Cover Page
Cover Page - shares | 9 Months Ended | |
Jun. 30, 2022 | Jul. 28, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-33794 | |
Entity Registrant Name | HILLENBRAND, INC. | |
Entity Incorporation, State or Country Code | IN | |
Entity Tax Identification Number | 26-1342272 | |
Entity Address, Address Line One | One Batesville Boulevard | |
Entity Address, City or Town | Batesville, | |
Entity Address, State or Province | IN | |
Entity Address, Postal Zip Code | 47006 | |
City Area Code | 812 | |
Local Phone Number | 934-7500 | |
Title of 12(b) Security | Common Stock, without par value | |
Trading Symbol | HI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 69,457,443 | |
Entity Central Index Key | 0001417398 | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Net revenue | $ 720.6 | $ 695.1 | $ 2,191 | $ 2,109.9 |
Cost of goods sold | 489.3 | 469.2 | 1,479.1 | 1,393.9 |
Gross profit | 231.3 | 225.9 | 711.9 | 716 |
Operating expenses | 128.7 | 126.6 | 388.6 | 396.2 |
Amortization expense | 13.4 | 14.1 | 40.8 | 41.8 |
(Gain) loss on divestitures | 0 | (0.1) | 3.1 | (65.8) |
Interest expense | 17.5 | 19 | 52.7 | 59.7 |
Other income (expense), net | 1.2 | (0.4) | 4.8 | 0.2 |
Income before income taxes | 72.9 | 65.9 | 231.5 | 284.3 |
Income tax expense | 22.8 | 24.4 | 75.5 | 86.1 |
Consolidated net income | 50.1 | 41.5 | 156 | 198.2 |
Less: Net income attributable to noncontrolling interests | 1.3 | 1.1 | 3.9 | 3.3 |
Net income attributable to Hillenbrand | $ 48.8 | $ 40.4 | $ 152.1 | $ 194.9 |
Earnings Per Share [Abstract] | ||||
Basic earnings per share | $ 0.68 | $ 0.54 | $ 2.10 | $ 2.59 |
Diluted earnings per share | $ 0.68 | $ 0.53 | $ 2.08 | $ 2.57 |
Weighted average shares outstanding (basic) | 71.4 | 75.5 | 72.4 | 75.4 |
Weighted average shares outstanding (diluted) | 72 | 76.2 | 73 | 75.9 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Consolidated net income (loss) | $ 50.1 | $ 41.5 | $ 156 | $ 198.2 |
Changes in other comprehensive (loss) income, net of tax: | ||||
Currency translation adjustment (1) | (56.6) | 29.2 | (61.6) | 43.3 |
Pension and postretirement | 1.7 | 0.9 | 3.1 | 2.7 |
Change in net unrealized gain on derivative instruments | 0.1 | 0.3 | 2 | 1.5 |
Total changes in other comprehensive (loss) income, net of tax | (54.8) | 30.4 | (56.5) | 47.5 |
Consolidated comprehensive (loss) income | (4.7) | 71.9 | 99.5 | 245.7 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0.9 | 2.3 | 3.2 |
Comprehensive income (loss) | $ (4.7) | $ 71 | $ 97.2 | $ 242.5 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2022 | Sep. 30, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 284.4 | $ 446.1 |
Trade receivables, net | 304.8 | 323.5 |
Receivables from long-term manufacturing contracts, net | 197 | 121.9 |
Inventories, net | 506.1 | 411.6 |
Prepaid expenses and other current assets | 111.9 | 75.2 |
Current assets held for sale | 0 | 56.2 |
Total current assets | 1,404.2 | 1,434.5 |
Property, plant, and equipment, net | 280.9 | 295.1 |
Operating lease right-of-use assets, net | 128.3 | 138.1 |
Intangible assets, net | 849.3 | 913.9 |
Goodwill | 1,132.5 | 1,168.6 |
Other long-term assets | 98.5 | 64.7 |
Total Assets | 3,893.7 | 4,014.9 |
Current Liabilities | ||
Trade accounts payable | 438.7 | 361.3 |
Liabilities from long-term manufacturing contracts and advances | 253.1 | 296.6 |
Current portion of long-term debt | 0 | 0 |
Accrued compensation | 105.4 | 123.5 |
Current liabilities held for sale | 0 | 18.9 |
Other current liabilities | 257.5 | 234.8 |
Total current liabilities | 1,054.7 | 1,035.1 |
Long-term debt | 1,214.6 | 1,212.9 |
Accrued pension and postretirement healthcare | 134.6 | 151.6 |
Operating lease liabilities | 96.7 | 105.6 |
Deferred income taxes | 182.2 | 206.7 |
Other long-term liabilities | 60.6 | 70.8 |
Total Liabilities | 2,743.4 | 2,782.7 |
Commitments and contingencies (Note 15) | ||
SHAREHOLDERS’ EQUITY | ||
Common stock, no par value (75.8 and 75.8 shares issued, 69.7 and 72.7 shares outstanding) | 0 | 0 |
Additional paid-in capital | 719.5 | 725.4 |
Retained earnings | 770.5 | 666.2 |
Treasury stock (6.1 and 3.1 shares, at cost) | (261.8) | (135.7) |
Accumulated other comprehensive loss | (101.2) | (46.3) |
Hillenbrand Shareholders’ Equity | 1,127 | 1,209.6 |
Noncontrolling interests | 23.3 | 22.6 |
Total Shareholders’ Equity | 1,150.3 | 1,232.2 |
Total Liabilities and Shareholders’ Equity | $ 3,893.7 | $ 4,014.9 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Jun. 30, 2022 | Sep. 30, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, shares issued | 75,800,000 | 75,800,000 |
Common stock, shares outstanding | 72,400,000 | 72,700,000 |
Treasury stock, shares | 3,400,000 | 3,100,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating Activities | ||
Consolidated net income | $ 156,000 | $ 198,200 |
Adjustments to reconcile consolidated net income to cash provided by operating activities: | ||
Depreciation and amortization | 81,500 | 86,300 |
Deferred income taxes | (11,600) | 13,600 |
Amortization of deferred financing costs | 2,700 | 6,200 |
Share-based compensation | 16,400 | 14,700 |
Net loss on divestiture | 3,100 | (65,800) |
Trade accounts receivable, net and receivables from long-term manufacturing contracts | (77,700) | 10,200 |
Inventories, net | (106,700) | (30,600) |
Prepaid expenses and other current assets | (32,300) | 3,400 |
Trade accounts payable | 95,900 | 54,700 |
accrued compensation, and other current liabilities | (50,900) | 147,300 |
Income taxes payable | 32,700 | 4,100 |
Defined benefit plan and postretirement funding | (6,900) | (6,800) |
Defined benefit plan and postretirement expense | 700 | 2,100 |
Other, net | (8,600) | 5,100 |
Net cash provided by operating activities | 94,300 | 442,700 |
Investing Activities | ||
Capital expenditures | (32,500) | (21,800) |
Proceeds from sales of property, plant, and equipment | 1,700 | 100 |
Acquisition of business, net of cash acquired | (12,900) | 0 |
(Payments) proceeds from divestitures, net of cash divested | (4,500) | 165,800 |
Net cash (used in) provided by investing activities | (48,200) | 144,100 |
Financing Activities | ||
Proceeds from issuance of long-term debt | 0 | 350,000 |
Repayments on long-term debt | 0 | (688,800) |
Proceeds from revolving credit facilities | 0 | 395,000 |
Repayments on revolving credit facilities | 0 | (395,000) |
Payment of deferred financing costs | (3,500) | (5,400) |
Payments of dividends on common stock | (47,000) | (48,400) |
Repurchases of common stock | (167,000) | (43,400) |
Proceeds from stock option exercises | 24,700 | 9,200 |
Payments for employee taxes on net settlement equity awards | (6,900) | (3,500) |
Other, net | (1,600) | (1,300) |
Net cash used in financing activities | (201,300) | (431,600) |
Effect of exchange rates on cash and cash equivalents | (10,200) | 10,700 |
Net cash flows | (165,400) | 165,900 |
Cash, cash equivalents, and restricted cash: | ||
At beginning of period | 450,900 | 311,800 |
At end of period | $ 285,500 | $ 477,700 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flow Cash, Cash Equivalents, and Restricted Cash - USD ($) $ in Millions | Jun. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 284.4 | $ 446.1 | $ 476.2 | |
Restricted Cash and Cash Equivalents | 1.1 | 1.5 | ||
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows | $ 285.5 | $ 450.9 | $ 477.7 | $ 311.8 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders Equity Statement - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
Balance at Sep. 30, 2020 | $ 1,079.4 | $ 723.6 | $ 481.4 | $ (43.2) | $ (102.8) | $ 20.4 | |
Balance, shares at Sep. 30, 2020 | 75.8 | 1 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Total other comprehensive income (loss), net of tax | 47.5 | 47.6 | (0.1) | ||||
Consolidated net income | 198.2 | 194.9 | 3.3 | ||||
Stock Repurchased During Period, Value | $ (43.4) | ||||||
Stock Repurchased During Period, Shares | 1 | ||||||
Common stock, shares issued | (0.5) | ||||||
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture | $ 5.8 | (16.2) | $ 22 | ||||
Share-based compensation | 14.7 | 14.7 | |||||
Dividends, Common Stock | (49.8) | 0.8 | (49.2) | (1.4) | |||
Balance at Jun. 30, 2021 | $ 1,252.4 | 722.9 | 627.1 | $ (64.6) | (55.2) | 22.2 | |
Balance, shares at Jun. 30, 2021 | 75.8 | 1.5 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.4300 | ||||||
Balance at Mar. 31, 2021 | $ 1,235.7 | 720.5 | 603.1 | $ (23.4) | (85.8) | 21.3 | |
Balance, shares at Mar. 31, 2021 | 75.8 | 0.6 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Total other comprehensive income (loss), net of tax | 30.4 | 30.6 | (0.2) | ||||
Consolidated net income | 41.5 | 40.4 | 1.1 | ||||
Stock Repurchased During Period, Value | $ (43.4) | ||||||
Stock Repurchased During Period, Shares | 1 | ||||||
Common stock, shares issued | (0.1) | ||||||
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture | $ 0 | (2.2) | $ 2.2 | ||||
Share-based compensation | 4.3 | 4.3 | |||||
Dividends, Common Stock | (16.1) | 0.3 | (16.4) | ||||
Balance at Jun. 30, 2021 | $ 1,252.4 | 722.9 | 627.1 | $ (64.6) | (55.2) | 22.2 | |
Balance, shares at Jun. 30, 2021 | 75.8 | 1.5 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.2150 | ||||||
Balance at Sep. 30, 2021 | $ 1,232.2 | 725.4 | 666.2 | $ (135.7) | (46.3) | 22.6 | |
Balance, shares at Sep. 30, 2021 | 75.8 | 3.1 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Total other comprehensive income (loss), net of tax | (56.5) | (54.9) | (1.6) | ||||
Consolidated net income | 156 | 152.1 | 3.9 | ||||
Stock Repurchased During Period, Value | $ (167) | ||||||
Stock Repurchased During Period, Shares | 3.9 | ||||||
Common stock, shares issued | (0.9) | ||||||
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture | $ 17.8 | (23.1) | $ 40.9 | ||||
Share-based compensation | 16.4 | 16.4 | |||||
Dividends, Common Stock | (48.6) | 0.8 | (47.8) | (1.6) | |||
Balance at Jun. 30, 2022 | $ 1,150.3 | 719.5 | 770.5 | $ (261.8) | (101.2) | 23.3 | |
Balance, shares at Jun. 30, 2022 | 75.8 | 6.1 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.4350 | ||||||
Balance at Mar. 31, 2022 | $ 1,277.8 | 717.3 | 737.1 | $ (152.2) | (47.7) | 23.3 | |
Balance, shares at Mar. 31, 2022 | 75.8 | 3.4 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Total other comprehensive income (loss), net of tax | (54.8) | (53.5) | (1.3) | ||||
Consolidated net income | 50.1 | 48.8 | 1.3 | ||||
Stock Repurchased During Period, Value | $ (111.5) | ||||||
Stock Repurchased During Period, Shares | 2.7 | ||||||
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture | $ (0.4) | (2.3) | $ 1.9 | ||||
Share-based compensation | 4.4 | 4.4 | |||||
Dividends, Common Stock | (15.3) | 0.1 | (15.4) | ||||
Balance at Jun. 30, 2022 | $ 1,150.3 | $ 719.5 | $ 770.5 | $ (261.8) | $ (101.2) | $ 23.3 | |
Balance, shares at Jun. 30, 2022 | 75.8 | 6.1 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.2175 |
Background and Basis of Present
Background and Basis of Presentation | 9 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background and Basis of Presentation | Background and Basis of Presentation Hillenbrand, Inc. (the “Company” or “Hillenbrand”) is a global industrial company with multiple leading brands that serve a wide variety of industries around the world. The Company strives to provide superior return for our shareholders, exceptional value for our customers, great professional opportunities for our employees, and to be responsible to our communities through deployment of the Hillenbrand Operating Model (“HOM”). The HOM is a consistent and repeatable framework designed to produce sustainable and predictable results. The HOM describes the Company’s mission, vision, values, and mindset as leaders; applies our management practices in Strategy Management, Segmentation, Lean, Talent Development, and Acquisitions; and prescribes three steps (Understand, Focus, and Grow) designed to make the Company’s businesses both bigger and better. The Company’s goal is to continue developing Hillenbrand as a world-class global industrial company through the deployment of the HOM. Hillenbrand’s portfolio is composed of three reportable operating segments. Advanced Process Solutions designs, develops, manufactures, and services highly engineered industrial equipment and systems around the world. Molding Technology Solutions is a global leader in highly engineered and customized equipment, systems, and service in plastic technology and processing. Batesville is a recognized leader in the death care industry in North America. “Hillenbrand,” the “Company,” “we,” “us,” “our,” and similar words refer to Hillenbrand, Inc. and its subsidiaries unless context otherwise requires. The accompanying unaudited Consolidated Financial Statements include the accounts of Hillenbrand and its subsidiaries. They also include two 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 United States (“U.S.”) generally accepted accounting principles (“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 the Company’s latest Annual Report on Form 10-K for the year ended September 30, 2021, as filed with the SEC on November 17, 2021. In the opinion of management, these unaudited Consolidated 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 flows as of the dates and for the periods presented and are normal and recurring in nature. The interim period results are subject to variation and are not necessarily indicative of the consolidated results of operations to be expected for the full fiscal year. The preparation of the Consolidated Financial Statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of net revenue and expenses during the period. Actual results could differ from those estimates. Examples of such estimates include, but are not limited to, revenue recognition under the over time method, 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 incentive compensation programs. As a result of the Russian Federation’s invasion of Ukraine in February 2022 (the “Ukraine War”), various nations, including the U.S., have instituted economic sanctions and other responsive measures, which have resulted in an increased level of global economic and political uncertainty. Any such geopolitical instability and uncertainty could have a negative impact on our ability to sell to, ship products to, collect payments from, and support customers in certain regions. The effects of the Ukraine War and such associated measures on management’s estimates and consolidated results of operations through June 30, 2022 are reflected in the Consolidated Financial Statements. As of and for the three and nine months ended June 30, 2022, the effects of the Ukraine War have not had a material impact on the Consolidated Financial Statements. In addition, it has now been more than two years since March 11, 2020, when the World Health Organization declared the outbreak of the novel strain of coronavirus (“COVID-19”) a global pandemic and recommended containment and mitigation measures worldwide. The effects of the ongoing COVID-19 pandemic and such associated measures on management’s estimates and consolidated results of operations through June 30, 2022 are reflected in the Consolidated Financial Statements. Given the unprecedented nature of the COVID-19 pandemic, the Company cannot reasonably estimate the full extent of the impact that the COVID-19 pandemic will continue to have on its consolidated financial condition, and the consolidated results of operations, and cash flows in the foreseeable future. The ultimate impact of the COVID-19 pandemic on the Company is highly uncertain and will depend on future developments, and such impacts could exist for an extended period of time, even after the ongoing COVID-19 pandemic subsides or if variant strains of the virus further impacts the global economy or the Company. Events and changes in circumstances arising after June 30, 2022, including those resulting from the ongoing impacts of the Ukraine War and the COVID-19 pandemic, will be reflected in management’s estimates for future periods in subsequent periodic filings. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The significant accounting policies used in preparing the Consolidated Financial Statements are consistent with the accounting policies described in the Company’s Annual Report on Form 10-K as of and for the year ended September 30, 2021, except as described below. Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 clarifies and simplifies accounting for income taxes by eliminating certain exceptions for intraperiod tax allocation principles, the methodology for calculating income tax rates in an interim period, and recognition of deferred taxes for outside basis differences in an investment, among other updates. ASU 2019-12 became effective for the Company’s fiscal year beginning on October 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Consolidated Financial Statements. No other new accounting pronouncements recently adopted or issued had or are expected to have a material impact on the Consolidated Financial Statements. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Net revenue includes gross revenue less sales discounts, customer rebates, sales incentives, and product returns, all of which require the Company to make estimates for the portion of these allowances that have yet to be credited or paid to customers. The Company estimates these allowances using the expected value method, which is based upon historical rates and projections of customer purchases toward contractual rebate thresholds. Contract balances The balance in receivables from long-term manufacturing contracts at June 30, 2022 and September 30, 2021, was $197.0 and $121.9, respectively. The change was driven by the impact of net revenue recognized prior to billings. The balance in the liabilities from long-term manufacturing contracts and advances at June 30, 2022 and September 30, 2021, was $253.1 and $296.6, respectively, and consists primarily of cash payments received or due in advance of satisfying performance obligations. The net revenue recognized for the nine months ended June 30, 2022, and 2021 related to liabilities from long-term manufacturing contracts and advances as of September 30, 2021 and 2020, was $189.8 and $128.8, respectively. During the three and nine months ended June 30, 2022 and 2021, the adjustments related to performance obligations satisfied in previous periods were immaterial. Transaction price allocated to the remaining performance obligations As of June 30, 2022, the aggregate amount of transaction price of remaining performance obligations for the Company, which corresponds to backlog as defined in Part I, Item 2 of this Quarterly Report on Form 10-Q, was $1,648.8. Approximately 79% of these performance obligations are expected to be satisfied over the next twelve months, and the remaining performance obligations, primarily within one to three years. Disaggregation of revenue The following tables present net revenue by end market: Three Months Ended June 30, 2022 Nine Months Ended June 30, 2022 Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total End Market Plastics $ 224.2 $ — $ — $ 224.2 $ 688.7 $ — $ — $ 688.7 Automotive — 41.0 — 41.0 — 146.9 — 146.9 Chemicals 24.9 — — 24.9 74.4 — — 74.4 Consumer goods — 40.9 — 40.9 — 115.9 — 115.9 Food and pharmaceuticals 23.1 — — 23.1 69.4 — — 69.4 Custom molders — 38.4 — 38.4 — 111.4 — 111.4 Packaging — 28.4 — 28.4 — 94.8 — 94.8 Construction — 35.8 — 35.8 — 84.2 — 84.2 Minerals and mining 12.7 — — 12.7 35.7 — — 35.7 Electronics — 20.8 — 20.8 — 55.1 — 55.1 Medical — 21.9 — 21.9 — 62.1 — 62.1 Death care — — 140.8 140.8 — — 479.6 479.6 Other industrial 25.4 42.3 — 67.7 73.8 99.0 — 172.8 Total $ 310.3 $ 269.5 $ 140.8 $ 720.6 $ 942.0 $ 769.4 $ 479.6 $ 2,191.0 Three Months Ended June 30, 2021 Nine Months Ended June 30, 2021 Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total End Market Plastics $ 225.8 $ — $ — $ 225.8 $ 630.9 $ — $ — $ 630.9 Automotive — 44.9 — 44.9 — 123.9 — 123.9 Chemicals 21.8 — — 21.8 61.1 — — 61.1 Consumer goods — 35.3 — 35.3 — 113.0 — 113.0 Food and pharmaceuticals 21.5 — — 21.5 65.1 — — 65.1 Custom molders — 28.8 — 28.8 — 110.2 — 110.2 Packaging — 29.6 — 29.6 — 95.7 — 95.7 Construction — 32.2 — 32.2 — 84.4 — 84.4 Minerals and mining 13.7 — — 13.7 38.0 — — 38.0 Electronics — 21.6 — 21.6 — 55.3 — 55.3 Medical — 23.1 — 23.1 — 65.3 — 65.3 Death care — — 137.9 137.9 — — 468.7 468.7 Other industrial 30.6 28.3 — 58.9 110.4 87.9 — 198.3 Total $ 313.4 $ 243.8 $ 137.9 $ 695.1 $ 905.5 $ 735.7 $ 468.7 $ 2,109.9 The following tables present net revenue by geography: Three Months Ended June 30, 2022 Nine Months Ended June 30, 2022 Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total Geography Americas $ 79.9 $ 159.1 $ 140.8 $ 379.8 $ 218.9 $ 424.3 $ 479.6 $ 1,122.8 Asia 157.6 71.7 — 229.3 484.4 228.3 — 712.7 Europe, the Middle East, and Africa 72.8 38.7 — 111.5 238.7 116.8 — 355.5 Total $ 310.3 $ 269.5 $ 140.8 $ 720.6 $ 942.0 $ 769.4 $ 479.6 $ 2,191.0 Three Months Ended June 30, 2021 Nine Months Ended June 30, 2021 Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total Geography Americas $ 76.5 $ 127.9 $ 137.9 $ 342.3 $ 240.2 $ 391.4 $ 468.7 $ 1,100.3 Asia 149.1 74.0 — 223.1 411.9 218.1 — 630.0 Europe, the Middle East, and Africa 87.8 41.9 — 129.7 253.4 126.2 — 379.6 Total $ 313.4 $ 243.8 $ 137.9 $ 695.1 $ 905.5 $ 735.7 $ 468.7 $ 2,109.9 The following tables present net revenue by products and services: Three Months Ended June 30, 2022 Nine Months Ended June 30, 2022 Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total Products and Services Equipment $ 217.2 $ 187.7 $ — $ 404.9 $ 671.6 $ 528.6 $ — $ 1,200.2 Parts and services 93.1 65.6 — 158.7 270.4 191.1 — 461.5 Death care — — 140.8 140.8 — — 479.6 479.6 Other — 16.2 — 16.2 — 49.7 — 49.7 Total $ 310.3 $ 269.5 $ 140.8 $ 720.6 $ 942.0 $ 769.4 $ 479.6 $ 2,191.0 Three Months Ended June 30, 2021 Nine Months Ended June 30, 2021 Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total Products and Services Equipment $ 219.6 $ 163.2 $ — $ 382.8 $ 621.1 $ 487.6 $ — $ 1,108.7 Parts and services 93.8 64.1 — 157.9 284.4 197.6 — 482.0 Death care — — 137.9 137.9 — — 468.7 468.7 Other — 16.5 — 16.5 — 50.5 — 50.5 Total $ 313.4 $ 243.8 $ 137.9 $ 695.1 $ 905.5 $ 735.7 $ 468.7 $ 2,109.9 The following tables present net revenue by timing of transfer: Three Months Ended June 30, 2022 Nine Months Ended June 30, 2022 Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total Timing of Transfer Point in time $ 143.6 $ 254.8 $ 140.8 $ 539.2 $ 413.0 $ 741.7 $ 479.6 $ 1,634.3 Over time 166.7 14.7 — 181.4 529.0 27.7 — 556.7 Total $ 310.3 $ 269.5 $ 140.8 $ 720.6 $ 942.0 $ 769.4 $ 479.6 $ 2,191.0 Three Months Ended June 30, 2021 Nine Months Ended June 30, 2021 Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total Timing of Transfer Point in time $ 153.9 $ 242.6 $ 137.9 $ 534.4 $ 450.3 $ 734.5 $ 468.7 $ 1,653.5 Over time 159.5 1.2 — 160.7 455.2 1.2 — 456.4 Total $ 313.4 $ 243.8 $ 137.9 $ 695.1 $ 905.5 $ 735.7 $ 468.7 $ 2,109.9 |
Business Acquisitions and Dives
Business Acquisitions and Divestitures | 9 Months Ended |
Jun. 30, 2022 | |
Business Combinations [Abstract] | |
Business Acquisitions | Acquisitions and Divestitures Assets and liabilities held for sale During the fourth quarter of 2020, the Company announced that it had initiated a plan to divest the TerraSource Global (“TerraSource”) and flow control businesses, which included the Red Valve business (“Red Valve”) and Abel Pumps business (“ABEL”), which operated within the Advanced Process Solutions reportable operating segment, as these businesses were no longer considered a strategic fit with the Company’s long-term growth plan and operational objectives. As discussed below, the Company completed the divestitures of Red Valve on December 31, 2020, ABEL on March 10, 2021, and TerraSource on October 22, 2021. The Company had determined that these businesses met the criteria to be classified as held for sale, and therefore classified the related assets and liabilities as held for sale on the Consolidated Balance Sheets in periods prior to their completed sale. The following is a summary of the major categories of assets and liabilities that have been classified as held for sale on the Consolidated Balance Sheet at September 30, 2021: Cash and cash equivalents $ 3.5 Trade receivables, net 7.8 Inventories 12.0 Property, plant and equipment, net 12.0 Operating lease right-of-use assets, net 1.9 Intangible assets, net 49.5 Goodwill 12.4 Other assets 4.2 Valuation allowance on disposal group (1) (47.1) Total assets held for sale $ 56.2 Trade accounts payable $ 5.2 Liabilities from long-term manufacturing contracts and advances 7.5 Operating lease liabilities 2.0 Deferred income taxes 1.9 Other liabilities 2.3 Total liabilities held for sale $ 18.9 (1) The Company adjusted the carrying value to fair value less costs to sell for certain assets held for sale during the year ended September 30, 2021. Those assets were sold during the nine months ended June 30, 2022. The Company determined that the exit from these businesses did not represent a strategic shift that had a major effect on its consolidated results of operations, and therefore these businesses were not classified as discontinued operations. Divestiture of Flow Control Businesses On December 31, 2020, the Company completed the divestiture of Red Valve to DeZURIK, Inc. in a transaction valued at $63.0. The divestiture included cash proceeds received at closing of $59.4, including working capital adjustments, and a $5.0 note receivable, included within other long-term assets on the Consolidated Balance Sheet at June 30, 2022. As a result of the Red Valve divestiture, the Company recorded a pre-tax gain of $31.6 in the Consolidated Statement of Operations during the nine months ended June 30, 2021. The related tax effect resulted in tax expense of $3.8 and was included within income tax expense in the Consolidated Statement of Operations during the nine months ended June 30, 2021. The Company incurred $2.9 of transaction costs associated with the divestiture during the nine months ended June 30, 2021, which were recorded within operating expenses in the Consolidated Statement of Operations. Red Valve’s results of operations were included within the Advanced Process Solutions reportable operating segment until the completion of the divestiture on December 31, 2020. On March 10, 2021, the Company completed the divestiture of ABEL to IDEX Corporation, in a transaction valued at $103.5. The divestiture included cash proceeds received at closing of $106.3, including working capital adjustments. As a result of the ABEL divestiture, the Company recorded a pre-tax gain of $34.2, after post-closing adjustments, in the Consolidated Statement of Operations during the nine months ended June 30, 2021. The related tax effect resulted in tax expense of $6.9 and was included within income tax expense in the Consolidated Statement of Operations during the nine months ended June 30, 2021. The Company incurred $3.9 of transaction costs associated with the divestiture during the nine months ended June 30, 2021, which were recorded within operating expenses in the Consolidated Statement of Operations. ABEL’s results of operations were included within the Advanced Process Solutions reportable operating segment until the completion of the divestiture on March 10, 2021. Divestiture of TerraSource On October 22, 2021, the Company completed the divestiture of TerraSource pursuant to a Contribution Agreement (“Agreement”) between the Company and certain affiliated companies of industrial holding company Right Lane Industries (“RLI”). Under the terms of the Agreement, Hillenbrand contributed TerraSource and its subsidiaries to a newly formed entity, TerraSource Holdings, LLC (“Holdings”), with RLI obtaining majority ownership and full operational control of TerraSource. In exchange for contributing the TerraSource business, the Company received consideration in the form of a five-year note with initial principal amount of $25.6, subject to certain adjustments, and also retained a 49% equity interest in Holdings through one of the Company’s indirect wholly-owned subsidiaries. The fair value of the total consideration received by the Company was $27.7. Subsequent to the divestiture, the Company’s equity interest in Holdings is accounted for under the equity method of accounting as prescribed by GAAP. As a result of the TerraSource divestiture, the Company recorded a pre-tax loss of $3.1, after post-closing adjustments, in the Consolidated Statement of Operations during the nine months ended June 30, 2022. The Company incurred $0.4 of transaction costs associated with the divestiture during the nine months ended June 30, 2022, which were recorded within operating expenses in the Consolidated Statement of Operations. TerraSource’s results of operations were included within the Advanced Process Solutions reportable operating segment until the completion of the divestiture on October 22, 2021. Acquisition of Gabler Engineering GmbH |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 9 Months Ended |
Jun. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Balance Sheet Information | Supplemental Consolidated Balance Sheet Information June 30, September 30, Allowance for doubtful accounts $ 24.3 $ 26.0 Warranty reserves $ 22.2 $ 24.2 Accumulated depreciation on property, plant, and equipment $ 402.4 $ 381.6 Inventories, net: Raw materials and components $ 199.2 $ 153.1 Work in process 121.6 104.0 Finished goods 185.3 154.5 Total inventories, net $ 506.1 $ 411.6 |
Leases
Leases | 9 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases | LeasesFor the three and nine months ended June 30, 2022 and 2021, the Company recognized $9.2 and $28.4, and $9.0 and $26.6 of operating lease expense, respectively, including short-term lease expense and variable lease costs, which were immaterial in each period. The Company’s finance leases were insignificant as of June 30, 2022 and September 30, 2021. The following table presents supplemental Consolidated Balance Sheet information related to the Company’s operating leases: June 30, 2022 September 30, 2021 Operating lease right-of-use assets, net $ 128.3 $ 138.1 Other current liabilities 29.9 30.7 Operating lease liabilities 96.7 105.6 Total operating lease liabilities $ 126.6 $ 136.3 Weighted-average remaining lease term (in years) 7.0 7.2 Weighted-average discount rate 2.9 % 2.1 % As of June 30, 2022, the maturities of the Company’s operating lease liabilities were as follows: 2022 (excluding the nine months ended June 30, 2022) $ 8.6 2023 30.4 2024 21.3 2025 14.7 2026 11.9 Thereafter 46.9 Total lease payments 133.8 Less: imputed interest (7.2) Total present value of lease payments $ 126.6 Supplemental Consolidated Statements of Cash Flow information related to the Company’s operating leases is as follows: Nine Months Ended June 30, 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 21.2 $ 28.9 Operating lease right-of-use assets, net obtained in exchange for new operating lease liabilities 23.2 16.2 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 9 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible Assets Intangible assets are stated at the lower of cost or fair value. Intangible assets are amortized on a straight-line basis over periods ranging from three The following table summarizes the carrying amounts and related accumulated amortization for intangible assets as of: June 30, 2022 September 30, 2021 Cost Accumulated Cost Accumulated Finite-lived assets: Customer relationships $ 769.8 $ (219.5) $ 798.8 $ (195.4) Technology, including patents 135.6 (67.9) 137.6 (62.7) Software 70.9 (61.0) 68.3 (59.4) 976.3 (348.4) 1,004.7 (317.5) Indefinite-lived assets: Trade names 221.4 — 226.6 — Total $ 1,197.7 $ (348.4) $ 1,231.3 $ (317.5) The net change in intangible assets during the nine months ended June 30, 2022, was driven primarily by amortization and foreign currency adjustments. Goodwill Goodwill is not amortized, but is subject to annual impairment tests. Goodwill has been assigned to reporting units within the reportable operating segments. The Company assesses the carrying value of goodwill annually, or more often if events or changes in circumstances indicate there may be impairment. Impairment testing is performed at a reporting unit level. The following table summarizes the changes in the Company’s goodwill, by reportable operating segment, for the nine months ended June 30, 2022: Advanced Process Solutions Molding Technology Solutions Batesville Total Balance as of September 30, 2021 $ 484.9 $ 675.4 $ 8.3 $ 1,168.6 Acquisitions 5.6 — — 5.6 Foreign currency adjustments (22.8) (18.9) — (41.7) Balance as of June 30, 2022 $ 467.7 $ 656.5 $ 8.3 $ 1,132.5 During the three and nine months ended June 30, 2022 and 2021, the Company did not observe any triggering events or substantive changes in circumstances requiring the need for an interim impairment assessment. |
Financing Agreements
Financing Agreements | 9 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Financing Agreements | Financing Agreements The following table summarizes Hillenbrand’s current and long-term debt as of: June 30, September 30, $400 senior unsecured notes (1) $ 396.7 $ 395.8 $375 senior unsecured notes, net of discount (2) 372.0 371.5 $350 senior unsecured notes (3) 346.1 345.8 $100 Series A Notes (4) 99.8 99.8 $1,000 revolving credit facility (excluding outstanding letters of credit) — — Total debt 1,214.6 1,212.9 Less: current portion — — Total long-term debt $ 1,214.6 $ 1,212.9 (1) Includes unamortized debt issuance costs of $3.3 and $4.2 at June 30, 2022 and September 30, 2021, respectively. (2) Includes unamortized debt issuance costs of $2.6 and $3.1 at June 30, 2022 and September 30, 2021, respectively. (3) Includes unamortized debt issuance costs of $3.9 and $4.2 at June 30, 2022 and September 30, 2021, respectively. (4) Includes unamortized debt issuance costs of $0.2 and $0.2 at June 30, 2022 and September 30, 2021, respectively. On June 8, 2022, the Company entered into a Fourth Amended and Restated Credit Agreement (the “Credit Agreement”), which governs our multi-currency revolving credit facility (the “Facility”), by and among Hillenbrand and certain of its affiliates, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent. The Credit Agreement amends and restates the Company’s former credit agreement which provided for a maximum principal amount available for borrowing under the Facility of up to $900 and a term loan in an original principal amount of $500. The Credit Agreement increases the maximum principal amount available for borrowing under the Facility from $900 to $1,000. The Credit Agreement further provides for a delayed-draw term loan facility in an aggregate principal amount of up to $200. The term loan commitments will be subject to ticking fees if not drawn within 60 days of closing, and the term loan commitments will expire 180 days after closing. The term loans, if drawn, will be subject to quarterly amortization payments equal to 1.25% of the funded term loans for the first twelve calendar quarters following the funding date, and quarterly amortization payments equal to 1.875% of the funded term loans thereafter until the maturity date. The aggregate principal amount available for borrowing under the Credit Agreement may be expanded, subject to the approval of the lenders, by an additional $600. The Credit Agreement extends the maturity date of the Facility to June 8, 2027. The Credit Agreement fully transitions interest rate benchmarks from LIBOR-based interest rates to SOFR-based interest rates for U.S. dollar borrowings. Borrowings under the Credit Agreement may bear interest (A) if denominated in US Dollars, at the Term SOFR Rate or the Alternate Base Rate (each as defined in the Credit Agreement) at the Company’s option, (B) if denominated in Japanese Yen, Canadian Dollars or Euros, at rates based on the rates offered for deposits in the applicable interbank markets for such currencies and (C) if denominated in Pounds Sterling or Swiss Francs, at SONIA and SARON, respectively (each as defined in the Credit Agreement), plus, in each case, margin based on the Company’s leverage ratio, ranging from 0.00% to 0.525% for borrowings bearing interest at the Alternate Base Rate and from 0.90% to 1.525% for all other borrowings. The delayed-draw term loan facility will, once borrowed, accrue interest, at the Company’s option, at the Term SOFR Rate or the Alternate Base Rate plus a margin based on the Company’s leverage ratio, ranging from 1.00% to 1.75% for term loans bearing interest at the Term SOFR Rate and 0.00% to 0.75% for term loans bearing interest at the Alternate Base Rate. New deferred financing costs related to the Credit Agreement were $3.0, which along with existing costs of $1.9, are being amortized to interest expense over the term of the Facility. There were no outstanding balances as of June 30, 2022 or September 30, 2021 under the Facility, other than $15.4 in outstanding letters of credit issued under the Facility. Under the Credit Agreement, the Company had $1,184.6 of available borrowing capacity as of June 30, 2022, of which $933.3 was immediately available based on our most restrictive covenant. There were no borrowings under the Facility during the three and nine mont hs ended June 30, 2022 and the three months ended June 30, 2021. The weighted average interest rate on borrowing under the Facility was 2.28% for the nine months ended June 30, 2021. The weighted average facility fee was 0.15% for the three and nine months ended June 30, 2022, and 0.17% and 0.24% for the three and nine months ended June 30, 2021, respectively. On June 9, 2022, Hillenbrand and certain of its domestic subsidiaries entered into the eighth amendment to the private shelf agreement (as amended, the “Shelf Agreement”), which amends the private shelf agreement dated December 6, 2012, among Hillenbrand, the subsidiary guarantors, PGIM, Inc. (f/k/a Prudential Investment Management, Inc.) and each Prudential Affiliate (as defined therein), pursuant to which the Company issued $100, 4.60% Series A unsecured notes maturing December 15, 2024 (the “Series A Notes”). The amendment conforms certain terms of the Shelf Agreement with those contained in the Credit Agreement. On June 21, 2022, Hillenbrand and certain of its subsidiaries entered into a Syndicated L/G Facility Agreement (the “L/G Facility Agreement”) with Commerzbank Aktiengesellschaft, as coordinator, mandated lead arranger, and bookrunner, the other financial institutions party thereto as lenders and issuing banks, and Commerzbank Finance & Covered Bond S.A., as agent. The L/G Facility Agreement replaced the Company’s Syndicated L/G Facility Agreement dated March 8, 2018, as amended (the “Prior L/G Facility Agreement”), and permits Hillenbrand and certain of its subsidiaries (collectively, the “Participants”) to request that one or more of the lenders issue, on the Participants’ behalf, up to an aggregate of €225, in unsecured letters of credit, bank guarantees, or other surety bonds (collectively, the “Guarantees”), an increase from €175 under the Prior L/G Facility Agreement. New deferred financing costs related to the L/G Facility Agreement were $1.0, which along with existing costs of $0.2, are being amortized to interest expense over the term of the L/G Facility Agreement. Letters of credit, guarantees and surety bonds such as the Guarantees are routinely required by customers of the Company’s industrial businesses. The Guarantees may be issued in euros or certain other agreed-upon currencies. Specified sublimits apply, based on the specific lender and currency. The Guarantees carry an annual fee that varies based on the Company’s leverage ratio. The L/G Facility Agreement also provides for a leverage-based commitment fee assessed on the undrawn portion of the facility. The L/G Facility Agreement matures on the earlier of (i) June 21, 2027 and (ii) the date of the termination of the Credit Agreement (as such agreement may be from time to time extended or refinanced). The L/G Facility Agreement contains representations, warranties and covenants that are customary for agreements of this type and also contains specified customary events of default. The Participants’ obligations under the L/G Facility Agreement are guaranteed by Hillenbrand and certain of its domestic subsidiaries named therein. Other credit arrangements In the normal course of business, certain operating companies within the Advanced Process Solutions and Molding Technology Solutions reportable operating segments provide to certain customers 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, the Company maintains adequate capacity to provide the guarantees. As of June 30, 2022 and September 30, 2021, the Company had credit arrangements totaling $387.7 and $411.5, respectively, under which $229.4 and $254.0, respectively, were used for guarantees. These arrangements include the Company’s L/G Facility Agreement and other ancillary credit facilities. Covenants related to current financing agreements The Credit Agreement, L/G Facility Agreement and Shelf Agreement contain the following financial covenants: a maximum leverage ratio (as defined in the agreements) of 3.50 to 1.00 and a minimum ratio of earnings before interest, income tax, depreciation, and amortization (“EBITDA”) (as defined in the agreements) to interest expense of 3.00 to 1.00. The Company may elect to increase the maximum permitted leverage ratio to 4.00 to 1.00 following certain acquisitions for four full fiscal quarters (plus the fiscal quarter in which the acquisition takes place). The Credit Agreement, L/G Facility Agreement, and the Shelf Agreement contain substantially the same customary affirmative and negative covenants, representations, warranties and events of default as those in their predecessor agreements. The obligations under the Credit Agreement, L/G Facility Agreement and the Shelf Agreement are unsecured. All obligations of the Company arising under the Credit Agreement, the L/G Facility Agreement, the $100 of Series A unsecured notes, the $400 of senior unsecured notes due June 2025 (the “2020 Notes”), the $375 of senior unsecured notes due September 2026 (the “2019 Notes”), and the $350 of senior unsecured notes due March 2031 (the “2021 Notes”), are fully and unconditionally, jointly and severally, guaranteed by certain of the Company’s domestic subsidiaries. As of June 30, 2022, Hillenbrand was in compliance with all covenants and there were no events of default. |
Retirement Benefits
Retirement Benefits | 9 Months Ended |
Jun. 30, 2022 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | Retirement Benefits Defined Benefit Plans Components of net periodic pension (benefit) cost included in the Consolidated Statements of Operations were as follows: U.S. Pension Benefits Non-U.S. Pension Benefits Three Months Ended June 30, Three Months Ended June 30, 2022 2021 2022 2021 Service costs $ 0.2 $ 0.2 $ 0.4 $ 0.5 Interest costs 1.5 1.5 0.2 0.2 Expected return on plan assets (2.7) (2.8) (0.2) (0.2) Amortization of net loss 0.3 0.5 0.4 0.7 Net periodic pension (benefit) cost $ (0.7) $ (0.6) $ 0.8 $ 1.2 U.S. Pension Benefits Non-U.S. Pension Benefits Nine Months Ended June 30, Nine Months Ended June 30, 2022 2021 2022 2021 Service costs $ 0.4 $ 0.5 $ 1.5 $ 1.5 Interest costs 4.6 4.4 0.6 0.5 Expected return on plan assets (8.1) (8.2) (0.7) (0.6) Amortization of net loss 1.1 1.6 1.0 2.2 Net periodic pension (benefit) cost $ (2.0) $ (1.7) $ 2.4 $ 3.6 Defined Contribution Plans |
Income Taxes
Income Taxes | 9 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rates for the three months ended June 30, 2022 and 2021 were 31.3% and 37.0%, respectively. The decrease in the effective tax rate was primarily driven by a decrease in the recognition of net domestic taxes on foreign earnings and the unfavorable impact of German tax legislation in the prior period that did not repeat, partially offset by t he revaluation of deferred tax balances as a result of foreign currency fluctuations . The effective tax rates for the nine months ended June 30, 2022 and 2021 were 32.6% and 30.3%, respectively. The increase in the effective tax rate was primarily driven by an unfavorable geographic mix of income, an unfavorable change in an estimate related to tax credits that had been recognized in the prior period, the impact of divestitures, and t he revaluation of deferred tax balances as a result of foreign currency fluctuations, partially offset by a decrease in the recognition of net domestic taxes on foreign earnings and the unfavorable impact of German tax legislation in the prior period that did not repeat. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per shareThe 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 Consolidated Balance Sheet date. Potential dilutive effects, representing approximately 400,000 shares at both June 30, 2022 and 2021, were excluded from the computation of diluted earnings per share as the related performance criteria were not yet met, although the Company expects to meet various levels of criteria in the future. Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net income attributable to Hillenbrand $ 48.8 $ 40.4 $ 152.1 $ 194.9 Weighted-average shares outstanding (basic - in millions) 71.4 75.5 72.4 75.4 Effect of dilutive stock options and other unvested equity awards (in millions) 0.6 0.7 0.6 0.5 Weighted-average shares outstanding (diluted - in millions) 72.0 76.2 73.0 75.9 Basic earnings per share $ 0.68 $ 0.54 $ 2.10 $ 2.59 Diluted earnings per share $ 0.68 $ 0.53 $ 2.08 $ 2.57 Shares with anti-dilutive effect excluded from the computation of diluted earnings per share (in millions) 0.5 0.1 0.4 0.8 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following tables summarize the changes in the accumulated balances for each component of accumulated other comprehensive loss: Pension and Currency Translation (1) Net Total Noncontrolling Total Balance at September 30, 2021 $ (49.2) $ 13.1 $ (10.2) $ (46.3) Other comprehensive income (loss) before reclassifications: Before tax amount 1.8 (60.0) 1.0 (57.2) $ (1.6) $ (58.8) Tax expense (0.2) — (0.1) (0.3) — (0.3) After tax amount 1.6 (60.0) 0.9 (57.5) (1.6) (59.1) Amounts reclassified from accumulated other comprehensive loss (2) 1.5 — 1.1 2.6 — 2.6 Net current period other comprehensive income (loss) 3.1 (60.0) 2.0 (54.9) $ (1.6) $ (56.5) Balance at June 30, 2022 $ (46.1) $ (46.9) $ (8.2) $ (101.2) (1) Includes gains and losses on intra-entity foreign currency transactions that are of a long-term investment nature. (2) Amounts are net of tax. Pension and Currency Translation (1) Net Total Noncontrolling Total Balance at September 30, 2020 $ (69.6) $ (21.1) $ (12.1) $ (102.8) Other comprehensive income before reclassifications: Before tax amount — 43.4 0.4 43.8 $ (0.1) $ 43.7 Tax expense — — (0.1) (0.1) — (0.1) After tax amount — 43.4 0.3 43.7 (0.1) 43.6 Amounts reclassified from accumulated other comprehensive loss (2) 2.7 — 1.2 3.9 — 3.9 Net current period other comprehensive income 2.7 43.4 1.5 47.6 $ (0.1) $ 47.5 Balance at June 30, 2021 $ (66.9) $ 22.3 $ (10.6) $ (55.2) (1) Includes gains and losses on intra-entity foreign currency transactions that are of a long-term investment nature. (2) Amounts are net of tax. Reclassifications out of accumulated other comprehensive loss include: Three Months Ended June 30, 2022 Amortization of Pension and (1) (Gain) Loss on Net Loss Prior Service Costs Derivative Total Affected Line in the Consolidated Statement of Operations: Net revenue $ — $ — $ 0.1 $ 0.1 Cost of goods sold — — (0.2) (0.2) Other income (expense), net 0.4 — 0.4 0.8 Total before tax $ 0.4 $ — $ 0.3 $ 0.7 Tax expense (0.3) Total reclassifications for the period, net of tax $ 0.4 Nine Months Ended June 30, 2022 Amortization of Pension and (1) (Gain) Loss on Net Loss Prior Service Costs Derivative Total Affected Line in the Consolidated Statement of Operations: Net revenue $ — $ — $ 0.1 $ 0.1 Cost of goods sold — — (0.5) (0.5) Other income (expense), net 2.1 — 1.4 3.5 Total before tax $ 2.1 $ — $ 1.0 $ 3.1 Tax expense (0.5) Total reclassifications for the period, net of tax $ 2.6 (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension (benefit) cost (see Note 9). Three Months Ended June 30, 2021 Amortization of Pension and (1) Loss (Gain) on Net Loss Prior Service Costs Derivative Total Affected Line in the Consolidated Statement of Operations: Cost of goods sold $ — $ — $ (0.3) $ (0.3) Other income (expense), net 1.3 — 0.5 1.8 Total before tax $ 1.3 $ — $ 0.2 $ 1.5 Tax expense (0.3) Total reclassifications for the period, net of tax $ 1.2 Nine Months Ended June 30, 2021 Amortization of Pension and (1) Loss (Gain) on Net Loss Prior Service Costs Derivative Total Affected Line in the Consolidated Statement of Operations: Net revenue $ — $ — $ 0.2 $ 0.2 Cost of goods sold — — (0.6) (0.6) Other income (expense), net 3.8 (0.1) 1.5 5.2 Total before tax $ 3.8 $ (0.1) $ 1.1 $ 4.8 Tax expense (0.9) Total reclassifications for the period, net of tax $ 3.9 (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension (benefit) cost (see Note 9). |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Jun. 30, 2022 | |
Compensation Related Costs [Abstract] | |
Share-Based Compensation | Share-Based Compensation Three Months Ended Nine Months Ended 2022 2021 2022 2021 Share-based compensation costs $ 4.4 $ 4.3 $ 16.4 $ 14.7 Less impact of income tax 1.0 1.0 3.8 3.4 Share-based compensation costs, net of tax $ 3.4 $ 3.3 $ 12.6 $ 11.3 The Company has share-based compensation with long-term performance-based metrics that are contingent upon the Company’s relative total shareholder return and the creation of shareholder value, as well as time-based awards. Relative total shareholder return is determined by comparing the Company’s total shareholder return during a three-year period to the respective total shareholder returns of companies in a designated stock index. Creation of shareholder value is measured by the cumulative cash returns and final period net operating profit after tax compared to the established hurdle rate 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 nine months ended June 30, 2022, the Company made the following grants: Number of Time-based stock awards 373,078 Performance-based stock awards (maximum that can be earned) 319,303 The Company’s time-based stock awards and performance-based stock awards granted during the nine months ended June 30, 2022, had weighted-average grant date fair values of $46.46 and $52.10, respectively. Included in the performance-based stock awards granted during the nine months ended June 30, 2022 are 182,667 units whose payout level is based upon the Company’s relative total shareholder return over the three-year measurement period, as described above. 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, Net
Other Income, Net | 9 Months Ended |
Jun. 30, 2022 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other Income, Net | Other Income (Expense), Net Three Months Ended Nine Months Ended 2022 2021 2022 2021 Interest income $ 1.3 $ 0.9 $ 4.0 $ 2.5 Foreign currency exchange (loss) gain, net (1.1) (0.2) (1.4) 0.2 Other, net 1.0 (1.1) 2.2 (2.5) Other income (expense), net $ 1.2 $ (0.4) $ 4.8 $ 0.2 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Like most companies, Hillenbrand is involved from time to time in claims, lawsuits, and government proceedings relating to its 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 the Company believes 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 these matters. If a loss is not considered probable and/or cannot be reasonably estimated, the Company is required to make a disclosure if there is at least a reasonable possibility that a significant loss may have been incurred. Legal fees associated with claims and lawsuits are generally expensed as incurred. Claims covered by insurance have in most instances deductibles and self-funded retentions up to $0.5 per occurrence or per claim, depending upon the type of coverage and policy period. For auto, workers’ compensation, and general liability claims in the U.S., outside insurance companies and third-party claims administrators generally assist in establishing individual claim reserves. An independent outside actuary provides estimates of ultimate projected losses, including incurred but not reported claims, which are used to establish reserves for losses. For all other types of claims, reserves are established based upon advice from internal and external counsel and historical settlement information for claims when such amounts are considered probable of payment. The liabilities recorded represent the best estimate of costs that the Company 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 | 9 Months Ended |
Jun. 30, 2022 | |
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. See the section below titled “Valuation Techniques” for further discussion of how Hillenbrand determines fair value for investments. Carrying Value at June 30, 2022 Fair Value at June 30, 2022 Using Inputs Considered as: Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 284.4 $ 284.4 $ — $ — Restricted cash 1.1 1.1 — — Investments in rabbi trust 3.8 3.8 — — Derivative instruments 2.5 — 2.5 — Liabilities: 2021 Notes $ 350.0 $ 289.8 $ — $ — 2020 Notes 400.0 408.4 — — 2019 Notes 374.6 357.1 — — Series A Notes 100.0 — 97.4 — Derivative instruments 5.8 — 5.8 — Carrying Value at September 30, 2021 Fair Value at September 30, 2021 Using Inputs Considered as: Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 446.1 $ 446.1 $ — $ — Restricted cash 1.3 1.3 — — Cash and cash equivalents held for sale 3.5 3.5 — — Investments in rabbi trust 4.2 4.2 — — Derivative instruments 1.9 — 1.9 — Liabilities: 2021 Notes $ 350.0 $ 349.0 $ — $ — 2020 Notes 400.0 422.8 — — 2019 Notes 374.6 421.3 — — Series A Notes 100.0 — 107.6 — Derivative instruments 2.5 — 2.5 — Valuation Techniques • Cash and cash equivalents, restricted cash, cash and cash equivalents held for sale, and investments in rabbi trust are classified within Level 1 of the fair value hierarchy. Financial instruments classified as Level 1 are based on quoted market prices in active markets. The types of financial instruments the Company classifies within Level 1 include most bank deposits, money market securities, and publicly traded mutual funds. The Company does not adjust the quoted market price for such financial instruments. • The Company estimates the fair value of foreign currency derivatives using industry accepted models. The significant Level 2 inputs used in the valuation of derivatives include spot rates, forward rates, and volatility. These inputs were obtained from pricing services, broker quotes, and other sources. • The fair values of the Series A Notes were estimated based on internally-developed models, using current market interest rate data for similar issues, as there is no active market for the Series A Notes. • The fair values of the 2021 Notes, 2020 Notes, and 2019 Notes were based on quoted prices in active markets. Derivative instruments The Company has hedging programs in place to manage its currency exposures. The objectives of the Company’s hedging programs are to mitigate exposures in gross margin and non-functional-currency-denominated assets and liabilities. Under these programs, the Company uses derivative financial instruments to manage the economic impact of fluctuations in currency exchange rates. These include foreign currency exchange forward contracts, which generally have terms up to 24 months. The aggregate notional value of derivatives was $193.4 and $186.4 at June 30, 2022 and September 30, 2021, respectively. The derivatives are recorded at fair value primarily in other current assets and other current liabilities in the Consolidated Balance Sheets. |
Segment and Geographical Inform
Segment and Geographical Information | 9 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment and Geographical Information | Segment and Geographical Information The Company currently conducts operations through three reportable operating segments: Advanced Process Solutions, Molding Technology Solutions, and Batesville. The Company’s reportable operating segments maintain separate financial information for which results of operations are evaluated on a regular basis by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company records the direct costs of business operations to the reportable operating segments, including stock-based compensation, asset impairments, restructuring activities, and business acquisition costs. Corporate provides management and administrative services to each reportable operating segment. These services include treasury management, human resources, legal, business development, information technology, tax compliance, procurement, sustainability, and other public company support functions such as internal audit, investor relations, and financial reporting. With limited exception for certain professional services and back-office and technology costs, the Company does not allocate these types of corporate expenses to the reportable operating segments. The following tables present financial information for the Company’s reportable operating segments and significant geographical locations: Three Months Ended June 30, Nine Months Ended June 30, 2022 2021 2022 2021 Net revenue Advanced Process Solutions $ 310.3 $ 313.4 $ 942.0 $ 905.5 Molding Technology Solutions 269.5 243.8 769.4 735.7 Batesville 140.8 137.9 479.6 468.7 Total $ 720.6 $ 695.1 $ 2,191.0 $ 2,109.9 Adjusted EBITDA (1) Advanced Process Solutions $ 60.6 $ 61.1 $ 180.6 $ 165.3 Molding Technology Solutions 54.5 49.2 156.7 148.4 Batesville 25.2 29.8 102.9 126.7 Corporate (14.6) (13.9) (47.5) (41.9) Net revenue (2) United States $ 335.3 $ 301.3 $ 999.4 $ 973.1 China 140.9 135.8 428.9 362.6 India 46.7 39.0 148.7 127.5 Germany 33.9 35.2 105.4 101.9 All other countries 163.8 183.8 508.6 544.8 Total $ 720.6 $ 695.1 $ 2,191.0 $ 2,109.9 (1) Adjusted earnings before interest, income tax, depreciation, and amortization (“adjusted EBITDA”) is a non-GAAP measure used by management to measure segment performance and make operating decisions. (2) The Company attributes net revenue to a geography based upon the location of the end customer. June 30, September 30, Total assets Advanced Process Solutions $ 1,447.9 $ 1,596.5 Molding Technology Solutions 2,083.8 2,103.0 Batesville 231.7 231.5 Corporate 130.3 83.9 Total $ 3,893.7 $ 4,014.9 Tangible long-lived assets, net United States $ 151.7 $ 161.1 Germany 101.8 113.8 China 45.9 53.0 India 41.8 43.9 All other countries 68.0 61.4 Total $ 409.2 $ 433.2 The following schedule reconciles reportable operating segment adjusted EBITDA to consolidated net income: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Adjusted EBITDA: Advanced Process Solutions $ 60.6 $ 61.1 $ 180.6 $ 165.3 Molding Technology Solutions 54.5 49.2 156.7 148.4 Batesville 25.2 29.8 102.9 126.7 Corporate (14.6) (13.9) (47.5) (41.9) Less: Interest income (1.3) (0.9) (4.0) (2.5) Interest expense 17.5 19.0 52.7 59.7 Income tax expense 22.8 24.4 75.5 86.1 Depreciation and amortization 26.6 28.7 81.5 86.3 Business acquisition, disposition, and integration costs 9.7 6.4 21.2 25.2 Restructuring and restructuring-related charges 0.2 6.5 3.5 10.2 (Gain) loss on divestitures — (0.1) 3.1 (65.8) Other, net 0.1 0.7 3.2 1.1 Consolidated net income $ 50.1 $ 41.5 $ 156.0 $ 198.2 |
Restructuring
Restructuring | 9 Months Ended |
Jun. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring The following schedule details the restructuring charges by reportable operating segment and the classification of those charges in the Consolidated Statements of Operations. Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Cost of goods sold Operating expenses Total Cost of goods sold Operating expenses Total Advanced Process Solutions $ (0.3) $ (0.4) $ (0.7) $ 5.3 $ 1.9 $ 7.2 Molding Technology Solutions (0.1) 0.1 — 1.3 — 1.3 Batesville — — — — 0.2 0.2 Corporate — — — — 0.1 0.1 Total $ (0.4) $ (0.3) $ (0.7) $ 6.6 $ 2.2 $ 8.8 Nine Months Ended June 30, 2022 Nine Months Ended June 30, 2021 Cost of goods sold Operating expenses Total Cost of goods sold Operating expenses Total Advanced Process Solutions $ 1.9 $ (0.2) $ 1.7 $ 6.1 $ 3.6 $ 9.7 Molding Technology Solutions — 0.1 0.1 2.6 0.7 3.3 Batesville — — — — 0.5 0.5 Corporate — 1.0 1.0 — 0.8 0.8 Total $ 1.9 $ 0.9 $ 2.8 $ 8.7 $ 5.6 $ 14.3 The restructuring charges during the three and nine months ended June 30, 2022 and 2021, related primarily to severance costs. At June 30, 2022, $2.7 of restructuring costs were accrued and expected to be paid over the next twelve months. Advanced Process Solutions During fiscal 2021, the Company’s wholly-owned subsidiary Coperion GmbH entered into an agreement with its local works council setting forth a restructuring plan related to its manufacturing facilities in Stuttgart and Weingarten, Germany, whereby certain operational functions will be shifted to the Company’s operations in Switzerland or to a third party provider (the “Plan”). As a result, the Company expects to incur severance and other related costs of approximately $11.0 to $12.0 and restructuring-related costs of $3.0 to $4.0 related to the Plan. Substantially all of these costs will result in future cash expenditures that are expected to be substantially paid by the end of calendar year 2022. As the employees are required to render service in order to receive termination benefits, the associated liability related to the Plan will be recognized ratably over the future service period. During the three and nine months ended June 30, 2022, the Company recognized $0.4 and $2.6 of expense, respectively, and these amounts were included within cost of goods sold and operating expenses in the Company’s Consolidated Statements of Operations. The total liability related to the Plan was $2.1 as of June 30, 2022, and is expected to be paid out over the next twelve months. Molding Technology Solutions The severance costs within the Molding Technology Solutions reportable operating segment during the three and nine months ended June 30, 2022 and 2021, were primarily related to the ongoing integration of Milacron. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Repurchases of Common Stock Subsequent to June 30, 2022, the Company has repurchased approximately 291,000 shares of the Company’s common stock at a total cost of $11.9. Proposed Acquisition of Herbold Meckesheim GmbH On June 30, 2022, the Company entered into a definitive agreement to acquire Herbold Meckesheim GmbH (“Herbold”) for an enterprise value of approximately $83.1 (€79). Based in Meckesheim, Germany, Herbold is a leader in recycling systems, specializing in key process steps such as washing, separating, drying, shredding, and pulverizing. This transaction, which is expected to close during the fiscal fourth quarter of 2022, is subject to regulatory approval and other customary closing conditions. Binding Offer to Acquire LINXIS Group SAS On July 19, 2022, the Company signed a binding offer to acquire LINXIS Group SAS (“Linxis”) for an enterprise value of approximately $584.1 (€572). With a global footprint and corporate headquarters in Nantes, France, Linxis is a leading global provider of mixing, ingredient automation, and portioning solutions for food and other higher growth end markets. Upon completion of required works council consultations, the parties expect to enter into a definitive purchase agreement, with closing expected to occur before the end of calendar year 2022, subject to regulatory approvals. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Revenue | Net revenue includes gross revenue less sales discounts, customer rebates, sales incentives, and product returns, all of which require the Company to make estimates for the portion of these allowances that have yet to be credited or paid to customers. The Company estimates these allowances using the expected value method, which is based upon historical rates and projections of customer purchases toward contractual rebate thresholds. |
Revenue Recognition, Deferred Revenue | Contract balances The balance in receivables from long-term manufacturing contracts at June 30, 2022 and September 30, 2021, was $197.0 and $121.9, respectively. The change was driven by the impact of net revenue recognized prior to billings. The balance in the liabilities from long-term manufacturing contracts and advances at June 30, 2022 and September 30, 2021, was $253.1 and $296.6, respectively, and consists primarily of cash payments received or due in advance of satisfying performance obligations. The net revenue recognized for the nine months ended June 30, 2022, and 2021 related to liabilities from long-term manufacturing contracts and advances as of September 30, 2021 and 2020, was $189.8 and $128.8, respectively. During the three and nine months ended June 30, 2022 and 2021, the adjustments related to performance obligations satisfied in previous periods were immaterial. |
Revenue Recognition Revenue Rec
Revenue Recognition Revenue Recognition (Tables) | 9 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Disaggregation of revenue The following tables present net revenue by end market: Three Months Ended June 30, 2022 Nine Months Ended June 30, 2022 Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total End Market Plastics $ 224.2 $ — $ — $ 224.2 $ 688.7 $ — $ — $ 688.7 Automotive — 41.0 — 41.0 — 146.9 — 146.9 Chemicals 24.9 — — 24.9 74.4 — — 74.4 Consumer goods — 40.9 — 40.9 — 115.9 — 115.9 Food and pharmaceuticals 23.1 — — 23.1 69.4 — — 69.4 Custom molders — 38.4 — 38.4 — 111.4 — 111.4 Packaging — 28.4 — 28.4 — 94.8 — 94.8 Construction — 35.8 — 35.8 — 84.2 — 84.2 Minerals and mining 12.7 — — 12.7 35.7 — — 35.7 Electronics — 20.8 — 20.8 — 55.1 — 55.1 Medical — 21.9 — 21.9 — 62.1 — 62.1 Death care — — 140.8 140.8 — — 479.6 479.6 Other industrial 25.4 42.3 — 67.7 73.8 99.0 — 172.8 Total $ 310.3 $ 269.5 $ 140.8 $ 720.6 $ 942.0 $ 769.4 $ 479.6 $ 2,191.0 Three Months Ended June 30, 2021 Nine Months Ended June 30, 2021 Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total End Market Plastics $ 225.8 $ — $ — $ 225.8 $ 630.9 $ — $ — $ 630.9 Automotive — 44.9 — 44.9 — 123.9 — 123.9 Chemicals 21.8 — — 21.8 61.1 — — 61.1 Consumer goods — 35.3 — 35.3 — 113.0 — 113.0 Food and pharmaceuticals 21.5 — — 21.5 65.1 — — 65.1 Custom molders — 28.8 — 28.8 — 110.2 — 110.2 Packaging — 29.6 — 29.6 — 95.7 — 95.7 Construction — 32.2 — 32.2 — 84.4 — 84.4 Minerals and mining 13.7 — — 13.7 38.0 — — 38.0 Electronics — 21.6 — 21.6 — 55.3 — 55.3 Medical — 23.1 — 23.1 — 65.3 — 65.3 Death care — — 137.9 137.9 — — 468.7 468.7 Other industrial 30.6 28.3 — 58.9 110.4 87.9 — 198.3 Total $ 313.4 $ 243.8 $ 137.9 $ 695.1 $ 905.5 $ 735.7 $ 468.7 $ 2,109.9 The following tables present net revenue by geography: Three Months Ended June 30, 2022 Nine Months Ended June 30, 2022 Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total Geography Americas $ 79.9 $ 159.1 $ 140.8 $ 379.8 $ 218.9 $ 424.3 $ 479.6 $ 1,122.8 Asia 157.6 71.7 — 229.3 484.4 228.3 — 712.7 Europe, the Middle East, and Africa 72.8 38.7 — 111.5 238.7 116.8 — 355.5 Total $ 310.3 $ 269.5 $ 140.8 $ 720.6 $ 942.0 $ 769.4 $ 479.6 $ 2,191.0 Three Months Ended June 30, 2021 Nine Months Ended June 30, 2021 Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total Geography Americas $ 76.5 $ 127.9 $ 137.9 $ 342.3 $ 240.2 $ 391.4 $ 468.7 $ 1,100.3 Asia 149.1 74.0 — 223.1 411.9 218.1 — 630.0 Europe, the Middle East, and Africa 87.8 41.9 — 129.7 253.4 126.2 — 379.6 Total $ 313.4 $ 243.8 $ 137.9 $ 695.1 $ 905.5 $ 735.7 $ 468.7 $ 2,109.9 The following tables present net revenue by products and services: Three Months Ended June 30, 2022 Nine Months Ended June 30, 2022 Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total Products and Services Equipment $ 217.2 $ 187.7 $ — $ 404.9 $ 671.6 $ 528.6 $ — $ 1,200.2 Parts and services 93.1 65.6 — 158.7 270.4 191.1 — 461.5 Death care — — 140.8 140.8 — — 479.6 479.6 Other — 16.2 — 16.2 — 49.7 — 49.7 Total $ 310.3 $ 269.5 $ 140.8 $ 720.6 $ 942.0 $ 769.4 $ 479.6 $ 2,191.0 Three Months Ended June 30, 2021 Nine Months Ended June 30, 2021 Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total Products and Services Equipment $ 219.6 $ 163.2 $ — $ 382.8 $ 621.1 $ 487.6 $ — $ 1,108.7 Parts and services 93.8 64.1 — 157.9 284.4 197.6 — 482.0 Death care — — 137.9 137.9 — — 468.7 468.7 Other — 16.5 — 16.5 — 50.5 — 50.5 Total $ 313.4 $ 243.8 $ 137.9 $ 695.1 $ 905.5 $ 735.7 $ 468.7 $ 2,109.9 The following tables present net revenue by timing of transfer: Three Months Ended June 30, 2022 Nine Months Ended June 30, 2022 Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total Timing of Transfer Point in time $ 143.6 $ 254.8 $ 140.8 $ 539.2 $ 413.0 $ 741.7 $ 479.6 $ 1,634.3 Over time 166.7 14.7 — 181.4 529.0 27.7 — 556.7 Total $ 310.3 $ 269.5 $ 140.8 $ 720.6 $ 942.0 $ 769.4 $ 479.6 $ 2,191.0 Three Months Ended June 30, 2021 Nine Months Ended June 30, 2021 Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total Timing of Transfer Point in time $ 153.9 $ 242.6 $ 137.9 $ 534.4 $ 450.3 $ 734.5 $ 468.7 $ 1,653.5 Over time 159.5 1.2 — 160.7 455.2 1.2 — 456.4 Total $ 313.4 $ 243.8 $ 137.9 $ 695.1 $ 905.5 $ 735.7 $ 468.7 $ 2,109.9 |
Business Acquisitions and Div_2
Business Acquisitions and Divestitures (Tables) | 9 Months Ended |
Jun. 30, 2022 | |
Business Combinations [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following is a summary of the major categories of assets and liabilities that have been classified as held for sale on the Consolidated Balance Sheet at September 30, 2021: Cash and cash equivalents $ 3.5 Trade receivables, net 7.8 Inventories 12.0 Property, plant and equipment, net 12.0 Operating lease right-of-use assets, net 1.9 Intangible assets, net 49.5 Goodwill 12.4 Other assets 4.2 Valuation allowance on disposal group (1) (47.1) Total assets held for sale $ 56.2 Trade accounts payable $ 5.2 Liabilities from long-term manufacturing contracts and advances 7.5 Operating lease liabilities 2.0 Deferred income taxes 1.9 Other liabilities 2.3 Total liabilities held for sale $ 18.9 (1) The Company adjusted the carrying value to fair value less costs to sell for certain assets held for sale during the year ended September 30, 2021. Those assets were sold during the nine months ended June 30, 2022. |
Supplemental Balance Sheet In_2
Supplemental Balance Sheet Information (Tables) | 9 Months Ended |
Jun. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of supplemental balance sheet information | June 30, September 30, Allowance for doubtful accounts $ 24.3 $ 26.0 Warranty reserves $ 22.2 $ 24.2 Accumulated depreciation on property, plant, and equipment $ 402.4 $ 381.6 Inventories, net: Raw materials and components $ 199.2 $ 153.1 Work in process 121.6 104.0 Finished goods 185.3 154.5 Total inventories, net $ 506.1 $ 411.6 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Schedule of Supplemental Balance Sheet Information | The following table presents supplemental Consolidated Balance Sheet information related to the Company’s operating leases: June 30, 2022 September 30, 2021 Operating lease right-of-use assets, net $ 128.3 $ 138.1 Other current liabilities 29.9 30.7 Operating lease liabilities 96.7 105.6 Total operating lease liabilities $ 126.6 $ 136.3 Weighted-average remaining lease term (in years) 7.0 7.2 Weighted-average discount rate 2.9 % 2.1 % |
Schedule of Operating Lease Liability Maturities | As of June 30, 2022, the maturities of the Company’s operating lease liabilities were as follows: 2022 (excluding the nine months ended June 30, 2022) $ 8.6 2023 30.4 2024 21.3 2025 14.7 2026 11.9 Thereafter 46.9 Total lease payments 133.8 Less: imputed interest (7.2) Total present value of lease payments $ 126.6 |
Schedule of Supplemental Statement of Cash Flow Information | Supplemental Consolidated Statements of Cash Flow information related to the Company’s operating leases is as follows: Nine Months Ended June 30, 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 21.2 $ 28.9 Operating lease right-of-use assets, net obtained in exchange for new operating lease liabilities 23.2 16.2 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 9 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The following table summarizes the carrying amounts and related accumulated amortization for intangible assets as of: June 30, 2022 September 30, 2021 Cost Accumulated Cost Accumulated Finite-lived assets: Customer relationships $ 769.8 $ (219.5) $ 798.8 $ (195.4) Technology, including patents 135.6 (67.9) 137.6 (62.7) Software 70.9 (61.0) 68.3 (59.4) 976.3 (348.4) 1,004.7 (317.5) Indefinite-lived assets: Trade names 221.4 — 226.6 — Total $ 1,197.7 $ (348.4) $ 1,231.3 $ (317.5) |
Schedule of Goodwill | The following table summarizes the changes in the Company’s goodwill, by reportable operating segment, for the nine months ended June 30, 2022: Advanced Process Solutions Molding Technology Solutions Batesville Total Balance as of September 30, 2021 $ 484.9 $ 675.4 $ 8.3 $ 1,168.6 Acquisitions 5.6 — — 5.6 Foreign currency adjustments (22.8) (18.9) — (41.7) Balance as of June 30, 2022 $ 467.7 $ 656.5 $ 8.3 $ 1,132.5 |
Financing Agreements (Tables)
Financing Agreements (Tables) | 9 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of borrowings under financing agreements | The following table summarizes Hillenbrand’s current and long-term debt as of: June 30, September 30, $400 senior unsecured notes (1) $ 396.7 $ 395.8 $375 senior unsecured notes, net of discount (2) 372.0 371.5 $350 senior unsecured notes (3) 346.1 345.8 $100 Series A Notes (4) 99.8 99.8 $1,000 revolving credit facility (excluding outstanding letters of credit) — — Total debt 1,214.6 1,212.9 Less: current portion — — Total long-term debt $ 1,214.6 $ 1,212.9 (1) Includes unamortized debt issuance costs of $3.3 and $4.2 at June 30, 2022 and September 30, 2021, respectively. (2) Includes unamortized debt issuance costs of $2.6 and $3.1 at June 30, 2022 and September 30, 2021, respectively. (3) Includes unamortized debt issuance costs of $3.9 and $4.2 at June 30, 2022 and September 30, 2021, respectively. |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 9 Months Ended |
Jun. 30, 2022 | |
Retirement Benefits [Abstract] | |
Components of net pension costs | Components of net periodic pension (benefit) cost included in the Consolidated Statements of Operations were as follows: U.S. Pension Benefits Non-U.S. Pension Benefits Three Months Ended June 30, Three Months Ended June 30, 2022 2021 2022 2021 Service costs $ 0.2 $ 0.2 $ 0.4 $ 0.5 Interest costs 1.5 1.5 0.2 0.2 Expected return on plan assets (2.7) (2.8) (0.2) (0.2) Amortization of net loss 0.3 0.5 0.4 0.7 Net periodic pension (benefit) cost $ (0.7) $ (0.6) $ 0.8 $ 1.2 U.S. Pension Benefits Non-U.S. Pension Benefits Nine Months Ended June 30, Nine Months Ended June 30, 2022 2021 2022 2021 Service costs $ 0.4 $ 0.5 $ 1.5 $ 1.5 Interest costs 4.6 4.4 0.6 0.5 Expected return on plan assets (8.1) (8.2) (0.7) (0.6) Amortization of net loss 1.1 1.6 1.0 2.2 Net periodic pension (benefit) cost $ (2.0) $ (1.7) $ 2.4 $ 3.6 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per share | Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net income attributable to Hillenbrand $ 48.8 $ 40.4 $ 152.1 $ 194.9 Weighted-average shares outstanding (basic - in millions) 71.4 75.5 72.4 75.4 Effect of dilutive stock options and other unvested equity awards (in millions) 0.6 0.7 0.6 0.5 Weighted-average shares outstanding (diluted - in millions) 72.0 76.2 73.0 75.9 Basic earnings per share $ 0.68 $ 0.54 $ 2.10 $ 2.59 Diluted earnings per share $ 0.68 $ 0.53 $ 2.08 $ 2.57 Shares with anti-dilutive effect excluded from the computation of diluted earnings per share (in millions) 0.5 0.1 0.4 0.8 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of changes in accumulated other comprehensive income (loss) by component | The following tables summarize the changes in the accumulated balances for each component of accumulated other comprehensive loss: Pension and Currency Translation (1) Net Total Noncontrolling Total Balance at September 30, 2021 $ (49.2) $ 13.1 $ (10.2) $ (46.3) Other comprehensive income (loss) before reclassifications: Before tax amount 1.8 (60.0) 1.0 (57.2) $ (1.6) $ (58.8) Tax expense (0.2) — (0.1) (0.3) — (0.3) After tax amount 1.6 (60.0) 0.9 (57.5) (1.6) (59.1) Amounts reclassified from accumulated other comprehensive loss (2) 1.5 — 1.1 2.6 — 2.6 Net current period other comprehensive income (loss) 3.1 (60.0) 2.0 (54.9) $ (1.6) $ (56.5) Balance at June 30, 2022 $ (46.1) $ (46.9) $ (8.2) $ (101.2) (1) Includes gains and losses on intra-entity foreign currency transactions that are of a long-term investment nature. (2) Amounts are net of tax. Pension and Currency Translation (1) Net Total Noncontrolling Total Balance at September 30, 2020 $ (69.6) $ (21.1) $ (12.1) $ (102.8) Other comprehensive income before reclassifications: Before tax amount — 43.4 0.4 43.8 $ (0.1) $ 43.7 Tax expense — — (0.1) (0.1) — (0.1) After tax amount — 43.4 0.3 43.7 (0.1) 43.6 Amounts reclassified from accumulated other comprehensive loss (2) 2.7 — 1.2 3.9 — 3.9 Net current period other comprehensive income 2.7 43.4 1.5 47.6 $ (0.1) $ 47.5 Balance at June 30, 2021 $ (66.9) $ 22.3 $ (10.6) $ (55.2) (1) Includes gains and losses on intra-entity foreign currency transactions that are of a long-term investment nature. (2) Amounts are net of tax. |
Schedule of reclassifications of AOCI | Reclassifications out of accumulated other comprehensive loss include: Three Months Ended June 30, 2022 Amortization of Pension and (1) (Gain) Loss on Net Loss Prior Service Costs Derivative Total Affected Line in the Consolidated Statement of Operations: Net revenue $ — $ — $ 0.1 $ 0.1 Cost of goods sold — — (0.2) (0.2) Other income (expense), net 0.4 — 0.4 0.8 Total before tax $ 0.4 $ — $ 0.3 $ 0.7 Tax expense (0.3) Total reclassifications for the period, net of tax $ 0.4 Nine Months Ended June 30, 2022 Amortization of Pension and (1) (Gain) Loss on Net Loss Prior Service Costs Derivative Total Affected Line in the Consolidated Statement of Operations: Net revenue $ — $ — $ 0.1 $ 0.1 Cost of goods sold — — (0.5) (0.5) Other income (expense), net 2.1 — 1.4 3.5 Total before tax $ 2.1 $ — $ 1.0 $ 3.1 Tax expense (0.5) Total reclassifications for the period, net of tax $ 2.6 (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension (benefit) cost (see Note 9). Three Months Ended June 30, 2021 Amortization of Pension and (1) Loss (Gain) on Net Loss Prior Service Costs Derivative Total Affected Line in the Consolidated Statement of Operations: Cost of goods sold $ — $ — $ (0.3) $ (0.3) Other income (expense), net 1.3 — 0.5 1.8 Total before tax $ 1.3 $ — $ 0.2 $ 1.5 Tax expense (0.3) Total reclassifications for the period, net of tax $ 1.2 Nine Months Ended June 30, 2021 Amortization of Pension and (1) Loss (Gain) on Net Loss Prior Service Costs Derivative Total Affected Line in the Consolidated Statement of Operations: Net revenue $ — $ — $ 0.2 $ 0.2 Cost of goods sold — — (0.6) (0.6) Other income (expense), net 3.8 (0.1) 1.5 5.2 Total before tax $ 3.8 $ (0.1) $ 1.1 $ 4.8 Tax expense (0.9) Total reclassifications for the period, net of tax $ 3.9 (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension (benefit) cost (see Note 9). |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Jun. 30, 2022 | |
Compensation Related Costs [Abstract] | |
Schedule of stock-based compensation costs | Three Months Ended Nine Months Ended 2022 2021 2022 2021 Share-based compensation costs $ 4.4 $ 4.3 $ 16.4 $ 14.7 Less impact of income tax 1.0 1.0 3.8 3.4 Share-based compensation costs, net of tax $ 3.4 $ 3.3 $ 12.6 $ 11.3 |
Schedule of stock-based awards granted in the period | During the nine months ended June 30, 2022, the Company made the following grants: Number of Time-based stock awards 373,078 Performance-based stock awards (maximum that can be earned) 319,303 |
Other Income, Net (Tables)
Other Income, Net (Tables) | 9 Months Ended |
Jun. 30, 2022 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other income and expense | Three Months Ended Nine Months Ended 2022 2021 2022 2021 Interest income $ 1.3 $ 0.9 $ 4.0 $ 2.5 Foreign currency exchange (loss) gain, net (1.1) (0.2) (1.4) 0.2 Other, net 1.0 (1.1) 2.2 (2.5) Other income (expense), net $ 1.2 $ (0.4) $ 4.8 $ 0.2 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 Fair Value at June 30, 2022 Using Inputs Considered as: Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 284.4 $ 284.4 $ — $ — Restricted cash 1.1 1.1 — — Investments in rabbi trust 3.8 3.8 — — Derivative instruments 2.5 — 2.5 — Liabilities: 2021 Notes $ 350.0 $ 289.8 $ — $ — 2020 Notes 400.0 408.4 — — 2019 Notes 374.6 357.1 — — Series A Notes 100.0 — 97.4 — Derivative instruments 5.8 — 5.8 — Carrying Value at September 30, 2021 Fair Value at September 30, 2021 Using Inputs Considered as: Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 446.1 $ 446.1 $ — $ — Restricted cash 1.3 1.3 — — Cash and cash equivalents held for sale 3.5 3.5 — — Investments in rabbi trust 4.2 4.2 — — Derivative instruments 1.9 — 1.9 — Liabilities: 2021 Notes $ 350.0 $ 349.0 $ — $ — 2020 Notes 400.0 422.8 — — 2019 Notes 374.6 421.3 — — Series A Notes 100.0 — 107.6 — Derivative instruments 2.5 — 2.5 — |
Segment and Geographical Info_2
Segment and Geographical Information (Tables) | 9 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of net revenue, adjusted EBITDA, and depreciation and amortization by segment and geographic location | The following tables present financial information for the Company’s reportable operating segments and significant geographical locations: Three Months Ended June 30, Nine Months Ended June 30, 2022 2021 2022 2021 Net revenue Advanced Process Solutions $ 310.3 $ 313.4 $ 942.0 $ 905.5 Molding Technology Solutions 269.5 243.8 769.4 735.7 Batesville 140.8 137.9 479.6 468.7 Total $ 720.6 $ 695.1 $ 2,191.0 $ 2,109.9 Adjusted EBITDA (1) Advanced Process Solutions $ 60.6 $ 61.1 $ 180.6 $ 165.3 Molding Technology Solutions 54.5 49.2 156.7 148.4 Batesville 25.2 29.8 102.9 126.7 Corporate (14.6) (13.9) (47.5) (41.9) Net revenue (2) United States $ 335.3 $ 301.3 $ 999.4 $ 973.1 China 140.9 135.8 428.9 362.6 India 46.7 39.0 148.7 127.5 Germany 33.9 35.2 105.4 101.9 All other countries 163.8 183.8 508.6 544.8 Total $ 720.6 $ 695.1 $ 2,191.0 $ 2,109.9 (1) Adjusted earnings before interest, income tax, depreciation, and amortization (“adjusted EBITDA”) is a non-GAAP measure used by management to measure segment performance and make operating decisions. |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | June 30, September 30, Total assets Advanced Process Solutions $ 1,447.9 $ 1,596.5 Molding Technology Solutions 2,083.8 2,103.0 Batesville 231.7 231.5 Corporate 130.3 83.9 Total $ 3,893.7 $ 4,014.9 Tangible long-lived assets, net United States $ 151.7 $ 161.1 Germany 101.8 113.8 China 45.9 53.0 India 41.8 43.9 All other countries 68.0 61.4 Total $ 409.2 $ 433.2 |
Schedule of reconciliation of segment adjusted EBITDA to consolidated net income | The following schedule reconciles reportable operating segment adjusted EBITDA to consolidated net income: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Adjusted EBITDA: Advanced Process Solutions $ 60.6 $ 61.1 $ 180.6 $ 165.3 Molding Technology Solutions 54.5 49.2 156.7 148.4 Batesville 25.2 29.8 102.9 126.7 Corporate (14.6) (13.9) (47.5) (41.9) Less: Interest income (1.3) (0.9) (4.0) (2.5) Interest expense 17.5 19.0 52.7 59.7 Income tax expense 22.8 24.4 75.5 86.1 Depreciation and amortization 26.6 28.7 81.5 86.3 Business acquisition, disposition, and integration costs 9.7 6.4 21.2 25.2 Restructuring and restructuring-related charges 0.2 6.5 3.5 10.2 (Gain) loss on divestitures — (0.1) 3.1 (65.8) Other, net 0.1 0.7 3.2 1.1 Consolidated net income $ 50.1 $ 41.5 $ 156.0 $ 198.2 |
Restructuring (Tables)
Restructuring (Tables) | 9 Months Ended |
Jun. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | The following schedule details the restructuring charges by reportable operating segment and the classification of those charges in the Consolidated Statements of Operations. Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Cost of goods sold Operating expenses Total Cost of goods sold Operating expenses Total Advanced Process Solutions $ (0.3) $ (0.4) $ (0.7) $ 5.3 $ 1.9 $ 7.2 Molding Technology Solutions (0.1) 0.1 — 1.3 — 1.3 Batesville — — — — 0.2 0.2 Corporate — — — — 0.1 0.1 Total $ (0.4) $ (0.3) $ (0.7) $ 6.6 $ 2.2 $ 8.8 Nine Months Ended June 30, 2022 Nine Months Ended June 30, 2021 Cost of goods sold Operating expenses Total Cost of goods sold Operating expenses Total Advanced Process Solutions $ 1.9 $ (0.2) $ 1.7 $ 6.1 $ 3.6 $ 9.7 Molding Technology Solutions — 0.1 0.1 2.6 0.7 3.3 Batesville — — — — 0.5 0.5 Corporate — 1.0 1.0 — 0.8 0.8 Total $ 1.9 $ 0.9 $ 2.8 $ 8.7 $ 5.6 $ 14.3 |
Background and Basis of Prese_2
Background and Basis of Presentation - Narrative (Details) | 9 Months Ended |
Jun. 30, 2022 segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 3 |
Acquired entity subsidiary investments owned percent | 100% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Oct. 01, 2019 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Stockholders' equity | $ 1,150.3 | $ 1,277.8 | $ 1,232.2 | $ 1,252.4 | $ 1,235.7 | $ 1,079.4 | |
Retained Earnings | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Stockholders' equity | 770.5 | 737.1 | 666.2 | 627.1 | 603.1 | 481.4 | |
Retained Earnings | Accounting Standards Update 2018-02 [Member] | Cumulative Effect, Period of Adoption, Adjustment | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Stockholders' equity | $ 6 | ||||||
Accumulated Other Comprehensive Loss | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Stockholders' equity | $ (101.2) | $ (47.7) | $ (46.3) | $ (55.2) | $ (85.8) | $ (102.8) |
Revenue Recognition Narrative (
Revenue Recognition Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |||
Receivables from long-term manufacturing contracts, net | $ 197 | $ 121.9 | |
Liabilities from long-term manufacturing contracts and advances | 253.1 | $ 296.6 | |
Revenue recognized on long-term manufacturing contracts and advances liabilities | $ 189.8 | $ 128.8 |
Revenue Recognition Revenue Rem
Revenue Recognition Revenue Remaining Performance Obligation Narrative (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 $ in Millions | Jun. 30, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Revenue, Remaining Performance Obligation, Amount | $ 1,648.8 |
Remaining performance obligation expected to be recognized in the given period (as a percent) | 79% |
Revenue Recognition Revenue by
Revenue Recognition Revenue by End Market (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 720.6 | $ 695.1 | $ 2,191 | $ 2,109.9 |
Plastics | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 224.2 | 225.8 | 688.7 | 630.9 |
Automotive | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 41 | 44.9 | 146.9 | 123.9 |
Chemicals | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 24.9 | 21.8 | 74.4 | 61.1 |
Consumer goods | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 40.9 | 35.3 | 115.9 | 113 |
Food and pharmaceuticals | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 23.1 | 21.5 | 69.4 | 65.1 |
Custom molders | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 38.4 | 28.8 | 111.4 | 110.2 |
Construction | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 28.4 | 29.6 | 94.8 | 95.7 |
Packaging | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 35.8 | 32.2 | 84.2 | 84.4 |
Minerals and mining | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 12.7 | 13.7 | 35.7 | 38 |
Electronics | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 20.8 | 21.6 | 55.1 | 55.3 |
Medical | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 21.9 | 23.1 | 62.1 | 65.3 |
Death care | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 140.8 | 137.9 | 479.6 | 468.7 |
Other industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 67.7 | 58.9 | 172.8 | 198.3 |
Advanced Process Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 310.3 | 313.4 | 942 | 905.5 |
Advanced Process Solutions | Plastics | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 224.2 | 225.8 | 688.7 | 630.9 |
Advanced Process Solutions | Automotive | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Advanced Process Solutions | Chemicals | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 24.9 | 21.8 | 74.4 | 61.1 |
Advanced Process Solutions | Consumer goods | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Advanced Process Solutions | Food and pharmaceuticals | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 23.1 | 21.5 | 69.4 | 65.1 |
Advanced Process Solutions | Custom molders | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Advanced Process Solutions | Construction | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Advanced Process Solutions | Packaging | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Advanced Process Solutions | Minerals and mining | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 12.7 | 13.7 | 35.7 | 38 |
Advanced Process Solutions | Electronics | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Advanced Process Solutions | Medical | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Advanced Process Solutions | Death care | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Advanced Process Solutions | Other industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 25.4 | 30.6 | 73.8 | 110.4 |
Molding Technology Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 269.5 | 243.8 | 769.4 | 735.7 |
Molding Technology Solutions | Plastics | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Molding Technology Solutions | Automotive | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 41 | 44.9 | 146.9 | 123.9 |
Molding Technology Solutions | Chemicals | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Molding Technology Solutions | Consumer goods | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 40.9 | 35.3 | 115.9 | 113 |
Molding Technology Solutions | Food and pharmaceuticals | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Molding Technology Solutions | Custom molders | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 38.4 | 28.8 | 111.4 | 110.2 |
Molding Technology Solutions | Construction | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 28.4 | 29.6 | 94.8 | 95.7 |
Molding Technology Solutions | Packaging | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 35.8 | 32.2 | 84.2 | 84.4 |
Molding Technology Solutions | Minerals and mining | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Molding Technology Solutions | Electronics | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 20.8 | 21.6 | 55.1 | 55.3 |
Molding Technology Solutions | Medical | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 21.9 | 23.1 | 62.1 | 65.3 |
Molding Technology Solutions | Death care | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Molding Technology Solutions | Other industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 42.3 | 28.3 | 99 | 87.9 |
Batesville | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 140.8 | 137.9 | 479.6 | 468.7 |
Batesville | Plastics | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Batesville | Automotive | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Batesville | Chemicals | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Batesville | Consumer goods | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Batesville | Food and pharmaceuticals | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Batesville | Custom molders | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Batesville | Construction | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Batesville | Packaging | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Batesville | Minerals and mining | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Batesville | Electronics | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Batesville | Medical | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Batesville | Death care | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 140.8 | 137.9 | 479.6 | 468.7 |
Batesville | Other industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Revenue Recognition by Geograph
Revenue Recognition by Geographic Markets (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 720.6 | $ 695.1 | $ 2,191 | $ 2,109.9 |
Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 379.8 | 342.3 | 1,122.8 | 1,100.3 |
Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 229.3 | 223.1 | 712.7 | 630 |
Europe, the Middle East, and Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 111.5 | 129.7 | 355.5 | 379.6 |
Advanced Process Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 310.3 | 313.4 | 942 | 905.5 |
Advanced Process Solutions | Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 79.9 | 76.5 | 218.9 | 240.2 |
Advanced Process Solutions | Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 157.6 | 149.1 | 484.4 | 411.9 |
Advanced Process Solutions | Europe, the Middle East, and Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 72.8 | 87.8 | 238.7 | 253.4 |
Molding Technology Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 269.5 | 243.8 | 769.4 | 735.7 |
Molding Technology Solutions | Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 159.1 | 127.9 | 424.3 | 391.4 |
Molding Technology Solutions | Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 71.7 | 74 | 228.3 | 218.1 |
Molding Technology Solutions | Europe, the Middle East, and Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 38.7 | 41.9 | 116.8 | 126.2 |
Batesville | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 140.8 | 137.9 | 479.6 | 468.7 |
Batesville | Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 140.8 | 137.9 | 479.6 | 468.7 |
Batesville | Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Batesville | Europe, the Middle East, and Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Revenue Recognition Timing of T
Revenue Recognition Timing of Transfer (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 720.6 | $ 695.1 | $ 2,191 | $ 2,109.9 |
Point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 539.2 | 534.4 | 1,634.3 | 1,653.5 |
Over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 181.4 | 160.7 | 556.7 | 456.4 |
Advanced Process Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 310.3 | 313.4 | 942 | 905.5 |
Advanced Process Solutions | Point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 143.6 | 153.9 | 413 | 450.3 |
Advanced Process Solutions | Over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 166.7 | 159.5 | 529 | 455.2 |
Molding Technology Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 269.5 | 243.8 | 769.4 | 735.7 |
Molding Technology Solutions | Point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 254.8 | 242.6 | 741.7 | 734.5 |
Molding Technology Solutions | Over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 14.7 | 1.2 | 27.7 | 1.2 |
Batesville | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 140.8 | 137.9 | 479.6 | 468.7 |
Batesville | Point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 140.8 | 137.9 | 479.6 | 468.7 |
Batesville | Over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Revenue Recognition Product and
Revenue Recognition Product and Services (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 720.6 | $ 695.1 | $ 2,191 | $ 2,109.9 |
Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 404.9 | 382.8 | 1,200.2 | 1,108.7 |
Parts and services | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 158.7 | 157.9 | 461.5 | 482 |
Death care | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 140.8 | 137.9 | 479.6 | 468.7 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 16.2 | 16.5 | 49.7 | 50.5 |
Advanced Process Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 310.3 | 313.4 | 942 | 905.5 |
Advanced Process Solutions | Equipment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 219.6 | |||
Advanced Process Solutions | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 217.2 | 671.6 | 621.1 | |
Advanced Process Solutions | Parts and services | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 93.1 | 93.8 | 270.4 | 284.4 |
Advanced Process Solutions | Death care | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Advanced Process Solutions | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Molding Technology Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 269.5 | 243.8 | 769.4 | 735.7 |
Molding Technology Solutions | Equipment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 163.2 | 487.6 | ||
Molding Technology Solutions | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 187.7 | 528.6 | ||
Molding Technology Solutions | Parts and services | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 65.6 | 64.1 | 191.1 | 197.6 |
Molding Technology Solutions | Death care | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Molding Technology Solutions | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 16.2 | 16.5 | 49.7 | 50.5 |
Batesville | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 140.8 | 137.9 | 479.6 | 468.7 |
Batesville | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Batesville | Parts and services | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Batesville | Death care | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 140.8 | 137.9 | 479.6 | 468.7 |
Batesville | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Business Acquisitions and Div_3
Business Acquisitions and Divestitures - Narrative (Details) € in Millions | 3 Months Ended | 9 Months Ended | ||||||||
Jun. 30, 2022 USD ($) | Jun. 30, 2022 EUR (€) | Oct. 22, 2021 USD ($) | Mar. 10, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Sep. 30, 2021 USD ($) | |
Business Acquisition [Line Items] | ||||||||||
Pre-tax gain (loss) | $ 0 | $ 100,000 | $ (3,100,000) | $ 65,800,000 | ||||||
Gabler | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payments to acquire business, gross | $ 12,900,000 | € 12.6 | ||||||||
Assets acquired, goodwill, and liabilities assumed | $ 5,600,000 | 5,600,000 | 5,600,000 | |||||||
Red Valve | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total transaction value | $ 63,000,000 | |||||||||
Proceeds from divestiture of businesses | 59,400,000 | |||||||||
Trade receivables, net | $ 5,000,000 | |||||||||
Pre-tax gain (loss) | 31,600,000 | |||||||||
Tax effect of gain (loss) from disposal | 3,800,000 | |||||||||
Transaction costs | 2,900,000 | |||||||||
TerraSource Global | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total transaction value | $ 27,700,000 | |||||||||
Trade receivables, net | $ 25,600,000 | $ 7,800,000 | ||||||||
Pre-tax gain (loss) | 3,100,000 | |||||||||
Transaction costs | $ 400,000 | |||||||||
Notes and loans receivable, term (in years) | 5 years | |||||||||
TerraSource Global | Subsidiaries | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Ownership interest retained after disposal, percent | 49% | |||||||||
ABEL | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total transaction value | $ 103,500,000 | |||||||||
Proceeds from divestiture of businesses | $ 106,300,000 | |||||||||
Pre-tax gain (loss) | 34,200,000 | 34,200,000 | ||||||||
Tax effect of gain (loss) from disposal | $ 6,900,000 | $ 6,900,000 | ||||||||
Transaction costs | $ 3,900,000 |
Business Acquisitions and Div_4
Business Acquisitions and Divestitures - Disposal Group Balance Sheet Disclosures (Details) - USD ($) $ in Millions | Oct. 22, 2021 | Sep. 30, 2021 |
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||
Cash and cash equivalents | $ 3.5 | |
TerraSource Global | ||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||
Cash and cash equivalents | 3.5 | |
Trade receivables, net | $ 25.6 | 7.8 |
Inventories | 12 | |
Property, plant and equipment, net | 12 | |
Operating lease right-of-use assets, net | 1.9 | |
Intangible assets, net | 49.5 | |
Goodwill | 12.4 | |
Other assets | 4.2 | |
Valuation allowance on disposal group (1) | (47.1) | |
Total assets held for sale | 56.2 | |
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | ||
Trade accounts payable | 5.2 | |
Liabilities from long-term manufacturing contracts and advances | 7.5 | |
Operating lease liabilities | 2 | |
Deferred income taxes | 1.9 | |
Other liabilities | 2.3 | |
Total liabilities held for sale | $ 18.9 |
Supplemental Balance Sheet In_3
Supplemental Balance Sheet Information - Schedule of supplemental balance sheet information (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 |
Balance Sheet Related Disclosures [Abstract] | |||
Restricted Cash and Cash Equivalents | $ 1.1 | $ 1.5 | |
Allowance for doubtful accounts | 24.3 | $ 26 | |
Warranty reserves | 22.2 | 24.2 | |
Accumulated depreciation on property, plant, and equipment | 402.4 | 381.6 | |
Inventories, net: | |||
Raw materials and components | 199.2 | 153.1 | |
Work in process | 121.6 | 104 | |
Finished goods | 185.3 | 154.5 | |
Total inventories, net | $ 506.1 | $ 411.6 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Leases [Abstract] | ||||
Operating lease expense | $ 9.2 | $ 9 | $ 28.4 | $ 26.6 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Sep. 30, 2021 |
Leases [Abstract] | ||
Operating lease right-of-use assets, net | $ 128.3 | $ 138.1 |
Other current liabilities | 29.9 | 30.7 |
Operating lease liabilities | 96.7 | 105.6 |
Total operating lease liabilities | $ 126.6 | $ 136.3 |
Weighted-average remaining lease term (in years) | 7 years | 7 years 2 months 12 days |
Weighted-average discount rate | 2.90% | 2.10% |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Liability Maturities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Sep. 30, 2021 |
Leases [Abstract] | ||
2022 (excluding the nine months ended June 30, 2022) | $ 8.6 | |
2022 | 30.4 | |
2023 | 21.3 | |
2024 | 11.9 | |
Thereafter | 46.9 | |
Total lease payments | 133.8 | |
Less: imputed interest | (7.2) | |
Total present value of lease payments | 126.6 | $ 136.3 |
2022 | $ 14.7 |
Leases - Schedule fo Supplement
Leases - Schedule fo Supplemental Statement of Cash Flow Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 21.2 | $ 28.9 |
Operating lease right-of-use assets, net obtained in exchange for new operating lease liabilities | $ 23.2 | $ 16.2 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Narrative (Details) | 9 Months Ended |
Jun. 30, 2022 | |
Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 3 years |
Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 21 years |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Sep. 30, 2021 |
Intangible Assets [Line Items] | ||
Cost | $ 976.3 | $ 1,004.7 |
Accumulated Amortization | (348.4) | (317.5) |
Total | 1,197.7 | 1,231.3 |
Trade names | ||
Intangible Assets [Line Items] | ||
Indefinite-lived assets: | 221.4 | 226.6 |
Customer relationships | ||
Intangible Assets [Line Items] | ||
Cost | 769.8 | 798.8 |
Accumulated Amortization | (219.5) | (195.4) |
Technology, including patents | ||
Intangible Assets [Line Items] | ||
Cost | 135.6 | 137.6 |
Accumulated Amortization | (67.9) | (62.7) |
Software | ||
Intangible Assets [Line Items] | ||
Cost | 70.9 | 68.3 |
Accumulated Amortization | $ (61) | $ (59.4) |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Goodwill (Details) $ in Millions | 9 Months Ended |
Jun. 30, 2022 USD ($) | |
Goodwill [Roll Forward] | |
Balance at the beginning of the period | $ 1,168.6 |
Acquisitions | 5.6 |
Foreign currency adjustments | (41.7) |
Balance at the end of the period | 1,132.5 |
Advanced Process Solutions | |
Goodwill [Roll Forward] | |
Balance at the beginning of the period | 484.9 |
Acquisitions | 5.6 |
Foreign currency adjustments | (22.8) |
Balance at the end of the period | 467.7 |
Molding Technology Solutions | |
Goodwill [Roll Forward] | |
Balance at the beginning of the period | 675.4 |
Acquisitions | 0 |
Foreign currency adjustments | (18.9) |
Balance at the end of the period | 656.5 |
Batesville | |
Goodwill [Roll Forward] | |
Balance at the beginning of the period | 8.3 |
Acquisitions | 0 |
Foreign currency adjustments | 0 |
Balance at the end of the period | $ 8.3 |
Financing Agreements - Schedule
Financing Agreements - Schedule of borrowings (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Sep. 30, 2021 |
Debt Instrument [Line Items] | ||
Total debt | $ 1,214.6 | $ 1,212.9 |
Current portion of long-term debt | 0 | 0 |
Long-term debt | 1,214.6 | 1,212.9 |
$400 senior unsecured notes (1) | ||
Debt Instrument [Line Items] | ||
Total debt | 396.7 | 395.8 |
Debt Issuance Costs, Line of Credit Arrangements, Gross | 3.3 | 4.2 |
$375 senior unsecured notes, net of discount (2) | ||
Debt Instrument [Line Items] | ||
Total debt | 372 | 371.5 |
Debt Issuance Costs, Line of Credit Arrangements, Gross | 2.6 | 3.1 |
$350 senior unsecured notes (3) | ||
Debt Instrument [Line Items] | ||
Total debt | 346.1 | 345.8 |
Debt Issuance Costs, Line of Credit Arrangements, Gross | 3.9 | 4.2 |
$100 Series A Notes (4) | ||
Debt Instrument [Line Items] | ||
Total debt | 99.8 | 99.8 |
Debt Issuance Costs, Line of Credit Arrangements, Gross | 0.2 | 0.2 |
$1,000 revolving credit facility (excluding outstanding letters of credit) | ||
Debt Instrument [Line Items] | ||
Total debt | $ 0 | $ 0 |
Financing Agreements - Narrativ
Financing Agreements - Narrative (Details) | 3 Months Ended | 9 Months Ended | |||||||||
Jun. 30, 2022 USD ($) | Dec. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2022 USD ($) | Jun. 30, 2021 | Jun. 08, 2023 | Jun. 21, 2022 USD ($) | Jun. 08, 2022 USD ($) | Sep. 30, 2021 USD ($) | Jun. 16, 2020 USD ($) | Dec. 15, 2014 USD ($) | |
Debt Instrument [Line Items] | |||||||||||
Long-term debt | $ 1,214,600,000 | $ 1,214,600,000 | $ 1,212,900,000 | ||||||||
Covenant terms, maximum ratio of indebtedness to earnings before interest, taxes, depreciation, and amortization | 3.50 | ||||||||||
Covenant terms, minimum ratio of earnings before interest, taxes, depreciation, and amortization to interest expense | 3 | ||||||||||
$1,000 revolving credit facility (excluding outstanding letters of credit) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | 0 | 0 | 0 | ||||||||
Letters of credit outstanding, amount | 15,400,000 | 15,400,000 | |||||||||
Line of credit facility, remaining borrowing capacity | 1,184,600,000 | 1,184,600,000 | |||||||||
Current borrowing capacity | $ 933,300,000 | $ 933,300,000 | |||||||||
Weighted-average interest rate | 2.28% | ||||||||||
Weighted average facility fee | 0.15% | 0.17% | 0.15% | 0.24% | |||||||
$1,000 revolving credit facility (excluding outstanding letters of credit) | Minimum | Base Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 0% | ||||||||||
$1,000 revolving credit facility (excluding outstanding letters of credit) | Minimum | Other Borrowings | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 0.90% | ||||||||||
$1,000 revolving credit facility (excluding outstanding letters of credit) | Minimum | SOFR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 1% | ||||||||||
$1,000 revolving credit facility (excluding outstanding letters of credit) | Minimum | Alternate Bate Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 0% | ||||||||||
$1,000 revolving credit facility (excluding outstanding letters of credit) | Maximum | Base Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 0.525% | ||||||||||
$1,000 revolving credit facility (excluding outstanding letters of credit) | Maximum | Other Borrowings | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 1.525% | ||||||||||
$1,000 revolving credit facility (excluding outstanding letters of credit) | Maximum | SOFR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 1.75% | ||||||||||
$1,000 revolving credit facility (excluding outstanding letters of credit) | Maximum | Alternate Bate Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 0.75% | ||||||||||
$100 Series A Notes (4) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 100,000,000 | ||||||||||
Debt interest rate, percent | 4.60% | ||||||||||
Long-term debt | $ 99,800,000 | $ 99,800,000 | 99,800,000 | ||||||||
Other Financing Agreements | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | 387,700,000 | 387,700,000 | 411.5 | ||||||||
Line of credit facility, amount utilized for bank guarantees | 229,400,000 | 229,400,000 | 254 | ||||||||
$400 senior unsecured notes (1) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 400,000,000 | ||||||||||
Long-term debt | 396,700,000 | 396,700,000 | 395,800,000 | ||||||||
$375 senior unsecured notes, net of discount (2) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | 372,000,000 | 372,000,000 | 371,500,000 | ||||||||
Former Credit Agreement | $1,000 revolving credit facility (excluding outstanding letters of credit) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt issuance expense | 1,900,000 | 1,900,000 | |||||||||
Credit Agreement | $1,000 revolving credit facility (excluding outstanding letters of credit) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt issuance expense | 3,000,000 | 3,000,000 | |||||||||
Syndicated credit facility | Letter of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 225,000,000 | 175,000,000 | |||||||||
Debt issuance expense | $ 1,000,000 | $ 200,000 | |||||||||
L/G Facility Agreement Amendment | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Covenant terms, maximum ratio of indebtedness to earnings before interest, taxes, depreciation, and amortization | 4 | ||||||||||
2019 Notes | $375 senior unsecured notes, net of discount (2) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | 375,000,000 | 375,000,000 | |||||||||
2021 Notes | $375 senior unsecured notes, net of discount (2) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 350 | $ 350 | |||||||||
Revolving Credit Facility | Former Credit Agreement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 900,000,000 | ||||||||||
Revolving Credit Facility | Credit Agreement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | 1,000,000,000 | ||||||||||
Accordion feature, increase limit | 600,000,000 | ||||||||||
Secured Debt | Credit Agreement | $1,000 revolving credit facility (excluding outstanding letters of credit) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | 500,000,000 | ||||||||||
Delayed draw, amount | $ 200,000,000 | ||||||||||
Debt interest rate, percent | 1.25% | ||||||||||
Secured Debt | Credit Agreement | $1,000 revolving credit facility (excluding outstanding letters of credit) | Forecast | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt interest rate, percent | 1.875% |
Retirement Benefits (Details)
Retirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
U.S. Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service costs | $ 0.2 | $ 0.2 | $ 0.4 | $ 0.5 |
Interest costs | 1.5 | 1.5 | 4.6 | 4.4 |
Expected return on plan assets | (2.7) | (2.8) | (8.1) | (8.2) |
Amortization of net loss | 0.3 | 0.5 | 1.1 | 1.6 |
Net periodic pension (benefit) cost | (0.7) | (0.6) | (2) | (1.7) |
Non-U.S. Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service costs | 0.4 | 0.5 | 1.5 | 1.5 |
Interest costs | 0.2 | 0.2 | 0.6 | 0.5 |
Expected return on plan assets | (0.2) | (0.2) | (0.7) | (0.6) |
Amortization of net loss | 0.4 | 0.7 | 1 | 2.2 |
Net periodic pension (benefit) cost | $ 0.8 | $ 1.2 | $ 2.4 | $ 3.6 |
Retirement Benefits - Narrative
Retirement Benefits - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Retirement Benefits [Abstract] | ||||
Defined contribution plan expense | $ 4.1 | $ 3.6 | $ 12.5 | $ 10.9 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 31.30% | 37% | 32.60% | 30.30% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income per common share | ||||
Net income attributable to Hillenbrand | $ 48.8 | $ 40.4 | $ 152.1 | $ 194.9 |
Weighted-average shares outstanding (basic - in millions) | 71,400,000 | 75,500,000 | 72,400,000 | 75,400,000 |
Effect of dilutive stock options and other unvested equity awards (in millions) | 600,000 | 700,000 | 600,000 | 500,000 |
Weighted-average shares outstanding (diluted - in millions) | 72,000,000 | 76,200,000 | 73,000,000 | 75,900,000 |
Basic earnings per share | $ 0.68 | $ 0.54 | $ 2.10 | $ 2.59 |
Diluted earnings per share | $ 0.68 | $ 0.53 | $ 2.08 | $ 2.57 |
Shares with anti-dilutive effect excluded from the computation of diluted earnings per share (in millions) | 500,000 | 100,000 | 400,000 | 800,000 |
Performance-based stock awards | ||||
Income per common share | ||||
Shares with anti-dilutive effect excluded from the computation of diluted earnings per share (in millions) | 400,000 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive securities excluded from computation of earnings per share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 500,000 | 100,000 | 400,000 | 800,000 |
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 | 400,000 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Class of Stock [Line Items] | |||
Cash dividends paid on common stock | $ 47 | $ 48.4 | |
Treasury Stock | |||
Class of Stock [Line Items] | |||
Common stock, shares issued | 0.1 | 0.9 | 0.5 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) - Schedule of changes in accumulated other comprehensive income (loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||||
Balance at the beginning of the period | $ (46.3) | |||
Other comprehensive income before reclassifications | ||||
Before tax amount | (58.8) | $ 43.7 | ||
Tax expense | (0.3) | (0.1) | ||
After tax amount | (59.1) | 43.6 | ||
Amounts reclassified from accumulated other comprehensive loss (2) | 2.6 | 3.9 | ||
Total changes in other comprehensive (loss) income, net of tax | $ (54.8) | $ 30.4 | (56.5) | 47.5 |
Balance at the end of the period | (101.2) | (101.2) | ||
Pension and Postretirement | ||||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||||
Balance at the beginning of the period | (49.2) | (69.6) | ||
Other comprehensive income before reclassifications | ||||
Before tax amount | 1.8 | 0 | ||
Tax expense | (0.2) | 0 | ||
After tax amount | 1.6 | 0 | ||
Amounts reclassified from accumulated other comprehensive loss (2) | 1.5 | 2.7 | ||
Total changes in other comprehensive (loss) income, net of tax | 3.1 | 2.7 | ||
Balance at the end of the period | (46.1) | (66.9) | (46.1) | (66.9) |
Currency Translation (1) | ||||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||||
Balance at the beginning of the period | 13.1 | (21.1) | ||
Other comprehensive income before reclassifications | ||||
Before tax amount | (60) | 43.4 | ||
Tax expense | 0 | 0 | ||
After tax amount | (60) | 43.4 | ||
Amounts reclassified from accumulated other comprehensive loss (2) | 0 | 0 | ||
Total changes in other comprehensive (loss) income, net of tax | (60) | 43.4 | ||
Balance at the end of the period | (46.9) | 22.3 | (46.9) | 22.3 |
Net Unrealized (Loss) Gain on Derivative Instruments | ||||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||||
Balance at the beginning of the period | (10.2) | (12.1) | ||
Other comprehensive income before reclassifications | ||||
Before tax amount | 1 | 0.4 | ||
Tax expense | (0.1) | (0.1) | ||
After tax amount | 0.9 | 0.3 | ||
Amounts reclassified from accumulated other comprehensive loss (2) | 1.1 | 1.2 | ||
Total changes in other comprehensive (loss) income, net of tax | 2 | 1.5 | ||
Balance at the end of the period | (8.2) | (10.6) | (8.2) | (10.6) |
Total Attributable to Hillenbrand, Inc. | ||||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||||
Balance at the beginning of the period | (46.3) | (102.8) | ||
Other comprehensive income before reclassifications | ||||
Before tax amount | (57.2) | 43.8 | ||
Tax expense | (0.3) | (0.1) | ||
After tax amount | (57.5) | 43.7 | ||
Amounts reclassified from accumulated other comprehensive loss (2) | 2.6 | 3.9 | ||
Total changes in other comprehensive (loss) income, net of tax | (54.9) | 47.6 | ||
Balance at the end of the period | (101.2) | (55.2) | (101.2) | (55.2) |
Noncontrolling Interests | ||||
Other comprehensive income before reclassifications | ||||
Before tax amount | (1.6) | (0.1) | ||
Tax expense | 0 | 0 | ||
After tax amount | (1.6) | (0.1) | ||
Amounts reclassified from accumulated other comprehensive loss (2) | 0 | 0 | ||
Total changes in other comprehensive (loss) income, net of tax | $ (1.3) | $ (0.2) | $ (1.6) | $ (0.1) |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - Schedule of reclassifications (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Affected Line in the Consolidated Statement of Operations: | ||||
Net revenue | $ 720.6 | $ 695.1 | $ 2,191 | $ 2,109.9 |
Cost of Goods and Services Sold | (489.3) | (469.2) | (1,479.1) | (1,393.9) |
Other income (expense), net | 1.2 | (0.4) | 4.8 | 0.2 |
Tax expense | (22.8) | (24.4) | (75.5) | (86.1) |
Total reclassifications for the period, net of tax | 2.6 | 3.9 | ||
Amortization of Pension and Postretirement | ||||
Affected Line in the Consolidated Statement of Operations: | ||||
Total reclassifications for the period, net of tax | 1.5 | 2.7 | ||
Loss (Gain) on Derivative Instruments | ||||
Affected Line in the Consolidated Statement of Operations: | ||||
Total reclassifications for the period, net of tax | 1.1 | 1.2 | ||
Reclassifications out of accumulated other comprehensive income (loss) | ||||
Affected Line in the Consolidated Statement of Operations: | ||||
Net revenue | 0.1 | 0.1 | 0.2 | |
Cost of Goods and Services Sold | (0.2) | (0.3) | (0.5) | (0.6) |
Other income (expense), net | 0.8 | 1.8 | 3.5 | 5.2 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0.7 | 1.5 | 3.1 | 4.8 |
Tax expense | (0.3) | (0.3) | (0.5) | (0.9) |
Total reclassifications for the period, net of tax | 0.4 | 1.2 | 2.6 | 3.9 |
Reclassifications out of accumulated other comprehensive income (loss) | Net Loss Recognized | ||||
Affected Line in the Consolidated Statement of Operations: | ||||
Net revenue | 0 | 0 | ||
Cost of Goods and Services Sold | 0 | 0 | 0 | 0 |
Other income (expense), net | 0.4 | 1.3 | 2.1 | 3.8 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0.4 | 1.3 | 2.1 | 3.8 |
Reclassifications out of accumulated other comprehensive income (loss) | Prior Service Costs Recognized | ||||
Affected Line in the Consolidated Statement of Operations: | ||||
Net revenue | 0 | 0 | ||
Cost of Goods and Services Sold | 0 | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 0 | (0.1) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | 0 | (0.1) |
Reclassifications out of accumulated other comprehensive income (loss) | Loss (Gain) on Derivative Instruments | ||||
Affected Line in the Consolidated Statement of Operations: | ||||
Net revenue | 0.1 | 0.1 | 0.2 | |
Cost of Goods and Services Sold | (0.2) | (0.3) | (0.5) | (0.6) |
Other income (expense), net | 0.4 | 0.5 | 1.4 | 1.5 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | $ 0.3 | $ 0.2 | $ 1 | $ 1.1 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of stock-based compensation costs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Compensation Related Costs [Abstract] | ||||
Share-based compensation costs | $ 4.4 | $ 4.3 | $ 16.4 | $ 14.7 |
Less impact of income tax | 1 | 1 | 3.8 | 3.4 |
Share-based compensation costs, net of tax | $ 3.4 | $ 3.3 | $ 12.6 | $ 11.3 |
Share-Based Compensation - Sc_2
Share-Based Compensation - Schedule of stock-based awards granted (Details) | 9 Months Ended |
Jun. 30, 2022 shares | |
Time-based stock awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock awards granted in period (in shares) | 373,078 |
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 (in shares) | 319,303 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) | 9 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period (in years) | 3 years |
Time-based stock awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Equity instruments other than options, grant date fair value (in dollars per share) | $ 46.46 |
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 (in dollars per share) | $ 52.10 |
Performance-based stock awards granted, number of units (in shares) | shares | 182,667 |
Other Income, Net (Details)
Other Income, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Accumulated other comprehensive income (loss) [Line Items] | ||||
Net loss on divestiture | $ 0 | $ 0.1 | $ (3.1) | $ 65.8 |
Interest Income, Other | 1.3 | 0.9 | 4 | 2.5 |
Foreign currency exchange (loss) gain, net | (1.1) | (0.2) | (1.4) | 0.2 |
Other, net | 1 | (1.1) | 2.2 | (2.5) |
Other income (expense), net | $ 1.2 | $ (0.4) | $ 4.8 | $ 0.2 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | 9 Months Ended |
Jun. 30, 2022 USD ($) | |
General claims and lawsuits | Minimum | |
Commitments and Contingencies | |
Deductibles and self-insured retentions per occurrence or per claim | $ 0.5 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of financial assets and liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Sep. 30, 2021 |
Assets: | ||
Cash and cash equivalents | $ 284.4 | $ 446.1 |
Restricted Cash | 1.1 | 1.3 |
Cash and cash equivalents | 3.5 | |
Investments in rabbi trust | 3.8 | 4.2 |
Derivative instruments | 2.5 | 1.9 |
Liabilities: | ||
Derivative instruments | 5.8 | 2.5 |
TerraSource Global | ||
Assets: | ||
Cash and cash equivalents | 3.5 | |
Cash flow hedging | Foreign Exchange Forward | ||
Liabilities: | ||
Derivative, notional amount | 193.4 | 186.4 |
Level 1 | ||
Assets: | ||
Cash and cash equivalents | 284.4 | 446.1 |
Restricted Cash | 1.1 | 1.3 |
Cash and cash equivalents | 3.5 | |
Investments in rabbi trust | 3.8 | 4.2 |
Derivative instruments | 0 | 0 |
Liabilities: | ||
Derivative instruments | 0 | 0 |
Level 2 | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Restricted Cash | 0 | 0 |
Cash and cash equivalents | 0 | |
Investments in rabbi trust | 0 | 0 |
Derivative instruments | 2.5 | 1.9 |
Liabilities: | ||
Derivative instruments | 5.8 | 2.5 |
Level 3 | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Restricted Cash | 0 | 0 |
Cash and cash equivalents | 0 | |
Investments in rabbi trust | 0 | 0 |
Derivative instruments | 0 | 0 |
Liabilities: | ||
Derivative instruments | 0 | 0 |
2021 Notes | ||
Liabilities: | ||
Debt instruments | 350 | 350 |
2021 Notes | Level 1 | ||
Liabilities: | ||
Debt instruments | 289.8 | 349 |
2021 Notes | Level 2 | ||
Liabilities: | ||
Debt instruments | 0 | 0 |
2021 Notes | Level 3 | ||
Liabilities: | ||
Debt instruments | 0 | 0 |
2020 Notes | ||
Liabilities: | ||
Debt instruments | 400 | 400 |
2020 Notes | Level 1 | ||
Liabilities: | ||
Debt instruments | 408.4 | 422.8 |
2020 Notes | Level 2 | ||
Liabilities: | ||
Debt instruments | 0 | 0 |
2020 Notes | Level 3 | ||
Liabilities: | ||
Debt instruments | 0 | 0 |
2019 Notes | ||
Liabilities: | ||
Debt instruments | 374.6 | 374.6 |
2019 Notes | Level 1 | ||
Liabilities: | ||
Debt instruments | 357.1 | 421.3 |
2019 Notes | Level 2 | ||
Liabilities: | ||
Debt instruments | 0 | 0 |
2019 Notes | Level 3 | ||
Liabilities: | ||
Debt instruments | 0 | 0 |
Series A Notes | ||
Liabilities: | ||
Debt instruments | 100 | 100 |
Series A Notes | Level 1 | ||
Liabilities: | ||
Debt instruments | 0 | 0 |
Series A Notes | Level 2 | ||
Liabilities: | ||
Debt instruments | 97.4 | 107.6 |
Series A Notes | Level 3 | ||
Liabilities: | ||
Debt instruments | $ 0 | $ 0 |
Segment and Geographical Info_3
Segment and Geographical Information - Schedule of net revenue and assets by segment (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) segment | Jun. 30, 2021 USD ($) | Sep. 30, 2021 USD ($) | |
Segment Reporting [Abstract] | |||||
Number of reportable segments | segment | 3 | ||||
Number of operating segments | segment | 3 | ||||
Segment and Geographical Information | |||||
Net revenue | $ 720.6 | $ 695.1 | $ 2,191 | $ 2,109.9 | |
Total assets | 3,893.7 | 3,893.7 | $ 4,014.9 | ||
Property, plant, and equipment, net | 409.2 | 409.2 | 433.2 | ||
United States | |||||
Segment and Geographical Information | |||||
Net revenue | 335.3 | 301.3 | 999.4 | 973.1 | |
Property, plant, and equipment, net | 151.7 | 151.7 | 161.1 | ||
GERMANY | |||||
Segment and Geographical Information | |||||
Net revenue | 140.9 | 135.8 | 428.9 | 362.6 | |
Property, plant, and equipment, net | 101.8 | 101.8 | 113.8 | ||
CHINA | |||||
Segment and Geographical Information | |||||
Net revenue | 46.7 | 39 | 148.7 | 127.5 | |
Property, plant, and equipment, net | 45.9 | 45.9 | 53 | ||
INDIA | |||||
Segment and Geographical Information | |||||
Net revenue | 33.9 | 35.2 | 105.4 | 101.9 | |
Property, plant, and equipment, net | 41.8 | 41.8 | 43.9 | ||
All other countries | |||||
Segment and Geographical Information | |||||
Net revenue | 163.8 | 183.8 | 508.6 | 544.8 | |
Property, plant, and equipment, net | 68 | 68 | 61.4 | ||
Corporate | |||||
Segment and Geographical Information | |||||
Adjusted EBITDA (1) | (14.6) | (13.9) | (47.5) | (41.9) | |
Total assets | 130.3 | 130.3 | 83.9 | ||
Advanced Process Solutions | |||||
Segment and Geographical Information | |||||
Net revenue | 310.3 | 313.4 | 942 | 905.5 | |
Advanced Process Solutions | Operating segments | |||||
Segment and Geographical Information | |||||
Adjusted EBITDA (1) | 60.6 | 61.1 | 180.6 | 165.3 | |
Total assets | 1,447.9 | 1,447.9 | 1,596.5 | ||
Molding Technology Solutions | |||||
Segment and Geographical Information | |||||
Net revenue | 269.5 | 243.8 | 769.4 | 735.7 | |
Molding Technology Solutions | Operating segments | |||||
Segment and Geographical Information | |||||
Adjusted EBITDA (1) | 54.5 | 49.2 | 156.7 | 148.4 | |
Total assets | 2,083.8 | 2,083.8 | 2,103 | ||
Batesville | |||||
Segment and Geographical Information | |||||
Net revenue | 140.8 | 137.9 | 479.6 | 468.7 | |
Batesville | Operating segments | |||||
Segment and Geographical Information | |||||
Adjusted EBITDA (1) | 25.2 | $ 29.8 | 102.9 | $ 126.7 | |
Total assets | $ 231.7 | $ 231.7 | $ 231.5 |
Segment and Geographical Info_4
Segment and Geographical Information - Schedule of reconciliation of segment (Details 2) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment and Geographical Information | ||||
Interest income | $ (1.3) | $ (0.9) | $ (4) | $ (2.5) |
Interest expense | 17.5 | 19 | 52.7 | 59.7 |
Income tax expense | 22.8 | 24.4 | 75.5 | 86.1 |
Depreciation and amortization | 26.6 | 28.7 | 81.5 | 86.3 |
Business acquisition, development, and integration costs | 9.7 | 6.4 | 21.2 | 25.2 |
Inventory step-up | 0.2 | 6.5 | 3.5 | 10.2 |
Net loss on divestiture | 0 | (0.1) | 3.1 | (65.8) |
Other, net | 0.1 | 0.7 | 3.2 | 1.1 |
Consolidated net income | 50.1 | 41.5 | 156 | 198.2 |
Corporate | ||||
Segment and Geographical Information | ||||
Adjusted EBITDA (1) | (14.6) | (13.9) | (47.5) | (41.9) |
Advanced Process Solutions | Operating segments | ||||
Segment and Geographical Information | ||||
Adjusted EBITDA (1) | 60.6 | 61.1 | 180.6 | 165.3 |
Molding Technology Solutions | Operating segments | ||||
Segment and Geographical Information | ||||
Adjusted EBITDA (1) | 54.5 | 49.2 | 156.7 | 148.4 |
Batesville | Operating segments | ||||
Segment and Geographical Information | ||||
Adjusted EBITDA (1) | $ 25.2 | $ 29.8 | $ 102.9 | $ 126.7 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Restructuring and Related Cost | |||||
Restructuring costs accrued | $ 2.7 | $ 2.7 | |||
Restructuring charges | (0.7) | $ 8.8 | 2.8 | $ 14.3 | |
Coperion GmbH | |||||
Restructuring and Related Cost | |||||
Restructuring liability | 2.1 | 2.1 | |||
Corporate | |||||
Restructuring and Related Cost | |||||
Restructuring charges | 0 | 0.1 | 1 | 0.8 | |
Advanced Process Solutions | |||||
Restructuring and Related Cost | |||||
Restructuring charges | (0.7) | 7.2 | 1.7 | 9.7 | |
Advanced Process Solutions | Coperion GmbH | Cost of Sales | |||||
Restructuring and Related Cost | |||||
Restructuring charges | 0.4 | 2.6 | |||
Advanced Process Solutions | Minimum | Coperion GmbH | |||||
Restructuring and Related Cost | |||||
Severance costs | $ 11 | ||||
Restructuring costs | 3 | ||||
Advanced Process Solutions | Maximum | Coperion GmbH | |||||
Restructuring and Related Cost | |||||
Severance costs | 12 | ||||
Restructuring costs | $ 4 | ||||
Molding Technology Solutions | |||||
Restructuring and Related Cost | |||||
Restructuring charges | 0 | 1.3 | 0.1 | 3.3 | |
Batesville | |||||
Restructuring and Related Cost | |||||
Restructuring charges | 0 | 0.2 | 0 | 0.5 | |
Cost of goods sold | |||||
Restructuring and Related Cost | |||||
Restructuring charges | (0.4) | 6.6 | 1.9 | 8.7 | |
Cost of goods sold | Corporate | |||||
Restructuring and Related Cost | |||||
Restructuring charges | 0 | 0 | 0 | 0 | |
Cost of goods sold | Advanced Process Solutions | |||||
Restructuring and Related Cost | |||||
Restructuring charges | (0.3) | 5.3 | 1.9 | 6.1 | |
Cost of goods sold | Molding Technology Solutions | |||||
Restructuring and Related Cost | |||||
Restructuring charges | (0.1) | 1.3 | 0 | 2.6 | |
Cost of goods sold | Batesville | |||||
Restructuring and Related Cost | |||||
Restructuring charges | 0 | 0 | 0 | 0 | |
Operating expenses | |||||
Restructuring and Related Cost | |||||
Restructuring charges | (0.3) | 2.2 | 0.9 | 5.6 | |
Operating expenses | Corporate | |||||
Restructuring and Related Cost | |||||
Restructuring charges | 0 | 0.1 | 1 | 0.8 | |
Operating expenses | Advanced Process Solutions | |||||
Restructuring and Related Cost | |||||
Restructuring charges | (0.4) | 1.9 | (0.2) | 3.6 | |
Operating expenses | Molding Technology Solutions | |||||
Restructuring and Related Cost | |||||
Restructuring charges | 0.1 | 0 | 0.1 | 0.7 | |
Operating expenses | Batesville | |||||
Restructuring and Related Cost | |||||
Restructuring charges | $ 0 | $ 0.2 | $ 0 | $ 0.5 |
Subsequent Events (Details)
Subsequent Events (Details) € in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | |||
Jul. 19, 2022 USD ($) | Jul. 19, 2022 EUR (€) | Aug. 03, 2022 USD ($) shares | Sep. 30, 2022 USD ($) | Sep. 30, 2022 EUR (€) | |
Forecast | Herbold | |||||
Subsequent Event [Line Items] | |||||
Business combination, consideration transferred | $ 83.1 | € 79 | |||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Common stock acquired (in shares) | shares | 291,000 | ||||
Purchase price of common stock | $ | $ 11.9 | ||||
Subsequent Event | Linxis | |||||
Subsequent Event [Line Items] | |||||
Business combination, consideration transferred | $ 584.1 | € 572 |