 | — | 640.5 | 562.3 | — | 92 | — | 654.3 | ||||||||||||||||||||||
Accrued pension and postretirement healthcare | 1 | 84.9 | 107.1 | — | 193 | — | 86.1 | 104.2 | — | 190.3 | ||||||||||||||||||||||
Deferred income taxes | — | 21.8 | 52.2 | — | 74 | — | 46.2 | 30.1 | (0.9 | ) | 75.4 | |||||||||||||||||||||
Other long-term liabilities | — | 23.6 | 16.2 | — | 39.8 | — | 24.4 | 17 | — | 41.4 | ||||||||||||||||||||||
Total Liabilities | 1,664.60 | 475.5 | 590.6 | (1,333.6 | ) | 1,397.10 | 1,628.20 | 508.1 | 562 | (1,271.4 | ) | 1,426.90 | ||||||||||||||||||||
Total Hillenbrand Shareholders’ Equity | 596.3 | 1,881.90 | 749.3 | (2,631.2 | ) | 596.3 | 568.3 | 1,849.10 | 733.8 | (2,582.9 | ) | 568.3 | ||||||||||||||||||||
Noncontrolling interests | — | — | 10.5 | — | 10.5 | — | — | 8 | — | 8 | ||||||||||||||||||||||
Total Equity | 596.3 | 1,881.90 | 759.8 | (2,631.2 | ) | 606.8 | 568.3 | 1,849.10 | 741.8 | (2,582.9 | ) | 576.3 | ||||||||||||||||||||
Total Liabilities and Equity | $ | 2,260.90 | $ | 2,357.40 | $ | 1,350.40 | $ | (3,964.8 | ) | $ | 2,003.90 | $ | 2,196.50 | $ | 2,357.20 | $ | 1,303.80 | $ | (3,854.3 | ) | $ | 2,003.20 | ||||||||||
Schedule of condensed consolidating statements of cash flows | ' | |||||||||||||||||||||||||||||||
Three months ended December 31, 2013 | Three months ended December 31, 2012 | |||||||||||||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 11.8 | $ | 2.2 | $ | 31.9 | $ | — | $ | 45.9 | $ | (12.1 | ) | $ | 26.9 | $ | 4.9 | $ | — | $ | 19.7 | |||||||||||
Investing activities: | ||||||||||||||||||||||||||||||||
Capital expenditures | (0.3 | ) | (1.9 | ) | (3.4 | ) | — | (5.6 | ) | (0.9 | ) | (2.7 | ) | (2.0 | ) | — | (5.6 | ) | ||||||||||||||
Proceeds from property, plant, and equipment | — | — | — | — | — | 1.1 | 0.1 | — | — | 1.2 | ||||||||||||||||||||||
Proceeds from sales of investments | — | — | — | — | — | 1.4 | — | — | — | 1.4 | ||||||||||||||||||||||
Acquisition of business, net of cash acquired | — | — | — | — | — | (404.2 | ) | (0.5 | ) | (10.9 | ) | — | (415.6 | ) | ||||||||||||||||||
Other, net | (0.6 | ) | — | — | — | (0.6 | ) | — | — | — | — | — | ||||||||||||||||||||
Net cash used in investing activities | (0.9 | ) | (1.9 | ) | (3.4 | ) | — | (6.2 | ) | (402.6 | ) | (3.1 | ) | (12.9 | ) | — | (418.6 | ) | ||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||
Proceeds from term loan | — | — | — | — | — | 200 | — | — | — | 200 | ||||||||||||||||||||||
Repayments on term loan | (2.5 | ) | — | — | — | (2.5 | ) | (2.5 | ) | — | — | — | (2.5 | ) | ||||||||||||||||||
Proceeds from revolving credit facilities, net of financing costs | 76.5 | — | 17.7 | — | 94.2 | 484.1 | — | 51.2 | — | 535.3 | ||||||||||||||||||||||
Repayments on revolving credit facilities | (80.0 | ) | — | (25.9 | ) | — | (105.9 | ) | (238.0 | ) | — | — | — | (238.0 | ) | |||||||||||||||||
Payment of dividends on common stock | (12.4 | ) | — | — | — | (12.4 | ) | (12.1 | ) | — | — | — | (12.1 | ) | ||||||||||||||||||
Net proceeds (payments) on stock plans | 7.6 | — | — | — | 7.6 | (2.7 | ) | — | — | — | (2.7 | ) | ||||||||||||||||||||
Other, net | 0.5 | — | (0.8 | ) | — | (0.3 | ) | — | — | — | — | — | ||||||||||||||||||||
Net cash (used in) provided by financing activities | (10.3 | ) | — | (9.0 | ) | — | (19.3 | ) | 428.8 | — | 51.2 | — | 480 | |||||||||||||||||||
Effect of exchange rates on cash and cash equivalents | — | — | (0.8 | ) | — | (0.8 | ) | — | — | 0.8 | — | 0.8 | ||||||||||||||||||||
Net cash flow | 0.6 | 0.3 | 18.7 | — | 19.6 | 14.1 | 23.8 | 44 | — | 81.9 | ||||||||||||||||||||||
Cash and equivalents at beginning of period | 0.6 | 8.7 | 33.4 | — | 42.7 | 3.9 | 6.3 | 10 | — | 20.2 | ||||||||||||||||||||||
Cash and equivalents at end of period | $ | 1.2 | $ | 9 | $ | 52.1 | $ | — | $ | 62.3 | $ | 18 | $ | 30.1 | $ | 54 | $ | — | $ | 102.1 |
Background_and_Basis_of_Presen1
Background and Basis of Presentation (Details) | 3 Months Ended |
Dec. 31, 2013 | |
segment | |
Background and Basis of Presentation | ' |
Number of reportable segments | 2 |
Coperion | Maximum | ' |
Background and Basis of Presentation | ' |
Ownership in subsidiaries acquired through acquisition of the parent company, percent | 100.00% |
Background_and_Basis_of_Presen2
Background and Basis of Presentation (Details2) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
Correction of Errors | ' | ' | ' | ' | ' |
Operating expenses | $94 | ' | ' | $86.40 | ' |
Cost of goods sold | 253.9 | ' | ' | 194.7 | ' |
Errors related to accounting for sales commissions | Adjustment | ' | ' | ' | ' | ' |
Correction of Errors | ' | ' | ' | ' | ' |
Operating expenses | -2 | -2.3 | -2.6 | -0.1 | -8.5 |
Cost of goods sold | ' | 2.3 | 2.6 | 0.1 | 8.5 |
Operating expenses and cost of goods sold | ' | ' | ' | ' | 8.5 |
Immaterial adjustment to correct prior period errors | $2 | ' | ' | ' | ' |
Business_Acquisitions_Details
Business Acquisitions (Details) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 01, 2012 | Dec. 01, 2012 |
In Millions, unless otherwise specified | Goodwill | Accrued pension obligations | Current liabilities | Noncontrolling Interests | Coperion | Coperion | ||
$700 revolving credit facility (excludes outstanding letters of credit) | ||||||||
Background and Basis of Presentation | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate purchase consideration | ' | ' | ' | ' | ' | ' | $545 | ' |
Net cash purchase consideration | ' | ' | ' | ' | ' | ' | 269.1 | ' |
Debt | ' | ' | ' | ' | ' | ' | 146 | ' |
Revolving credit facility, borrowings utilized | ' | ' | ' | ' | ' | ' | ' | 426.3 |
Repayment of debt | ' | ' | ' | ' | ' | ' | 146 | ' |
Fair values of the assets acquired and liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' | ' | ' | 32.8 | ' |
Inventory | ' | ' | ' | ' | ' | ' | 112.4 | ' |
Current assets, excluding cash and cash equivalents and inventory | ' | ' | ' | ' | ' | ' | 175.2 | ' |
Property, plant, and equipment | ' | ' | ' | ' | ' | ' | 54.4 | ' |
Identifiable intangible assets | ' | ' | ' | ' | ' | ' | 291.8 | ' |
Goodwill | 599.4 | 585.8 | ' | ' | ' | ' | 275.1 | ' |
Other assets | ' | ' | ' | ' | ' | ' | 2.1 | ' |
Total assets acquired | ' | ' | ' | ' | ' | ' | 943.8 | ' |
Current liabilities | ' | ' | ' | ' | ' | ' | 282.5 | ' |
Accrued pension obligation | ' | ' | ' | ' | ' | ' | 129.9 | ' |
Deferred income taxes | ' | ' | ' | ' | ' | ' | 68.6 | ' |
Other long-term liabilities | ' | ' | ' | ' | ' | ' | 6.7 | ' |
Total liabilities assumed | ' | ' | ' | ' | ' | ' | 487.7 | ' |
Noncontrolling interests | ' | ' | ' | ' | ' | ' | 8.2 | ' |
Aggregate purchase price | ' | ' | ' | ' | ' | ' | 447.9 | ' |
Final purchase accounting adjustments | ' | ' | $7.30 | $4.30 | $1.30 | $1.70 | ' | ' |
Business_Acquisitions_Details_
Business Acquisitions (Details 2) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Background and Basis of Presentation | ' | ' |
Business acquisition and integration | $1.90 | $8.20 |
Operating expenses | ' | ' |
Background and Basis of Presentation | ' | ' |
Backlog amortization and inventory step-up costs | ' | 9 |
Other income | ' | ' |
Background and Basis of Presentation | ' | ' |
Backlog amortization and inventory step-up costs | ' | 0.8 |
Coperion | ' | ' |
Background and Basis of Presentation | ' | ' |
Business acquisition and integration | ' | -8.2 |
Backlog amortization and inventory step-up costs | ' | 6.8 |
Pro forma financial information | ' | ' |
Pro forma net revenue | ' | 420.4 |
Pro forma net income | ' | $28.30 |
Pro forma basic and diluted earnings per share (in dollars per share) | ' | $0.46 |
Supplemental_Balance_Sheet_Inf2
Supplemental Balance Sheet Information (Details) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Supplemental Balance Sheet Information | ' | ' |
Trade accounts receivable reserves | $18.70 | $19.30 |
Accumulated depreciation on property, plant, and equipment | 272 | 268 |
Accumulated amortization on intangible assets | 110.4 | 99.6 |
Inventories | ' | ' |
Raw materials and components | 54.8 | 58.3 |
Work in process | 78.6 | 74.8 |
Finished goods | 45.2 | 44.4 |
Total inventories | $178.60 | $177.50 |
Financing_Agreements_Details
Financing Agreements (Details) | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | USD ($) | USD ($) | $700 revolving credit facility (excludes outstanding letters of credit) | $700 revolving credit facility (excludes outstanding letters of credit) | $700 revolving credit facility (excludes outstanding letters of credit) | $200 term loan | $200 term loan | $200 term loan | $150 senior unsecured notes, due July 15, 2020, net of discount | $150 senior unsecured notes, due July 15, 2020, net of discount | Syndicated Letter of Guarantee Facility | Syndicated Letter of Guarantee Facility | Other financing agreements | Other financing agreements |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | |||||
Financing Agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt | $651.70 | $664.30 | $315.40 | ' | $325.50 | $187.50 | ' | $190 | $148.80 | $148.80 | ' | ' | ' | ' |
Less: current portion | 11.2 | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt | 640.5 | 654.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity available under the facility | ' | ' | 700 | ' | 700 | ' | ' | ' | ' | ' | ' | 150 | 301 | ' |
Debt issued | ' | ' | ' | ' | 200 | 200 | ' | ' | 150 | 150 | ' | ' | ' | ' |
Letters of credit outstanding | ' | ' | 23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining borrowing capacity available under the credit facility | ' | ' | 361.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rates (as a percent) | ' | ' | 1.35% | 1.35% | ' | 1.68% | 1.81% | ' | ' | ' | ' | ' | ' | ' |
Borrowings under facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Restricted cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | 1.6 |
Amount of credit facility utilized for providing bank guarantees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $210.90 | ' |
Retirement_Benefits_Details
Retirement Benefits (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined benefit plans | ' | ' |
Postretirement healthcare costs, net | $0.10 | $0.10 |
Expenses related to defined contribution plans | 2.1 | 2 |
U.S. Pension Benefits | ' | ' |
Defined benefit plans | ' | ' |
Service costs | 1 | 1.2 |
Interest costs | 3.7 | 2.9 |
Expected return on plan assets | -3.5 | -3 |
Amortization of unrecognized prior service costs, net | 0.2 | 0.2 |
Amortization of net loss | 0.9 | 1.8 |
Net pension costs | 2.3 | 3.1 |
Non-U.S. Pension Benefits | ' | ' |
Defined benefit plans | ' | ' |
Service costs | 0.4 | 0.4 |
Interest costs | 1.1 | 0.6 |
Expected return on plan assets | -0.3 | -0.4 |
Net pension costs | $1.20 | $0.60 |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes | ' | ' |
Effective income tax rate (as a percent) | 29.40% | 28.80% |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Income per common share | ' | ' | ||
Shares with anti-dilutive effect excluded from the computation of diluted earnings per share | 600,000 | 2,400,000 | ||
Net income | $20.30 | [1] | $14.30 | [1] |
Weighted-average shares outstanding - basic (in shares) | 63,100,000 | 62,400,000 | ||
Effect of dilutive stock options and other unvested equity awards (in shares) | 600,000 | 200,000 | ||
Weighted average shares outstanding - diluted (in shares) | 63,700,000 | 62,600,000 | ||
Earnings per share - basic (in dollars per share) | $0.32 | $0.23 | ||
Earnings per share - diluted (in dollars per share) | $0.32 | $0.23 | ||
Performance-based stock awards | ' | ' | ||
Income per common share | ' | ' | ||
Shares with anti-dilutive effect excluded from the computation of diluted earnings per share | 1,800,000 | 2,000,000 | ||
[1] | Net income attributable to Hillenbrand |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Shareholders' Equity | ' | ' |
Cash dividends paid on common stock | $12.40 | $12.10 |
Purchase of remaining shares of less than wholly-owned subsidiaries | $1.40 | ' |
Other_Comprehensive_Income_Los2
Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Changes in accumulated other comprehensive income (loss) by component | ' | ' |
Balance at the beginning of the period | ($1.40) | ' |
Other comprehensive income before reclassifications | ' | ' |
Before tax amount | 11.3 | 10.1 |
Tax (expense) benefit | -0.8 | 0.1 |
After tax amount | 10.5 | 10.2 |
Amounts reclassified from accumulated other comprehensive income | 0.8 | 1.1 |
Total other comprehensive income, net of tax | 11.4 | 11.3 |
Balance at the end of the period | 10 | ' |
Total attributable to Hillenbrand, Inc. | ' | ' |
Changes in accumulated other comprehensive income (loss) by component | ' | ' |
Balance at the beginning of the period | -1.4 | -42.4 |
Other comprehensive income before reclassifications | ' | ' |
Before tax amount | 11.4 | 10.1 |
Tax (expense) benefit | -0.8 | 0.1 |
After tax amount | 10.6 | 10.2 |
Amounts reclassified from accumulated other comprehensive income | 0.8 | 1.1 |
Total other comprehensive income, net of tax | 11.4 | 11.3 |
Balance at the end of the period | 10 | -31.1 |
Pension and Postretirement | ' | ' |
Changes in accumulated other comprehensive income (loss) by component | ' | ' |
Balance at the beginning of the period | -33 | -58.5 |
Other comprehensive income before reclassifications | ' | ' |
Before tax amount | 2.1 | ' |
Tax (expense) benefit | -0.6 | ' |
After tax amount | 1.5 | ' |
Amounts reclassified from accumulated other comprehensive income | 0.7 | 1.1 |
Total other comprehensive income, net of tax | 2.2 | 1.1 |
Balance at the end of the period | -30.8 | -57.4 |
Currency Translation | ' | ' |
Changes in accumulated other comprehensive income (loss) by component | ' | ' |
Balance at the beginning of the period | 31.4 | 16.2 |
Other comprehensive income before reclassifications | ' | ' |
Before tax amount | 8.7 | 10.2 |
After tax amount | 8.7 | 10.2 |
Total other comprehensive income, net of tax | 8.7 | 10.2 |
Balance at the end of the period | 40.1 | 26.4 |
Net Unrealized Gain (Loss) on Derivative Instruments | ' | ' |
Changes in accumulated other comprehensive income (loss) by component | ' | ' |
Balance at the beginning of the period | 0.2 | -0.3 |
Other comprehensive income before reclassifications | ' | ' |
Before tax amount | 0.6 | 0.2 |
Tax (expense) benefit | -0.2 | ' |
After tax amount | 0.4 | 0.2 |
Amounts reclassified from accumulated other comprehensive income | 0.1 | ' |
Total other comprehensive income, net of tax | 0.5 | 0.2 |
Balance at the end of the period | 0.7 | -0.1 |
Net Unrealized Gain (Loss) on Available-for-Sale Securities | ' | ' |
Changes in accumulated other comprehensive income (loss) by component | ' | ' |
Balance at the beginning of the period | ' | 0.2 |
Other comprehensive income before reclassifications | ' | ' |
Before tax amount | ' | -0.3 |
Tax (expense) benefit | ' | 0.1 |
After tax amount | ' | -0.2 |
Total other comprehensive income, net of tax | ' | -0.2 |
Noncontrolling Interests | ' | ' |
Other comprehensive income before reclassifications | ' | ' |
Before tax amount | -0.1 | ' |
Total other comprehensive income, net of tax | ($0.10) | ' |
Other_Comprehensive_Income_Los3
Other Comprehensive Income (Loss) (Details 2) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Affected Line in the Consolidated Statement of Operations: | ' | ' |
Net revenue | ($384.90) | ($305.20) |
Cost of goods sold | 253.9 | 194.7 |
Operating expenses | 94 | 86.4 |
Other income (expense), net | 0.1 | -0.9 |
Total before taxes | -30.6 | -20.5 |
Tax expense | 9 | 5.9 |
Total reclassifications for the period, net of tax | -0.8 | -1.1 |
Reclassifications out of accumulated other comprehensive income (loss) | ' | ' |
Affected Line in the Consolidated Statement of Operations: | ' | ' |
Net revenue | 0.1 | ' |
Cost of goods sold | 0.6 | ' |
Operating expenses | 0.4 | ' |
Other income (expense), net | 0.1 | ' |
Total before taxes | 1.2 | ' |
Tax expense | -0.4 | ' |
Total reclassifications for the period, net of tax | 0.8 | ' |
Amortization of Pension and Postretirement | ' | ' |
Affected Line in the Consolidated Statement of Operations: | ' | ' |
Total reclassifications for the period, net of tax | -0.7 | -1.1 |
Net Loss Recognized | Reclassifications out of accumulated other comprehensive income (loss) | ' | ' |
Affected Line in the Consolidated Statement of Operations: | ' | ' |
Cost of goods sold | 0.6 | ' |
Operating expenses | 0.3 | ' |
Total before taxes | 0.9 | ' |
Prior Service Costs Recognized | Reclassifications out of accumulated other comprehensive income (loss) | ' | ' |
Affected Line in the Consolidated Statement of Operations: | ' | ' |
Cost of goods sold | 0.1 | ' |
Operating expenses | 0.1 | ' |
Total before taxes | 0.2 | ' |
Realized (Gain)/Loss on Derivative Instruments | ' | ' |
Affected Line in the Consolidated Statement of Operations: | ' | ' |
Total reclassifications for the period, net of tax | -0.1 | ' |
Realized (Gain)/Loss on Derivative Instruments | Reclassifications out of accumulated other comprehensive income (loss) | ' | ' |
Affected Line in the Consolidated Statement of Operations: | ' | ' |
Net revenue | 0.1 | ' |
Cost of goods sold | -0.1 | ' |
Other income (expense), net | 0.1 | ' |
Total before taxes | $0.10 | ' |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Share-Based Compensation. | ' | ' |
Share-based compensation cost | $1.70 | $4.50 |
Less impact of income tax | 0.6 | 1.6 |
Share-based compensation, net of tax | $1.10 | $2.90 |
Time-Based stock awards | ' | ' |
Stock based compensation | ' | ' |
Granted (in shares) | 22,891 | ' |
Weighted average fair value of equity instruments other than options (in dollars per share) | $28.39 | ' |
Performance-based stock awards (maximum that can be earned) | ' | ' |
Stock based compensation | ' | ' |
Granted (in shares) | 575,782 | ' |
Weighted average fair value of equity instruments other than options (in dollars per share) | $28.49 | ' |
Shares granted included in performance-based stock awards whose payout level is based upon the Company's total shareholder return | 185,278 | ' |
Performance measurement period used to determined shares granted included in performance-based stock awards | '3 years | ' |
Stock options | ' | ' |
Stock based compensation | ' | ' |
Granted (in shares) | 449,706 | ' |
Weighted average exercise price (in dollars per share) | $28.16 | ' |
Weighted average fair value of options granted (in dollars per share) | $6.95 | ' |
Other_Income_Expense_Net_Detai
Other Income (Expense), Net (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Other Income (Expense), Net | ' | ' |
Equity in net income (loss) of affiliates | ($0.20) | ($0.20) |
Foreign currency exchange gain (loss) | -0.3 | 0.8 |
Business acquisition and integration costs, net | ' | 0.8 |
Other, net | 0.4 | -0.5 |
Other income (expense), net | ($0.10) | $0.90 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 18, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 18, 2013 | Mar. 18, 2013 |
In Millions, unless otherwise specified | USD ($) | USD ($) | General claims and lawsuits | General claims and lawsuits | Matthews Litigation | Horstmann Litigation | Horstmann Litigation | Horstmann Litigation | Horstmann Litigation | Horstmann Litigation |
Minimum | Maximum | item | EUR (€) | USD ($) | USD ($) | Minimum | Maximum | |||
USD ($) | USD ($) | EUR (€) | EUR (€) | |||||||
Commitments and Contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deductibles and self-insured retentions per occurrence or per claim | ' | ' | $0.50 | $1 | ' | ' | ' | ' | ' | ' |
Number of additional defendants | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Number of former employees of certain plaintiff entities hired by Batesville | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Amount awarded in favor of plaintiff | ' | ' | ' | ' | ' | 10.3 | ' | ' | ' | ' |
Total estimated judgment amount | ' | ' | ' | ' | ' | ' | ' | ' | 18.5 | 19.6 |
Loss contingency long-term liability amount | 8.9 | 8.7 | ' | ' | ' | ' | ' | ' | ' | ' |
Loss contingency indemnification receivable amount | ' | ' | ' | ' | ' | ' | $8.90 | $8.70 | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Cash flow hedging | Derivatives | ' | ' |
Liabilities: | ' | ' |
Aggregate notional value of derivatives | $165.10 | ' |
$150 senior unsecured notes | ' | ' |
Liabilities: | ' | ' |
Long-term debt, principal | 150 | 150 |
Carrying Value | ' | ' |
Assets: | ' | ' |
Cash and cash equivalents | 62.3 | ' |
Equity investments | 1 | ' |
Investments in rabbi trust | 6 | ' |
Derivative instruments | 1.8 | ' |
Liabilities: | ' | ' |
$150 senior unsecured notes | 148.8 | ' |
Revolving credit facility | 315.4 | ' |
Term loan | 187.5 | ' |
Derivative instruments | 0.6 | ' |
Warrants to purchase common stock | 1 | ' |
Level 1 | ' | ' |
Assets: | ' | ' |
Cash and cash equivalents | 62.3 | ' |
Investments in rabbi trust | 6 | ' |
Liabilities: | ' | ' |
$150 senior unsecured notes | 159.1 | ' |
Level 2 | ' | ' |
Assets: | ' | ' |
Derivative instruments | 1.8 | ' |
Liabilities: | ' | ' |
Revolving credit facility | 315.4 | ' |
Term loan | 187.5 | ' |
Derivative instruments | 0.6 | ' |
Level 3 | ' | ' |
Assets: | ' | ' |
Equity investments | 6.2 | ' |
Fair Value | ' | ' |
Liabilities: | ' | ' |
Warrants to purchase common stock | $6.20 | ' |
Segment_and_Geographical_Infor2
Segment and Geographical Information (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
Segment and Geographical Information | ' | ' | ' |
Net revenue | $384.90 | $305.20 | ' |
Assets | 2,003.90 | ' | 2,003.20 |
Tangible long-lived assets, net | 171.9 | ' | 171.9 |
United States | ' | ' | ' |
Segment and Geographical Information | ' | ' | ' |
Net revenue | 202.4 | 205.5 | ' |
Tangible long-lived assets, net | 101.2 | ' | 101.9 |
International | ' | ' | ' |
Segment and Geographical Information | ' | ' | ' |
Net revenue | 182.5 | 99.7 | ' |
Tangible long-lived assets, net | 70.7 | ' | 70 |
Corporate | ' | ' | ' |
Segment and Geographical Information | ' | ' | ' |
Adjusted EBITDA | -8 | -8 | ' |
Assets | 52.8 | ' | 56.3 |
Process Equipment Group | ' | ' | ' |
Segment and Geographical Information | ' | ' | ' |
Net revenue | 242.2 | 153.7 | ' |
Adjusted EBITDA | 26.7 | 20.9 | ' |
Assets | 1,714.80 | ' | 1,708.60 |
Batesville | ' | ' | ' |
Segment and Geographical Information | ' | ' | ' |
Net revenue | 142.7 | 151.5 | ' |
Adjusted EBITDA | 34.5 | 38.5 | ' |
Assets | $236.30 | ' | $238.30 |
Segment_and_Geographical_Infor3
Segment and Geographical Information (Details 2) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Segment and Geographical Information | ' | ' |
Interest income | ($0.20) | ($0.10) |
Interest expense | 6.3 | 4.5 |
Income tax expense | 9 | 5.9 |
Depreciation and amortization | 14.3 | 15 |
Business acquisition and integration | 1.9 | 8.2 |
Inventory step-up | ' | 2.6 |
Restructuring | 0.3 | 0.6 |
Antitrust litigation | ' | 0.1 |
Consolidated net income | 21.6 | 14.6 |
Corporate | ' | ' |
Segment and Geographical Information | ' | ' |
Adjusted EBITDA | -8 | -8 |
Process Equipment Group | ' | ' |
Segment and Geographical Information | ' | ' |
Adjusted EBITDA | 26.7 | 20.9 |
Batesville | ' | ' |
Segment and Geographical Information | ' | ' |
Adjusted EBITDA | $34.50 | $38.50 |
Condensed_Consolidating_Inform2
Condensed Consolidating Information (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Condensed Consolidating Information | ' | ' | ||
Stated interest rate of Notes due 2020 (as a percent) | 5.50% | ' | ||
Percentage ownership of subsidiaries with indebtedness guaranteed by the parent | 100.00% | ' | ||
Condensed Consolidating Statements of Income | ' | ' | ||
Net revenue | $384.90 | $305.20 | ||
Cost of goods sold | 253.9 | 194.7 | ||
Gross profit | 131 | 110.5 | ||
Operating expenses | 94 | 86.4 | ||
Operating profit | 37 | 24.1 | ||
Interest expense | 6.3 | 4.5 | ||
Other income (expense), net | -0.1 | 0.9 | ||
Equity in net income (loss) of subsidiaries | -0.2 | -0.2 | ||
Income before income taxes | 30.6 | 20.5 | ||
Income tax expense | 9 | 5.9 | ||
Consolidated net income | 21.6 | 14.6 | ||
Less: Net income attributable to noncontrolling interests | 1.3 | 0.3 | ||
Net income | 20.3 | [1] | 14.3 | [1] |
Consolidated comprehensive income (loss) | 33 | 25.9 | ||
Less: Comprehensive income attributable to noncontrolling interests | 1.2 | 0.3 | ||
Comprehensive income | 31.8 | [2] | 25.6 | [2] |
Reportable legal entities | Parent | ' | ' | ||
Condensed Consolidating Statements of Income | ' | ' | ||
Operating expenses | 9 | 18.1 | ||
Operating profit | -9 | -18.1 | ||
Interest expense | 4.9 | 4.1 | ||
Other income (expense), net | -0.1 | 1.5 | ||
Equity in net income (loss) of subsidiaries | 28.6 | 25.1 | ||
Income before income taxes | 14.6 | 4.4 | ||
Income tax expense | -5.7 | -9.9 | ||
Consolidated net income | 20.3 | 14.3 | ||
Net income | 20.3 | 14.3 | ||
Consolidated comprehensive income (loss) | 31.8 | 25.6 | ||
Comprehensive income | 31.8 | 25.6 | ||
Reportable legal entities | Guarantors | ' | ' | ||
Condensed Consolidating Statements of Income | ' | ' | ||
Net revenue | 200.3 | 198.7 | ||
Cost of goods sold | 102.5 | 98.5 | ||
Gross profit | 97.8 | 100.2 | ||
Operating expenses | 61.9 | 60.8 | ||
Operating profit | 35.9 | 39.4 | ||
Interest expense | 0.1 | ' | ||
Other income (expense), net | -0.7 | -0.9 | ||
Equity in net income (loss) of subsidiaries | 1.9 | 1.5 | ||
Income before income taxes | 37 | 40 | ||
Income tax expense | 13.2 | 14.4 | ||
Consolidated net income | 23.8 | 25.6 | ||
Net income | 23.8 | 25.6 | ||
Consolidated comprehensive income (loss) | 24.5 | 25.6 | ||
Comprehensive income | 24.5 | 25.6 | ||
Reportable legal entities | Non-Guarantors | ' | ' | ||
Condensed Consolidating Statements of Income | ' | ' | ||
Net revenue | 225 | 148.2 | ||
Cost of goods sold | 166.6 | 110.9 | ||
Gross profit | 58.4 | 37.3 | ||
Operating expenses | 48.3 | 34.5 | ||
Operating profit | 10.1 | 2.8 | ||
Interest expense | 1.3 | 0.4 | ||
Other income (expense), net | 0.7 | 0.3 | ||
Income before income taxes | 9.5 | 2.7 | ||
Income tax expense | 1.5 | 1.4 | ||
Consolidated net income | 8 | 1.3 | ||
Less: Net income attributable to noncontrolling interests | 1.3 | 0.3 | ||
Net income | 6.7 | 1 | ||
Consolidated comprehensive income (loss) | 18.7 | 15.2 | ||
Less: Comprehensive income attributable to noncontrolling interests | 1.2 | 0.3 | ||
Comprehensive income | 17.5 | 14.9 | ||
Eliminations | ' | ' | ||
Condensed Consolidating Statements of Income | ' | ' | ||
Net revenue | -40.4 | -41.7 | ||
Cost of goods sold | -15.2 | -14.7 | ||
Gross profit | -25.2 | -27 | ||
Operating expenses | -25.2 | -27 | ||
Equity in net income (loss) of subsidiaries | -30.5 | -26.6 | ||
Income before income taxes | -30.5 | -26.6 | ||
Consolidated net income | -30.5 | -26.6 | ||
Net income | -30.5 | -26.6 | ||
Consolidated comprehensive income (loss) | -42 | -40.5 | ||
Comprehensive income | $42 | ($40.50) | ||
[1] | Net income attributable to Hillenbrand | |||
[2] | Comprehensive income attributable to Hillenbrand |
Condensed_Consolidating_Inform3
Condensed Consolidating Information (Details 2) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Millions, unless otherwise specified | ||||
Condensed Consolidating Balance Sheets | ' | ' | ' | ' |
Cash and equivalents | $62.30 | $42.70 | $102.10 | $20.20 |
Trade receivables, net | 189.6 | 213.4 | ' | ' |
Unbilled receivables from long-term manufacturing contracts | 131 | 142.1 | ' | ' |
Inventories | 178.6 | 177.5 | ' | ' |
Deferred income taxes | 23.4 | 22.3 | ' | ' |
Prepaid expense | 28.9 | 20.4 | ' | ' |
Other current assets | 16.7 | 21 | ' | ' |
Total current assets | 630.5 | 639.4 | ' | ' |
Property, plant, and equipment, net | 171.9 | 171.9 | ' | ' |
Intangible assets, net | 556.1 | 558.6 | ' | ' |
Goodwill | 599.4 | 585.8 | ' | ' |
Other assets | 46 | 47.5 | ' | ' |
Total Assets | 2,003.90 | 2,003.20 | ' | ' |
Trade accounts payable | 169.6 | 183.2 | ' | ' |
Liabilities from long-term manufacturing contracts and advances | 97.1 | 80.9 | ' | ' |
Current portion of long-term debt | 11.2 | 10 | ' | ' |
Accrued compensation | 43.3 | 59.6 | ' | ' |
Deferred income taxes | 11 | 12.1 | ' | ' |
Other current liabilities | 117.6 | 119.7 | ' | ' |
Total current liabilities | 449.8 | 465.5 | ' | ' |
Long-term debt | 640.5 | 654.3 | ' | ' |
Accrued pension and postretirement healthcare | 193 | 190.3 | ' | ' |
Deferred income taxes | 74 | 75.4 | ' | ' |
Other long-term liabilities | 39.8 | 41.4 | ' | ' |
Total Liabilities | 1,397.10 | 1,426.90 | ' | ' |
Total Hillenbrand Shareholders' Equity | 596.3 | 568.3 | ' | ' |
Noncontrolling interests | 10.5 | 8 | ' | ' |
Total Shareholders' Equity | 606.8 | 576.3 | ' | ' |
Total Liabilities and Equity | 2,003.90 | 2,003.20 | ' | ' |
Reportable legal entities | Parent | ' | ' | ' | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' |
Cash and equivalents | 1.2 | 0.6 | 18 | 3.9 |
Deferred income taxes | 9.1 | 9.1 | ' | ' |
Prepaid expense | 1.5 | 1 | ' | ' |
Intercompany receivables | 238.3 | 222.5 | ' | ' |
Other current assets | 0.5 | 0.4 | ' | ' |
Total current assets | 250.6 | 233.6 | ' | ' |
Property, plant, and equipment, net | 7.4 | 7.4 | ' | ' |
Intangible assets, net | 2.6 | 2.7 | ' | ' |
Investment in consolidated subsidiaries | 1,987.20 | 1,938.90 | ' | ' |
Other assets | 13.1 | 13.9 | ' | ' |
Total Assets | 2,260.90 | 2,196.50 | ' | ' |
Trade accounts payable | 0.3 | 0.6 | ' | ' |
Current portion of long-term debt | 11.2 | 10 | ' | ' |
Accrued compensation | 1 | 3.6 | ' | ' |
Intercompany payables | 1,091 | 1,048.10 | ' | ' |
Other current liabilities | 5 | 3.6 | ' | ' |
Total current liabilities | 1,108.50 | 1,065.90 | ' | ' |
Long-term debt | 555.1 | 562.3 | ' | ' |
Accrued pension and postretirement healthcare | 1 | ' | ' | ' |
Total Liabilities | 1,664.60 | 1,628.20 | ' | ' |
Total Hillenbrand Shareholders' Equity | 596.3 | 568.3 | ' | ' |
Total Shareholders' Equity | 596.3 | 568.3 | ' | ' |
Total Liabilities and Equity | 2,260.90 | 2,196.50 | ' | ' |
Reportable legal entities | Guarantors | ' | ' | ' | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' |
Cash and equivalents | 9 | 8.7 | 30.1 | 6.3 |
Trade receivables, net | 92.7 | 97 | ' | ' |
Unbilled receivables from long-term manufacturing contracts | 9.6 | 15.2 | ' | ' |
Inventories | 75.6 | 72.4 | ' | ' |
Deferred income taxes | 11.4 | 8.3 | ' | ' |
Prepaid expense | 4.6 | 4.4 | ' | ' |
Intercompany receivables | 1,019.90 | 1,011.30 | ' | ' |
Other current assets | 2.7 | 4.3 | ' | ' |
Total current assets | 1,225.50 | 1,221.60 | ' | ' |
Property, plant, and equipment, net | 67.8 | 69 | ' | ' |
Intangible assets, net | 191.6 | 194.3 | ' | ' |
Goodwill | 209.1 | 209.3 | ' | ' |
Investment in consolidated subsidiaries | 644 | 644 | ' | ' |
Other assets | 19.4 | 19 | ' | ' |
Total Assets | 2,357.40 | 2,357.20 | ' | ' |
Trade accounts payable | 21 | 25.8 | ' | ' |
Liabilities from long-term manufacturing contracts and advances | 13.8 | 12.3 | ' | ' |
Accrued compensation | 14.7 | 22.3 | ' | ' |
Intercompany payables | 233.1 | 221.7 | ' | ' |
Other current liabilities | 62.6 | 69.3 | ' | ' |
Total current liabilities | 345.2 | 351.4 | ' | ' |
Accrued pension and postretirement healthcare | 84.9 | 86.1 | ' | ' |
Deferred income taxes | 21.8 | 46.2 | ' | ' |
Other long-term liabilities | 23.6 | 24.4 | ' | ' |
Total Liabilities | 475.5 | 508.1 | ' | ' |
Total Hillenbrand Shareholders' Equity | 1,881.90 | 1,849.10 | ' | ' |
Total Shareholders' Equity | 1,881.90 | 1,849.10 | ' | ' |
Total Liabilities and Equity | 2,357.40 | 2,357.20 | ' | ' |
Reportable legal entities | Non-Guarantors | ' | ' | ' | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' |
Cash and equivalents | 52.1 | 33.4 | 54 | 10 |
Trade receivables, net | 96.9 | 116.4 | ' | ' |
Unbilled receivables from long-term manufacturing contracts | 121.4 | 126.9 | ' | ' |
Inventories | 105.9 | 107.8 | ' | ' |
Deferred income taxes | 2.9 | 4.9 | ' | ' |
Prepaid expense | 22.8 | 15 | ' | ' |
Intercompany receivables | 71.7 | 33.3 | ' | ' |
Other current assets | 14.3 | 17 | ' | ' |
Total current assets | 488 | 454.7 | ' | ' |
Property, plant, and equipment, net | 96.7 | 95.5 | ' | ' |
Intangible assets, net | 361.9 | 361.6 | ' | ' |
Goodwill | 390.3 | 376.5 | ' | ' |
Other assets | 13.5 | 15.5 | ' | ' |
Total Assets | 1,350.40 | 1,303.80 | ' | ' |
Trade accounts payable | 148.3 | 156.8 | ' | ' |
Liabilities from long-term manufacturing contracts and advances | 83.3 | 68.6 | ' | ' |
Accrued compensation | 28.4 | 33.7 | ' | ' |
Deferred income taxes | 11 | 12.1 | ' | ' |
Intercompany payables | 8.7 | ' | ' | ' |
Other current liabilities | 50 | 47.5 | ' | ' |
Total current liabilities | 329.7 | 318.7 | ' | ' |
Long-term debt | 85.4 | 92 | ' | ' |
Accrued pension and postretirement healthcare | 107.1 | 104.2 | ' | ' |
Deferred income taxes | 52.2 | 30.1 | ' | ' |
Other long-term liabilities | 16.2 | 17 | ' | ' |
Total Liabilities | 590.6 | 562 | ' | ' |
Total Hillenbrand Shareholders' Equity | 749.3 | 733.8 | ' | ' |
Noncontrolling interests | 10.5 | 8 | ' | ' |
Total Shareholders' Equity | 759.8 | 741.8 | ' | ' |
Total Liabilities and Equity | 1,350.40 | 1,303.80 | ' | ' |
Eliminations | ' | ' | ' | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' |
Inventories | -2.9 | -2.7 | ' | ' |
Intercompany receivables | -1,329.90 | -1,267.10 | ' | ' |
Other current assets | -0.8 | -0.7 | ' | ' |
Total current assets | -1,333.60 | -1,270.50 | ' | ' |
Investment in consolidated subsidiaries | -2,631.20 | -2,582.90 | ' | ' |
Other assets | ' | -0.9 | ' | ' |
Total Assets | -3,964.80 | -3,854.30 | ' | ' |
Accrued compensation | -0.8 | ' | ' | ' |
Intercompany payables | -1,332.80 | -1,269.80 | ' | ' |
Other current liabilities | ' | -0.7 | ' | ' |
Total current liabilities | -1,333.60 | -1,270.50 | ' | ' |
Deferred income taxes | ' | -0.9 | ' | ' |
Total Liabilities | -1,333.60 | -1,271.40 | ' | ' |
Total Hillenbrand Shareholders' Equity | -2,631.20 | -2,582.90 | ' | ' |
Total Shareholders' Equity | -2,631.20 | -2,582.90 | ' | ' |
Total Liabilities and Equity | ($3,964.80) | ($3,854.30) | ' | ' |
Condensed_Consolidating_Inform4
Condensed Consolidating Information (Details 3) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Cash Flow Statements | ' | ' |
Net cash provided by (used in) operating activities | $45.90 | $19.70 |
Investing activities: | ' | ' |
Capital expenditures | -5.6 | -5.6 |
Proceeds from property, plant, and equipment | ' | 1.2 |
Proceeds from sales of investments | ' | 1.4 |
Acquisitions of businesses, net of cash acquired | ' | -415.6 |
Other, net | -0.6 | ' |
Net cash used in investing activities | -6.2 | -418.6 |
Financing activities: | ' | ' |
Proceeds from term loan | ' | 200 |
Repayments on term loan | -2.5 | -2.5 |
Proceeds from revolving credit facilities, net of financing costs | 94.2 | 535.3 |
Repayments on revolving credit facilities | -105.9 | -238 |
Payment of dividends on common stock | -12.4 | -12.1 |
Net proceeds (payments) on stock plans | 7.6 | -2.7 |
Other, net | -0.3 | ' |
Net cash (used in) provided by financing activities | -19.3 | 480 |
Effect of exchange rates on cash and cash equivalents | -0.8 | 0.8 |
Net cash flows | 19.6 | 81.9 |
At beginning of period | 42.7 | 20.2 |
At end of period | 62.3 | 102.1 |
Reportable legal entities | Parent | ' | ' |
Condensed Cash Flow Statements | ' | ' |
Net cash provided by (used in) operating activities | 11.8 | -12.1 |
Investing activities: | ' | ' |
Capital expenditures | -0.3 | -0.9 |
Proceeds from property, plant, and equipment | ' | 1.1 |
Proceeds from sales of investments | ' | 1.4 |
Acquisitions of businesses, net of cash acquired | ' | -404.2 |
Other, net | -0.6 | ' |
Net cash used in investing activities | -0.9 | -402.6 |
Financing activities: | ' | ' |
Proceeds from term loan | ' | 200 |
Repayments on term loan | -2.5 | -2.5 |
Proceeds from revolving credit facilities, net of financing costs | 76.5 | 484.1 |
Repayments on revolving credit facilities | -80 | -238 |
Payment of dividends on common stock | -12.4 | -12.1 |
Net proceeds (payments) on stock plans | 7.6 | -2.7 |
Other, net | 0.5 | ' |
Net cash (used in) provided by financing activities | -10.3 | 428.8 |
Net cash flows | 0.6 | 14.1 |
At beginning of period | 0.6 | 3.9 |
At end of period | 1.2 | 18 |
Reportable legal entities | Guarantors | ' | ' |
Condensed Cash Flow Statements | ' | ' |
Net cash provided by (used in) operating activities | 2.2 | 26.9 |
Investing activities: | ' | ' |
Capital expenditures | -1.9 | -2.7 |
Proceeds from property, plant, and equipment | ' | 0.1 |
Acquisitions of businesses, net of cash acquired | ' | -0.5 |
Net cash used in investing activities | -1.9 | -3.1 |
Financing activities: | ' | ' |
Net cash flows | 0.3 | 23.8 |
At beginning of period | 8.7 | 6.3 |
At end of period | 9 | 30.1 |
Reportable legal entities | Non-Guarantors | ' | ' |
Condensed Cash Flow Statements | ' | ' |
Net cash provided by (used in) operating activities | 31.9 | 4.9 |
Investing activities: | ' | ' |
Capital expenditures | -3.4 | -2 |
Acquisitions of businesses, net of cash acquired | ' | -10.9 |
Net cash used in investing activities | -3.4 | -12.9 |
Financing activities: | ' | ' |
Proceeds from revolving credit facilities, net of financing costs | 17.7 | 51.2 |
Repayments on revolving credit facilities | -25.9 | ' |
Other, net | -0.8 | ' |
Net cash (used in) provided by financing activities | -9 | 51.2 |
Effect of exchange rates on cash and cash equivalents | -0.8 | 0.8 |
Net cash flows | 18.7 | 44 |
At beginning of period | 33.4 | 10 |
At end of period | $52.10 | $54 |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | Dec. 31, 2013 | Jan. 31, 2014 |
In Millions, unless otherwise specified | Carrying Value | Subsequent Event |
Subsequent event | ' | ' |
Warrants to purchase common stock | $1 | ' |
Cash received from warrant exercised | ' | 5.5 |
Remaining amount of cash receivable from warrants exercised | ' | 0.7 |
Period in which remaining payments from exercise of warrants are due | ' | '12 months |
Gain on warrant exercised | ' | $5.20 |