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September 30, | |||||||
2016 | 2015 | ||||||
Raw materials and components | $ | 51.4 | $ | 40.1 | |||
Work in process | 54.0 | 63.9 | |||||
Finished goods | 47.7 | 49.6 | |||||
Total inventories | $ | 153.1 | $ | 153.6 |
September 30, 2016 | September 30, 2015 | ||||||||||||||
Cost | Accumulated Depreciation | Cost | Accumulated Depreciation | ||||||||||||
Land and land improvements | $ | 17.3 | $ | (3.6 | ) | $ | 15.1 | $ | (3.7 | ) | |||||
Buildings and building equipment | 105.6 | (64.3 | ) | 101.9 | (60.5 | ) | |||||||||
Machinery and equipment | 329.0 | (231.5 | ) | 336.5 | (231.0 | ) | |||||||||
Total | $ | 451.9 | $ | (299.4 | ) | $ | 453.5 | $ | (295.2 | ) |
September 30, 2016 | September 30, 2015 | ||||||||||||||
Cost | Accumulated Amortization | Cost | Accumulated Amortization | ||||||||||||
Finite-lived assets: | |||||||||||||||
Trade names | $ | 0.2 | $ | (0.1 | ) | $ | 0.2 | $ | (0.1 | ) | |||||
Customer relationships | 459.5 | (100.7 | ) | 374.0 | (78.7 | ) | |||||||||
Technology, including patents | 77.9 | (33.3 | ) | 62.3 | (28.0 | ) | |||||||||
Software | 47.4 | (39.8 | ) | 43.3 | (37.7 | ) | |||||||||
Other | 0.4 | (0.3 | ) | 0.4 | (0.3 | ) | |||||||||
585.4 | (174.2 | ) | 480.2 | (144.8 | ) | ||||||||||
Indefinite-lived assets: | |||||||||||||||
Trade names | 130.3 | — | 124.2 | — | |||||||||||
Total | $ | 715.7 | $ | (174.2 | ) | $ | 604.4 | $ | (144.8 | ) |
Process Equipment Group | Batesville | Total | |||||||||
Balance September 30, 2014 | $ | 562.4 | $ | 8.3 | $ | 570.7 | |||||
Adjustments | 1.5 | — | 1.5 | ||||||||
Foreign currency adjustments | (28.2 | ) | — | (28.2 | ) | ||||||
Balance September 30, 2015 | 535.7 | 8.3 | 544.0 | ||||||||
Acquisitions | 96.4 | — | 96.4 | ||||||||
Adjustments | (0.3 | ) | — | (0.3 | ) | ||||||
Foreign currency adjustments | (5.8 | ) | — | (5.8 | ) | ||||||
Balance September 30, 2016 | $ | 626.0 | $ | 8.3 | $ | 634.3 |
September 30, | |||||||
2016 | 2015 | ||||||
Currency translation | $ | (61.6 | ) | $ | (52.1 | ) | |
Pension and postretirement (net of taxes of $34.1 and $29.3) | (67.5 | ) | (54.4 | ) | |||
Unrealized loss on derivative instruments (net of taxes of $0.5 and $0.8) | (0.7 | ) | (1.4 | ) | |||
Accumulated other comprehensive loss | $ | (129.8 | ) | $ | (107.9 | ) |
|
|
September 30, | |||||||
2016 | 2015 | ||||||
$700 revolving credit facility (excluding outstanding letters of credit) | $ | 198.5 | $ | 107.6 | |||
$180 term loan | 162.0 | 171.0 | |||||
$150 senior unsecured notes, net of discount | 149.3 | 149.1 | |||||
$100 Series A Notes | 100.0 | 100.0 | |||||
Other | 0.3 | 0.4 | |||||
Total debt | 610.1 | 528.1 | |||||
Less: current portion | 13.8 | 9.4 | |||||
Total long-term debt | $ | 596.3 | $ | 518.7 |
Amount | |||
2017 | $ | 13.5 | |
2018 | 18.0 | ||
2019 | 18.0 | ||
2020 | 461.0 | ||
2021 | — |
|
U.S. Pension Benefits Year Ended September 30, | Non-U.S. Pension Benefits Year Ended September 30, | ||||||||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||||||||
Service cost | $ | 3.9 | $ | 4.3 | $ | 4.0 | $ | 1.8 | $ | 1.7 | $ | 1.6 | |||||||||||
Interest cost | 9.5 | 14.4 | 14.5 | 1.8 | 2.8 | 4.2 | |||||||||||||||||
Expected return on plan assets | (9.7 | ) | (14.3 | ) | (14.0 | ) | (1.0 | ) | (1.0 | ) | (1.0 | ) | |||||||||||
Amortization of unrecognized prior service cost, net | 0.6 | 0.9 | 0.9 | 0.1 | — | — | |||||||||||||||||
Amortization of actuarial loss | 3.8 | 5.3 | 3.8 | 0.3 | 0.1 | — | |||||||||||||||||
Settlement expense | — | 17.7 | — | 0.5 | — | — | |||||||||||||||||
Net pension costs | $ | 8.1 | $ | 28.3 | $ | 9.2 | $ | 3.5 | $ | 3.6 | $ | 4.8 |
U.S. Pension Benefits September 30, | Non-U.S. Pension Benefits September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Change in benefit obligation: | |||||||||||||||
Projected benefit obligation at beginning of year | $ | 272.2 | $ | 338.5 | $ | 134.2 | $ | 142.9 | |||||||
Service cost | 3.9 | 4.3 | 1.8 | 1.7 | |||||||||||
Interest cost | 9.5 | 14.4 | 1.8 | 2.8 | |||||||||||
Amendments | — | — | — | 0.7 | |||||||||||
Actuarial loss | 19.7 | 10.0 | 11.7 | 6.2 | |||||||||||
Benefits paid | (11.1 | ) | (89.0 | ) | (8.8 | ) | (8.3 | ) | |||||||
Gain due to settlement | — | (6.0 | ) | — | — | ||||||||||
Employee contributions | — | — | 0.7 | 0.8 | |||||||||||
Effect of exchange rates on projected benefit obligation | — | — | (0.5 | ) | (12.6 | ) | |||||||||
Projected benefit obligation at end of year | 294.2 | 272.2 | 140.9 | 134.2 | |||||||||||
Change in plan assets: | |||||||||||||||
Fair value of plan assets at beginning of year | 158.9 | 249.7 | 29.5 | 29.4 | |||||||||||
Actual return on plan assets | 19.1 | (8.6 | ) | 0.5 | — | ||||||||||
Employee and employer contributions | 6.8 | 6.8 | 8.5 | 8.9 | |||||||||||
Benefits paid | (11.1 | ) | (89.0 | ) | (8.8 | ) | (8.3 | ) | |||||||
Effect of exchange rates on plan assets | — | — | — | (0.5 | ) | ||||||||||
Fair value of plan assets at end of year | 173.7 | 158.9 | 29.7 | 29.5 | |||||||||||
Funded status: | |||||||||||||||
Plan assets less than benefit obligations | $ | (120.5 | ) | $ | (113.3 | ) | $ | (111.2 | ) | $ | (104.7 | ) | |||
Amounts recorded in the consolidated balance sheets: | |||||||||||||||
Accrued pension costs, current portion | $ | (1.8 | ) | $ | (1.8 | ) | $ | (6.6 | ) | $ | (6.9 | ) | |||
Accrued pension costs, long-term portion | (118.7 | ) | (111.5 | ) | (104.6 | ) | (97.8 | ) | |||||||
Plan assets less than benefit obligations | $ | (120.5 | ) | $ | (113.3 | ) | $ | (111.2 | ) | $ | (104.7 | ) |
U.S. Pension Benefits September 30, | Non-U.S. Pension Benefits September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Projected benefit obligation | $ | 294.2 | $ | 272.2 | $ | 108.6 | $ | 134.2 | |||||||
Accumulated benefit obligation | 276.5 | 258.9 | 108.6 | 131.2 | |||||||||||
Fair value of plan assets | 173.7 | 158.9 | — | 29.5 |
U.S. Pension Benefits Year Ended September 30, | Non-U.S. Pension Benefits Year Ended September 30, | ||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||
Discount rate for obligation, end of year | 3.6 | % | 4.4 | % | 4.4 | % | 1.0 | % | 2.1 | % | 2.3 | % | |||||
Discount rate for expense, during the year | 4.4 | % | 4.4 | % | 4.9 | % | 1.7 | % | 1.9 | % | 3.0 | % | |||||
Expected rate of return on plan assets | 5.5 | % | 6.3 | % | 6.6 | % | 2.0 | % | 3.5 | % | 3.5 | % | |||||
Rate of compensation increase | 3.0 | % | 3.0 | % | 3.0 | % | 2.0 | % | 0.2 | % | 0.2 | % |
• | Cash equivalents are stated at the carrying amount, which approximates fair value, or at the fund’s net asset value. |
• | Equity securities are stated at the last reported sales price on the day of valuation. |
• | Corporate bonds actively traded are stated at the closing price reported in the active markets in which the bonds are traded. |
• | Government index funds are stated at the closing price reported in the active market in which the fund is traded. |
• | Corporate bond funds and equity mutual funds are stated at the closing price in the active markets in which the underlying securities of the funds are traded. |
• | Real estate is stated based on a discounted cash flow approach, which includes future rental receipts, expenses, and residual values as the highest and best use of the real estate from a market participant view as rental property. |
Fair Value at September 30, 2016 Using Inputs Considered as: | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Non-U.S. Pension Plans | |||||||||||||||
Cash equivalents | $ | 4.1 | $ | 4.1 | $ | — | $ | — | |||||||
Equity securities | 6.5 | 6.5 | — | — | |||||||||||
Other types of investments: | |||||||||||||||
Government index funds | 5.8 | 5.8 | — | — | |||||||||||
Corporate bond funds | 9.7 | 9.7 | — | — | |||||||||||
Real estate and real estate funds | 2.0 | — | — | 2.0 | |||||||||||
Other | 1.6 | — | 1.6 | — | |||||||||||
Total Non-U.S. pension plan assets | $ | 29.7 | $ | 26.1 | $ | 1.6 | $ | 2.0 |
Fair Value at September 30, 2015 Using Inputs Considered as: | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Non-U.S. Pension Plans | |||||||||||||||
Cash equivalents | $ | 5.5 | $ | 5.5 | $ | — | $ | — | |||||||
Equity securities | 5.9 | 5.9 | — | — | |||||||||||
Other types of investments: | 5.2 | 5.2 | 0 | 0 | |||||||||||
Government index funds | 5.2 | 5.2 | — | — | |||||||||||
Corporate bond funds | 9.9 | 9.9 | — | — | |||||||||||
Real estate and real estate funds | 2.0 | — | — | 2.0 | |||||||||||
Other | 1.0 | — | 1.0 | — | |||||||||||
Total Non-U.S. pension plan assets | $ | 29.5 | $ | 26.5 | $ | 1.0 | $ | 2.0 |
U.S. Pension Plans Projected Pension Benefits Payout | Non-U.S Pension Plans Projected Pension Benefits Payout | ||||||
2017 | $ | 12.0 | $ | 7.6 | |||
2018 | 12.3 | 7.9 | |||||
2019 | 13.2 | 7.2 | |||||
2020 | 14.1 | 7.4 | |||||
2021 | 14.8 | 6.8 | |||||
2022 - 2026 | 83.2 | 33.0 |
September 30, | |||||||
2016 | 2015 | ||||||
Benefit obligation at beginning of year | $ | 10.3 | $ | 8.9 | |||
Interest cost | 0.3 | 0.3 | |||||
Service cost | 0.4 | 0.4 | |||||
Actuarial loss | 0.2 | 1.1 | |||||
Net benefits paid | (0.9 | ) | (0.4 | ) | |||
Benefit obligation at end of year | $ | 10.3 | $ | 10.3 | |||
Amounts recorded in the balance sheets: | |||||||
Accrued postretirement benefits, current portion | $ | 0.9 | $ | 0.9 | |||
Accrued postretirement benefits, long-term portion | 9.4 | 9.4 | |||||
Net amount recognized | $ | 10.3 | $ | 10.3 |
Year Ended September 30, | ||||||||
2016 | 2015 | 2014 | ||||||
Discount rate for obligation | 3.1 | % | 3.7 | % | 3.7 | % | ||
Healthcare cost rate assumed for next year | 7.3 | % | 7.6 | % | 7.2 | % | ||
Ultimate trend rate | 4.5 | % | 4.5 | % | 5.0 | % |
|
September 30, | |||||||
2016 | 2015 | ||||||
Casket pricing obligation | $ | 3.9 | $ | 4.8 | |||
Rabbi trust liability | 4.0 | 4.6 | |||||
Self-insurance loss reserves | 13.3 | 15.3 | |||||
Other | 13.7 | 11.5 | |||||
34.9 | 36.2 | ||||||
Less current portion | (5.5 | ) | (4.9 | ) | |||
Total long-term portion | $ | 29.4 | $ | 31.3 |
|
Year Ended September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Domestic | $ | 99.3 | $ | 110.0 | $ | 104.7 | |||||
Foreign | 64.8 | 52.3 | 55.2 | ||||||||
Total earnings before income taxes | $ | 164.1 | $ | 162.3 | $ | 159.9 | |||||
Income tax expense: | |||||||||||
Current provision: | |||||||||||
Federal | $ | 28.9 | $ | 35.0 | $ | 39.0 | |||||
State | 5.1 | 4.4 | 6.2 | ||||||||
Foreign | 18.0 | 10.2 | 11.7 | ||||||||
Total current provision | 52.0 | 49.6 | 56.9 | ||||||||
Deferred provision (benefit): | |||||||||||
Federal | 3.2 | (0.5 | ) | (6.1 | ) | ||||||
State | (0.7 | ) | 1.6 | 1.3 | |||||||
Foreign | (7.2 | ) | (1.6 | ) | (3.4 | ) | |||||
Total deferred provision (benefit) | (4.7 | ) | (0.5 | ) | (8.2 | ) | |||||
Income tax expense | $ | 47.3 | $ | 49.1 | $ | 48.7 |
Year Ended September 30, | ||||||||
2016 | 2015 | 2014 | ||||||
Federal statutory rates | 35.0 | % | 35.0 | % | 35.0 | % | ||
Adjustments resulting from the tax effect of: | ||||||||
State income taxes, net of federal benefit | 2.0 | 2.3 | 3.2 | |||||
Foreign income tax rate differential | (6.7 | ) | (6.2 | ) | (7.2 | ) | ||
Domestic manufacturer’s deduction | (1.9 | ) | (2.2 | ) | (2.3 | ) | ||
Share-based compensation | (1.5 | ) | — | — | ||||
Valuation allowance | 1.7 | 0.3 | 0.3 | |||||
Other, net | 0.2 | 1.0 | 1.5 | |||||
Effective income tax rate | 28.8 | % | 30.2 | % | 30.5 | % |
September 30, | |||||||
2016 | 2015 | ||||||
Deferred tax assets: | |||||||
Employee benefit accruals | $ | 90.1 | $ | 81.2 | |||
Loss and tax credit carryforwards | 40.6 | 37.4 | |||||
Rebates and other discounts | 5.7 | 5.6 | |||||
Self-insurance reserves | 4.6 | 4.8 | |||||
Casket pricing obligation | 1.6 | 1.9 | |||||
Allowance for doubtful accounts | 1.1 | 1.1 | |||||
Inventory, net | 3.2 | 2.2 | |||||
Other, net | 11.9 | 13.0 | |||||
Total deferred tax assets before valuation allowance | 158.8 | 147.2 | |||||
Less valuation allowance | (5.5 | ) | (2.8 | ) | |||
Total deferred tax assets, net | 153.3 | 144.4 | |||||
Deferred tax liabilities: | |||||||
Depreciation | (9.7 | ) | (9.7 | ) | |||
Amortization | (134.9 | ) | (136.3 | ) | |||
Long-term contracts and customer prepayments | (21.2 | ) | (25.7 | ) | |||
Unremitted earnings of foreign operations | (0.2 | ) | (0.2 | ) | |||
Other, net | (8.8 | ) | (5.2 | ) | |||
Total deferred tax liabilities | (174.8 | ) | (177.1 | ) | |||
Deferred tax liabilities, net | $ | (21.5 | ) | $ | (32.7 | ) | |
Amounts recorded in the balance sheets: | |||||||
Deferred taxes, current | $ | 1.1 | $ | (3.5 | ) | ||
Deferred taxes, long-term | (22.6 | ) | (29.2 | ) | |||
Deferred tax liabilities, net | $ | (21.5 | ) | $ | (32.7 | ) |
September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Balance at September 30 | $ | 7.8 | $ | 8.4 | $ | 6.4 | |||||
Additions for tax positions related to the current year | 0.2 | 0.6 | 2.5 | ||||||||
Additions for tax positions of prior years | 1.7 | 0.8 | — | ||||||||
Reductions for tax positions of prior years | (2.0 | ) | (2.0 | ) | (0.3 | ) | |||||
Settlements | — | — | (0.2 | ) | |||||||
Balance at September 30 | $ | 7.7 | $ | 7.8 | $ | 8.4 |
|
Pension and Postretirement | Currency Translation | Net Unrealized Gain (Loss) on Derivative Instruments | Total Attributable to Hillenbrand, Inc. | Noncontrolling Interests | Total | ||||||||||||||||||
Balance at September 30, 2015 | $ | (54.4 | ) | $ | (52.1 | ) | $ | (1.4 | ) | $ | (107.9 | ) | |||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||||||||
Before tax amount | (22.7 | ) | (9.5 | ) | 0.2 | (32.0 | ) | $ | (0.3 | ) | $ | (32.3 | ) | ||||||||||
Tax benefit (expense) | 6.5 | — | 0.1 | 6.6 | — | 6.6 | |||||||||||||||||
After tax amount | (16.2 | ) | (9.5 | ) | 0.3 | (25.4 | ) | (0.3 | ) | (25.7 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income(1) | 3.1 | — | 0.4 | 3.5 | — | 3.5 | |||||||||||||||||
Net current period other comprehensive income (loss) | (13.1 | ) | (9.5 | ) | 0.7 | (21.9 | ) | $ | (0.3 | ) | $ | (22.2 | ) | ||||||||||
Balance at September 30, 2016 | $ | (67.5 | ) | $ | (61.6 | ) | $ | (0.7 | ) | $ | (129.8 | ) |
Year Ended September 30, 2016 | |||||||||||||||
Amortization of Pension and Postretirement (1) | (Gain)/Loss on Derivative Instruments | ||||||||||||||
Net Loss Recognized | Prior Service Costs Recognized | Total | |||||||||||||
Affected Line in the Consolidated Statement of Operations: | |||||||||||||||
Net revenue | $ | — | $ | — | $ | 0.3 | $ | 0.3 | |||||||
Cost of goods sold | 3.0 | 0.3 | — | 3.3 | |||||||||||
Operating expenses | 1.3 | 0.2 | — | 1.5 | |||||||||||
Other income (expense), net | — | — | 0.4 | 0.4 | |||||||||||
Total before tax | $ | 4.3 | $ | 0.5 | $ | 0.7 | 5.5 | ||||||||
Tax expense | (2.0 | ) | |||||||||||||
Total reclassifications for the period, net of tax | $ | 3.5 |
Pension and Postretirement | Currency Translation | Net Unrealized Gain (Loss) on Derivative Instruments | Total Attributable to Hillenbrand, Inc. | Noncontrolling Interests | Total | ||||||||||||||||||
Balance at September 30, 2014 | $ | (46.0 | ) | $ | (4.9 | ) | $ | (1.3 | ) | $ | (52.2 | ) | |||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||||||||
Before tax amount | (18.0 | ) | (47.2 | ) | (6.6 | ) | (71.8 | ) | $ | (0.4 | ) | $ | (72.2 | ) | |||||||||
Tax benefit (expense) | 6.1 | — | 3.1 | 9.2 | — | 9.2 | |||||||||||||||||
After tax amount | (11.9 | ) | (47.2 | ) | (3.5 | ) | (62.6 | ) | (0.4 | ) | (63.0 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income(1) | 3.5 | — | 3.4 | 6.9 | — | 6.9 | |||||||||||||||||
Net current period other comprehensive income (loss) | (8.4 | ) | (47.2 | ) | (0.1 | ) | (55.7 | ) | $ | (0.4 | ) | $ | (56.1 | ) | |||||||||
Balance at September 30, 2015 | $ | (54.4 | ) | $ | (52.1 | ) | $ | (1.4 | ) | $ | (107.9 | ) |
Year Ended September 30, 2015 | |||||||||||||||
Amortization of Pension and Postretirement (1) | (Gain)/Loss on Derivative Instruments | ||||||||||||||
Net Loss Recognized | Prior Service Costs Recognized | Total | |||||||||||||
Affected Line in the Consolidated Statement of Operations: | |||||||||||||||
Net revenue | $ | — | $ | — | $ | 2.5 | $ | 2.5 | |||||||
Cost of goods sold | 3.5 | 0.5 | 0.1 | 4.1 | |||||||||||
Operating expenses | 1.3 | 0.3 | — | 1.6 | |||||||||||
Other income (expense), net | — | — | 1.9 | 1.9 | |||||||||||
Total before tax | $ | 4.8 | $ | 0.8 | $ | 4.5 | 10.1 | ||||||||
Tax expense | (3.2 | ) | |||||||||||||
Total reclassifications for the period, net of tax | $ | 6.9 |
Pension and Postretirement | Currency Translation | Net Unrealized Gain (Loss) on Derivative Instruments | Total Attributable to Hillenbrand, Inc. | Noncontrolling Interests | Total | ||||||||||||||||||
Balance at September 30, 2013 | $ | (33.0 | ) | $ | 31.4 | $ | 0.2 | $ | (1.4 | ) | |||||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||||||||
Before tax amount | (23.8 | ) | (36.3 | ) | 1.0 | (59.1 | ) | $ | (0.1 | ) | $ | (59.2 | ) | ||||||||||
Tax benefit (expense) | 8.1 | — | (0.3 | ) | 7.8 | — | 7.8 | ||||||||||||||||
After tax amount | (15.7 | ) | (36.3 | ) | 0.7 | (51.3 | ) | (0.1 | ) | (51.4 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income(1) | 2.7 | — | (2.2 | ) | 0.5 | — | 0.5 | ||||||||||||||||
Net current period other comprehensive income (loss) | (13.0 | ) | (36.3 | ) | (1.5 | ) | (50.8 | ) | $ | (0.1 | ) | $ | (50.9 | ) | |||||||||
Balance at September 30, 2014 | $ | (46.0 | ) | $ | (4.9 | ) | $ | (1.3 | ) | $ | (52.2 | ) |
Year Ended September 30, 2014 | |||||||||||||||
Amortization of Pension and Postretirement (1) | (Gain)/Loss on Derivative Instruments | ||||||||||||||
Net Loss Recognized | Prior Service Costs Recognized | Total | |||||||||||||
Affected Line in the Consolidated Statement of Operations: | |||||||||||||||
Net revenue | $ | — | $ | — | $ | (1.6 | ) | $ | (1.6 | ) | |||||
Cost of goods sold | 2.5 | 0.5 | (0.5 | ) | 2.5 | ||||||||||
Operating expenses | 0.9 | 0.3 | — | 1.2 | |||||||||||
Other income (expense), net | — | — | (1.1 | ) | (1.1 | ) | |||||||||
Total before tax | $ | 3.4 | $ | 0.8 | $ | (3.2 | ) | 1.0 | |||||||
Tax expense | (0.5 | ) | |||||||||||||
Total reclassifications for the period, net of tax | $ | 0.5 |
|
Amount | |||
2017 | $ | 16.5 | |
2018 | 13.0 | ||
2019 | 10.4 | ||
2020 | 6.7 | ||
2021 | 5.8 | ||
Thereafter | 36.2 | ||
$ | 88.6 |
|
Year Ended September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Equity in net income (loss) of affiliates | $ | 0.3 | $ | (2.1 | ) | $ | 2.8 | ||||
Foreign currency exchange gain (loss), net | 0.3 | (4.4 | ) | (1.5 | ) | ||||||
Gain on exercise of warrants | — | — | 5.2 | ||||||||
Service cancellation agreement | — | — | 2.5 | ||||||||
Other, net | (2.3 | ) | (1.4 | ) | (0.3 | ) | |||||
Other (expense) income, net | $ | (1.7 | ) | $ | (7.9 | ) | $ | 8.7 |
|
Level 1: | Inputs are quoted prices in active markets for identical assets or liabilities. |
Level 2: | Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. |
Level 3: | Inputs are unobservable for the asset or liability. |
Carrying Value at 9/30/2016 | Fair Value at September 30, 2016 | ||||||||||||||
Using Inputs Considered as: | |||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||
Cash and cash equivalents | $ | 52.0 | $ | 52.0 | $ | — | $ | — | |||||||
Investments in rabbi trust | 4.0 | 4.0 | — | — | |||||||||||
Derivative instruments | 1.4 | — | 1.4 | — | |||||||||||
Liabilities: | |||||||||||||||
$150 senior unsecured notes | 149.3 | 163.5 | — | — | |||||||||||
Revolving credit facilities | 198.5 | — | 198.5 | — | |||||||||||
Term loan | 162.0 | — | 162.0 | — | |||||||||||
$100 Series A Notes | 100.0 | — | 110.8 | — | |||||||||||
Derivative instruments | 3.3 | — | 3.3 | — |
Carrying Value at 9/30/2015 | Fair Value at September 30, 2015 | ||||||||||||||
Using Inputs Considered as: | |||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||
Cash and cash equivalents | $ | 48.3 | $ | 48.3 | $ | — | $ | — | |||||||
Investments in rabbi trust | 4.6 | 4.6 | — | — | |||||||||||
Derivative instruments | 1.1 | — | 1.1 | — | |||||||||||
Liabilities: | |||||||||||||||
$150 senior unsecured notes | 149.1 | 165.0 | — | — | |||||||||||
Revolving credit facilities | 107.6 | — | 107.6 | — | |||||||||||
Term loan | 171.0 | — | 171.0 | — | |||||||||||
$100 Series A Notes | 100.0 | — | 100.6 | — | |||||||||||
Derivative instruments | 5.8 | — | 5.8 | — |
• | The fair value of the investments in the rabbi trust were based on quoted prices in active markets. The trust assets consist of participant-directed investments in publicly traded mutual funds. |
• | We estimate the fair value of our foreign currency derivatives using industry accepted models. The significant Level 2 inputs used in the valuation of our derivatives include spot rates, forward rates, and volatility. These inputs were obtained from pricing services, broker quotes, and other sources. |
• | The fair value of the 10-year, 5.5% fixed-rate senior unsecured notes was based on quoted prices in an active market. |
• | The fair values of the revolving credit facility, term loan, and Series A Notes were estimated based on internally-developed models, using current market interest rate data for similar issues, as there is no active market for our revolving credit facilities, term loan or Series A Notes. |
• | The private equity limited partnerships were excluded from the tables above. The carrying amount of these assets (included as a component of other assets within the balance sheet) was $7.6 and $8.3 at September 30, 2016 and 2015. The fair value of these equity method investments was not readily available. |
|
September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Net revenue | |||||||||||
Process Equipment Group | $ | 964.7 | $ | 992.8 | $ | 1,075.0 | |||||
Batesville | 573.7 | 604.0 | 592.2 | ||||||||
Total net revenue | $ | 1,538.4 | $ | 1,596.8 | $ | 1,667.2 | |||||
Adjusted EBITDA | |||||||||||
Process Equipment Group | $ | 160.9 | $ | 160.5 | $ | 150.4 | |||||
Batesville | 143.5 | 145.5 | 150.8 | ||||||||
Corporate | (37.3 | ) | (37.3 | ) | (25.7 | ) | |||||
Net revenue(1) | |||||||||||
United States | $ | 857.0 | $ | 915.0 | $ | 874.4 | |||||
Germany | 482.7 | 477.3 | 561.1 | ||||||||
All other foreign business units | 198.7 | 204.5 | 231.7 | ||||||||
Total revenue | $ | 1,538.4 | $ | 1,596.8 | $ | 1,667.2 | |||||
Depreciation and amortization | |||||||||||
Process Equipment Group | $ | 45.2 | $ | 37.2 | $ | 41.9 | |||||
Batesville | 14.1 | 15.8 | 15.5 | ||||||||
Corporate | 1.1 | 1.3 | 1.0 | ||||||||
Total depreciation and amortization | $ | 60.4 | $ | 54.3 | $ | 58.4 |
September 30, | |||||||
2016 | 2015 | ||||||
Total assets assigned | |||||||
Process Equipment Group | $ | 1,694.6 | $ | 1,537.3 | |||
Batesville | 211.8 | 224.9 | |||||
Corporate | 54.5 | 45.9 | |||||
Total assets | $ | 1,960.9 | $ | 1,808.1 | |||
Tangible long-lived assets, net | |||||||
United States | $ | 89.5 | $ | 95.7 | |||
Germany | 35.8 | 35.1 | |||||
All other foreign business units | 27.2 | 27.5 | |||||
Tangible long-lived assets, net | $ | 152.5 | $ | 158.3 |
Year Ended September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Adjusted EBITDA: | |||||||||||
Process Equipment Group | $ | 160.9 | $ | 160.5 | $ | 150.4 | |||||
Batesville | 143.5 | 145.5 | 150.8 | ||||||||
Corporate | (37.3 | ) | (37.3 | ) | (25.7 | ) | |||||
Less: | |||||||||||
Interest income | (1.2 | ) | (1.0 | ) | (0.8 | ) | |||||
Interest expense | 25.3 | 23.8 | 23.3 | ||||||||
Income tax expense | 47.3 | 49.1 | 48.7 | ||||||||
Depreciation and amortization | 60.4 | 54.3 | 58.4 | ||||||||
Business acquisition costs | 3.7 | 3.6 | 8.4 | ||||||||
Inventory step-up | 2.4 | — | — | ||||||||
Restructuring and restructuring related | 10.2 | 7.5 | 5.5 | ||||||||
Litigation | — | 0.5 | 20.8 | ||||||||
Pension settlement charge | — | 17.7 | — | ||||||||
Trade name impairment | 2.2 | — | — | ||||||||
Consolidated net income | $ | 116.8 | $ | 113.2 | $ | 111.2 |
|
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
2016 | |||||||||||||||
Net revenue | $ | 351.7 | $ | 387.0 | $ | 371.0 | $ | 428.7 | |||||||
Gross profit | 128.2 | 142.7 | 143.5 | 156.2 | |||||||||||
Net income(1) | 20.0 | 26.1 | 30.7 | 36.0 | |||||||||||
Earnings per share — basic | 0.32 | 0.41 | 0.49 | 0.57 | |||||||||||
Earnings per share —diluted | 0.31 | 0.41 | 0.48 | 0.56 | |||||||||||
2015 | |||||||||||||||
Net revenue | $ | 401.5 | $ | 404.6 | $ | 398.7 | $ | 392.0 | |||||||
Gross profit | 138.4 | 148.6 | 138.9 | 144.5 | |||||||||||
Net income(1) | 29.5 | 30.7 | 32.1 | 19.1 | |||||||||||
Earnings per share — basic | 0.47 | 0.49 | 0.51 | 0.30 | |||||||||||
Earnings per share —diluted | 0.46 | 0.48 | 0.50 | 0.30 |
|
Year Ended September 30, 2016 | Year Ended September 30, 2015 | Year Ended September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- Guarantors | Eliminations | Consolidated | Parent | Guarantors | Non- Guarantors | Eliminations | Consolidated | Parent | Guarantors | Non- Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Net revenue | $ | — | $ | 846.8 | $ | 892.8 | $ | (201.2 | ) | $ | 1,538.4 | $ | — | $ | 912.0 | $ | 889.0 | $ | (204.2 | ) | $ | 1,596.8 | $ | — | $ | 866.1 | $ | 1,001.9 | $ | (200.8 | ) | $ | 1,667.2 | ||||||||||||||||||||||||||
Cost of goods sold | — | 428.7 | 638.4 | (99.3 | ) | 967.8 | — | 475.6 | 654.5 | (103.7 | ) | 1,026.4 | — | 441.9 | 736.0 | (99.9 | ) | 1,078.0 | |||||||||||||||||||||||||||||||||||||||||
Gross profit | — | 418.1 | 254.4 | (101.9 | ) | 570.6 | — | 436.4 | 234.5 | (100.5 | ) | 570.4 | — | 424.2 | 265.9 | (100.9 | ) | 589.2 | |||||||||||||||||||||||||||||||||||||||||
Operating expenses | 41.8 | 242.0 | 164.6 | (101.9 | ) | 346.5 | 33.1 | 244.1 | 153.9 | (100.5 | ) | 330.6 | 41.0 | 261.4 | 181.6 | (100.9 | ) | 383.1 | |||||||||||||||||||||||||||||||||||||||||
Amortization expense | — | 13.0 | 20.0 | — | 33.0 | 0.4 | 11.4 | 16.3 | — | 28.1 | 0.5 | 11.4 | 19.7 | — | 31.6 | ||||||||||||||||||||||||||||||||||||||||||||
Pension settlement charge | — | — | — | — | — | 3.3 | 14.4 | — | — | 17.7 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 22.7 | 0.2 | 2.4 | — | 25.3 | 20.5 | 0.8 | 2.5 | — | 23.8 | 18.9 | 0.4 | 4.0 | — | 23.3 | ||||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | (0.3 | ) | (2.2 | ) | 0.8 | — | (1.7 | ) | (0.2 | ) | (4.0 | ) | (3.7 | ) | — | (7.9 | ) | (0.1 | ) | 8.5 | 0.3 | — | 8.7 | ||||||||||||||||||||||||||||||||||||
Equity in net income (loss) of subsidiaries | 144.4 | 10.2 | — | (154.6 | ) | — | 141.1 | 12.5 | — | (153.6 | ) | — | 144.4 | 10.3 | — | (154.7 | ) | — | |||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 79.6 | 170.9 | 68.2 | (154.6 | ) | 164.1 | 83.6 | 174.2 | 58.1 | (153.6 | ) | 162.3 | 83.9 | 169.8 | 60.9 | (154.7 | ) | 159.9 | |||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | (33.2 | ) | 62.4 | 18.1 | — | 47.3 | (27.8 | ) | 60.5 | 16.4 | — | 49.1 | (25.8 | ) | 59.7 | 14.8 | — | 48.7 | |||||||||||||||||||||||||||||||||||||||||
Consolidated net income | 112.8 | 108.5 | 50.1 | (154.6 | ) | 116.8 | 111.4 | 113.7 | 41.7 | (153.6 | ) | 113.2 | 109.7 | 110.1 | 46.1 | (154.7 | ) | 111.2 | |||||||||||||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 4.0 | — | 4.0 | — | — | 1.8 | — | 1.8 | — | — | 1.5 | — | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss)(1) | $ | 112.8 | $ | 108.5 | $ | 46.1 | $ | (154.6 | ) | $ | 112.8 | $ | 111.4 | $ | 113.7 | $ | 39.9 | $ | (153.6 | ) | $ | 111.4 | $ | 109.7 | $ | 110.1 | $ | 44.6 | $ | (154.7 | ) | $ | 109.7 | ||||||||||||||||||||||||||
Consolidated comprehensive income (loss) | $ | 90.9 | $ | 116.4 | $ | 33.1 | $ | (145.8 | ) | $ | 94.6 | $ | 55.7 | $ | 103.5 | $ | 0.8 | $ | (102.9 | ) | $ | 57.1 | $ | 58.9 | $ | 100.7 | $ | (8.4 | ) | $ | (90.9 | ) | $ | 60.3 | |||||||||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 3.7 | — | 3.7 | — | — | 1.4 | — | 1.4 | — | — | 1.4 | — | 1.4 | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss)(2) | $ | 90.9 | $ | 116.4 | $ | 29.4 | $ | (145.8 | ) | $ | 90.9 | $ | 55.7 | $ | 103.5 | $ | (0.6 | ) | $ | (102.9 | ) | $ | 55.7 | $ | 58.9 | $ | 100.7 | $ | (9.8 | ) | $ | (90.9 | ) | $ | 58.9 |
September 30, 2016 | September 30, 2015 | ||||||||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- Guarantors | Eliminations | Consolidated | Parent | Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||||||||||||||
Cash and equivalents | $ | 4.4 | $ | 5.6 | $ | 42.0 | $ | — | $ | 52.0 | $ | 0.3 | $ | 7.1 | $ | 40.9 | $ | — | $ | 48.3 | |||||||||||||||||||
Trade receivables, net | — | 120.6 | 84.4 | — | 205.0 | — | 113.4 | 74.5 | — | 187.9 | |||||||||||||||||||||||||||||
Unbilled receivables from long-term manufacturing contracts | — | 10.6 | 115.2 | — | 125.8 | — | 13.5 | 131.4 | — | 144.9 | |||||||||||||||||||||||||||||
Inventories | — | 69.8 | 86.1 | (2.8 | ) | 153.1 | — | 69.0 | 87.1 | (2.5 | ) | 153.6 | |||||||||||||||||||||||||||
Deferred income taxes | 1.6 | 17.4 | — | 4.9 | 23.9 | 1.8 | 15.7 | 4.4 | — | 21.9 | |||||||||||||||||||||||||||||
Prepaid expense | 2.2 | 6.5 | 9.5 | — | 18.2 | 2.8 | 6.5 | 14.5 | — | 23.8 | |||||||||||||||||||||||||||||
Intercompany receivables | — | 1,003.1 | 97.4 | (1,100.5 | ) | — | — | 921.8 | 60.2 | (982.0 | ) | — | |||||||||||||||||||||||||||
Other current assets | 4.6 | 1.5 | 15.9 | 0.3 | 22.3 | 0.6 | 1.9 | 20.8 | 0.4 | 23.7 | |||||||||||||||||||||||||||||
Total current assets | 12.8 | 1,235.1 | 450.5 | (1,098.1 | ) | 600.3 | 5.5 | 1,148.9 | 433.8 | (984.1 | ) | 604.1 | |||||||||||||||||||||||||||
Property, plant and equipment, net | 4.9 | 65.7 | 81.9 | — | 152.5 | 6.3 | 66.2 | 85.8 | — | 158.3 | |||||||||||||||||||||||||||||
Intangible assets, net | 4.1 | 220.4 | 317.0 | — | 541.5 | 2.2 | 175.6 | 281.8 | — | 459.6 | |||||||||||||||||||||||||||||
Goodwill | — | 271.8 | 362.5 | — | 634.3 | — | 211.7 | 332.3 | — | 544.0 | |||||||||||||||||||||||||||||
Investment in consolidated subsidiaries | 2,143.4 | 820.2 | — | (2,963.6 | ) | — | 2,082.7 | 836.1 | — | (2,918.8 | ) | — | |||||||||||||||||||||||||||
Other assets | 20.1 | 22.7 | 0.8 | (11.3 | ) | 32.3 | 24.5 | 31.0 | 0.9 | (14.3 | ) | 42.1 | |||||||||||||||||||||||||||
Total Assets | $ | 2,185.3 | $ | 2,635.9 | $ | 1,212.7 | $ | (4,073.0 | ) | $ | 1,960.9 | $ | 2,121.2 | $ | 2,469.5 | $ | 1,134.6 | $ | (3,917.2 | ) | $ | 1,808.1 | |||||||||||||||||
Trade accounts payable | $ | 0.4 | $ | 28.4 | $ | 106.9 | $ | — | $ | 135.7 | $ | 0.5 | $ | 22.7 | $ | 81.3 | $ | (0.2 | ) | $ | 104.3 | ||||||||||||||||||
Liabilities from long-term manufacturing contracts and advances | — | 14.0 | 64.6 | — | 78.6 | — | 13.5 | 66.2 | — | 79.7 | |||||||||||||||||||||||||||||
Current portion of long-term debt | 13.5 | — | 0.3 | — | 13.8 | 9.0 | — | 0.4 | — | 9.4 | |||||||||||||||||||||||||||||
Accrued compensation | 4.7 | 17.3 | 35.3 | — | 57.3 | 3.9 | 23.0 | 35.4 | — | 62.3 | |||||||||||||||||||||||||||||
Deferred income taxes | — | — | 18.1 | 4.7 | 22.8 | — | — | 25.4 | — | 25.4 | |||||||||||||||||||||||||||||
Intercompany payables | 1,098.8 | 4.5 | — | (1,103.3 | ) | — | 979.7 | 4.8 | — | (984.5 | ) | — | |||||||||||||||||||||||||||
Other current liabilities | 13.9 | 39.8 | 71.6 | 0.2 | 125.5 | 18.1 | 46.0 | 58.6 | 0.4 | 123.1 | |||||||||||||||||||||||||||||
Total current liabilities | 1,131.3 | 104.0 | 296.8 | (1,098.4 | ) | 433.7 | 1,011.2 | 110.0 | 267.3 | (984.3 | ) | 404.2 | |||||||||||||||||||||||||||
Long-term debt | 417.8 | — | 178.5 | — | 596.3 | 513.1 | — | 5.6 | — | 518.7 | |||||||||||||||||||||||||||||
Accrued pension and postretirement healthcare | 1.1 | 127.0 | 104.6 | — | 232.7 | 1.1 | 119.8 | 97.8 | — | 218.7 | |||||||||||||||||||||||||||||
Deferred income taxes | — | 5.8 | 27.8 | (11.0 | ) | 22.6 | — | 17.0 | 26.5 | (14.1 | ) | 29.4 | |||||||||||||||||||||||||||
Other long-term liabilities | 2.8 | 16.3 | 10.3 | — | 29.4 | 1.7 | 20.4 | 9.2 | — | 31.3 | |||||||||||||||||||||||||||||
Total Liabilities | 1,553.0 | 253.1 | 618.0 | (1,109.4 | ) | 1,314.7 | 1,527.1 | 267.2 | 406.4 | (998.4 | ) | 1,202.3 | |||||||||||||||||||||||||||
Total Hillenbrand Shareholders’ Equity | 632.3 | 2,382.8 | 580.8 | (2,963.6 | ) | 632.3 | 594.1 | 2,202.3 | 716.5 | (2,918.8 | ) | 594.1 | |||||||||||||||||||||||||||
Noncontrolling interests | — | — | 13.9 | — | 13.9 | — | — | 11.7 | — | 11.7 | |||||||||||||||||||||||||||||
Total Equity | 632.3 | 2,382.8 | 594.7 | (2,963.6 | ) | 646.2 | 594.1 | 2,202.3 | 728.2 | (2,918.8 | ) | 605.8 | |||||||||||||||||||||||||||
Total Liabilities and Equity | $ | 2,185.3 | $ | 2,635.9 | $ | 1,212.7 | $ | (4,073.0 | ) | $ | 1,960.9 | $ | 2,121.2 | $ | 2,469.5 | $ | 1,134.6 | $ | (3,917.2 | ) | $ | 1,808.1 |
Year Ended September 30, 2016 | Year Ended September 30, 2015 | Year Ended September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- Guarantors | Eliminations | Consolidated | Parent | Guarantors | Non- Guarantors | Eliminations | Consolidated | Parent | Guarantors | Non- Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 157.8 | $ | 239.9 | $ | (49.5 | ) | $ | (110.0 | ) | $ | 238.2 | $ | 76.0 | $ | 91.0 | $ | 23.6 | $ | (85.6 | ) | $ | 105.0 | $ | 81.8 | $ | 46.9 | $ | 98.2 | $ | (47.3 | ) | $ | 179.6 | |||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (2.6 | ) | (8.0 | ) | (10.6 | ) | — | (21.2 | ) | (1.1 | ) | (14.5 | ) | (15.4 | ) | — | (31.0 | ) | (1.0 | ) | (9.5 | ) | (13.1 | ) | — | (23.6 | ) | ||||||||||||||||||||||||||||||||
Proceeds from property, plant, and equipment | — | 1.6 | 0.4 | — | 2.0 | — | 2.8 | — | — | 2.8 | — | 0.3 | 7.2 | — | 7.5 | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from investments | — | — | — | — | — | — | — | — | — | — | — | 5.8 | — | — | 5.8 | ||||||||||||||||||||||||||||||||||||||||||||
Acquisition of business, net of cash acquired | — | (130.4 | ) | (105.0 | ) | — | (235.4 | ) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Return of investment capital from affiliates | 1.1 | — | — | — | 1.1 | 1.5 | — | — | — | 1.5 | 1.1 | — | 0.9 | — | 2.0 | ||||||||||||||||||||||||||||||||||||||||||||
Other, net | — | — | — | — | — | — | (2.5 | ) | (0.3 | ) | — | (2.8 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net cash used in (provided by) investing activities | (1.5 | ) | (136.8 | ) | (115.2 | ) | — | (253.5 | ) | 0.4 | (14.2 | ) | (15.7 | ) | — | (29.5 | ) | 0.1 | (3.4 | ) | (5.0 | ) | — | (8.3 | ) | ||||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments on term loan | (9.0 | ) | — | — | — | (9.0 | ) | (9.0 | ) | — | — | — | (9.0 | ) | (10.0 | ) | — | — | — | (10.0 | ) | ||||||||||||||||||||||||||||||||||||||
Proceeds from revolving credit facilities | 375.5 | — | 344.3 | — | 719.8 | 331.7 | — | 98.5 | — | 430.2 | 248.4 | — | 68.2 | — | 316.6 | ||||||||||||||||||||||||||||||||||||||||||||
Repayments on revolving credit facilities | (457.5 | ) | — | (169.7 | ) | — | (627.2 | ) | (441.8 | ) | — | (105.2 | ) | — | (547.0 | ) | (269.9 | ) | — | (140.8 | ) | — | (410.7 | ) | |||||||||||||||||||||||||||||||||||
Proceeds from Series A unsecured notes, net of financing costs | — | — | — | — | — | 99.6 | — | — | — | 99.6 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Payment of dividends - intercompany | — | (104.6 | ) | (5.4 | ) | 110.0 | — | — | (80.3 | ) | (5.3 | ) | 85.6 | — | — | (41.6 | ) | (5.7 | ) | 47.3 | — | ||||||||||||||||||||||||||||||||||||||
Payment of dividends on common stock | (51.1 | ) | — | — | — | (51.1 | ) | (50.4 | ) | — | — | — | (50.4 | ) | (49.7 | ) | — | — | — | (49.7 | ) | ||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (21.2 | ) | — | — | — | (21.2 | ) | (11.2 | ) | — | — | — | (11.2 | ) | (16.5 | ) | — | — | — | (16.5 | ) | ||||||||||||||||||||||||||||||||||||||
Net proceeds (payments) on stock plans | 11.1 | — | — | — | 11.1 | 3.4 | — | — | — | 3.4 | 14.6 | — | — | — | 14.6 | ||||||||||||||||||||||||||||||||||||||||||||
Other, net | — | — | (0.8 | ) | — | (0.8 | ) | 1.2 | — | — | — | 1.2 | 1.0 | — | (0.8 | ) | — | 0.2 | |||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | (152.2 | ) | (104.6 | ) | 168.4 | 110.0 | 21.6 | (76.5 | ) | (80.3 | ) | (12.0 | ) | 85.6 | (83.2 | ) | (82.1 | ) | (41.6 | ) | (79.1 | ) | 47.3 | (155.5 | ) | ||||||||||||||||||||||||||||||||||
Effect of exchange rates on cash and cash equivalents | — | — | (2.6 | ) | — | (2.6 | ) | — | — | (2.0 | ) | — | (2.0 | ) | — | — | (0.5 | ) | — | (0.5 | ) | ||||||||||||||||||||||||||||||||||||||
Net cash flow | 4.1 | (1.5 | ) | 1.1 | — | 3.7 | (0.1 | ) | (3.5 | ) | (6.1 | ) | — | (9.7 | ) | (0.2 | ) | 1.9 | 13.6 | — | 15.3 | ||||||||||||||||||||||||||||||||||||||
Cash and equivalents at beginning of period | 0.3 | 7.1 | 40.9 | — | 48.3 | 0.4 | 10.6 | 47.0 | — | 58.0 | 0.6 | 8.7 | 33.4 | — | 42.7 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and equivalents at end of period | $ | 4.4 | $ | 5.6 | $ | 42.0 | $ | — | $ | 52.0 | $ | 0.3 | $ | 7.1 | $ | 40.9 | $ | — | $ | 48.3 | $ | 0.4 | $ | 10.6 | $ | 47.0 | $ | — | $ | 58.0 |
|
Year Ended September 30, | |||||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||||
Cost of goods sold | Operating expenses | Total | Cost of goods sold | Operating expenses | Total | ||||||||||||||||||
Process Equipment Group | $ | 3.0 | $ | 4.1 | $ | 7.1 | $ | 1.5 | $ | 3.9 | $ | 5.4 | |||||||||||
Batesville | 0.2 | 1.1 | 1.3 | 1.7 | 0.2 | 1.9 | |||||||||||||||||
Corporate | — | 0.5 | 0.5 | — | 1.5 | 1.5 | |||||||||||||||||
Total | $ | 3.2 | $ | 5.7 | $ | 8.9 | $ | 3.2 | $ | 5.6 | $ | 8.8 |
|
|
Additions | ||||||||||||||||||||
(in millions) | Balance at Beginning of Period | Charged to Revenue, Costs, and Expense | Charged to Other Accounts | Deductions Net of Recoveries (a) | Balance at End of Period | |||||||||||||||
Allowance for doubtful accounts, early pay discounts, and sales returns: | ||||||||||||||||||||
Year ended September 30, 2016 | $ | 20.0 | $ | 3.7 | $ | 0.4 | $ | (3.1 | ) | $ | 21.0 | |||||||||
Year ended September 30, 2015 | $ | 19.2 | $ | 2.4 | $ | (0.2 | ) | $ | (1.4 | ) | $ | 20.0 | ||||||||
Year ended September 30, 2014 | $ | 19.3 | $ | 3.5 | $ | (0.3 | ) | $ | (3.3 | ) | $ | 19.2 | ||||||||
Allowance for inventory valuation: | ||||||||||||||||||||
Year ended September 30, 2016 | $ | 14.8 | $ | 4.3 | $ | 0.6 | $ | (1.7 | ) | $ | 18.0 | |||||||||
Year ended September 30, 2015 | $ | 14.6 | $ | 3.4 | $ | (1.2 | ) | $ | (2.0 | ) | $ | 14.8 | ||||||||
Year ended September 30, 2014 | $ | 15.0 | $ | 3.1 | $ | (0.9 | ) | $ | (2.6 | ) | $ | 14.6 |
|
|
September 30, | |||||||
2016 | 2015 | ||||||
Raw materials and components | $ | 51.4 | $ | 40.1 | |||
Work in process | 54.0 | 63.9 | |||||
Finished goods | 47.7 | 49.6 | |||||
Total inventories | $ | 153.1 | $ | 153.6 |
September 30, 2016 | September 30, 2015 | ||||||||||||||
Cost | Accumulated Depreciation | Cost | Accumulated Depreciation | ||||||||||||
Land and land improvements | $ | 17.3 | $ | (3.6 | ) | $ | 15.1 | $ | (3.7 | ) | |||||
Buildings and building equipment | 105.6 | (64.3 | ) | 101.9 | (60.5 | ) | |||||||||
Machinery and equipment | 329.0 | (231.5 | ) | 336.5 | (231.0 | ) | |||||||||
Total | $ | 451.9 | $ | (299.4 | ) | $ | 453.5 | $ | (295.2 | ) |
September 30, 2016 | September 30, 2015 | ||||||||||||||
Cost | Accumulated Amortization | Cost | Accumulated Amortization | ||||||||||||
Finite-lived assets: | |||||||||||||||
Trade names | $ | 0.2 | $ | (0.1 | ) | $ | 0.2 | $ | (0.1 | ) | |||||
Customer relationships | 459.5 | (100.7 | ) | 374.0 | (78.7 | ) | |||||||||
Technology, including patents | 77.9 | (33.3 | ) | 62.3 | (28.0 | ) | |||||||||
Software | 47.4 | (39.8 | ) | 43.3 | (37.7 | ) | |||||||||
Other | 0.4 | (0.3 | ) | 0.4 | (0.3 | ) | |||||||||
585.4 | (174.2 | ) | 480.2 | (144.8 | ) | ||||||||||
Indefinite-lived assets: | |||||||||||||||
Trade names | 130.3 | — | 124.2 | — | |||||||||||
Total | $ | 715.7 | $ | (174.2 | ) | $ | 604.4 | $ | (144.8 | ) |
Process Equipment Group | Batesville | Total | |||||||||
Balance September 30, 2014 | $ | 562.4 | $ | 8.3 | $ | 570.7 | |||||
Adjustments | 1.5 | — | 1.5 | ||||||||
Foreign currency adjustments | (28.2 | ) | — | (28.2 | ) | ||||||
Balance September 30, 2015 | 535.7 | 8.3 | 544.0 | ||||||||
Acquisitions | 96.4 | — | 96.4 | ||||||||
Adjustments | (0.3 | ) | — | (0.3 | ) | ||||||
Foreign currency adjustments | (5.8 | ) | — | (5.8 | ) | ||||||
Balance September 30, 2016 | $ | 626.0 | $ | 8.3 | $ | 634.3 |
September 30, | |||||||
2016 | 2015 | ||||||
Currency translation | $ | (61.6 | ) | $ | (52.1 | ) | |
Pension and postretirement (net of taxes of $34.1 and $29.3) | (67.5 | ) | (54.4 | ) | |||
Unrealized loss on derivative instruments (net of taxes of $0.5 and $0.8) | (0.7 | ) | (1.4 | ) | |||
Accumulated other comprehensive loss | $ | (129.8 | ) | $ | (107.9 | ) |
|
September 30, | |||||||
2016 | 2015 | ||||||
$700 revolving credit facility (excluding outstanding letters of credit) | $ | 198.5 | $ | 107.6 | |||
$180 term loan | 162.0 | 171.0 | |||||
$150 senior unsecured notes, net of discount | 149.3 | 149.1 | |||||
$100 Series A Notes | 100.0 | 100.0 | |||||
Other | 0.3 | 0.4 | |||||
Total debt | 610.1 | 528.1 | |||||
Less: current portion | 13.8 | 9.4 | |||||
Total long-term debt | $ | 596.3 | $ | 518.7 |
Amount | |||
2017 | $ | 13.5 | |
2018 | 18.0 | ||
2019 | 18.0 | ||
2020 | 461.0 | ||
2021 | — |
|
U.S. Pension Benefits Year Ended September 30, | Non-U.S. Pension Benefits Year Ended September 30, | ||||||||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||||||||
Service cost | $ | 3.9 | $ | 4.3 | $ | 4.0 | $ | 1.8 | $ | 1.7 | $ | 1.6 | |||||||||||
Interest cost | 9.5 | 14.4 | 14.5 | 1.8 | 2.8 | 4.2 | |||||||||||||||||
Expected return on plan assets | (9.7 | ) | (14.3 | ) | (14.0 | ) | (1.0 | ) | (1.0 | ) | (1.0 | ) | |||||||||||
Amortization of unrecognized prior service cost, net | 0.6 | 0.9 | 0.9 | 0.1 | — | — | |||||||||||||||||
Amortization of actuarial loss | 3.8 | 5.3 | 3.8 | 0.3 | 0.1 | — | |||||||||||||||||
Settlement expense | — | 17.7 | — | 0.5 | — | — | |||||||||||||||||
Net pension costs | $ | 8.1 | $ | 28.3 | $ | 9.2 | $ | 3.5 | $ | 3.6 | $ | 4.8 |
U.S. Pension Benefits September 30, | Non-U.S. Pension Benefits September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Change in benefit obligation: | |||||||||||||||
Projected benefit obligation at beginning of year | $ | 272.2 | $ | 338.5 | $ | 134.2 | $ | 142.9 | |||||||
Service cost | 3.9 | 4.3 | 1.8 | 1.7 | |||||||||||
Interest cost | 9.5 | 14.4 | 1.8 | 2.8 | |||||||||||
Amendments | — | — | — | 0.7 | |||||||||||
Actuarial loss | 19.7 | 10.0 | 11.7 | 6.2 | |||||||||||
Benefits paid | (11.1 | ) | (89.0 | ) | (8.8 | ) | (8.3 | ) | |||||||
Gain due to settlement | — | (6.0 | ) | — | — | ||||||||||
Employee contributions | — | — | 0.7 | 0.8 | |||||||||||
Effect of exchange rates on projected benefit obligation | — | — | (0.5 | ) | (12.6 | ) | |||||||||
Projected benefit obligation at end of year | 294.2 | 272.2 | 140.9 | 134.2 | |||||||||||
Change in plan assets: | |||||||||||||||
Fair value of plan assets at beginning of year | 158.9 | 249.7 | 29.5 | 29.4 | |||||||||||
Actual return on plan assets | 19.1 | (8.6 | ) | 0.5 | — | ||||||||||
Employee and employer contributions | 6.8 | 6.8 | 8.5 | 8.9 | |||||||||||
Benefits paid | (11.1 | ) | (89.0 | ) | (8.8 | ) | (8.3 | ) | |||||||
Effect of exchange rates on plan assets | — | — | — | (0.5 | ) | ||||||||||
Fair value of plan assets at end of year | 173.7 | 158.9 | 29.7 | 29.5 | |||||||||||
Funded status: | |||||||||||||||
Plan assets less than benefit obligations | $ | (120.5 | ) | $ | (113.3 | ) | $ | (111.2 | ) | $ | (104.7 | ) | |||
Amounts recorded in the consolidated balance sheets: | |||||||||||||||
Accrued pension costs, current portion | $ | (1.8 | ) | $ | (1.8 | ) | $ | (6.6 | ) | $ | (6.9 | ) | |||
Accrued pension costs, long-term portion | (118.7 | ) | (111.5 | ) | (104.6 | ) | (97.8 | ) | |||||||
Plan assets less than benefit obligations | $ | (120.5 | ) | $ | (113.3 | ) | $ | (111.2 | ) | $ | (104.7 | ) |
U.S. Pension Benefits September 30, | Non-U.S. Pension Benefits September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Projected benefit obligation | $ | 294.2 | $ | 272.2 | $ | 108.6 | $ | 134.2 | |||||||
Accumulated benefit obligation | 276.5 | 258.9 | 108.6 | 131.2 | |||||||||||
Fair value of plan assets | 173.7 | 158.9 | — | 29.5 |
U.S. Pension Benefits Year Ended September 30, | Non-U.S. Pension Benefits Year Ended September 30, | ||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||
Discount rate for obligation, end of year | 3.6 | % | 4.4 | % | 4.4 | % | 1.0 | % | 2.1 | % | 2.3 | % | |||||
Discount rate for expense, during the year | 4.4 | % | 4.4 | % | 4.9 | % | 1.7 | % | 1.9 | % | 3.0 | % | |||||
Expected rate of return on plan assets | 5.5 | % | 6.3 | % | 6.6 | % | 2.0 | % | 3.5 | % | 3.5 | % | |||||
Rate of compensation increase | 3.0 | % | 3.0 | % | 3.0 | % | 2.0 | % | 0.2 | % | 0.2 | % |
Fair Value at September 30, 2016 Using Inputs Considered as: | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Non-U.S. Pension Plans | |||||||||||||||
Cash equivalents | $ | 4.1 | $ | 4.1 | $ | — | $ | — | |||||||
Equity securities | 6.5 | 6.5 | — | — | |||||||||||
Other types of investments: | |||||||||||||||
Government index funds | 5.8 | 5.8 | — | — | |||||||||||
Corporate bond funds | 9.7 | 9.7 | — | — | |||||||||||
Real estate and real estate funds | 2.0 | — | — | 2.0 | |||||||||||
Other | 1.6 | — | 1.6 | — | |||||||||||
Total Non-U.S. pension plan assets | $ | 29.7 | $ | 26.1 | $ | 1.6 | $ | 2.0 |
Fair Value at September 30, 2015 Using Inputs Considered as: | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Non-U.S. Pension Plans | |||||||||||||||
Cash equivalents | $ | 5.5 | $ | 5.5 | $ | — | $ | — | |||||||
Equity securities | 5.9 | 5.9 | — | — | |||||||||||
Other types of investments: | 5.2 | 5.2 | 0 | 0 | |||||||||||
Government index funds | 5.2 | 5.2 | — | — | |||||||||||
Corporate bond funds | 9.9 | 9.9 | — | — | |||||||||||
Real estate and real estate funds | 2.0 | — | — | 2.0 | |||||||||||
Other | 1.0 | — | 1.0 | — | |||||||||||
Total Non-U.S. pension plan assets | $ | 29.5 | $ | 26.5 | $ | 1.0 | $ | 2.0 |
U.S. Pension Plans Projected Pension Benefits Payout | Non-U.S Pension Plans Projected Pension Benefits Payout | ||||||
2017 | $ | 12.0 | $ | 7.6 | |||
2018 | 12.3 | 7.9 | |||||
2019 | 13.2 | 7.2 | |||||
2020 | 14.1 | 7.4 | |||||
2021 | 14.8 | 6.8 | |||||
2022 - 2026 | 83.2 | 33.0 |
September 30, | |||||||
2016 | 2015 | ||||||
Benefit obligation at beginning of year | $ | 10.3 | $ | 8.9 | |||
Interest cost | 0.3 | 0.3 | |||||
Service cost | 0.4 | 0.4 | |||||
Actuarial loss | 0.2 | 1.1 | |||||
Net benefits paid | (0.9 | ) | (0.4 | ) | |||
Benefit obligation at end of year | $ | 10.3 | $ | 10.3 | |||
Amounts recorded in the balance sheets: | |||||||
Accrued postretirement benefits, current portion | $ | 0.9 | $ | 0.9 | |||
Accrued postretirement benefits, long-term portion | 9.4 | 9.4 | |||||
Net amount recognized | $ | 10.3 | $ | 10.3 |
Year Ended September 30, | ||||||||
2016 | 2015 | 2014 | ||||||
Discount rate for obligation | 3.1 | % | 3.7 | % | 3.7 | % | ||
Healthcare cost rate assumed for next year | 7.3 | % | 7.6 | % | 7.2 | % | ||
Ultimate trend rate | 4.5 | % | 4.5 | % | 5.0 | % |
|
September 30, | |||||||
2016 | 2015 | ||||||
Casket pricing obligation | $ | 3.9 | $ | 4.8 | |||
Rabbi trust liability | 4.0 | 4.6 | |||||
Self-insurance loss reserves | 13.3 | 15.3 | |||||
Other | 13.7 | 11.5 | |||||
34.9 | 36.2 | ||||||
Less current portion | (5.5 | ) | (4.9 | ) | |||
Total long-term portion | $ | 29.4 | $ | 31.3 |
|
Year Ended September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Domestic | $ | 99.3 | $ | 110.0 | $ | 104.7 | |||||
Foreign | 64.8 | 52.3 | 55.2 | ||||||||
Total earnings before income taxes | $ | 164.1 | $ | 162.3 | $ | 159.9 | |||||
Income tax expense: | |||||||||||
Current provision: | |||||||||||
Federal | $ | 28.9 | $ | 35.0 | $ | 39.0 | |||||
State | 5.1 | 4.4 | 6.2 | ||||||||
Foreign | 18.0 | 10.2 | 11.7 | ||||||||
Total current provision | 52.0 | 49.6 | 56.9 | ||||||||
Deferred provision (benefit): | |||||||||||
Federal | 3.2 | (0.5 | ) | (6.1 | ) | ||||||
State | (0.7 | ) | 1.6 | 1.3 | |||||||
Foreign | (7.2 | ) | (1.6 | ) | (3.4 | ) | |||||
Total deferred provision (benefit) | (4.7 | ) | (0.5 | ) | (8.2 | ) | |||||
Income tax expense | $ | 47.3 | $ | 49.1 | $ | 48.7 |
Year Ended September 30, | ||||||||
2016 | 2015 | 2014 | ||||||
Federal statutory rates | 35.0 | % | 35.0 | % | 35.0 | % | ||
Adjustments resulting from the tax effect of: | ||||||||
State income taxes, net of federal benefit | 2.0 | 2.3 | 3.2 | |||||
Foreign income tax rate differential | (6.7 | ) | (6.2 | ) | (7.2 | ) | ||
Domestic manufacturer’s deduction | (1.9 | ) | (2.2 | ) | (2.3 | ) | ||
Share-based compensation | (1.5 | ) | — | — | ||||
Valuation allowance | 1.7 | 0.3 | 0.3 | |||||
Other, net | 0.2 | 1.0 | 1.5 | |||||
Effective income tax rate | 28.8 | % | 30.2 | % | 30.5 | % |
September 30, | |||||||
2016 | 2015 | ||||||
Deferred tax assets: | |||||||
Employee benefit accruals | $ | 90.1 | $ | 81.2 | |||
Loss and tax credit carryforwards | 40.6 | 37.4 | |||||
Rebates and other discounts | 5.7 | 5.6 | |||||
Self-insurance reserves | 4.6 | 4.8 | |||||
Casket pricing obligation | 1.6 | 1.9 | |||||
Allowance for doubtful accounts | 1.1 | 1.1 | |||||
Inventory, net | 3.2 | 2.2 | |||||
Other, net | 11.9 | 13.0 | |||||
Total deferred tax assets before valuation allowance | 158.8 | 147.2 | |||||
Less valuation allowance | (5.5 | ) | (2.8 | ) | |||
Total deferred tax assets, net | 153.3 | 144.4 | |||||
Deferred tax liabilities: | |||||||
Depreciation | (9.7 | ) | (9.7 | ) | |||
Amortization | (134.9 | ) | (136.3 | ) | |||
Long-term contracts and customer prepayments | (21.2 | ) | (25.7 | ) | |||
Unremitted earnings of foreign operations | (0.2 | ) | (0.2 | ) | |||
Other, net | (8.8 | ) | (5.2 | ) | |||
Total deferred tax liabilities | (174.8 | ) | (177.1 | ) | |||
Deferred tax liabilities, net | $ | (21.5 | ) | $ | (32.7 | ) | |
Amounts recorded in the balance sheets: | |||||||
Deferred taxes, current | $ | 1.1 | $ | (3.5 | ) | ||
Deferred taxes, long-term | (22.6 | ) | (29.2 | ) | |||
Deferred tax liabilities, net | $ | (21.5 | ) | $ | (32.7 | ) |
September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Balance at September 30 | $ | 7.8 | $ | 8.4 | $ | 6.4 | |||||
Additions for tax positions related to the current year | 0.2 | 0.6 | 2.5 | ||||||||
Additions for tax positions of prior years | 1.7 | 0.8 | — | ||||||||
Reductions for tax positions of prior years | (2.0 | ) | (2.0 | ) | (0.3 | ) | |||||
Settlements | — | — | (0.2 | ) | |||||||
Balance at September 30 | $ | 7.7 | $ | 7.8 | $ | 8.4 |
|
Pension and Postretirement | Currency Translation | Net Unrealized Gain (Loss) on Derivative Instruments | Total Attributable to Hillenbrand, Inc. | Noncontrolling Interests | Total | ||||||||||||||||||
Balance at September 30, 2014 | $ | (46.0 | ) | $ | (4.9 | ) | $ | (1.3 | ) | $ | (52.2 | ) | |||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||||||||
Before tax amount | (18.0 | ) | (47.2 | ) | (6.6 | ) | (71.8 | ) | $ | (0.4 | ) | $ | (72.2 | ) | |||||||||
Tax benefit (expense) | 6.1 | — | 3.1 | 9.2 | — | 9.2 | |||||||||||||||||
After tax amount | (11.9 | ) | (47.2 | ) | (3.5 | ) | (62.6 | ) | (0.4 | ) | (63.0 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income(1) | 3.5 | — | 3.4 | 6.9 | — | 6.9 | |||||||||||||||||
Net current period other comprehensive income (loss) | (8.4 | ) | (47.2 | ) | (0.1 | ) | (55.7 | ) | $ | (0.4 | ) | $ | (56.1 | ) | |||||||||
Balance at September 30, 2015 | $ | (54.4 | ) | $ | (52.1 | ) | $ | (1.4 | ) | $ | (107.9 | ) |
Pension and Postretirement | Currency Translation | Net Unrealized Gain (Loss) on Derivative Instruments | Total Attributable to Hillenbrand, Inc. | Noncontrolling Interests | Total | ||||||||||||||||||
Balance at September 30, 2015 | $ | (54.4 | ) | $ | (52.1 | ) | $ | (1.4 | ) | $ | (107.9 | ) | |||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||||||||
Before tax amount | (22.7 | ) | (9.5 | ) | 0.2 | (32.0 | ) | $ | (0.3 | ) | $ | (32.3 | ) | ||||||||||
Tax benefit (expense) | 6.5 | — | 0.1 | 6.6 | — | 6.6 | |||||||||||||||||
After tax amount | (16.2 | ) | (9.5 | ) | 0.3 | (25.4 | ) | (0.3 | ) | (25.7 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income(1) | 3.1 | — | 0.4 | 3.5 | — | 3.5 | |||||||||||||||||
Net current period other comprehensive income (loss) | (13.1 | ) | (9.5 | ) | 0.7 | (21.9 | ) | $ | (0.3 | ) | $ | (22.2 | ) | ||||||||||
Balance at September 30, 2016 | $ | (67.5 | ) | $ | (61.6 | ) | $ | (0.7 | ) | $ | (129.8 | ) |
Pension and Postretirement | Currency Translation | Net Unrealized Gain (Loss) on Derivative Instruments | Total Attributable to Hillenbrand, Inc. | Noncontrolling Interests | Total | ||||||||||||||||||
Balance at September 30, 2013 | $ | (33.0 | ) | $ | 31.4 | $ | 0.2 | $ | (1.4 | ) | |||||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||||||||
Before tax amount | (23.8 | ) | (36.3 | ) | 1.0 | (59.1 | ) | $ | (0.1 | ) | $ | (59.2 | ) | ||||||||||
Tax benefit (expense) | 8.1 | — | (0.3 | ) | 7.8 | — | 7.8 | ||||||||||||||||
After tax amount | (15.7 | ) | (36.3 | ) | 0.7 | (51.3 | ) | (0.1 | ) | (51.4 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income(1) | 2.7 | — | (2.2 | ) | 0.5 | — | 0.5 | ||||||||||||||||
Net current period other comprehensive income (loss) | (13.0 | ) | (36.3 | ) | (1.5 | ) | (50.8 | ) | $ | (0.1 | ) | $ | (50.9 | ) | |||||||||
Balance at September 30, 2014 | $ | (46.0 | ) | $ | (4.9 | ) | $ | (1.3 | ) | $ | (52.2 | ) |
Year Ended September 30, 2014 | |||||||||||||||
Amortization of Pension and Postretirement (1) | (Gain)/Loss on Derivative Instruments | ||||||||||||||
Net Loss Recognized | Prior Service Costs Recognized | Total | |||||||||||||
Affected Line in the Consolidated Statement of Operations: | |||||||||||||||
Net revenue | $ | — | $ | — | $ | (1.6 | ) | $ | (1.6 | ) | |||||
Cost of goods sold | 2.5 | 0.5 | (0.5 | ) | 2.5 | ||||||||||
Operating expenses | 0.9 | 0.3 | — | 1.2 | |||||||||||
Other income (expense), net | — | — | (1.1 | ) | (1.1 | ) | |||||||||
Total before tax | $ | 3.4 | $ | 0.8 | $ | (3.2 | ) | 1.0 | |||||||
Tax expense | (0.5 | ) | |||||||||||||
Total reclassifications for the period, net of tax | $ | 0.5 |
Year Ended September 30, 2016 | |||||||||||||||
Amortization of Pension and Postretirement (1) | (Gain)/Loss on Derivative Instruments | ||||||||||||||
Net Loss Recognized | Prior Service Costs Recognized | Total | |||||||||||||
Affected Line in the Consolidated Statement of Operations: | |||||||||||||||
Net revenue | $ | — | $ | — | $ | 0.3 | $ | 0.3 | |||||||
Cost of goods sold | 3.0 | 0.3 | — | 3.3 | |||||||||||
Operating expenses | 1.3 | 0.2 | — | 1.5 | |||||||||||
Other income (expense), net | — | — | 0.4 | 0.4 | |||||||||||
Total before tax | $ | 4.3 | $ | 0.5 | $ | 0.7 | 5.5 | ||||||||
Tax expense | (2.0 | ) | |||||||||||||
Total reclassifications for the period, net of tax | $ | 3.5 |
Year Ended September 30, 2015 | |||||||||||||||
Amortization of Pension and Postretirement (1) | (Gain)/Loss on Derivative Instruments | ||||||||||||||
Net Loss Recognized | Prior Service Costs Recognized | Total | |||||||||||||
Affected Line in the Consolidated Statement of Operations: | |||||||||||||||
Net revenue | $ | — | $ | — | $ | 2.5 | $ | 2.5 | |||||||
Cost of goods sold | 3.5 | 0.5 | 0.1 | 4.1 | |||||||||||
Operating expenses | 1.3 | 0.3 | — | 1.6 | |||||||||||
Other income (expense), net | — | — | 1.9 | 1.9 | |||||||||||
Total before tax | $ | 4.8 | $ | 0.8 | $ | 4.5 | 10.1 | ||||||||
Tax expense | (3.2 | ) | |||||||||||||
Total reclassifications for the period, net of tax | $ | 6.9 |
|
Amount | |||
2017 | $ | 16.5 | |
2018 | 13.0 | ||
2019 | 10.4 | ||
2020 | 6.7 | ||
2021 | 5.8 | ||
Thereafter | 36.2 | ||
$ | 88.6 |
|
Year Ended September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Equity in net income (loss) of affiliates | $ | 0.3 | $ | (2.1 | ) | $ | 2.8 | ||||
Foreign currency exchange gain (loss), net | 0.3 | (4.4 | ) | (1.5 | ) | ||||||
Gain on exercise of warrants | — | — | 5.2 | ||||||||
Service cancellation agreement | — | — | 2.5 | ||||||||
Other, net | (2.3 | ) | (1.4 | ) | (0.3 | ) | |||||
Other (expense) income, net | $ | (1.7 | ) | $ | (7.9 | ) | $ | 8.7 |
|
Carrying Value at 9/30/2016 | Fair Value at September 30, 2016 | ||||||||||||||
Using Inputs Considered as: | |||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||
Cash and cash equivalents | $ | 52.0 | $ | 52.0 | $ | — | $ | — | |||||||
Investments in rabbi trust | 4.0 | 4.0 | — | — | |||||||||||
Derivative instruments | 1.4 | — | 1.4 | — | |||||||||||
Liabilities: | |||||||||||||||
$150 senior unsecured notes | 149.3 | 163.5 | — | — | |||||||||||
Revolving credit facilities | 198.5 | — | 198.5 | — | |||||||||||
Term loan | 162.0 | — | 162.0 | — | |||||||||||
$100 Series A Notes | 100.0 | — | 110.8 | — | |||||||||||
Derivative instruments | 3.3 | — | 3.3 | — |
Carrying Value at 9/30/2015 | Fair Value at September 30, 2015 | ||||||||||||||
Using Inputs Considered as: | |||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||
Cash and cash equivalents | $ | 48.3 | $ | 48.3 | $ | — | $ | — | |||||||
Investments in rabbi trust | 4.6 | 4.6 | — | — | |||||||||||
Derivative instruments | 1.1 | — | 1.1 | — | |||||||||||
Liabilities: | |||||||||||||||
$150 senior unsecured notes | 149.1 | 165.0 | — | — | |||||||||||
Revolving credit facilities | 107.6 | — | 107.6 | — | |||||||||||
Term loan | 171.0 | — | 171.0 | — | |||||||||||
$100 Series A Notes | 100.0 | — | 100.6 | — | |||||||||||
Derivative instruments | 5.8 | — | 5.8 | — |
|
September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Net revenue | |||||||||||
Process Equipment Group | $ | 964.7 | $ | 992.8 | $ | 1,075.0 | |||||
Batesville | 573.7 | 604.0 | 592.2 | ||||||||
Total net revenue | $ | 1,538.4 | $ | 1,596.8 | $ | 1,667.2 | |||||
Adjusted EBITDA | |||||||||||
Process Equipment Group | $ | 160.9 | $ | 160.5 | $ | 150.4 | |||||
Batesville | 143.5 | 145.5 | 150.8 | ||||||||
Corporate | (37.3 | ) | (37.3 | ) | (25.7 | ) | |||||
Net revenue(1) | |||||||||||
United States | $ | 857.0 | $ | 915.0 | $ | 874.4 | |||||
Germany | 482.7 | 477.3 | 561.1 | ||||||||
All other foreign business units | 198.7 | 204.5 | 231.7 | ||||||||
Total revenue | $ | 1,538.4 | $ | 1,596.8 | $ | 1,667.2 | |||||
Depreciation and amortization | |||||||||||
Process Equipment Group | $ | 45.2 | $ | 37.2 | $ | 41.9 | |||||
Batesville | 14.1 | 15.8 | 15.5 | ||||||||
Corporate | 1.1 | 1.3 | 1.0 | ||||||||
Total depreciation and amortization | $ | 60.4 | $ | 54.3 | $ | 58.4 |
September 30, | |||||||
2016 | 2015 | ||||||
Total assets assigned | |||||||
Process Equipment Group | $ | 1,694.6 | $ | 1,537.3 | |||
Batesville | 211.8 | 224.9 | |||||
Corporate | 54.5 | 45.9 | |||||
Total assets | $ | 1,960.9 | $ | 1,808.1 | |||
Tangible long-lived assets, net | |||||||
United States | $ | 89.5 | $ | 95.7 | |||
Germany | 35.8 | 35.1 | |||||
All other foreign business units | 27.2 | 27.5 | |||||
Tangible long-lived assets, net | $ | 152.5 | $ | 158.3 |
Year Ended September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Adjusted EBITDA: | |||||||||||
Process Equipment Group | $ | 160.9 | $ | 160.5 | $ | 150.4 | |||||
Batesville | 143.5 | 145.5 | 150.8 | ||||||||
Corporate | (37.3 | ) | (37.3 | ) | (25.7 | ) | |||||
Less: | |||||||||||
Interest income | (1.2 | ) | (1.0 | ) | (0.8 | ) | |||||
Interest expense | 25.3 | 23.8 | 23.3 | ||||||||
Income tax expense | 47.3 | 49.1 | 48.7 | ||||||||
Depreciation and amortization | 60.4 | 54.3 | 58.4 | ||||||||
Business acquisition costs | 3.7 | 3.6 | 8.4 | ||||||||
Inventory step-up | 2.4 | — | — | ||||||||
Restructuring and restructuring related | 10.2 | 7.5 | 5.5 | ||||||||
Litigation | — | 0.5 | 20.8 | ||||||||
Pension settlement charge | — | 17.7 | — | ||||||||
Trade name impairment | 2.2 | — | — | ||||||||
Consolidated net income | $ | 116.8 | $ | 113.2 | $ | 111.2 |
|
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
2016 | |||||||||||||||
Net revenue | $ | 351.7 | $ | 387.0 | $ | 371.0 | $ | 428.7 | |||||||
Gross profit | 128.2 | 142.7 | 143.5 | 156.2 | |||||||||||
Net income(1) | 20.0 | 26.1 | 30.7 | 36.0 | |||||||||||
Earnings per share — basic | 0.32 | 0.41 | 0.49 | 0.57 | |||||||||||
Earnings per share —diluted | 0.31 | 0.41 | 0.48 | 0.56 | |||||||||||
2015 | |||||||||||||||
Net revenue | $ | 401.5 | $ | 404.6 | $ | 398.7 | $ | 392.0 | |||||||
Gross profit | 138.4 | 148.6 | 138.9 | 144.5 | |||||||||||
Net income(1) | 29.5 | 30.7 | 32.1 | 19.1 | |||||||||||
Earnings per share — basic | 0.47 | 0.49 | 0.51 | 0.30 | |||||||||||
Earnings per share —diluted | 0.46 | 0.48 | 0.50 | 0.30 |
|
Year Ended September 30, 2016 | Year Ended September 30, 2015 | Year Ended September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- Guarantors | Eliminations | Consolidated | Parent | Guarantors | Non- Guarantors | Eliminations | Consolidated | Parent | Guarantors | Non- Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Net revenue | $ | — | $ | 846.8 | $ | 892.8 | $ | (201.2 | ) | $ | 1,538.4 | $ | — | $ | 912.0 | $ | 889.0 | $ | (204.2 | ) | $ | 1,596.8 | $ | — | $ | 866.1 | $ | 1,001.9 | $ | (200.8 | ) | $ | 1,667.2 | ||||||||||||||||||||||||||
Cost of goods sold | — | 428.7 | 638.4 | (99.3 | ) | 967.8 | — | 475.6 | 654.5 | (103.7 | ) | 1,026.4 | — | 441.9 | 736.0 | (99.9 | ) | 1,078.0 | |||||||||||||||||||||||||||||||||||||||||
Gross profit | — | 418.1 | 254.4 | (101.9 | ) | 570.6 | — | 436.4 | 234.5 | (100.5 | ) | 570.4 | — | 424.2 | 265.9 | (100.9 | ) | 589.2 | |||||||||||||||||||||||||||||||||||||||||
Operating expenses | 41.8 | 242.0 | 164.6 | (101.9 | ) | 346.5 | 33.1 | 244.1 | 153.9 | (100.5 | ) | 330.6 | 41.0 | 261.4 | 181.6 | (100.9 | ) | 383.1 | |||||||||||||||||||||||||||||||||||||||||
Amortization expense | — | 13.0 | 20.0 | — | 33.0 | 0.4 | 11.4 | 16.3 | — | 28.1 | 0.5 | 11.4 | 19.7 | — | 31.6 | ||||||||||||||||||||||||||||||||||||||||||||
Pension settlement charge | — | — | — | — | — | 3.3 | 14.4 | — | — | 17.7 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 22.7 | 0.2 | 2.4 | — | 25.3 | 20.5 | 0.8 | 2.5 | — | 23.8 | 18.9 | 0.4 | 4.0 | — | 23.3 | ||||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | (0.3 | ) | (2.2 | ) | 0.8 | — | (1.7 | ) | (0.2 | ) | (4.0 | ) | (3.7 | ) | — | (7.9 | ) | (0.1 | ) | 8.5 | 0.3 | — | 8.7 | ||||||||||||||||||||||||||||||||||||
Equity in net income (loss) of subsidiaries | 144.4 | 10.2 | — | (154.6 | ) | — | 141.1 | 12.5 | — | (153.6 | ) | — | 144.4 | 10.3 | — | (154.7 | ) | — | |||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 79.6 | 170.9 | 68.2 | (154.6 | ) | 164.1 | 83.6 | 174.2 | 58.1 | (153.6 | ) | 162.3 | 83.9 | 169.8 | 60.9 | (154.7 | ) | 159.9 | |||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | (33.2 | ) | 62.4 | 18.1 | — | 47.3 | (27.8 | ) | 60.5 | 16.4 | — | 49.1 | (25.8 | ) | 59.7 | 14.8 | — | 48.7 | |||||||||||||||||||||||||||||||||||||||||
Consolidated net income | 112.8 | 108.5 | 50.1 | (154.6 | ) | 116.8 | 111.4 | 113.7 | 41.7 | (153.6 | ) | 113.2 | 109.7 | 110.1 | 46.1 | (154.7 | ) | 111.2 | |||||||||||||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 4.0 | — | 4.0 | — | — | 1.8 | — | 1.8 | — | — | 1.5 | — | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss)(1) | $ | 112.8 | $ | 108.5 | $ | 46.1 | $ | (154.6 | ) | $ | 112.8 | $ | 111.4 | $ | 113.7 | $ | 39.9 | $ | (153.6 | ) | $ | 111.4 | $ | 109.7 | $ | 110.1 | $ | 44.6 | $ | (154.7 | ) | $ | 109.7 | ||||||||||||||||||||||||||
Consolidated comprehensive income (loss) | $ | 90.9 | $ | 116.4 | $ | 33.1 | $ | (145.8 | ) | $ | 94.6 | $ | 55.7 | $ | 103.5 | $ | 0.8 | $ | (102.9 | ) | $ | 57.1 | $ | 58.9 | $ | 100.7 | $ | (8.4 | ) | $ | (90.9 | ) | $ | 60.3 | |||||||||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 3.7 | — | 3.7 | — | — | 1.4 | — | 1.4 | — | — | 1.4 | — | 1.4 | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss)(2) | $ | 90.9 | $ | 116.4 | $ | 29.4 | $ | (145.8 | ) | $ | 90.9 | $ | 55.7 | $ | 103.5 | $ | (0.6 | ) | $ | (102.9 | ) | $ | 55.7 | $ | 58.9 | $ | 100.7 | $ | (9.8 | ) | $ | (90.9 | ) | $ | 58.9 |
September 30, 2016 | September 30, 2015 | ||||||||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- Guarantors | Eliminations | Consolidated | Parent | Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||||||||||||||
Cash and equivalents | $ | 4.4 | $ | 5.6 | $ | 42.0 | $ | — | $ | 52.0 | $ | 0.3 | $ | 7.1 | $ | 40.9 | $ | — | $ | 48.3 | |||||||||||||||||||
Trade receivables, net | — | 120.6 | 84.4 | — | 205.0 | — | 113.4 | 74.5 | — | 187.9 | |||||||||||||||||||||||||||||
Unbilled receivables from long-term manufacturing contracts | — | 10.6 | 115.2 | — | 125.8 | — | 13.5 | 131.4 | — | 144.9 | |||||||||||||||||||||||||||||
Inventories | — | 69.8 | 86.1 | (2.8 | ) | 153.1 | — | 69.0 | 87.1 | (2.5 | ) | 153.6 | |||||||||||||||||||||||||||
Deferred income taxes | 1.6 | 17.4 | — | 4.9 | 23.9 | 1.8 | 15.7 | 4.4 | — | 21.9 | |||||||||||||||||||||||||||||
Prepaid expense | 2.2 | 6.5 | 9.5 | — | 18.2 | 2.8 | 6.5 | 14.5 | — | 23.8 | |||||||||||||||||||||||||||||
Intercompany receivables | — | 1,003.1 | 97.4 | (1,100.5 | ) | — | — | 921.8 | 60.2 | (982.0 | ) | — | |||||||||||||||||||||||||||
Other current assets | 4.6 | 1.5 | 15.9 | 0.3 | 22.3 | 0.6 | 1.9 | 20.8 | 0.4 | 23.7 | |||||||||||||||||||||||||||||
Total current assets | 12.8 | 1,235.1 | 450.5 | (1,098.1 | ) | 600.3 | 5.5 | 1,148.9 | 433.8 | (984.1 | ) | 604.1 | |||||||||||||||||||||||||||
Property, plant and equipment, net | 4.9 | 65.7 | 81.9 | — | 152.5 | 6.3 | 66.2 | 85.8 | — | 158.3 | |||||||||||||||||||||||||||||
Intangible assets, net | 4.1 | 220.4 | 317.0 | — | 541.5 | 2.2 | 175.6 | 281.8 | — | 459.6 | |||||||||||||||||||||||||||||
Goodwill | — | 271.8 | 362.5 | — | 634.3 | — | 211.7 | 332.3 | — | 544.0 | |||||||||||||||||||||||||||||
Investment in consolidated subsidiaries | 2,143.4 | 820.2 | — | (2,963.6 | ) | — | 2,082.7 | 836.1 | — | (2,918.8 | ) | — | |||||||||||||||||||||||||||
Other assets | 20.1 | 22.7 | 0.8 | (11.3 | ) | 32.3 | 24.5 | 31.0 | 0.9 | (14.3 | ) | 42.1 | |||||||||||||||||||||||||||
Total Assets | $ | 2,185.3 | $ | 2,635.9 | $ | 1,212.7 | $ | (4,073.0 | ) | $ | 1,960.9 | $ | 2,121.2 | $ | 2,469.5 | $ | 1,134.6 | $ | (3,917.2 | ) | $ | 1,808.1 | |||||||||||||||||
Trade accounts payable | $ | 0.4 | $ | 28.4 | $ | 106.9 | $ | — | $ | 135.7 | $ | 0.5 | $ | 22.7 | $ | 81.3 | $ | (0.2 | ) | $ | 104.3 | ||||||||||||||||||
Liabilities from long-term manufacturing contracts and advances | — | 14.0 | 64.6 | — | 78.6 | — | 13.5 | 66.2 | — | 79.7 | |||||||||||||||||||||||||||||
Current portion of long-term debt | 13.5 | — | 0.3 | — | 13.8 | 9.0 | — | 0.4 | — | 9.4 | |||||||||||||||||||||||||||||
Accrued compensation | 4.7 | 17.3 | 35.3 | — | 57.3 | 3.9 | 23.0 | 35.4 | — | 62.3 | |||||||||||||||||||||||||||||
Deferred income taxes | — | — | 18.1 | 4.7 | 22.8 | — | — | 25.4 | — | 25.4 | |||||||||||||||||||||||||||||
Intercompany payables | 1,098.8 | 4.5 | — | (1,103.3 | ) | — | 979.7 | 4.8 | — | (984.5 | ) | — | |||||||||||||||||||||||||||
Other current liabilities | 13.9 | 39.8 | 71.6 | 0.2 | 125.5 | 18.1 | 46.0 | 58.6 | 0.4 | 123.1 | |||||||||||||||||||||||||||||
Total current liabilities | 1,131.3 | 104.0 | 296.8 | (1,098.4 | ) | 433.7 | 1,011.2 | 110.0 | 267.3 | (984.3 | ) | 404.2 | |||||||||||||||||||||||||||
Long-term debt | 417.8 | — | 178.5 | — | 596.3 | 513.1 | — | 5.6 | — | 518.7 | |||||||||||||||||||||||||||||
Accrued pension and postretirement healthcare | 1.1 | 127.0 | 104.6 | — | 232.7 | 1.1 | 119.8 | 97.8 | — | 218.7 | |||||||||||||||||||||||||||||
Deferred income taxes | — | 5.8 | 27.8 | (11.0 | ) | 22.6 | — | 17.0 | 26.5 | (14.1 | ) | 29.4 | |||||||||||||||||||||||||||
Other long-term liabilities | 2.8 | 16.3 | 10.3 | — | 29.4 | 1.7 | 20.4 | 9.2 | — | 31.3 | |||||||||||||||||||||||||||||
Total Liabilities | 1,553.0 | 253.1 | 618.0 | (1,109.4 | ) | 1,314.7 | 1,527.1 | 267.2 | 406.4 | (998.4 | ) | 1,202.3 | |||||||||||||||||||||||||||
Total Hillenbrand Shareholders’ Equity | 632.3 | 2,382.8 | 580.8 | (2,963.6 | ) | 632.3 | 594.1 | 2,202.3 | 716.5 | (2,918.8 | ) | 594.1 | |||||||||||||||||||||||||||
Noncontrolling interests | — | — | 13.9 | — | 13.9 | — | — | 11.7 | — | 11.7 | |||||||||||||||||||||||||||||
Total Equity | 632.3 | 2,382.8 | 594.7 | (2,963.6 | ) | 646.2 | 594.1 | 2,202.3 | 728.2 | (2,918.8 | ) | 605.8 | |||||||||||||||||||||||||||
Total Liabilities and Equity | $ | 2,185.3 | $ | 2,635.9 | $ | 1,212.7 | $ | (4,073.0 | ) | $ | 1,960.9 | $ | 2,121.2 | $ | 2,469.5 | $ | 1,134.6 | $ | (3,917.2 | ) | $ | 1,808.1 |
Year Ended September 30, 2016 | Year Ended September 30, 2015 | Year Ended September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- Guarantors | Eliminations | Consolidated | Parent | Guarantors | Non- Guarantors | Eliminations | Consolidated | Parent | Guarantors | Non- Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 157.8 | $ | 239.9 | $ | (49.5 | ) | $ | (110.0 | ) | $ | 238.2 | $ | 76.0 | $ | 91.0 | $ | 23.6 | $ | (85.6 | ) | $ | 105.0 | $ | 81.8 | $ | 46.9 | $ | 98.2 | $ | (47.3 | ) | $ | 179.6 | |||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (2.6 | ) | (8.0 | ) | (10.6 | ) | — | (21.2 | ) | (1.1 | ) | (14.5 | ) | (15.4 | ) | — | (31.0 | ) | (1.0 | ) | (9.5 | ) | (13.1 | ) | — | (23.6 | ) | ||||||||||||||||||||||||||||||||
Proceeds from property, plant, and equipment | — | 1.6 | 0.4 | — | 2.0 | — | 2.8 | — | — | 2.8 | — | 0.3 | 7.2 | — | 7.5 | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from investments | — | — | — | — | — | — | — | — | — | — | — | 5.8 | — | — | 5.8 | ||||||||||||||||||||||||||||||||||||||||||||
Acquisition of business, net of cash acquired | — | (130.4 | ) | (105.0 | ) | — | (235.4 | ) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Return of investment capital from affiliates | 1.1 | — | — | — | 1.1 | 1.5 | — | — | — | 1.5 | 1.1 | — | 0.9 | — | 2.0 | ||||||||||||||||||||||||||||||||||||||||||||
Other, net | — | — | — | — | — | — | (2.5 | ) | (0.3 | ) | — | (2.8 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net cash used in (provided by) investing activities | (1.5 | ) | (136.8 | ) | (115.2 | ) | — | (253.5 | ) | 0.4 | (14.2 | ) | (15.7 | ) | — | (29.5 | ) | 0.1 | (3.4 | ) | (5.0 | ) | — | (8.3 | ) | ||||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments on term loan | (9.0 | ) | — | — | — | (9.0 | ) | (9.0 | ) | — | — | — | (9.0 | ) | (10.0 | ) | — | — | — | (10.0 | ) | ||||||||||||||||||||||||||||||||||||||
Proceeds from revolving credit facilities | 375.5 | — | 344.3 | — | 719.8 | 331.7 | — | 98.5 | — | 430.2 | 248.4 | — | 68.2 | — | 316.6 | ||||||||||||||||||||||||||||||||||||||||||||
Repayments on revolving credit facilities | (457.5 | ) | — | (169.7 | ) | — | (627.2 | ) | (441.8 | ) | — | (105.2 | ) | — | (547.0 | ) | (269.9 | ) | — | (140.8 | ) | — | (410.7 | ) | |||||||||||||||||||||||||||||||||||
Proceeds from Series A unsecured notes, net of financing costs | — | — | — | — | — | 99.6 | — | — | — | 99.6 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Payment of dividends - intercompany | — | (104.6 | ) | (5.4 | ) | 110.0 | — | — | (80.3 | ) | (5.3 | ) | 85.6 | — | — | (41.6 | ) | (5.7 | ) | 47.3 | — | ||||||||||||||||||||||||||||||||||||||
Payment of dividends on common stock | (51.1 | ) | — | — | — | (51.1 | ) | (50.4 | ) | — | — | — | (50.4 | ) | (49.7 | ) | — | — | — | (49.7 | ) | ||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (21.2 | ) | — | — | — | (21.2 | ) | (11.2 | ) | — | — | — | (11.2 | ) | (16.5 | ) | — | — | — | (16.5 | ) | ||||||||||||||||||||||||||||||||||||||
Net proceeds (payments) on stock plans | 11.1 | — | — | — | 11.1 | 3.4 | — | — | — | 3.4 | 14.6 | — | — | — | 14.6 | ||||||||||||||||||||||||||||||||||||||||||||
Other, net | — | — | (0.8 | ) | — | (0.8 | ) | 1.2 | — | — | — | 1.2 | 1.0 | — | (0.8 | ) | — | 0.2 | |||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | (152.2 | ) | (104.6 | ) | 168.4 | 110.0 | 21.6 | (76.5 | ) | (80.3 | ) | (12.0 | ) | 85.6 | (83.2 | ) | (82.1 | ) | (41.6 | ) | (79.1 | ) | 47.3 | (155.5 | ) | ||||||||||||||||||||||||||||||||||
Effect of exchange rates on cash and cash equivalents | — | — | (2.6 | ) | — | (2.6 | ) | — | — | (2.0 | ) | — | (2.0 | ) | — | — | (0.5 | ) | — | (0.5 | ) | ||||||||||||||||||||||||||||||||||||||
Net cash flow | 4.1 | (1.5 | ) | 1.1 | — | 3.7 | (0.1 | ) | (3.5 | ) | (6.1 | ) | — | (9.7 | ) | (0.2 | ) | 1.9 | 13.6 | — | 15.3 | ||||||||||||||||||||||||||||||||||||||
Cash and equivalents at beginning of period | 0.3 | 7.1 | 40.9 | — | 48.3 | 0.4 | 10.6 | 47.0 | — | 58.0 | 0.6 | 8.7 | 33.4 | — | 42.7 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and equivalents at end of period | $ | 4.4 | $ | 5.6 | $ | 42.0 | $ | — | $ | 52.0 | $ | 0.3 | $ | 7.1 | $ | 40.9 | $ | — | $ | 48.3 | $ | 0.4 | $ | 10.6 | $ | 47.0 | $ | — | $ | 58.0 |
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Year Ended September 30, | |||||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||||
Cost of goods sold | Operating expenses | Total | Cost of goods sold | Operating expenses | Total | ||||||||||||||||||
Process Equipment Group | $ | 3.0 | $ | 4.1 | $ | 7.1 | $ | 1.5 | $ | 3.9 | $ | 5.4 | |||||||||||
Batesville | 0.2 | 1.1 | 1.3 | 1.7 | 0.2 | 1.9 | |||||||||||||||||
Corporate | — | 0.5 | 0.5 | — | 1.5 | 1.5 | |||||||||||||||||
Total | $ | 3.2 | $ | 5.7 | $ | 8.9 | $ | 3.2 | $ | 5.6 | $ | 8.8 |
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