Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Mar. 31, 2020 | Apr. 29, 2020 | |
Document And Entity Information Abstract | ||
Document Type | 10-Q | |
Title of 12(b) Security | Common Stock, without par value | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | Yes | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-6651 | |
Entity Registrant Name | HILL-ROM HOLDINGS, INC. | |
Entity Incorporation, State or Country Code | IN | |
Entity Tax Identification Number | 35-1160484 | |
Entity Address, Address Line One | 130 E. Randolph St. | |
Entity Address, Address Line Two | Suite 1000 | |
Entity Address, City or Town | Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60601 | |
City Area Code | 312 | |
Local Phone Number | 819-7200 | |
Trading Symbol | HRC | |
Security Exchange Name | NYSE | |
Amendment Flag | false | |
Entity Central Index Key | 0000047518 | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 66,555,501 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Product sales and service revenue | $ 647,000,000 | $ 636,500,000 | $ 1,261,300,000 | $ 1,248,100,000 |
Rental revenue | 76,200,000 | 77,700,000 | 146,900,000 | 149,600,000 |
Revenues | 723,200,000 | 714,200,000 | 1,408,200,000 | 1,397,700,000 |
Total cost of net revenue (excludes acquisition-related intangible asset amortization) | 317,200,000 | 322,700,000 | 623,500,000 | 639,000,000 |
Rental expenses | 38,500,000 | 38,900,000 | 75,500,000 | 76,100,000 |
Cost of Revenue | 355,700,000 | 361,600,000 | 699,000,000 | 715,100,000 |
Research and development expenses | 34,400,000 | 36,600,000 | 65,900,000 | 69,800,000 |
Selling and administrative expenses | 209,900,000 | 231,200,000 | 406,700,000 | |
Selling and administrative expense, revised | 203,900,000 | 396,200,000 | ||
Amortization of Intangible Assets | 27,100,000 | 27,300,000 | 53,800,000 | 53,000,000 |
Special charges | 8,800,000 | 3,500,000 | 16,600,000 | 11,500,000 |
Income tax expense | 9,900,000 | 11,200,000 | 12,700,000 | 18,600,000 |
Income Before Income Taxes | 56,800,000 | 60,700,000 | 99,400,000 | 110,300,000 |
Operating Profit | 87,300,000 | 81,300,000 | 166,200,000 | 152,100,000 |
Interest expense | (19,100,000) | (21,800,000) | (38,500,000) | (43,100,000) |
Gain (Loss) on Extinguishment of Debt | 0 | 0 | (15,600,000) | 0 |
Investment income (expense) and other, net | (11,400,000) | 1,200,000 | (12,700,000) | 1,300,000 |
Income Before Income Taxes | 56,800,000 | 60,700,000 | 99,400,000 | 110,300,000 |
Income tax expense | 9,900,000 | 11,200,000 | 12,700,000 | 18,600,000 |
Net Income | $ 46,900,000 | $ 49,500,000 | $ 86,700,000 | $ 91,700,000 |
Net Income Attributable to Common Shareholders per Common Share - Basic (usd per share) | $ 0.70 | $ 0.74 | $ 1.30 | $ 1.37 |
Earnings Per Share, Diluted | $ 0.70 | $ 0.74 | $ 1.29 | $ 1.36 |
Average Common Shares Outstanding - Basic (thousands) (Note 10) (in shares) | 66,685 | 66,696 | 66,731 | 66,866 |
Average Common Shares Outstanding - Diluted (thousands) (Note 10) (in shares) | 67,218 | 67,344 | 67,309 | 67,525 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 46,900,000 | $ 49,500,000 | $ 86,700,000 | |
Other Comprehensive (Loss) Income, net of tax (Note 7): | ||||
Derivative instruments designated as hedges | (23,100,000) | (1,900,000) | (25,700,000) | $ (5,600,000) |
Foreign currency translation adjustment | (31,600,000) | (3,600,000) | (8,500,000) | (17,200,000) |
Change in pension and postretirement defined benefit plans | (7,600,000) | 500,000 | (6,900,000) | 900,000 |
Total Other Comprehensive Income (Loss), net of tax | (62,300,000) | (5,000,000) | (41,100,000) | (21,900,000) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (15,400,000) | $ 44,500,000 | $ 45,600,000 | $ 69,800,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2020 | Sep. 30, 2019 |
Investments | $ 47,700,000 | $ 51,100,000 |
Current Assets | ||
Cash and cash equivalents | 290,500,000 | 214,100,000 |
Restricted Cash, Current | 0 | 419,700,000 |
Trade accounts receivable, net of allowances of $20.8 and $20.6 as of March 31, 2020 and September 30, 2019 | 655,400,000 | 653,300,000 |
Inventories, net of reserves | 265,500,000 | 269,600,000 |
Other current assets | 130,300,000 | 106,700,000 |
Total current assets | 1,341,700,000 | 1,663,400,000 |
Property, plant and equipment | 841,200,000 | 829,600,000 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 546,800,000 | 532,800,000 |
Property, Plant and Equipment, Net | 294,400,000 | 296,800,000 |
Goodwill | 1,805,700,000 | 1,800,900,000 |
Other intangible assets and software, net | 1,006,500,000 | 1,033,500,000 |
Deferred Income Tax Assets, Net | 32,600,000 | 33,100,000 |
Other assets | 166,200,000 | 91,300,000 |
Assets | 4,647,100,000 | 4,919,000,000 |
Current Liabilities | ||
Trade accounts payable | 224,700,000 | 197,600,000 |
Short-term borrowings | 245,600,000 | 660,400,000 |
Accrued compensation | 98,500,000 | 130,400,000 |
Accrued product warranties | 29,000,000 | 29,700,000 |
Accrued rebates | 47,500,000 | 47,700,000 |
Deferred Revenue | 105,700,000 | 107,300,000 |
Other current liabilities | 134,400,000 | 95,200,000 |
Total current liabilities | 885,400,000 | 1,268,300,000 |
Long-term debt | 1,864,400,000 | 1,783,100,000 |
Accrued pension and postretirement benefits | 100,800,000 | 80,800,000 |
Deferred Income Tax Liabilities, Net | 123,700,000 | 143,000,000 |
Other long-term liabilities | 123,900,000 | 70,500,000 |
Total Liabilities | 3,098,200,000 | 3,345,700,000 |
Commitments and Contingencies (Note 14) | ||
SHAREHOLDERS' EQUITY | ||
Common Stock, Value, Issued | 4,400,000 | 4,400,000 |
Additional paid-in capital | 644,400,000 | 637,400,000 |
Retained earnings | 2,025,200,000 | 1,967,400,000 |
Accumulated other comprehensive loss | (223,600,000) | (182,500,000) |
Treasury stock, common shares at cost: 21,929,904 as of March 31, 2020 and 21,832,623 as of September 30, 2019 | (901,500,000) | (853,400,000) |
Total Shareholders’ Equity | 1,548,900,000 | 1,573,300,000 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,548,900,000 | 1,573,300,000 |
Total Liabilities and Shareholders' Equity | 4,647,100,000 | 4,919,000,000 |
Allowance for possible losses and discounts on trade receivables | $ 20.8 | $ 20.6 |
Shares authorized | 1,000,000 | |
Common Stock, Shares Authorized | 199,000,000 | |
Common Stock, Shares, Issued | 88,457,634 | |
Common Stock, Shares, Outstanding | 66,527,730 | 66,625,011 |
Treasury Stock, Common, Shares | 21,929,904 | 21,832,623 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Activities | ||
Net Income (Loss) Attributable to Parent | $ 86,700,000 | $ 91,700,000 |
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash provided by operating activities: | ||
Depreciation and Amortization of PP&E and Software | 34,100,000 | 36,400,000 |
Acquisition-related intangible asset amortization | 53,800,000 | 53,000,000 |
Amortization of Debt Issuance Costs and Discounts | 2,100,000 | 3,200,000 |
Gain (Loss) on Extinguishment of Debt | 15,600,000 | 0 |
Benefit for deferred income taxes | (8,400,000) | (8,200,000) |
Loss (Gain) on disposal of property, equipment, intangible assets, and impairments | 1,200,000 | (200,000) |
Stock compensation | 19,000,000 | 16,900,000 |
Other Operating Activities, Cash Flow Statement | 12,400,000 | (4,100,000) |
Change in working capital excluding cash, current debt, acquisitions and dispositions: | ||
Trade accounts receivable | 12,200,000 | 24,000,000 |
Inventories | (1,700,000) | (1,500,000) |
Other current assets | (23,600,000) | 3,700,000 |
Trade accounts payable | 6,300,000 | (6,600,000) |
Accrued expenses and other liabilities | (55,200,000) | (54,300,000) |
Increase (Decrease) in Accounts Receivable | (12,200,000) | (24,000,000) |
Increase (Decrease) in Inventories | 1,700,000 | 1,500,000 |
Increase (Decrease) in Other Operating Assets | 23,600,000 | (3,700,000) |
Increase (Decrease) in Accounts Payable, Trade | 6,300,000 | (6,600,000) |
Accrued expenses and other liabilities | (55,200,000) | (54,300,000) |
Increase (Decrease) in Other Noncurrent Assets and Liabilities, Net | (2,200,000) | (4,200,000) |
Net cash, cash equivalents and restricted cash provided by operating activities | 156,700,000 | 158,200,000 |
Investing Activities | ||
Purchases of property, plant, equipment and software | (46,100,000) | 31,400,000 |
Proceeds on sale of property and equipment | 1,400,000 | 3,100,000 |
Payments to Acquire Businesses, Gross | (13,100,000) | 0 |
Payments to Acquire Intangible Assets | 0 | (17,100,000) |
Payments to Acquire Investments | 0 | (26,600,000) |
Other investing activities | (100,000) | (200,000) |
Net cash, cash equivalents and restricted cash used in investing activities | (57,900,000) | (71,800,000) |
Financing Activities | ||
Payment of long-term debt | 25,100,000 | (100,000) |
Borrowings on Revolving Credit Facility | 190,000,000 | (110,000,000) |
Payments on Revolving Credit Facility | 85,000,000 | (105,000,000) |
Borrowings on Securitization Facility | 13,200,000 | 4,900,000 |
Payments on Securitization Facility | (17,700,000) | 4,900,000 |
Principal Amount Outstanding on Loans Securitized or Asset-backed Financing Arrangement | 32,600,000 | 37,500,000 |
Payments on Note Securitization Facility | (21,200,000) | 28,400,000 |
Payment for Debt Extinguishment or Debt Prepayment Cost | (12,200,000) | 0 |
Repayments of Senior Debt | (425,000,000) | 0 |
Cash dividends | (28,700,000) | (27,400,000) |
Proceeds on exercise of stock options | 5,700,000 | 8,600,000 |
Payment, Tax Withholding, Share-based Payment Arrangement | (15,800,000) | (4,000,000) |
Payments for Repurchase of Common Stock | (54,100,000) | 75,000,000 |
Proceeds from (Payments for) Other Financing Activities | 3,900,000 | 3,700,000 |
Net cash, cash equivalents and restricted cash used in financing activities | (439,400,000) | (80,100,000) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2,700,000) | (2,300,000) |
Net Cash Flows | (343,300,000) | 4,000,000 |
Cash, Cash Equivalents and Restricted Cash: | ||
Cash and cash equivalents | 214,100,000 | 187,000,000 |
At beginning of period | 214,100,000 | 183,000,000 |
At end of period | 290,500,000 | 187,000,000 |
Capital Expenditures Incurred but Not yet Paid | 4,000,000 | 300,000 |
Restricted Stock or Unit Expense | 27,100,000 | 9,900,000 |
Equity Method Investment, Realized Gain (Loss) on Disposal | 2,800,000 | |
Treasury Stock, Value, Acquired, Cost Method | (54,100,000) | (75,000,000) |
Net Income (Loss) Attributable to Parent | 86,700,000 | 91,700,000 |
Treasury Stock [Member] | ||
Financing Activities | ||
Payment, Tax Withholding, Share-based Payment Arrangement | (15,800,000) | (4,000,000) |
Cash, Cash Equivalents and Restricted Cash: | ||
Treasury Stock, Value, Acquired, Cost Method | $ (54,100,000) | $ (75,000,000) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (unaudited) Statement - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] |
Common Stock, Shares, Outstanding, Beginning Balance at Sep. 30, 2018 | 88,457,634 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Sep. 30, 2018 | $ 1,616,200,000 | $ 4,400,000 | $ 602,900,000 | $ 1,876,200,000 | $ (113,000,000) | $ (754,300,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative Effect on Retained Earnings, Net of Tax | Accounting Standards Update 2014-09 [Member] | (4,900,000) | (4,900,000) | ||||
Cumulative Effect on Retained Earnings, Net of Tax | Accounting Standards Update 2016-16 [Member] | (5,600,000) | (5,600,000) | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 5,400,000 | (5,400,000) | ||||
Net Income (Loss) Attributable to Parent | 91,700,000 | 91,700,000 | ||||
Other Comprehensive Income (Loss), Net of Tax | (21,900,000) | (21,900,000) | ||||
Dividends | 27,400,000 | (200,000) | 27,600,000 | |||
Payment, Tax Withholding, Share-based Payment Arrangement | (4,000,000) | (4,000,000) | ||||
Payments for Repurchase of Common Stock | (75,000,000) | (75,000,000) | ||||
Share-based Compensation on Equity-Classified Awards | 16,900,000 | 16,900,000 | ||||
Stock Issued During Period, Value, Stock Options Exercised | (8,600,000) | (2,000,000) | (6,600,000) | |||
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition | (4,700,000) | |||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | 4,700,000 | |||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 4,200,000 | 2,600,000 | 1,600,000 | |||
Payments for Repurchase of Common Stock | $ (75,000,000) | |||||
Other Comprehensive Income (Loss), Tax | 1,500,000 | |||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.41 | |||||
Common Stock, Shares, Outstanding, Ending Balance at Mar. 31, 2019 | 88,457,634 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2019 | $ 1,598,800,000 | $ 4,400,000 | 619,900,000 | 1,935,200,000 | (140,300,000) | (820,400,000) |
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2018 | 88,457,634 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2018 | 1,551,500,000 | $ 4,400,000 | 606,900,000 | 1,899,900,000 | (135,300,000) | (824,400,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 49,500,000 | |||||
Net Income (Loss) Attributable to Parent | 49,500,000 | 49,500,000 | ||||
Other Comprehensive Income (Loss), Net of Tax | (5,000,000) | (5,000,000) | ||||
Dividends | (14,100,000) | (100,000) | (14,200,000) | |||
Payment, Tax Withholding, Share-based Payment Arrangement | (500,000) | (500,000) | ||||
Share-based Compensation on Equity-Classified Awards | 11,100,000 | 11,100,000 | ||||
Stock Issued During Period, Value, Stock Options Exercised | 4,000,000 | (1,000,000) | (3,000,000) | |||
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition | (700,000) | |||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | 700,000 | |||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 2,300,000 | 1,500,000 | 800,000 | |||
Other Comprehensive Income (Loss), Tax | (1,400,000) | |||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.21 | |||||
Common Stock, Shares, Outstanding, Ending Balance at Mar. 31, 2019 | 88,457,634 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2019 | $ 1,598,800,000 | $ 4,400,000 | 619,900,000 | 1,935,200,000 | (140,300,000) | (820,400,000) |
Common Stock, Shares, Outstanding, Beginning Balance at Sep. 30, 2019 | 66,625,011 | 88,457,634 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Sep. 30, 2019 | $ 1,573,300,000 | $ 4,400,000 | 637,400,000 | 1,967,400,000 | (182,500,000) | (853,400,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 86,700,000 | |||||
Net Income (Loss) Attributable to Parent | 86,700,000 | |||||
Other Comprehensive Income (Loss), Net of Tax | (41,100,000) | (41,100,000) | ||||
Dividends | (28,700,000) | (200,000) | (28,900,000) | |||
Payment, Tax Withholding, Share-based Payment Arrangement | (15,800,000) | (15,800,000) | ||||
Payments for Repurchase of Common Stock | (54,100,000) | (54,100,000) | ||||
Share-based Compensation on Equity-Classified Awards | 18,500,000 | 18,500,000 | ||||
Stock Issued During Period, Value, Stock Options Exercised | (5,700,000) | (1,700,000) | (4,000,000) | |||
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition | (16,100,000) | |||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | 100,000 | 16,200,000 | ||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 4,300,000 | 2,700,000 | 1,600,000 | |||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | |||||
Payments for Repurchase of Common Stock | $ 54,100,000 | |||||
Other Comprehensive Income (Loss), Tax | 9,800,000 | |||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.43 | |||||
Common Stock, Shares, Outstanding, Ending Balance at Mar. 31, 2020 | 66,527,730 | 88,457,634 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2020 | $ 1,548,900,000 | $ 4,400,000 | 644,400,000 | 2,025,200,000 | (223,600,000) | (901,500,000) |
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2019 | 88,457,634 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2019 | 1,619,000,000 | $ 4,400,000 | 632,700,000 | 1,993,100,000 | (161,300,000) | (849,900,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 46,900,000 | |||||
Net Income (Loss) Attributable to Parent | 46,900,000 | |||||
Other Comprehensive Income (Loss), Net of Tax | (62,300,000) | (62,300,000) | ||||
Dividends | (14,600,000) | (200,000) | (14,800,000) | |||
Payment, Tax Withholding, Share-based Payment Arrangement | (700,000) | (700,000) | ||||
Payments for Repurchase of Common Stock | (54,100,000) | (54,100,000) | ||||
Share-based Compensation on Equity-Classified Awards | 10,200,000 | 10,200,000 | ||||
Stock Issued During Period, Value, Stock Options Exercised | (2,000,000) | (600,000) | (1,400,000) | |||
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition | (700,000) | |||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | 100,000 | 800,000 | ||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 2,400,000 | 1,400,000 | 1,000,000 | |||
Other Comprehensive Income (Loss), Tax | (9,400,000) | |||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.22 | |||||
Common Stock, Shares, Outstanding, Ending Balance at Mar. 31, 2020 | 66,527,730 | 88,457,634 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2020 | $ 1,548,900,000 | $ 4,400,000 | $ 644,400,000 | $ 2,025,200,000 | $ (223,600,000) | $ (901,500,000) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature of Operations Hill-Rom Holdings, Inc. (the “Company,” “Hillrom,” “we,” “us,” or “our”) was incorporated on August 7, 1969 in the State of Indiana and is headquartered in Chicago, Illinois. We are a global medical technology leader whose approximately 10,000 employees have a single purpose: enhancing outcomes for patients and their caregivers by Advancing Connected Care™. Around the world, our innovations touch over 7 million patients each day. Our products and services help enable earlier diagnosis and treatment, optimize surgical efficiency and accelerate patient recovery while simplifying clinical communication and shifting care closer to home. We make these outcomes possible through connected smart beds, patient lifts, patient assessment and monitoring technologies, caregiver collaboration tools, respiratory health devices, advanced equipment for the surgical space and more, delivering actionable, real-time insights at the point of care. Basis of Presentation and Principles of Consolidation The unaudited Condensed Consolidated Financial Statements appearing in this Quarterly Report on Form 10-Q should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in Hillrom’s latest fiscal 2019 Form 10-K as filed with the SEC. The September 30, 2019 Condensed Consolidated Balance Sheet was derived from audited Consolidated Financial Statements but does not include all disclosures required by accounting principles generally accepted in the United States. In the opinion of management, the Condensed Consolidated Financial Statements herein include all adjustments necessary to state fairly the financial position, results of operations and cash flows for the interim periods presented. Quarterly results are not necessarily indicative of annual results. The Condensed Consolidated Financial Statements include the accounts of Hillrom and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. The Company makes a number of significant estimates, assumptions and judgments in the preparation of its financial statements. Additionally, the Company measures and classifies fair value measurements in accordance with the level hierarchy in conformity with accounting principles generally accepted in the United States (“GAAP”). As of March 31, 2020, the Company's significant accounting policies and estimates and valuation techniques used to measure fair value have not changed from September 30, 2019. See Note 1. Summary of Significant Accounting Policies within the 2019 Form 10-K for the fiscal year ended September 30, 2019 for further information. Prior Period Reclassification Beginning in fiscal year 2020, we are presenting Acquisition-related intangible asset amortization as a separate line item on our Condensed Consolidated Statements of Income for all periods presented. Acquisition-related intangible asset amortization was previously included in Selling and administrative expenses. Additionally, we will no longer present Gross Profit as a subtotal on our Statements of Income. The following table presents Acquisition-related intangible asset amortization and Selling and administrative expenses, excluding the Acquisition-related intangible asset amortization, for the years ended September 30, 2019, 2018 and 2017, and for each quarterly period of fiscal 2019. Quarter Ended Year Ended December 31, March 31, June 30, September 30, September 30, September 30, September 30, Selling and administrative expense, previously reported $ 218.0 $ 231.2 $ 246.4 $ 245.4 $ 941.0 $ 891.6 $ 874.5 Less, Acquisition-related intangible asset amortization 25.7 27.3 29.3 40.1 122.4 106.9 108.4 Selling and administrative expense, currently reported $ 192.3 $ 203.9 $ 217.1 $ 205.3 $ 818.6 $ 784.7 $ 766.1 Goodwill As of March 31, 2020, we evaluated goodwill for impairment in response to the impacts of the COVID-19 pandemic on the global economy and the results of this evaluation did not result in any impairments. For the Surgical Solutions segment, we expect near-term lower demand for operating room infrastructure due to project delays as customers are currently focusing on the demands of the pandemic. Slower recovery resulting from extended project delays, an increase in discount rates, unfavorable changes in earnings multiples or a decline in future cash flow projections, among other factors, may cause a change in circumstances indicating that the carrying value of our goodwill may not be recoverable. If future financial assumptions significantly differ from those evaluated in the assessment noted above due to duration or magnitude of the impact of COVID-19, we can provide no assurance that a future goodwill impairment charge would not be incurred. Recently Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) and subsequently issued related amendments, collectively referred to as “ASC 842”. The objective of this guidance is to increase transparency and comparability among organizations through recognizing leased assets, called right-of-use assets (“ROU”), and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. As a lessee, the new standard requires us to recognize both the ROU assets and lease liabilities in the balance sheet for most leases, whereas under previous GAAP only finance lease liabilities (referred to as capital leases) were recognized in the balance sheet. In addition, for both lessees and lessors, the definition of a lease has been revised, which may result in changes to the classification of an arrangement as a lease. Under the new standard, an arrangement that conveys the right to control the use of an identified asset by obtaining substantially all of its economic benefits and directing how it is used is a lease, whereas the previous definition focused on the ability to control the use of the asset or to obtain its output. Quantitative and qualitative disclosures related to the amount, timing and judgments of an entity’s accounting for leases and the related cash flows are expanded under the new standard. Disclosure requirements apply to both lessees and lessors, whereas previous disclosures related only to lessees. The recognition, measurement, and presentation of revenues, expenses and cash flows arising from a lease have not significantly changed from previous GAAP. We adopted ASC 842 effective October 1, 2019 using the optional transition method approach. We elected the package of practical expedients, which applies to both lessees and lessors, to (1) not reassess whether existing contracts contain leases, (2) carryforward the existing lease classification and (3) not reassess initial direct costs associated with existing leases. As a lessee, the adoption of the guidance on October 1, 2019 resulted in the recognition of ROU assets of $82.5 million and lease liabilities of $85.8 million, which all related to operating leases. The ROU assets were lower than the lease liabilities due to the derecognition of deferred rent balances of $3.3 million. As a lessor, our accounting was not impacted by the adoption of this guidance. We did not recognize any adjustment to the comparative period presented in the financial statements in accordance with our adoption method. The guidance did not have a material impact on our Condensed Consolidated Statements of Income. See Note 7. Leases for additional information on the impacts of ASC 842. In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This standard eliminates Step 2 of the goodwill impairment test and requires a goodwill impairment to be measured as the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of its goodwill. ASU 2017-04 is effective for our first quarter of fiscal 2021 and requires a prospective transition method. Early adoption is permitted. We early adopted this standard in the first quarter of fiscal 2020 and the guidance did not have a material impact on our Condensed Consolidated Financial Statements. In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes . The purpose of the standard is to allow the use of the OIS rate based on the SOFR for hedge accounting purposes, which allows entities to designate changes in the fair values of fixed-rate financial assets or liabilities attributable to the OIS rate as the hedged risk. The amendment recognizes the OIS rate based on the SOFR as likely London Interbank Offered Rate (“LIBOR”) replacements and supports the marketplace transition by adding the new reference rate as a benchmark rate. The adoption of this ASU did not impact our financial statements as we have not yet utilized the OIS rate based on the SOFR for borrowings under our lending arrangements or as a benchmark rate for hedge accounting purposes. We will continue to monitor, assess and plan for the phase out of LIBOR. Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments and subsequently issued related amendments, collectively referred to as “Topic 326”. Topic 326 requires entities to measure credit losses for financial assets measured at amortized cost based on expected losses rather than incurred losses. For available-for-sale debt securities with unrealized losses, entities will recognize credit losses through an allowance for credit losses. Topic 326 is effective for our first quarter of fiscal 2021 and requires a prospective transition method. Early adoption is permitted. We are currently in the process of evaluating the impact of adoption on our Condensed Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement . The purpose of the standard is to improve the overall usefulness of fair value disclosures to financial statement users and reduce unnecessary costs to companies when preparing the disclosures. ASU 2018-13 is effective for our first quarter of fiscal 2021 and requires the application of the prospective method of transition (for only the most recent interim or annual period presented in the initial fiscal year of adoption) to the new disclosure requirements for (1) changes in unrealized gains and losses included in other comprehensive income and (2) the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 also requires prospective application to any modifications to disclosures made because of the change to the requirements for the narrative description of measurement uncertainty. The effects of all other amendments made by ASU 2018-13 must be applied retrospectively to all periods presented. Early adoption is permitted. We are currently in the process of evaluating the impact of adoption on our Condensed Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General (Topic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans. The purpose of the standard is to improve the overall usefulness of defined benefit pension and other postretirement plan disclosures to financial statement users and reduce unnecessary costs to companies when preparing the disclosures. ASU 2018-14 is effective for our fourth quarter of fiscal 2021 and requires a retrospective transition method. Early adoption is permitted. We are currently in the process of evaluating the impact of adoption on our Condensed Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . This update aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement to be consistent with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). ASU 2018-15 is effective for our first quarter of fiscal 2021 and allows a retrospective or a prospective transition method to all implementation costs incurred after the date of adoption. Early adoption is permitted. We are currently in the process of evaluating the impact of adoption on our Condensed Consolidated Financial Statements. In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 . The purpose of the standard is to (1) clarify that transactions between participants in a collaborative agreement should be accounted for under Topic 606 and (2) add unit-of-account guidance in Topic 808 to align with Topic 606. ASU 2018-18 is effective for our first quarter of fiscal 2021 and must be applied retrospectively to the first quarter of fiscal 2020. Early adoption is permitted. We are currently in the process of evaluating the impact of adoption on our Condensed Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The purpose of the standard is to remove certain exceptions to the general principles of Topic 740: Income Taxes in order to reduce the cost and complexity of its application and to maintain or improve the usefulness of the information provided to users of financial statements. ASU 2019-12 is effective for our first quarter of fiscal 2021 and will be applied either retrospectively or prospectively depending on the specific Topic 740 exception affected. Early adoption is permitted. We are currently in the process of evaluating the impact of adoption on our Condensed Consolidated Financial Statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The purpose of the standard is to provide guidance for the effects of the marketplace transition from LIBOR to a new reference rate as a benchmark rate. ASU 2020-04 is optional and is effective for a limited period of time from March 12,2020 through December 31, 2022. We are continuing to monitor, assess and plan for the phase out of LIBOR and will evaluating the impact of adoption on our Condensed Consolidated Financial Statements. Except as noted above, there are no significant changes to our assessment of the impact of recently issued accounting standards included in Note 1. Summary of Significant Accounting Policies of our Consolidated Financial Statements in our 2019 Form 10-K. |
Nature of Operations | Hill-Rom Holdings, Inc. (the “Company,” “Hillrom,” “we,” “us,” or “our”) was incorporated on August 7, 1969 in the State of Indiana and is headquartered in Chicago, Illinois. We are a global medical technology leader whose approximately 10,000 employees have a single purpose: enhancing outcomes for patients and their caregivers by Advancing Connected Care™. Around the world, our innovations touch over 7 million patients each day. Our products and services help enable earlier diagnosis and treatment, optimize surgical efficiency and accelerate patient recovery while simplifying clinical communication and shifting care closer to home. We make these outcomes possible through connected smart beds, patient lifts, patient assessment and monitoring technologies, caregiver collaboration tools, respiratory health devices, advanced equipment for the surgical space and more, delivering actionable, real-time insights at the point of care. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue from Contracts with Customers As of March 31, 2020, the Company's significant accounting policies for recognizing revenue have not changed from September 30, 2019. See Note 1. Summary of Significant Accounting Policies and Note 2. Revenue Recognition within our 2019 Form 10-K for the fiscal year ended September 30, 2019 for further information. Disaggregation of Revenue The Company disaggregates revenue recognized from contracts with customers by geography and reportable segments consistent with the way in which management operates and views the business. See Note 14. Segment Reporting for the presentation of the Company's revenue disaggregation. Contract Balances The nature of our products and services does not give rise to contract assets as we typically do not have instances where a right to payment for goods and services already transferred to a customer exists that is conditional on something other than the passage of time. The following summarizes contract liability activity for fiscal 2019 and the six months ended March 31, 2020. The contract liability balance represents the transaction price allocated to the remaining performance obligations. Contract Liabilities Balance as of October 1, 2018 $ 47.8 Revenue deferred due to ASC 606 initial adoption 58.4 Deferred revenue acquired 10.7 New revenue deferrals 282.1 Revenue recognized upon satisfaction of performance obligations (273.2) Balance as of September 30, 2019 125.8 Deferred revenue acquired 2.7 New revenue deferrals 168.4 Revenue recognized upon satisfaction of performance obligations (166.2) Balance as of March 31, 2020 $ 130.7 These contract liabilities are recorded in Deferred revenue and Other long-term liabilities. We expect to satisfy the majority of the remaining performance obligations and recognize revenue related to installation and service contracts within 12 to 24 months. |
Supplementary Balance Sheet Inf
Supplementary Balance Sheet Information | 6 Months Ended |
Mar. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplementary Balance Sheet Information | Supplementary Financial Statement Information March 31, September 30, 2019 Inventories, net of reserves: Finished products $ 114.3 $ 120.5 Work in process 42.7 42.4 Raw materials 108.5 106.7 Total inventories, net of reserves $ 265.5 $ 269.6 Accumulated amortization of software and other intangible assets $ 602.2 $ 597.0 Investments included in Other assets $ 47.7 $ 51.1 Investments In the first quarter of fiscal 2019, we acquired $26.6 million of non-marketable equity securities that are valued at cost. During the six months ended March 31, 2020, we sold an equity investment with a carrying value of $3.1 million and recognized a loss of $0.3 million, which is recorded as a component of Investment income (expense) and other, net. Additionally, we recognized an impairment loss of $1.7 million on a cost method investment. The loss was recorded as a component of Investment income (expense) and other, net. Supplemental Cash Flow Information Six Months Ended March 31 2020 2019 Non-cash investing activities: Change in capital expenditures not paid $ 4.0 $ 0.3 Sale of equity method investment 2.8 — Total non-cash investing activities: $ 6.8 $ 0.3 Non-cash financing activities: Distribution of shares issued under stock-based compensation plans $ 27.1 $ 9.9 |
Acquisitions
Acquisitions | 6 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Business Combinations Acquisitions Excel Medical Electronics On January 10, 2020, we acquired all of the outstanding equity interest of Excel Medical Electronics (“Excel Medical”), a clinical communications software company located in the United States, for total aggregate consideration of $19.2 million, comprised of $13.1 million cash and $6.1 million of contingent consideration measured at fair value as of the acquisition date. The purchase price is subject to certain post-closing adjustments. Contingent consideration is comprised of $1.6 million, which was withheld at the close of the transaction and is payable upon completion of contract stipulation, and estimated consideration measured at a fair value of $4.5 million, which is payable of up to $15.0 million based upon the achievement of certain commercial milestones over the next two years. The results of Excel Medical are included in the Patient Support Systems segment since the date of acquisition. The impact to reported revenue and net income for the three and six months ended March 31, 2020 was not significant. The following table summarizes the preliminary estimate of the fair value of assets acquired and liabilities assumed at the date of the Excel Medical acquisition. The fair value of assets acquired and liabilities assumed are still considered to be preliminary, however we do not expect further adjustments to be significant. Amount Trade accounts receivable $ 0.6 Inventories 0.9 Other current assets 0.1 Property, plant and equipment 0.1 Goodwill 9.8 Developed technology 10.9 Deferred revenue (2.7) Other current liabilities (0.5) Total purchase price, net of cash acquired $ 19.2 Goodwill in connection with the Excel Medical acquisition of $9.8 million was recognized at the acquisition date related to the excess of the purchase price over the estimated fair value of the assets acquired and the liabilities assumed, reflecting the value associated with enhancing synergies, accelerating our leadership in care communications platform and advancing our digital and mobile communications platform and capabilities. The goodwill was allocated entirely to our Patient Support Systems segment and is deductible for tax purposes in the United States. The estimated useful life of the acquired intangible assets is 5 years for developed technology. For the three and six months ended March 31, 2020, we recognized $0.7 million and $0.8 million of acquisition and integration costs in Selling and administrative expenses. Breathe Technologies, Inc. On September 3, 2019, we acquired all of the outstanding equity interests of Breathe Technologies, Inc. (“Breathe”), a developer and manufacturer of a patented wearable, non-invasive ventilation technology that supports improved patient mobility, for total aggregate cash consideration of $127.6 million. The results of Breathe are included in the Front Line Care segment since the date of acquisition. The following table summarizes the preliminary estimate of the fair value of assets acquired and liabilities assumed at the date of the Breathe acquisition. The fair value of assets acquired and liabilities assumed are still considered to be preliminary, however we do not expect further adjustments to be significant. Amount Trade accounts receivable $ 0.3 Inventories 6.3 Other current assets 0.1 Property, plant and equipment 2.1 Goodwill 60.2 Trade name 4.0 Customer relationships 0.4 Developed technology 56.0 Other assets 0.2 Trade accounts payable (0.5) Other current liabilities (1.6) Deferred income taxes 0.9 Other long-term liabilities (0.8) Total purchase price, net of cash acquired $ 127.6 Goodwill in connection with the Breathe acquisition of $60.2 million was recognized at the acquisition date related to the excess of the purchase price over the estimated fair value of the assets acquired and the liabilities assumed, reflecting the value associated with enhancing synergies and accelerating our leadership in respiratory health products. The goodwill was allocated entirely to our Front Line Care segment, which is not deductible for tax purposes in the United States. The estimated useful lives of the acquired intangible assets are 2 years for trade name, 8 years for customer relationships and 11 years for developed technology. For the three and six months ended March 31, 2020, we recognized $0.6 million and $1.5 million of acquisition and integration costs in Selling and administrative expenses and $0.5 million and $2.2 million in Special charges related to this acquisition. Voalte, Inc. On April 1, 2019, we acquired all of the outstanding equity interests of Voalte, Inc. (“Voalte”), a clinical communications software company located in the United States, for total aggregate consideration of $181.0 million, comprised of $175.8 million cash and $5.2 million of contingent consideration measured at fair value as of the acquisition date. Contingent consideration was payable up to $15.0 million based upon achievement of certain commercial milestones by March 31, 2020. No milestones were met and therefore no contingent consideration was paid. The results of Voalte are included in the Patient Support Systems segment since the date of acquisition. The following table summarizes the fair value of assets acquired and liabilities assumed at the date of the Voalte acquisition. The results are considered final. Amount Trade accounts receivable $ 5.8 Inventories 0.1 Other current assets 2.7 Property, plant and equipment 0.2 Goodwill 98.5 Non-competition agreements 2.7 Trade name 13.5 Customer relationships 29.0 Developed technology 55.0 Trade accounts payable (1.7) Deferred revenue (10.7) Other current liabilities (4.3) Deferred income taxes (9.8) Total purchase price, net of cash acquired $ 181.0 Goodwill in connection with the Voalte acquisition of $98.5 million was recognized at the acquisition date related to the excess of the purchase price over the estimated fair value of the assets acquired and the liabilities assumed, reflecting the value associated with enhancing synergies, accelerating our leadership in care communications platform and advancing our digital and mobile communications platform and capabilities. The goodwill was allocated entirely to our Patient Support Systems segment, which is not deductible for tax purposes in the United States. The estimated useful lives of the acquired intangible assets are 5 years for non-competition agreements and between 8 and 10 years for trade name, customer relationships and developed technology. In the first quarter of fiscal 2020, we reduced the contingent consideration accrual by $8.4 million as the commercial milestones were not expected to be achieved. This was recorded as a component of Selling and administrative expenses. There were no further adjustments to the contingent consideration accrual in the second quarter of fiscal 2020. Asset Acquisition On October 1, 2018, we acquired the right to use patented technology and certain related assets from a supplier to our Front Line Care segment. We paid $17.1 million of cash and committed to guaranteed minimum future royalty payments of $22.0 million, which are presented in Other intangible assets and software, net and are being amortized over the 7-year term of the agreement. Disposition On August 2, 2019, we completed a disposition to sell certain of our surgical consumable products and related assets for a purchase price of $166.6 million, which is net of cash and working capital adjustments. In fiscal 2019, we recorded a pre-tax loss on this disposition of $15.9 million in Investment income (expense) and other, net, including transaction costs of $4.0 million. This disposition did not have a major effect on the Company's operations or financial results, and, therefore, has not been reported as a discontinued operation. |
Financing Agreements
Financing Agreements | 6 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Financing Agreements | Financing Agreements Short-Term Borrowings Securitization Facilities The Company has a 364-day accounts receivable securitization program (the “Securitization Facility”) for borrowings up to $110.0 million and a 364-day facility for borrowings up to $90.0 million (the “Note Securitization Facility”) with certain financial institutions. Under the terms of each the Securitization Facility and Note Securitization Facility, certain of our accounts receivable secure the amounts borrowed and cannot be used to pay our other debts or liabilities. The amount of permissible borrowings outstanding is determined based on the amount of qualifying accounts receivable at any point in time. Borrowings outstanding under the Securitization Facility and Note Securitization Facility bear interest at LIBOR plus the applicable margin of 0.8% and 1.0% and are included as a component of Short-term borrowings, while the accounts receivable securing these obligations remain as a component of Trade accounts receivable, net of allowances. As of March 31, 2020 these facilities had an expiration date of May 1, 2020, but were renewed on April 27, 2020 through April 26, 2021. The terms and conditions of the renewed facilities are substantially similar to the expired facilities. Borrowings outstanding under the renewed Securitization Facility and renewed Note Securitization Facility bear interest at LIBOR plus the applicable margin of 0.8% and 0.9%. Long-Term Debt Long-Term Debt Redemption In September 2019, we issued senior unsecured notes of $425.0 million maturing September 2027 that bear interest at a fixed rate of 4.375% annually and capitalized debt issuance costs of $6.3 million. On October 7, 2019, we used the net proceeds from the offering of these notes, together with funds borrowed from the Revolving Credit Facility maturing in August 2024 (“2024 Revolving Credit Facility”), to redeem all of our previously outstanding senior unsecured 5.75% notes due September 2023 and to pay the prepayment premium of $12.2 million. We recorded a loss on extinguishment of debt of $15.6 million, which was comprised of the $12.2 million prepayment premium and $3.4 million of debt issuance costs previously capitalized. As of March 31, 2020, there were $185.0 million outstanding borrowings on the 2024 Revolving Credit Facility, and available borrowing capacity was $1,007.8 million after giving effect to the $7.2 million of outstanding standby letters of credit. As of September 30, 2019, there were $80.0 million outstanding borrowings on the 2024 Revolving Credit Facility, and available borrowing capacity was $1,112.8 million after giving effect to $7.2 million of outstanding standby letters of credit. See Note 6. Financing Agreements within the 2019 Form 10-K for the fiscal year ended September 30, 2019 for further information. Fair Value The fair value of our debt is estimated based on the quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities. The book values of our variable rate short-term debt instruments, our senior secured Term Loan A facility maturing in August 2024 (“2024 TLA Facility”) and our 2024 Revolving Credit Facility approximate fair value. The estimated fair values of our long-term debt instruments are described in the table below: March 31, September 30, 2019 Senior unsecured 5.00% notes due on February 14, 2025 $ 303.1 $ 312.4 Senior unsecured 4.375% notes due on September 15, 2027 419.1 435.4 Unsecured debentures 44.8 48.1 Total $ 767.0 $ 795.9 The estimated fair values of our long-term unsecured debentures were based on observable inputs such as quoted prices in markets that are not active. The estimated fair values of the Senior Notes were based on quoted prices for similar liabilities. These fair value measurements were classified as Level 2. Debt Covenants As of March 31, 2020, we were in compliance with all debt covenants under our financing agreements. |
Derivatives
Derivatives | 6 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivative Instruments and Hedging Activity We are exposed to various market risks, including fluctuations in interest rates and variability in foreign currency exchange rates. We have established policies, procedures and internal processes governing our management of market risks and the use of financial instruments to manage our exposure to such risks. We employ cash flow hedges, net investment hedges, and other derivative instruments not designated for hedge accounting to manage these risks. Cash Flow Hedges To manage our exposure to market risk from fluctuations in interest rates, we enter into interest rate swaps that are designated as cash flow hedges. As of March 31, 2020, we had interest rate swap agreements with an aggregate notional amount of $750.0 million to hedge the variability of cash flows through August 2024 associated with a portion of the variable interest rate payments on outstanding borrowings under our Senior Credit Agreement. As of March 31, 2020, these swaps were in a net liability position with an aggregate fair value of $45.2 million and were classified as Other current liabilities. As of September 30, 2019, we had interest rate swap agreements, with an aggregate notional amount of $750.0 million to hedge the variability of cash flows associated with a portion of the variable interest rate payments on outstanding borrowings under our Senior Credit Agreement through September 2021. As of September 30, 2019, these swaps were in a net liability position with an aggregate fair value of $6.8 million, of which $0.9 million were classified as Other assets and $7.7 million were classified as Other current liabilities. We classify fair value measurements on our interest rate swaps as Level 2. We are subject to variability in foreign currency exchange rates due to our international operations. We enter into currency exchange agreements that are designated as cash flow hedges to manage our exposure arising from fluctuating exchange rates related to specific and projected transactions. We operate this program pursuant to documented corporate risk management policies and do not enter into derivative transactions for speculative purposes. The sensitivity of earnings and cash flows to variability in exchange rates is assessed by applying an appropriate range of potential rate fluctuations to our assets, obligations and projected results of operations denominated in foreign currencies. Our currency risk consists primarily of foreign currency denominated firm commitments and projected foreign currency denominated intercompany and third-party transactions. As of March 31, 2020, there were no foreign exchange contracts outstanding. As of September 30, 2019, the notional amount of outstanding foreign exchange contracts was $6.7 million and they were in a net asset position reported in Other current assets with an aggregate fair value of $0.2 million. The maximum length of time over which we hedge transaction exposures is generally 15 months. Derivative gains and losses, initially reported as a component of Accumulated other comprehensive income (loss), are reclassified to earnings in the period when the transaction affects earnings. Net Investment Hedges As of March 31, 2020, we had cross-currency swap agreements, with an aggregate notional amount of $198.3 million, to hedge the variability of net assets due to changes in the U.S. dollar-Euro spot exchange rates through July 2023. These cross-currency swaps are designated as net investment hedges of subsidiaries using the Euro as their functional currency. As of March 31, 2020 and September 30, 2019, these swaps were in a net asset position with aggregate fair values of $22.3 million and $16.9 million, respectively, and were classified as Other assets. We classify fair value measurements on our cross-currency swaps as Level 2. We assess hedge effectiveness under the spot-to-spot method and record changes in fair value attributable to the translation of foreign currencies through Accumulated other comprehensive income (loss). We amortize the impact of all other changes in fair value of the derivatives through Interest expense, which was income of $1.3 million and $2.6 million for the three and six months ended March 31, 2020 compared to income of $1.2 million and expense of $0.1 million for the three and six months ended March 31, 2019. Undesignated Derivative Instruments We use forward contracts to mitigate the foreign exchange revaluation risk associated with recorded monetary assets and liabilities that are denominated in a non-functional currency. These derivative instruments are not formally designated as hedges and the terms of these instruments generally do not exceed one month. As of March 31, 2020, we had forward contracts not designated as hedges with aggregate notional amounts of $76.0 million. As of September 30, 2019, we had forward contracts not designated as hedges with aggregate notional amounts of $76.7 million. For the three months ended March 31, 2020, we recognized unrealized gains of $0.1 million and realized gains of $0.6 million. For the six months ended March 31, 2020, we recognized unrealized gains of $0.1 million and realized gains of $1.1 million. We recognized unrealized losses of $0.5 million and realized losses of $0.3 million for both the three and six months ended March 31, 2019. The unrealized and realized gains and losses for forward contracts not designated as hedges are recorded in Investment income (expense) and other, net. |
Leases
Leases | 6 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | Leases Hillrom as the Lessee We determine if an arrangement is a lease or contains a lease at contract inception. We lease real estate, automobiles and equipment under various operating leases. A lease liability and ROU asset is recognized for operating leases with terms greater than one year at the lease commencement date. The lease liability is measured as the present value of all remaining fixed payments calculated using our estimated secured incremental borrowing rate. The ROU asset is measured as the sum of the lease liability and any initial indirect costs incurred, less any lease incentives received. We use our estimated secured incremental borrowing rate as most lease agreements do not specify an interest rate. Our lease agreements include leases that have both lease and non-lease components. We have elected to account for lease components and the associated non-lease components as a single lease component. Our leases have remaining lease terms of approximately 1 year to 8.6 years. Many of our real estate and equipment leases include options to renew. Renewal periods are generally not included when calculating the remaining lease term unless we are reasonably certain to exercise a renewal option based on beneficial terms or significance of the leased asset to our operations. Expense for operating leases and leases with a term of one year or less is recognized on a straight-line basis over the lease term. Lease expense for the three months ended March 31, 2020 was $9.8 million, of which $7.0 million related to operating leases and $2.8 million related to short-term leases and variable lease payments. For the six months ended March 31, 2020, lease expense was $19.4 million, of which $13.8 million related to operating leases and $5.6 million related to short-term leases and variable lease payments. Lease expense is recorded in Cost of goods sold or Selling and administrative expenses based on the purpose of the leased asset. The following table summarizes the balance sheet classification of our operating leases and amounts of the ROU asset and lease liability as of March 31, 2020: Balance Sheet Classification March 31, 2020 Right-of-use assets Other assets $ 72.6 Current lease liabilities Other current liabilities 22.0 Non-current lease liabilities Other long-term liabilities 55.2 Supplemental information: March 31, 2020 Weighted-average discount rate 3.3 % Weighted-average remaining lease term in years 4.8 The following table summarizes the maturities of our operating leases as of March 31, 2020: Fiscal Year Amount Remaining 2020 $ 12.7 2021 22.5 2022 17.2 2023 12.1 2024 7.3 2025 4.8 Thereafter 10.2 Total lease payments 86.8 Less: imputed interest (9.6) Total lease liability $ 77.2 Disclosures Related to Periods Prior to Adopting the New Lease Guidance As disclosed in the 2019 Form 10-K, future minimum payments under non-cancellable operating leases (excluding executory costs) aggregating $94.9 million for manufacturing facilities, warehouse distribution centers, service centers, sales offices, automobiles and other equipment consisted of the following: Fiscal Year Amount 2020 $ 25.7 2021 21.4 2022 15.7 2023 11.1 2024 6.4 2025 and beyond 14.6 Rental expense in fiscal 2019, 2018 and 2017 was $39.8 million, $41.3 million and $38.0 million. Hillrom as the Lessor |
Retirement and Postretirement P
Retirement and Postretirement Plans | 6 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Retirement and Postretirement Plans | Retirement and Postretirement Plans We sponsor six defined benefit retirement plans. Those plans include a master defined benefit retirement plan in the United States, a nonqualified supplemental executive defined benefit retirement plan, three defined benefit retirement plans covering employees in Germany and France, and a defined benefit retirement plan of Excel Medical that was acquired on January 10, 2020. Benefits for such plans are based primarily on years of service and the employee’s level of compensation in specific periods of employment. We contribute funds to trusts as necessary to provide for current service and for any unfunded projected future benefit obligation over a reasonable period of time. All of our plans have a September 30 measurement date. The following table details the components of net pension expense for our defined benefit retirement plans. Three Months Ended Six Months Ended Condensed Consolidated Statements of Income Item 2020 2019 2020 2019 Service cost $ 0.4 $ 0.4 $ 0.8 $ 0.7 Cost of goods sold Service cost 0.8 0.7 1.6 1.5 Selling and administrative expenses Interest cost 2.4 3.2 4.9 6.3 Investment income (expense) and other, net Expected return on plan assets (3.7) (3.7) (7.4) (7.4) Investment income (expense) and other, net Amortization of unrecognized prior service cost, net — — 0.1 — Investment income (expense) and other, net Amortization of net loss 1.6 0.6 3.1 1.2 Investment income (expense) and other, net Settlement charge 8.5 — 8.5 — Investment income (expense) and other, net Net pension expense $ 10.0 $ 1.2 $ 11.6 $ 2.3 In addition to defined benefit retirement plans, we also offer two postretirement health care plans in the United States that provide health care benefits to qualified retirees and their dependents. The plans are closed to new participants and include retiree cost sharing provisions and generally extend retiree coverage for medical and prescription benefits beyond the COBRA continuation period to the date of Medicare eligibility. Annual costs related to these plans are not significant. On March 9, 2020, we transferred pension assets totaling $40.6 million to purchase annuity contracts for a certain population of retirees with a third-party insurance company. As a result, we recognized a non-cash settlement loss of $8.5 million, which is recorded as a component of Investment income (expense) and other, net in the Condensed Consolidated Statements of Income. We have defined contribution savings plans that cover substantially all U.S. employees and certain non-U.S. employees. The general purpose of these plans is to provide additional financial security in retirement by providing employees with an incentive to regularly save a portion of their earnings. Our contributions to the plans are based on eligibility and, in some cases, employee contributions. Expense under these plans was $10.1 million and $16.3 million for the three and six months ended March 31, 2020, and $8.3 million and $14.5 million for the three and six months ended March 31, 2019. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 6 Months Ended |
Mar. 31, 2020 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The following tables represent the changes in Other comprehensive income (loss) and Accumulated other comprehensive income (loss) by component for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 Other comprehensive income (loss) Accumulated other comprehensive income (loss) Prior to Reclassification Pre-tax Tax effect Net of tax Beginning Net activity Ending balance 2 Derivative instruments designated as hedges 1 : Foreign exchange forward contracts $ — $ — $ — $ — $ — $ — $ — $ — Interest rate swaps (39.7) (0.4) (40.1) 9.2 (30.9) (3.9) (30.9) (34.8) Cross-currency swaps 10.2 — 10.2 (2.4) 7.8 8.5 7.8 16.3 Derivative instruments designated as hedges total (29.5) (0.4) (29.9) 6.8 (23.1) 4.6 (23.1) (18.5) Foreign currency translation adjustment (31.6) — (31.6) — (31.6) (122.3) (31.6) (153.9) Change in pension and postretirement defined benefit plans 0.1 (10.3) (10.2) 2.6 (7.6) (43.6) (7.6) (51.2) Total $ (61.0) $ (10.7) $ (71.7) $ 9.4 $ (62.3) $ (161.3) $ (62.3) $ (223.6) Three Months Ended March 31, 2019 Other comprehensive income (loss) Accumulated other comprehensive income (loss) Prior to Reclassification Pre-tax Tax effect Net of tax Beginning Net activity Ending balance Derivative instruments designated as hedges 1 : Foreign exchange forward contracts $ (0.7) $ (0.1) $ (0.8) $ 0.3 $ (0.5) $ 0.9 $ (0.5) $ 0.4 Interest rate swaps (9.1) (1.7) (10.8) 2.3 (8.5) 13.8 (8.5) 5.3 Cross-currency swaps 8.1 — 8.1 (1.0) 7.1 (0.8) 7.1 6.3 Derivative instruments designated as hedges total (1.7) (1.8) (3.5) 1.6 (1.9) 13.9 (1.9) 12.0 Foreign currency translation adjustment (3.6) — (3.6) — (3.6) (118.9) (3.6) (122.5) Change in pension and postretirement defined benefit plans 0.1 0.6 0.7 (0.2) 0.5 (30.3) 0.5 (29.8) Total $ (5.2) $ (1.2) $ (6.4) $ 1.4 $ (5.0) $ (135.3) $ (5.0) $ (140.3) The following tables represent the changes in Other comprehensive income (loss) and Accumulated other comprehensive income (loss) by component for the six months ended March 31, 2020 and 2019: Six Months Ended March 31, 2020 Other comprehensive income (loss) Accumulated other comprehensive income (loss) Prior to Reclassification Pre-tax Tax effect Net of tax Beginning Net activity Ending balance 2 Derivative instruments designated as hedges 1 : Foreign exchange forward contracts $ (0.3) $ 0.1 $ (0.2) $ — $ (0.2) $ 0.2 $ (0.2) $ — Interest rate swaps (38.8) 0.4 (38.4) 8.8 (29.6) (5.2) (29.6) (34.8) Cross-currency swaps 5.4 — 5.4 (1.3) 4.1 12.2 4.1 16.3 Derivative instruments designated as hedges total (33.7) 0.5 (33.2) 7.5 (25.7) 7.2 (25.7) (18.5) Foreign currency translation adjustment (8.5) — (8.5) — (8.5) (145.4) (8.5) (153.9) Change in pension and postretirement defined benefit plans (0.1) (9.1) (9.2) 2.3 (6.9) (44.3) (6.9) (51.2) Total $ (42.3) $ (8.6) $ (50.9) $ 9.8 $ (41.1) $ (182.5) $ (41.1) $ (223.6) Six Months Ended March 31, 2019 Other comprehensive income (loss) Accumulated other comprehensive income (loss) Prior to Reclassification Pre-tax Tax effect Net of tax Beginning Impacts of ASU 2018-02 Adoption as of October 1, 2018 Net activity Ending Derivative instruments designated as hedges 1 : Foreign exchange forward contracts $ 0.5 $ (0.2) $ 0.3 $ (0.1) $ 0.2 $ 0.2 $ — $ 0.2 $ 0.4 Interest rate swaps (14.2) (3.8) (18.0) 4.2 (13.8) 18.3 0.8 (13.8) 5.3 Cross-currency swaps 10.3 — 10.3 (2.3) 8.0 (1.7) — 8.0 6.3 Derivative instruments designated as hedges total (3.4) (4.0) (7.4) 1.8 (5.6) 16.8 0.8 (5.6) 12.0 Foreign currency translation adjustment (17.2) — (17.2) — (17.2) (105.3) — (17.2) (122.5) Change in pension and postretirement defined benefit plans 0.1 1.1 1.2 (0.3) 0.9 (24.5) (6.2) 0.9 (29.8) Total $ (20.5) $ (2.9) $ (23.4) $ 1.5 $ (21.9) $ (113.0) $ (5.4) $ (21.9) $ (140.3) 1 See Note 6. Derivative Instruments and Hedging Activity for information regarding our hedging strategies. 2 The estimated net amount of gains and losses reported in Accumulated other comprehensive income (loss) related to our derivative instruments designated as hedges as of March 31, 2020 that are expected to be reclassified into earnings within the next 12 months is expense of $4.8 million. The following table represents the items reclassified out of Accumulated other comprehensive income (loss) and the related tax effects for the three months ended March 31, 2020 and 2019: Three Months Ended March 31 2020 2019 Amount Tax effect Net of tax Amount Tax effect 4 Net of tax Derivative instruments designated as hedges: Foreign exchange forward contracts 1 $ — $ — $ — $ (0.1) $ (0.1) $ (0.2) Interest rate swaps 2 (0.4) 0.1 (0.3) (1.7) 0.5 (1.2) Derivative instruments designated as hedges total (0.4) 0.1 (0.3) (1.8) 0.4 (1.4) Change in pension and postretirement defined benefit plans 3 (10.3) 2.6 (7.7) 0.6 (0.2) 0.4 The following table represents the items reclassified out of Accumulated other comprehensive income (loss) and the related tax effects for the six months ended March 31, 2020 and 2019: Six Months Ended March 31 2020 2019 Amount Tax effect Net of tax Amount Tax effect 4 Net of tax Derivative instruments designated as hedges: Foreign exchange forward contracts 1 $ 0.1 $ (0.1) $ — $ (0.2) $ — $ (0.2) Interest rate swaps 2 0.4 (0.1) 0.3 (3.8) 1.1 (2.7) Derivative instruments designated as hedges total 0.5 (0.2) 0.3 (4.0) 1.1 (2.9) Change in pension and postretirement defined benefit plans 3 (9.1) 2.3 (6.8) 1.1 (6.5) (5.4) 1 Reclassified from Accumulated other comprehensive income (loss) into Investment income (expense) and other, net. 2 Reclassified from Accumulated other comprehensive income (loss) into Interest expense. 3 Reclassified from Accumulated other comprehensive income (loss) into Cost of goods sold and Investment income (expense) and other, net. These components are included in the computation of net periodic pension expense. 4 As a result of the adoption of ASU 2018-02, we reclassified $5.4 million from Accumulated other comprehensive income (loss) to Retained earnings. |
Special Charges
Special Charges | 6 Months Ended |
Mar. 31, 2020 | |
Special Charges [Abstract] | |
Special Charges | Special Charges In connection with various organizational changes to improve our business alignment and cost structure, we recognized Special charges of $8.8 million and $16.6 million for the three and six months ended March 31, 2020 compared to $3.5 million and $11.5 million for the three and six months ended March 31, 2019. Although these charges are non-recurring in nature, additional Special charges are expected to be incurred related to restructuring and transformative initiatives in future periods. It is not practicable to estimate the amount of these future expected costs until such time as the evaluations are complete. These charges are summarized as follows: Business Optimization and Realignment Management pursues opportunities to align our operations to achieve synergies and position the business for growth. In fiscal 2018, a global transformation program was launched that was focused on reducing complexity, increasing efficiency and improving our cost structure with targeted investments that align with our strategic priorities. As part of this program, management launched an initiative related to a global information technology transformation, including rationalizing and transforming our enterprise resource planning software solutions and other complementary information technology systems. For the three months ended March 31, 2020, the Company incurred $9.9 million related to this initiative, of which $5.4 million was capitalized and $4.5 million was expensed in Special charges. For the six months ended March 31, 2020, the Company incurred $19.3 million, of which $10.7 million was capitalized and $8.6 million was expensed in Special charges. The objective of this initiative is to consolidate and streamline our key workstreams that interact with customers and vendors and support our financial reporting processes while maintaining the security of our data. The solutions designed under this initiative will be implemented over the next five to seven years. We acquired several businesses in fiscal 2019 and 2020 as disclosed within Note 4. Business Combinations for which we continue to incur integration-related costs and severance costs. These costs were recorded to Special charges for the three and six months ended March 31, 2020. We also incurred costs, including severance and benefit costs, associated with other business realignment and integration activities. For the three and six months ended March 31, 2020, we incurred total business optimization and realignment charges of $8.2 million and $15.5 million, of which $2.1 million and $3.9 million were severance and benefit costs with the remainder related to professional fees and project management costs. These amounts compare to charges of $2.5 million and $6.3 million for the three and six months ended March 31, 2019, of which $1.0 million and $3.8 million were severance and benefit costs with the remainder related to professional fees and project management costs. Site Consolidation We continue to streamline our operations and simplify our supply chain by consolidating certain manufacturing and distribution operations (“Site Consolidation”). For the three and six months ended March 31, 2020, we recorded charges of $0.7 million and $1.2 million related to these efforts, primarily comprised of site closure costs and severance and benefit costs. These amounts compare to charges of $1.0 million and $5.1 million related to these efforts for the three and six months ended March 31, 2019, primarily comprised of severance and benefit costs, lease termination and facility closure costs. For all accrued severance and other benefit charges described above, we record restructuring reserves within Other current liabilities. The reserve activity for severance and other benefits for the six months ended March 31, 2020 was as follows: Balance as of September 30, 2019 $ 8.5 Expenses 4.4 Cash Payments (7.8) Reversals (0.3) Balance as of March 31, 2020 $ 4.8 |
Income Taxes
Income Taxes | 6 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rate for the three months ended March 31, 2020 was 17.4% compared to 18.5% for the comparable period in the prior year. The effective tax rate for the three months ended March 31, 2020 was favorably impacted primarily by an increased projected benefit for the deduction attributed to foreign derived intangible income (“FDII”). The effective tax rate for the six months ended March 31, 2020 was 12.8% compared to 16.9% for the comparable period in the prior year. The effective tax rate for the six months ended March 31, 2020 was favorably impacted primarily by an increased projected benefit for the deduction attributed to FDII as well as a small benefit from current year discrete items. The effective tax rate for the six months ended March 31, 2020 was also favorably impacted by the reduction of the contingent consideration accrual of $8.4 million, that is not subject to tax. On March 25, 2020, the U.S. government approved the Coronavirus Aid, Relief and Economic Security (“CARES”) Act to provide economic stimulus to address the impact of the pandemic. We continue to evaluate what impact, if any, the CARES Act, or any similar legislation in other non-U.S. jurisdictions, may have on our related tax positions and our effective tax rate. |
Earnings per Common Share
Earnings per Common Share | 6 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Earnings per Common Share Basic earnings per share (“EPS”) is calculated based upon the weighted average number of outstanding common shares for the period, plus the effect of deferred vested shares. Diluted earnings per share is calculated consistent with the basic earnings per share calculation plus the effect of dilutive unissued common shares related to stock-based employee compensation programs. For all periods presented, anti-dilutive stock options were excluded from the calculation of diluted earnings per share. Cumulative treasury stock acquired, less cumulative shares reissued, have been excluded in determining the average number of shares outstanding. Earnings per share are calculated as follows: Three Months Ended March 31 Six Months Ended March 31 2020 2019 2020 2019 Net Income $ 46.9 $ 49.5 $ 86.7 $ 91.7 Net Income per Basic Common Share $ 0.70 $ 0.74 $ 1.30 $ 1.37 Net Income per Diluted Common Share $ 0.70 $ 0.74 $ 1.29 $ 1.36 Average Basic Common Shares Outstanding (in thousands) 66,685 66,696 66,731 66,866 Add potential effect of exercise of stock options and other unvested equity awards 533 648 578 659 Average Diluted Common Shares Outstanding (in thousands) 67,218 67,344 67,309 67,525 Shares with anti-dilutive effect excluded from the computation of diluted EPS 320 307 332 286 |
Guarantees
Guarantees | 6 Months Ended |
Mar. 31, 2020 | |
Product Warranties Disclosures [Abstract] | |
Guarantees | Warranties and Guarantees We routinely grant limited warranties on our products with respect to defects in material and workmanship. The terms of these warranties are generally one year, however, certain components and products have substantially longer warranty periods. We recognize a reserve with respect to these obligations at the time of product sale, with subsequent warranty claims recorded directly against the reserve. The amount of the warranty reserve is determined based on historical trend experience for the covered products. For more significant warranty-related matters that might require a broad-based correction, separate reserves are established when such events are identified and the cost of correction can be reasonably estimated. A rollforward of changes in the Accrued product warranties reserve for the periods covered in this report is as follows: Three Months Ended March 31 Six Months Ended March 31 2020 2019 2020 2019 Balance as of beginning of period $ 28.8 $ 24.9 $ 29.7 $ 20.5 Provision for warranties in the period 4.3 4.1 7.8 9.2 Warranty reserves assumed 1 — — — 2.8 Warranty claims in the period (4.1) (4.5) (8.5) (8.0) Balance as of end of period $ 29.0 $ 24.5 $ 29.0 $ 24.5 1 As a result of the asset acquisition in our Front Line Care segment discussed in Note 4. Business Combinations. In the normal course of business, we enter into various other guarantees and indemnities in our relationships with suppliers, service providers, customers, business partners and others. Examples of these arrangements would include guarantees of product performance, indemnifications to service providers and indemnifications of our actions to business partners. These guarantees and indemnifications have not historically had a material impact on our financial condition or results of operations, nor do we expect them to, although indemnifications associated with our actions generally have no dollar limitations. In conjunction with our acquisition and divestiture activities, we have entered into select guarantees and indemnifications of performance with respect to the fulfillment of commitments under applicable purchase and sale agreements. The arrangements generally indemnify the buyer or seller for damages associated with breach of contract, inaccuracies in representations and warranties surviving the closing date and satisfaction of liabilities and commitments retained under the applicable contract. With respect to sale transactions, we also routinely enter into non-competition agreements for varying periods of time. Guarantees and indemnifications with respect to acquisition and divestiture activities, if triggered, could have a materially adverse impact on our financial condition and results of operations. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting We disclose segment information that is consistent with the way in which management operates and views the business. Our operating structure contains the following reportable segments: • Patient Support Systems – globally provides our med-surg and specialty bed systems and surfaces, safe patient handling equipment and mobility solutions, as well as our care communications platform that delivers software and information technologies to improve care and deliver actionable insight to caregivers and patients. • Front Line Care – globally provides patient monitoring and diagnostic technologies, including a diversified portfolio of physical assessment tools that help diagnose, treat and manage a wide variety of illnesses and diseases, including a portfolio of vision care and respiratory health devices. • Surgical Solutions – globally provides products that improve safety and efficiency in the surgical space, including tables, lights, pendants, precision positioning devices and other accessories. Our performance within each reportable segment continues to be measured on a divisional income basis before non-allocated operating and administrative costs, litigation, special charges, acquisition and integration costs, acquisition-related intangible asset amortization, and other unusual events. Divisional income generally represents the division’s gross profit, excluding acquisition-related intangible asset amortization, less its direct operating costs along with an allocation of manufacturing and distribution costs, research and development and certain corporate functional expenses. Non-allocated operating costs, administrative costs, and other includes functional expenses that support the entire organization such as administration, finance, legal and human resources, expenses associated with strategic developments, acquisition-related intangible asset amortization, and other events that are not indicative of operating trends. We exclude such amounts from divisional income to allow management to evaluate and understand divisional operating trends. The chief operating decision maker does not receive any asset information by reportable segment and, accordingly, we do not report asset information by reportable segment. Effective for fiscal 2020, the allocation of operating costs to each segment was modified to improve the alignment to how management evaluates the performance of each segment. The fiscal 2019 segment information has been recast to conform to the current presentation. The reclassification did not impact our reported Consolidated Net Revenue or Income Before Income Taxes. Three Months Ended March 31 Six Months Ended March 31 2020 2019 2020 2019 Net Revenue - United States: Patient Support Systems $ 289.3 $ 267.2 $ 555.9 $ 515.3 Front Line Care 179.2 170.2 357.3 336.7 Surgical Solutions 38.0 55.6 75.1 109.5 Total net revenue - United States $ 506.5 $ 493.0 $ 988.3 $ 961.5 Net Revenue - Outside of the United States (“OUS”): Patient Support Systems $ 92.8 $ 92.4 $ 170.4 $ 185.3 Front Line Care 79.0 72.9 155.5 139.8 Surgical Solutions 44.9 55.9 94.0 111.1 Total net revenue - OUS $ 216.7 $ 221.2 $ 419.9 $ 436.2 Net Revenue: Patient Support Systems $ 382.1 $ 359.6 $ 726.3 $ 700.6 Front Line Care 258.2 243.1 512.8 476.5 Surgical Solutions 82.9 111.5 169.1 220.6 Total net revenue $ 723.2 $ 714.2 $ 1,408.2 $ 1,397.7 Divisional Income: Patient Support Systems $ 74.9 $ 72.2 $ 133.3 $ 131.9 Front Line Care 77.7 67.2 151.2 128.9 Surgical Solutions 13.7 15.1 26.5 26.4 Other Operating Costs: Non-allocated operating costs, administrative costs, and other 70.2 69.7 128.2 123.6 Special charges 8.8 3.5 16.6 11.5 Operating Profit 87.3 81.3 166.2 152.1 Interest expense (19.1) (21.8) (38.5) (43.1) Loss on extinguishment of debt — — (15.6) — Investment income (expense) and other, net (11.4) 1.2 (12.7) 1.3 Income Before Income Taxes $ 56.8 $ 60.7 $ 99.4 $ 110.3 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies General We are subject to various claims and contingencies arising out of the normal course of business, including those relating to governmental investigations and proceedings, commercial transactions, product liability, employee related matters, antitrust, safety, health, taxes, environmental and other matters. Litigation is subject to many uncertainties and the outcome of individual litigated matters is not predictable with assurance. It is possible that some litigation matters for which reserves have not been established could be decided unfavorably to us, and that any such unfavorable decisions could have a materially adverse effect on our financial condition, results of operations and cash flows. Self-Insurance We are involved in various claims, including product and general liability, workers’ compensation, auto liability and employment related matters. Such claims in the United States have deductibles and self-insured retentions at various limits up to $1.0 million per occurrence or per claim, depending upon the type of coverage and policy period. International deductibles and self-insured retentions are lower. We are also generally self-insured up to certain stop-loss limits for certain employee health benefits, including medical, drug and dental. Our policy is to estimate reserves based upon a number of factors including known claims, estimated incurred but not reported claims and outside actuarial analysis, which are based on historical information along with certain assumptions about future events. Such estimated reserves are classified as Other current liabilities and Other long-term liabilities. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies Nature of Operations (Policies) | 6 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates | The Company makes a number of significant estimates, assumptions and judgments in the preparation of its financial statements. Additionally, the Company measures and classifies fair value measurements in accordance with the level hierarchy in conformity with accounting principles generally accepted in the United States (“GAAP”). As of March 31, 2020, the Company's significant accounting policies and estimates and valuation techniques used to measure fair value have not changed from September 30, 2019. See Note 1. Summary of Significant Accounting Policies within the 2019 Form 10-K for the fiscal year ended September 30, 2019 for further information. |
Recently Issued Accounting Standards | Recently Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) and subsequently issued related amendments, collectively referred to as “ASC 842”. The objective of this guidance is to increase transparency and comparability among organizations through recognizing leased assets, called right-of-use assets (“ROU”), and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. As a lessee, the new standard requires us to recognize both the ROU assets and lease liabilities in the balance sheet for most leases, whereas under previous GAAP only finance lease liabilities (referred to as capital leases) were recognized in the balance sheet. In addition, for both lessees and lessors, the definition of a lease has been revised, which may result in changes to the classification of an arrangement as a lease. Under the new standard, an arrangement that conveys the right to control the use of an identified asset by obtaining substantially all of its economic benefits and directing how it is used is a lease, whereas the previous definition focused on the ability to control the use of the asset or to obtain its output. Quantitative and qualitative disclosures related to the amount, timing and judgments of an entity’s accounting for leases and the related cash flows are expanded under the new standard. Disclosure requirements apply to both lessees and lessors, whereas previous disclosures related only to lessees. The recognition, measurement, and presentation of revenues, expenses and cash flows arising from a lease have not significantly changed from previous GAAP. We adopted ASC 842 effective October 1, 2019 using the optional transition method approach. We elected the package of practical expedients, which applies to both lessees and lessors, to (1) not reassess whether existing contracts contain leases, (2) carryforward the existing lease classification and (3) not reassess initial direct costs associated with existing leases. As a lessee, the adoption of the guidance on October 1, 2019 resulted in the recognition of ROU assets of $82.5 million and lease liabilities of $85.8 million, which all related to operating leases. The ROU assets were lower than the lease liabilities due to the derecognition of deferred rent balances of $3.3 million. As a lessor, our accounting was not impacted by the adoption of this guidance. We did not recognize any adjustment to the comparative period presented in the financial statements in accordance with our adoption method. The guidance did not have a material impact on our Condensed Consolidated Statements of Income. See Note 7. Leases for additional information on the impacts of ASC 842. In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This standard eliminates Step 2 of the goodwill impairment test and requires a goodwill impairment to be measured as the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of its goodwill. ASU 2017-04 is effective for our first quarter of fiscal 2021 and requires a prospective transition method. Early adoption is permitted. We early adopted this standard in the first quarter of fiscal 2020 and the guidance did not have a material impact on our Condensed Consolidated Financial Statements. In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes . The purpose of the standard is to allow the use of the OIS rate based on the SOFR for hedge accounting purposes, which allows entities to designate changes in the fair values of fixed-rate financial assets or liabilities attributable to the OIS rate as the hedged risk. The amendment recognizes the OIS rate based on the SOFR as likely London Interbank Offered Rate (“LIBOR”) replacements and supports the marketplace transition by adding the new reference rate as a benchmark rate. The adoption of this ASU did not impact our financial statements as we have not yet utilized the OIS rate based on the SOFR for borrowings under our lending arrangements or as a benchmark rate for hedge accounting purposes. We will continue to monitor, assess and plan for the phase out of LIBOR. Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments and subsequently issued related amendments, collectively referred to as “Topic 326”. Topic 326 requires entities to measure credit losses for financial assets measured at amortized cost based on expected losses rather than incurred losses. For available-for-sale debt securities with unrealized losses, entities will recognize credit losses through an allowance for credit losses. Topic 326 is effective for our first quarter of fiscal 2021 and requires a prospective transition method. Early adoption is permitted. We are currently in the process of evaluating the impact of adoption on our Condensed Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement . The purpose of the standard is to improve the overall usefulness of fair value disclosures to financial statement users and reduce unnecessary costs to companies when preparing the disclosures. ASU 2018-13 is effective for our first quarter of fiscal 2021 and requires the application of the prospective method of transition (for only the most recent interim or annual period presented in the initial fiscal year of adoption) to the new disclosure requirements for (1) changes in unrealized gains and losses included in other comprehensive income and (2) the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 also requires prospective application to any modifications to disclosures made because of the change to the requirements for the narrative description of measurement uncertainty. The effects of all other amendments made by ASU 2018-13 must be applied retrospectively to all periods presented. Early adoption is permitted. We are currently in the process of evaluating the impact of adoption on our Condensed Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General (Topic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans. The purpose of the standard is to improve the overall usefulness of defined benefit pension and other postretirement plan disclosures to financial statement users and reduce unnecessary costs to companies when preparing the disclosures. ASU 2018-14 is effective for our fourth quarter of fiscal 2021 and requires a retrospective transition method. Early adoption is permitted. We are currently in the process of evaluating the impact of adoption on our Condensed Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . This update aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement to be consistent with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). ASU 2018-15 is effective for our first quarter of fiscal 2021 and allows a retrospective or a prospective transition method to all implementation costs incurred after the date of adoption. Early adoption is permitted. We are currently in the process of evaluating the impact of adoption on our Condensed Consolidated Financial Statements. In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 . The purpose of the standard is to (1) clarify that transactions between participants in a collaborative agreement should be accounted for under Topic 606 and (2) add unit-of-account guidance in Topic 808 to align with Topic 606. ASU 2018-18 is effective for our first quarter of fiscal 2021 and must be applied retrospectively to the first quarter of fiscal 2020. Early adoption is permitted. We are currently in the process of evaluating the impact of adoption on our Condensed Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The purpose of the standard is to remove certain exceptions to the general principles of Topic 740: Income Taxes in order to reduce the cost and complexity of its application and to maintain or improve the usefulness of the information provided to users of financial statements. ASU 2019-12 is effective for our first quarter of fiscal 2021 and will be applied either retrospectively or prospectively depending on the specific Topic 740 exception affected. Early adoption is permitted. We are currently in the process of evaluating the impact of adoption on our Condensed Consolidated Financial Statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The purpose of the standard is to provide guidance for the effects of the marketplace transition from LIBOR to a new reference rate as a benchmark rate. ASU 2020-04 is optional and is effective for a limited period of time from March 12,2020 through December 31, 2022. We are continuing to monitor, assess and plan for the phase out of LIBOR and will evaluating the impact of adoption on our Condensed Consolidated Financial Statements. Except as noted above, there are no significant changes to our assessment of the impact of recently issued accounting standards included in Note 1. Summary of Significant Accounting Policies of our Consolidated Financial Statements in our 2019 Form 10-K. |
Basis of Presentation and Principles of Consolidation | The unaudited Condensed Consolidated Financial Statements appearing in this Quarterly Report on Form 10-Q should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in Hillrom’s latest fiscal 2019 Form 10-K as filed with the SEC. The September 30, 2019 Condensed Consolidated Balance Sheet was derived from audited Consolidated Financial Statements but does not include all disclosures required by accounting principles generally accepted in the United States. In the opinion of management, the Condensed Consolidated Financial Statements herein include all adjustments necessary to state fairly the financial position, results of operations and cash flows for the interim periods presented. Quarterly results are not necessarily indicative of annual results.The Condensed Consolidated Financial Statements include the accounts of Hillrom and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 6 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Prior Period Reclassification | The following table presents Acquisition-related intangible asset amortization and Selling and administrative expenses, excluding the Acquisition-related intangible asset amortization, for the years ended September 30, 2019, 2018 and 2017, and for each quarterly period of fiscal 2019. Quarter Ended Year Ended December 31, March 31, June 30, September 30, September 30, September 30, September 30, Selling and administrative expense, previously reported $ 218.0 $ 231.2 $ 246.4 $ 245.4 $ 941.0 $ 891.6 $ 874.5 Less, Acquisition-related intangible asset amortization 25.7 27.3 29.3 40.1 122.4 106.9 108.4 Selling and administrative expense, currently reported $ 192.3 $ 203.9 $ 217.1 $ 205.3 $ 818.6 $ 784.7 $ 766.1 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Asset and Liability [Table Text Block] | The following summarizes contract liability activity for fiscal 2019 and the six months ended March 31, 2020. The contract liability balance represents the transaction price allocated to the remaining performance obligations. Contract Liabilities Balance as of October 1, 2018 $ 47.8 Revenue deferred due to ASC 606 initial adoption 58.4 Deferred revenue acquired 10.7 New revenue deferrals 282.1 Revenue recognized upon satisfaction of performance obligations (273.2) Balance as of September 30, 2019 125.8 Deferred revenue acquired 2.7 New revenue deferrals 168.4 Revenue recognized upon satisfaction of performance obligations (166.2) Balance as of March 31, 2020 $ 130.7 |
Supplementary Balance Sheet I_2
Supplementary Balance Sheet Information (Tables) | 6 Months Ended |
Mar. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplementary Balance Sheet Information | March 31, September 30, 2019 Inventories, net of reserves: Finished products $ 114.3 $ 120.5 Work in process 42.7 42.4 Raw materials 108.5 106.7 Total inventories, net of reserves $ 265.5 $ 269.6 Accumulated amortization of software and other intangible assets $ 602.2 $ 597.0 Investments included in Other assets $ 47.7 $ 51.1 |
Schedule of Cash Flow, Supplemental Disclosures | Supplemental Cash Flow Information Six Months Ended March 31 2020 2019 Non-cash investing activities: Change in capital expenditures not paid $ 4.0 $ 0.3 Sale of equity method investment 2.8 — Total non-cash investing activities: $ 6.8 $ 0.3 Non-cash financing activities: Distribution of shares issued under stock-based compensation plans $ 27.1 $ 9.9 |
Business Combinations Acquisiti
Business Combinations Acquisitions (Tables) | 6 Months Ended |
Mar. 31, 2020 | |
Business Combination [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the preliminary estimate of the fair value of assets acquired and liabilities assumed at the date of the Excel Medical acquisition. The fair value of assets acquired and liabilities assumed are still considered to be preliminary, however we do not expect further adjustments to be significant. Amount Trade accounts receivable $ 0.6 Inventories 0.9 Other current assets 0.1 Property, plant and equipment 0.1 Goodwill 9.8 Developed technology 10.9 Deferred revenue (2.7) Other current liabilities (0.5) Total purchase price, net of cash acquired $ 19.2 The following table summarizes the preliminary estimate of the fair value of assets acquired and liabilities assumed at the date of the Breathe acquisition. The fair value of assets acquired and liabilities assumed are still considered to be preliminary, however we do not expect further adjustments to be significant. Amount Trade accounts receivable $ 0.3 Inventories 6.3 Other current assets 0.1 Property, plant and equipment 2.1 Goodwill 60.2 Trade name 4.0 Customer relationships 0.4 Developed technology 56.0 Other assets 0.2 Trade accounts payable (0.5) Other current liabilities (1.6) Deferred income taxes 0.9 Other long-term liabilities (0.8) Total purchase price, net of cash acquired $ 127.6 The following table summarizes the fair value of assets acquired and liabilities assumed at the date of the Voalte acquisition. The results are considered final. Amount Trade accounts receivable $ 5.8 Inventories 0.1 Other current assets 2.7 Property, plant and equipment 0.2 Goodwill 98.5 Non-competition agreements 2.7 Trade name 13.5 Customer relationships 29.0 Developed technology 55.0 Trade accounts payable (1.7) Deferred revenue (10.7) Other current liabilities (4.3) Deferred income taxes (9.8) Total purchase price, net of cash acquired $ 181.0 |
Financing Agreements (Tables)
Financing Agreements (Tables) | 6 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Fair Values of Long-Term Debt Instruments | The estimated fair values of our long-term debt instruments are described in the table below: March 31, September 30, 2019 Senior unsecured 5.00% notes due on February 14, 2025 $ 303.1 $ 312.4 Senior unsecured 4.375% notes due on September 15, 2027 419.1 435.4 Unsecured debentures 44.8 48.1 Total $ 767.0 $ 795.9 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The following table summarizes the balance sheet classification of our operating leases and amounts of the ROU asset and lease liability as of March 31, 2020: Balance Sheet Classification March 31, 2020 Right-of-use assets Other assets $ 72.6 Current lease liabilities Other current liabilities 22.0 Non-current lease liabilities Other long-term liabilities 55.2 Supplemental information: March 31, 2020 Weighted-average discount rate 3.3 % Weighted-average remaining lease term in years 4.8 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following table summarizes the maturities of our operating leases as of March 31, 2020: Fiscal Year Amount Remaining 2020 $ 12.7 2021 22.5 2022 17.2 2023 12.1 2024 7.3 2025 4.8 Thereafter 10.2 Total lease payments 86.8 Less: imputed interest (9.6) Total lease liability $ 77.2 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As disclosed in the 2019 Form 10-K, future minimum payments under non-cancellable operating leases (excluding executory costs) aggregating $94.9 million for manufacturing facilities, warehouse distribution centers, service centers, sales offices, automobiles and other equipment consisted of the following: Fiscal Year Amount 2020 $ 25.7 2021 21.4 2022 15.7 2023 11.1 2024 6.4 2025 and beyond 14.6 |
Retirement and Postretirement_2
Retirement and Postretirement Plans (Tables) | 6 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Net Pension Expense | The following table details the components of net pension expense for our defined benefit retirement plans. Three Months Ended Six Months Ended Condensed Consolidated Statements of Income Item 2020 2019 2020 2019 Service cost $ 0.4 $ 0.4 $ 0.8 $ 0.7 Cost of goods sold Service cost 0.8 0.7 1.6 1.5 Selling and administrative expenses Interest cost 2.4 3.2 4.9 6.3 Investment income (expense) and other, net Expected return on plan assets (3.7) (3.7) (7.4) (7.4) Investment income (expense) and other, net Amortization of unrecognized prior service cost, net — — 0.1 — Investment income (expense) and other, net Amortization of net loss 1.6 0.6 3.1 1.2 Investment income (expense) and other, net Settlement charge 8.5 — 8.5 — Investment income (expense) and other, net Net pension expense $ 10.0 $ 1.2 $ 11.6 $ 2.3 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Mar. 31, 2020 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Changes in AOCL by Component | The following tables represent the changes in Other comprehensive income (loss) and Accumulated other comprehensive income (loss) by component for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 Other comprehensive income (loss) Accumulated other comprehensive income (loss) Prior to Reclassification Pre-tax Tax effect Net of tax Beginning Net activity Ending balance 2 Derivative instruments designated as hedges 1 : Foreign exchange forward contracts $ — $ — $ — $ — $ — $ — $ — $ — Interest rate swaps (39.7) (0.4) (40.1) 9.2 (30.9) (3.9) (30.9) (34.8) Cross-currency swaps 10.2 — 10.2 (2.4) 7.8 8.5 7.8 16.3 Derivative instruments designated as hedges total (29.5) (0.4) (29.9) 6.8 (23.1) 4.6 (23.1) (18.5) Foreign currency translation adjustment (31.6) — (31.6) — (31.6) (122.3) (31.6) (153.9) Change in pension and postretirement defined benefit plans 0.1 (10.3) (10.2) 2.6 (7.6) (43.6) (7.6) (51.2) Total $ (61.0) $ (10.7) $ (71.7) $ 9.4 $ (62.3) $ (161.3) $ (62.3) $ (223.6) Three Months Ended March 31, 2019 Other comprehensive income (loss) Accumulated other comprehensive income (loss) Prior to Reclassification Pre-tax Tax effect Net of tax Beginning Net activity Ending balance Derivative instruments designated as hedges 1 : Foreign exchange forward contracts $ (0.7) $ (0.1) $ (0.8) $ 0.3 $ (0.5) $ 0.9 $ (0.5) $ 0.4 Interest rate swaps (9.1) (1.7) (10.8) 2.3 (8.5) 13.8 (8.5) 5.3 Cross-currency swaps 8.1 — 8.1 (1.0) 7.1 (0.8) 7.1 6.3 Derivative instruments designated as hedges total (1.7) (1.8) (3.5) 1.6 (1.9) 13.9 (1.9) 12.0 Foreign currency translation adjustment (3.6) — (3.6) — (3.6) (118.9) (3.6) (122.5) Change in pension and postretirement defined benefit plans 0.1 0.6 0.7 (0.2) 0.5 (30.3) 0.5 (29.8) Total $ (5.2) $ (1.2) $ (6.4) $ 1.4 $ (5.0) $ (135.3) $ (5.0) $ (140.3) The following tables represent the changes in Other comprehensive income (loss) and Accumulated other comprehensive income (loss) by component for the six months ended March 31, 2020 and 2019: Six Months Ended March 31, 2020 Other comprehensive income (loss) Accumulated other comprehensive income (loss) Prior to Reclassification Pre-tax Tax effect Net of tax Beginning Net activity Ending balance 2 Derivative instruments designated as hedges 1 : Foreign exchange forward contracts $ (0.3) $ 0.1 $ (0.2) $ — $ (0.2) $ 0.2 $ (0.2) $ — Interest rate swaps (38.8) 0.4 (38.4) 8.8 (29.6) (5.2) (29.6) (34.8) Cross-currency swaps 5.4 — 5.4 (1.3) 4.1 12.2 4.1 16.3 Derivative instruments designated as hedges total (33.7) 0.5 (33.2) 7.5 (25.7) 7.2 (25.7) (18.5) Foreign currency translation adjustment (8.5) — (8.5) — (8.5) (145.4) (8.5) (153.9) Change in pension and postretirement defined benefit plans (0.1) (9.1) (9.2) 2.3 (6.9) (44.3) (6.9) (51.2) Total $ (42.3) $ (8.6) $ (50.9) $ 9.8 $ (41.1) $ (182.5) $ (41.1) $ (223.6) Six Months Ended March 31, 2019 Other comprehensive income (loss) Accumulated other comprehensive income (loss) Prior to Reclassification Pre-tax Tax effect Net of tax Beginning Impacts of ASU 2018-02 Adoption as of October 1, 2018 Net activity Ending Derivative instruments designated as hedges 1 : Foreign exchange forward contracts $ 0.5 $ (0.2) $ 0.3 $ (0.1) $ 0.2 $ 0.2 $ — $ 0.2 $ 0.4 Interest rate swaps (14.2) (3.8) (18.0) 4.2 (13.8) 18.3 0.8 (13.8) 5.3 Cross-currency swaps 10.3 — 10.3 (2.3) 8.0 (1.7) — 8.0 6.3 Derivative instruments designated as hedges total (3.4) (4.0) (7.4) 1.8 (5.6) 16.8 0.8 (5.6) 12.0 Foreign currency translation adjustment (17.2) — (17.2) — (17.2) (105.3) — (17.2) (122.5) Change in pension and postretirement defined benefit plans 0.1 1.1 1.2 (0.3) 0.9 (24.5) (6.2) 0.9 (29.8) Total $ (20.5) $ (2.9) $ (23.4) $ 1.5 $ (21.9) $ (113.0) $ (5.4) $ (21.9) $ (140.3) 1 See Note 6. Derivative Instruments and Hedging Activity for information regarding our hedging strategies. 2 The estimated net amount of gains and losses reported in Accumulated other comprehensive income (loss) related to our derivative instruments designated as hedges as of March 31, 2020 that are expected to be reclassified into earnings within the next 12 months is expense of $4.8 million. |
Schedule of Items Reclassified out of AOCL | The following table represents the items reclassified out of Accumulated other comprehensive income (loss) and the related tax effects for the three months ended March 31, 2020 and 2019: Three Months Ended March 31 2020 2019 Amount Tax effect Net of tax Amount Tax effect 4 Net of tax Derivative instruments designated as hedges: Foreign exchange forward contracts 1 $ — $ — $ — $ (0.1) $ (0.1) $ (0.2) Interest rate swaps 2 (0.4) 0.1 (0.3) (1.7) 0.5 (1.2) Derivative instruments designated as hedges total (0.4) 0.1 (0.3) (1.8) 0.4 (1.4) Change in pension and postretirement defined benefit plans 3 (10.3) 2.6 (7.7) 0.6 (0.2) 0.4 The following table represents the items reclassified out of Accumulated other comprehensive income (loss) and the related tax effects for the six months ended March 31, 2020 and 2019: Six Months Ended March 31 2020 2019 Amount Tax effect Net of tax Amount Tax effect 4 Net of tax Derivative instruments designated as hedges: Foreign exchange forward contracts 1 $ 0.1 $ (0.1) $ — $ (0.2) $ — $ (0.2) Interest rate swaps 2 0.4 (0.1) 0.3 (3.8) 1.1 (2.7) Derivative instruments designated as hedges total 0.5 (0.2) 0.3 (4.0) 1.1 (2.9) Change in pension and postretirement defined benefit plans 3 (9.1) 2.3 (6.8) 1.1 (6.5) (5.4) 1 Reclassified from Accumulated other comprehensive income (loss) into Investment income (expense) and other, net. 2 Reclassified from Accumulated other comprehensive income (loss) into Interest expense. 3 Reclassified from Accumulated other comprehensive income (loss) into Cost of goods sold and Investment income (expense) and other, net. These components are included in the computation of net periodic pension expense. 4 As a result of the adoption of ASU 2018-02, we reclassified $5.4 million from Accumulated other comprehensive income (loss) to Retained earnings. |
Special Charges (Tables)
Special Charges (Tables) | 6 Months Ended |
Mar. 31, 2020 | |
Special Charges [Abstract] | |
Restructuring Activity | The reserve activity for severance and other benefits for the six months ended March 31, 2020 was as follows: Balance as of September 30, 2019 $ 8.5 Expenses 4.4 Cash Payments (7.8) Reversals (0.3) Balance as of March 31, 2020 $ 4.8 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 6 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Calculated Earnings per Share | Earnings per share are calculated as follows: Three Months Ended March 31 Six Months Ended March 31 2020 2019 2020 2019 Net Income $ 46.9 $ 49.5 $ 86.7 $ 91.7 Net Income per Basic Common Share $ 0.70 $ 0.74 $ 1.30 $ 1.37 Net Income per Diluted Common Share $ 0.70 $ 0.74 $ 1.29 $ 1.36 Average Basic Common Shares Outstanding (in thousands) 66,685 66,696 66,731 66,866 Add potential effect of exercise of stock options and other unvested equity awards 533 648 578 659 Average Diluted Common Shares Outstanding (in thousands) 67,218 67,344 67,309 67,525 Shares with anti-dilutive effect excluded from the computation of diluted EPS 320 307 332 286 |
Guarantees (Tables)
Guarantees (Tables) | 6 Months Ended |
Mar. 31, 2020 | |
Product Warranties Disclosures [Abstract] | |
Reconciliation of Changes in the Warranty Reserve | A rollforward of changes in the Accrued product warranties reserve for the periods covered in this report is as follows: Three Months Ended March 31 Six Months Ended March 31 2020 2019 2020 2019 Balance as of beginning of period $ 28.8 $ 24.9 $ 29.7 $ 20.5 Provision for warranties in the period 4.3 4.1 7.8 9.2 Warranty reserves assumed 1 — — — 2.8 Warranty claims in the period (4.1) (4.5) (8.5) (8.0) Balance as of end of period $ 29.0 $ 24.5 $ 29.0 $ 24.5 1 As a result of the asset acquisition in our Front Line Care segment discussed in Note 4. Business Combinations. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Reconciliation of Segment Information to Consolidated Financial Information | Three Months Ended March 31 Six Months Ended March 31 2020 2019 2020 2019 Net Revenue - United States: Patient Support Systems $ 289.3 $ 267.2 $ 555.9 $ 515.3 Front Line Care 179.2 170.2 357.3 336.7 Surgical Solutions 38.0 55.6 75.1 109.5 Total net revenue - United States $ 506.5 $ 493.0 $ 988.3 $ 961.5 Net Revenue - Outside of the United States (“OUS”): Patient Support Systems $ 92.8 $ 92.4 $ 170.4 $ 185.3 Front Line Care 79.0 72.9 155.5 139.8 Surgical Solutions 44.9 55.9 94.0 111.1 Total net revenue - OUS $ 216.7 $ 221.2 $ 419.9 $ 436.2 Net Revenue: Patient Support Systems $ 382.1 $ 359.6 $ 726.3 $ 700.6 Front Line Care 258.2 243.1 512.8 476.5 Surgical Solutions 82.9 111.5 169.1 220.6 Total net revenue $ 723.2 $ 714.2 $ 1,408.2 $ 1,397.7 Divisional Income: Patient Support Systems $ 74.9 $ 72.2 $ 133.3 $ 131.9 Front Line Care 77.7 67.2 151.2 128.9 Surgical Solutions 13.7 15.1 26.5 26.4 Other Operating Costs: Non-allocated operating costs, administrative costs, and other 70.2 69.7 128.2 123.6 Special charges 8.8 3.5 16.6 11.5 Operating Profit 87.3 81.3 166.2 152.1 Interest expense (19.1) (21.8) (38.5) (43.1) Loss on extinguishment of debt — — (15.6) — Investment income (expense) and other, net (11.4) 1.2 (12.7) 1.3 Income Before Income Taxes $ 56.8 $ 60.7 $ 99.4 $ 110.3 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Oct. 01, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Operating Lease, Liability | $ 77,200,000 | $ 77,200,000 | |||||||||
Operating Lease, Right-of-Use Asset | 72,600,000 | 72,600,000 | |||||||||
Selling and administrative expenses | $ 209,900,000 | $ 245,400,000 | $ 246,400,000 | $ 231,200,000 | $ 218,000,000 | 406,700,000 | $ 941,000,000 | $ 891,600,000 | $ 874,500,000 | ||
Acquisition-related intangible asset amortization | 40,100,000 | 29,300,000 | 27,300,000 | 25,700,000 | $ 53,800,000 | $ 53,000,000 | 122,400,000 | 106,900,000 | 108,400,000 | ||
Selling and administrative expense, revised | $ 205,300,000 | $ 217,100,000 | $ 203,900,000 | $ 192,300,000 | 396,200,000 | $ 818,600,000 | $ 784,700,000 | $ 766,100,000 | |||
Accounting Standards Update 2016-02 [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Operating Lease, Liability | $ 85,800,000 | ||||||||||
Operating Lease, Right-of-Use Asset | 82,500,000 | ||||||||||
Deferred Rent Credit, Noncurrent | $ 3,300,000 | ||||||||||
Accounting Standards Update 2016-16 [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Cumulative Effect on Retained Earnings, Net of Tax | $ (5,600,000) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Other Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 02, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 |
Accounting Policies [Abstract] | ||||||
Revenues | $ 723.2 | $ 714.2 | $ 1,408.2 | $ 1,397.7 | ||
Sale of businesses | $ 166.6 | |||||
Professional Fees | $ 4 | |||||
Net Income (Loss) Attributable to Parent | 46.9 | 49.5 | 86.7 | $ 91.7 | ||
Net Income | $ 46.9 | $ 49.5 | $ 86.7 | |||
Net Income Attributable to Common Shareholders per Common Share - Basic (usd per share) | $ 0.70 | $ 0.74 | $ 1.30 | $ 1.37 | ||
Earnings Per Share, Diluted | $ 0.70 | $ 0.74 | $ 1.29 | $ 1.36 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |||
Other Liabilities and Deferred Revenue, Noncurrent | $ 130.7 | $ 125.8 | $ 47.8 |
Revenue Deferred due to ASC 606 Initial Adoption | 58.4 | ||
Contract with Customer, Liability, Change in Timeframe, Performance Obligation Satisfied, Revenue Recognized | (166.2) | (273.2) | |
Deferred Revenue | 105.7 | 107.3 | |
Deferred Revenue, Additions | 168.4 | 282.1 | |
Capitalized Contract Cost [Line Items] | |||
Deferred Revenue, Additions | 168.4 | 282.1 | |
Voalte [Member] | |||
Revenue from Contract with Customer [Abstract] | |||
Deferred Revenue, Additions | 2.7 | 10.7 | |
Capitalized Contract Cost [Line Items] | |||
Deferred Revenue, Additions | $ 2.7 | $ 10.7 |
Supplementary Balance Sheet I_3
Supplementary Balance Sheet Information (Details) - USD ($) | 6 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Inventories, net of reserves: | ||||
Finished products | $ 114,300,000 | $ 120,500,000 | ||
Inventory, Work in Process, Gross | 42,700,000 | 42,400,000 | ||
Inventory, Raw Materials, Net of Reserves | 108,500,000 | 106,700,000 | ||
Total inventories, net of reserves | 265,500,000 | 269,600,000 | ||
Accumulated amortization of software and other intangible assets | 602,200,000 | 597,000,000 | ||
Equity Securities without Readily Determinable Fair Value, Amount | $ 26,600,000 | |||
Equity Method Investment, Aggregate Cost | 3,100,000 | |||
Loss on Sale of Investments | (300,000) | |||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | (1,700,000) | |||
Investments | 47,700,000 | $ 51,100,000 | ||
Capital Expenditures Incurred but Not yet Paid | 4,000,000 | $ 300,000 | ||
Equity Method Investment, Realized Gain (Loss) on Disposal | 2,800,000 | |||
Non-cash Investing Activities | 6,800,000 | 300,000 | ||
Restricted Stock or Unit Expense | $ 27,100,000 | $ 9,900,000 |
Business Combinations Acquisi_2
Business Combinations Acquisitions (Details) - USD ($) | Jan. 10, 2020 | Sep. 03, 2019 | Apr. 01, 2019 | Oct. 01, 2018 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 |
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||
Payments to Acquire Businesses, Gross | $ 17,100,000 | $ (13,100,000) | $ 0 | |||||||||
Professional Fees | $ 4,000,000 | |||||||||||
Goodwill | $ 1,805,700,000 | $ 1,800,900,000 | 1,805,700,000 | |||||||||
Prepaid Royalties | $ 22,000,000 | |||||||||||
Special charges | 8,800,000 | $ 3,500,000 | 16,600,000 | $ 11,500,000 | ||||||||
BreatheAcquisition [Member] | ||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | $ 300,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 6,300,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 100,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,100,000 | |||||||||||
Goodwill | 60,200,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets | 200,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (500,000) | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (1,600,000) | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | (800,000) | |||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 127,600,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 900,000 | |||||||||||
Voalte [Member] | ||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 8,400,000 | |||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 15,000,000 | |||||||||||
Payments to Acquire Businesses, Gross | 175,800,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 5,800,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 100,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 2,700,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 200,000 | |||||||||||
Goodwill | 98,500,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (1,700,000) | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue | (10,700,000) | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (4,300,000) | |||||||||||
Business Combination, Contingent Consideration, Liability | 5,200,000 | |||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 181,000,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | (9,800,000) | |||||||||||
Excel [Member] | ||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 1,600,000 | |||||||||||
Contingent Consideration Classified as Equity, Fair Value Disclosure | 4.5 | 4.5 | ||||||||||
Business Combination, Integration Related Costs | 0.7 | 0.8 | ||||||||||
Excel Medical | ||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 15,000,000 | |||||||||||
Payments to Acquire Businesses, Gross | 13,100,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 600,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 900,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 100,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 100,000 | |||||||||||
Goodwill | 9,800,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (2,700,000) | |||||||||||
Business Combination, Contingent Consideration, Liability | 6,100,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | (500,000) | |||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 19,200,000 | |||||||||||
Breathe [Member] | ||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||
Business Combination, Integration Related Costs | 0.6 | 1.5 | ||||||||||
Special charges | $ 0.5 | $ 2.2 | ||||||||||
Noncompete Agreements [Member] | Voalte [Member] | ||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||
Intangible Assets | 2,700,000 | |||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||||||||||
Trade Names [Member] | BreatheAcquisition [Member] | ||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||
Intangible Assets | 4,000,000 | |||||||||||
Trade Names [Member] | Voalte [Member] | ||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||
Intangible Assets | 13,500,000 | |||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |||||||||||
Trade Names [Member] | Breathe [Member] | ||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years | |||||||||||
Customer Relationships [Member] | Voalte [Member] | ||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||
Intangible Assets | 29,000,000 | |||||||||||
Customer Relationships [Member] | Breathe [Member] | ||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||
Intangible Assets | 400,000 | |||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years | |||||||||||
Developed Technology Rights [Member] | BreatheAcquisition [Member] | ||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||
Intangible Assets | $ 56,000,000 | |||||||||||
Developed Technology Rights [Member] | Voalte [Member] | ||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||
Intangible Assets | $ 55,000,000 | |||||||||||
Developed Technology Rights [Member] | Excel Medical | ||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||
Intangible Assets | $ 10,900,000 | |||||||||||
Technology-Based Intangible Assets [Member] | Voalte [Member] | ||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years | |||||||||||
Technology-Based Intangible Assets [Member] | Excel [Member] | ||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||||||||||
Technology-Based Intangible Assets [Member] | Breathe [Member] | ||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years | |||||||||||
Customer-Related Intangible Assets | Voalte [Member] | ||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
Business Combinations Dispositi
Business Combinations Dispositions (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2019USD ($) | |
Noncash or Part Noncash Divestitures [Line Items] | |
Professional Fees | $ 4 |
Gain (Loss) on Disposition of Other Assets | $ 15.9 |
Business Combinations Breathe A
Business Combinations Breathe Acquisition (Details) - USD ($) | Oct. 01, 2018 | Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2019 | Sep. 03, 2019 |
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Gross | $ 17,100,000 | $ (13,100,000) | $ 0 | |||
Goodwill | $ 1,805,700,000 | $ 1,800,900,000 | ||||
Professional Fees | $ 4,000,000 | |||||
Customer Relationships [Member] | Breathe [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Intangible Assets | $ 400,000 |
Goodwill (Schedule of Goodwill
Goodwill (Schedule of Goodwill Activity) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Sep. 30, 2019 | Apr. 01, 2019 |
Goodwill [Roll Forward] | |||
Goodwill, net | $ 1,805.7 | $ 1,800.9 | |
Voalte [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, net | $ 98.5 |
Financing Agreements (Schedule
Financing Agreements (Schedule of Total Debt) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | May 01, 2019 | |
Debt Instrument [Line Items] | ||||||
Repayments of Long-term Debt | $ (25,100,000) | $ 100,000 | ||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Revolving credit facility, matures September 2021 | 245,600,000 | $ 660,400,000 | ||||
Total Long-term debt | 1,864,400,000 | 1,783,100,000 | ||||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Letters of Credit Outstanding, Amount | 7,200,000 | 7,200,000 | ||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,007.8 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,112.8 | |||||
Senior Secured Credit Facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Interest Rate During Period | 2.30% | |||||
Senior Secured Term Loan A [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | $ 0 | |||||
Line of Credit Facility, Interest Rate During Period | 0.00% | |||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | $ 0 | |||||
Senior Unsecured 5.75% Notes due on September 1, 2023 [Member] | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Unsecured debenture interest rate | 5.75% | 5.75% | ||||
Senior Unsecured 5.00% Notes due on February 14, 2025 [Member] | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Unsecured debenture interest rate | 5.00% | |||||
Unsecured 7.00% Debentures Due on February 15, 2024 [Member] | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Unsecured debenture interest rate | 7.00% | |||||
Unsecured 6.75% Debentures Due on December 15, 2027 [Member] | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Unsecured debenture interest rate | 6.75% | |||||
Securitization Program [Member] | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Unsecured debenture interest rate | 0.675% | |||||
Debt Instrument, Face Amount | $ 110,000,000 | |||||
Note Securitization Facility [Member] | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Debt Instrument, Face Amount | $ 90,000,000 |
Financing Agreements (Future Pr
Financing Agreements (Future Principal Payments of Long-Term Debt) (Details) $ in Millions | Sep. 30, 2019USD ($) |
Senior Unsecured 4.375% Notes due September 2027 [Member] | |
Debt Instrument [Line Items] | |
Debt Issuance Costs, Gross | $ 6.3 |
Financing Agreements (Narrative
Financing Agreements (Narrative) (Details) - USD ($) | May 01, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 |
Debt Instrument [Line Items] | ||||||||
Payment of long-term debt | $ (25,100,000) | $ 100,000 | ||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | (12,200,000) | 0 | ||||||
Gain (Loss) on Extinguishment of Debt | $ 0 | $ 0 | (15,600,000) | $ 0 | ||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving credit facility, matures September 2021 | $ 80,000,000 | |||||||
Securitization Program [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Term | 364 days | |||||||
Aggregate value of debt | $ 110,000,000 | |||||||
Unsecured debenture interest rate | 0.675% | |||||||
Note Securitization Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Term | 364 days | |||||||
Aggregate value of debt | $ 90,000,000 | |||||||
Senior Secured Term Loan A [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | $ 0 | |||||||
Maximum interest rate during period | 0.00% | |||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior revolving credit facility, maximum borrowing amount | 1,007.8 | 1,007.8 | ||||||
Current borrowing capacity under the facility | $ 1,112.8 | |||||||
Outstanding letters of credit | 7,200,000 | 7,200,000 | $ 7,200,000 | |||||
Debtor-in-Possession Financing, Borrowings Outstanding | $ 185,000,000 | $ 185,000,000 | ||||||
Senior Secured Credit Facilities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum interest rate during period | 2.30% | |||||||
Senior Unsecured 5.75% Notes due on September 1, 2023 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unsecured debenture interest rate | 5.75% | 5.75% | 5.75% | |||||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ (12,200,000) | |||||||
Gain (Loss) on Extinguishment of Debt | 15,600,000 | |||||||
Write off of Deferred Debt Issuance Cost | $ 3,400,000 | |||||||
Senior Unsecured 5.00% Notes due on February 14, 2025 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unsecured debenture interest rate | 5.00% | |||||||
Senior Unsecured 4.375% Notes due September 2027 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate value of debt | $ 425,000,000 | |||||||
Unsecured debenture interest rate | 4.375% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Securitization Program [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unsecured debenture interest rate | 0.80% | 0.80% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Note Securitization Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unsecured debenture interest rate | 0.90% | 0.90% | 100.00% |
Financing Agreements (Schedul_2
Financing Agreements (Schedule of Fair Value) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Sep. 30, 2019 |
Debt Instrument [Line Items] | ||
Total | $ 767 | $ 795.9 |
Unsecured Debentures [Member] | ||
Debt Instrument [Line Items] | ||
Fair value of unsecured notes | 44.8 | 48.1 |
Senior Unsecured 5.00% Notes due on February 14, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Fair value of unsecured notes | 303.1 | 312.4 |
Senior Unsecured 4.375% Notes due September 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Fair value of unsecured notes | $ 419.1 | $ 435.4 |
Derivatives (Details)
Derivatives (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2019 | |
Cash Flow Hedging [Member] | Other Assets [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Fair Value, Net | $ 900,000 | ||||
Cash Flow Hedging [Member] | Other Current Liabilities [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Fair Value, Net | $ (45,200,000) | $ (45,200,000) | (7,700,000) | ||
Currency Swap [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Notional Amount | 6,700,000 | ||||
Derivative, Fair Value, Net | 200,000 | ||||
Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Notional Amount | 76,000,000 | 76,000,000 | 76,700,000 | ||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | (100,000) | (100,000) | $ 500,000 | ||
Derivative, Gain on Derivative | (600,000) | (1,100,000) | |||
Derivative, Loss on Derivative | 300,000 | ||||
Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Notional Amount | 750,000,000 | 750,000,000 | 750,000,000 | ||
Derivative, Fair Value, Net | (6,800,000) | ||||
Net Investment Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Notional Amount | 198,300,000 | 198,300,000 | |||
Net Investment Hedging [Member] | Other Assets [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Fair Value, Net | 22,300,000 | 22,300,000 | $ 16,900,000 | ||
Net Investment Hedging [Member] | Interest Expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | $ 1,300,000 | $ 1,200,000 | $ 2,600,000 | $ (100,000) |
Leases (Details)
Leases (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | |
Leases [Abstract] | |||||||
Lease, Cost | $ 9,800,000 | $ 19,400,000 | |||||
Operating Lease, Expense | 7,000,000 | 13,800,000 | |||||
Variable Lease, Cost | 2,800,000 | 5,600,000 | |||||
Operating Lease, Right-of-Use Asset | 72,600,000 | 72,600,000 | |||||
Operating Lease, Liability, Current | 22,000,000 | 22,000,000 | |||||
Operating Lease, Liability, Noncurrent | $ 55,200,000 | $ 55,200,000 | |||||
Lessee, Operating Lease, Discount Rate | 3.30% | 3.30% | |||||
Operating Lease, Weighted Average Remaining Lease Term | 4 years 9 months 18 days | 4 years 9 months 18 days | |||||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 12,700,000 | $ 12,700,000 | |||||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 22,500,000 | 22,500,000 | |||||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 17,200,000 | 17,200,000 | |||||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 12,100,000 | 12,100,000 | |||||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 7,300,000 | 7,300,000 | |||||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 4,800,000 | 4,800,000 | |||||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 10,200,000 | 10,200,000 | |||||
Lessee, Operating Lease, Liability, Payments, Due | 86,800,000 | 86,800,000 | |||||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (9,600,000) | (9,600,000) | |||||
Operating Lease, Liability | 77,200,000 | 77,200,000 | |||||
Operating Leases, Future Minimum Payments Receivable | $ 94,900,000 | ||||||
Operating Leases, Future Minimum Payments Receivable, Current | 25,700,000 | ||||||
Operating Leases, Future Minimum Payments Receivable, in Two Years | 21,400,000 | ||||||
Operating Leases, Future Minimum Payments Receivable, in Three Years | 15,700,000 | ||||||
Operating Leases, Future Minimum Payments Receivable, in Four Years | 11,100,000 | ||||||
Operating Leases, Future Minimum Payments Receivable, in Five Years | 6,400,000 | ||||||
Operating Leases, Future Minimum Payments Receivable, Thereafter | 14,600,000 | ||||||
Operating Leases, Rent Expense | $ 38,000,000 | $ 39,800,000 | $ 41,300,000 | ||||
Rental expenses | 38,500,000 | $ 38,900,000 | 75,500,000 | $ 76,100,000 | |||
Lessee, Lease, Description [Line Items] | |||||||
Operating Lease, Expense | 7,000,000 | 13,800,000 | |||||
Variable Lease, Cost | $ 2,800,000 | $ 5,600,000 | |||||
Operating Lease, Weighted Average Remaining Lease Term | 4 years 9 months 18 days | 4 years 9 months 18 days |
Retirement and Postretirement_3
Retirement and Postretirement Plans (Defined Benefit Plans) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 2,400,000 | $ 3,200,000 | $ 4,900,000 | $ 6,300,000 |
Expected return on plan assets | (3,700,000) | (3,700,000) | (7,400,000) | (7,400,000) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 100,000 | 0 |
Amortization of net loss | 1,600,000 | 600,000 | 3,100,000 | 1,200,000 |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Remeasurement due to Settlement | 8,500,000 | 8,500,000 | ||
Net pension expense | 10,000,000 | 1,200,000 | 11,600,000 | 2,300,000 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Assets Transferred to (from) Plan | 40,600,000 | |||
Defined contribution savings plans expense | 10,100,000 | 8,300,000 | 16,300,000 | 14,500,000 |
Cost of Goods and Service Benchmark [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 400,000 | 400,000 | 800,000 | 700,000 |
Selling, General and Administrative Expenses [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 800,000 | $ 700,000 | $ 1,600,000 | $ 1,500,000 |
Retirement and Postretirement_4
Retirement and Postretirement Plans (Defined Contribution Plans) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Retirement Benefits [Abstract] | ||||
Defined contribution savings plans expense | $ 10.1 | $ 8.3 | $ 16.3 | $ 14.5 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Schedule of Changes in AOCL by Component) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (4,800,000) | |||
Other comprehensive income (loss) | ||||
Total Other Comprehensive Income (Loss), net of tax | (62,300,000) | $ (5,000,000) | $ (41,100,000) | $ (21,900,000) |
Accumulated other comprehensive loss | ||||
Beginning balance | 1,573,300,000 | |||
Net activity | (62,300,000) | (5,000,000) | (41,100,000) | (21,900,000) |
Ending balance | 1,548,900,000 | 1,548,900,000 | ||
Income tax expense | 9,900,000 | 11,200,000 | 12,700,000 | 18,600,000 |
Net Income (Loss) Attributable to Parent | 46,900,000 | 49,500,000 | 86,700,000 | 91,700,000 |
Available-for-sale Securities and Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (800,000) | |||
Other comprehensive income (loss) | ||||
Prior to reclassification | (29,500,000) | (1,700,000) | (33,700,000) | (3,400,000) |
Reclassification from | (400,000) | (1,800,000) | 500,000 | (4,000,000) |
Pre-tax | (29,900,000) | (3,500,000) | (33,200,000) | (7,400,000) |
Tax effect | 6,800,000 | 1,600,000 | 7,500,000 | 1,800,000 |
Total Other Comprehensive Income (Loss), net of tax | (23,100,000) | (1,900,000) | (25,700,000) | (5,600,000) |
Accumulated other comprehensive loss | ||||
Beginning balance | 4,600,000 | 13,900,000 | 7,200,000 | 16,800,000 |
Net activity | (23,100,000) | (1,900,000) | (25,700,000) | (5,600,000) |
Ending balance | (18,500,000) | 12,000,000 | (18,500,000) | 12,000,000 |
Net Income (Loss) Attributable to Parent | 300,000 | 1,400,000 | (300,000) | 2,900,000 |
Foreign Currency Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 0 | |||
Other comprehensive income (loss) | ||||
Prior to reclassification | (31,600,000) | (3,600,000) | (8,500,000) | (17,200,000) |
Reclassification from | 0 | 0 | 0 | 0 |
Pre-tax | (31,600,000) | (3,600,000) | (8,500,000) | (17,200,000) |
Tax effect | 0 | 0 | 0 | 0 |
Total Other Comprehensive Income (Loss), net of tax | (31,600,000) | (3,600,000) | (8,500,000) | (17,200,000) |
Accumulated other comprehensive loss | ||||
Beginning balance | (122,300,000) | (118,900,000) | (145,400,000) | (105,300,000) |
Net activity | (31,600,000) | (3,600,000) | (8,500,000) | (17,200,000) |
Ending balance | (153,900,000) | (122,500,000) | (153,900,000) | (122,500,000) |
Change in Pension and Postretirement Defined Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 6,200,000 | |||
Other comprehensive income (loss) | ||||
Prior to reclassification | 100,000 | 100,000 | (100,000) | 100,000 |
Reclassification from | (10,300,000) | 600,000 | (9,100,000) | 1,100,000 |
Pre-tax | (10,200,000) | 700,000 | (9,200,000) | 1,200,000 |
Tax effect | (2,600,000) | 200,000 | (2,300,000) | 300,000 |
Total Other Comprehensive Income (Loss), net of tax | (7,600,000) | 500,000 | (6,900,000) | 900,000 |
Accumulated other comprehensive loss | ||||
Beginning balance | (43,600,000) | (30,300,000) | (44,300,000) | (24,500,000) |
Net activity | (7,600,000) | 500,000 | (6,900,000) | 900,000 |
Ending balance | (51,200,000) | (29,800,000) | (51,200,000) | (29,800,000) |
Income tax expense | 2,600,000 | (200,000) | 2,300,000 | (6,500,000) |
Change in Pension and Postretirement Defined Benefit Plans [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated other comprehensive loss | ||||
Net Income (Loss) Attributable to Parent | 7,700,000 | (400,000) | 6,800,000 | 5,400,000 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (5,400,000) | |||
Other comprehensive income (loss) | ||||
Prior to reclassification | (61,000,000) | (5,200,000) | (42,300,000) | (20,500,000) |
Reclassification from | (10,700,000) | (1,200,000) | (8,600,000) | (2,900,000) |
Pre-tax | (71,700,000) | (6,400,000) | (50,900,000) | (23,400,000) |
Tax effect | 9,400,000 | 1,400,000 | (9,800,000) | (1,500,000) |
Total Other Comprehensive Income (Loss), net of tax | (62,300,000) | (5,000,000) | (41,100,000) | (21,900,000) |
Accumulated other comprehensive loss | ||||
Beginning balance | (161,300,000) | (135,300,000) | (182,500,000) | (113,000,000) |
Net activity | (62,300,000) | (5,000,000) | (41,100,000) | (21,900,000) |
Ending balance | (223,600,000) | (140,300,000) | (223,600,000) | (140,300,000) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||
Other comprehensive income (loss) | ||||
Reclassification from | 400,000 | 1,800,000 | (500,000) | 4,000,000 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated other comprehensive loss | ||||
Income tax expense | 100,000 | 400,000 | (200,000) | 1,100,000 |
Foreign Exchange Forward [Member] | Available-for-sale Securities and Hedges [Member] | ||||
Other comprehensive income (loss) | ||||
Pre-tax | 0 | (800,000) | (200,000) | 300,000 |
Total Other Comprehensive Income (Loss), net of tax | 0 | (500,000) | (200,000) | 200,000 |
Accumulated other comprehensive loss | ||||
Beginning balance | 0 | 900,000 | 200,000 | 200,000 |
Net activity | 0 | (500,000) | (200,000) | 200,000 |
Ending balance | 0 | 400,000 | 0 | 400,000 |
Foreign Exchange Forward [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||
Other comprehensive income (loss) | ||||
Tax effect | 0 | (300,000) | 0 | 100,000 |
Interest Rate Swap [Member] | Available-for-sale Securities and Hedges [Member] | ||||
Other comprehensive income (loss) | ||||
Pre-tax | (40,100,000) | (10,800,000) | (38,400,000) | (18,000,000) |
Total Other Comprehensive Income (Loss), net of tax | (30,900,000) | (8,500,000) | (29,600,000) | (13,800,000) |
Accumulated other comprehensive loss | ||||
Beginning balance | (3,900,000) | 13,800,000 | (5,200,000) | 18,300,000 |
Net activity | (30,900,000) | (8,500,000) | (29,600,000) | (13,800,000) |
Ending balance | (34,800,000) | 5,300,000 | (34,800,000) | 5,300,000 |
Interest Rate Swap [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 800,000 | |||
Other comprehensive income (loss) | ||||
Prior to reclassification | (39,700,000) | (9,100,000) | (38,800,000) | (14,200,000) |
Reclassification from | 400,000 | 1,700,000 | (400,000) | 3,800,000 |
Tax effect | (9,200,000) | (2,300,000) | (8,800,000) | (4,200,000) |
Accumulated other comprehensive loss | ||||
Income tax expense | 100,000 | 500,000 | (100,000) | 1,100,000 |
Net Income (Loss) Attributable to Parent | (300,000) | (1,200,000) | 300,000 | (2,700,000) |
Currency Swap [Member] | Available-for-sale Securities and Hedges [Member] | ||||
Accumulated other comprehensive loss | ||||
Beginning balance | 8,500,000 | (800,000) | 12,200,000 | (1,700,000) |
Currency Swap [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 0 | |||
Other comprehensive income (loss) | ||||
Prior to reclassification | 10,200,000 | 8,100,000 | 5,400,000 | 10,300,000 |
Reclassification from | 0 | 0 | 0 | 0 |
Tax effect | 2,400,000 | 1,000,000 | 1,300,000 | 2,300,000 |
Foreign Exchange Contract [Member] | Available-for-sale Securities and Hedges [Member] | ||||
Other comprehensive income (loss) | ||||
Pre-tax | 10,200,000 | 8,100,000 | 5,400,000 | 10,300,000 |
Total Other Comprehensive Income (Loss), net of tax | 7,800,000 | 7,100,000 | 4,100,000 | 8,000,000 |
Accumulated other comprehensive loss | ||||
Net activity | 7,800,000 | 7,100,000 | 4,100,000 | 8,000,000 |
Ending balance | 16,300,000 | 6,300,000 | 16,300,000 | 6,300,000 |
Foreign Exchange | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 0 | |||
Other comprehensive income (loss) | ||||
Prior to reclassification | 0 | (700,000) | (300,000) | 500,000 |
Reclassification from | 0 | 100,000 | (100,000) | 200,000 |
Accumulated other comprehensive loss | ||||
Income tax expense | 0 | (100,000) | (100,000) | 0 |
Net Income (Loss) Attributable to Parent | $ 0 | $ (200,000) | $ 0 | $ (200,000) |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) (Schedule of Items Reclassified out of AOCL) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Amount reclassified | $ (56,800,000) | $ (60,700,000) | $ (99,400,000) | $ (110,300,000) | ||||
Tax effect | 9,900,000 | 11,200,000 | 12,700,000 | 18,600,000 | ||||
Net of tax | (46,900,000) | (49,500,000) | (86,700,000) | (91,700,000) | ||||
Net activity | (62,300,000) | (5,000,000) | (41,100,000) | (21,900,000) | ||||
Stockholders' Equity Attributable to Parent | 1,548,900,000 | 1,548,900,000 | $ 1,573,300,000 | |||||
Available-for-sale Securities and Hedges [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (400,000) | (1,800,000) | 500,000 | (4,000,000) | ||||
Net of tax | (300,000) | (1,400,000) | 300,000 | (2,900,000) | ||||
Prior to reclassification | (29,500,000) | (1,700,000) | (33,700,000) | (3,400,000) | ||||
Other Comprehensive Income (Loss), before Tax | (29,900,000) | (3,500,000) | (33,200,000) | (7,400,000) | ||||
Other Comprehensive Income (Loss), Tax | (6,800,000) | (1,600,000) | (7,500,000) | (1,800,000) | ||||
Net activity | (23,100,000) | (1,900,000) | (25,700,000) | (5,600,000) | ||||
Stockholders' Equity Attributable to Parent | (18,500,000) | 12,000,000 | (18,500,000) | 12,000,000 | $ 4,600,000 | 7,200,000 | $ 13,900,000 | $ 16,800,000 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | 0 | 0 | ||||
Prior to reclassification | (31,600,000) | (3,600,000) | (8,500,000) | (17,200,000) | ||||
Other Comprehensive Income (Loss), before Tax | (31,600,000) | (3,600,000) | (8,500,000) | (17,200,000) | ||||
Other Comprehensive Income (Loss), Tax | 0 | 0 | 0 | 0 | ||||
Net activity | (31,600,000) | (3,600,000) | (8,500,000) | (17,200,000) | ||||
Stockholders' Equity Attributable to Parent | (153,900,000) | (122,500,000) | (153,900,000) | (122,500,000) | (122,300,000) | (145,400,000) | (118,900,000) | (105,300,000) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (10,300,000) | 600,000 | (9,100,000) | 1,100,000 | ||||
Tax effect | 2,600,000 | (200,000) | 2,300,000 | (6,500,000) | ||||
Prior to reclassification | 100,000 | 100,000 | (100,000) | 100,000 | ||||
Other Comprehensive Income (Loss), before Tax | (10,200,000) | 700,000 | (9,200,000) | 1,200,000 | ||||
Other Comprehensive Income (Loss), Tax | 2,600,000 | (200,000) | 2,300,000 | (300,000) | ||||
Net activity | (7,600,000) | 500,000 | (6,900,000) | 900,000 | ||||
Stockholders' Equity Attributable to Parent | (51,200,000) | (29,800,000) | (51,200,000) | (29,800,000) | (43,600,000) | (44,300,000) | (30,300,000) | (24,500,000) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 400,000 | 1,800,000 | (500,000) | 4,000,000 | ||||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (10,700,000) | (1,200,000) | (8,600,000) | (2,900,000) | ||||
Prior to reclassification | (61,000,000) | (5,200,000) | (42,300,000) | (20,500,000) | ||||
Other Comprehensive Income (Loss), before Tax | (71,700,000) | (6,400,000) | (50,900,000) | (23,400,000) | ||||
Other Comprehensive Income (Loss), Tax | (9,400,000) | (1,400,000) | 9,800,000 | 1,500,000 | ||||
Net activity | (62,300,000) | (5,000,000) | (41,100,000) | (21,900,000) | ||||
Stockholders' Equity Attributable to Parent | (223,600,000) | (140,300,000) | (223,600,000) | (140,300,000) | (161,300,000) | (182,500,000) | (135,300,000) | (113,000,000) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Net of tax | (7,700,000) | 400,000 | (6,800,000) | (5,400,000) | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Tax effect | 100,000 | 400,000 | (200,000) | 1,100,000 | ||||
Foreign Exchange Forward [Member] | Available-for-sale Securities and Hedges [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Other Comprehensive Income (Loss), before Tax | 0 | (800,000) | (200,000) | 300,000 | ||||
Net activity | 0 | (500,000) | (200,000) | 200,000 | ||||
Stockholders' Equity Attributable to Parent | 0 | 400,000 | 0 | 400,000 | 0 | 200,000 | 900,000 | 200,000 |
Foreign Exchange Forward [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Other Comprehensive Income (Loss), Tax | 0 | 300,000 | 0 | (100,000) | ||||
Interest Rate Swap [Member] | Available-for-sale Securities and Hedges [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Other Comprehensive Income (Loss), before Tax | (40,100,000) | (10,800,000) | (38,400,000) | (18,000,000) | ||||
Net activity | (30,900,000) | (8,500,000) | (29,600,000) | (13,800,000) | ||||
Stockholders' Equity Attributable to Parent | (34,800,000) | 5,300,000 | (34,800,000) | 5,300,000 | (3,900,000) | (5,200,000) | 13,800,000 | 18,300,000 |
Interest Rate Swap [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 400,000 | 1,700,000 | (400,000) | 3,800,000 | ||||
Tax effect | 100,000 | 500,000 | (100,000) | 1,100,000 | ||||
Net of tax | 300,000 | 1,200,000 | (300,000) | 2,700,000 | ||||
Prior to reclassification | (39,700,000) | (9,100,000) | (38,800,000) | (14,200,000) | ||||
Other Comprehensive Income (Loss), Tax | 9,200,000 | 2,300,000 | 8,800,000 | 4,200,000 | ||||
Foreign Exchange | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 100,000 | (100,000) | 200,000 | ||||
Tax effect | 0 | (100,000) | (100,000) | 0 | ||||
Net of tax | 0 | 200,000 | 0 | 200,000 | ||||
Prior to reclassification | 0 | (700,000) | (300,000) | 500,000 | ||||
Currency Swap [Member] | Available-for-sale Securities and Hedges [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Stockholders' Equity Attributable to Parent | $ 8,500,000 | $ 12,200,000 | $ (800,000) | $ (1,700,000) | ||||
Currency Swap [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | 0 | 0 | ||||
Prior to reclassification | 10,200,000 | 8,100,000 | 5,400,000 | 10,300,000 | ||||
Other Comprehensive Income (Loss), Tax | (2,400,000) | (1,000,000) | (1,300,000) | (2,300,000) | ||||
Foreign Exchange Contract [Member] | Available-for-sale Securities and Hedges [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Other Comprehensive Income (Loss), before Tax | 10,200,000 | 8,100,000 | 5,400,000 | 10,300,000 | ||||
Net activity | 7,800,000 | 7,100,000 | 4,100,000 | 8,000,000 | ||||
Stockholders' Equity Attributable to Parent | $ 16,300,000 | $ 6,300,000 | $ 16,300,000 | $ 6,300,000 |
Special Charges (Narrative) (De
Special Charges (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||||
Special charges | $ 8.8 | $ 3.5 | $ 16.6 | $ 11.5 | |
Professional Fees | $ 4 | ||||
Restructuring charges | 4.4 | ||||
Site Consolidation [Member] | Facility Closing [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Special charges | 0.7 | 1 | 1.2 | 5.1 | |
Business Optimization [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Special charges | 8.2 | 2.5 | 15.5 | 6.3 | |
Business Optimization [Member] | Employee Severance [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Special charges | 2.1 | $ 1 | 3.9 | $ 3.8 | |
Global Restructuring Program [Member] | Other Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Special charges | 4.5 | 8.6 | |||
Restructuring charges | 9.9 | 19.3 | |||
Property, Plant and Equipment [Member] | Global Restructuring Program [Member] | Other Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ 5.4 | $ 10.7 |
Special Charges (Schedule of Re
Special Charges (Schedule of Restructuring Activity) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Mar. 31, 2020 | Mar. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||
Beginning Balance | $ 8.5 | |
Expenses | 4.4 | |
Cash Payments | (7.8) | |
Restructuring Reserve, Accrual Adjustment | (0.3) | |
Ending Balance | $ 4.8 | 4.8 |
Other Restructuring [Member] | Global Restructuring Program [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Expenses | $ 9.9 | $ 19.3 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Effective tax rate | 17.40% | 18.50% | 12.80% | 16.90% |
Income tax expense | $ 9,900,000 | $ 11,200,000 | $ 12,700,000 | $ 18,600,000 |
Voalte [Member] | ||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 8,400,000 |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||||
Net Income (Loss) Attributable to Parent | $ 46.9 | $ 49.5 | $ 86.7 | $ 91.7 |
Net income attributable to common shareholders per common share - Basic (usd per share) | $ 0.70 | $ 0.74 | $ 1.30 | $ 1.37 |
Net income attributable to common shareholders per common share - Diluted (usd per share) | $ 0.70 | $ 0.74 | $ 1.29 | $ 1.36 |
Average Common Shares Outstanding - Basic (in shares) | 66,685 | 66,696 | 66,731 | 66,866 |
Add potential effect of exercise of stock options and other unvested equity awards (in shares) | 533 | 648 | 578 | 659 |
Average shares outstanding - Diluted (in shares) | 67,218 | 67,344 | 67,309 | 67,525 |
Shares with anti-dilutive effect excluded from the computation of Diluted EPS (in shares) | 320 | 307 | 332 | 286 |
Common Stock (Details)
Common Stock (Details) - USD ($) $ in Millions | 6 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Class of Stock Disclosures [Abstract] | ||
Share-based Payment Arrangement, Noncash Expense | $ 19 | $ 16.9 |
Common Stock Common Stock (Shar
Common Stock Common Stock (Share Repurchase Program) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | |
Equity, Class of Treasury Stock [Line Items] | |||
Payments for Repurchase of Common Stock | $ 54,100,000 | $ (75,000,000) | |
Payments for Repurchase of Common Stock | $ 54,100,000 | $ 54,100,000 | $ 75,000,000 |
Common Stock Common Stock (Narr
Common Stock Common Stock (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 0.7 | $ 0.5 | $ 15.8 | $ 4 |
Payments for Repurchase of Common Stock | $ 54.1 | $ (75) |
Guarantees (Details)
Guarantees (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||||
Balance at beginning of period | $ 28.8 | $ 24.9 | $ 29.7 | $ 20.5 |
Provision for warranties in the period | 4.3 | 4.1 | 7.8 | 9.2 |
Standard Product Warranty Accrual, Additions from Business Acquisition | 0 | 0 | 0 | 2.8 |
Warranty claims in the period | (4.1) | (4.5) | (8.5) | (8) |
Balance at end of period | $ 29 | $ 24.5 | $ 29 | $ 24.5 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 723,200,000 | $ 714,200,000 | $ 1,408,200,000 | $ 1,397,700,000 |
Special charges | 8,800,000 | 3,500,000 | 16,600,000 | 11,500,000 |
Operating profit | 87,300,000 | 81,300,000 | 166,200,000 | 152,100,000 |
Interest expense | (19,100,000) | (21,800,000) | (38,500,000) | (43,100,000) |
Gain (Loss) on Extinguishment of Debt | 0 | 0 | (15,600,000) | 0 |
Investment income (expense) and other, net | (11,400,000) | 1,200,000 | (12,700,000) | 1,300,000 |
Income Before Income Taxes | 56,800,000 | 60,700,000 | 99,400,000 | 110,300,000 |
Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Non-allocated operating costs, administrative and other | 70,200,000 | 69,700,000 | 128,200,000 | 123,600,000 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 723,200,000 | 714,200,000 | 1,408,200,000 | 1,397,700,000 |
Operating Segments [Member] | Patient Support Systems [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 382,100,000 | 359,600,000 | 726,300,000 | 700,600,000 |
Divisional Income | 74,900,000 | 72,200,000 | 133,300,000 | 131,900,000 |
Operating Segments [Member] | Front Line Care [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 258,200,000 | 243,100,000 | 512,800,000 | 476,500,000 |
Divisional Income | 77,700,000 | 67,200,000 | 151,200,000 | 128,900,000 |
Operating Segments [Member] | Surgical Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 82,900,000 | 111,500,000 | 169,100,000 | 220,600,000 |
Divisional Income | 13,700,000 | 15,100,000 | 26,500,000 | 26,400,000 |
Geographic Distribution, Domestic [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 506,500,000 | 493,000,000 | 988,300,000 | 961,500,000 |
Geographic Distribution, Domestic [Member] | Operating Segments [Member] | Patient Support Systems [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 289,300,000 | 267,200,000 | 555,900,000 | 515,300,000 |
Geographic Distribution, Domestic [Member] | Operating Segments [Member] | Front Line Care [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 179,200,000 | 170,200,000 | 357,300,000 | 336,700,000 |
Geographic Distribution, Domestic [Member] | Operating Segments [Member] | Surgical Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 38,000,000 | 55,600,000 | 75,100,000 | 109,500,000 |
Non-US [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 216,700,000 | 221,200,000 | 419,900,000 | 436,200,000 |
Non-US [Member] | Operating Segments [Member] | Patient Support Systems [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 92,800,000 | 92,400,000 | 170,400,000 | 185,300,000 |
Non-US [Member] | Operating Segments [Member] | Front Line Care [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 79,000,000 | 72,900,000 | 155,500,000 | 139,800,000 |
Non-US [Member] | Operating Segments [Member] | Surgical Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 44,900,000 | $ 55,900,000 | $ 94,000,000 | $ 111,100,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Mar. 31, 2020USD ($) |
Uninsured Risk [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
Deductibles and self-insured retentions | $ 1 |
Uncategorized Items - hrc-20200
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 633,800,000 |