Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Mar. 31, 2015 | Apr. 27, 2015 | |
Document and Entity Information | ||
Entity Registrant Name | Hillenbrand, Inc. | |
Entity Central Index Key | 1417398 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -21 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 62,929,118 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | ||||
Income Statement [Abstract] | ||||||||
Net revenue | $404.60 | [1] | $396.80 | [1] | $806.10 | $781.70 | ||
Cost of goods sold | 256 | 254 | 519.1 | 507.9 | ||||
Gross profit | 148.6 | 142.8 | 287 | 273.8 | ||||
Operating expenses | 91.7 | 99.9 | 182.9 | 193.9 | ||||
Operating profit | 56.9 | 42.9 | 104.1 | 79.9 | ||||
Interest expense | 6.4 | 5.6 | 12.1 | 11.9 | ||||
Other income (expense), net | -5 | 9.7 | -5 | 9.6 | ||||
Income before income taxes | 45.5 | 47 | 87 | 77.6 | ||||
Income tax expense | 14.3 | 13.7 | 26.1 | 22.7 | ||||
Consolidated net income | 31.2 | 33.3 | 60.9 | 54.9 | ||||
Less: Net income attributable to noncontrolling interests | 0.5 | 0.3 | 0.7 | 1.6 | ||||
Total reclassifications for the period, net of tax | $30.70 | [2] | $33 | [2] | $60.20 | [2] | $53.30 | [2] |
Net income - per share of common stock: | ||||||||
Basic earnings per share | $0.49 | [2] | $0.52 | [2] | $0.95 | [2] | $0.84 | [2] |
Diluted earnings per share | $0.48 | $0.51 | $0.94 | $0.83 | ||||
Weighted average shares outstanding (basic) | 63.3 | 63.3 | 63.2 | 63.2 | ||||
Weighted average shares outstanding (diluted) | 63.9 | 63.9 | 63.8 | 63.9 | ||||
Cash dividends declared per share | $0.20 | $0.20 | $0.40 | $0.40 | ||||
[1] | We attribute revenue to a geography based upon the location of the business unit that consummates the external sale. | |||||||
[2] | Net income attributable to Hillenbrand |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | ||||
Statement of Comprehensive Income [Abstract] | ||||||||
Consolidated net income | $31.20 | $33.30 | $60.90 | $54.90 | ||||
Changes in other comprehensive income (loss), net of tax | ||||||||
Currency translation adjustment | -36.5 | 0 | -56.6 | 8.6 | ||||
Pension and postretirement (net of quarter-to-date tax of $- and $0.5 and year-to-date tax of $0.5 and $1.5) | 1 | 0.9 | 1.8 | 3.1 | ||||
Change in net unrealized gain (loss) on derivative instruments (net of quarter-to-date tax of $1.4 and $0.3 and year-to-date tax of $1.6 and $0.1) | -3.8 | -0.2 | -4.3 | 0.3 | ||||
Total changes in other comprehensive income (loss), net of tax | -39.3 | 0.7 | -59.1 | 12 | ||||
Consolidated comprehensive income | -8.1 | 34 | 1.8 | 66.9 | ||||
Less: Comprehensive income attributable to noncontrolling interests | 0.5 | 0.5 | 0.6 | 1.7 | ||||
Comprehensive income (loss) | ($8.60) | [1] | $33.50 | [1] | $1.20 | [1] | $65.20 | [1] |
[1] | Comprehensive income attributable to Hillenbrand |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||||
Pension and postretirement, tax | $0 | $0.50 | $0.50 | $1.50 |
Change in net unrealized gain (loss) on derivative instruments, tax | $1.40 | $0.30 | $1.60 | $0.10 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
In Millions, unless otherwise specified | ||
Current Assets | ||
Cash and cash equivalents | $43 | $58 |
Trade receivables, net | 172.3 | 191 |
Unbilled receivables from long-term manufacturing contracts | 134.3 | 149.3 |
Inventories | 174.9 | 168.5 |
Deferred income taxes | 28.7 | 30.5 |
Prepaid expenses | 21.4 | 19 |
Other current assets | 17.8 | 21.5 |
Total current assets | 592.4 | 637.8 |
Property, plant, and equipment, net | 152.7 | 159.5 |
Intangible assets, net | 464.8 | 510.5 |
Goodwill | 535.8 | 570.7 |
Other assets | 42.6 | 40 |
Total Assets | 1,788.30 | 1,918.50 |
Current Liabilities | ||
Trade accounts payable | 118 | 192.6 |
Liabilities from long-term manufacturing contracts and advances | 79.3 | 76.1 |
Current portion of long-term debt | 9 | 15 |
Accrued compensation | 51.1 | 69.6 |
Deferred income taxes | 21.4 | 20.7 |
Other current liabilities | 107.4 | 117.1 |
Total current liabilities | 386.2 | 491.1 |
Long-term debt | 561.8 | 543.5 |
Long-term portion of accrued pension and postretirement healthcare | 185.1 | 200.9 |
Deferred income taxes | 49.1 | 55.4 |
Other long-term liabilities | 33.7 | 33.8 |
Total Liabilities | 1,215.90 | 1,324.70 |
Commitments and contingencies | ||
SHAREHOLDERS’ EQUITY | ||
Common stock, no par value (63.6 and 63.5 shares issued, 62.9 and 62.9 shares outstanding) | 0 | 0 |
Additional paid-in capital | 346.1 | 342.1 |
Retained earnings | 346.6 | 311.7 |
Treasury stock (0.7 and 0.6 shares) | -20.2 | -18.3 |
Accumulated other comprehensive loss | -111.2 | -52.2 |
Hillenbrand Shareholders’ Equity | 561.3 | 583.3 |
Noncontrolling interests | 11.1 | 10.5 |
Total Shareholders’ Equity | 572.4 | 593.8 |
Total Liabilities and Equity | $1,788.30 | $1,918.50 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | ||
Common stock, shares issued | 63,600,000 | 63,500,000 |
Common stock, shares outstanding | 62,900,000 | 62,900,000 |
Treasury stock, shares | 700,000 | 600,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flow (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating Activities | ||
Consolidated net income | $60.90 | $54.90 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 28.4 | 29 |
Deferred income taxes | 4.2 | 3.4 |
Share-based compensation | 6.3 | 5.1 |
Net (gain) loss on investments | 1.4 | -7.9 |
Trade accounts receivable and receivables on long-term manufacturing contracts | 5.6 | 36.2 |
Inventories | -16.8 | -4.3 |
Other current assets | 1.2 | -11.7 |
Trade accounts payable | -60.7 | -8.3 |
Accrued expenses and other current liabilities | -19.2 | 1.4 |
Income taxes payable | 3.6 | -14.6 |
Defined benefit plan and postretirement funding | -5.2 | -8.3 |
Defined benefit plan and postretirement expense | 7.3 | 7.2 |
Other, net | -6.8 | 0.1 |
Net cash provided by operating activities | 10.2 | 82.2 |
Investing Activities | ||
Capital expenditures | -11.9 | -11.4 |
Proceeds from sales of property, plant, and equipment | 0.5 | 0.7 |
Proceeds from investments | 0 | 5.7 |
Other, net | -1.1 | 0.9 |
Net cash used in investing activities | -12.5 | -4.1 |
Financing Activities | ||
Repayments on term loan | -4.5 | -5 |
Proceeds from revolving credit facilities | 254.4 | 182.6 |
Repayments on revolving credit facilities | -332 | -218.6 |
Proceeds from unsecured Series A Notes, net of financing costs | 99.6 | 0 |
Proceeds from other borrowings | 0 | 1 |
Payments of dividends on common stock | -25.2 | -24.8 |
Repurchases of common stock | -9.2 | -16.5 |
Net proceeds on stock plans | 3.4 | 12.7 |
Other, net | 1.2 | 0.1 |
Net cash used in financing activities | -12.3 | -68.5 |
Effect of exchange rates on cash and cash equivalents | -0.4 | -1.3 |
Net cash flows | -15 | 8.3 |
Cash and cash equivalents: | ||
At beginning of period | 58 | 42.7 |
At end of period | $43 | $51 |
Background_and_Basis_of_Presen
Background and Basis of Presentation | 6 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background and Basis of Presentation | 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 and robust cash generation capabilities, as well as our Hillenbrand Business System (HBS), which we utilize to drive results across the enterprise by deploying management practices including Lean, Talent Development, and Strategy Management. Hillenbrand is composed of 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,” “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. They also include a number of minor subsidiaries where the Company’s ownership percentage is less than 100%. The Company’s fiscal year ends on September 30. Unless otherwise stated, references to years relate to fiscal years. | |
These unaudited consolidated 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 year ended September 30, 2014, as filed with the SEC. The September 30, 2014 Consolidated Balance Sheet included in this Form 10-Q was derived from audited consolidated financial statements, but does not include all disclosures required by GAAP for a year-end balance sheet included in Form 10-K. 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 consolidated 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 and 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. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
The significant accounting policies used in preparing these consolidated financial statements are consistent with the accounting policies described in our Annual Report on Form 10-K for 2014. | |
Recently Issued Accounting Standard | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. ASU 2014-09 requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 will be effective for our fiscal year beginning October 1, 2017, including interim periods within that reporting period, and allows for either full retrospective adoption or modified retrospective adoption, with early adoption not permitted. We are currently evaluating the impact that ASU 2014-09 will have on our consolidated financial statements. | |
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern. ASU 2014-15 provides guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. ASU 2014-15 will be effective for our fiscal year beginning October 1, 2016, with early adoption permitted. We do not expect the adoption of ASU 2014-15 to have a material impact on our consolidated financial statements. | |
In January 2015, the FASB issued ASU 2015-01, Income Statement—Extraordinary and Unusual Items. ASU 2015-01 eliminates from GAAP the concept of extraordinary items. ASU 2015-01 will be effective for our fiscal year beginning October 1, 2016, with early adoption permitted. We do not expect the adoption of ASU 2015-01 to have a material impact on our consolidated financial statements. | |
In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest. ASU 2015-03 simplifies the presentation of debt issuance costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 will be effective for our fiscal year beginning October 1, 2016, with early adoption permitted. We do not expect the adoption of ASU 2015-03 to have a material impact on our consolidated financial statements. | |
In April 2015, the FASB issued ASU 2015-05, Intangibles-Goodwill and Other - Internal-Use Software. ASU 2015-05 will help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement by providing guidance as to whether an arrangement includes the sale or license of software. ASU 2015-05 will be effective for our fiscal year beginning October 1, 2016, with early adoption permitted. We are currently evaluating the impact that ASU 2015-05 will have on our consolidated financial statements. |
Supplemental_Balance_Sheet_Inf
Supplemental Balance Sheet Information | 6 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ||||||||
Supplemental Balance Sheet Information | Supplemental Balance Sheet Information | |||||||
March 31, | September 30, | |||||||
2015 | 2014 | |||||||
Trade accounts receivable reserves | $ | 20.2 | $ | 19.2 | ||||
Accumulated depreciation on property, plant, and equipment | $ | 289.5 | $ | 278.3 | ||||
Accumulated amortization on intangible assets | $ | 140.4 | $ | 127.4 | ||||
Inventories: | ||||||||
Raw materials and components | $ | 50 | $ | 53.2 | ||||
Work in process | 70.2 | 73.3 | ||||||
Finished goods | 54.7 | 42 | ||||||
Total inventories | $ | 174.9 | $ | 168.5 | ||||
Financing_Agreements
Financing Agreements | 6 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Financing Agreements | Financing Agreements | |||||||
March 31, | September 30, | |||||||
2015 | 2014 | |||||||
$700 revolving credit facility, maturing December 19, 2019 | $ | 146.3 | $ | 229.6 | ||||
$200 term loan, final maturity December 19, 2019 | 175.5 | 180 | ||||||
$150 senior unsecured notes, due July 15, 2020, net of discount | 149 | 148.9 | ||||||
$100 unsecured Series A Notes, due December 15, 2024 | 100 | — | ||||||
Total debt | 570.8 | 558.5 | ||||||
Less: current portion | 9 | 15 | ||||||
Total long-term debt | $ | 561.8 | $ | 543.5 | ||||
On February 18, 2015, we entered into an Amendment Agreement (the “Amendment Agreement”), amending and restating our €150.0 Syndicated Letter of Guarantee Facility (as amended, “LG Facility ”), dated as of June 3, 2013, under which unsecured letters of credit, bank guarantees, or other surety bonds may be issued. The Amendment Agreement extends the maturity date of the LG Facility until at least December 19, 2019, and, among other things, amends a financial covenant contained in the LG Facility to provide the Company and its subsidiaries greater flexibility to consummate acquisitions. The financial covenant amendment allows for an increase in the Company’s permitted maximum leverage ratio during the three quarters subsequent to an acquisition valued in excess of $75.0. We are allowed this increase up to two times during the term of the LG Facility (each, a “Leverage Holiday”). | ||||||||
On December 15, 2014, we issued $100.0 in 4.60% Series A unsecured notes (“Series A Notes”) pursuant to the Private Shelf Agreement, dated as of December 6, 2012 (as amended, the “Shelf Agreement”), among the Company, Prudential Investment Management, Inc. (“Prudential”) and each Prudential Affiliate (as defined therein) that becomes a purchaser thereunder. The Series A Notes are unsecured, mature on December 15, 2024, and bear interest at 4.60% payable semi-annually in arrears. The Company may at any time upon providing notice, prepay all or part of the Series A Notes at 100% of the principal amount prepaid plus a Make-Whole Amount (as defined therein). Consistent with our revolving credit facility, term loan, senior unsecured notes, and LG facility, the Series A Notes are fully and unconditionally guaranteed by certain of the Company’s domestic subsidiaries (the “Guarantors”). Deferred financing costs of $0.5 related to the Series A Notes are being amortized to interest expense over the term of the Series A Notes. | ||||||||
On December 15, 2014, the Company and the Guarantors entered into an amendment (the “First Amendment”) to the Shelf Agreement and on December 19, 2014, entered into a separate amendment (the “Second Amendment” and, collectively with the First Amendment, the “Prudential Amendments”) to the Shelf Agreement. The Prudential Amendments, among other things, amend a financial covenant contained in the Shelf Agreement to provide for Leverage Holidays similar to those discussed above regarding the LG Facility. If a Leverage Holiday is elected, in addition to the interest accruing on the Series A Notes, the Company must pay to each holder of a Series A Note a fee equivalent to 0.75% per annum. | ||||||||
On December 19, 2014, the Company entered into a Second Amendment (the “JPM Amendment”) to the Amended and Restated Credit Agreement, dated as of November 19, 2012, which governs our revolving credit facility and term loan (the “Facility”), by and among the Company and certain of its affiliates, the lenders party thereto from time to time, and JPMorgan Chase Bank, N.A., as administrative agent. The JPM Amendment provides for revolving loans of up to $700 and a term loan in the amount of $180.0, extends the maturity date of the Facility to December 19, 2019, and, among other amendments, amends the Facility to provide for Leverage Holidays similar to those discussed above regarding the LG Facility. New deferred financing costs related to the JPM Amendment were $1.7, which along with existing costs of $1.8, are being amortized to interest expense over the term of the Facility. | ||||||||
With respect to the Facility, as of March 31, 2015, we had $15.9 in outstanding letters of credit issued and $537.8 of maximum borrowing capacity, of which $402.9 of borrowing capacity is immediately available based on our leverage covenant at March 31, 2015, with additional amounts available in the event of a qualifying acquisition. The weighted-average interest rates on borrowings under the Facility were 1.30% and 1.29% for the three and six months ended March 31, 2015, and 1.37% and 1.36% for the same periods in the prior year. The Facility carries a leverage-based facility fee, assessed on the entire facility amount. The weighted average facility fee was 0.23% and 0.24% for the three months and six months ended March 31, 2015. | ||||||||
The weighted average interest rates on the term loan were 1.55% and 1.54% for the three and six months ended March 31, 2015, and 1.66% and 1.67% for the same periods in the prior year. | ||||||||
In the normal course of business, the Process Equipment Group provides customers with bank guarantees and other credit arrangements in support of performance, warranty, advance payment, and other contractual obligations. This form of trade finance is customary in the industry and, as a result, we maintain adequate capacity to provide the guarantees, under the LG Facility and other arrangements. As of March 31, 2015, we had guarantee arrangements with capacity totaling $210.0 of which $153.3 was utilized for this purpose. | ||||||||
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. Financial covenants include a maximum ratio of Indebtedness to EBITDA (as such terms defined in the relevant agreements) of 3.5 to 1.0 and a minimum ratio of EBITDA (as defined in the agreements) to interest expense of 3.5 to 1.0. As of March 31, 2015, we were in compliance with all covenants. | ||||||||
We had restricted cash of $0.7 and $0.4 at March 31, 2015 and September 30, 2014. |
Retirement_Benefits
Retirement Benefits | 6 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||||||||
Retirement Benefits | Retirement Benefits | |||||||||||||||
Defined Benefit Plans | ||||||||||||||||
U.S. Pension Benefits | Non-U.S. Pension Benefits | |||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Service costs | $ | 1.1 | $ | 1 | $ | 0.5 | $ | 0.4 | ||||||||
Interest costs | 3.6 | 3.6 | 0.6 | 1 | ||||||||||||
Expected return on plan assets | (3.7 | ) | (3.5 | ) | (0.2 | ) | (0.2 | ) | ||||||||
Amortization of unrecognized prior service costs, net | 0.3 | 0.2 | — | — | ||||||||||||
Amortization of net loss | 1.4 | 1 | — | — | ||||||||||||
Net pension costs | $ | 2.7 | $ | 2.3 | $ | 0.9 | $ | 1.2 | ||||||||
U.S. Pension Benefits | Non-U.S. Pension Benefits | |||||||||||||||
Six Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Service costs | $ | 2.2 | $ | 2 | $ | 0.9 | $ | 0.8 | ||||||||
Interest costs | 7.2 | 7.3 | 1.4 | 2.1 | ||||||||||||
Expected return on plan assets | (7.2 | ) | (7.0 | ) | (0.5 | ) | (0.5 | ) | ||||||||
Amortization of unrecognized prior service costs, net | 0.5 | 0.4 | — | — | ||||||||||||
Amortization of net loss | 2.6 | 1.9 | — | — | ||||||||||||
Net pension costs | $ | 5.3 | $ | 4.6 | $ | 1.8 | $ | 2.4 | ||||||||
Postretirement Healthcare Plans — Net postretirement healthcare costs were $0.1 and $0.1 for the three months ended March 31, 2015 and 2014, and $0.2 and $0.2 for the six months ended March 31, 2015 and 2014. | ||||||||||||||||
Defined Contribution Plans — Expenses related to our defined contribution plans were $2.4 and $2.2 for the three months ended March 31, 2015 and 2014 |
Income_Taxes
Income Taxes | 6 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
The effective tax rates for the three months ended March 31, 2015 and 2014 were 31.4% and 29.1%. The effective tax rates for the six months ended March 31, 2015 and 2014 were 30.0% and 29.3%. The increase in the effective tax rate during the three months and six months ended March 31, 2015 was primarily due to the less favorable geographic mix of pre-tax income in 2015, net of a reduction in the reserve for uncertain tax positions in 2015. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Earnings Per Share | 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 March 31, 2015 and 2014, potential dilutive effects, representing approximately 1,400,000 and 1,800,000 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 | Six Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net income(1) | $ | 30.7 | $ | 33 | $ | 60.2 | $ | 53.3 | ||||||||
Weighted average shares outstanding (basic - in millions) | 63.3 | 63.3 | 63.2 | 63.2 | ||||||||||||
Effect of dilutive stock options and other unvested equity awards (in millions) | 0.6 | 0.6 | 0.6 | 0.7 | ||||||||||||
Weighted average shares outstanding (diluted - in millions) | 63.9 | 63.9 | 63.8 | 63.9 | ||||||||||||
Basic earnings per share | $ | 0.49 | $ | 0.52 | $ | 0.95 | $ | 0.84 | ||||||||
Diluted earnings per share | $ | 0.48 | $ | 0.51 | $ | 0.94 | $ | 0.83 | ||||||||
Shares with anti-dilutive effect excluded from the computation of diluted earnings per share (in millions) | 0.7 | 0.4 | 0.7 | 0.4 | ||||||||||||
(1) Net income attributable to Hillenbrand |
Shareholders_Equity
Shareholders' Equity | 6 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity |
During the six months ended March 31, 2015, we paid approximately $25.2 of cash dividends. We also repurchased approximately 305,000 shares of our common stock during the six months ended March 31, 2015, for a total cost of approximately $9.2. In connection with our share based compensation plans discussed further in Note 10, we also issued approximately 317,000 shares of common stock, of which approximately 245,000 shares were issued using treasury stock. |
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) | 6 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||||||
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) | |||||||||||||||||||||||
Pension and | Currency | Net | Total | Noncontrolling | Total | |||||||||||||||||||
Postretirement | Translation | Unrealized | Attributable | Interests | ||||||||||||||||||||
Gain (Loss) | to | |||||||||||||||||||||||
on Derivative | Hillenbrand, | |||||||||||||||||||||||
Instruments | Inc. | |||||||||||||||||||||||
Balance at September 30, 2013 | $ | (33.0 | ) | $ | 31.4 | $ | 0.2 | $ | (1.4 | ) | ||||||||||||||
Other comprehensive income before reclassifications | ||||||||||||||||||||||||
Before tax amount | 2.4 | 8.5 | 1.2 | 12.1 | $ | 0.1 | $ | 12.2 | ||||||||||||||||
Tax expense | (0.7 | ) | — | (0.3 | ) | (1.0 | ) | — | (1.0 | ) | ||||||||||||||
After tax amount | 1.7 | 8.5 | 0.9 | 11.1 | 0.1 | 11.2 | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income(1) | 1.4 | — | (0.6 | ) | 0.8 | — | 0.8 | |||||||||||||||||
Net current period other comprehensive income (loss) | 3.1 | 8.5 | 0.3 | 11.9 | $ | 0.1 | $ | 12 | ||||||||||||||||
Balance at March 31, 2014 | $ | (29.9 | ) | $ | 39.9 | $ | 0.5 | $ | 10.5 | |||||||||||||||
(1) Amounts are net of tax. | ||||||||||||||||||||||||
Pension and | Currency | Net | Total | Noncontrolling | Total | |||||||||||||||||||
Postretirement | Translation | Unrealized | Attributable | Interests | ||||||||||||||||||||
Gain (Loss) | to | |||||||||||||||||||||||
on Derivative | Hillenbrand, | |||||||||||||||||||||||
Instruments | Inc. | |||||||||||||||||||||||
Balance at September 30, 2014 | $ | (46.0 | ) | $ | (4.9 | ) | $ | (1.3 | ) | $ | (52.2 | ) | ||||||||||||
Other comprehensive income before reclassifications | ||||||||||||||||||||||||
Before tax amount | — | (56.5 | ) | (8.5 | ) | (65.0 | ) | $ | (0.1 | ) | $ | (65.1 | ) | |||||||||||
Tax expense | — | — | 2.5 | 2.5 | — | 2.5 | ||||||||||||||||||
After tax amount | — | (56.5 | ) | (6.0 | ) | (62.5 | ) | (0.1 | ) | (62.6 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income(1) | 1.8 | — | 1.7 | 3.5 | — | 3.5 | ||||||||||||||||||
Net current period other comprehensive income (loss) | 1.8 | (56.5 | ) | (4.3 | ) | (59.0 | ) | $ | (0.1 | ) | $ | (59.1 | ) | |||||||||||
Balance at March 31, 2015 | $ | (44.2 | ) | $ | (61.4 | ) | $ | (5.6 | ) | $ | (111.2 | ) | ||||||||||||
(1) Amounts are net of tax. | ||||||||||||||||||||||||
Reclassifications out of Accumulated Other Comprehensive Income include: | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Amortization of Pension and | (Gain)/Loss on | |||||||||||||||||||||||
Postretirement (1) | ||||||||||||||||||||||||
Net Loss | Prior Service Costs | Derivative | Total | |||||||||||||||||||||
Recognized | Recognized | Instruments | ||||||||||||||||||||||
Affected Line in the Consolidated Statement of Operations: | ||||||||||||||||||||||||
Net revenue | $ | — | $ | — | $ | (0.5 | ) | $ | (0.5 | ) | ||||||||||||||
Cost of goods sold | 0.7 | 0.2 | (0.2 | ) | 0.7 | |||||||||||||||||||
Operating expenses | 0.2 | — | — | 0.2 | ||||||||||||||||||||
Other income (expense), net | — | — | (0.4 | ) | (0.4 | ) | ||||||||||||||||||
Total before tax | $ | 0.9 | $ | 0.2 | $ | (1.1 | ) | $ | — | |||||||||||||||
Tax expense | — | |||||||||||||||||||||||
Total reclassifications for the period, net of tax | $ | — | ||||||||||||||||||||||
Six Months Ended March 31, 2014 | ||||||||||||||||||||||||
Amortization of Pension and | (Gain)/Loss on | |||||||||||||||||||||||
Postretirement (1) | ||||||||||||||||||||||||
Net Loss | Prior Service Costs | Derivative | Total | |||||||||||||||||||||
Recognized | Recognized | Instruments | ||||||||||||||||||||||
Affected Line in the Consolidated Statement of Operations: | ||||||||||||||||||||||||
Net revenue | $ | — | $ | — | $ | (0.4 | ) | $ | (0.4 | ) | ||||||||||||||
Cost of goods sold | 1.3 | 0.3 | (0.3 | ) | 1.3 | |||||||||||||||||||
Operating expenses | 0.5 | 0.1 | — | 0.6 | ||||||||||||||||||||
Other income (expense), net | — | — | (0.3 | ) | (0.3 | ) | ||||||||||||||||||
Total before tax | $ | 1.8 | $ | 0.4 | $ | (1.0 | ) | $ | 1.2 | |||||||||||||||
Tax expense | (0.4 | ) | ||||||||||||||||||||||
Total reclassifications for the period, net of tax | $ | 0.8 | ||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||
Amortization of Pension and | (Gain)/Loss on | |||||||||||||||||||||||
Postretirement (1) | ||||||||||||||||||||||||
Net Loss | Prior Service Costs | Derivative | Total | |||||||||||||||||||||
Recognized | Recognized | Instruments | ||||||||||||||||||||||
Affected Line in the Consolidated Statement of Operations: | ||||||||||||||||||||||||
Net revenue | $ | — | $ | — | $ | 0.8 | $ | 0.8 | ||||||||||||||||
Cost of goods sold | 0.8 | 0.2 | 0.1 | 1.1 | ||||||||||||||||||||
Operating expenses | 0.4 | — | — | 0.4 | ||||||||||||||||||||
Other income (expense), net | — | — | 0.8 | 0.8 | ||||||||||||||||||||
Total before tax | $ | 1.2 | $ | 0.2 | $ | 1.7 | $ | 3.1 | ||||||||||||||||
Tax expense | (0.9 | ) | ||||||||||||||||||||||
Total reclassifications for the period, net of tax | $ | 2.2 | ||||||||||||||||||||||
Six Months Ended March 31, 2015 | ||||||||||||||||||||||||
Amortization of Pension and | (Gain)/Loss on | |||||||||||||||||||||||
Postretirement (1) | ||||||||||||||||||||||||
Net Loss | Prior Service Costs | Derivative | Total | |||||||||||||||||||||
Recognized | Recognized | Instruments | ||||||||||||||||||||||
Affected Line in the Consolidated Statement of Operations: | ||||||||||||||||||||||||
Net revenue | $ | — | $ | — | $ | 1.3 | $ | 1.3 | ||||||||||||||||
Cost of goods sold | 1.7 | 0.3 | — | 2 | ||||||||||||||||||||
Operating expenses | 0.7 | 0.1 | — | 0.8 | ||||||||||||||||||||
Other income (expense), net | — | — | 1.1 | 1.1 | ||||||||||||||||||||
Total before tax | $ | 2.4 | $ | 0.4 | $ | 2.4 | $ | 5.2 | ||||||||||||||||
Tax expense | (1.7 | ) | ||||||||||||||||||||||
Total reclassifications for the period, net of tax | $ | 3.5 | ||||||||||||||||||||||
(1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 5). |
ShareBased_Compensation
Share-Based Compensation | 6 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Compensation Related Costs [Abstract] | ||||||||||||||||
Share-Based Compensation | Share-Based Compensation | |||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Share-based compensation costs | $ | 4.1 | $ | 3.4 | $ | 6.3 | $ | 5.1 | ||||||||
Less impact of income tax benefit | 1.5 | 1.3 | 2.3 | 1.9 | ||||||||||||
Share-based compensation costs, net of tax | $ | 2.6 | $ | 2.1 | $ | 4 | $ | 3.2 | ||||||||
We have share-based compensation with long-term performance-based metrics that are contingent upon our relative total shareholder return and the creation of shareholder value as measured by the cumulative cash returns and final period net operating profit after tax compared to the performance-based targets for each grant over a three-year period. For the performance-based awards contingent upon the creation of shareholder value, compensation expense is adjusted each quarter based upon actual results to date and any changes to forecasted information on each of the separate grants. | ||||||||||||||||
During the six months ended March 31, 2015, we made the following grants: | ||||||||||||||||
Number of | ||||||||||||||||
Units | ||||||||||||||||
Stock options | 360,903 | |||||||||||||||
Time-based stock awards | 49,219 | |||||||||||||||
Performance-based stock awards (maximum that can be earned) | 474,599 | |||||||||||||||
Stock options granted during fiscal 2015 had a weighted-average exercise price of $32.66 and a weighted-average grant date fair value of $8.38. Our time-based stock awards and performance-based stock awards granted during fiscal 2015 had weighted-average grant date fair values of $31.61 and $33.44. Included in the performance-based stock awards granted during 2015 are 150,464 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 and are not subsequently adjusted after the grant date. | ||||||||||||||||
Other_Income_Expense_Net
Other Income (Expense), Net | 6 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Other Nonoperating Income (Expense) [Abstract] | ||||||||||||||||
Other Income and Other Expense | Other Income (Expense), Net | |||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Equity in net income (loss) of affiliates | $ | (1.7 | ) | $ | 2.9 | $ | (1.4 | ) | $ | 2.7 | ||||||
Foreign currency exchange loss, net | (3.3 | ) | (0.4 | ) | (4.1 | ) | (0.7 | ) | ||||||||
Gain on exercise of warrants | — | 5.2 | — | 5.2 | ||||||||||||
Service agreement cancellation | — | 2.5 | — | 2.5 | ||||||||||||
Other, net | — | (0.5 | ) | 0.5 | (0.1 | ) | ||||||||||
Other income and (expense), net | $ | (5.0 | ) | $ | 9.7 | $ | (5.0 | ) | $ | 9.6 | ||||||
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
General — Like most companies, from time to time we are involved 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 be 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. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | 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 March 31, 2015 | |||||||||||||||
March 31, | Using Inputs Considered as: | |||||||||||||||
2015 | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 43 | $ | 43 | $ | — | $ | — | ||||||||
Investments in rabbi trust | 4.8 | 4.8 | — | — | ||||||||||||
Derivative instruments | 3.3 | — | 3.3 | — | ||||||||||||
Liabilities: | ||||||||||||||||
$150 senior unsecured notes | 149 | 159.9 | — | — | ||||||||||||
Revolving credit facility | 146.3 | — | 146.3 | — | ||||||||||||
Term loan | 175.5 | — | 175.5 | — | ||||||||||||
$100 Series A Notes | 100 | — | 103.9 | — | ||||||||||||
Derivative instruments | 12.1 | — | 12.1 | — | ||||||||||||
The fair values of the revolving credit facility and term loan approximated carrying value at March 31, 2015. The fair values of the revolving credit facility, term loan, and Series A Notes 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, term loan, or Series A Notes. | ||||||||||||||||
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 $118.9 at March 31, 2015. |
Segment_and_Geographical_Infor
Segment and Geographical Information | 6 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Segment and Geographical Information | Segment and Geographical Information | |||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net revenue | ||||||||||||||||
Process Equipment Group | $ | 240.8 | $ | 239.5 | $ | 497.2 | $ | 481.7 | ||||||||
Batesville | 163.8 | 157.3 | 308.9 | 300 | ||||||||||||
Total | $ | 404.6 | $ | 396.8 | $ | 806.1 | $ | 781.7 | ||||||||
Adjusted EBITDA | ||||||||||||||||
Process Equipment Group | $ | 34.6 | $ | 26 | $ | 72.7 | $ | 52.7 | ||||||||
Batesville | 44 | 44.9 | 76.6 | 79.4 | ||||||||||||
Corporate | (13.1 | ) | (1.7 | ) | (20.4 | ) | (9.7 | ) | ||||||||
Net revenue (1) | ||||||||||||||||
United States | $ | 236.2 | $ | 215.9 | $ | 452.8 | $ | 418.3 | ||||||||
International | 168.4 | 180.9 | 353.3 | 363.4 | ||||||||||||
Total | $ | 404.6 | $ | 396.8 | $ | 806.1 | $ | 781.7 | ||||||||
(1) We attribute revenue to a geography based upon the location of the business unit that consummates the external sale. | ||||||||||||||||
March 31, | September 30, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Total assets assigned | ||||||||||||||||
Process Equipment Group | $ | 1,500.20 | $ | 1,632.80 | ||||||||||||
Batesville | 225.4 | 237.8 | ||||||||||||||
Corporate | 62.7 | 47.9 | ||||||||||||||
Total | $ | 1,788.30 | $ | 1,918.50 | ||||||||||||
Tangible long-lived assets, net | ||||||||||||||||
United States | $ | 94.5 | $ | 93.7 | ||||||||||||
International | 58.2 | 65.8 | ||||||||||||||
Total | $ | 152.7 | $ | 159.5 | ||||||||||||
The following schedule reconciles segment adjusted EBITDA to consolidated net income. | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Adjusted EBITDA: | ||||||||||||||||
Process Equipment Group | $ | 34.6 | $ | 26 | $ | 72.7 | $ | 52.7 | ||||||||
Batesville | 44 | 44.9 | 76.6 | 79.4 | ||||||||||||
Corporate | (13.1 | ) | (1.7 | ) | (20.4 | ) | (9.7 | ) | ||||||||
Less: | ||||||||||||||||
Interest income | (0.4 | ) | (0.1 | ) | (0.7 | ) | (0.3 | ) | ||||||||
Interest expense | 6.4 | 5.6 | 12.1 | 11.9 | ||||||||||||
Income tax expense | 14.3 | 13.7 | 26.1 | 22.7 | ||||||||||||
Depreciation and amortization | 13.4 | 14.7 | 28.4 | 29 | ||||||||||||
Business acquisition and integration | (0.1 | ) | 1.1 | 0.2 | 3 | |||||||||||
Restructuring | 0.7 | 0.9 | 1.4 | 1.2 | ||||||||||||
Litigation | — | — | 0.5 | — | ||||||||||||
Consolidated net income | $ | 31.2 | $ | 33.3 | $ | 60.9 | $ | 54.9 | ||||||||
Condensed_Consolidating_Inform
Condensed Consolidating Information | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Information | Condensed Consolidating Information | |||||||||||||||||||||||||||||||||||||||
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 revolving credit facility, term loan, senior unsecured notes, Series A Notes, and LG Facility. 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 March 31, 2015 | Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||||||||||||||||||||||
Net revenue | $ | — | $ | 235.7 | $ | 220 | $ | (51.1 | ) | $ | 404.6 | $ | — | $ | 212.4 | $ | 227.4 | $ | (43.0 | ) | $ | 396.8 | ||||||||||||||||||
Cost of goods sold | — | 119.2 | 162.2 | (25.4 | ) | 256 | — | 104.8 | 165.6 | (16.4 | ) | 254 | ||||||||||||||||||||||||||||
Gross profit | — | 116.5 | 57.8 | (25.7 | ) | 148.6 | — | 107.6 | 61.8 | (26.6 | ) | 142.8 | ||||||||||||||||||||||||||||
Operating expenses | 10.7 | 63.8 | 42.9 | (25.7 | ) | 91.7 | 11.8 | 63.3 | 51.4 | (26.6 | ) | 99.9 | ||||||||||||||||||||||||||||
Operating profit | (10.7 | ) | 52.7 | 14.9 | — | 56.9 | (11.8 | ) | 44.3 | 10.4 | — | 42.9 | ||||||||||||||||||||||||||||
Interest expense | 5.2 | 0.4 | 0.8 | — | 6.4 | 4.8 | — | 0.8 | — | 5.6 | ||||||||||||||||||||||||||||||
Other income (expense), net | (1.7 | ) | (0.6 | ) | (2.7 | ) | — | (5.0 | ) | 0.2 | 10.1 | (0.6 | ) | — | 9.7 | |||||||||||||||||||||||||
Equity in net income (loss) of subsidiaries | 40.9 | 3 | — | (43.9 | ) | — | 40.9 | 3 | — | (43.9 | ) | — | ||||||||||||||||||||||||||||
Income (loss) before income taxes | 23.3 | 54.7 | 11.4 | (43.9 | ) | 45.5 | 24.5 | 57.4 | 9 | (43.9 | ) | 47 | ||||||||||||||||||||||||||||
Income tax expense (benefit) | (7.4 | ) | 19.2 | 2.5 | — | 14.3 | (8.5 | ) | 19.9 | 2.3 | — | 13.7 | ||||||||||||||||||||||||||||
Consolidated net income | 30.7 | 35.5 | 8.9 | (43.9 | ) | 31.2 | 33 | 37.5 | 6.7 | (43.9 | ) | 33.3 | ||||||||||||||||||||||||||||
Less: Net income attributable to | ||||||||||||||||||||||||||||||||||||||||
noncontrolling interests | — | — | 0.5 | — | 0.5 | — | — | 0.3 | — | 0.3 | ||||||||||||||||||||||||||||||
Net income (1) | $ | 30.7 | $ | 35.5 | $ | 8.4 | $ | (43.9 | ) | $ | 30.7 | $ | 33 | $ | 37.5 | $ | 6.4 | $ | (43.9 | ) | $ | 33 | ||||||||||||||||||
Consolidated comprehensive income | $ | (8.6 | ) | $ | 36.4 | $ | (32.7 | ) | $ | (3.2 | ) | $ | (8.1 | ) | $ | 33.5 | $ | 38.2 | $ | 6.7 | $ | (44.4 | ) | $ | 34 | |||||||||||||||
Less: Comprehensive income attributable | ||||||||||||||||||||||||||||||||||||||||
to noncontrolling interests | — | — | 0.5 | — | 0.5 | — | — | 0.5 | — | 0.5 | ||||||||||||||||||||||||||||||
Comprehensive income (2) | $ | (8.6 | ) | $ | 36.4 | $ | (33.2 | ) | $ | (3.2 | ) | $ | (8.6 | ) | $ | 33.5 | $ | 38.2 | $ | 6.2 | $ | (44.4 | ) | $ | 33.5 | |||||||||||||||
Six Months Ended March 31, 2015 | Six Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||||||||||||||||||||||
Net revenue | $ | — | $ | 452.4 | $ | 453.5 | $ | (99.8 | ) | $ | 806.1 | $ | — | $ | 412.7 | $ | 452.4 | $ | (83.4 | ) | $ | 781.7 | ||||||||||||||||||
Cost of goods sold | — | 233.5 | 335 | (49.4 | ) | 519.1 | — | 207.3 | 332.2 | (31.6 | ) | 507.9 | ||||||||||||||||||||||||||||
Gross profit | — | 218.9 | 118.5 | (50.4 | ) | 287 | — | 205.4 | 120.2 | (51.8 | ) | 273.8 | ||||||||||||||||||||||||||||
Operating expenses | 18.8 | 126.7 | 87.8 | (50.4 | ) | 182.9 | 20.8 | 125.2 | 99.7 | (51.8 | ) | 193.9 | ||||||||||||||||||||||||||||
Operating profit | (18.8 | ) | 92.2 | 30.7 | — | 104.1 | (20.8 | ) | 80.2 | 20.5 | — | 79.9 | ||||||||||||||||||||||||||||
Interest expense | 10.1 | 0.4 | 1.6 | — | 12.1 | 9.7 | 0.1 | 2.1 | — | 11.9 | ||||||||||||||||||||||||||||||
Other income (expense), net | (1.7 | ) | (0.6 | ) | (2.7 | ) | — | (5.0 | ) | 0.1 | 9.4 | 0.1 | — | 9.6 | ||||||||||||||||||||||||||
Equity in net income (loss) of subsidiaries | 75 | 5.2 | — | (80.2 | ) | — | 69.5 | 4.9 | — | (74.4 | ) | — | ||||||||||||||||||||||||||||
Income (loss) before income taxes | 44.4 | 96.4 | 26.4 | (80.2 | ) | 87 | 39.1 | 94.4 | 18.5 | (74.4 | ) | 77.6 | ||||||||||||||||||||||||||||
Income tax expense (benefit) | (15.8 | ) | 34.1 | 7.8 | — | 26.1 | (14.2 | ) | 33.1 | 3.8 | — | 22.7 | ||||||||||||||||||||||||||||
Consolidated net income | 60.2 | 62.3 | 18.6 | (80.2 | ) | 60.9 | 53.3 | 61.3 | 14.7 | (74.4 | ) | 54.9 | ||||||||||||||||||||||||||||
Less: Net income attributable to | ||||||||||||||||||||||||||||||||||||||||
noncontrolling interests | — | — | 0.7 | — | 0.7 | — | — | 1.6 | — | 1.6 | ||||||||||||||||||||||||||||||
Net income (1) | $ | 60.2 | $ | 62.3 | $ | 17.9 | $ | (80.2 | ) | $ | 60.2 | $ | 53.3 | $ | 61.3 | $ | 13.1 | $ | (74.4 | ) | $ | 53.3 | ||||||||||||||||||
Consolidated comprehensive income | $ | 1.2 | $ | 64 | $ | (30.4 | ) | $ | (33.0 | ) | $ | 1.8 | $ | 65.2 | $ | 62.7 | $ | 25.3 | $ | (86.3 | ) | $ | 66.9 | |||||||||||||||||
Less: Comprehensive income attributable | ||||||||||||||||||||||||||||||||||||||||
to noncontrolling interests | — | — | 0.6 | — | 0.6 | — | — | 1.7 | — | 1.7 | ||||||||||||||||||||||||||||||
Comprehensive income (2) | $ | 1.2 | $ | 64 | $ | (31.0 | ) | $ | (33.0 | ) | $ | 1.2 | $ | 65.2 | $ | 62.7 | $ | 23.6 | $ | (86.3 | ) | $ | 65.2 | |||||||||||||||||
(1) Net income attributable to Hillenbrand | ||||||||||||||||||||||||||||||||||||||||
(2) Comprehensive income attributable to Hillenbrand | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||||||||||||||||||
31-Mar-15 | 30-Sep-14 | |||||||||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||||||||||||||||||||||
Cash and equivalents | $ | 0.1 | $ | 7.5 | $ | 35.4 | $ | — | $ | 43 | $ | 0.4 | $ | 10.6 | $ | 47 | $ | — | $ | 58 | ||||||||||||||||||||
Trade receivables, net | — | 102.6 | 69.7 | — | 172.3 | — | 113.2 | 77.8 | — | 191 | ||||||||||||||||||||||||||||||
Unbilled receivables from long-term | ||||||||||||||||||||||||||||||||||||||||
manufacturing contracts | — | 6.5 | 127.8 | — | 134.3 | — | 4 | 145.3 | — | 149.3 | ||||||||||||||||||||||||||||||
Inventories | — | 80.9 | 97.1 | (3.1 | ) | 174.9 | — | 69.7 | 101.8 | (3.0 | ) | 168.5 | ||||||||||||||||||||||||||||
Deferred income taxes | 8.5 | 17.2 | 3 | — | 28.7 | 10.6 | 17.3 | 2.6 | — | 30.5 | ||||||||||||||||||||||||||||||
Prepaid expense | 3 | 8.2 | 10.2 | — | 21.4 | 2.5 | 4.9 | 11.6 | — | 19 | ||||||||||||||||||||||||||||||
Intercompany receivables | 283.8 | 1,129.00 | 36.6 | (1,449.4 | ) | — | 291 | 1,189.90 | 5.3 | (1,486.2 | ) | — | ||||||||||||||||||||||||||||
Other current assets | 0.5 | 1.7 | 14.9 | 0.7 | 17.8 | 1.2 | 2.1 | 17.8 | 0.4 | 21.5 | ||||||||||||||||||||||||||||||
Total current assets | 295.9 | 1,353.60 | 394.7 | (1,451.8 | ) | 592.4 | 305.7 | 1,411.70 | 409.2 | (1,488.8 | ) | 637.8 | ||||||||||||||||||||||||||||
Property, plant and equipment, net | 6.7 | 65.6 | 80.4 | — | 152.7 | 6.7 | 65.4 | 87.4 | — | 159.5 | ||||||||||||||||||||||||||||||
Intangible assets, net | 2.3 | 180.4 | 282.1 | — | 464.8 | 2.5 | 186.1 | 321.9 | — | 510.5 | ||||||||||||||||||||||||||||||
Goodwill | — | 211.7 | 324.1 | — | 535.8 | — | 211.7 | 359 | — | 570.7 | ||||||||||||||||||||||||||||||
Investment in consolidated subsidiaries | 1,983.80 | 645.9 | — | (2,629.7 | ) | — | 2,000.20 | 644 | — | (2,644.2 | ) | — | ||||||||||||||||||||||||||||
Other assets | 33.9 | 25.9 | 3.8 | (21.0 | ) | 42.6 | 25.8 | 9.9 | 4.3 | — | 40 | |||||||||||||||||||||||||||||
Total Assets | $ | 2,322.60 | $ | 2,483.10 | $ | 1,085.10 | $ | (4,102.5 | ) | $ | 1,788.30 | $ | 2,340.90 | $ | 2,528.80 | $ | 1,181.80 | $ | (4,133.0 | ) | $ | 1,918.50 | ||||||||||||||||||
Trade accounts payable | $ | 0.4 | $ | 25.9 | $ | 91.4 | $ | 0.3 | $ | 118 | $ | 3 | $ | 32.8 | $ | 156.8 | $ | — | $ | 192.6 | ||||||||||||||||||||
Liabilities from long-term manufacturing | ||||||||||||||||||||||||||||||||||||||||
contracts and advances | — | 22.8 | 56.5 | — | 79.3 | — | 20.4 | 55.7 | — | 76.1 | ||||||||||||||||||||||||||||||
Current portion of long-term debt | 9 | — | — | — | 9 | 15 | — | — | — | 15 | ||||||||||||||||||||||||||||||
Accrued compensation | 22.6 | 20.5 | 8 | — | 51.1 | 5 | 55.3 | 9.3 | — | 69.6 | ||||||||||||||||||||||||||||||
Deferred income taxes | — | — | 21.4 | — | 21.4 | — | 1.6 | 19.1 | — | 20.7 | ||||||||||||||||||||||||||||||
Intercompany payables | 1,174.90 | 277.6 | — | (1,452.5 | ) | — | 1,202.70 | 286.5 | — | (1,489.2 | ) | — | ||||||||||||||||||||||||||||
Other current liabilities | 3.2 | 48.9 | 74.7 | (19.4 | ) | 107.4 | 4.1 | 61.6 | 51 | 0.4 | 117.1 | |||||||||||||||||||||||||||||
Total current liabilities | 1,210.10 | 395.7 | 252 | (1,471.6 | ) | 386.2 | 1,229.80 | 458.2 | 291.9 | (1,488.8 | ) | 491.1 | ||||||||||||||||||||||||||||
Long-term debt | 550 | — | 11.8 | — | 561.8 | 525.9 | — | 17.6 | — | 543.5 | ||||||||||||||||||||||||||||||
Accrued pension and | ||||||||||||||||||||||||||||||||||||||||
postretirement healthcare | 1.1 | 95.7 | 88.3 | — | 185.1 | 1 | 94.2 | 105.7 | — | 200.9 | ||||||||||||||||||||||||||||||
Deferred income taxes | — | 19.9 | 29.5 | (0.3 | ) | 49.1 | 0.8 | 15.1 | 39.5 | — | 55.4 | |||||||||||||||||||||||||||||
Other long-term liabilities | 0.1 | 23.4 | 11.1 | (0.9 | ) | 33.7 | 0.1 | 27.7 | 6 | — | 33.8 | |||||||||||||||||||||||||||||
Total Liabilities | 1,761.30 | 534.7 | 392.7 | (1,472.8 | ) | 1,215.90 | 1,757.60 | 595.2 | 460.7 | (1,488.8 | ) | 1,324.70 | ||||||||||||||||||||||||||||
Total Hillenbrand Shareholders’ Equity | 561.3 | 1,948.40 | 681.3 | (2,629.7 | ) | 561.3 | 583.3 | 1,933.60 | 710.6 | (2,644.2 | ) | 583.3 | ||||||||||||||||||||||||||||
Noncontrolling interests | — | — | 11.1 | — | 11.1 | — | — | 10.5 | — | 10.5 | ||||||||||||||||||||||||||||||
Total Equity | 561.3 | 1,948.40 | 692.4 | (2,629.7 | ) | 572.4 | 583.3 | 1,933.60 | 721.1 | (2,644.2 | ) | 593.8 | ||||||||||||||||||||||||||||
Total Liabilities and Equity | $ | 2,322.60 | $ | 2,483.10 | $ | 1,085.10 | $ | (4,102.5 | ) | $ | 1,788.30 | $ | 2,340.90 | $ | 2,528.80 | $ | 1,181.80 | $ | (4,133.0 | ) | $ | 1,918.50 | ||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 | Six Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) | ||||||||||||||||||||||||||||||||||||||||
operating activities | $ | 12.7 | $ | 84.8 | $ | (1.7 | ) | $ | (85.6 | ) | $ | 10.2 | $ | 13 | $ | 37.2 | $ | 79.3 | $ | (47.3 | ) | $ | 82.2 | |||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (0.8 | ) | (7.2 | ) | (3.9 | ) | — | (11.9 | ) | (0.8 | ) | (6.4 | ) | (4.2 | ) | — | (11.4 | ) | ||||||||||||||||||||||
Proceeds from sales of property, plant, | ||||||||||||||||||||||||||||||||||||||||
and equipment | — | 0.5 | — | — | 0.5 | — | 0.7 | — | — | 0.7 | ||||||||||||||||||||||||||||||
Proceeds from warrant exercise | — | — | — | — | — | — | 5.7 | — | — | 5.7 | ||||||||||||||||||||||||||||||
Other, net | — | (0.9 | ) | (0.2 | ) | — | (1.1 | ) | — | — | 0.9 | — | 0.9 | |||||||||||||||||||||||||||
Net cash used in investing activities | (0.8 | ) | (7.6 | ) | (4.1 | ) | — | (12.5 | ) | (0.8 | ) | — | (3.3 | ) | — | (4.1 | ) | |||||||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||||||||||
Repayments on term loan | (4.5 | ) | — | — | — | (4.5 | ) | (5.0 | ) | — | — | — | (5.0 | ) | ||||||||||||||||||||||||||
Proceeds from revolving credit facilities | 191 | — | 63.4 | — | 254.4 | 158 | — | 24.6 | — | 182.6 | ||||||||||||||||||||||||||||||
Repayments on revolving credit facilities | (268.5 | ) | — | (63.5 | ) | — | (332.0 | ) | (137.5 | ) | — | (81.1 | ) | — | (218.6 | ) | ||||||||||||||||||||||||
Proceeds from unsecured Series A Notes, | ||||||||||||||||||||||||||||||||||||||||
net of financing costs | 99.6 | — | — | — | 99.6 | — | — | — | — | — | ||||||||||||||||||||||||||||||
Proceeds from other borrowings | — | — | — | — | — | — | — | 1 | — | 1 | ||||||||||||||||||||||||||||||
Payment of dividends on common stock | (25.2 | ) | — | — | — | (25.2 | ) | (24.8 | ) | — | — | — | (24.8 | ) | ||||||||||||||||||||||||||
Payment of dividends - intercompany | — | (80.3 | ) | (5.3 | ) | 85.6 | — | — | (38.4 | ) | (8.9 | ) | 47.3 | — | ||||||||||||||||||||||||||
Repurchases of common stock | (9.2 | ) | — | — | — | (9.2 | ) | (16.5 | ) | — | — | — | (16.5 | ) | ||||||||||||||||||||||||||
Net proceeds on stock plans | 3.4 | — | — | — | 3.4 | 12.7 | — | — | — | 12.7 | ||||||||||||||||||||||||||||||
Other, net | 1.2 | — | — | — | 1.2 | 0.9 | — | (0.8 | ) | — | 0.1 | |||||||||||||||||||||||||||||
Net cash (used in) provided by | ||||||||||||||||||||||||||||||||||||||||
financing activities | (12.2 | ) | (80.3 | ) | (5.4 | ) | 85.6 | (12.3 | ) | (12.2 | ) | (38.4 | ) | (65.2 | ) | 47.3 | (68.5 | ) | ||||||||||||||||||||||
Effect of exchange rates on cash and | ||||||||||||||||||||||||||||||||||||||||
cash equivalents | — | — | (0.4 | ) | — | (0.4 | ) | — | — | (1.3 | ) | — | (1.3 | ) | ||||||||||||||||||||||||||
Net cash flow | (0.3 | ) | (3.1 | ) | (11.6 | ) | — | (15.0 | ) | — | (1.2 | ) | 9.5 | — | 8.3 | |||||||||||||||||||||||||
Cash and equivalents at beginning of | ||||||||||||||||||||||||||||||||||||||||
period | 0.4 | 10.6 | 47 | — | 58 | 0.6 | 8.7 | 33.4 | — | 42.7 | ||||||||||||||||||||||||||||||
Cash and equivalents at end of period | $ | 0.1 | $ | 7.5 | $ | 35.4 | $ | — | $ | 43 | $ | 0.6 | $ | 7.5 | $ | 42.9 | $ | — | $ | 51 | ||||||||||||||||||||
Restructuring
Restructuring | 6 Months Ended |
Mar. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring |
During the three months ended March 31, 2015, Hillenbrand incurred $0.7 of restructuring costs ($0.5 expense at the Process Equipment Group, with $0.4 classified as operating expenses and $0.1 classified as cost of goods sold, and $0.2 expense at Corporate classified as operating expenses). During the six months ended March 31, 2015, Hillenbrand incurred $2.6 of restructuring costs ($0.8 expense at the Process Equipment Group, with $0.7 classified as operating expenses and $0.1 classified as cost of goods sold, $1.2 expense at Batesville classified as cost of goods sold, and $0.6 expense at Corporate classified as operating expenses). These costs related primarily to severance costs at the Process Equipment Group as we continue to integrate and streamline the business operations within the segment, disposal of equipment at Batesville, and corporate compensation costs related to changes in the Company’s executive management team. At March 31, 2015, $1.4 of restructuring costs were accrued and will be paid in 2015. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Standard | In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. ASU 2014-09 requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 will be effective for our fiscal year beginning October 1, 2017, including interim periods within that reporting period, and allows for either full retrospective adoption or modified retrospective adoption, with early adoption not permitted. We are currently evaluating the impact that ASU 2014-09 will have on our consolidated financial statements. |
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern. ASU 2014-15 provides guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. ASU 2014-15 will be effective for our fiscal year beginning October 1, 2016, with early adoption permitted. We do not expect the adoption of ASU 2014-15 to have a material impact on our consolidated financial statements. | |
In January 2015, the FASB issued ASU 2015-01, Income Statement—Extraordinary and Unusual Items. ASU 2015-01 eliminates from GAAP the concept of extraordinary items. ASU 2015-01 will be effective for our fiscal year beginning October 1, 2016, with early adoption permitted. We do not expect the adoption of ASU 2015-01 to have a material impact on our consolidated financial statements. | |
In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest. ASU 2015-03 simplifies the presentation of debt issuance costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 will be effective for our fiscal year beginning October 1, 2016, with early adoption permitted. We do not expect the adoption of ASU 2015-03 to have a material impact on our consolidated financial statements. | |
In April 2015, the FASB issued ASU 2015-05, Intangibles-Goodwill and Other - Internal-Use Software. ASU 2015-05 will help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement by providing guidance as to whether an arrangement includes the sale or license of software. ASU 2015-05 will be effective for our fiscal year beginning October 1, 2016, with early adoption permitted. We are currently evaluating the impact that ASU 2015-05 will have on our consolidated financial statements. |
Supplemental_Balance_Sheet_Inf1
Supplemental Balance Sheet Information (Tables) | 6 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ||||||||
Schedule of supplemental balance sheet information | ||||||||
March 31, | September 30, | |||||||
2015 | 2014 | |||||||
Trade accounts receivable reserves | $ | 20.2 | $ | 19.2 | ||||
Accumulated depreciation on property, plant, and equipment | $ | 289.5 | $ | 278.3 | ||||
Accumulated amortization on intangible assets | $ | 140.4 | $ | 127.4 | ||||
Inventories: | ||||||||
Raw materials and components | $ | 50 | $ | 53.2 | ||||
Work in process | 70.2 | 73.3 | ||||||
Finished goods | 54.7 | 42 | ||||||
Total inventories | $ | 174.9 | $ | 168.5 | ||||
Financing_Agreements_Tables
Financing Agreements (Tables) | 6 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of borrowings under financing agreements | ||||||||
March 31, | September 30, | |||||||
2015 | 2014 | |||||||
$700 revolving credit facility, maturing December 19, 2019 | $ | 146.3 | $ | 229.6 | ||||
$200 term loan, final maturity December 19, 2019 | 175.5 | 180 | ||||||
$150 senior unsecured notes, due July 15, 2020, net of discount | 149 | 148.9 | ||||||
$100 unsecured Series A Notes, due December 15, 2024 | 100 | — | ||||||
Total debt | 570.8 | 558.5 | ||||||
Less: current portion | 9 | 15 | ||||||
Total long-term debt | $ | 561.8 | $ | 543.5 | ||||
Retirement_Benefits_Tables
Retirement Benefits (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||||||||
Components of net pension costs | ||||||||||||||||
U.S. Pension Benefits | Non-U.S. Pension Benefits | |||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Service costs | $ | 1.1 | $ | 1 | $ | 0.5 | $ | 0.4 | ||||||||
Interest costs | 3.6 | 3.6 | 0.6 | 1 | ||||||||||||
Expected return on plan assets | (3.7 | ) | (3.5 | ) | (0.2 | ) | (0.2 | ) | ||||||||
Amortization of unrecognized prior service costs, net | 0.3 | 0.2 | — | — | ||||||||||||
Amortization of net loss | 1.4 | 1 | — | — | ||||||||||||
Net pension costs | $ | 2.7 | $ | 2.3 | $ | 0.9 | $ | 1.2 | ||||||||
U.S. Pension Benefits | Non-U.S. Pension Benefits | |||||||||||||||
Six Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Service costs | $ | 2.2 | $ | 2 | $ | 0.9 | $ | 0.8 | ||||||||
Interest costs | 7.2 | 7.3 | 1.4 | 2.1 | ||||||||||||
Expected return on plan assets | (7.2 | ) | (7.0 | ) | (0.5 | ) | (0.5 | ) | ||||||||
Amortization of unrecognized prior service costs, net | 0.5 | 0.4 | — | — | ||||||||||||
Amortization of net loss | 2.6 | 1.9 | — | — | ||||||||||||
Net pension costs | $ | 5.3 | $ | 4.6 | $ | 1.8 | $ | 2.4 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Schedule of computation of basic and diluted earnings per share | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net income(1) | $ | 30.7 | $ | 33 | $ | 60.2 | $ | 53.3 | ||||||||
Weighted average shares outstanding (basic - in millions) | 63.3 | 63.3 | 63.2 | 63.2 | ||||||||||||
Effect of dilutive stock options and other unvested equity awards (in millions) | 0.6 | 0.6 | 0.6 | 0.7 | ||||||||||||
Weighted average shares outstanding (diluted - in millions) | 63.9 | 63.9 | 63.8 | 63.9 | ||||||||||||
Basic earnings per share | $ | 0.49 | $ | 0.52 | $ | 0.95 | $ | 0.84 | ||||||||
Diluted earnings per share | $ | 0.48 | $ | 0.51 | $ | 0.94 | $ | 0.83 | ||||||||
Shares with anti-dilutive effect excluded from the computation of diluted earnings per share (in millions) | 0.7 | 0.4 | 0.7 | 0.4 | ||||||||||||
(1) Net income attributable to Hillenbrand |
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||||||
Schedule of changes in accumulated other comprehensive income (loss) by component | ||||||||||||||||||||||||
Pension and | Currency | Net | Total | Noncontrolling | Total | |||||||||||||||||||
Postretirement | Translation | Unrealized | Attributable | Interests | ||||||||||||||||||||
Gain (Loss) | to | |||||||||||||||||||||||
on Derivative | Hillenbrand, | |||||||||||||||||||||||
Instruments | Inc. | |||||||||||||||||||||||
Balance at September 30, 2013 | $ | (33.0 | ) | $ | 31.4 | $ | 0.2 | $ | (1.4 | ) | ||||||||||||||
Other comprehensive income before reclassifications | ||||||||||||||||||||||||
Before tax amount | 2.4 | 8.5 | 1.2 | 12.1 | $ | 0.1 | $ | 12.2 | ||||||||||||||||
Tax expense | (0.7 | ) | — | (0.3 | ) | (1.0 | ) | — | (1.0 | ) | ||||||||||||||
After tax amount | 1.7 | 8.5 | 0.9 | 11.1 | 0.1 | 11.2 | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income(1) | 1.4 | — | (0.6 | ) | 0.8 | — | 0.8 | |||||||||||||||||
Net current period other comprehensive income (loss) | 3.1 | 8.5 | 0.3 | 11.9 | $ | 0.1 | $ | 12 | ||||||||||||||||
Balance at March 31, 2014 | $ | (29.9 | ) | $ | 39.9 | $ | 0.5 | $ | 10.5 | |||||||||||||||
(1) Amounts are net of tax. | ||||||||||||||||||||||||
Pension and | Currency | Net | Total | Noncontrolling | Total | |||||||||||||||||||
Postretirement | Translation | Unrealized | Attributable | Interests | ||||||||||||||||||||
Gain (Loss) | to | |||||||||||||||||||||||
on Derivative | Hillenbrand, | |||||||||||||||||||||||
Instruments | Inc. | |||||||||||||||||||||||
Balance at September 30, 2014 | $ | (46.0 | ) | $ | (4.9 | ) | $ | (1.3 | ) | $ | (52.2 | ) | ||||||||||||
Other comprehensive income before reclassifications | ||||||||||||||||||||||||
Before tax amount | — | (56.5 | ) | (8.5 | ) | (65.0 | ) | $ | (0.1 | ) | $ | (65.1 | ) | |||||||||||
Tax expense | — | — | 2.5 | 2.5 | — | 2.5 | ||||||||||||||||||
After tax amount | — | (56.5 | ) | (6.0 | ) | (62.5 | ) | (0.1 | ) | (62.6 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income(1) | 1.8 | — | 1.7 | 3.5 | — | 3.5 | ||||||||||||||||||
Net current period other comprehensive income (loss) | 1.8 | (56.5 | ) | (4.3 | ) | (59.0 | ) | $ | (0.1 | ) | $ | (59.1 | ) | |||||||||||
Balance at March 31, 2015 | $ | (44.2 | ) | $ | (61.4 | ) | $ | (5.6 | ) | $ | (111.2 | ) | ||||||||||||
(1) Amounts are net of tax. | ||||||||||||||||||||||||
Schedule of reclassifications of AOCI | Reclassifications out of Accumulated Other Comprehensive Income include: | |||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Amortization of Pension and | (Gain)/Loss on | |||||||||||||||||||||||
Postretirement (1) | ||||||||||||||||||||||||
Net Loss | Prior Service Costs | Derivative | Total | |||||||||||||||||||||
Recognized | Recognized | Instruments | ||||||||||||||||||||||
Affected Line in the Consolidated Statement of Operations: | ||||||||||||||||||||||||
Net revenue | $ | — | $ | — | $ | (0.5 | ) | $ | (0.5 | ) | ||||||||||||||
Cost of goods sold | 0.7 | 0.2 | (0.2 | ) | 0.7 | |||||||||||||||||||
Operating expenses | 0.2 | — | — | 0.2 | ||||||||||||||||||||
Other income (expense), net | — | — | (0.4 | ) | (0.4 | ) | ||||||||||||||||||
Total before tax | $ | 0.9 | $ | 0.2 | $ | (1.1 | ) | $ | — | |||||||||||||||
Tax expense | — | |||||||||||||||||||||||
Total reclassifications for the period, net of tax | $ | — | ||||||||||||||||||||||
Six Months Ended March 31, 2014 | ||||||||||||||||||||||||
Amortization of Pension and | (Gain)/Loss on | |||||||||||||||||||||||
Postretirement (1) | ||||||||||||||||||||||||
Net Loss | Prior Service Costs | Derivative | Total | |||||||||||||||||||||
Recognized | Recognized | Instruments | ||||||||||||||||||||||
Affected Line in the Consolidated Statement of Operations: | ||||||||||||||||||||||||
Net revenue | $ | — | $ | — | $ | (0.4 | ) | $ | (0.4 | ) | ||||||||||||||
Cost of goods sold | 1.3 | 0.3 | (0.3 | ) | 1.3 | |||||||||||||||||||
Operating expenses | 0.5 | 0.1 | — | 0.6 | ||||||||||||||||||||
Other income (expense), net | — | — | (0.3 | ) | (0.3 | ) | ||||||||||||||||||
Total before tax | $ | 1.8 | $ | 0.4 | $ | (1.0 | ) | $ | 1.2 | |||||||||||||||
Tax expense | (0.4 | ) | ||||||||||||||||||||||
Total reclassifications for the period, net of tax | $ | 0.8 | ||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||
Amortization of Pension and | (Gain)/Loss on | |||||||||||||||||||||||
Postretirement (1) | ||||||||||||||||||||||||
Net Loss | Prior Service Costs | Derivative | Total | |||||||||||||||||||||
Recognized | Recognized | Instruments | ||||||||||||||||||||||
Affected Line in the Consolidated Statement of Operations: | ||||||||||||||||||||||||
Net revenue | $ | — | $ | — | $ | 0.8 | $ | 0.8 | ||||||||||||||||
Cost of goods sold | 0.8 | 0.2 | 0.1 | 1.1 | ||||||||||||||||||||
Operating expenses | 0.4 | — | — | 0.4 | ||||||||||||||||||||
Other income (expense), net | — | — | 0.8 | 0.8 | ||||||||||||||||||||
Total before tax | $ | 1.2 | $ | 0.2 | $ | 1.7 | $ | 3.1 | ||||||||||||||||
Tax expense | (0.9 | ) | ||||||||||||||||||||||
Total reclassifications for the period, net of tax | $ | 2.2 | ||||||||||||||||||||||
Six Months Ended March 31, 2015 | ||||||||||||||||||||||||
Amortization of Pension and | (Gain)/Loss on | |||||||||||||||||||||||
Postretirement (1) | ||||||||||||||||||||||||
Net Loss | Prior Service Costs | Derivative | Total | |||||||||||||||||||||
Recognized | Recognized | Instruments | ||||||||||||||||||||||
Affected Line in the Consolidated Statement of Operations: | ||||||||||||||||||||||||
Net revenue | $ | — | $ | — | $ | 1.3 | $ | 1.3 | ||||||||||||||||
Cost of goods sold | 1.7 | 0.3 | — | 2 | ||||||||||||||||||||
Operating expenses | 0.7 | 0.1 | — | 0.8 | ||||||||||||||||||||
Other income (expense), net | — | — | 1.1 | 1.1 | ||||||||||||||||||||
Total before tax | $ | 2.4 | $ | 0.4 | $ | 2.4 | $ | 5.2 | ||||||||||||||||
Tax expense | (1.7 | ) | ||||||||||||||||||||||
Total reclassifications for the period, net of tax | $ | 3.5 | ||||||||||||||||||||||
(1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 5). |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Compensation Related Costs [Abstract] | ||||||||||||||||
Schedule of stock-based compensation costs | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Share-based compensation costs | $ | 4.1 | $ | 3.4 | $ | 6.3 | $ | 5.1 | ||||||||
Less impact of income tax benefit | 1.5 | 1.3 | 2.3 | 1.9 | ||||||||||||
Share-based compensation costs, net of tax | $ | 2.6 | $ | 2.1 | $ | 4 | $ | 3.2 | ||||||||
Schedule of stock-based awards granted in the period | During the six months ended March 31, 2015, we made the following grants: | |||||||||||||||
Number of | ||||||||||||||||
Units | ||||||||||||||||
Stock options | 360,903 | |||||||||||||||
Time-based stock awards | 49,219 | |||||||||||||||
Performance-based stock awards (maximum that can be earned) | 474,599 | |||||||||||||||
Other_Income_Expense_Net_Table
Other Income (Expense), Net (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Other Nonoperating Income (Expense) [Abstract] | ||||||||||||||||
Other income and expense | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Equity in net income (loss) of affiliates | $ | (1.7 | ) | $ | 2.9 | $ | (1.4 | ) | $ | 2.7 | ||||||
Foreign currency exchange loss, net | (3.3 | ) | (0.4 | ) | (4.1 | ) | (0.7 | ) | ||||||||
Gain on exercise of warrants | — | 5.2 | — | 5.2 | ||||||||||||
Service agreement cancellation | — | 2.5 | — | 2.5 | ||||||||||||
Other, net | — | (0.5 | ) | 0.5 | (0.1 | ) | ||||||||||
Other income and (expense), net | $ | (5.0 | ) | $ | 9.7 | $ | (5.0 | ) | $ | 9.6 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
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 March 31, 2015 | |||||||||||||||
March 31, | Using Inputs Considered as: | |||||||||||||||
2015 | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 43 | $ | 43 | $ | — | $ | — | ||||||||
Investments in rabbi trust | 4.8 | 4.8 | — | — | ||||||||||||
Derivative instruments | 3.3 | — | 3.3 | — | ||||||||||||
Liabilities: | ||||||||||||||||
$150 senior unsecured notes | 149 | 159.9 | — | — | ||||||||||||
Revolving credit facility | 146.3 | — | 146.3 | — | ||||||||||||
Term loan | 175.5 | — | 175.5 | — | ||||||||||||
$100 Series A Notes | 100 | — | 103.9 | — | ||||||||||||
Derivative instruments | 12.1 | — | 12.1 | — | ||||||||||||
Segment_and_Geographical_Infor1
Segment and Geographical Information (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Schedule of net revenue, adjusted EBITDA, and depreciation and amortization by segment and geographic location | ||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net revenue | ||||||||||||||||
Process Equipment Group | $ | 240.8 | $ | 239.5 | $ | 497.2 | $ | 481.7 | ||||||||
Batesville | 163.8 | 157.3 | 308.9 | 300 | ||||||||||||
Total | $ | 404.6 | $ | 396.8 | $ | 806.1 | $ | 781.7 | ||||||||
Adjusted EBITDA | ||||||||||||||||
Process Equipment Group | $ | 34.6 | $ | 26 | $ | 72.7 | $ | 52.7 | ||||||||
Batesville | 44 | 44.9 | 76.6 | 79.4 | ||||||||||||
Corporate | (13.1 | ) | (1.7 | ) | (20.4 | ) | (9.7 | ) | ||||||||
Net revenue (1) | ||||||||||||||||
United States | $ | 236.2 | $ | 215.9 | $ | 452.8 | $ | 418.3 | ||||||||
International | 168.4 | 180.9 | 353.3 | 363.4 | ||||||||||||
Total | $ | 404.6 | $ | 396.8 | $ | 806.1 | $ | 781.7 | ||||||||
(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 | ||||||||||||||||
March 31, | September 30, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Total assets assigned | ||||||||||||||||
Process Equipment Group | $ | 1,500.20 | $ | 1,632.80 | ||||||||||||
Batesville | 225.4 | 237.8 | ||||||||||||||
Corporate | 62.7 | 47.9 | ||||||||||||||
Total | $ | 1,788.30 | $ | 1,918.50 | ||||||||||||
Tangible long-lived assets, net | ||||||||||||||||
United States | $ | 94.5 | $ | 93.7 | ||||||||||||
International | 58.2 | 65.8 | ||||||||||||||
Total | $ | 152.7 | $ | 159.5 | ||||||||||||
Schedule of reconciliation of segment adjusted EBITDA to consolidated net income | The following schedule reconciles segment adjusted EBITDA to consolidated net income. | |||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Adjusted EBITDA: | ||||||||||||||||
Process Equipment Group | $ | 34.6 | $ | 26 | $ | 72.7 | $ | 52.7 | ||||||||
Batesville | 44 | 44.9 | 76.6 | 79.4 | ||||||||||||
Corporate | (13.1 | ) | (1.7 | ) | (20.4 | ) | (9.7 | ) | ||||||||
Less: | ||||||||||||||||
Interest income | (0.4 | ) | (0.1 | ) | (0.7 | ) | (0.3 | ) | ||||||||
Interest expense | 6.4 | 5.6 | 12.1 | 11.9 | ||||||||||||
Income tax expense | 14.3 | 13.7 | 26.1 | 22.7 | ||||||||||||
Depreciation and amortization | 13.4 | 14.7 | 28.4 | 29 | ||||||||||||
Business acquisition and integration | (0.1 | ) | 1.1 | 0.2 | 3 | |||||||||||
Restructuring | 0.7 | 0.9 | 1.4 | 1.2 | ||||||||||||
Litigation | — | — | 0.5 | — | ||||||||||||
Consolidated net income | $ | 31.2 | $ | 33.3 | $ | 60.9 | $ | 54.9 | ||||||||
Condensed_Consolidating_Inform1
Condensed Consolidating Information (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||
Schedule of condensed consolidating statements of income | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||||||||||||||||||||||
Net revenue | $ | — | $ | 235.7 | $ | 220 | $ | (51.1 | ) | $ | 404.6 | $ | — | $ | 212.4 | $ | 227.4 | $ | (43.0 | ) | $ | 396.8 | ||||||||||||||||||
Cost of goods sold | — | 119.2 | 162.2 | (25.4 | ) | 256 | — | 104.8 | 165.6 | (16.4 | ) | 254 | ||||||||||||||||||||||||||||
Gross profit | — | 116.5 | 57.8 | (25.7 | ) | 148.6 | — | 107.6 | 61.8 | (26.6 | ) | 142.8 | ||||||||||||||||||||||||||||
Operating expenses | 10.7 | 63.8 | 42.9 | (25.7 | ) | 91.7 | 11.8 | 63.3 | 51.4 | (26.6 | ) | 99.9 | ||||||||||||||||||||||||||||
Operating profit | (10.7 | ) | 52.7 | 14.9 | — | 56.9 | (11.8 | ) | 44.3 | 10.4 | — | 42.9 | ||||||||||||||||||||||||||||
Interest expense | 5.2 | 0.4 | 0.8 | — | 6.4 | 4.8 | — | 0.8 | — | 5.6 | ||||||||||||||||||||||||||||||
Other income (expense), net | (1.7 | ) | (0.6 | ) | (2.7 | ) | — | (5.0 | ) | 0.2 | 10.1 | (0.6 | ) | — | 9.7 | |||||||||||||||||||||||||
Equity in net income (loss) of subsidiaries | 40.9 | 3 | — | (43.9 | ) | — | 40.9 | 3 | — | (43.9 | ) | — | ||||||||||||||||||||||||||||
Income (loss) before income taxes | 23.3 | 54.7 | 11.4 | (43.9 | ) | 45.5 | 24.5 | 57.4 | 9 | (43.9 | ) | 47 | ||||||||||||||||||||||||||||
Income tax expense (benefit) | (7.4 | ) | 19.2 | 2.5 | — | 14.3 | (8.5 | ) | 19.9 | 2.3 | — | 13.7 | ||||||||||||||||||||||||||||
Consolidated net income | 30.7 | 35.5 | 8.9 | (43.9 | ) | 31.2 | 33 | 37.5 | 6.7 | (43.9 | ) | 33.3 | ||||||||||||||||||||||||||||
Less: Net income attributable to | ||||||||||||||||||||||||||||||||||||||||
noncontrolling interests | — | — | 0.5 | — | 0.5 | — | — | 0.3 | — | 0.3 | ||||||||||||||||||||||||||||||
Net income (1) | $ | 30.7 | $ | 35.5 | $ | 8.4 | $ | (43.9 | ) | $ | 30.7 | $ | 33 | $ | 37.5 | $ | 6.4 | $ | (43.9 | ) | $ | 33 | ||||||||||||||||||
Consolidated comprehensive income | $ | (8.6 | ) | $ | 36.4 | $ | (32.7 | ) | $ | (3.2 | ) | $ | (8.1 | ) | $ | 33.5 | $ | 38.2 | $ | 6.7 | $ | (44.4 | ) | $ | 34 | |||||||||||||||
Less: Comprehensive income attributable | ||||||||||||||||||||||||||||||||||||||||
to noncontrolling interests | — | — | 0.5 | — | 0.5 | — | — | 0.5 | — | 0.5 | ||||||||||||||||||||||||||||||
Comprehensive income (2) | $ | (8.6 | ) | $ | 36.4 | $ | (33.2 | ) | $ | (3.2 | ) | $ | (8.6 | ) | $ | 33.5 | $ | 38.2 | $ | 6.2 | $ | (44.4 | ) | $ | 33.5 | |||||||||||||||
Six Months Ended March 31, 2015 | Six Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||||||||||||||||||||||
Net revenue | $ | — | $ | 452.4 | $ | 453.5 | $ | (99.8 | ) | $ | 806.1 | $ | — | $ | 412.7 | $ | 452.4 | $ | (83.4 | ) | $ | 781.7 | ||||||||||||||||||
Cost of goods sold | — | 233.5 | 335 | (49.4 | ) | 519.1 | — | 207.3 | 332.2 | (31.6 | ) | 507.9 | ||||||||||||||||||||||||||||
Gross profit | — | 218.9 | 118.5 | (50.4 | ) | 287 | — | 205.4 | 120.2 | (51.8 | ) | 273.8 | ||||||||||||||||||||||||||||
Operating expenses | 18.8 | 126.7 | 87.8 | (50.4 | ) | 182.9 | 20.8 | 125.2 | 99.7 | (51.8 | ) | 193.9 | ||||||||||||||||||||||||||||
Operating profit | (18.8 | ) | 92.2 | 30.7 | — | 104.1 | (20.8 | ) | 80.2 | 20.5 | — | 79.9 | ||||||||||||||||||||||||||||
Interest expense | 10.1 | 0.4 | 1.6 | — | 12.1 | 9.7 | 0.1 | 2.1 | — | 11.9 | ||||||||||||||||||||||||||||||
Other income (expense), net | (1.7 | ) | (0.6 | ) | (2.7 | ) | — | (5.0 | ) | 0.1 | 9.4 | 0.1 | — | 9.6 | ||||||||||||||||||||||||||
Equity in net income (loss) of subsidiaries | 75 | 5.2 | — | (80.2 | ) | — | 69.5 | 4.9 | — | (74.4 | ) | — | ||||||||||||||||||||||||||||
Income (loss) before income taxes | 44.4 | 96.4 | 26.4 | (80.2 | ) | 87 | 39.1 | 94.4 | 18.5 | (74.4 | ) | 77.6 | ||||||||||||||||||||||||||||
Income tax expense (benefit) | (15.8 | ) | 34.1 | 7.8 | — | 26.1 | (14.2 | ) | 33.1 | 3.8 | — | 22.7 | ||||||||||||||||||||||||||||
Consolidated net income | 60.2 | 62.3 | 18.6 | (80.2 | ) | 60.9 | 53.3 | 61.3 | 14.7 | (74.4 | ) | 54.9 | ||||||||||||||||||||||||||||
Less: Net income attributable to | ||||||||||||||||||||||||||||||||||||||||
noncontrolling interests | — | — | 0.7 | — | 0.7 | — | — | 1.6 | — | 1.6 | ||||||||||||||||||||||||||||||
Net income (1) | $ | 60.2 | $ | 62.3 | $ | 17.9 | $ | (80.2 | ) | $ | 60.2 | $ | 53.3 | $ | 61.3 | $ | 13.1 | $ | (74.4 | ) | $ | 53.3 | ||||||||||||||||||
Consolidated comprehensive income | $ | 1.2 | $ | 64 | $ | (30.4 | ) | $ | (33.0 | ) | $ | 1.8 | $ | 65.2 | $ | 62.7 | $ | 25.3 | $ | (86.3 | ) | $ | 66.9 | |||||||||||||||||
Less: Comprehensive income attributable | ||||||||||||||||||||||||||||||||||||||||
to noncontrolling interests | — | — | 0.6 | — | 0.6 | — | — | 1.7 | — | 1.7 | ||||||||||||||||||||||||||||||
Comprehensive income (2) | $ | 1.2 | $ | 64 | $ | (31.0 | ) | $ | (33.0 | ) | $ | 1.2 | $ | 65.2 | $ | 62.7 | $ | 23.6 | $ | (86.3 | ) | $ | 65.2 | |||||||||||||||||
(1) Net income attributable to Hillenbrand | ||||||||||||||||||||||||||||||||||||||||
(2) Comprehensive income attributable to Hillenbrand | ||||||||||||||||||||||||||||||||||||||||
Schedule of condensed consolidating balance sheets | ||||||||||||||||||||||||||||||||||||||||
31-Mar-15 | 30-Sep-14 | |||||||||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||||||||||||||||||||||
Cash and equivalents | $ | 0.1 | $ | 7.5 | $ | 35.4 | $ | — | $ | 43 | $ | 0.4 | $ | 10.6 | $ | 47 | $ | — | $ | 58 | ||||||||||||||||||||
Trade receivables, net | — | 102.6 | 69.7 | — | 172.3 | — | 113.2 | 77.8 | — | 191 | ||||||||||||||||||||||||||||||
Unbilled receivables from long-term | ||||||||||||||||||||||||||||||||||||||||
manufacturing contracts | — | 6.5 | 127.8 | — | 134.3 | — | 4 | 145.3 | — | 149.3 | ||||||||||||||||||||||||||||||
Inventories | — | 80.9 | 97.1 | (3.1 | ) | 174.9 | — | 69.7 | 101.8 | (3.0 | ) | 168.5 | ||||||||||||||||||||||||||||
Deferred income taxes | 8.5 | 17.2 | 3 | — | 28.7 | 10.6 | 17.3 | 2.6 | — | 30.5 | ||||||||||||||||||||||||||||||
Prepaid expense | 3 | 8.2 | 10.2 | — | 21.4 | 2.5 | 4.9 | 11.6 | — | 19 | ||||||||||||||||||||||||||||||
Intercompany receivables | 283.8 | 1,129.00 | 36.6 | (1,449.4 | ) | — | 291 | 1,189.90 | 5.3 | (1,486.2 | ) | — | ||||||||||||||||||||||||||||
Other current assets | 0.5 | 1.7 | 14.9 | 0.7 | 17.8 | 1.2 | 2.1 | 17.8 | 0.4 | 21.5 | ||||||||||||||||||||||||||||||
Total current assets | 295.9 | 1,353.60 | 394.7 | (1,451.8 | ) | 592.4 | 305.7 | 1,411.70 | 409.2 | (1,488.8 | ) | 637.8 | ||||||||||||||||||||||||||||
Property, plant and equipment, net | 6.7 | 65.6 | 80.4 | — | 152.7 | 6.7 | 65.4 | 87.4 | — | 159.5 | ||||||||||||||||||||||||||||||
Intangible assets, net | 2.3 | 180.4 | 282.1 | — | 464.8 | 2.5 | 186.1 | 321.9 | — | 510.5 | ||||||||||||||||||||||||||||||
Goodwill | — | 211.7 | 324.1 | — | 535.8 | — | 211.7 | 359 | — | 570.7 | ||||||||||||||||||||||||||||||
Investment in consolidated subsidiaries | 1,983.80 | 645.9 | — | (2,629.7 | ) | — | 2,000.20 | 644 | — | (2,644.2 | ) | — | ||||||||||||||||||||||||||||
Other assets | 33.9 | 25.9 | 3.8 | (21.0 | ) | 42.6 | 25.8 | 9.9 | 4.3 | — | 40 | |||||||||||||||||||||||||||||
Total Assets | $ | 2,322.60 | $ | 2,483.10 | $ | 1,085.10 | $ | (4,102.5 | ) | $ | 1,788.30 | $ | 2,340.90 | $ | 2,528.80 | $ | 1,181.80 | $ | (4,133.0 | ) | $ | 1,918.50 | ||||||||||||||||||
Trade accounts payable | $ | 0.4 | $ | 25.9 | $ | 91.4 | $ | 0.3 | $ | 118 | $ | 3 | $ | 32.8 | $ | 156.8 | $ | — | $ | 192.6 | ||||||||||||||||||||
Liabilities from long-term manufacturing | ||||||||||||||||||||||||||||||||||||||||
contracts and advances | — | 22.8 | 56.5 | — | 79.3 | — | 20.4 | 55.7 | — | 76.1 | ||||||||||||||||||||||||||||||
Current portion of long-term debt | 9 | — | — | — | 9 | 15 | — | — | — | 15 | ||||||||||||||||||||||||||||||
Accrued compensation | 22.6 | 20.5 | 8 | — | 51.1 | 5 | 55.3 | 9.3 | — | 69.6 | ||||||||||||||||||||||||||||||
Deferred income taxes | — | — | 21.4 | — | 21.4 | — | 1.6 | 19.1 | — | 20.7 | ||||||||||||||||||||||||||||||
Intercompany payables | 1,174.90 | 277.6 | — | (1,452.5 | ) | — | 1,202.70 | 286.5 | — | (1,489.2 | ) | — | ||||||||||||||||||||||||||||
Other current liabilities | 3.2 | 48.9 | 74.7 | (19.4 | ) | 107.4 | 4.1 | 61.6 | 51 | 0.4 | 117.1 | |||||||||||||||||||||||||||||
Total current liabilities | 1,210.10 | 395.7 | 252 | (1,471.6 | ) | 386.2 | 1,229.80 | 458.2 | 291.9 | (1,488.8 | ) | 491.1 | ||||||||||||||||||||||||||||
Long-term debt | 550 | — | 11.8 | — | 561.8 | 525.9 | — | 17.6 | — | 543.5 | ||||||||||||||||||||||||||||||
Accrued pension and | ||||||||||||||||||||||||||||||||||||||||
postretirement healthcare | 1.1 | 95.7 | 88.3 | — | 185.1 | 1 | 94.2 | 105.7 | — | 200.9 | ||||||||||||||||||||||||||||||
Deferred income taxes | — | 19.9 | 29.5 | (0.3 | ) | 49.1 | 0.8 | 15.1 | 39.5 | — | 55.4 | |||||||||||||||||||||||||||||
Other long-term liabilities | 0.1 | 23.4 | 11.1 | (0.9 | ) | 33.7 | 0.1 | 27.7 | 6 | — | 33.8 | |||||||||||||||||||||||||||||
Total Liabilities | 1,761.30 | 534.7 | 392.7 | (1,472.8 | ) | 1,215.90 | 1,757.60 | 595.2 | 460.7 | (1,488.8 | ) | 1,324.70 | ||||||||||||||||||||||||||||
Total Hillenbrand Shareholders’ Equity | 561.3 | 1,948.40 | 681.3 | (2,629.7 | ) | 561.3 | 583.3 | 1,933.60 | 710.6 | (2,644.2 | ) | 583.3 | ||||||||||||||||||||||||||||
Noncontrolling interests | — | — | 11.1 | — | 11.1 | — | — | 10.5 | — | 10.5 | ||||||||||||||||||||||||||||||
Total Equity | 561.3 | 1,948.40 | 692.4 | (2,629.7 | ) | 572.4 | 583.3 | 1,933.60 | 721.1 | (2,644.2 | ) | 593.8 | ||||||||||||||||||||||||||||
Total Liabilities and Equity | $ | 2,322.60 | $ | 2,483.10 | $ | 1,085.10 | $ | (4,102.5 | ) | $ | 1,788.30 | $ | 2,340.90 | $ | 2,528.80 | $ | 1,181.80 | $ | (4,133.0 | ) | $ | 1,918.50 | ||||||||||||||||||
Schedule of condensed consolidating statements of cash flows | ||||||||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 | Six Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- | Eliminations | Consolidated | Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) | ||||||||||||||||||||||||||||||||||||||||
operating activities | $ | 12.7 | $ | 84.8 | $ | (1.7 | ) | $ | (85.6 | ) | $ | 10.2 | $ | 13 | $ | 37.2 | $ | 79.3 | $ | (47.3 | ) | $ | 82.2 | |||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (0.8 | ) | (7.2 | ) | (3.9 | ) | — | (11.9 | ) | (0.8 | ) | (6.4 | ) | (4.2 | ) | — | (11.4 | ) | ||||||||||||||||||||||
Proceeds from sales of property, plant, | ||||||||||||||||||||||||||||||||||||||||
and equipment | — | 0.5 | — | — | 0.5 | — | 0.7 | — | — | 0.7 | ||||||||||||||||||||||||||||||
Proceeds from warrant exercise | — | — | — | — | — | — | 5.7 | — | — | 5.7 | ||||||||||||||||||||||||||||||
Other, net | — | (0.9 | ) | (0.2 | ) | — | (1.1 | ) | — | — | 0.9 | — | 0.9 | |||||||||||||||||||||||||||
Net cash used in investing activities | (0.8 | ) | (7.6 | ) | (4.1 | ) | — | (12.5 | ) | (0.8 | ) | — | (3.3 | ) | — | (4.1 | ) | |||||||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||||||||||
Repayments on term loan | (4.5 | ) | — | — | — | (4.5 | ) | (5.0 | ) | — | — | — | (5.0 | ) | ||||||||||||||||||||||||||
Proceeds from revolving credit facilities | 191 | — | 63.4 | — | 254.4 | 158 | — | 24.6 | — | 182.6 | ||||||||||||||||||||||||||||||
Repayments on revolving credit facilities | (268.5 | ) | — | (63.5 | ) | — | (332.0 | ) | (137.5 | ) | — | (81.1 | ) | — | (218.6 | ) | ||||||||||||||||||||||||
Proceeds from unsecured Series A Notes, | ||||||||||||||||||||||||||||||||||||||||
net of financing costs | 99.6 | — | — | — | 99.6 | — | — | — | — | — | ||||||||||||||||||||||||||||||
Proceeds from other borrowings | — | — | — | — | — | — | — | 1 | — | 1 | ||||||||||||||||||||||||||||||
Payment of dividends on common stock | (25.2 | ) | — | — | — | (25.2 | ) | (24.8 | ) | — | — | — | (24.8 | ) | ||||||||||||||||||||||||||
Payment of dividends - intercompany | — | (80.3 | ) | (5.3 | ) | 85.6 | — | — | (38.4 | ) | (8.9 | ) | 47.3 | — | ||||||||||||||||||||||||||
Repurchases of common stock | (9.2 | ) | — | — | — | (9.2 | ) | (16.5 | ) | — | — | — | (16.5 | ) | ||||||||||||||||||||||||||
Net proceeds on stock plans | 3.4 | — | — | — | 3.4 | 12.7 | — | — | — | 12.7 | ||||||||||||||||||||||||||||||
Other, net | 1.2 | — | — | — | 1.2 | 0.9 | — | (0.8 | ) | — | 0.1 | |||||||||||||||||||||||||||||
Net cash (used in) provided by | ||||||||||||||||||||||||||||||||||||||||
financing activities | (12.2 | ) | (80.3 | ) | (5.4 | ) | 85.6 | (12.3 | ) | (12.2 | ) | (38.4 | ) | (65.2 | ) | 47.3 | (68.5 | ) | ||||||||||||||||||||||
Effect of exchange rates on cash and | ||||||||||||||||||||||||||||||||||||||||
cash equivalents | — | — | (0.4 | ) | — | (0.4 | ) | — | — | (1.3 | ) | — | (1.3 | ) | ||||||||||||||||||||||||||
Net cash flow | (0.3 | ) | (3.1 | ) | (11.6 | ) | — | (15.0 | ) | — | (1.2 | ) | 9.5 | — | 8.3 | |||||||||||||||||||||||||
Cash and equivalents at beginning of | ||||||||||||||||||||||||||||||||||||||||
period | 0.4 | 10.6 | 47 | — | 58 | 0.6 | 8.7 | 33.4 | — | 42.7 | ||||||||||||||||||||||||||||||
Cash and equivalents at end of period | $ | 0.1 | $ | 7.5 | $ | 35.4 | $ | — | $ | 43 | $ | 0.6 | $ | 7.5 | $ | 42.9 | $ | — | $ | 51 | ||||||||||||||||||||
Background_and_Basis_of_Presen1
Background and Basis of Presentation - Narrative (Details) | 6 Months Ended |
Mar. 31, 2015 | |
segment | |
Correction of Errors | |
Number of reportable segments | 2 |
Coperion | |
Correction of Errors | |
Acquired entity subsidiary investments owned percent | 100.00% |
Supplemental_Balance_Sheet_Inf2
Supplemental Balance Sheet Information - Schedule of supplemental balance sheet information (Details) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
In Millions, unless otherwise specified | ||
Balance Sheet Related Disclosures [Abstract] | ||
Trade accounts receivable reserves | $20.20 | $19.20 |
Accumulated depreciation on property, plant, and equipment | 289.5 | 278.3 |
Accumulated amortization on intangible assets | 140.4 | 127.4 |
Inventories: | ||
Raw materials and components | 50 | 53.2 |
Work in process | 70.2 | 73.3 |
Finished goods | 54.7 | 42 |
Total inventories | $174.90 | $168.50 |
Financing_Agreements_Schedule_
Financing Agreements - Schedule of borrowings (Details) (USD $) | Mar. 31, 2015 | Dec. 15, 2014 | Sep. 30, 2014 |
In Millions, unless otherwise specified | |||
Financing Agreements | |||
Total debt | $570.80 | $558.50 | |
Less: current portion | -9 | -15 | |
Long-term debt | 561.8 | 543.5 | |
$700 revolving credit facility, maturing December 19, 2019 | |||
Financing Agreements | |||
Total debt | 146.3 | 229.6 | |
$200 term loan, final maturity December 19, 2019 | |||
Financing Agreements | |||
Total debt | 175.5 | 180 | |
$150 senior unsecured notes, due July 15, 2020, net of discount | |||
Financing Agreements | |||
Total debt | 149 | 148.9 | |
$100 unsecured Series A Notes, due December 15, 2024 | |||
Financing Agreements | |||
Total debt | $100 | $100 | $0 |
Stated interest rate | 4.60% |
Financing_Agreements_Narrative
Financing Agreements - Narrative (Details) | 0 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Dec. 15, 2014 | Mar. 31, 2015 | Dec. 15, 2014 | Sep. 30, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Nov. 19, 2012 | Mar. 31, 2015 | Dec. 19, 2014 | Sep. 30, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 15, 2014 | Sep. 30, 2014 | Mar. 31, 2015 | Dec. 19, 2014 | Dec. 19, 2014 |
USD ($) | USD ($) | $700 revolving credit facility, maturing December 19, 2019 | $700 revolving credit facility, maturing December 19, 2019 | $700 revolving credit facility, maturing December 19, 2019 | $700 revolving credit facility, maturing December 19, 2019 | $700 revolving credit facility, maturing December 19, 2019 | $700 revolving credit facility, maturing December 19, 2019 | Term loan | Term loan | Term loan | Other financing agreements | $100 unsecured Series A Notes, due December 15, 2024 | $100 unsecured Series A Notes, due December 15, 2024 | $100 unsecured Series A Notes, due December 15, 2024 | $100 unsecured Series A Notes, due December 15, 2024 | $100 unsecured Series A Notes, due December 15, 2024 | $100 unsecured Series A Notes, due December 15, 2024 | Syndicated credit facility | Second JPM Amendment | Original and First Amendment of JPM Credit Facility | |||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | $700 revolving credit facility, maturing December 19, 2019 | $700 revolving credit facility, maturing December 19, 2019 | |||||||||
USD ($) | USD ($) | ||||||||||||||||||||||
Debt instrument [Line Items] | |||||||||||||||||||||||
Total debt | $570.80 | $558.50 | $146.30 | $146.30 | $229.60 | $175.50 | $180 | $100 | $100 | $100 | $0 | ||||||||||||
Stated interest rate | 4.60% | ||||||||||||||||||||||
Redemption price, percentage | 100.00% | ||||||||||||||||||||||
Deferred financing costs | 0.5 | 1.7 | |||||||||||||||||||||
Debt covenant, business acquisition value threshold | 75 | ||||||||||||||||||||||
Leverage holiday fee | 0.75% | ||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | 700 | 210 | 150 | ||||||||||||||||||||
Debt instrument, face amount | 0 | 100 | 100 | ||||||||||||||||||||
Maximum ratio of Indebtedness to EBITDA allowed | 3.5 | ||||||||||||||||||||||
Minimum ratio of EBITDA to interest expense allowed | 3.5 | ||||||||||||||||||||||
Deferred financing costs, existing | 1.8 | ||||||||||||||||||||||
Letters of credit outstanding, amount | 15.9 | 15.9 | |||||||||||||||||||||
Line of credit facility, remaining borrowing capacity | 537.8 | 537.8 | |||||||||||||||||||||
Line of credit facility, current borrowing capacity | 402.9 | 402.9 | |||||||||||||||||||||
Weighted average interest rates | 1.30% | 1.37% | 1.29% | 1.36% | 1.55% | 1.66% | 1.54% | 1.67% | |||||||||||||||
Weighted average facility fee | 0.23% | 0.24% | |||||||||||||||||||||
Line of credit facility, amount utilized for bank guarantees | 153.3 | ||||||||||||||||||||||
Restricted cash and cash equivalent | $0.70 | $0.40 |
Retirement_Benefits_Details
Retirement Benefits (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
U.S. Pension Benefits | ||||
Retirement and Postemployment Benefits | ||||
Service costs | $1.10 | $1 | $2.20 | $2 |
Interest costs | 3.6 | 3.6 | 7.2 | 7.3 |
Expected return on plan assets | -3.7 | -3.5 | -7.2 | -7 |
Amortization of unrecognized prior service costs, net | 0.3 | 0.2 | 0.5 | 0.4 |
Amortization of net loss | 1.4 | 1 | 2.6 | 1.9 |
Net pension costs | 2.7 | 2.3 | 5.3 | 4.6 |
Non-U.S. Pension Benefits | ||||
Retirement and Postemployment Benefits | ||||
Service costs | 0.5 | 0.4 | 0.9 | 0.8 |
Interest costs | 0.6 | 1 | 1.4 | 2.1 |
Expected return on plan assets | -0.2 | -0.2 | -0.5 | -0.5 |
Amortization of unrecognized prior service costs, net | 0 | 0 | 0 | 0 |
Amortization of net loss | 0 | 0 | 0 | 0 |
Net pension costs | $0.90 | $1.20 | $1.80 | $2.40 |
Retirement_Benefits_Narrative_
Retirement Benefits - Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Compensation and Retirement Disclosure [Abstract] | ||||
Postemployment Benefits, Period Expense | $0.10 | $0.10 | $0.20 | $0.20 |
Defined Contribution Plan, Cost Recognized | $2.40 | $2.20 | $4.50 | $4.30 |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate (as a percent) | 31.40% | 29.10% | 30.00% | 29.30% |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | ||||
Income per common share | ||||||||
Net income | $30.70 | [1] | $33 | [1] | $60.20 | [1] | $53.30 | [1] |
Weighted average shares outstanding (basic - in millions) | 63.3 | 63.3 | 63.2 | 63.2 | ||||
Effect of dilutive stock options and other unvested equity awards (in millions) | 0.6 | 0.6 | 0.6 | 0.7 | ||||
Weighted average shares outstanding (diluted - in millions) | 63.9 | 63.9 | 63.8 | 63.9 | ||||
Basic earnings per share | $0.49 | [1] | $0.52 | [1] | $0.95 | [1] | $0.84 | [1] |
Diluted earnings per share | $0.48 | $0.51 | $0.94 | $0.83 | ||||
Shares with anti-dilutive effect excluded from the computation of diluted earnings per share (in millions) | 0.7 | 0.4 | 0.7 | 0.4 | ||||
Performance-based stock awards | ||||||||
Income per common share | ||||||||
Shares with anti-dilutive effect excluded from the computation of diluted earnings per share (in millions) | 1.4 | 1.8 | ||||||
[1] | Net income attributable to Hillenbrand |
Earnings_Per_Share_Narrative_D
Earnings Per Share - Narrative (Details) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Antidilutive securities excluded from computation of earnings per share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 0.7 | 0.4 | 0.7 | 0.4 |
Performance-based stock awards (maximum that can be earned) | ||||
Antidilutive securities excluded from computation of earnings per share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 1.4 | 1.8 |
Shareholders_Equity_Narrative_
Shareholders' Equity - Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | |
In Millions, except Share data in Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 |
Class of Stock [Line Items] | |||
Cash dividends paid on common stock | $25.20 | $24.80 | |
Shares repurchased | 305 | ||
Amount of shares repurchased | $9.20 | $16.50 | |
Common stock, shares issued | 245 | ||
Treasury Stock | |||
Class of Stock [Line Items] | |||
Common stock, shares issued | 317 |
Other_Comprehensive_Income_Los2
Other Comprehensive Income (Loss) - Schedule of changes in accumulated other comprehensive income (loss) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | ||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||||||
Balance at the beginning of the period | ($52.20) | |||||
Other comprehensive income before reclassifications | ||||||
Before tax amount | -65.1 | 12.2 | ||||
Tax expense | 2.5 | -1 | ||||
After tax amount | -62.6 | 11.2 | ||||
Amounts reclassified from accumulated other comprehensive income(1) | 3.5 | [1] | 0.8 | [1] | ||
Total changes in other comprehensive income (loss), net of tax | -39.3 | 0.7 | -59.1 | 12 | ||
Balance at the end of the period | -111.2 | -111.2 | ||||
Pension and Postretirement | ||||||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||||||
Balance at the beginning of the period | -46 | -33 | ||||
Other comprehensive income before reclassifications | ||||||
Before tax amount | 0 | 2.4 | ||||
Tax expense | 0 | -0.7 | ||||
After tax amount | 0 | 1.7 | ||||
Amounts reclassified from accumulated other comprehensive income(1) | 1.8 | [1] | 1.4 | [1] | ||
Total changes in other comprehensive income (loss), net of tax | 1.8 | 3.1 | ||||
Balance at the end of the period | -44.2 | -29.9 | -44.2 | -29.9 | ||
Currency Translation | ||||||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||||||
Balance at the beginning of the period | -4.9 | 31.4 | ||||
Other comprehensive income before reclassifications | ||||||
Before tax amount | -56.5 | 8.5 | ||||
Tax expense | 0 | 0 | ||||
After tax amount | -56.5 | 8.5 | ||||
Amounts reclassified from accumulated other comprehensive income(1) | 0 | [1] | 0 | [1] | ||
Total changes in other comprehensive income (loss), net of tax | -56.5 | 8.5 | ||||
Balance at the end of the period | -61.4 | 39.9 | -61.4 | 39.9 | ||
Net Unrealized Gain (Loss) on Derivative Instruments | ||||||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||||||
Balance at the beginning of the period | -1.3 | 0.2 | ||||
Other comprehensive income before reclassifications | ||||||
Before tax amount | -8.5 | 1.2 | ||||
Tax expense | 2.5 | -0.3 | ||||
After tax amount | -6 | 0.9 | ||||
Amounts reclassified from accumulated other comprehensive income(1) | 1.7 | [1] | -0.6 | [1] | ||
Total changes in other comprehensive income (loss), net of tax | -4.3 | 0.3 | ||||
Balance at the end of the period | -5.6 | 0.5 | -5.6 | 0.5 | ||
Total Attributable to Hillenbrand, Inc. | ||||||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||||||
Balance at the beginning of the period | -52.2 | -1.4 | ||||
Other comprehensive income before reclassifications | ||||||
Before tax amount | -65 | 12.1 | ||||
Tax expense | 2.5 | -1 | ||||
After tax amount | -62.5 | 11.1 | ||||
Amounts reclassified from accumulated other comprehensive income(1) | 3.5 | [1] | 0.8 | [1] | ||
Total changes in other comprehensive income (loss), net of tax | -59 | 11.9 | ||||
Balance at the end of the period | -111.2 | 10.5 | -111.2 | 10.5 | ||
Noncontrolling Interests | ||||||
Other comprehensive income before reclassifications | ||||||
Before tax amount | -0.1 | 0.1 | ||||
Tax expense | 0 | 0 | ||||
After tax amount | -0.1 | 0.1 | ||||
Amounts reclassified from accumulated other comprehensive income(1) | 0 | [1] | 0 | [1] | ||
Total changes in other comprehensive income (loss), net of tax | ($0.10) | $0.10 | ||||
[1] | Amounts are net of tax. |
Other_Comprehensive_Income_Los3
Other Comprehensive Income (Loss) - Schedule of reclassifications (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | ||||
Affected Line in the Consolidated Statement of Operations: | ||||||||
Net revenue | ($404.60) | [1] | ($396.80) | [1] | ($806.10) | ($781.70) | ||
Cost of goods sold | 256 | 254 | 519.1 | 507.9 | ||||
Operating expenses | 91.7 | 99.9 | 182.9 | 193.9 | ||||
Other income (expense), net | 5 | -9.7 | 5 | -9.6 | ||||
Total before tax | -45.5 | -47 | -87 | -77.6 | ||||
Tax expense | -14.3 | -13.7 | -26.1 | -22.7 | ||||
Total reclassifications for the period, net of tax | -30.7 | [2] | -33 | [2] | -60.2 | [2] | -53.3 | [2] |
Reclassifications out of accumulated other comprehensive income (loss) | ||||||||
Affected Line in the Consolidated Statement of Operations: | ||||||||
Net revenue | 0.8 | -0.5 | 1.3 | -0.4 | ||||
Cost of goods sold | 1.1 | 0.7 | 2 | 1.3 | ||||
Operating expenses | 0.4 | 0.2 | 0.8 | 0.6 | ||||
Other income (expense), net | 0.8 | -0.4 | 1.1 | -0.3 | ||||
Total before tax | 3.1 | 0 | 5.2 | 1.2 | ||||
Tax expense | 0.9 | 0 | 1.7 | 0.4 | ||||
Total reclassifications for the period, net of tax | 2.2 | 0 | 3.5 | 0.8 | ||||
Net Loss Recognized | Reclassifications out of accumulated other comprehensive income (loss) | ||||||||
Affected Line in the Consolidated Statement of Operations: | ||||||||
Net revenue | 0 | 0 | [3] | 0 | ||||
Cost of goods sold | 0.8 | [3] | 0.7 | 1.7 | [3] | 1.3 | ||
Operating expenses | 0.4 | [3] | 0.2 | 0.7 | [3] | 0.5 | ||
Other income (expense), net | 0 | 0 | [3] | 0 | ||||
Total before tax | 1.2 | [3] | 0.9 | 2.4 | [3] | 1.8 | ||
Prior Service Costs Recognized | Reclassifications out of accumulated other comprehensive income (loss) | ||||||||
Affected Line in the Consolidated Statement of Operations: | ||||||||
Net revenue | 0 | 0 | [3] | 0 | ||||
Cost of goods sold | 0.2 | [3] | 0.2 | 0.3 | [3] | 0.3 | ||
Operating expenses | 0 | [3] | 0 | 0.1 | [3] | 0.1 | ||
Other income (expense), net | 0 | 0 | [3] | 0 | ||||
Total before tax | 0.2 | [3] | 0.2 | 0.4 | [3] | 0.4 | ||
Derivative Instruments | Reclassifications out of accumulated other comprehensive income (loss) | ||||||||
Affected Line in the Consolidated Statement of Operations: | ||||||||
Net revenue | 0.8 | -0.5 | 1.3 | -0.4 | ||||
Cost of goods sold | 0.1 | -0.2 | 0 | -0.3 | ||||
Operating expenses | 0 | 0 | 0 | 0 | ||||
Other income (expense), net | 0.8 | -0.4 | 1.1 | -0.3 | ||||
Total before tax | $1.70 | ($1.10) | $2.40 | ($1) | ||||
[1] | We attribute revenue to a geography based upon the location of the business unit that consummates the external sale. | |||||||
[2] | Net income attributable to Hillenbrand | |||||||
[3] | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 5). |
ShareBased_Compensation_Schedu
Share-Based Compensation - Schedule of stock-based compensation costs (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Compensation Related Costs [Abstract] | ||||
Share-based compensation costs | $4.10 | $3.40 | $6.30 | $5.10 |
Less impact of income tax benefit | 1.5 | 1.3 | 2.3 | 1.9 |
Share-based compensation costs, net of tax | $2.60 | $2.10 | $4 | $3.20 |
ShareBased_Compensation_Schedu1
Share-Based Compensation - Schedule of stock-based awards granted (Details) | 6 Months Ended |
Mar. 31, 2015 | |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options granted in period | 360,903 |
Time-based stock awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock awards granted in period | 49,219 |
Performance-based stock awards (maximum that can be earned) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock awards granted in period | 474,599 |
ShareBased_Compensation_Narrat
Share-Based Compensation - Narrative (Details) (USD $) | 6 Months Ended |
Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance-based targets for target period | 3 years |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock option granted, weighted-average exercise price | 32.66 |
Stock option granted, weighted-average grant date fair value | 8.38 |
Time-based stock awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Equity instruments other than options, grant date fair value | 31.61 |
Performance-based stock awards (maximum that can be earned) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Equity instruments other than options, grant date fair value | 33.44 |
Performance-based stock awards granted, number of units | 150,464 |
Award performance measurement period | 3 years |
Other_Income_Expense_Net_Detai
Other Income (Expense), Net (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated other comprehensive income (loss) [Line Items] | ||||
Equity in net income (loss) of affiliates | ($1.70) | $2.90 | ($1.40) | $2.70 |
Foreign currency exchange loss, net | -3.3 | -0.4 | -4.1 | -0.7 |
Gain on exercise of warrants | 0 | 5.2 | 0 | 5.2 |
Service agreement cancellation | 0 | 2.5 | 0 | 2.5 |
Other, net | 0 | -0.5 | 0.5 | -0.1 |
Other income and (expense), net | -5 | 9.7 | -5 | 9.6 |
Proceeds from warrant exercise | 5.7 | |||
Forethought Financial Group, Inc | ||||
Accumulated other comprehensive income (loss) [Line Items] | ||||
Gain on exercise of warrants | 5.2 | |||
Proceeds from warrant exercise | 6.2 | |||
Batesville | ||||
Accumulated other comprehensive income (loss) [Line Items] | ||||
Service agreement cancellation | $2.50 |
Commitments_and_Contingencies_
Commitments and Contingencies - Narrative (Details) (General claims and lawsuits, USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Minimum | |
Commitments and Contingencies | |
Deductibles and self-insured retentions per occurrence or per claim | $0.50 |
Maximum | |
Commitments and Contingencies | |
Deductibles and self-insured retentions per occurrence or per claim | $1 |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of financial assets and liabilities (Details) (USD $) | Mar. 31, 2015 | Dec. 19, 2014 |
In Millions, unless otherwise specified | ||
Level 1 | ||
Assets: | ||
Cash and cash equivalents | $43 | |
Investments in rabbi trust | 4.8 | |
Derivative instruments | 0 | |
Liabilities: | ||
Derivative instruments | 0 | |
Level 2 | ||
Assets: | ||
Cash and cash equivalents | 0 | |
Investments in rabbi trust | 0 | |
Derivative instruments | 3.3 | |
Liabilities: | ||
Derivative instruments | 12.1 | |
Level 3 | ||
Assets: | ||
Cash and cash equivalents | 0 | |
Investments in rabbi trust | 0 | |
Derivative instruments | 0 | |
Liabilities: | ||
Derivative instruments | 0 | |
$150 senior unsecured notes | ||
Financial assets and liabilities at carrying value and fair value | ||
Debt instrument, face amount | 150 | |
$150 senior unsecured notes | Level 1 | ||
Liabilities: | ||
Debt instruments | 159.9 | |
$150 senior unsecured notes | Level 2 | ||
Liabilities: | ||
Debt instruments | 0 | |
$150 senior unsecured notes | Level 3 | ||
Liabilities: | ||
Debt instruments | 0 | |
Revolving credit facility | Level 1 | ||
Liabilities: | ||
Debt instruments | 0 | |
Revolving credit facility | Level 2 | ||
Liabilities: | ||
Debt instruments | 146.3 | |
Revolving credit facility | Level 3 | ||
Liabilities: | ||
Debt instruments | 0 | |
Term loan | ||
Financial assets and liabilities at carrying value and fair value | ||
Debt instrument, face amount | 0 | |
Term loan | Level 1 | ||
Liabilities: | ||
Debt instruments | 0 | |
Term loan | Level 2 | ||
Liabilities: | ||
Debt instruments | 175.5 | |
Term loan | Level 3 | ||
Liabilities: | ||
Debt instruments | 0 | |
$100 Series A Notes | ||
Financial assets and liabilities at carrying value and fair value | ||
Debt instrument, face amount | 100 | |
$100 Series A Notes | Level 1 | ||
Liabilities: | ||
Debt instruments | 0 | |
$100 Series A Notes | Level 2 | ||
Liabilities: | ||
Debt instruments | 103.9 | |
$100 Series A Notes | Level 3 | ||
Liabilities: | ||
Debt instruments | 0 | |
Derivatives | Cash flow hedging | ||
Financial assets and liabilities at carrying value and fair value | ||
Derivative, notional amount | 118.9 | |
Carrying value | ||
Assets: | ||
Cash and cash equivalents | 43 | |
Investments in rabbi trust | 4.8 | |
Derivative instruments | 3.3 | |
Liabilities: | ||
Derivative instruments | 12.1 | |
Carrying value | $150 senior unsecured notes | ||
Liabilities: | ||
Debt instruments | 149 | |
Carrying value | Revolving credit facility | ||
Liabilities: | ||
Debt instruments | 146.3 | |
Carrying value | Term loan | ||
Liabilities: | ||
Debt instruments | 175.5 | |
Carrying value | $100 Series A Notes | ||
Liabilities: | ||
Debt instruments | $100 |
Segment_and_Geographical_Infor2
Segment and Geographical Information - Schedule of net revenue and assets by segment (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | ||
Segment and Geographical Information | |||||||
Net revenue | $404.60 | [1] | $396.80 | [1] | $806.10 | $781.70 | |
Total assets assigned | 1,788.30 | 1,788.30 | 1,918.50 | ||||
Property, plant, and equipment, net | 152.7 | 152.7 | 159.5 | ||||
United States | |||||||
Segment and Geographical Information | |||||||
Net revenue | 236.2 | 215.9 | 452.8 | 418.3 | |||
Property, plant, and equipment, net | 94.5 | 94.5 | 93.7 | ||||
International | |||||||
Segment and Geographical Information | |||||||
Net revenue | 168.4 | 180.9 | 353.3 | 363.4 | |||
Property, plant, and equipment, net | 58.2 | 58.2 | 65.8 | ||||
Operating segments | |||||||
Segment and Geographical Information | |||||||
Net revenue | 404.6 | 396.8 | 806.1 | 781.7 | |||
Corporate | |||||||
Segment and Geographical Information | |||||||
Adjusted EBITDA | -13.1 | -1.7 | -20.4 | -9.7 | |||
Total assets assigned | 62.7 | 62.7 | 47.9 | ||||
Process Equipment Group | |||||||
Segment and Geographical Information | |||||||
Net revenue | 240.8 | 239.5 | 497.2 | 481.7 | |||
Process Equipment Group | Operating segments | |||||||
Segment and Geographical Information | |||||||
Adjusted EBITDA | 34.6 | 26 | 72.7 | 52.7 | |||
Total assets assigned | 1,500.20 | 1,500.20 | 1,632.80 | ||||
Batesville | |||||||
Segment and Geographical Information | |||||||
Net revenue | 163.8 | 157.3 | 308.9 | 300 | |||
Batesville | Operating segments | |||||||
Segment and Geographical Information | |||||||
Adjusted EBITDA | 44 | 44.9 | 76.6 | 79.4 | |||
Total assets assigned | $225.40 | $225.40 | $237.80 | ||||
[1] | We attribute revenue to a geography based upon the location of the business unit that consummates the external sale. |
Segment_and_Geographical_Infor3
Segment and Geographical Information - Schedule of reconciliation of segment (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Segment and Geographical Information | ||||
Interest income | ($0.40) | ($0.10) | ($0.70) | ($0.30) |
Interest expense | 6.4 | 5.6 | 12.1 | 11.9 |
Income tax expense | 14.3 | 13.7 | 26.1 | 22.7 |
Depreciation and amortization | 13.4 | 14.7 | 28.4 | 29 |
Business acquisition and integration | -0.1 | 1.1 | 0.2 | 3 |
Restructuring | 0.7 | 0.9 | 1.4 | 1.2 |
Litigation | 0 | 0 | 0.5 | 0 |
Consolidated net income | 31.2 | 33.3 | 60.9 | 54.9 |
Corporate | ||||
Segment and Geographical Information | ||||
Adjusted EBITDA | -13.1 | -1.7 | -20.4 | -9.7 |
Process Equipment Group | Operating segments | ||||
Segment and Geographical Information | ||||
Adjusted EBITDA | 34.6 | 26 | 72.7 | 52.7 |
Batesville | Operating segments | ||||
Segment and Geographical Information | ||||
Adjusted EBITDA | $44 | $44.90 | $76.60 | $79.40 |
Condensed_Consolidating_Inform2
Condensed Consolidating Information - Consolidating statements of income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | ||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||
Percentage ownership of subsidiaries with indebtedness guaranteed by the parent | 100.00% | 100.00% | ||||||
Condensed Consolidating Statements of Income | ||||||||
Net revenue | $404.60 | [1] | $396.80 | [1] | $806.10 | $781.70 | ||
Cost of goods sold | 256 | 254 | 519.1 | 507.9 | ||||
Gross profit | 148.6 | 142.8 | 287 | 273.8 | ||||
Operating expenses | 91.7 | 99.9 | 182.9 | 193.9 | ||||
Operating profit | 56.9 | 42.9 | 104.1 | 79.9 | ||||
Interest expense | 6.4 | 5.6 | 12.1 | 11.9 | ||||
Other income (expense), net | -5 | 9.7 | -5 | 9.6 | ||||
Equity in net income (loss) of subsidiaries | -1.7 | 2.9 | -1.4 | 2.7 | ||||
Income before income taxes | 45.5 | 47 | 87 | 77.6 | ||||
Income tax expense (benefit) | 14.3 | 13.7 | 26.1 | 22.7 | ||||
Consolidated net income | 31.2 | 33.3 | 60.9 | 54.9 | ||||
Less: Net income attributable to noncontrolling interests | 0.5 | 0.3 | 0.7 | 1.6 | ||||
Total reclassifications for the period, net of tax | 30.7 | [2] | 33 | [2] | 60.2 | [2] | 53.3 | [2] |
Consolidated comprehensive income | -8.1 | 34 | 1.8 | 66.9 | ||||
Less: Comprehensive income attributable to noncontrolling interests | 0.5 | 0.5 | 0.6 | 1.7 | ||||
Comprehensive income (loss) | -8.6 | [3] | 33.5 | [3] | 1.2 | [3] | 65.2 | [3] |
Reportable legal entities | Parent | ||||||||
Condensed Consolidating Statements of Income | ||||||||
Operating expenses | 10.7 | 11.8 | 18.8 | 20.8 | ||||
Operating profit | -10.7 | -11.8 | -18.8 | -20.8 | ||||
Interest expense | 5.2 | 4.8 | 10.1 | 9.7 | ||||
Other income (expense), net | -1.7 | 0.2 | -1.7 | 0.1 | ||||
Equity in net income (loss) of subsidiaries | 40.9 | 40.9 | 75 | 69.5 | ||||
Income before income taxes | 23.3 | 24.5 | 44.4 | 39.1 | ||||
Income tax expense (benefit) | -7.4 | -8.5 | -15.8 | -14.2 | ||||
Consolidated net income | 30.7 | 33 | 60.2 | 53.3 | ||||
Total reclassifications for the period, net of tax | 30.7 | [2] | 33 | [2] | 60.2 | [2] | 53.3 | [2] |
Consolidated comprehensive income | -8.6 | 33.5 | 1.2 | 65.2 | ||||
Comprehensive income (loss) | -8.6 | [3] | 33.5 | [3] | 1.2 | [3] | 65.2 | [3] |
Reportable legal entities | Guarantors | ||||||||
Condensed Consolidating Statements of Income | ||||||||
Net revenue | 235.7 | 212.4 | 452.4 | 412.7 | ||||
Cost of goods sold | 119.2 | 104.8 | 233.5 | 207.3 | ||||
Gross profit | 116.5 | 107.6 | 218.9 | 205.4 | ||||
Operating expenses | 63.8 | 63.3 | 126.7 | 125.2 | ||||
Operating profit | 52.7 | 44.3 | 92.2 | 80.2 | ||||
Interest expense | 0.4 | 0 | 0.4 | 0.1 | ||||
Other income (expense), net | -0.6 | 10.1 | -0.6 | 9.4 | ||||
Equity in net income (loss) of subsidiaries | 3 | 3 | 5.2 | 4.9 | ||||
Income before income taxes | 54.7 | 57.4 | 96.4 | 94.4 | ||||
Income tax expense (benefit) | 19.2 | 19.9 | 34.1 | 33.1 | ||||
Consolidated net income | 35.5 | 37.5 | 62.3 | 61.3 | ||||
Total reclassifications for the period, net of tax | 35.5 | [2] | 37.5 | [2] | 62.3 | [2] | 61.3 | [2] |
Consolidated comprehensive income | 36.4 | 38.2 | 64 | 62.7 | ||||
Comprehensive income (loss) | 36.4 | [3] | 38.2 | [3] | 64 | [3] | 62.7 | [3] |
Reportable legal entities | Non-Guarantors | ||||||||
Condensed Consolidating Statements of Income | ||||||||
Net revenue | 220 | 227.4 | 453.5 | 452.4 | ||||
Cost of goods sold | 162.2 | 165.6 | 335 | 332.2 | ||||
Gross profit | 57.8 | 61.8 | 118.5 | 120.2 | ||||
Operating expenses | 42.9 | 51.4 | 87.8 | 99.7 | ||||
Operating profit | 14.9 | 10.4 | 30.7 | 20.5 | ||||
Interest expense | 0.8 | 0.8 | 1.6 | 2.1 | ||||
Other income (expense), net | -2.7 | -0.6 | -2.7 | 0.1 | ||||
Income before income taxes | 11.4 | 9 | 26.4 | 18.5 | ||||
Income tax expense (benefit) | 2.5 | 2.3 | 7.8 | 3.8 | ||||
Consolidated net income | 8.9 | 6.7 | 18.6 | 14.7 | ||||
Less: Net income attributable to noncontrolling interests | 0.5 | 0.3 | 0.7 | 1.6 | ||||
Total reclassifications for the period, net of tax | 8.4 | [2] | 6.4 | [2] | 17.9 | [2] | 13.1 | [2] |
Consolidated comprehensive income | -32.7 | 6.7 | -30.4 | 25.3 | ||||
Less: Comprehensive income attributable to noncontrolling interests | 0.5 | 0.5 | 0.6 | 1.7 | ||||
Comprehensive income (loss) | -33.2 | [3] | 6.2 | [3] | -31 | [3] | 23.6 | [3] |
Eliminations | ||||||||
Condensed Consolidating Statements of Income | ||||||||
Net revenue | -51.1 | -43 | -99.8 | -83.4 | ||||
Cost of goods sold | -25.4 | -16.4 | -49.4 | -31.6 | ||||
Gross profit | -25.7 | -26.6 | -50.4 | -51.8 | ||||
Operating expenses | -25.7 | -26.6 | -50.4 | -51.8 | ||||
Other income (expense), net | 0 | 0 | ||||||
Equity in net income (loss) of subsidiaries | -43.9 | -43.9 | -80.2 | -74.4 | ||||
Income before income taxes | -43.9 | -43.9 | -80.2 | -74.4 | ||||
Consolidated net income | -43.9 | -43.9 | -80.2 | -74.4 | ||||
Total reclassifications for the period, net of tax | -43.9 | [2] | -43.9 | [2] | -80.2 | [2] | -74.4 | [2] |
Consolidated comprehensive income | -3.2 | -44.4 | -33 | -86.3 | ||||
Comprehensive income (loss) | ($3.20) | [3] | ($44.40) | [3] | ($33) | [3] | ($86.30) | [3] |
[1] | We attribute revenue to a geography based upon the location of the business unit that consummates the external sale. | |||||||
[2] | Net income attributable to Hillenbrand | |||||||
[3] | Comprehensive income attributable to Hillenbrand |
Condensed_Consolidating_Inform3
Condensed Consolidating Information - Consolidating balance sheet (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||||||
ASSETS | ||||||
Cash and equivalents | $43 | $58 | $58 | $51 | $42.70 | $42.70 |
Trade receivables, net | 172.3 | 191 | ||||
Unbilled receivables from long-term manufacturing contracts | 134.3 | 149.3 | ||||
Inventories | 174.9 | 168.5 | ||||
Deferred income taxes | 28.7 | 30.5 | ||||
Prepaid expense | 21.4 | 19 | ||||
Other current assets | 17.8 | 21.5 | ||||
Total current assets | 592.4 | 637.8 | ||||
Property, plant, and equipment, net | 152.7 | 159.5 | ||||
Intangible assets, net | 464.8 | 510.5 | ||||
Goodwill | 535.8 | 570.7 | ||||
Other assets | 42.6 | 40 | ||||
Total Assets | 1,788.30 | 1,918.50 | ||||
LIABILITIES | ||||||
Trade accounts payable | 118 | 192.6 | ||||
Liabilities from long-term manufacturing contracts and advances | 79.3 | 76.1 | ||||
Current portion of long-term debt | 9 | 15 | ||||
Accrued compensation | 51.1 | 69.6 | ||||
Deferred income taxes | 21.4 | 20.7 | ||||
Other current liabilities | 107.4 | 117.1 | ||||
Total current liabilities | 386.2 | 491.1 | ||||
Long-term debt | 561.8 | 543.5 | ||||
Long-term portion of accrued pension and postretirement healthcare | 185.1 | 200.9 | ||||
Deferred income taxes | 49.1 | 55.4 | ||||
Other long-term liabilities | 33.7 | 33.8 | ||||
Total Liabilities | 1,215.90 | 1,324.70 | ||||
Hillenbrand Shareholders’ Equity | 561.3 | 583.3 | ||||
Stockholders' Equity Attributable to Parent [Abstract] | ||||||
Noncontrolling interests | 11.1 | 10.5 | ||||
Total Shareholders’ Equity | 572.4 | 593.8 | ||||
Total Liabilities and Equity | 1,788.30 | 1,918.50 | ||||
Reportable legal entities | Parent | ||||||
ASSETS | ||||||
Cash and equivalents | 0.1 | 0.4 | 0.4 | 0.6 | 0.6 | |
Deferred income taxes | 8.5 | 10.6 | ||||
Prepaid expense | 3 | 2.5 | ||||
Intercompany receivables | 283.8 | 291 | ||||
Other current assets | 0.5 | 1.2 | ||||
Total current assets | 295.9 | 305.7 | ||||
Property, plant, and equipment, net | 6.7 | 6.7 | ||||
Intangible assets, net | 2.3 | 2.5 | ||||
Investment in consolidated subsidiaries | 1,983.80 | 2,000.20 | ||||
Other assets | 33.9 | 25.8 | ||||
Total Assets | 2,322.60 | 2,340.90 | ||||
LIABILITIES | ||||||
Trade accounts payable | 0.4 | 3 | ||||
Current portion of long-term debt | 9 | 15 | ||||
Accrued compensation | 22.6 | 5 | ||||
Intercompany payables | 1,174.90 | 1,202.70 | ||||
Other current liabilities | 3.2 | 4.1 | ||||
Total current liabilities | 1,210.10 | 1,229.80 | ||||
Long-term debt | 550 | 525.9 | ||||
Long-term portion of accrued pension and postretirement healthcare | 1.1 | 1 | ||||
Deferred income taxes | 0 | 0.8 | ||||
Other long-term liabilities | 0.1 | 0.1 | ||||
Total Liabilities | 1,761.30 | 1,757.60 | ||||
Hillenbrand Shareholders’ Equity | 561.3 | 583.3 | ||||
Stockholders' Equity Attributable to Parent [Abstract] | ||||||
Total Shareholders’ Equity | 561.3 | 583.3 | ||||
Total Liabilities and Equity | 2,322.60 | 2,340.90 | ||||
Reportable legal entities | Guarantors | ||||||
ASSETS | ||||||
Cash and equivalents | 7.5 | 10.6 | 10.6 | 7.5 | 8.7 | |
Trade receivables, net | 102.6 | 113.2 | ||||
Unbilled receivables from long-term manufacturing contracts | 6.5 | 4 | ||||
Inventories | 80.9 | 69.7 | ||||
Deferred income taxes | 17.2 | 17.3 | ||||
Prepaid expense | 8.2 | 4.9 | ||||
Intercompany receivables | 1,129 | 1,189.90 | ||||
Other current assets | 1.7 | 2.1 | ||||
Total current assets | 1,353.60 | 1,411.70 | ||||
Property, plant, and equipment, net | 65.6 | 65.4 | ||||
Intangible assets, net | 180.4 | 186.1 | ||||
Goodwill | 211.7 | 211.7 | ||||
Investment in consolidated subsidiaries | 645.9 | 644 | ||||
Other assets | 25.9 | 9.9 | ||||
Total Assets | 2,483.10 | 2,528.80 | ||||
LIABILITIES | ||||||
Trade accounts payable | 25.9 | 32.8 | ||||
Liabilities from long-term manufacturing contracts and advances | 22.8 | 20.4 | ||||
Accrued compensation | 20.5 | 55.3 | ||||
Deferred income taxes | 1.6 | |||||
Intercompany payables | 277.6 | 286.5 | ||||
Other current liabilities | 48.9 | 61.6 | ||||
Total current liabilities | 395.7 | 458.2 | ||||
Long-term portion of accrued pension and postretirement healthcare | 95.7 | 94.2 | ||||
Deferred income taxes | 19.9 | 15.1 | ||||
Other long-term liabilities | 23.4 | 27.7 | ||||
Total Liabilities | 534.7 | 595.2 | ||||
Hillenbrand Shareholders’ Equity | 1,948.40 | 1,933.60 | ||||
Stockholders' Equity Attributable to Parent [Abstract] | ||||||
Total Shareholders’ Equity | 1,948.40 | 1,933.60 | ||||
Total Liabilities and Equity | 2,483.10 | 2,528.80 | ||||
Reportable legal entities | Non-Guarantors | ||||||
ASSETS | ||||||
Cash and equivalents | 35.4 | 47 | 47 | 42.9 | 33.4 | |
Trade receivables, net | 69.7 | 77.8 | ||||
Unbilled receivables from long-term manufacturing contracts | 127.8 | 145.3 | ||||
Inventories | 97.1 | 101.8 | ||||
Deferred income taxes | 3 | 2.6 | ||||
Prepaid expense | 10.2 | 11.6 | ||||
Intercompany receivables | 36.6 | 5.3 | ||||
Other current assets | 14.9 | 17.8 | ||||
Total current assets | 394.7 | 409.2 | ||||
Property, plant, and equipment, net | 80.4 | 87.4 | ||||
Intangible assets, net | 282.1 | 321.9 | ||||
Goodwill | 324.1 | 359 | ||||
Other assets | 3.8 | 4.3 | ||||
Total Assets | 1,085.10 | 1,181.80 | ||||
LIABILITIES | ||||||
Trade accounts payable | 91.4 | 156.8 | ||||
Liabilities from long-term manufacturing contracts and advances | 56.5 | 55.7 | ||||
Current portion of long-term debt | 0 | |||||
Accrued compensation | 8 | 9.3 | ||||
Deferred income taxes | 21.4 | 19.1 | ||||
Other current liabilities | 74.7 | 51 | ||||
Total current liabilities | 252 | 291.9 | ||||
Long-term debt | 11.8 | 17.6 | ||||
Long-term portion of accrued pension and postretirement healthcare | 88.3 | 105.7 | ||||
Deferred income taxes | 29.5 | 39.5 | ||||
Other long-term liabilities | 11.1 | 6 | ||||
Total Liabilities | 392.7 | 460.7 | ||||
Hillenbrand Shareholders’ Equity | 681.3 | 710.6 | ||||
Stockholders' Equity Attributable to Parent [Abstract] | ||||||
Noncontrolling interests | 11.1 | 10.5 | ||||
Total Shareholders’ Equity | 692.4 | 721.1 | ||||
Total Liabilities and Equity | 1,085.10 | 1,181.80 | ||||
Eliminations | ||||||
ASSETS | ||||||
Inventories | -3.1 | -3 | ||||
Intercompany receivables | -1,449.40 | -1,486.20 | ||||
Other current assets | 0.7 | 0.4 | ||||
Total current assets | -1,451.80 | -1,488.80 | ||||
Investment in consolidated subsidiaries | -2,629.70 | -2,644.20 | ||||
Other assets | -21 | 0 | ||||
Total Assets | -4,102.50 | -4,133 | ||||
LIABILITIES | ||||||
Trade accounts payable | 0.3 | |||||
Intercompany payables | -1,452.50 | -1,489.20 | ||||
Other current liabilities | -19.4 | 0.4 | ||||
Total current liabilities | -1,471.60 | -1,488.80 | ||||
Deferred income taxes | -0.3 | 0 | ||||
Other long-term liabilities | -0.9 | |||||
Total Liabilities | -1,472.80 | -1,488.80 | ||||
Hillenbrand Shareholders’ Equity | -2,629.70 | -2,644.20 | ||||
Stockholders' Equity Attributable to Parent [Abstract] | ||||||
Total Shareholders’ Equity | -2,629.70 | -2,644.20 | ||||
Total Liabilities and Equity | ($4,102.50) | ($4,133) |
Condensed_Consolidating_Inform4
Condensed Consolidating Information - Consolidating cash flow statement (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Cash Flow Statements | ||
Net cash provided by (used in) operating activities | $10.20 | $82.20 |
Investing activities: | ||
Capital expenditures | -11.9 | -11.4 |
Proceeds from sales of property, plant, and equipment | 0.5 | 0.7 |
Proceeds from warrant exercise | 5.7 | |
Other, net | -1.1 | 0.9 |
Net cash used in investing activities | -12.5 | -4.1 |
Financing activities: | ||
Repayments on term loan | -4.5 | -5 |
Proceeds from revolving credit facilities | 254.4 | 182.6 |
Repayments on revolving credit facilities | -332 | -218.6 |
Proceeds from unsecured Series A Notes, net of financing costs | 99.6 | 0 |
Proceeds from other borrowings | 0 | 1 |
Payment of dividends on common stock | -25.2 | -24.8 |
Repurchases of common stock | -9.2 | -16.5 |
Net proceeds on stock plans | 3.4 | 12.7 |
Other, net | 1.2 | 0.1 |
Net cash used in financing activities | -12.3 | -68.5 |
Effect of exchange rates on cash and cash equivalents | -0.4 | -1.3 |
Net cash flows | -15 | 8.3 |
At beginning of period | 58 | 42.7 |
At end of period | 43 | 51 |
Reportable legal entities | Parent | ||
Condensed Cash Flow Statements | ||
Net cash provided by (used in) operating activities | 12.7 | 13 |
Investing activities: | ||
Capital expenditures | -0.8 | -0.8 |
Proceeds from sales of property, plant, and equipment | 0 | |
Other, net | 0 | |
Net cash used in investing activities | -0.8 | -0.8 |
Financing activities: | ||
Repayments on term loan | -4.5 | -5 |
Proceeds from revolving credit facilities | 191 | 158 |
Repayments on revolving credit facilities | -268.5 | -137.5 |
Proceeds from unsecured Series A Notes, net of financing costs | 99.6 | |
Payment of dividends on common stock | -25.2 | -24.8 |
Repurchases of common stock | -9.2 | -16.5 |
Net proceeds on stock plans | 3.4 | 12.7 |
Other, net | 1.2 | 0.9 |
Net cash used in financing activities | -12.2 | -12.2 |
Net cash flows | -0.3 | 0 |
At beginning of period | 0.4 | |
At end of period | 0.1 | 0.6 |
Reportable legal entities | Guarantors | ||
Condensed Cash Flow Statements | ||
Net cash provided by (used in) operating activities | 84.8 | 37.2 |
Investing activities: | ||
Capital expenditures | -7.2 | -6.4 |
Proceeds from sales of property, plant, and equipment | 0.5 | 0.7 |
Proceeds from warrant exercise | 5.7 | |
Other, net | -0.9 | |
Net cash used in investing activities | -7.6 | 0 |
Financing activities: | ||
Payment of dividends - intercompany | -80.3 | -38.4 |
Net cash used in financing activities | -80.3 | -38.4 |
Net cash flows | -3.1 | -1.2 |
At beginning of period | 10.6 | |
At end of period | 7.5 | 7.5 |
Reportable legal entities | Non-Guarantors | ||
Condensed Cash Flow Statements | ||
Net cash provided by (used in) operating activities | -1.7 | 79.3 |
Investing activities: | ||
Capital expenditures | -3.9 | -4.2 |
Other, net | -0.2 | 0.9 |
Net cash used in investing activities | -4.1 | -3.3 |
Financing activities: | ||
Proceeds from revolving credit facilities | 63.4 | 24.6 |
Repayments on revolving credit facilities | -63.5 | -81.1 |
Proceeds from unsecured Series A Notes, net of financing costs | 0 | |
Proceeds from other borrowings | 1 | |
Payment of dividends - intercompany | -5.3 | -8.9 |
Other, net | 0 | -0.8 |
Net cash used in financing activities | -5.4 | -65.2 |
Effect of exchange rates on cash and cash equivalents | -0.4 | -1.3 |
Net cash flows | -11.6 | 9.5 |
At beginning of period | 47 | |
At end of period | 35.4 | 42.9 |
Eliminations | ||
Condensed Cash Flow Statements | ||
Net cash provided by (used in) operating activities | -85.6 | -47.3 |
Financing activities: | ||
Payment of dividends - intercompany | 85.6 | 47.3 |
Net cash used in financing activities | $85.60 | $47.30 |
Restructuring_Narrative_Detail
Restructuring - Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 |
Restructuring and Related Cost | ||
Restructuring charges | $0.70 | $2.60 |
Restructuring reserve, current | 1.4 | 1.4 |
Corporate | ||
Restructuring and Related Cost | ||
Restructuring charges | 0.2 | 0.6 |
Process Equipment Group | ||
Restructuring and Related Cost | ||
Restructuring charges | 0.5 | 0.8 |
Operating expense | Process Equipment Group | ||
Restructuring and Related Cost | ||
Restructuring charges | 0.4 | 0.7 |
Cost of goods, segment | Process Equipment Group | ||
Restructuring and Related Cost | ||
Restructuring charges | 0.1 | 0.1 |
Cost of goods, segment | Batesville | ||
Restructuring and Related Cost | ||
Restructuring charges | $1.20 |