Cover Page - shares	9 Months Ended
Cover Page - shares	Jun. 30, 2020	Jul. 31, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-33794
Entity Registrant Name	HILLENBRAND, INC.
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	26-1342272
Entity Address, Address Line One	One Batesville Boulevard
Entity Address, City or Town	Batesville
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	47006
City Area Code	812
Local Phone Number	934-7500
Title of 12(b) Security	Common Stock, without par value
Trading Symbol	HI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		74,731,178
Entity Central Index Key	0001417398
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Net revenue	$ 607.5	$ 718.0	$ 1,939.0	$ 2,132.1
Net revenue	607.5	446.6	1,823.3	1,321.5
Cost of goods sold	400.2	298.2	1,250.5	865.2
Gross profit	207.3	148.4	572.8	456.3
Operating expenses	118.5	90.8	411.9	275.2
Amortization expense	16.4	8.6	55.2	25.0
Goodwill and Intangible Asset Impairment	0.0	0.0	82.5	0.0
Interest expense	19.7	5.2	55.3	16.1
Other income (expense), net	0.6	(0.5)	1.8	0.1
Income (loss) before income taxes	53.3	43.3	(30.3)	140.1
Income tax expense	28.3	11.6	17.7	39.9
Consolidated net income (loss)	25.0	31.7	(48.0)	100.2
Less: Net income attributable to noncontrolling interests	1.0	1.3	5.1	3.5
Net income (loss)	$ 24.0	$ 30.4	$ (53.1)	$ 96.7
Net income (loss) attributable to Hillenbrand — per share of common stock:
Basic earnings (loss) per share	$ 0.32	$ 0.48	$ (0.73)	$ 1.54
Diluted earnings (loss) per share	$ 0.32	$ 0.48	$ (0.73)	$ 1.52
Weighted average shares outstanding (basic)	75.1	63.0	72.8	62.9
Weighted average shares outstanding (diluted)	75.1	63.4	72.8	63.4

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Consolidated net income (loss)	$ 25.0	$ 31.7	$ (48.0)	$ 100.2
Changes in other comprehensive income (loss), net of tax:
Currency translation adjustment	11.9	6.1	(1.0)	(3.4)
Pension and postretirement (net of quarter-to-date tax of $0.4 and $0.5 and year-to-date tax of $1.3 and $0.7)	1.3	1.5	3.8	2.0
Change in net unrealized gain (loss) on derivative instruments (net of quarter-to-date tax of $0.3 and $1.2 and year-to-date tax of $0.3 and $3.8)	2.4	(4.3)	0.5	(12.7)
Total changes in other comprehensive income (loss), net of tax	15.6	3.3	3.3	(14.1)
Consolidated comprehensive income (loss)	40.6	35.0	(44.7)	86.1
Less: Comprehensive income attributable to noncontrolling interests	0.9	1.3	4.4	3.7
Comprehensive income (loss)	$ 39.7	$ 33.7	$ (49.1)	$ 82.4

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Pension and postretirement, tax	$ (0.4)	$ (0.1)	$ (0.9)	$ (0.2)
Change in net unrealized gain (loss) on derivative instruments, tax	$ 0.8	$ 0.9	$ 0.6	$ 2.6

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2020	Sep. 30, 2019
Current Assets
Cash and cash equivalents	$ 263.1	$ 399.0
Trade receivables, net	297.2	217.4
Receivables from long-term manufacturing contracts	166.2	181.1
Inventories, net	424.3	176.6
Prepaid expenses and other current assets	93.7	49.1
Total current assets	1,244.5	1,023.2
Property, plant, and equipment, net	331.6	140.3
Operating lease right-of-use assets	161.4	0.0
Intangible assets, net	1,093.6	454.9
Goodwill	1,143.1	578.0
Other long-term assets	55.7	32.2
Total Assets	4,029.9	2,228.6
Current Liabilities
Trade accounts payable	264.9	236.2
Liabilities from long-term manufacturing contracts and advances	168.4	158.2
Current portion of long-term debt	36.3	0.0
Accrued compensation	87.8	73.2
Other current liabilities	211.6	121.7
Total current liabilities	769.0	589.3
Long-term debt	1,674.8	619.5
Accrued pension and postretirement healthcare	159.3	131.3
Operating lease liabilities	126.2	0.0
Deferred Income Tax Liabilities, Net	187.6	73.6
Other long-term liabilities	57.9	45.1
Total Liabilities	2,974.8	1,458.8
Commitments and contingencies (Note 15)
SHAREHOLDERS’ EQUITY
Common stock, no par value (75.8 and 63.9 shares issued, 74.7 and 62.7 shares outstanding)	0.0	0.0
Additional paid-in capital	719.7	345.3
Retained earnings	504.4	599.5
Treasury stock (1.1 and 1.2 shares)	(44.9)	(50.1)
Accumulated other comprehensive loss	(142.6)	(140.6)
Hillenbrand Shareholders’ Equity	1,036.6	754.1
Noncontrolling interests	18.5	15.7
Total Shareholders’ Equity	1,055.1	769.8
Total Liabilities and Shareholders’ Equity	$ 4,029.9	$ 2,228.6

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Sep. 30, 2019
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)
Common stock, shares issued	75,800,000	63,900,000
Common stock, shares outstanding	74,700,000	62,300,000
Treasury stock, shares	1,100,000	1,600,000

Consolidated Statements of Cash Flow - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating Activities
Consolidated net income (loss)	$ (48,000)	$ 100,200
Adjustments to reconcile net (loss) income to cash provided by operating activities:
Depreciation and amortization	98,400	44,300
Impairment charges	82,500	0
Deferred income taxes	(23,400)	200
Amortization of deferred financing costs	2,500	900
Share-based compensation	9,400	8,700
Settlement of Milacron share-based equity awards	(5,900)	0
Net loss on divestiture	3,000	0
Trade accounts receivable and receivables from long-term manufacturing contracts	59,600	(15,500)
Inventories	35,900	(15,000)
Prepaid expenses and other current assets	6,500	(6,000)
Trade accounts payable	(76,400)	28,300
accrued compensation, and other current liabilities	(46,700)	(29,800)
Income taxes payable	15,500	(5,300)
Defined benefit plan and postretirement funding	(7,500)	(6,800)
Defined benefit plan and postretirement expense	4,600	2,600
Other, net	(1,700)	2,800
Net cash provided by operating activities	120,100	109,600
Investing Activities
Capital expenditures	(20,300)	(12,600)
Proceeds from sales of property, plant, and equipment	14,200	0
Acquisition of businesses, net of cash acquired	(1,503,100)	(25,900)
Proceeds from divestiture, net of cash divested		0
Other, net	0	100
Net cash used in investing activities	(1,286,800)	(38,400)
Financing Activities
Proceeds from issuance of long-term debt	1,125,200	0
Repayments on long-term debt	(27,200)	0
Proceeds from revolving credit facilities	1,157,800	449,700
Repayments on revolving credit facilities	(1,158,900)	(470,100)
Payment of deferred financing costs	(13,700)	0
Payments of dividends on common stock	(47,600)	(39,400)
Proceeds from stock option exercises	400	2,400
Payments for employee taxes on net settlement equity awards	(1,900)	(4,200)
Other, net	(3,000)	(900)
Net cash provided by (used in) financing activities	1,031,100	(62,500)
Effect of exchange rates on cash and cash equivalents	1,100	(200)
Net cash flows	(134,500)	8,500
Cash, cash equivalents, and restricted cash:
At beginning of period	399,400	56,500
At end of period	$ 264,900	$ 65,000

Consolidated Statements of Cash Flow Cash, Cash Equivalents, and Restricted Cash - USD ($) $ in Millions	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 263.1	$ 399.0	$ 64.4
Short-term restricted cash included in other current assets	1.8		0.6
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows	$ 264.9	$ 399.4	$ 65.0	$ 56.5

Consolidated Statements of Shareholders Equity Statement - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock	AOCI Attributable to Parent [Member]	Noncontrolling Interests	Milacron Common Stock [Member]
Common Stock, Dividends, Per Share, Declared	$ 0.4200
Balance at Sep. 30, 2018	$ 744.1		$ 351.4	$ 531.0	$ (67.1)	$ (84.2)	$ 13.0
Balance, shares at Sep. 30, 2018		63.9			1.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total other comprehensive income (loss), net of tax	(14.1)					(14.3)	0.2
Consolidated net income (loss)	100.2			96.7			3.5
Common stock, shares issued		0.0			(0.3)
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture	(1.8)		(15.2)		$ 13.4
Share-based compensation	8.7		8.7
Other	0.2			0.2
Dividends, Common Stock	(41.5)		0.4	(39.8)			(2.1)
Balance at Jun. 30, 2019	$ 795.8		345.3	588.1	$ (53.7)	(98.5)	14.6
Balance, shares at Jun. 30, 2019		63.9			1.3
Common Stock, Dividends, Per Share, Declared	$ 0.2100
Balance at Mar. 31, 2019	$ 770.1		343.1	571.1	$ (55.6)	(101.8)	13.3
Balance, shares at Mar. 31, 2019		63.9			1.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total other comprehensive income (loss), net of tax	3.3					3.3	0.0
Consolidated net income (loss)	31.7			30.4			1.3
Common stock, shares issued		0.0			0.0
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture	1.0		(0.9)		$ 1.9
Share-based compensation	2.9		2.9
Dividends, Common Stock	(13.2)		0.2	(13.4)			0.0
Balance at Jun. 30, 2019	$ 795.8		345.3	588.1	$ (53.7)	(98.5)	14.6
Balance, shares at Jun. 30, 2019		63.9			1.3
Common Stock, Dividends, Per Share, Declared	$ 0.4250
Balance at Sep. 30, 2019	$ 769.8		345.3	599.5	$ (50.1)	(140.6)	15.7
Balance, shares at Sep. 30, 2019		63.9			1.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total other comprehensive income (loss), net of tax	3.3					4.0	(0.7)
Consolidated net income (loss)	(48.0)			(53.1)			5.1
Common stock, shares issued		0.0			0.1
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture	(1.5)		(6.7)		$ 5.2
Share-based compensation	9.4		9.4
Other	0.0			6.0		(6.0)
Treasury Stock, Shares, Acquired					0.0
Dividends, Common Stock	49.2		(0.4)	48.0			(1.6)
Stock Issued During Period, Shares, Acquisitions								11.9
Treasury Stock, Value, Acquired, Cost Method	371.3		(371.3)		$ 0.0
Balance at Jun. 30, 2020	$ 1,055.1		719.7	504.4	$ (44.9)	(142.6)	18.5
Balance, shares at Jun. 30, 2020		75.8			1.1
Common Stock, Dividends, Per Share, Declared	$ 0.2125
Balance at Mar. 31, 2020	$ 1,027.0		716.3	496.4	$ (45.4)	(158.3)	18.0
Balance, shares at Mar. 31, 2020		75.8			1.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total other comprehensive income (loss), net of tax	15.6					15.7	(0.1)
Consolidated net income (loss)	25.0			24.0			1.0
Common stock, shares issued		0.0			0.0
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture	0.1		(0.4)		$ 0.5
Share-based compensation	3.7		3.7
Dividends, Common Stock	16.3		(0.1)	16.0			0.4
Balance at Jun. 30, 2020	$ 1,055.1		$ 719.7	$ 504.4	$ (44.9)	$ (142.6)	$ 18.5
Balance, shares at Jun. 30, 2020		75.8			1.1

Background and Basis of Presentation	9 Months Ended
Background and Basis of Presentation	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background and Basis of Presentation	Background and Basis of Presentation Hillenbrand, Inc. (the “Company” or “Hillenbrand”) is a global diversified industrial company with multiple leading brands that serve a wide variety of industries around the world. The Company strives to provide superior return for our shareholders, exceptional value for our customers, great professional opportunities for our employees, and to be responsible to our communities through deployment of the Hillenbrand Operating Model (“HOM”). The HOM is a consistent and repeatable framework designed to produce sustainable and predictable results. The HOM describes the Company’s mission, vision, values, and mindset as leaders; applies our management practices in Strategy Management, Segmentation, Lean, Talent Development, and Acquisitions; and prescribes three steps (Understand, Focus, and Grow) designed to make the Company’s businesses both bigger and better. The Company’s goal is to continue developing Hillenbrand as a world-class global diversified industrial company through the deployment of the HOM. On July 12, 2019, Hillenbrand entered into a definitive agreement (the “Merger Agreement”) to acquire Milacron Holdings Corp. (“Milacron”) in a cash and stock merger transaction. The Company completed the acquisition on November 21, 2019 through a merger of its wholly-owned subsidiary with and into Milacron, resulting in ownership of 100% of Milacron’s common stock that was issued and outstanding after the merger. The Consolidated Financial Statements include the financial results of Milacron from the date of acquisition. See Note 4 for further information on the acquisition. Hillenbrand’s portfolio is composed of three reportable operating segments: the Process Equipment Group, Milacron^®, and Batesville^®. The Process Equipment Group businesses design, develop, manufacture, and service highly engineered industrial equipment around the world. Milacron is a global leader in highly engineered and customized systems in plastic technology and processing. Batesville is a recognized leader in the death care industry in North America. “Hillenbrand,” the “Company,” “we,” “us,” “our,” and similar words refer to Hillenbrand and its subsidiaries within this Form 10-Q unless context otherwise requires. The accompanying unaudited Consolidated Financial Statements include the accounts of Hillenbrand and its subsidiaries. They also include two subsidiaries where the Company’s ownership percentage is less than 100%. The Company’s fiscal year ends on September 30. Unless otherwise stated, references to years relate to fiscal years. These unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements and therefore do not include all information required in accordance with United States generally accepted accounting principles (“GAAP”). The unaudited Consolidated Financial Statements have been prepared on the same basis as, and should be read in conjunction with, the audited Consolidated Financial Statements and notes thereto included in the Company’s latest Annual Report on Form 10-K for the year ended September 30, 2019, as filed with the SEC. In the opinion of management, these Consolidated Financial Statements reflect all adjustments necessary to present a fair statement of the Company’s consolidated financial position and the consolidated results of operations and cash flows as of the dates and for the periods presented. The interim period results are subject to variation and are not necessarily indicative of the results of operations to be expected for the full fiscal year. The preparation of the Consolidated Financial Statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Examples of such estimates include, but are not limited to, revenue recognition under the percentage-of-completion method, preliminary purchase price allocations, determination of reporting unit and identifiable intangible asset fair value, and the establishment of reserves related to customer rebates, doubtful accounts, warranties, early-pay discounts, inventories, income taxes, litigation, self-insurance, and progress toward achievement of performance criteria under incentive compensation programs. On March 11, 2020, the World Health Organization declared the outbreak of the novel strain of coronavirus (“COVID-19”) a global pandemic and recommended containment and mitigation measures worldwide, and the effects of the COVID-19 pandemic and such associated measures on management’s estimates and results of operations through June 30, 2020 are reflected in the Consolidated Financial Statements. Given the unprecedented nature of the COVID-19 pandemic, the Company cannot reasonably estimate the full extent of the impact that COVID-19 will have on its consolidated financial condition, results of operations, or cash flows in the foreseeable future. The ultimate impact of COVID-19 on the Company is highly uncertain and will depend on future developments, and such impacts could exist for an extended period of time, even after the COVID-19 pandemic subsides. Events and changes in circumstances arising after June 30, 2020, including those resulting from the ongoing impacts of the COVID-19 pandemic, will be reflected in management’s estimates for future periods in subsequent periodic filings.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The significant accounting policies used in preparing the Consolidated Financial Statements are consistent with the accounting policies described in the Company’s Annual Report on Form 10-K for 2019, except as described below. Recently Adopted Accounting and Reporting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 requires lessees to recognize a right of use asset and related lease liability for leases that have terms of more than twelve months. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance, with the classifications based on criteria that are similar to those applied under the current lease guidance, without the explicit bright lines. ASU 2016-02 became effective for the Company’s fiscal year that began on October 1, 2019. The Company adopted ASU 2016-02 under the allowable transition method to use the effective date as the date of initial application on transition without adjusting the comparative periods presented (modified retrospective method). At transition, the Company elected the package of practical expedients to not reassess prior conclusions related to contracts containing leases, lease classification, and initial direct costs. Additionally, ASU 2016-02 also provides practical expedients for an entity’s ongoing accounting. The Company elected to not separate lease and non-lease components. Additionally, the Company will not recognize an asset for leases with a term of twelve months or less and will apply a portfolio approach in determining discount rates. The Company surveyed its businesses, assessed its portfolio of leases, and compiled a central repository of all leases. Additionally, the Company identified and implemented appropriate changes to policies, procedures, and controls pertaining to existing and future lease arrangements to support recognition and disclosure requirements under ASU 2016-02. As a result of the adoption of ASU 2016-02, the Company recorded right-of-use assets of $161.4 and corresponding lease liabilities of $158.9 for its operating leases at June 30, 2020. The adoption of ASU 2016-02 did not have a material impact to the Consolidated Statements of Operations or Consolidated Statements of Cash Flows. See Note 6 for additional information. In February 2018, the FASB issued ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (“ASU 2018-02”). ASU 2018-02 allows for the reclassification of stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) from accumulated other comprehensive loss to retained earnings. The Company adopted ASU 2018-02 on October 1, 2019, which resulted in a decrease to accumulated other comprehensive loss and an increase to retained earnings of $6.0 each on the Consolidated Balance Sheets, primarily related to deferred taxes previously recorded for pension and other postretirement benefits. The adoption of ASU 2018-02 did not have an impact to the Consolidated Statements of Operations or Consolidated Statements of Cash Flows. In March 2020, the SEC amended Rule 3-10 of Regulation S-X regarding financial disclosure requirements for registered debt offerings involving subsidiaries as either issuers or guarantors and affiliates whose securities are pledged as collateral. This new guidance narrows the circumstances that require separate financial statements of subsidiary issuers and guarantors and streamlines the alternative disclosure required in lieu of those statements. We adopted these amendments as of and for the quarter ended June 30, 2020. Accordingly, combined summarized financial information has been presented only for the issuer and guarantors of our senior notes for the most recent fiscal year and the year-to-date interim period, and the location of the required disclosures has been removed from the Condensed Notes to the Consolidated Financial Statements and moved to Part I, Item 2, of Management’s Discussion and Analysis of Financial Condition and Results of Operations. Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Statements (“ASU 2016-13”). ASU 2016-13 replaces the current incurred loss impairment model with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. ASU 2016-13 will be effective for the Company’s fiscal year beginning on October 1, 2020. The Company is currently evaluating the impact that ASU 2016-13 will have on the Consolidated Financial Statements and believes the primary impact of ASU 2016-13 will relate to the Company's assessment of its allowance for doubtful accounts on trade receivables and receivables from long-term manufacturing contracts. The Company does not expect the adoption of ASU 2016-13 to have a material impact on the Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-13”). ASU 2019-13 clarifies and simplifies accounting for income taxes by eliminating certain exceptions for intraperiod tax allocation principles, the methodology for calculating income tax rates in an interim period, and recognition of deferred taxes for outside basis differences in an investment, among other updates. ASU 2019-12 will be effective for the Company’s fiscal year beginning on October 1, 2021. The Company is currently evaluating the impact of ASU 2019-12 on the Consolidated Financial Statements. No other new accounting pronouncements recently adopted or issued had or are expected to have a material impact on the Consolidated Financial Statements.

Revenue Recognition

9 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Net revenue includes gross revenue less sales discounts, customer rebates, sales incentives, and product returns, all of which require the Company to make estimates for the portion of these allowances that have yet to be credited or paid to customers. The Company estimates these allowances using the expected value method, which is based upon historical rates and projections of customer purchases toward contractual rebate thresholds.

Contract balances

The balance of receivables from long-term manufacturing contracts at June 30, 2020 and September 30, 2019 was $166.2 and $181.1, respectively. The change was driven by the impact of net revenue recognized prior to billings. The balance of liabilities from long-term manufacturing contracts and advances at June 30, 2020 and September 30, 2019 was $168.4 and $158.2, respectively, and consists primarily of cash payments received in advance of satisfying performance obligations. The revenue recognized for the nine months ended June 30, 2020 and 2019 related to liabilities from long-term manufacturing contracts and advances as of September 30, 2019 and 2018 was $104.7 and $113.0, respectively. During the three and nine months ended June 30, 2020 and 2019, the adjustments related to performance obligations satisfied in previous periods were immaterial.

Transaction price allocated to the remaining performance obligations

As of June 30, 2020, the aggregate amount of transaction price of remaining performance obligations within the Process Equipment Group and Milacron reportable segments, which corresponds to backlog as defined in Item 2 of this Form 10-Q, was $1,123.7. Approximately 78% of these performance obligations are expected to be satisfied over the next twelve months, and the remaining performance obligations, primarily within one to three years.

Disaggregation of revenue

As a result of completing the acquisition of Milacron during the current fiscal year, the Company now sells products in the following additional end markets: custom molders, automotive, consumer goods, packaging, electronics, and construction. The following tables present net revenue by end market, which include reclassifications in the prior year period to conform to the current year presentation:


	Three Months Ended June 30, 2020														Nine Months Ended June 30, 2020
	Process Equipment Group		Milacron		Batesville		Total		Process Equipment Group		Milacron		Batesville		Total
End Market
Plastics	$	181.0	$	—	$	—	$	181.0	$	589.6	$	—	$	—	$	589.6
Automotive	—		28.7		—		28.7		—		91.8		—		91.8
Chemicals	21.5		—		—		21.5		69.9		—		—		69.9
Consumer goods	—		25.4		—		25.4		—		76.6		—		76.6
Food and pharmaceuticals	19.7		—		—		19.7		54.9		—		—		54.9
Custom molders	—		28.4		—		28.4		—		66.5		—		66.5
Packaging	—		23.8		—		23.8		—		60.5		—		60.5
Construction	—		20.0		—		20.0		—		51.8		—		51.8
Minerals and mining	15.0		—		—		15.0		43.7		—		—		43.7
Electronics	—		20.3		—		20.3		—		43.1		—		43.1
Death care	—		—		139.9		139.9		—		—		405.7		405.7
Other industrial	44.1		39.7		—		83.8		140.9		128.3		—		269.2
Total	$	281.3	$	186.3	$	139.9	$	607.5	$	899.0	$	518.6	$	405.7	$	1,823.3


	Three Months Ended June 30, 2019								Nine Months Ended June 30, 2019
	Process Equipment Group		Batesville		Total		Process Equipment Group		Batesville		Total
End Market
Plastics	$	197.9	$	—	$	197.9	$	561.0	$	—	$	561.0
Chemicals	28.3		—		28.3		80.8		—		80.8
Food and pharmaceuticals	20.0		—		20.0		60.9		—		60.9
Minerals and mining	14.1		—		14.1		64.3		—		64.3
Death care	—		131.3		131.3		—		397.3		397.3
Other industrial	55.0		—		55.0		157.2		—		157.2
Total	$	315.3	$	131.3	$	446.6	$	924.2	$	397.3	$	1,321.5

The following tables present net revenue by products and services:


	Three Months Ended June 30, 2020														Nine Months Ended June 30, 2020
	Process Equipment Group		Milacron		Batesville		Total		Process Equipment Group		Milacron		Batesville		Total
Products and Services
Equipment	$	186.7	$	124.7	$	—	$	311.4	$	600.6	$	305.8	$	—	$	906.4
Parts and services	94.6		49.2		—		143.8		298.4		139.7		—		438.1
Death care	—		—		139.9		139.9		—		—		405.7		405.7
Other	—		12.4		—		12.4		—		73.1		—		73.1
Total	$	281.3	$	186.3	$	139.9	$	607.5	$	899.0	$	518.6	$	405.7	$	1,823.3


	Three Months Ended June 30, 2019								Nine Months Ended June 30, 2019
	Process Equipment Group		Batesville		Total		Process Equipment Group		Batesville		Total
Products and Services
Equipment	$	212.4	$	—	$	212.4	$	623.4	$	—	$	623.4
Parts and services	102.9		—		102.9		300.8		—		300.8
Death care	—		131.3		131.3		—		397.3		397.3
Total	$	315.3	$	131.3	$	446.6	$	924.2	$	397.3	$	1,321.5

The following tables present net revenue by timing of transfer:


	Three Months Ended June 30, 2020														Nine Months Ended June 30, 2020
	Process Equipment Group		Milacron		Batesville		Total		Process Equipment Group		Milacron		Batesville		Total
Timing of Transfer
Point in time	$	151.6	$	186.3	$	139.9	$	477.8	$	448.3	$	518.6	$	405.7	$	1,372.6
Over time	129.7		—		—		129.7		450.7		—		—		450.7
Total	$	281.3	$	186.3	$	139.9	$	607.5	$	899.0	$	518.6	$	405.7	$	1,823.3


	Three Months Ended June 30, 2019								Nine Months Ended June 30, 2019
	Process Equipment Group		Batesville		Total		Process Equipment Group		Batesville		Total
Timing of Transfer
Point in time	$	164.6	$	131.3	$	295.9	$	505.1	$	397.3	$	902.4
Over time	150.7		—		150.7		419.1		—		419.1
Total	$	315.3	$	131.3	$	446.6	$	924.2	$	397.3	$	1,321.5

Business Acquisitions and Divestitures

9 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

Business Acquisitions

Business Acquisitions and Divestitures

Acquisition of Milacron

Background

On November 21, 2019, the Company completed the acquisition of Milacron, a global leader in highly engineered and customized systems in plastic technology and processing, through a merger of its wholly-owned subsidiary with and into Milacron, resulting in ownership of 100% of Milacron common stock that was issued and outstanding after the acquisition. The acquisition provides Hillenbrand with increased scale and meaningful product diversification, enhancing its ability to serve customers with expanded capabilities across the plastics value chain.

The results of Milacron are reported separately in its own reportable segment. See Note 17 for further information.

Purchase price consideration

As a result of the acquisition, Milacron stockholders received $11.80 in cash per share and a fixed exchange ratio of 0.1612 shares of Hillenbrand common stock for each share of Milacron common stock they owned, with cash paid in lieu of fractional shares. In addition, concurrent with the closing of the acquisition, the Company made a cash payment of $772.9 to repay outstanding Milacron debt, including accrued interest. The Company funded the acquisition through a combination of cash on hand, new debt financing, and the issuance of common stock. See Note 8 for a discussion of the debt financing.

Pursuant to the Merger Agreement, certain of Milacron’s outstanding stock options, restricted stock awards, restricted stock unit awards, and performance stock unit awards immediately vested and converted into the right to receive $11.80 per share in

cash and 0.1612 shares of Hillenbrand common stock per share. Additionally, certain of Milacron’s stock appreciation rights were canceled and converted into the right to receive a lump sum cash payment. The fair value of share-based equity awards was apportioned between purchase price consideration and immediate expense. The portion of the fair value of partially vested awards associated with pre-acquisition service of Milacron employees represented a component of the total purchase price consideration, while the remaining portion of the fair value was immediately recognized as expense within operating expenses in the Consolidated Statement of Operations during the nine months ended June 30, 2020.

The following table summarizes the aggregate purchase price consideration to acquire Milacron:


Cash consideration paid to Milacron stockholders	$	835.9
Repayment of Milacron debt, including accrued interest	772.9
Cash consideration paid to settle outstanding share-based equity awards	34.2
Total cash consideration	1,643.0
Fair value of Hillenbrand common stock issued to Milacron stockholders ⁽¹⁾	356.9
Stock consideration issued to settle outstanding share-based equity awards ⁽¹⁾	14.4
Total consideration transferred	2,014.3
Portion of cash settlement of outstanding share-based equity awards recognized as expense ⁽²⁾	(14.1)
Portion of stock settlement of outstanding share-based equity awards recognized as expense ⁽²⁾	(5.9)
Total purchase price consideration	$	1,994.3

⁽¹⁾The fair value of the 11.4 million shares of Hillenbrand’s common stock issued as of the acquisition date was determined based on a per share price of $31.26, which was the closing price of Hillenbrand’s common stock on November 20, 2019, the last trading day before the acquisition closed on November 21, 2019. This includes a nominal amount of cash paid in lieu of fractional shares. Additionally, 0.5 million shares of Hillenbrand’s common stock were issued to settle certain of Milacron’s outstanding share-based equity awards, as previously discussed.

⁽²⁾In total, $20.0 was immediately recognized as expense within operating expenses in the Consolidated Statement of Operations during the nine months ended June 30, 2020, which represents the portion of the fair value of outstanding share-based equity awards that was not associated with pre-acquisition service of Milacron employees.

Purchase price allocation

The acquisition was accounted for as a business combination in accordance with Accounting Standards Codification (“ASC”) Topic 805, Business Combinations. The purchase price was allocated to the assets acquired and liabilities assumed based on management’s estimate of the respective fair values at the date of acquisition. Goodwill was calculated as the excess of the consideration transferred over the net assets recognized and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. The factors contributing to the recognition of goodwill were based on strategic benefits that are expected to be realized from the acquisition. None of the goodwill is expected to be deductible for income tax purposes.

The following table summarizes preliminary estimates of fair values of the assets acquired and liabilities assumed as of the acquisition date:


	November 21, 2019 (as initially reported)			Measurement Period Adjustments		November 21, 2019 (as adjusted)
Assets acquired:
Cash and cash equivalents	$	125.8		$	—	$	125.8
Trade receivables	135.5			1.3		136.8
Inventories	288.7			4.7		293.4
Prepaid expense and other current assets	64.3			1.3		65.6
Property, plant, and equipment	262.9			(22.7)		240.2
Operating lease right-of-use assets	41.3			—		41.3
Identifiable intangible assets	865.0			(50.0)		815.0
Goodwill	666.5			41.1		707.6
Other long-term assets	22.6			7.6		30.2
Total assets acquired	2,472.6		—	(16.7)		2,455.9

Liabilities assumed:
Trade accounts payable	110.2			—		110.2
Liabilities from long-term manufacturing contracts and advances	32.7			—		32.7
Accrued compensation	23.2			(2.4)		20.8
Other current liabilities	72.2			0.9		73.1
Accrued pension and postretirement healthcare	29.4			—		29.4
Deferred income taxes	166.3			(15.2)		151.1
Operating lease liabilities - long-term	31.2			—		31.2
Other long-term liabilities	13.1			—		13.1
Total liabilities assumed	478.3		—	(16.7)		461.6

Total purchase price consideration	$	1,994.3		$	—	$	1,994.3

Measurement period adjustments

The preliminary purchase price allocation was based upon a preliminary valuation, and the Company’s estimates and assumptions are subject to change within the measurement period (defined as one year following the acquisition date). As a result of further refining its estimates and assumptions since the date of the acquisition, the Company recorded measurement period adjustments to the initial opening balance sheet as shown in the table above. Adjustments were primarily made to property, plant, and equipment, identifiable intangible assets, goodwill, and deferred income taxes. There were no measurement period adjustments materially impacting earnings that would have been recorded in previous reporting periods if the adjustments had been recognized as of the acquisition date.

As of June 30, 2020, the allocation of the purchase price has not been finalized and the one-year measurement period has not ended. The primary areas of the preliminary purchase price allocation that are not yet finalized relate to the fair value of certain tangible assets acquired and liabilities assumed, the valuation of identifiable intangible assets acquired and deferred income taxes. The Company expects to continue to obtain information for the purpose of determining the fair value of the assets acquired and liabilities assumed at the acquisition date throughout the remainder of the measurement period.

Intangible assets identified

The preliminary purchase price allocation included $815.0 of acquired identifiable intangible assets. The preliminary fair value of the identifiable intangible assets has been estimated using the income approach through a discounted cash flow analysis. The cash flows are based on estimates used to price the Milacron acquisition, and the discount rates applied were benchmarked with reference to the implied rate of return to the Company’s pricing model and the weighted-average cost of capital. Definite-lived intangible assets are being amortized over the estimated useful life on a straight-line basis. The determination of the useful lives is based upon various industry studies, historical acquisition experience, economic factors, and future cash flows of the Company post-acquisition of Milacron. In addition, Hillenbrand reviewed certain technological trends and considered the relative stability in the current Milacron customer base.

The preliminary amounts allocated to identifiable intangible assets are as follows:

Gross Carrying Amount

Weighted-Average Useful Life

Customer relationships

$

560.0

19 years

Trade names

150.0

Indefinite

Technology, including patents

95.0

10 years

Backlog

10.0

3 months

Total

$

815.0

The Company is required to provide additional disclosures about fair value measurements as part of the Consolidated Financial Statements for each major category of assets and liabilities measured at fair value on a nonrecurring basis (including business acquisitions). The working capital assets and liabilities, as well as the property, plant, and equipment acquired, were valued using Level 2 inputs which included data points that are observable, such as definitive sales agreements, appraisals or established market values of comparable assets (market approach). Goodwill and identifiable intangible assets were valued using Level 3 inputs, which are unobservable by nature, and included internal estimates of future cash flows (income approach). Significant increases (decreases) in any of those unobservable inputs in isolation would result in a significantly higher (lower) fair value measurement. Management used a third-party valuation firm to assist in the determination of the preliminary purchase accounting fair values, and specifically those considered Level 3 measurements along with Level 2 measurements for certain tangible assets. Management ultimately oversees the third-party valuation firm to ensure that the transaction-specific assumptions are appropriate for the Company.

Impact on results of operations

The results of Milacron’s operations have been included in the Consolidated Financial Statements since the November 21, 2019 acquisition date. The following table provides the results of operations for Milacron included in the Consolidated Statements of Operations for the three and nine months ended June 30, 2020:


	Three Months Ended June 30, 2020		Nine Months Ended June 30, 2020
Net revenue	$	186.3	$	518.6
Income (loss) before income taxes	12.0		(17.5)

In connection with the acquisition of Milacron, the Company incurred a total of $5.0 and $62.7 of business acquisition and integration costs during the three and nine months ended June 30, 2020, respectively, which were recorded within operating expenses in the Consolidated Statements of Operations.

Supplemental Pro Forma Information

The supplemental pro forma financial information presented below is for illustrative purposes only and is not necessarily indicative of the financial position or results of operations that would have been realized if the Milacron acquisition had been completed on the date indicated, does not reflect synergies that might have been achieved, nor is it indicative of future operating results or financial position. The pro forma adjustments are based upon currently available information and certain assumptions that Hillenbrand believes are reasonable under the circumstances.

The supplemental pro forma financial information reflects pro forma adjustments to present the combined pro forma results of operations as if the Milacron acquisition had occurred on October 1, 2018 to give effect to certain events that Hillenbrand believes to be directly attributable to the Milacron acquisition. These pro forma adjustments primarily include:

•an increase to depreciation and amortization expense that would have been recognized due to acquired tangible and identifiable intangible assets;

•an adjustment to interest expense to reflect the additional borrowings of Hillenbrand and the repayment of Milacron’s historical debt in conjunction with the acquisition;

•an adjustment to remove business acquisition and integration costs, inventory step-up costs, and backlog amortization during the three and nine months ended June 30, 2020, as these costs are non-recurring in nature and will not have a continuing effect on Hillenbrand’s results; and

•the related income tax effects of the adjustments noted above.

The supplemental pro forma financial information for the periods presented is as follows:


	Three Months Ended June 30,						Nine Months Ended June 30,
	2020		2019		2020		2019
Net revenue	$	607.5	$	718.0	$	1,939.0	$	2,132.1
Net income (loss) attributable to Hillenbrand	30.4		23.0		(0.7)		85.1

Net income (loss) attributable to Hillenbrand — per share of common stock:
Basic earnings (loss) per share	$	0.40	$	0.31	$	(0.01)	$	1.14
Diluted earnings (loss) per share	$	0.40	$	0.31	$	(0.01)	$	1.13

Sale of Milacron facility

In December 2019, the Company completed the sale of a Milacron manufacturing facility located in Germany. As a result of the sale, the Company received net cash proceeds of $13.1 during the nine months ended June 30, 2020. There was no material impact to the Consolidated Statement of Operations resulting from the sale of the facility during the nine months ended June 30, 2020.

Divestiture of Cimcool

On March 30, 2020, the Company completed the sale of its Cimcool business (“Cimcool”), which represented the former Fluids Technologies reportable segment of Milacron before its acquisition by the Company, to DuBois Chemicals, Inc. The sale resulted in cash proceeds received at closing of $222.4, net of cash divested.

In addition, the Company may receive contingent consideration for the sale of Cimcool of up to an aggregate of $26.0 based on multiple earn-out provisions. The Company accounts for contingent consideration under a loss recovery approach. Under a loss recovery approach, the Company records a contingent consideration asset only to the extent of the lesser of (1) the amount that the non-contingent consideration received is exceeded by the net assets deconsolidated, or (2) the amount of contingent consideration that it is probable will be received. As of the transaction date (and at June 30, 2020), the Company was unable to determine that it was probable that any of the contingent consideration would be received, and accordingly no asset was recorded for contingent consideration. Subsequent measurement of contingent consideration will be based on the guidance for gain contingencies and any gain from contingent consideration will be recorded at the time the consideration is received.

As a result of the sale, the Company recorded a pre-tax loss of $3.0, using Level 2 nonrecurring fair value measurements, within other income (expense), net in the Consolidated Statement of Operations during the nine months ended June 30, 2020. The related tax effect resulted in tax expense of $13.0 and was included within income tax expense in the Consolidated Statement of Operations during the nine months ended June 30, 2020. The Company incurred $0.4 and $4.2 of transaction costs associated with the sale during the three and nine months ended June 30, 2020, respectively, which were recorded within operating expenses in the Consolidated Statements of Operations.

The Company determined that the sale of Cimcool did not represent a strategic shift that had or will have a major effect on its consolidated results of operations, and therefore Cimcool was not classified as a discontinued operation. Cimcool’s results of operations were included within the Milacron reportable segment until the completion of the sale on March 30, 2020.

Acquisition of Burnaby Machine and Mill Equipment Ltd.

The Company completed the acquisition of Burnaby Machine and Mill Equipment Ltd. (“BM&M”) in November 2018 for $25.9 in cash, which included post-closing working capital adjustments. The Company used its revolving credit facility to fund the acquisition. Based in Canada, BM&M provides high-speed gyratory screeners for a variety of industries. The results of BM&M are reported in the Process Equipment Group reportable segment.

Supplemental Balance Sheet Information

9 Months Ended

Jun. 30, 2020

Balance Sheet Related Disclosures [Abstract]

Supplemental Balance Sheet Information

Supplemental Consolidated Balance Sheet Information


	June 30, 2020		September 30, 2019
Trade accounts receivable reserves	$	22.3	$	22.8

Accumulated depreciation on property, plant, and equipment	$	341.9	$	309.0

Inventories, net:
Finished goods	$	178.5	$	60.3
Raw materials and components	146.0		72.3
Work in process	99.8		44.0
Total inventories, net	$	424.3	$	176.6

Trade accounts receivable reserves consist of the allowance of doubtful accounts, which is a best estimate of the amount of probable credit losses and collection risk in the existing trade receivables portfolio, and the allowance for cash discounts and sales returns, which is based upon historical experience and trends. The Company considers a variety of factors when determining the accounts receivable reserves including macroeconomic conditions, specific industry trends, and customer classes. The Company specifically considered the impact of the COVID-19 pandemic on its trade receivables and inventories, and determined there was no material impact on existing trade receivables or inventories at June 30, 2020.

Leases

9 Months Ended

Jun. 30, 2020

Leases [Abstract]

Leases

The Company’s lease portfolio is comprised of operating leases primarily for manufacturing facilities, offices, vehicles, and certain equipment. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on whether the contract conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. Leases are classified as operating or finance leases at the commencement date of the lease. Operating leases are recorded within operating lease right-of-use assets, other current liabilities, and operating lease liabilities in the Consolidated Balance Sheets. The Company’s finance leases were insignificant as of June 30, 2020. Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets. We have elected an accounting policy to combine lease and non-lease components for all leases.

Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the implicit rate is generally not readily determinable for most leases, the Company uses an incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate reflects the estimated rate of interest that the Company would pay to borrow on a collateralized basis over a similar term in a similar economic environment. Lease expense for operating leases is recognized on a straight-line basis over the lease term.

Leases may include renewal options, and the renewal option is included in the lease term if the Company concludes that it is reasonably certain that the option will be exercised. A certain number of the Company’s leases contain rent escalation clauses, either fixed or adjusted periodically for inflation of market rates, that are factored into the calculation of lease payments to the extent they are fixed and determinable at lease inception. The Company also has variable lease payments that do not depend on a rate or index, primarily for items such as common area maintenance and real estate taxes, which are recorded as variable costs when incurred.

For the three and nine months ended June 30, 2020, the Company recognized $9.2 and $27.0, respectively, of operating lease expense, including short-term lease expense and variable lease costs, which were immaterial in both periods.

The following table presents supplemental Consolidated Balance Sheet information related to the Company’s operating leases:


	June 30, 2020
Operating lease right-of-use assets	$	161.4

Other current liabilities	32.7
Operating lease liabilities	126.2
Total operating lease liabilities	$	158.9

Weighted-average remaining lease term (in years)	7.6

Weighted-average discount rate	2.5		%

As of June 30, 2020, the maturities of the Company’s operating lease liabilities were as follows:


2020 (excluding the nine months ended June 30, 2020)	$	13.4
2021	33.7
2022	28.8
2023	23.0
2024	16.3
Thereafter	58.2
Total lease payments	173.4
Less: imputed interest	(14.5)
Total present value of lease payments	$	158.9

Supplemental Consolidated Statement of Cash Flow information is as follows:


	Nine Months Ended June 30, 2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	28.0
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	22.1

Intangible Assets and Goodwill

9 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Impairment assessment

Annual impairment assessment

Testing for impairment of goodwill and indefinite lived assets must be performed annually, or on an interim basis upon the occurrence of triggering events or substantive changes in circumstances that indicate that the fair value of the asset or reporting unit may have decreased below the carrying value. The Company’s annual assessment was performed in the third quarter of 2020 and consists of determining each reporting unit’s current fair value compared to its current carrying value. For all reporting units tested, the fair value of goodwill was determined to exceed the carrying value, resulting in no further impairment to goodwill. Additionally, the fair value of indefinite lived trade names was determined to meet or exceed the carrying value for all trade names, resulting in no further impairment to trade names.

Interim impairment assessment

In connection with the preparation of the Consolidated Financial Statements for the second quarter of 2020, an interim impairment assessment was performed for select reporting units within the Process Equipment Group and Milacron reportable segments as a result of certain triggering events and changes in circumstances discussed in detail below. Additionally, based on the macroeconomic factors below, as well as the decline in the Company’s common stock price during the second quarter of 2020, the Company performed a qualitative review for all remaining reporting units and determined that those reporting units did not require an interim impairment test as it was more likely than not that the current fair value of those reporting units exceeded their carrying value, based on their current and projected financial performance as well as the headroom from previous goodwill impairment tests.

For certain reporting units within the Process Equipment Group reportable segment, an interim impairment review was triggered during the second quarter of 2020 by the Company’s decision to redirect its strategic investments as it remains focused on deleveraging following two major events: (1) the continued evaluation of the Company’s operations following the acquisition of Milacron completed on November 21, 2019, and (2) current adverse macroeconomic conditions primarily driven by the COVID-19 pandemic. In connection with these events, the Company made the decision to limit its future strategic investment in its two reporting units that primarily sell and manufacture products in the flow control sector. The decision to limit future investment, as well as the Company’s updated forecasts, which considered the impact of the COVID-19 pandemic, reduced those reporting units’ anticipated annual revenue growth rates and corresponding profitability and cash flows. The annual revenue growth rates utilized in the Company’s fair value estimate are consistent with the reporting units’ operating plans. As a result of the change to expected future cash flows, along with comparable fair value information, the Company concluded that the carrying value for these reporting units exceeded their fair value, resulting in goodwill impairment charges of $72.3 during the second quarter of 2020. The pre-impairment goodwill balance for these reporting units was $95.2. A 10% further reduction in the fair value of these reporting units would indicate a potential additional goodwill impairment of approximately $12.0. Additionally, under the relief-from-royalty fair value method, the Company concluded that the carrying value of a trade name associated with one of these reporting units exceeded its fair value. As a result, an impairment charge of $0.7 was recorded for this trade name during the second quarter of 2020. The pre-impairment balance for this trade name was $4.4. During the three months ended June 30, 2020, there were no material changes to the Company’s previous forecasts or significant changes in macroeconomic conditions that triggered an interim impairment review.

For the reporting units within the Milacron reportable segment, an interim impairment review was triggered during the second quarter of 2020, due to macroeconomic conditions primarily driven by the COVID-19 pandemic. Subsequent to the Company completing the acquisition of Milacron on November 21, 2019, the Company revised its forecasts for all reporting units within the Milacron reportable segment due to the deterioration in the overall global economy as a result of the pandemic. As a result of the decline in forecasted revenues, under the relief-from-royalty fair value method, the Company concluded that the carrying value of certain trade names and technology associated with these reporting units exceeded their fair value. As a result, impairment charges of $9.5 were recorded for these intangible assets during the second quarter of 2020. The pre-impairment balance for these intangible assets was $125.0. A 10% further reduction in the fair value of these intangible assets, caused by further declines in forecasted revenues and changes in the discount rate selected by the Company, would indicate a potential additional impairment of approximately $12.0. During the three months ended June 30, 2020, there were no material changes to the Company’s previous forecasts or significant changes in macroeconomic conditions that triggered an interim impairment review.

The impairment charges to goodwill and the identifiable intangible assets were nondeductible for tax purposes. The following table summarizes the impairment charges recorded by the Company during the nine months ended June 30, 2020:


	Impairment Charges
	Process Equipment Group		Milacron		Total
Goodwill	$	72.3	$	—	$	72.3
Trade names	0.7		7.9		8.6
Technology, including patents	—		1.6		1.6
Total	$	73.0	$	9.5	$	82.5

As a result of the interim impairment review triggered during the second quarter of 2020 for all reporting units within the Milacron reportable segment, as discussed above, the Company determined that no impairment of goodwill occurred for these reporting units. The estimated fair value, as calculated, for all four reporting units within the Milacron reportable segment ranged from approximately 3% to 16% greater than their carrying value. During the three months ended June 30, 2020, there were no material changes to the Company’s previous forecasts or significant changes in macroeconomic conditions that triggered an interim impairment review.

The valuation used to test goodwill for impairment is dependent upon a number of significant estimates and assumptions, including macroeconomic conditions, growth rates, competitive activities, cost containment, achievement of synergy initiatives, margin expansion, and the Company's business plans. The Company believes these estimates and assumptions are reasonable. However, future changes in the judgments, assumptions and estimates that are used in the impairment testing for goodwill, including discount and tax rates or future cash flow projections, could result in significantly different estimates of the fair values. As a result of these factors and the limited cushion (or headroom as commonly referred) due to the recent acquisition of Milacron, goodwill for the reporting units within the Milacron reportable segment are more susceptible to impairment risk.

The Company is required to provide additional disclosures about fair value measurements as part of the Consolidated Financial Statements for each major category of assets and liabilities measured at fair value on a nonrecurring basis (including impairment assessments). Goodwill and intangible assets were valued using Level 3 inputs, which are unobservable by nature, and included internal estimates of future cash flows (income approach). Significant increases (decreases) in any of those unobservable inputs in isolation would result in a significantly higher (lower) fair value measurement.

The most significant assumptions used in the determination of the estimated fair value of the reporting units are the revenue and EBITDA growth rates (including terminal growth rates) and the discount rate. The terminal growth rate represents the rate at which the reporting unit is expected to grow beyond the shorter-term business planning period. The terminal growth rate utilized in the Company’s fair value estimate is consistent with the reporting unit operating plans and approximates expected long-term category market growth rates and inflation. The discount rate, which is consistent with a weighted-average cost of capital that is likely to be expected by a market participant, is based upon industry required rates of return, including consideration of both debt and equity components of the capital structure. The discount rates may be impacted by adverse changes in the macroeconomic environment, specifically the COVID-19 pandemic, volatility in the equity and debt markets or other factors.

While the Company can implement and has implemented certain strategies to address these events, changes in operating plans or adverse changes in the future could reduce the underlying cash flows used to estimate reporting unit fair values and could result in a further decline in fair value that would trigger a future material impairment charge of the reporting units’ goodwill balance.

Intangible Assets

Intangible assets are stated at the lower of cost or fair value. With the exception of most trade names, intangible assets are amortized on a straight-line basis over periods ranging from three to 21 years, representing the period over which the Company expects to receive future economic benefits from these assets. The Company assesses the carrying value of most trade names annually, or more often if events or changes in circumstances indicate there may be an impairment.

The following table summarizes the carrying amounts and related accumulated amortization for intangible assets as of June 30, 2020 and September 30, 2019:


	June 30, 2020						September 30, 2019
	Cost		Accumulated Amortization		Cost		Accumulated Amortization
Finite-lived assets:
Trade names	$	0.2	$	(0.2)	$	0.2	$	(0.2)
Customer relationships	948.3		(206.0)		464.2		(169.2)
Technology, including patents	157.0		(59.1)		76.8		(49.4)
Software	70.8		(56.2)		58.7		(51.7)
Backlog	10.0		(10.0)		—		—
Other	0.1		(0.1)		0.2		(0.2)
	1,186.4		(331.6)		600.1		(270.7)
Indefinite-lived assets:
Trade names	238.8		—		125.5		—

Total	$	1,425.2	$	(331.6)	$	725.6	$	(270.7)

The net change in intangible assets during the nine months ended June 30, 2020 was driven primarily by the following:

•the acquisition of Milacron, which included acquired intangible assets of $815.0;

•the divestiture of Cimcool, which included divested gross intangible assets of $122.1;

•impairment charges to intangible assets of $10.2;

•normal amortization; and

•foreign currency adjustments.

See Note 4 for further information on the acquisition of Milacron and the divestiture of Cimcool. Estimated amortization expense related to intangible assets for the next five years is as follows: $71.6 in 2020 (includes nine months actual and three months estimated), $65.8 in 2021, $64.8 in 2022, $64.3 in 2023, and $64.2 in 2024.

Goodwill

As discussed above, goodwill is not amortized but is tested for impairment at least annually, or on an interim basis upon the occurrence of triggering events or substantive changes in circumstances. Goodwill has been assigned to reporting units. The Company assesses the carrying value of goodwill annually, or more often if events or changes in circumstances indicate there may be impairment. Impairment testing is performed at a reporting unit level.

The following table summarizes the changes in the Company’s goodwill, by reportable segment, for the nine months ended June 30, 2020:


	Process Equipment Group		Milacron		Batesville		Total
Balance as of September 30, 2019	$	569.7	$	—	$	8.3	$	578.0
Acquisitions ⁽¹⁾	1.7		707.6		—		709.3
Divestiture ⁽²⁾	—		(77.9)		—		(77.9)
Impairment charges	(72.3)		—		—		(72.3)
Foreign currency adjustments	11.2		(5.2)		—		6.0
Balance as of June 30, 2020 ⁽³⁾	$	510.3	$	624.5	$	8.3	$	1,143.1

⁽¹⁾See Note 4 for further information on the acquisitions of Milacron and BM&M.

⁽²⁾See Note 4 for further information on the divestiture of Cimcool.

⁽³⁾There was accumulated goodwill impairment of $131.1 and $58.8 within the Process Equipment Group as of June 30, 2020 and September 30, 2019, respectively.

Financing Agreements

9 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Financing Agreements

The following table summarizes Hillenbrand’s current and long-term debt as of the dates reported in the Consolidated Balance Sheets:


	June 30, 2020		September 30, 2019
$500.0 term loan ⁽¹⁾	$	479.9	$	—
$400.0 senior unsecured notes ⁽²⁾	394.5		—
$375.0 senior unsecured notes, net of discount ⁽³⁾	370.6		370.1
$225.0 term loan ⁽⁴⁾	216.2		—
$150.0 senior unsecured notes, net of discount ⁽⁵⁾	150.0		149.7
$100.0 Series A Notes ⁽⁶⁾	99.7		99.7
$900.0 revolving credit facility (excluding outstanding letters of credit)	—		—
Other	0.2		—
Total debt	1,711.1		619.5
Less: current portion	36.3		—
Total long-term debt	$	1,674.8	$	619.5

⁽¹⁾Includes unamortized debt issuance costs of $1.4 at June 30, 2020.

⁽²⁾Includes unamortized debt issuance costs of $5.5 at June 30, 2020.

⁽³⁾Includes unamortized debt issuance costs of $3.9 and $4.3 at June 30, 2020 and September 30, 2019, respectively.

⁽⁴⁾Includes unamortized debt issuance costs of $0.4 at June 30, 2020.

⁽⁵⁾Includes unamortized debt issuance costs of $0.2 at September 30, 2019.

⁽⁶⁾Includes unamortized debt issuance costs of $0.3 at both June 30, 2020 and September 30, 2019.

The following table summarizes the scheduled maturities of long-term debt for 2020 through 2024:


	Amount
2020 (remaining three months) ⁽¹⁾	$	159.1
2021	36.3
2022	54.4
2023	223.1
2024	50.0

(1)Includes the $150.0 senior unsecured notes which matured in July 2020. Upon maturity, the Company refinanced the notes on a long-term basis, as they were repaid with available borrowing capacity from the Revolver. There were no outstanding borrowings under the Revolver as of June 30, 2020, primarily due to repayments made with proceeds from the $400.0 senior unsecured notes issued in June 2020. As such, these obligations were classified as long-term debt within the Consolidated Balance Sheet as of June 30, 2020.

$400.0 senior unsecured notes

On June 16, 2020, the Company issued $400.0 of senior unsecured notes due June 2025 (the “2020 Notes”). The 2020 Notes were issued at par value and bear interest at a fixed rate of 5.75% per year, payable semi-annually in arrears beginning December 2020. Deferred financing costs associated with the 2020 Notes of $5.5 are being amortized to interest expense on a straight-line basis over the term of the 2020 Notes. The 2020 Notes are unsubordinated obligations of the Company and rank equally in right of payment with all other existing and future unsubordinated obligations.

Subject to certain limitations, in the event of a change of control repurchase event, the Company will be required to make an offer to purchase the 2020 Notes at a price equal to 101% of the principal amount of the 2020 Notes, plus any accrued and unpaid interest to, but excluding, the date of repurchase. In addition, the 2020 Notes are redeemable with prior notice at a price equal to par plus accrued interest and a make-whole amount.

Financing for Milacron Acquisition

Upon completing the acquisition of Milacron on November 21, 2019, Hillenbrand incurred borrowings under its two term loans in aggregate principal amounts of $500.0 and $225.0 (the “Term Loan Facilities”), which are provided for under the Company’s Third Amended and Restated Credit Agreement dated August 28, 2019, as amended (the “Credit Agreement”). The $500.0 term loan matures on the fifth anniversary of the date on which it was borrowed, subject to quarterly amortization payments (equal to 5% of the original principal amount of the term loan in each of years 1 and 2, 7.5% in each of years 3 and 4, and 10% in year 5) and the $225.0 term loan matures on the third anniversary of the date on which it was borrowed, subject to quarterly amortization payments (equal to 5% of the original principal amount of the term loan in each of years 1 and 2, and 7.5% in year 3). The $500.0 term loan accrues interest, at the Company’s option, at the LIBO Rate or the Alternate Base Rate (each as defined in the Credit Agreement) plus a margin based on the Company’s leverage ratio, ranging from 1.00% to 2.375% for term loans bearing interest at the LIBO Rate and 0.0% to 1.375% for term loans bearing interest at the Alternate Base Rate. The $225.0 term loan accrues interest, at the Company’s option, at the LIBO Rate or the Alternate Base Rate plus a margin based on the Company’s leverage ratio, ranging from 0.875% to 2.25% for term loans bearing interest at the LIBO Rate and 0.0% to 1.25% for term loans bearing interest at the Alternate Base Rate. For the three and nine months ended June 30, 2020, the weighted average interest rates were 2.59% and 3.07%, respectively, for the $500.0 term loan and 2.46% and 2.94%, respectively, for the $225.0 term loan. Deferred financing costs of $2.0 are being amortized to interest expense over the respective terms of the Term Loan Facilities.

In addition to the Term Loan Facilities, Hillenbrand incurred $650.0 of additional borrowings from its revolving credit facility under the Credit Agreement (the “Revolver”) at the closing of the Milacron acquisition. The additional borrowings under the Term Loan Facilities and the Revolver, in addition to the $375.0 of senior unsecured notes issued during the quarter ended September 30, 2019, were used to pay a portion of the cash consideration in connection with the acquisition of Milacron, fees and expenses related to the acquisition, and to repay certain indebtedness of Milacron and its subsidiaries upon closing the acquisition.

With respect to the Revolver, the Company has made net repayments since the closing date of the acquisition of Milacron, resulting in no outstanding balance as of June 30, 2020. As of June 30, 2020, the Company had $8.1 in outstanding letters of credit issued and $891.9 of maximum borrowing capacity under the Revolver. $642.4 of this borrowing capacity was immediately available based on the Company’s most restrictive covenant at June 30, 2020. The weighted-average interest rates

on borrowings under the Revolver were 2.59% and 2.78% for the three and nine months ended June 30, 2020, respectively, and 2.89% and 2.66% for the same periods in the prior year, respectively. The weighted average facility fee was 0.30% and 0.24% for the three and nine months ended June 30, 2020, respectively, and 0.13% and 0.12% for the same periods in the prior year, respectively.

Other credit arrangements

In the normal course of business, operating companies within the Process Equipment Group and Milacron reportable segments provide to certain customers bank guarantees and other credit arrangements in support of performance, warranty, advance payment, and other contractual obligations. This form of trade finance is customary in the industry and, as a result, the Company maintains adequate capacity to provide the guarantees. As of June 30, 2020, the Company had credit arrangements totaling $383.7, under which $267.4 was used for guarantees. These arrangements include the Company’s Syndicated Letter of Guarantee Facility (as amended, the “L/G Facility Agreement”) and other ancillary credit facilities. On January 10, 2020, the L/G Facility Agreement was amended to expand the size of the existing €150.0 facility by an additional €25.0.

Credit ratings update

The coupon rate on the Company’s $375.0 senior unsecured notes is impacted by public bond ratings from Moody’s and S&P Global. Downgrades from either rating agency will increase the coupon rate by 0.25% per downgrade level if the ratings are below investment grade. During the three months ended June 30, 2020, Moody’s and S&P Global each downgraded the Company’s senior unsecured credit rating by one level. As such, the original coupon rate of 4.5% on the $375.0 senior unsecured notes will increase to 5.0%, effective September 15, 2020.

Amendments to current financing agreements

On January 10, 2020, the Company amended the Credit Agreement, the L/G Facility Agreement, and the Private Shelf Agreement governing the Series A Notes, dated as of December 6, 2012 (as amended, the “Shelf Agreement”) to, among other things, (i) increase the maximum permitted leverage ratio and (ii) add additional pricing levels to compensate for the increase in permitted leverage ratios.

On May 19, 2020, the Company further amended the Credit Agreement, the L/G Facility Agreement, and the Shelf Agreement to, among other things, (i) increase the maximum permitted leverage ratio to (A) 4.75 to 1.00 for the quarters ending June 30, 2020, September 30, 2020, December 31, 2020, and March 31, 2021, (B) 4.25 to 1.00 for the quarter ending June 30, 2021, (C) 4.00 to 1.00 for the quarter ending September 30, 2021, (D) 3.75 to 1.00 for the quarter ending December 31, 2021, and (E) 3.50 to 1.00 for the quarter ending March 31, 2022 and each quarter ending thereafter; (ii) increase the margin paid on various rates defined in the Credit Agreement at certain pricing levels; (iii) add additional pricing levels to compensate for the increase in permitted leverage ratios; (iv) increase the interest rate floor for various rates defined in the Credit Agreement; (v) add as a condition to each borrowing under the Revolver that the amount of cash or cash equivalents on the Consolidated Balance Sheet not exceed $350.0, subject to certain exceptions; and (vi) impose certain restrictions on the Company’s ability to make restricted payments, including limitations on share repurchases and the payment of dividends, and grant liens on the Company’s assets until January 1, 2022.

With respect to these amendments, the Company incurred deferred financing costs of $3.6 during the nine months ended June 30, 2020, which are being amortized to interest expense over the applicable terms of the various amendments.

Covenants related to current financing agreements

The Credit Agreement, the L/G Facility Agreement, and the Shelf Agreement contain the following financial covenants for the current quarter: a maximum leverage ratio (as described above and defined in the agreements) of 4.75 to 1.00 and a minimum ratio of EBITDA (as defined in the agreements) to interest expense of 3.00 to 1.00.

As of June 30, 2020, Hillenbrand was in compliance with all covenants under these agreements. Additionally, the Credit Agreement, the L/G Facility Agreement, and the Shelf Agreement provide the Company with the ability to sell assets and to incur debt at its international subsidiaries under certain conditions.

All obligations of the Company arising under the Credit Agreement, the $400.0, $375.0, and $150.0 senior unsecured notes, the Series A Notes, and the L/G Facility Agreement are fully and unconditionally, and jointly and severally, guaranteed by certain of the Company’s domestic subsidiaries.

The Credit Agreement, the L/G Facility Agreement, and the Shelf Agreement each contain certain other customary covenants, representations and warranties and events of default. The indentures governing the $400.0, $375.0 and $150.0 senior unsecured notes do not limit the Company’s ability to incur additional indebtedness. They do, however, contain certain covenants that restrict the Company’s ability to incur secured debt and to engage in certain sale and leaseback transactions. The indentures also contain customary events of default. The indentures provide holders of the senior unsecured notes with remedies if the Company fails to perform specific obligations. As of June 30, 2020, Hillenbrand was in compliance with all covenants and there were no events of default.

Retirement Benefits

9 Months Ended

Jun. 30, 2020

Defined Benefit Plan [Abstract]

Retirement Benefits

Defined Benefit Plans

In connection with the Milacron acquisition, the Company acquired three noncontributory defined benefit plans for certain non-U.S. employees and retirees. One plan covers certain employees in the United Kingdom and the other two plans cover certain employees in Germany. The aggregate fair value of the liability assumed for these defined benefit plans was $30.7 at November 21, 2019. Contributions to these plans are expected to approximate benefit payments each year.

Components of net periodic pension cost included in the Consolidated Statements of Operations were as follows:


	U.S. Pension Benefits						Non-U.S. Pension Benefits
	Three Months Ended June 30,						Three Months Ended June 30,
	2020		2019		2020		2019
Service costs	$	0.4	$	0.5	$	0.7	$	0.4
Interest costs	2.0		2.4		0.2		0.3
Expected return on plan assets	(3.3)		(3.3)		(0.3)		(0.1)

Amortization of net loss	1.2		0.4		0.5		0.3
Net periodic pension cost	$	0.3	$	—	$	1.1	$	0.9

	U.S. Pension Benefits						Non-U.S. Pension Benefits
	Nine Months Ended June 30,						Nine Months Ended June 30,
	2020		2019		2020		2019
Service costs	$	1.1	$	1.7	$	1.8	$	1.1
Interest costs	6.0		7.5		0.5		0.9
Expected return on plan assets	(9.7)		(9.9)		(0.6)		(0.4)
Amortization of unrecognized prior service costs, net	—		0.1		—		—
Amortization of net loss	3.6		0.8		1.8		0.8
Net periodic pension cost	$	1.0	$	0.2	$	3.5	$	2.4

Defined Contribution Plans

In connection with the Milacron acquisition, the Company assumed a defined contribution plan (the “401(k) Plan”) for eligible U.S. employees and defined contribution plans for eligible employees at certain foreign subsidiaries. For the 401(k) Plan, eligible employees are permitted to contribute a percentage of their compensation and employees are immediately vested in their voluntary contributions. The Company’s contributions to the 401(k) Plan are based on matching a portion of the employee contributions and employees become vested in the Company contributions once they attain a year of credited service. For the assumed foreign plans, employees are immediately vested in both their voluntary and Company matching contributions.

Expenses related to the Company’s defined contribution plans were $3.7 and $10.8 for the three and nine months ended June 30, 2020, respectively, and $3.0 and $8.7 for the same periods in the prior year, respectively.

Income Taxes	9 Months Ended
Income Taxes	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rates for the three months ended June 30, 2020 and 2019 were 53.1% and 26.8%, respectively. The effective tax rate in the current quarter and the difference from the prior year is primarily due to the impact of Milacron carryforward tax attributes adversely impacting domestic taxes associated with the Tax Act, unfavorable geographic mix of income, and nondeductible acquisition expenses related to the Milacron acquisition. The effective tax rates for the nine months ended June 30, 2020 and 2019 were (58.4)% and 28.5%, respectively. Due to the current year net loss position, the effective tax rate decreased over the prior year primarily as a result of the discrete recognition of tax expense on the divestiture of Cimcool, the impact of Milacron carryforward tax attributes adversely impacting domestic taxes associated with the Tax Act, unfavorable geographic mix of income, and nondeductible acquisition expenses related to the Milacron acquisition, net of the tax benefit recognized in 2020 from the revaluation of current and deferred tax balances in connection with the enacted statutory tax rate reductions in certain foreign jurisdictions. The change in the effective tax rate compared to the prior year was also impacted by the prior year increase in the reserve for unrecognized tax benefits that did not recur in the current year. The acquisition of Milacron was completed as a taxable acquisition of the outstanding common stock of Milacron. In connection with the acquisition, the Company recorded a net deferred tax liability of $138.0 associated with the difference between the financial accounting basis and the tax basis in the acquired assets and liabilities assumed. Included in the acquired deferred taxes were deferred tax assets for the carryforward of Milacron’s tax net operating losses from federal, state, and foreign tax jurisdictions of $65.1, which were partially offset by the recognition of preliminary valuation allowances of $25.6 related to the estimated realizability of these items. The utilization of the acquired U.S. federal and state net operating losses to reduce Hillenbrand’s taxable income will be limited annually under Section 382 of the Internal Revenue Code. The Section 382 limitation analysis is in process as part of purchase accounting finalization and was not completed as of June 30, 2020. Additionally, Hillenbrand incurred transaction costs of $43.3 during the nine months ended June 30, 2020 associated with the acquisition of Milacron. A preliminary estimate of the nondeductible portion of these costs has been determined to be approximately $20.3 and recognized as an adjustment to the forecasted tax rate for the year. As the Company continues to analyze the tax attributes of the acquisition, it will revise these preliminary estimates and appropriately record the impact of any changes in estimates.

Earnings Per Share

9 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

The dilutive effects of performance-based stock awards were included in the computation of diluted earnings per share at the level the related performance criteria were met through the respective balance sheet date. Potential dilutive effects, representing approximately 400,000 shares at both June 30, 2020 and 2019, were excluded from the computation of diluted earnings per share as the related performance criteria were not yet met, although the Company expects to meet various levels of criteria in the future.


	Three Months Ended June 30,						Nine Months Ended June 30,
	2020		2019		2020		2019
Net income (loss) attributable to Hillenbrand	$	24.0	$	30.4	$	(53.1)	$	96.7
Weighted-average shares outstanding (basic - in millions) ⁽¹⁾	75.1		63.0		72.8		62.9
Effect of dilutive stock options and other unvested equity awards (in millions) ⁽²⁾	—		0.4		—		0.5
Weighted-average shares outstanding (diluted - in millions)	75.1		63.4		72.8		63.4

Basic earnings (loss) per share	$	0.32	$	0.48	$	(0.73)	$	1.54
Diluted earnings (loss) per share	$	0.32	$	0.48	$	(0.73)	$	1.52

Shares with anti-dilutive effect excluded from the computation of diluted earnings per share (in millions)	2.8		1.1		2.9		0.9

⁽¹⁾The increase in weighted-average shares outstanding during the nine months ended June 30, 2020 was due to 11.9 million of additional shares issued on November 21, 2019 in connection with the acquisition of Milacron. See Note 4 for further information.

⁽²⁾As a result of the net loss attributable to Hillenbrand during the nine months ended June 30, 2020, the effect of stock options and other unvested equity awards would be antidilutive. In accordance with GAAP, they have been excluded from the diluted earnings per share calculation.

Other Comprehensive Income (Loss)

9 Months Ended

Jun. 30, 2020

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of reclassifications of AOCI

Other Comprehensive Loss

The following tables summarize the changes in the accumulated balances for each component of accumulated other comprehensive loss:


	Pension and Postretirement		Currency Translation		Net Unrealized Gain (Loss) on Derivative Instruments		Total Attributable to Hillenbrand, Inc.		Noncontrolling Interests		Total
Balance at September 30, 2019	$	(62.3)	$	(64.7)	$	(13.6)	$	(140.6)
Other comprehensive loss before reclassifications:
Before tax amount	—		(0.3)		(1.6)		(1.9)		$	(0.7)	$	(2.6)
Tax benefit	—		—		0.3		0.3		—		0.3
After tax amount	—		(0.3)		(1.3)		(1.6)		(0.7)		(2.3)
Amounts reclassified from accumulated other comprehensive loss ⁽¹⁾	3.8		—		1.8		5.6		—		5.6
Net current period other comprehensive income (loss)	3.8		(0.3)		0.5		4.0		$	(0.7)	$	3.3
Reclassification of certain income tax effects ⁽²⁾	(6.0)		—		—		(6.0)
Balance at June 30, 2020	$	(64.5)	$	(65.0)	$	(13.1)	$	(142.6)

⁽¹⁾Amounts are net of tax.

⁽²⁾Income tax effects of the Tax Act were reclassified from accumulated other comprehensive loss to retained earnings due to the adoption of ASU 2018-02. See Note 2 for more information.


	Pension and Postretirement		Currency Translation		Net Unrealized Gain (Loss) on Derivative Instruments		Total Attributable to Hillenbrand, Inc.		Noncontrolling Interests		Total
Balance at September 30, 2018	$	(41.0)	$	(44.1)	$	0.9	$	(84.2)
Other comprehensive income (loss) before reclassifications:
Before tax amount	1.5		(3.6)		(16.2)		(18.3)		$	0.2	$	(18.1)
Tax (expense) benefit	(0.4)		—		3.8		3.4		—		3.4
After tax amount	1.1		(3.6)		(12.4)		(14.9)		0.2		(14.7)
Amounts reclassified from accumulated other comprehensive loss ⁽¹⁾	0.9		—		(0.3)		0.6		—		0.6
Net current period other comprehensive income (loss)	2.0		(3.6)		(12.7)		(14.3)		$	0.2	$	(14.1)
Balance at June 30, 2019	$	(39.0)	$	(47.7)	$	(11.8)	$	(98.5)

⁽¹⁾Amounts are net of tax.

Reclassifications out of accumulated other comprehensive loss include:


	Three Months Ended June 30, 2020
	Amortization of Pension and Postretirement ⁽¹⁾						(Gain) Loss on
	Net Loss Recognized		Prior Service Costs Recognized		Derivative Instruments		Total
Affected Line in the Consolidated Statement of Operations:
Net revenue	$	—	$	—	$	—	$	—
Cost of goods sold	—		—		0.9		0.9

Other income (expense), net	1.7		—		0.5		2.2
Total before tax	$	1.7	$	—	$	1.4	$	3.1
Tax benefit							(0.5)
Total reclassifications for the period, net of tax							$	2.6

	Nine Months Ended June 30, 2020
	Amortization of Pension and Postretirement ⁽¹⁾						(Gain) Loss on
	Net Loss Recognized		Prior Service Costs Recognized		Derivative Instruments		Total
Affected Line in the Consolidated Statement of Operations:
Net revenue	$	—	$	—	$	(0.2)	$	(0.2)
Cost of goods sold	—		—		0.5		0.5

Other income (expense), net	5.2		(0.1)		1.5		6.6
Total before tax	$	5.2	$	(0.1)	$	1.8	$	6.9
Tax benefit							(1.3)
Total reclassifications for the period, net of tax							$	5.6

⁽¹⁾These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 9).


	Three Months Ended June 30, 2019
	Amortization of Pension and Postretirement ⁽¹⁾						Gain (Loss) on
	Net Loss Recognized		Prior Service Costs Recognized		Derivative Instruments		Total
Affected Line in the Consolidated Statement of Operations:
Net revenue	$	—	$	—	$	(0.1)	$	(0.1)
Cost of goods sold	—		—		(0.4)		(0.4)

Other income (expense), net	0.6		—		—		0.6
Total before tax	$	0.6	$	—	$	(0.5)	$	0.1
Tax benefit							—
Total reclassifications for the period, net of tax							$	0.1

	Nine Months Ended June 30, 2019
	Amortization of Pension and Postretirement ⁽¹⁾						Loss (Gain) on
	Net Loss Recognized		Prior Service Costs Recognized		Derivative Instruments		Total
Affected Line in the Consolidated Statement of Operations:
Net revenue	$	—	$	—	$	0.1	$	0.1
Cost of goods sold	—		—		(0.6)		(0.6)

Other income (expense), net	1.3		—		—		1.3
Total before tax	$	1.3	$	—	$	(0.5)	$	0.8
Tax benefit							(0.2)
Total reclassifications for the period, net of tax							$	0.6

Share-Based Compensation

9 Months Ended

Jun. 30, 2020

Share-Based Compensation


	Three Months Ended June 30,						Nine Months Ended June 30,
	2020		2019		2020		2019
Share-based compensation costs	$	3.7	$	2.9	$	9.4	$	8.7
Less impact of income tax benefit	0.9		0.7		2.2		2.0
Share-based compensation costs, net of tax	$	2.8	$	2.2	$	7.2	$	6.7

The Company has share-based compensation with long-term performance-based metrics that are contingent upon the Company’s relative total shareholder return and the creation of shareholder value. Relative total shareholder return is determined by comparing the Company’s total shareholder return during a three-year period to the respective total shareholder returns of companies in a designated performance peer group or stock index, as applicable. Creation of shareholder value is measured by the cumulative cash returns and final period net operating profit after tax compared to the established hurdle rate over a three-year period. For the performance-based awards contingent upon the creation of shareholder value, compensation expense is adjusted each quarter based upon actual results to date and any changes to forecasted information on each of the separate grants.

During the nine months ended June 30, 2020, the Company made the following grants:


			Number of Units
Stock options			454,929
Time-based stock awards			369,193
Performance-based stock awards (maximum that can be earned)			428,026

Stock options granted during 2020 had a weighted-average exercise price of $31.94 and a weighted-average grant date fair value of $6.63. The Company’s time-based stock awards and performance-based stock awards granted during the nine months ended June 30, 2020 had weighted-average grant date fair values of $31.31 and $32.73, respectively. Included in the performance-based stock awards granted during the nine months ended June 30, 2020 are 252,406 units whose payout level is based upon the Company’s relative total shareholder return over the three-year measurement period, as described above. These units will be expensed on a straight-line basis over the measurement period and are not subsequently adjusted after the grant date.

Other Income, Net

9 Months Ended

Jun. 30, 2020

Other Nonoperating Income (Expense) [Abstract]

Other Income, Net

Other Income (Expense), Net


	Three Months Ended June 30,						Nine Months Ended June 30,
	2020		2019		2020		2019
Net loss on divestiture	$	—	$	—	$	(3.0)	$	—
Interest income	0.6		0.3		2.5		0.7
Foreign currency exchange gain (loss) , net	0.3		(0.5)		2.2		—
Other, net	(0.3)		(0.3)		0.1		(0.6)
Other income (expense), net	$	0.6	$	(0.5)	$	1.8	$	0.1

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Like most companies, Hillenbrand is involved from time to time in claims, lawsuits, and government proceedings relating to its operations, including environmental, patent infringement, business practices, commercial transactions, product and general liability, workers’ compensation, auto liability, employment, and other matters. The ultimate outcome of these matters cannot be predicted with certainty. An estimated loss from these contingencies is recognized when the Company believes it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated; however, it is difficult to measure the actual loss that might be incurred related to these matters. If a loss is not considered probable and/or cannot be reasonably estimated, the Company is required to make a disclosure if there is at least a reasonable possibility that a significant loss may have been incurred. Legal fees associated with claims and lawsuits are generally expensed as incurred. Claims covered by insurance have in most instances deductibles and self-funded retentions up to $0.5 per occurrence or per claim, depending upon the type of coverage and policy period. For auto, workers compensation, and general liability claims in the U.S., outside insurance companies and third-party claims administrators generally assist in establishing individual claim reserves. An independent outside actuary provides estimates of ultimate projected losses, including incurred but not reported claims, which are used to establish reserves for losses. For all other types of claims, reserves are established based upon advice from internal and external counsel and historical settlement information for claims when such amounts are considered probable of payment. The recorded amounts represent the best estimate of the costs that the Company will incur in relation to such exposures, but it is possible that actual costs will differ from those estimates.

Fair Value Measurements

9 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The authoritative guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are from sources independent of the Company. Unobservable inputs reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability, developed based upon the best information available in the circumstances. The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is broken down into three levels:


Level 1:			Inputs are quoted prices in active markets for identical assets or liabilities.
Level 2:			Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly.
Level 3:			Inputs are unobservable for the asset or liability.


	Carrying Value at June 30, 2020		Fair Value at June 30, 2020 Using Inputs Considered as:
					Level 1			Level 2			Level 3
Assets:
Cash and cash equivalents	$	263.1	$	263.1		$	—		$	—
Investments in rabbi trust	3.8		3.8			—			—
Derivative instruments	2.7		—			2.7			—

Liabilities:

$500.0 term loan	481.3		—			481.3			—
$400.0 senior unsecured notes	400.0		414.7			—			—
$375.0 senior unsecured notes	374.5		384.5			—			—
$225.0 term loan	216.6		—			216.6			—
$150.0 senior unsecured notes	150.0		149.7			—			—
$100.0 Series A Notes	100.0		—			101.1			—
Derivative instruments	6.3		—			6.3			—


	Carrying Value at September 30, 2019		Fair Value at September 30, 2019 Using Inputs Considered as:
					Level 1			Level 2			Level 3
Assets:
Cash and cash equivalents	$	399.0	$	399.0		$	—		$	—
Investments in rabbi trust	4.2		4.2			—			—
Derivative instruments	2.5		—			2.5			—

Liabilities:
$375.0 senior unsecured notes	374.4		380.6			—			—
$150.0 senior unsecured notes	149.9		152.8			—			—

$100.0 Series A Notes	100.0		—			108.5			—
Derivative instruments	2.6		—			2.6			—

Valuation Techniques

•Cash and cash equivalents and investments in rabbi trust are classified within Level 1 of the fair value hierarchy. Financial instruments classified as Level 1 are based on quoted market prices in active markets. The types of financial instruments the Company classifies within Level 1 include most bank deposits, money market securities, and publicly traded mutual funds. The Company does not adjust the quoted market price for such financial instruments.

•The Company estimates the fair value of foreign currency derivatives using industry accepted models. The significant Level 2 inputs used in the valuation of derivatives include spot rates, forward rates, and volatility. These inputs were obtained from pricing services, broker quotes, and other sources.

•The fair value of the amounts outstanding under the Term Loan Facilities approximate carrying value, as the Company believes their variable interest rate terms correspond to current market terms.

•The fair values of the Series A Notes were estimated based on internally-developed models, using current market interest rate data for similar issues, as there is no active market for the Series A Notes.

•The fair values of the $400.0, $375.0, and $150.0 senior unsecured notes were based on quoted prices in active markets.

Derivative instruments

The Company has hedging programs in place to manage its currency exposures. The objectives of the Company’s hedging programs are to mitigate exposures in gross margin and non-functional-currency-denominated assets and liabilities. Under these programs, the Company uses derivative financial instruments to manage the economic impact of fluctuations in currency exchange rates. These include foreign currency exchange forward contracts, which generally have terms up to 24 months. The aggregate notional value of derivatives was $238.2 and $128.9 at June 30, 2020 and September 30, 2019, respectively. The derivatives are recorded at fair value primarily in other current assets and other current liabilities in the Consolidated Balance Sheets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Segment and Geographical Information

9 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Segment and Geographical Information

Prior to completing the acquisition of Milacron on November 21, 2019, the Company conducted operations through two reportable operating segments: the Process Equipment Group and Batesville. Upon completing the acquisition, the Company has been undertaking a planning process of assessing its management and organizational structure. As of June 30, 2020, the Company is still assessing changes in its internal management reporting structure to incorporate Milacron and the effects it may have on the Company’s reportable segments, if any. Because this process was not complete as of June 30, 2020, the Company has reported the results of operations of Milacron from the acquisition date through June 30, 2020 as a separate reportable segment.

The Company records the direct costs of business operations to the reportable operating segments, including stock-based compensation, asset impairments, restructuring activities, and business acquisition costs. Corporate provides management and administrative services to each reportable segment. These services include treasury management, human resources, legal, business development, and other public company support functions such as internal audit, investor relations, financial reporting, and tax compliance. With limited exception for certain professional services and back-office and technology costs, the Company does not allocate these types of corporate expenses to the reportable segments.

The following tables present financial information for the Company’s reportable segments and significant geographical locations:


	Three Months Ended June 30,						Nine Months Ended June 30,
	2020		2019		2020		2019
Net revenue
Process Equipment Group	$	281.3	$	315.3	$	899.0	$	924.2
Milacron	186.3		—		518.6		—
Batesville	139.9		131.3		405.7		397.3
Total	$	607.5	$	446.6	$	1,823.3	$	1,321.5

Adjusted EBITDA ⁽¹⁾
Process Equipment Group	$	57.6	$	54.9	$	166.6	$	156.6
Milacron	38.1		—		96.4		—
Batesville	36.4		25.3		91.4		83.6
Corporate	(11.1)		(10.7)		(30.9)		(31.7)

Net revenue ⁽²⁾
United States	$	292.1	$	222.1	$	853.0	$	669.3
Germany	151.2		145.4		495.2		398.3


All other foreign business units	164.2		79.1		475.1		253.9
Total	$	607.5	$	446.6	$	1,823.3	$	1,321.5

⁽¹⁾Adjusted EBITDA is a non-GAAP measure used by management to measure segment performance and make operating decisions. See the Operating Performance Measures section of Management’s Discussion and Analysis for further information on adjusted EBITDA, which is reconciled to consolidated net income (loss) below.

⁽²⁾The Company attributes net revenue to a geography based upon the location of the business that consummates the external sale.


	June 30, 2020		September 30, 2019
Total assets assigned
Process Equipment Group	$	1,710.4	$	1,729.1
Milacron	1,988.0		—
Batesville	228.7		186.1
Corporate	102.8		313.4
Total	$	4,029.9	$	2,228.6

Tangible long-lived assets, net⁽¹⁾
United States	$	208.0	$	75.8
Germany	103.2		40.2
China	51.4		4.4

All other foreign business units	130.4		19.9
Total	$	493.0	$	140.3

⁽¹⁾Tangible long-lived assets, net includes operating lease right-of-use assets as of June 30, 2020 due to the adoption of ASU 2016-02 in the current year.

The following schedule reconciles reportable segment adjusted EBITDA to consolidated net income (loss):


	Three Months Ended June 30,						Nine Months Ended June 30,
	2020		2019		2020		2019
Adjusted EBITDA:
Process Equipment Group	$	57.6	$	54.9	$	166.6	$	156.6
Milacron	38.1		—		96.4		—
Batesville	36.4		25.3		91.4		83.6
Corporate	(11.1)		(10.7)		(30.9)		(31.7)
Less:
Interest income	(0.6)		(0.3)		(2.5)		(0.7)
Interest expense	19.7		5.2		55.3		16.1
Income tax expense	28.3		11.6		17.7		39.9
Depreciation and amortization	33.9		15.1		98.4		44.3
Impairment charges	—		—		82.5		—
Business acquisition, disposition, and integration costs	5.5		3.8		67.3		4.9
Restructuring and restructuring-related charges	3.6		2.4		6.7		3.6
Inventory step-up	3.6		—		40.7		0.2
Net loss on divestiture	—		—		3.0		—
Other	2.0		—		2.4		—
Consolidated net income (loss)	$	25.0	$	31.7	$	(48.0)	$	100.2

Restructuring

9 Months Ended

Jun. 30, 2020

Restructuring and Related Activities [Abstract]

Restructuring

The following schedule details the restructuring charges by reportable segment and the classification of those charges in the Consolidated Statements of Operations.


	Three Months Ended June 30, 2020										Three Months Ended June 30, 2019
	Cost of goods sold		Operating expenses		Total		Cost of goods sold		Operating expenses		Total
Process Equipment Group	$	0.2	$	1.9	$	2.1	$	0.2	$	0.4	$	0.6
Milacron	0.8		0.1		0.9		—		—		—
Batesville	(0.1)		0.1		—		0.3		1.4		1.7
Corporate	—		0.4		0.4		—		—		—
Total	$	0.9	$	2.5	$	3.4	$	0.5	$	1.8	$	2.3

	Nine Months Ended June 30, 2020										Nine Months Ended June 30, 2019
	Cost of goods sold		Operating expenses		Total		Cost of goods sold		Operating expenses		Total
Process Equipment Group	$	0.9	$	3.1	$	4.0	$	0.6	$	0.5	$	1.1
Milacron	0.6		1.3		1.9		—		—		—
Batesville	—		0.5		0.5		0.5		1.9		2.4
Corporate	—		1.4		1.4		—		—		—
Total	$	1.5	$	6.3	$	7.8	$	1.1	$	2.4	$	3.5

The restructuring charges during the three and nine months ended June 30, 2020 and 2019 related primarily to severance costs. The severance costs within the Milacron and Corporate reportable segments were primarily related to the ongoing integration of Milacron. At June 30, 2020, $4.0 of restructuring costs were accrued and expected to be paid over the next twelve months.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2020
Accounting Policies [Abstract]
Revenue [Policy Text Block]	Net revenue includes gross revenue less sales discounts, customer rebates, sales incentives, and product returns, all of which require the Company to make estimates for the portion of these allowances that have yet to be credited or paid to customers. The Company estimates these allowances using the expected value method, which is based upon historical rates and projections of customer purchases toward contractual rebate thresholds.
Revenue Recognition, Percentage-of-Completion Method [Policy Text Block]	As of June 30, 2020, the aggregate amount of transaction price of remaining performance obligations within the Process Equipment Group and Milacron reportable segments, which corresponds to backlog as defined in Item 2 of this Form 10-Q, was $1,123.7. Approximately 78% of these performance obligations are expected to be satisfied over the next twelve months, and the remaining performance obligations, primarily within one to three years.
Revenue Recognition, Deferred Revenue [Policy Text Block]	Contract balances The balance of receivables from long-term manufacturing contracts at June 30, 2020 and September 30, 2019 was $166.2 and $181.1, respectively. The change was driven by the impact of net revenue recognized prior to billings. The balance of liabilities from long-term manufacturing contracts and advances at June 30, 2020 and September 30, 2019 was $168.4 and $158.2, respectively, and consists primarily of cash payments received in advance of satisfying performance obligations. The revenue recognized for the nine months ended June 30, 2020 and 2019 related to liabilities from long-term manufacturing contracts and advances as of September 30, 2019 and 2018 was $104.7 and $113.0, respectively. During the three and nine months ended June 30, 2020 and 2019, the adjustments related to performance obligations satisfied in previous periods were immaterial.

Revenue Recognition Revenue Recognition (Tables)

9 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Disaggregation of revenue

As a result of completing the acquisition of Milacron during the current fiscal year, the Company now sells products in the following additional end markets: custom molders, automotive, consumer goods, packaging, electronics, and construction. The following tables present net revenue by end market, which include reclassifications in the prior year period to conform to the current year presentation:


	Three Months Ended June 30, 2020														Nine Months Ended June 30, 2020
	Process Equipment Group		Milacron		Batesville		Total		Process Equipment Group		Milacron		Batesville		Total
End Market
Plastics	$	181.0	$	—	$	—	$	181.0	$	589.6	$	—	$	—	$	589.6
Automotive	—		28.7		—		28.7		—		91.8		—		91.8
Chemicals	21.5		—		—		21.5		69.9		—		—		69.9
Consumer goods	—		25.4		—		25.4		—		76.6		—		76.6
Food and pharmaceuticals	19.7		—		—		19.7		54.9		—		—		54.9
Custom molders	—		28.4		—		28.4		—		66.5		—		66.5
Packaging	—		23.8		—		23.8		—		60.5		—		60.5
Construction	—		20.0		—		20.0		—		51.8		—		51.8
Minerals and mining	15.0		—		—		15.0		43.7		—		—		43.7
Electronics	—		20.3		—		20.3		—		43.1		—		43.1
Death care	—		—		139.9		139.9		—		—		405.7		405.7
Other industrial	44.1		39.7		—		83.8		140.9		128.3		—		269.2
Total	$	281.3	$	186.3	$	139.9	$	607.5	$	899.0	$	518.6	$	405.7	$	1,823.3


	Three Months Ended June 30, 2019								Nine Months Ended June 30, 2019
	Process Equipment Group		Batesville		Total		Process Equipment Group		Batesville		Total
End Market
Plastics	$	197.9	$	—	$	197.9	$	561.0	$	—	$	561.0
Chemicals	28.3		—		28.3		80.8		—		80.8
Food and pharmaceuticals	20.0		—		20.0		60.9		—		60.9
Minerals and mining	14.1		—		14.1		64.3		—		64.3
Death care	—		131.3		131.3		—		397.3		397.3
Other industrial	55.0		—		55.0		157.2		—		157.2
Total	$	315.3	$	131.3	$	446.6	$	924.2	$	397.3	$	1,321.5

The following tables present net revenue by products and services:


	Three Months Ended June 30, 2020														Nine Months Ended June 30, 2020
	Process Equipment Group		Milacron		Batesville		Total		Process Equipment Group		Milacron		Batesville		Total
Products and Services
Equipment	$	186.7	$	124.7	$	—	$	311.4	$	600.6	$	305.8	$	—	$	906.4
Parts and services	94.6		49.2		—		143.8		298.4		139.7		—		438.1
Death care	—		—		139.9		139.9		—		—		405.7		405.7
Other	—		12.4		—		12.4		—		73.1		—		73.1
Total	$	281.3	$	186.3	$	139.9	$	607.5	$	899.0	$	518.6	$	405.7	$	1,823.3


	Three Months Ended June 30, 2019								Nine Months Ended June 30, 2019
	Process Equipment Group		Batesville		Total		Process Equipment Group		Batesville		Total
Products and Services
Equipment	$	212.4	$	—	$	212.4	$	623.4	$	—	$	623.4
Parts and services	102.9		—		102.9		300.8		—		300.8
Death care	—		131.3		131.3		—		397.3		397.3
Total	$	315.3	$	131.3	$	446.6	$	924.2	$	397.3	$	1,321.5

The following tables present net revenue by timing of transfer:


	Three Months Ended June 30, 2020														Nine Months Ended June 30, 2020
	Process Equipment Group		Milacron		Batesville		Total		Process Equipment Group		Milacron		Batesville		Total
Timing of Transfer
Point in time	$	151.6	$	186.3	$	139.9	$	477.8	$	448.3	$	518.6	$	405.7	$	1,372.6
Over time	129.7		—		—		129.7		450.7		—		—		450.7
Total	$	281.3	$	186.3	$	139.9	$	607.5	$	899.0	$	518.6	$	405.7	$	1,823.3


	Three Months Ended June 30, 2019								Nine Months Ended June 30, 2019
	Process Equipment Group		Batesville		Total		Process Equipment Group		Batesville		Total
Timing of Transfer
Point in time	$	164.6	$	131.3	$	295.9	$	505.1	$	397.3	$	902.4
Over time	150.7		—		150.7		419.1		—		419.1
Total	$	315.3	$	131.3	$	446.6	$	924.2	$	397.3	$	1,321.5

Business Acquisitions and Divestitures (Tables)

9 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

Schedule of Business Acquisition

The following table summarizes the aggregate purchase price consideration to acquire Milacron:


Cash consideration paid to Milacron stockholders	$	835.9
Repayment of Milacron debt, including accrued interest	772.9
Cash consideration paid to settle outstanding share-based equity awards	34.2
Total cash consideration	1,643.0
Fair value of Hillenbrand common stock issued to Milacron stockholders ⁽¹⁾	356.9
Stock consideration issued to settle outstanding share-based equity awards ⁽¹⁾	14.4
Total consideration transferred	2,014.3
Portion of cash settlement of outstanding share-based equity awards recognized as expense ⁽²⁾	(14.1)
Portion of stock settlement of outstanding share-based equity awards recognized as expense ⁽²⁾	(5.9)
Total purchase price consideration	$	1,994.3

⁽¹⁾The fair value of the 11.4 million shares of Hillenbrand’s common stock issued as of the acquisition date was determined based on a per share price of $31.26, which was the closing price of Hillenbrand’s common stock on November 20, 2019, the last trading day before the acquisition closed on November 21, 2019. This includes a nominal amount of cash paid in lieu of fractional shares. Additionally, 0.5 million shares of Hillenbrand’s common stock were issued to settle certain of Milacron’s outstanding share-based equity awards, as previously discussed.

⁽²⁾In total, $20.0 was immediately recognized as expense within operating expenses in the Consolidated Statement of Operations during the nine months ended June 30, 2020, which represents the portion of the fair value of outstanding share-based equity awards that was not associated with pre-acquisition service of Milacron employees.

The following table provides the results of operations for Milacron included in the Consolidated Statements of Operations for the three and nine months ended June 30, 2020:


	Three Months Ended June 30, 2020		Nine Months Ended June 30, 2020
Net revenue	$	186.3	$	518.6
Income (loss) before income taxes	12.0		(17.5)

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes preliminary estimates of fair values of the assets acquired and liabilities assumed as of the acquisition date:


	November 21, 2019 (as initially reported)			Measurement Period Adjustments		November 21, 2019 (as adjusted)
Assets acquired:
Cash and cash equivalents	$	125.8		$	—	$	125.8
Trade receivables	135.5			1.3		136.8
Inventories	288.7			4.7		293.4
Prepaid expense and other current assets	64.3			1.3		65.6
Property, plant, and equipment	262.9			(22.7)		240.2
Operating lease right-of-use assets	41.3			—		41.3
Identifiable intangible assets	865.0			(50.0)		815.0
Goodwill	666.5			41.1		707.6
Other long-term assets	22.6			7.6		30.2
Total assets acquired	2,472.6		—	(16.7)		2,455.9

Liabilities assumed:
Trade accounts payable	110.2			—		110.2
Liabilities from long-term manufacturing contracts and advances	32.7			—		32.7
Accrued compensation	23.2			(2.4)		20.8
Other current liabilities	72.2			0.9		73.1
Accrued pension and postretirement healthcare	29.4			—		29.4
Deferred income taxes	166.3			(15.2)		151.1
Operating lease liabilities - long-term	31.2			—		31.2
Other long-term liabilities	13.1			—		13.1
Total liabilities assumed	478.3		—	(16.7)		461.6

Total purchase price consideration	$	1,994.3		$	—	$	1,994.3

The preliminary amounts allocated to identifiable intangible assets are as follows:

Gross Carrying Amount

Weighted-Average Useful Life

Customer relationships

$

560.0

19 years

Trade names

150.0

Indefinite

Technology, including patents

95.0

10 years

Backlog

10.0

3 months

Total

$

815.0

Schedule of Business Acquisition Pro Forma Information

The supplemental pro forma financial information for the periods presented is as follows:


	Three Months Ended June 30,						Nine Months Ended June 30,
	2020		2019		2020		2019
Net revenue	$	607.5	$	718.0	$	1,939.0	$	2,132.1
Net income (loss) attributable to Hillenbrand	30.4		23.0		(0.7)		85.1

Net income (loss) attributable to Hillenbrand — per share of common stock:
Basic earnings (loss) per share	$	0.40	$	0.31	$	(0.01)	$	1.14
Diluted earnings (loss) per share	$	0.40	$	0.31	$	(0.01)	$	1.13

Supplemental Balance Sheet Information (Tables)

9 Months Ended

Jun. 30, 2020

Balance Sheet Related Disclosures [Abstract]

Schedule of supplemental balance sheet information


	June 30, 2020		September 30, 2019
Trade accounts receivable reserves	$	22.3	$	22.8

Accumulated depreciation on property, plant, and equipment	$	341.9	$	309.0

Inventories, net:
Finished goods	$	178.5	$	60.3
Raw materials and components	146.0		72.3
Work in process	99.8		44.0
Total inventories, net	$	424.3	$	176.6

Leases (Tables)

9 Months Ended

Jun. 30, 2020

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information

The following table presents supplemental Consolidated Balance Sheet information related to the Company’s operating leases:


	June 30, 2020
Operating lease right-of-use assets	$	161.4

Other current liabilities	32.7
Operating lease liabilities	126.2
Total operating lease liabilities	$	158.9

Weighted-average remaining lease term (in years)	7.6

Weighted-average discount rate	2.5		%

Schedule of Operating Lease Liability Maturities

As of June 30, 2020, the maturities of the Company’s operating lease liabilities were as follows:


2020 (excluding the nine months ended June 30, 2020)	$	13.4
2021	33.7
2022	28.8
2023	23.0
2024	16.3
Thereafter	58.2
Total lease payments	173.4
Less: imputed interest	(14.5)
Total present value of lease payments	$	158.9

Schedule of Supplemental Statement of Cash Flow Information

Supplemental Consolidated Statement of Cash Flow information is as follows:


	Nine Months Ended June 30, 2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	28.0
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	22.1

Intangible Assets and Goodwill (Tables)

9 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill

The following table summarizes the impairment charges recorded by the Company during the nine months ended June 30, 2020:


	Impairment Charges
	Process Equipment Group		Milacron		Total
Goodwill	$	72.3	$	—	$	72.3
Trade names	0.7		7.9		8.6
Technology, including patents	—		1.6		1.6
Total	$	73.0	$	9.5	$	82.5

Schedule of Intangible Assets


	June 30, 2020						September 30, 2019
	Cost		Accumulated Amortization		Cost		Accumulated Amortization
Finite-lived assets:
Trade names	$	0.2	$	(0.2)	$	0.2	$	(0.2)
Customer relationships	948.3		(206.0)		464.2		(169.2)
Technology, including patents	157.0		(59.1)		76.8		(49.4)
Software	70.8		(56.2)		58.7		(51.7)
Backlog	10.0		(10.0)		—		—
Other	0.1		(0.1)		0.2		(0.2)
	1,186.4		(331.6)		600.1		(270.7)
Indefinite-lived assets:
Trade names	238.8		—		125.5		—

Total	$	1,425.2	$	(331.6)	$	725.6	$	(270.7)

Schedule of Goodwill


	Process Equipment Group		Milacron		Batesville		Total
Balance as of September 30, 2019	$	569.7	$	—	$	8.3	$	578.0
Acquisitions ⁽¹⁾	1.7		707.6		—		709.3
Divestiture ⁽²⁾	—		(77.9)		—		(77.9)
Impairment charges	(72.3)		—		—		(72.3)
Foreign currency adjustments	11.2		(5.2)		—		6.0
Balance as of June 30, 2020 ⁽³⁾	$	510.3	$	624.5	$	8.3	$	1,143.1

Financing Agreements (Tables)

9 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of borrowings under financing agreements

Financing Agreements

The following table summarizes Hillenbrand’s current and long-term debt as of the dates reported in the Consolidated Balance Sheets:


	June 30, 2020		September 30, 2019
$500.0 term loan ⁽¹⁾	$	479.9	$	—
$400.0 senior unsecured notes ⁽²⁾	394.5		—
$375.0 senior unsecured notes, net of discount ⁽³⁾	370.6		370.1
$225.0 term loan ⁽⁴⁾	216.2		—
$150.0 senior unsecured notes, net of discount ⁽⁵⁾	150.0		149.7
$100.0 Series A Notes ⁽⁶⁾	99.7		99.7
$900.0 revolving credit facility (excluding outstanding letters of credit)	—		—
Other	0.2		—
Total debt	1,711.1		619.5
Less: current portion	36.3		—
Total long-term debt	$	1,674.8	$	619.5

Schedule of maturities of long-term debt

The following table summarizes the scheduled maturities of long-term debt for 2020 through 2024:


	Amount
2020 (remaining three months) ⁽¹⁾	$	159.1
2021	36.3
2022	54.4
2023	223.1
2024	50.0

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Topic 210
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-Name Accounting Standards Codification
-Topic 835
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-Topic 505
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-Topic 235
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+ Details

Retirement Benefits (Tables)	9 Months Ended
Retirement Benefits (Tables)	Jun. 30, 2020
Defined Benefit Plan [Abstract]
Components of net pension costs	o

Earnings Per Share (Tables)

9 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted earnings per share


	Three Months Ended June 30,						Nine Months Ended June 30,
	2020		2019		2020		2019
Net income (loss) attributable to Hillenbrand	$	24.0	$	30.4	$	(53.1)	$	96.7
Weighted-average shares outstanding (basic - in millions) ⁽¹⁾	75.1		63.0		72.8		62.9
Effect of dilutive stock options and other unvested equity awards (in millions) ⁽²⁾	—		0.4		—		0.5
Weighted-average shares outstanding (diluted - in millions)	75.1		63.4		72.8		63.4

Basic earnings (loss) per share	$	0.32	$	0.48	$	(0.73)	$	1.54
Diluted earnings (loss) per share	$	0.32	$	0.48	$	(0.73)	$	1.52

Shares with anti-dilutive effect excluded from the computation of diluted earnings per share (in millions)	2.8		1.1		2.9		0.9

⁽¹⁾The increase in weighted-average shares outstanding during the nine months ended June 30, 2020 was due to 11.9 million of additional shares issued on November 21, 2019 in connection with the acquisition of Milacron. See Note 4 for further information.

⁽²⁾As a result of the net loss attributable to Hillenbrand during the nine months ended June 30, 2020, the effect of stock options and other unvested equity awards would be antidilutive. In accordance with GAAP, they have been excluded from the diluted earnings per share calculation.

Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Jun. 30, 2020

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of changes in accumulated other comprehensive income (loss) by component


	Pension and Postretirement		Currency Translation		Net Unrealized Gain (Loss) on Derivative Instruments		Total Attributable to Hillenbrand, Inc.		Noncontrolling Interests		Total
Balance at September 30, 2018	$	(41.0)	$	(44.1)	$	0.9	$	(84.2)
Other comprehensive income (loss) before reclassifications:
Before tax amount	1.5		(3.6)		(16.2)		(18.3)		$	0.2	$	(18.1)
Tax (expense) benefit	(0.4)		—		3.8		3.4		—		3.4
After tax amount	1.1		(3.6)		(12.4)		(14.9)		0.2		(14.7)
Amounts reclassified from accumulated other comprehensive loss ⁽¹⁾	0.9		—		(0.3)		0.6		—		0.6
Net current period other comprehensive income (loss)	2.0		(3.6)		(12.7)		(14.3)		$	0.2	$	(14.1)
Balance at June 30, 2019	$	(39.0)	$	(47.7)	$	(11.8)	$	(98.5)

Schedule of reclassifications of AOCI

Other Comprehensive Loss

The following tables summarize the changes in the accumulated balances for each component of accumulated other comprehensive loss:


	Pension and Postretirement		Currency Translation		Net Unrealized Gain (Loss) on Derivative Instruments		Total Attributable to Hillenbrand, Inc.		Noncontrolling Interests		Total
Balance at September 30, 2019	$	(62.3)	$	(64.7)	$	(13.6)	$	(140.6)
Other comprehensive loss before reclassifications:
Before tax amount	—		(0.3)		(1.6)		(1.9)		$	(0.7)	$	(2.6)
Tax benefit	—		—		0.3		0.3		—		0.3
After tax amount	—		(0.3)		(1.3)		(1.6)		(0.7)		(2.3)
Amounts reclassified from accumulated other comprehensive loss ⁽¹⁾	3.8		—		1.8		5.6		—		5.6
Net current period other comprehensive income (loss)	3.8		(0.3)		0.5		4.0		$	(0.7)	$	3.3
Reclassification of certain income tax effects ⁽²⁾	(6.0)		—		—		(6.0)
Balance at June 30, 2020	$	(64.5)	$	(65.0)	$	(13.1)	$	(142.6)

⁽¹⁾Amounts are net of tax.

⁽²⁾Income tax effects of the Tax Act were reclassified from accumulated other comprehensive loss to retained earnings due to the adoption of ASU 2018-02. See Note 2 for more information.


	Pension and Postretirement		Currency Translation		Net Unrealized Gain (Loss) on Derivative Instruments		Total Attributable to Hillenbrand, Inc.		Noncontrolling Interests		Total
Balance at September 30, 2018	$	(41.0)	$	(44.1)	$	0.9	$	(84.2)
Other comprehensive income (loss) before reclassifications:
Before tax amount	1.5		(3.6)		(16.2)		(18.3)		$	0.2	$	(18.1)
Tax (expense) benefit	(0.4)		—		3.8		3.4		—		3.4
After tax amount	1.1		(3.6)		(12.4)		(14.9)		0.2		(14.7)
Amounts reclassified from accumulated other comprehensive loss ⁽¹⁾	0.9		—		(0.3)		0.6		—		0.6
Net current period other comprehensive income (loss)	2.0		(3.6)		(12.7)		(14.3)		$	0.2	$	(14.1)
Balance at June 30, 2019	$	(39.0)	$	(47.7)	$	(11.8)	$	(98.5)

⁽¹⁾Amounts are net of tax.

Reclassifications out of accumulated other comprehensive loss include:


	Three Months Ended June 30, 2020
	Amortization of Pension and Postretirement ⁽¹⁾						(Gain) Loss on
	Net Loss Recognized		Prior Service Costs Recognized		Derivative Instruments		Total
Affected Line in the Consolidated Statement of Operations:
Net revenue	$	—	$	—	$	—	$	—
Cost of goods sold	—		—		0.9		0.9

Other income (expense), net	1.7		—		0.5		2.2
Total before tax	$	1.7	$	—	$	1.4	$	3.1
Tax benefit							(0.5)
Total reclassifications for the period, net of tax							$	2.6

	Nine Months Ended June 30, 2020
	Amortization of Pension and Postretirement ⁽¹⁾						(Gain) Loss on
	Net Loss Recognized		Prior Service Costs Recognized		Derivative Instruments		Total
Affected Line in the Consolidated Statement of Operations:
Net revenue	$	—	$	—	$	(0.2)	$	(0.2)
Cost of goods sold	—		—		0.5		0.5

Other income (expense), net	5.2		(0.1)		1.5		6.6
Total before tax	$	5.2	$	(0.1)	$	1.8	$	6.9
Tax benefit							(1.3)
Total reclassifications for the period, net of tax							$	5.6

⁽¹⁾These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 9).


	Three Months Ended June 30, 2019
	Amortization of Pension and Postretirement ⁽¹⁾						Gain (Loss) on
	Net Loss Recognized		Prior Service Costs Recognized		Derivative Instruments		Total
Affected Line in the Consolidated Statement of Operations:
Net revenue	$	—	$	—	$	(0.1)	$	(0.1)
Cost of goods sold	—		—		(0.4)		(0.4)

Other income (expense), net	0.6		—		—		0.6
Total before tax	$	0.6	$	—	$	(0.5)	$	0.1
Tax benefit							—
Total reclassifications for the period, net of tax							$	0.1

	Nine Months Ended June 30, 2019
	Amortization of Pension and Postretirement ⁽¹⁾						Loss (Gain) on
	Net Loss Recognized		Prior Service Costs Recognized		Derivative Instruments		Total
Affected Line in the Consolidated Statement of Operations:
Net revenue	$	—	$	—	$	0.1	$	0.1
Cost of goods sold	—		—		(0.6)		(0.6)

Other income (expense), net	1.3		—		—		1.3
Total before tax	$	1.3	$	—	$	(0.5)	$	0.8
Tax benefit							(0.2)
Total reclassifications for the period, net of tax							$	0.6

Share-Based Compensation (Tables)

9 Months Ended

Jun. 30, 2020

Schedule of stock-based compensation costs


	Three Months Ended June 30,						Nine Months Ended June 30,
	2020		2019		2020		2019
Share-based compensation costs	$	3.7	$	2.9	$	9.4	$	8.7
Less impact of income tax benefit	0.9		0.7		2.2		2.0
Share-based compensation costs, net of tax	$	2.8	$	2.2	$	7.2	$	6.7

Schedule of stock-based awards granted in the period

During the nine months ended June 30, 2020, the Company made the following grants:


			Number of Units
Stock options			454,929
Time-based stock awards			369,193
Performance-based stock awards (maximum that can be earned)			428,026

Other Income, Net (Tables)

9 Months Ended

Jun. 30, 2020

Other Nonoperating Income (Expense) [Abstract]

Other income and expense


	Three Months Ended June 30,						Nine Months Ended June 30,
	2020		2019		2020		2019
Net loss on divestiture	$	—	$	—	$	(3.0)	$	—
Interest income	0.6		0.3		2.5		0.7
Foreign currency exchange gain (loss) , net	0.3		(0.5)		2.2		—
Other, net	(0.3)		(0.3)		0.1		(0.6)
Other income (expense), net	$	0.6	$	(0.5)	$	1.8	$	0.1

Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of financial assets and liabilities at carrying value and fair value and the level within the fair value hierarchy


	Carrying Value at June 30, 2020		Fair Value at June 30, 2020 Using Inputs Considered as:
					Level 1			Level 2			Level 3
Assets:
Cash and cash equivalents	$	263.1	$	263.1		$	—		$	—
Investments in rabbi trust	3.8		3.8			—			—
Derivative instruments	2.7		—			2.7			—

Liabilities:

$500.0 term loan	481.3		—			481.3			—
$400.0 senior unsecured notes	400.0		414.7			—			—
$375.0 senior unsecured notes	374.5		384.5			—			—
$225.0 term loan	216.6		—			216.6			—
$150.0 senior unsecured notes	150.0		149.7			—			—
$100.0 Series A Notes	100.0		—			101.1			—
Derivative instruments	6.3		—			6.3			—


	Carrying Value at September 30, 2019		Fair Value at September 30, 2019 Using Inputs Considered as:
					Level 1			Level 2			Level 3
Assets:
Cash and cash equivalents	$	399.0	$	399.0		$	—		$	—
Investments in rabbi trust	4.2		4.2			—			—
Derivative instruments	2.5		—			2.5			—

Liabilities:
$375.0 senior unsecured notes	374.4		380.6			—			—
$150.0 senior unsecured notes	149.9		152.8			—			—

$100.0 Series A Notes	100.0		—			108.5			—
Derivative instruments	2.6		—			2.6			—

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Segment and Geographical Information (Tables)

9 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Schedule of net revenue, adjusted EBITDA, and depreciation and amortization by segment and geographic location


	Three Months Ended June 30,						Nine Months Ended June 30,
	2020		2019		2020		2019
Net revenue
Process Equipment Group	$	281.3	$	315.3	$	899.0	$	924.2
Milacron	186.3		—		518.6		—
Batesville	139.9		131.3		405.7		397.3
Total	$	607.5	$	446.6	$	1,823.3	$	1,321.5

Adjusted EBITDA ⁽¹⁾
Process Equipment Group	$	57.6	$	54.9	$	166.6	$	156.6
Milacron	38.1		—		96.4		—
Batesville	36.4		25.3		91.4		83.6
Corporate	(11.1)		(10.7)		(30.9)		(31.7)

Net revenue ⁽²⁾
United States	$	292.1	$	222.1	$	853.0	$	669.3
Germany	151.2		145.4		495.2		398.3


All other foreign business units	164.2		79.1		475.1		253.9
Total	$	607.5	$	446.6	$	1,823.3	$	1,321.5

⁽¹⁾Adjusted EBITDA is a non-GAAP measure used by management to measure segment performance and make operating decisions. See the Operating Performance Measures section of Management’s Discussion and Analysis for further information on adjusted EBITDA, which is reconciled to consolidated net income (loss) below.

⁽²⁾The Company attributes net revenue to a geography based upon the location of the business that consummates the external sale.

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas


	June 30, 2020		September 30, 2019
Total assets assigned
Process Equipment Group	$	1,710.4	$	1,729.1
Milacron	1,988.0		—
Batesville	228.7		186.1
Corporate	102.8		313.4
Total	$	4,029.9	$	2,228.6

Tangible long-lived assets, net⁽¹⁾
United States	$	208.0	$	75.8
Germany	103.2		40.2
China	51.4		4.4

All other foreign business units	130.4		19.9
Total	$	493.0	$	140.3

Schedule of reconciliation of segment adjusted EBITDA to consolidated net income

The following schedule reconciles reportable segment adjusted EBITDA to consolidated net income (loss):


	Three Months Ended June 30,						Nine Months Ended June 30,
	2020		2019		2020		2019
Adjusted EBITDA:
Process Equipment Group	$	57.6	$	54.9	$	166.6	$	156.6
Milacron	38.1		—		96.4		—
Batesville	36.4		25.3		91.4		83.6
Corporate	(11.1)		(10.7)		(30.9)		(31.7)
Less:
Interest income	(0.6)		(0.3)		(2.5)		(0.7)
Interest expense	19.7		5.2		55.3		16.1
Income tax expense	28.3		11.6		17.7		39.9
Depreciation and amortization	33.9		15.1		98.4		44.3
Impairment charges	—		—		82.5		—
Business acquisition, disposition, and integration costs	5.5		3.8		67.3		4.9
Restructuring and restructuring-related charges	3.6		2.4		6.7		3.6
Inventory step-up	3.6		—		40.7		0.2
Net loss on divestiture	—		—		3.0		—
Other	2.0		—		2.4		—
Consolidated net income (loss)	$	25.0	$	31.7	$	(48.0)	$	100.2

Restructuring Schedule of restructuring charges by line and segment (Tables)

9 Months Ended

Jun. 30, 2020

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

The following schedule details the restructuring charges by reportable segment and the classification of those charges in the Consolidated Statements of Operations.


	Three Months Ended June 30, 2020										Three Months Ended June 30, 2019
	Cost of goods sold		Operating expenses		Total		Cost of goods sold		Operating expenses		Total
Process Equipment Group	$	0.2	$	1.9	$	2.1	$	0.2	$	0.4	$	0.6
Milacron	0.8		0.1		0.9		—		—		—
Batesville	(0.1)		0.1		—		0.3		1.4		1.7
Corporate	—		0.4		0.4		—		—		—
Total	$	0.9	$	2.5	$	3.4	$	0.5	$	1.8	$	2.3

	Nine Months Ended June 30, 2020										Nine Months Ended June 30, 2019
	Cost of goods sold		Operating expenses		Total		Cost of goods sold		Operating expenses		Total
Process Equipment Group	$	0.9	$	3.1	$	4.0	$	0.6	$	0.5	$	1.1
Milacron	0.6		1.3		1.9		—		—		—
Batesville	—		0.5		0.5		0.5		1.9		2.4
Corporate	—		1.4		1.4		—		—		—
Total	$	1.5	$	6.3	$	7.8	$	1.1	$	2.4	$	3.5

Background and Basis of Presentation - Narrative (Details)	9 Months Ended
	Jun. 30, 2020 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	3
Acquired entity subsidiary investments owned percent	100.00%

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	Jun. 30, 2020	Oct. 01, 2019	Sep. 30, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Receivables from long-term manufacturing contracts	$ 166.2		$ 181.1
Inventories, net	424.3		176.6
Deferred Income Tax Liabilities, Net	187.6		73.6
Retained earnings	504.4		599.5
Operating lease right-of-use assets	161.4		$ 0.0
Total present value of lease payments	$ 158.9
Retained Earnings [Member] \| Accounting Standards Update 2018-02 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cumulative effect of new accounting principle		$ 6.0
AOCI Attributable to Parent [Member] \| Accounting Standards Update 2018-02 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cumulative effect of new accounting principle		$ 6.0

Summary of Significant Accounting Policies Revenue Recognition - Impact on Income Statement (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net revenue	$ 607.5	$ 446.6	$ 1,823.3	$ 1,321.5
Cost of goods sold	400.2	298.2	1,250.5	865.2
Gross profit	207.3	148.4	572.8	456.3
Operating expenses	118.5	90.8	411.9	275.2
Income before income taxes	53.3	43.3	(30.3)	140.1
Income tax expense	28.3	11.6	17.7	39.9
Consolidated net income (loss)	$ 25.0	$ 31.7	$ (48.0)	$ 100.2

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 810
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3000-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Summary of Significant Accounting Policies Improving the Presentation of Net Periodic Pension Cost (Details) - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
2017 Periodic Pension Cost Restatement	$ 0.0	$ (0.2)

Revenue Recognition Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Receivables from long-term manufacturing contracts	$ 166.2		$ 181.1
Liabilities from long-term manufacturing contracts and advances	168.4		$ 158.2
Revenue recognized on long-term manufacturing contracts and advances liabilities	$ 104.7	$ 113.0

Revenue Recognition Revenue Remaining Performance Obligation Narrative (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 $ in Millions	Jun. 30, 2020 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 1,123.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation expected to be recognized in the given period (as a percent)	78.00%

Revenue Recognition Revenue by End Market (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Net revenue	$ 607.5	$ 446.6	$ 1,823.3	$ 1,321.5
Plastics
Disaggregation of Revenue [Line Items]
Net revenue	181.0	197.9	589.6	561.0
Automotive
Disaggregation of Revenue [Line Items]
Net revenue	28.7		91.8
Chemicals
Disaggregation of Revenue [Line Items]
Net revenue	21.5	28.3	69.9	80.8
Consumer goods
Disaggregation of Revenue [Line Items]
Net revenue	25.4		76.6
Food and pharmaceuticals
Disaggregation of Revenue [Line Items]
Net revenue	19.7	20.0	54.9	60.9
Custom molders
Disaggregation of Revenue [Line Items]
Net revenue	28.4		66.5
Construction
Disaggregation of Revenue [Line Items]
Net revenue	20.0		51.8
Packaging
Disaggregation of Revenue [Line Items]
Net revenue	23.8		60.5
Minerals and mining
Disaggregation of Revenue [Line Items]
Net revenue	15.0	14.1	43.7	64.3
Electronics
Disaggregation of Revenue [Line Items]
Net revenue	20.3		43.1
Death care
Disaggregation of Revenue [Line Items]
Net revenue	139.9	131.3	405.7	397.3
Other industrial
Disaggregation of Revenue [Line Items]
Net revenue	83.8	55.0	269.2	157.2
Process Equipment Group
Disaggregation of Revenue [Line Items]
Net revenue	281.3	315.3	899.0	924.2
Process Equipment Group \| Plastics
Disaggregation of Revenue [Line Items]
Net revenue	181.0	197.9	589.6	561.0
Process Equipment Group \| Automotive
Disaggregation of Revenue [Line Items]
Net revenue	0.0		0.0
Process Equipment Group \| Chemicals
Disaggregation of Revenue [Line Items]
Net revenue	21.5	28.3	69.9	80.8
Process Equipment Group \| Consumer goods
Disaggregation of Revenue [Line Items]
Net revenue	0.0		0.0
Process Equipment Group \| Food and pharmaceuticals
Disaggregation of Revenue [Line Items]
Net revenue	19.7	20.0	54.9	60.9
Process Equipment Group \| Custom molders
Disaggregation of Revenue [Line Items]
Net revenue	0.0		0.0
Process Equipment Group \| Construction
Disaggregation of Revenue [Line Items]
Net revenue	0.0		0.0
Process Equipment Group \| Packaging
Disaggregation of Revenue [Line Items]
Net revenue	0.0		0.0
Process Equipment Group \| Minerals and mining
Disaggregation of Revenue [Line Items]
Net revenue	15.0	14.1	43.7	64.3
Process Equipment Group \| Electronics
Disaggregation of Revenue [Line Items]
Net revenue	0.0		0.0
Process Equipment Group \| Death care
Disaggregation of Revenue [Line Items]
Net revenue	0.0	0.0	0.0	0.0
Process Equipment Group \| Other industrial
Disaggregation of Revenue [Line Items]
Net revenue	44.1	55.0	140.9	157.2
Milacron
Disaggregation of Revenue [Line Items]
Net revenue	186.3	0.0	518.6	0.0
Milacron \| Plastics
Disaggregation of Revenue [Line Items]
Net revenue	0.0		0.0
Milacron \| Automotive
Disaggregation of Revenue [Line Items]
Net revenue	28.7		91.8
Milacron \| Chemicals
Disaggregation of Revenue [Line Items]
Net revenue	0.0		0.0
Milacron \| Consumer goods
Disaggregation of Revenue [Line Items]
Net revenue	25.4		76.6
Milacron \| Food and pharmaceuticals
Disaggregation of Revenue [Line Items]
Net revenue	0.0		0.0
Milacron \| Custom molders
Disaggregation of Revenue [Line Items]
Net revenue	28.4		66.5
Milacron \| Construction
Disaggregation of Revenue [Line Items]
Net revenue	20.0		51.8
Milacron \| Packaging
Disaggregation of Revenue [Line Items]
Net revenue	23.8		60.5
Milacron \| Minerals and mining
Disaggregation of Revenue [Line Items]
Net revenue	0.0		0.0
Milacron \| Electronics
Disaggregation of Revenue [Line Items]
Net revenue	20.3		43.1
Milacron \| Death care
Disaggregation of Revenue [Line Items]
Net revenue	0.0		0.0
Milacron \| Other industrial
Disaggregation of Revenue [Line Items]
Net revenue	39.7		128.3
Batesville
Disaggregation of Revenue [Line Items]
Net revenue	139.9	131.3	405.7	397.3
Batesville \| Plastics
Disaggregation of Revenue [Line Items]
Net revenue	0.0	0.0	0.0	0.0
Batesville \| Automotive
Disaggregation of Revenue [Line Items]
Net revenue	0.0		0.0
Batesville \| Chemicals
Disaggregation of Revenue [Line Items]
Net revenue	0.0	0.0	0.0	0.0
Batesville \| Consumer goods
Disaggregation of Revenue [Line Items]
Net revenue	0.0		0.0
Batesville \| Food and pharmaceuticals
Disaggregation of Revenue [Line Items]
Net revenue	0.0	0.0	0.0	0.0
Batesville \| Custom molders
Disaggregation of Revenue [Line Items]
Net revenue	0.0		0.0
Batesville \| Construction
Disaggregation of Revenue [Line Items]
Net revenue	0.0		0.0
Batesville \| Packaging
Disaggregation of Revenue [Line Items]
Net revenue	0.0		0.0
Batesville \| Minerals and mining
Disaggregation of Revenue [Line Items]
Net revenue	0.0	0.0	0.0	0.0
Batesville \| Electronics
Disaggregation of Revenue [Line Items]
Net revenue	0.0		0.0
Batesville \| Death care
Disaggregation of Revenue [Line Items]
Net revenue	139.9	131.3	405.7	397.3
Batesville \| Other industrial
Disaggregation of Revenue [Line Items]
Net revenue	$ 0.0	$ 0.0	$ 0.0	$ 0.0

Revenue Recognition Product and Services (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Net revenue	$ 607.5	$ 446.6	$ 1,823.3	$ 1,321.5
Equipment [Member]
Disaggregation of Revenue [Line Items]
Net revenue		212.4
Equipment
Disaggregation of Revenue [Line Items]
Net revenue	311.4		906.4	623.4
Parts and services
Disaggregation of Revenue [Line Items]
Net revenue	143.8	102.9	438.1	300.8
Death care
Disaggregation of Revenue [Line Items]
Net revenue	139.9	131.3	405.7	397.3
Other
Disaggregation of Revenue [Line Items]
Net revenue	12.4		73.1
Process Equipment Group
Disaggregation of Revenue [Line Items]
Net revenue	281.3	315.3	899.0	924.2
Process Equipment Group \| Equipment [Member]
Disaggregation of Revenue [Line Items]
Net revenue		212.4
Process Equipment Group \| Equipment
Disaggregation of Revenue [Line Items]
Net revenue	186.7		600.6	623.4
Process Equipment Group \| Parts and services
Disaggregation of Revenue [Line Items]
Net revenue	94.6	102.9	298.4	300.8
Process Equipment Group \| Death care
Disaggregation of Revenue [Line Items]
Net revenue	0.0	0.0	0.0	0.0
Process Equipment Group \| Other
Disaggregation of Revenue [Line Items]
Net revenue	0.0		0.0
Milacron
Disaggregation of Revenue [Line Items]
Net revenue	186.3	0.0	518.6	0.0
Milacron \| Equipment
Disaggregation of Revenue [Line Items]
Net revenue	124.7		305.8
Milacron \| Parts and services
Disaggregation of Revenue [Line Items]
Net revenue	49.2		139.7
Milacron \| Death care
Disaggregation of Revenue [Line Items]
Net revenue	0.0		0.0
Milacron \| Other
Disaggregation of Revenue [Line Items]
Net revenue	12.4		73.1
Batesville
Disaggregation of Revenue [Line Items]
Net revenue	139.9	131.3	405.7	397.3
Batesville \| Equipment
Disaggregation of Revenue [Line Items]
Net revenue	0.0	0.0	0.0	0.0
Batesville \| Parts and services
Disaggregation of Revenue [Line Items]
Net revenue	0.0	0.0	0.0	0.0
Batesville \| Death care
Disaggregation of Revenue [Line Items]
Net revenue	139.9	$ 131.3	405.7	$ 397.3
Batesville \| Other
Disaggregation of Revenue [Line Items]
Net revenue	$ 0.0		$ 0.0

Revenue Recognition Timing of Transfer (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Net revenue	$ 607.5	$ 446.6	$ 1,823.3	$ 1,321.5
Point in time
Disaggregation of Revenue [Line Items]
Net revenue	477.8	295.9	1,372.6	902.4
Over time
Disaggregation of Revenue [Line Items]
Net revenue	129.7	150.7	450.7	419.1
Process Equipment Group
Disaggregation of Revenue [Line Items]
Net revenue	281.3	315.3	899.0	924.2
Process Equipment Group \| Point in time
Disaggregation of Revenue [Line Items]
Net revenue	151.6	164.6	448.3	505.1
Process Equipment Group \| Over time
Disaggregation of Revenue [Line Items]
Net revenue	129.7	150.7	450.7	419.1
Milacron
Disaggregation of Revenue [Line Items]
Net revenue	186.3	0.0	518.6	0.0
Milacron \| Point in time
Disaggregation of Revenue [Line Items]
Net revenue	186.3		518.6
Milacron \| Over time
Disaggregation of Revenue [Line Items]
Net revenue	0.0		0.0
Batesville
Disaggregation of Revenue [Line Items]
Net revenue	139.9	131.3	405.7	397.3
Batesville \| Point in time
Disaggregation of Revenue [Line Items]
Net revenue	139.9	131.3	405.7	397.3
Batesville \| Over time
Disaggregation of Revenue [Line Items]
Net revenue	$ 0.0	$ 0.0	$ 0.0	$ 0.0

Business Acquisitions and Divestitures - Narrative (Details) $ / shares in Units, shares in Millions		1 Months Ended		3 Months Ended	9 Months Ended
	Nov. 21, 2019 USD ($) $ / shares shares	Dec. 31, 2019 USD ($)	Nov. 30, 2018 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Jan. 31, 2020 USD ($)
Business Acquisition [Line Items]
Proceeds from divestiture of businesses		$ 13,100,000
Milacron
Business Acquisition [Line Items]
Business acquisition and integration costs				$ 5,000,000.0	$ 62,700,000
Percentage of voting interests acquired	100.00%
Share price (in dollars per share) \| $ / shares	$ 11.80
Exchange ratio of common stock issued (in shares)	0.1612
Payments to acquire business, gross	$ 1,643,000,000.0
Business acquisition, common stock shares issued (in shares) \| shares	11.4
Repayment of Milacron debt, including accrued interest	$ 772,900,000
Identifiable intangible assets	$ 865,000,000.0			815,000,000.0	815,000,000.0	$ (50,000,000.0)
Acquisition cost expensed					43,300,000
Burnaby Machine & Mill Equipment Ltd.
Business Acquisition [Line Items]
Payments to acquire business, gross			$ 25,900,000
Discontinued Operations, Disposed of by Sale [Member] \| Cimcool
Business Acquisition [Line Items]
Contingent consideration				26,000,000.0	26,000,000.0
Disposal Group, Including Discontinued Operation, Income Tax Expense (Benefit)					13,000,000.0
Disposal Group, Including Discontinued Operation, Operating Expense				$ 400,000	4,200,000
Discontinued Operations, Disposed of by Sale [Member] \| Cimcool \| Level 2
Business Acquisition [Line Items]
Pre-tax loss					$ 3,000,000.0

Business Acquisitions and Divestitures - Schedule of Aggregate Purchase Price Consideration (Details) - Milacron - USD ($) $ / shares in Units, shares in Millions, $ in Millions		9 Months Ended
	Nov. 21, 2019	Jun. 30, 2020
Business Acquisition [Line Items]
Cash consideration paid to Milacron stockholders	$ 835.9
Repayment of Milacron debt, including accrued interest	772.9
Cash consideration paid to settle outstanding share-based equity awards	34.2
Total cash consideration	1,643.0
Fair value of Hillenbrand common stock issued to Milacron stockholders	356.9
Stock consideration issued to settle outstanding share-based equity awards	14.4
Total consideration transferred	2,014.3
Portion of cash settlement of outstanding share-based equity awards recognized as expense	(14.1)
Portion of stock settlement of outstanding share-based equity awards recognized as expense	(5.9)
Total purchase price consideration	$ 1,994.3
Business acquisition, common stock shares issued (in shares)	11.4
Business acquisition, common stock shares issued (in in dollars per share)	$ 31.26
Shares issued to settle outstanding share-based equity awards (in shares)	0.5
Settlement of outstanding share-based equity awards recognized as expense		$ 20.0

Business Acquisitions and Divestitures - Schedule of Assets and Liabilities Assumed (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jan. 31, 2020	Nov. 21, 2019	Sep. 30, 2019
Assets acquired:
Goodwill	$ 1,143.1			$ 578.0
Liabilities assumed:
Accrued pension and postretirement healthcare			$ 30.7
Milacron
Assets acquired:
Cash and cash equivalents	125.8	$ 0.0	125.8
Trade receivables	136.8	1.3	135.5
Inventories	293.4	4.7	288.7
Prepaid expense and other current assets	65.6	1.3	64.3
Property, plant, and equipment	240.2	(22.7)	262.9
Operating lease right-of-use assets	41.3	0.0	41.3
Identifiable intangible assets	815.0	(50.0)	865.0
Goodwill	707.6	41.1	666.5
Other long-term assets	30.2	7.6	22.6
Total assets acquired	2,455.9	(16.7)	2,472.6
Liabilities assumed:
Trade accounts payable	110.2	0.0	110.2
Liabilities from long-term manufacturing contracts and advances	32.7	0.0	32.7
Accrued compensation	20.8	(2.4)	23.2
Other current liabilities	73.1	0.9	72.2
Accrued pension and postretirement healthcare	29.4	0.0	29.4
Deferred income taxes	151.1	(15.2)	166.3
Operating lease liabilities - long-term	31.2	0.0	31.2
Other long-term liabilities	13.1	0.0	13.1
Total liabilities assumed	461.6	(16.7)	478.3
Total purchase price consideration	$ 1,994.3	$ 0.0	$ 1,994.3

Business Acquisitions and Divestitures - Schedule of Intangible Assets Acquired (Details) - Milacron - USD ($) $ in Millions	Nov. 21, 2019	Jun. 30, 2020	Jan. 31, 2020
Business Acquisition [Line Items]
Identifiable intangible assets	$ 865.0	$ 815.0	$ (50.0)
Customer relationships
Business Acquisition [Line Items]
Gross Carrying Amount	$ 560.0
Weighted-Average Useful Life	19 years
Trade names
Business Acquisition [Line Items]
Gross Carrying Amount	$ 150.0
Technology, including patents
Business Acquisition [Line Items]
Gross Carrying Amount	$ 95.0
Weighted-Average Useful Life	10 years
Backlog
Business Acquisition [Line Items]
Gross Carrying Amount	$ 10.0
Weighted-Average Useful Life	3 months

Business Acquisitions and Divestitures - Schedule of Results of Operations After Acquisition (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Mar. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Business Acquisition [Line Items]
Proceeds from divestiture, net of cash divested	$ 222.4				$ 0.0
Net revenue		$ 607.5	$ 446.6	$ 1,823.3	1,321.5
Income before income taxes		53.3	$ 43.3	(30.3)	$ 140.1
Milacron
Business Acquisition [Line Items]
Acquisition cost expensed				43.3
Net revenue		186.3
Income before income taxes		$ 12.0		$ (17.5)

Business Acquisitions and Divestitures - Schedule of Supplemental Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Business Combinations [Abstract]
Net revenue	$ 607.5	$ 718.0	$ 1,939.0	$ 2,132.1
Net income (loss) attributable to Hillenbrand	$ 30.4	$ 23.0	$ (0.7)	$ 85.1
Net income (loss) attributable to Hillenbrand — per share of common stock:
Basic earnings (loss) per share	$ 0.40	$ 0.31	$ (0.01)	$ 1.14
Diluted earnings (loss) per share	$ 0.40	$ 0.31	$ (0.01)	$ 1.13

Supplemental Balance Sheet Information - Schedule of supplemental balance sheet information (Details) - USD ($) $ in Millions	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2019
Balance Sheet Related Disclosures [Abstract]
Short-term restricted cash included in other current assets	$ 1.8		$ 0.6
Trade accounts receivable reserves	22.3	$ 22.8
Accumulated depreciation on property, plant, and equipment	341.9	309.0
Inventories, net:
Raw materials and components	146.0	72.3
Work in process	99.8	44.0
Finished goods	178.5	60.3
Total inventories, net	$ 424.3	$ 176.6

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2020
Leases [Abstract]
Operating lease expense	$ 9.2	$ 27.0

Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Jun. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Operating lease right-of-use assets	$ 161.4	$ 0.0
Other current liabilities	32.7
Operating lease liabilities	126.2	$ 0.0
Total operating lease liabilities	$ 158.9
Weighted-average remaining lease term (in years)	7 years 7 months 6 days
Weighted-average discount rate	2.50%

Leases - Schedule of Operating Lease Liability Maturities (Details) $ in Millions	Jun. 30, 2020 USD ($)
Leases [Abstract]
2020 (excluding the nine months ended June 30, 2020)	$ 13.4
2021	33.7
2022	28.8
2023	23.0
2024	16.3
Thereafter	58.2
Total lease payments	173.4
Less: imputed interest	(14.5)
Total present value of lease payments	$ 158.9

Leases - Schedule fo Supplemental Statement of Cash Flow Information (Details) $ in Millions	9 Months Ended
	Jun. 30, 2020 USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 28.0
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	$ 22.1

Intangible Assets and Goodwill Intangible Assets - Impairment Assessment (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Sep. 30, 2019
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment				$ 72.3
Intangible asset impairment				10.2
Intangible assets, net	$ 1,093.6			1,093.6		$ 454.9
Goodwill and Intangible Asset Impairment	$ 0.0		$ 0.0	82.5	$ 0.0
Process Equipment Group
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment		$ 72.3		72.3
Pre-impairment goodwill		95.2
Additional goodwill impairment				12.0
Goodwill and Intangible Asset Impairment				73.0
Milacron
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment				0.0
Goodwill and Intangible Asset Impairment		9.5
Intangible Assets, Net (Including Goodwill)		125.0
Additional Goodwill And Intangible Asset Impairment				$ 12.0
Milacron \| Minimum
Finite-Lived Intangible Assets [Line Items]
Percent of fair value greater than carrying value	3.00%			3.00%
Milacron \| Maximum
Finite-Lived Intangible Assets [Line Items]
Percent of fair value greater than carrying value	16.00%			16.00%
Trade names
Finite-Lived Intangible Assets [Line Items]
Intangible asset impairment				$ 8.6
Trade names \| Process Equipment Group
Finite-Lived Intangible Assets [Line Items]
Intangible asset impairment		0.7
Intangible assets, net		$ 4.4
Trade names \| Milacron
Finite-Lived Intangible Assets [Line Items]
Intangible asset impairment				$ 7.9

Intangible Assets and Goodwill - Schedule of Impairment Charges (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment				$ 72.3
Intangible asset impairment				10.2
Total	$ 0.0		$ 0.0	82.5	$ 0.0
Process Equipment Group
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment		$ 72.3		72.3
Total				73.0
Milacron
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment				0.0
Total		9.5
Trade names
Finite-Lived Intangible Assets [Line Items]
Intangible asset impairment				8.6
Trade names \| Process Equipment Group
Finite-Lived Intangible Assets [Line Items]
Intangible asset impairment		$ 0.7
Trade names \| Milacron
Finite-Lived Intangible Assets [Line Items]
Intangible asset impairment				7.9
Technology, including patents
Finite-Lived Intangible Assets [Line Items]
Intangible asset impairment				1.6
Technology, including patents \| Process Equipment Group
Finite-Lived Intangible Assets [Line Items]
Intangible asset impairment				0.0
Technology, including patents \| Milacron
Finite-Lived Intangible Assets [Line Items]
Intangible asset impairment				$ 1.6

Intangible Assets and Goodwill Intangible Assets (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Jan. 31, 2020	Nov. 21, 2019
Intangible Assets [Line Items]
Intangible asset impairment		$ 10,200,000
Finite-Lived Intangible Assets, Gross	$ 1,186,400,000	1,186,400,000	$ 600,100,000
Finite-Lived Intangible Assets, Accumulated Amortization	(331,600,000)	(331,600,000)	(270,700,000)
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	71,600,000	71,600,000
Intangible Assets, Gross (Excluding Goodwill)	1,425,200,000		725,600,000
Finite-Lived Intangible Assets, Amortization Expense, Year Two	65,800,000	65,800,000
Finite-Lived Intangible Assets, Amortization Expense, Year Three	64,800,000	64,800,000
Finite-Lived Intangible Assets, Amortization Expense, Year Four	64,300,000	64,300,000
Finite-Lived Intangible Assets, Amortization Expense, Year Five	64,200,000	64,200,000
Trade names
Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	238,800,000	$ 238,800,000	125,500,000
Minimum
Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life		3 years
Maximum
Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life		21 years
Trade names
Intangible Assets [Line Items]
Intangible asset impairment		$ 8,600,000
Finite-Lived Intangible Assets, Gross	200,000	200,000	200,000
Finite-Lived Intangible Assets, Accumulated Amortization	(200,000)	(200,000)	(200,000)
Customer relationships
Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	948,300,000	948,300,000	464,200,000
Finite-Lived Intangible Assets, Accumulated Amortization	(206,000,000.0)	(206,000,000.0)	(169,200,000)
Technology, including patents
Intangible Assets [Line Items]
Intangible asset impairment		1,600,000
Finite-Lived Intangible Assets, Gross	157,000,000.0	157,000,000.0	76,800,000
Finite-Lived Intangible Assets, Accumulated Amortization	(59,100,000)	(59,100,000)	(49,400,000)
Computer Software, Intangible Asset [Member]
Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	70,800,000	70,800,000	58,700,000
Finite-Lived Intangible Assets, Accumulated Amortization	(56,200,000)	(56,200,000)	(51,700,000)
Backlog
Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	10,000,000.0	10,000,000.0	0
Finite-Lived Intangible Assets, Accumulated Amortization	(10,000,000.0)	(10,000,000.0)	0
Other Intangible Assets [Member]
Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	100,000	100,000	200,000
Finite-Lived Intangible Assets, Accumulated Amortization	(100,000)	(100,000)	$ (200,000)
Milacron
Intangible Assets [Line Items]
Identifiable intangible assets	815,000,000.0	815,000,000.0		$ (50,000,000.0)	$ 865,000,000.0
Discontinued Operations, Disposed of by Sale [Member] \| Cimcool
Intangible Assets [Line Items]
Disposal Group, Including Discontinued Operation, Intangible Assets	$ 122,100,000	$ 122,100,000

Intangible Assets and Goodwill Goodwill (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020	Sep. 30, 2019
Goodwill [Line Items]
Goodwill, Impaired, Accumulated Impairment Loss	$ 131.1		$ 131.1	$ 58.8
Goodwill	1,143.1		1,143.1	578.0
Goodwill, Purchase Accounting Adjustments			709.3
Goodwill, Written off Related to Sale of Business Unit			(77.9)
Goodwill, Impairment Loss			(72.3)
Goodwill, Foreign Currency Translation Gain (Loss)	6.0
Process Equipment Group
Goodwill [Line Items]
Goodwill	510.3		510.3	569.7
Goodwill, Purchase Accounting Adjustments			1.7
Goodwill, Written off Related to Sale of Business Unit			0.0
Goodwill, Impairment Loss		$ (72.3)	(72.3)
Goodwill, Foreign Currency Translation Gain (Loss)	11.2
Milacron
Goodwill [Line Items]
Goodwill	624.5		624.5	0.0
Goodwill, Purchase Accounting Adjustments			707.6
Goodwill, Written off Related to Sale of Business Unit			(77.9)
Goodwill, Impairment Loss			0.0
Goodwill, Foreign Currency Translation Gain (Loss)	(5.2)
Batesville Services Inc [Member]
Goodwill [Line Items]
Goodwill	8.3		8.3	$ 8.3
Goodwill, Purchase Accounting Adjustments			0.0
Goodwill, Written off Related to Sale of Business Unit			0.0
Goodwill, Impairment Loss			$ 0.0
Goodwill, Foreign Currency Translation Gain (Loss)	$ 0.0

Financing Agreements - Schedule of borrowings (Details) - USD ($) $ in Millions	Jun. 30, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Debt Issuance Costs, Line of Credit Arrangements, Gross	$ 2.0
Total debt	1,711.1	$ 619.5
Other	0.2	0.0
Current portion of long-term debt	36.3	0.0
Long-term debt	1,674.8	619.5
$500.0 term loan (1)
Debt Instrument [Line Items]
Debt Issuance Costs, Line of Credit Arrangements, Gross	1.4
Total debt	479.9	0.0
$400.0 senior unsecured notes (2)
Debt Instrument [Line Items]
Debt Issuance Costs, Line of Credit Arrangements, Gross	5.5
Total debt	394.5	0.0
$150.0 senior unsecured notes, net of discount (5)
Debt Instrument [Line Items]
Debt Issuance Costs, Line of Credit Arrangements, Gross	3.9	4.3
Total debt	370.6	370.1
$225.0 term loan (4)
Debt Instrument [Line Items]
Debt Issuance Costs, Line of Credit Arrangements, Gross	0.4
Total debt	216.2	0.0
$150.0 senior unsecured notes, net of discount (5)
Debt Instrument [Line Items]
Debt Issuance Costs, Line of Credit Arrangements, Gross		0.2
Total debt	150.0	149.7
$100.0 Series A Notes (6)
Debt Instrument [Line Items]
Debt Issuance Costs, Line of Credit Arrangements, Gross	0.3
Total debt	99.7	99.7
$900.0 revolving credit facility (excluding outstanding letters of credit)
Debt Instrument [Line Items]
Total debt	$ 0.0	$ 0.0

Financing Agreements Financing Agreements - Debt Maturities (Details)	Jun. 30, 2020 USD ($)
Debt Instrument [Line Items]
2020	$ 159,100,000
2021	36,300,000
2022	54,400,000
2023	223,100,000
2024	50,000,000.0
$150.0 senior unsecured notes, net of discount (5)
Debt Instrument [Line Items]
Debt instrument, face amount	$ 150,000,000.0

Financing Agreements - Narrative (Details) € in Millions		3 Months Ended							6 Months Ended	9 Months Ended
Financing Agreements - Narrative (Details) € in Millions	Jun. 16, 2020 USD ($)	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Jun. 30, 2020 USD ($)	Dec. 31, 2019	Jun. 30, 2019	Sep. 30, 2021	Jun. 30, 2020 USD ($) Rate	Jun. 30, 2019 USD ($)	Sep. 15, 2020	Jun. 30, 2020 EUR (€)	May 19, 2020 USD ($)	Jan. 10, 2020 EUR (€)	Sep. 30, 2019 USD ($)
Debt instrument [Line Items]
Debt Issuance Costs, Line of Credit Arrangements, Gross						$ 2,000,000.0				$ 2,000,000.0
Long-term Debt						1,711,100,000				1,711,100,000						$ 619,500,000
Maximum ratio of Indebtedness to EBITDA allowed							4.75
Debt Instrument, Covenant Terms, Minimum Ratio of Earnings before Interest, Taxes, Depreciation, and Amortization to Interest Expense							3.00
Amortization of deferred financing costs										2,500,000	$ 900,000
$500.0 term loan (1)
Debt instrument [Line Items]
Debt Issuance Costs, Line of Credit Arrangements, Gross						1,400,000				1,400,000
Debt instrument, face amount						500,000,000.0				500,000,000.0
Long-term Debt						$ 479,900,000				$ 479,900,000						0
Weighted average interest rates						2.59%				3.07%
$225.0 term loan (4)
Debt instrument [Line Items]
Debt Issuance Costs, Line of Credit Arrangements, Gross						$ 400,000				$ 400,000
Debt instrument, face amount						225,000,000.0				225,000,000.0
Long-term Debt						$ 216,200,000				$ 216,200,000						0
Weighted average interest rates						2.46%				2.94%
$900.0 revolving credit facility (excluding outstanding letters of credit)
Debt instrument [Line Items]
Line of credit facility, maximum borrowing capacity						$ 642,400,000				$ 642,400,000
Long-term Debt						0				0						0
Letters of Credit Outstanding, Amount						8,100,000				8,100,000
Line of credit facility, remaining borrowing capacity						$ 891,900,000				$ 891,900,000
Weighted average interest rates						2.59%		2.89%		2.78%	2.66%
Weighted average facility fee						0.30%		0.13%		0.24%	0.12%
$150.0 senior unsecured notes, net of discount (5)
Debt instrument [Line Items]
Debt Issuance Costs, Line of Credit Arrangements, Gross						$ 3,900,000				$ 3,900,000						4,300,000
Debt instrument, face amount						375,000,000.0				375,000,000.0
Long-term Debt						$ 370,600,000				$ 370,600,000						370,100,000
Debt instrument, increase to coupon rate						0.0025				0.0025			0.0025
Debt instrument, original coupon rate						0.045				0.045			0.045
$150.0 senior unsecured notes, net of discount (5)
Debt instrument [Line Items]
Debt Issuance Costs, Line of Credit Arrangements, Gross																200,000
Debt instrument, face amount						$ 150,000,000.0				$ 150,000,000.0
Long-term Debt						150,000,000.0				150,000,000.0						149,700,000
$100.0 Series A Notes (6)
Debt instrument [Line Items]
Debt Issuance Costs, Line of Credit Arrangements, Gross						300,000				300,000
Long-term Debt						99,700,000				99,700,000						99,700,000
Other Financing Agreements
Debt instrument [Line Items]
Line of credit facility, maximum borrowing capacity						383,700,000				383,700,000
Line of credit facility, amount utilized for bank guarantees						267,400,000				267,400,000
Syndicated credit facility
Debt instrument [Line Items]
Line of credit facility, maximum borrowing capacity \| €													€ 150.0
L/G Facility Agreement Amendment
Debt instrument [Line Items]
Line of credit facility, increase in maximum borrowing capacity \| €															€ 25.0
$400.0 senior unsecured notes (2)
Debt instrument [Line Items]
Debt Issuance Costs, Line of Credit Arrangements, Gross						5,500,000				5,500,000
Debt instrument, face amount	$ 400,000,000.0
Long-term Debt						394,500,000				394,500,000						$ 0
Debt interest rate	5.75%
Amortization of deferred financing costs	$ 5,500,000
Debt instrument, redemption price, percentage of principal amount redeemable	101.00%
Amendment Of Credit Agreement, L/G Facility Agreement And The Shelf Agreement [Member]
Debt instrument [Line Items]
Amortization of deferred financing costs										3,600,000
Debt covenant, maximum cash or cash equivalents under each borrowing														$ 350,000,000.0
Debt Instrument, Redemption, Period One [Member] \| $500.0 term loan (1)
Debt instrument [Line Items]
Debt Instrument, Periodic Payment, Principal										0.05
Debt Instrument, Redemption, Period One [Member] \| $225.0 term loan (4)
Debt instrument [Line Items]
Debt Instrument, Periodic Payment, Principal										0.05
Debt Instrument, Redemption, Period Three [Member] \| $500.0 term loan (1)
Debt instrument [Line Items]
Debt Instrument, Periodic Payment, Principal										0.075
Debt Instrument, Redemption, Period Three [Member] \| $225.0 term loan (4)
Debt instrument [Line Items]
Debt Instrument, Periodic Payment, Principal										0.075
Debt Instrument, Redemption, Period Five [Member] \| $500.0 term loan (1)
Debt instrument [Line Items]
Debt Instrument, Periodic Payment, Principal										$ 0.10
Base Rate [Member] \| Minimum \| $500.0 term loan (1)
Debt instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate \| Rate										0.00%
Base Rate [Member] \| Minimum \| $225.0 term loan (4)
Debt instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate \| Rate										0.00%
Base Rate [Member] \| Maximum \| $500.0 term loan (1)
Debt instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate \| Rate										1.375%
Base Rate [Member] \| Maximum \| $225.0 term loan (4)
Debt instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate \| Rate										1.25%
LIBO Rate [Member] \| Minimum \| $500.0 term loan (1)
Debt instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate \| Rate										1.00%
LIBO Rate [Member] \| Minimum \| $225.0 term loan (4)
Debt instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate \| Rate										0.875%
LIBO Rate [Member] \| Maximum \| $500.0 term loan (1)
Debt instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate \| Rate										2.375%
LIBO Rate [Member] \| Maximum \| $225.0 term loan (4)
Debt instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate \| Rate										2.25%
Milacron \| Revolver [Member] \| $900.0 revolving credit facility (excluding outstanding letters of credit)
Debt instrument [Line Items]
Long-term Line of Credit						$ 650,000,000.0				$ 650,000,000.0
Forecast [Member] \| $150.0 senior unsecured notes, net of discount (5)
Debt instrument [Line Items]
Debt instrument, original coupon rate												0.050
Forecast [Member] \| Amendment Of Credit Agreement, L/G Facility Agreement And The Shelf Agreement [Member]
Debt instrument [Line Items]
Maximum ratio of Indebtedness to EBITDA allowed		3.50	3.75	4.00	4.25				4.75

Retirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Retirement Benefits (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service costs	$ 0.7	$ 0.4	$ 1.8	$ 1.1
Interest costs	0.2	0.3	0.5	0.9
Expected return on plan assets	(0.3)	(0.1)	(0.6)	(0.4)
Amortization of net loss	0.5	0.3	1.8	0.8
Net periodic pension cost	1.1	0.9	3.5	2.4
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)			0.0	0.0
United States
Defined Benefit Plan Disclosure [Line Items]
Service costs	0.4	0.5	1.1	1.7
Interest costs	2.0	2.4	6.0	7.5
Expected return on plan assets	(3.3)	(3.3)	(9.7)	(9.9)
Amortization of net loss	1.2	0.4	3.6	0.8
Net periodic pension cost	$ 0.3	$ 0.0	1.0	0.2
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)			$ 0.0	$ 0.1

Retirement Benefits - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Nov. 21, 2019
Defined Benefit Plan Disclosure [Line Items]
Accrued pension and postretirement healthcare					$ 30.7
Defined Contribution Plan, Cost	$ 3.7	$ 3.0	$ 10.8	$ 8.7

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
TaxRate [Line Items]
Effective income tax rate	53.10%	26.80%	(58.40%)	28.50%
Milacron
TaxRate [Line Items]
Deferred tax liabilities, net	$ 138.0		$ 138.0
Deferred tax asset, operating loss carryforward	65.1		65.1
Deferred tax asset, valuation allowance	$ 25.6		25.6
Acquisition cost expensed			43.3
Effective income tax rate reconciliaiton, nondeductible expenses			$ 20.3

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income per common share
Net income (loss) attributable to Hillenbrand	$ 24.0	$ 30.4	$ (53.1)	$ 96.7
Weighted-average shares outstanding (basic - in millions) (1)	75,100,000	63,000,000.0	72,800,000	62,900,000
Effect of dilutive stock options and other unvested equity awards (in millions) (2)	0	400,000	0	500,000
Weighted-average shares outstanding (diluted - in millions)	75,100,000	63,400,000	72,800,000	63,400,000
Basic earnings (loss) per share	$ 0.32	$ 0.48	$ (0.73)	$ 1.54
Diluted earnings (loss) per share	$ 0.32	$ 0.48	$ (0.73)	$ 1.52
Shares with anti-dilutive effect excluded from the computation of diluted earnings per share (in millions)	2,800,000	1,100,000	2,900,000	900,000
Performance-based stock awards
Income per common share
Shares with anti-dilutive effect excluded from the computation of diluted earnings per share (in millions)			400,000

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
Earnings Per Share - Narrative (Details) - shares	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Antidilutive securities excluded from computation of earnings per share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	2,800,000	1,100,000	2,900,000	900,000
Performance-based stock awards (maximum that can be earned)
Antidilutive securities excluded from computation of earnings per share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount			400,000

Shareholders' Equity - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Class of Stock [Line Items]
Cash dividends paid on common stock			$ 47.6	$ 39.4
Treasury Stock, Value, Acquired, Cost Method			$ (371.3)
Treasury Stock
Class of Stock [Line Items]
Treasury Stock, Shares, Acquired			0.0
Treasury Stock, Value, Acquired, Cost Method			$ 0.0
Common stock, shares issued	0.0	0.0	0.1	(0.3)

Other Comprehensive Income (Loss) - Schedule of changes in accumulated other comprehensive income (loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Oct. 01, 2019
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward]
Balance at the beginning of the period			$ (140.6)
Other comprehensive income before reclassifications
Before tax amount			(2.6)	$ (18.1)
Tax (expense) benefit			0.3	3.4
After tax amount			(2.3)	(14.7)
Amounts reclassified from accumulated other comprehensive loss (1)			5.6	0.6
Total changes in other comprehensive income (loss), net of tax	$ 15.6	$ 3.3	3.3	(14.1)
Balance at the end of the period	(142.6)		(142.6)
Pension and Postretirement
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward]
Balance at the beginning of the period			(62.3)	(41.0)
Other comprehensive income before reclassifications
Before tax amount			0.0	1.5
Tax (expense) benefit			0.0	(0.4)
After tax amount			0.0	1.1
Amounts reclassified from accumulated other comprehensive loss (1)			3.8	0.9
Total changes in other comprehensive income (loss), net of tax			3.8	2.0
Reclassification of certain income tax effects					$ (6.0)
Balance at the end of the period	(64.5)	(39.0)	(64.5)	(39.0)
Currency Translation
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward]
Balance at the beginning of the period			(64.7)	(44.1)
Other comprehensive income before reclassifications
Before tax amount			(0.3)	(3.6)
Tax (expense) benefit			0.0	0.0
After tax amount			(0.3)	(3.6)
Amounts reclassified from accumulated other comprehensive loss (1)			0.0	0.0
Total changes in other comprehensive income (loss), net of tax			(0.3)	(3.6)
Reclassification of certain income tax effects					0.0
Balance at the end of the period	(65.0)	(47.7)	(65.0)	(47.7)
Net Unrealized Gain (Loss) on Derivative Instruments
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward]
Balance at the beginning of the period			(13.6)	0.9
Other comprehensive income before reclassifications
Before tax amount			(1.6)	(16.2)
Tax (expense) benefit			0.3	3.8
After tax amount			(1.3)	(12.4)
Amounts reclassified from accumulated other comprehensive loss (1)			1.8	(0.3)
Total changes in other comprehensive income (loss), net of tax			0.5	(12.7)
Reclassification of certain income tax effects					0.0
Balance at the end of the period	(13.1)	(11.8)	(13.1)	(11.8)
Total Attributable to Hillenbrand, Inc.
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward]
Balance at the beginning of the period			(140.6)	(84.2)
Other comprehensive income before reclassifications
Before tax amount			(1.9)	(18.3)
Tax (expense) benefit			0.3	3.4
After tax amount			(1.6)	(14.9)
Amounts reclassified from accumulated other comprehensive loss (1)			5.6	0.6
Total changes in other comprehensive income (loss), net of tax			4.0	(14.3)
Reclassification of certain income tax effects					$ (6.0)
Balance at the end of the period	(142.6)	(98.5)	(142.6)	(98.5)
Noncontrolling Interests
Other comprehensive income before reclassifications
Before tax amount			(0.7)	0.2
Tax (expense) benefit			0.0	0.0
After tax amount			(0.7)	0.2
Amounts reclassified from accumulated other comprehensive loss (1)			0.0	0.0
Total changes in other comprehensive income (loss), net of tax	$ (0.1)	$ 0.0	$ (0.7)	$ 0.2

Other Comprehensive Income (Loss) - Schedule of reclassifications (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Affected Line in the Consolidated Statement of Operations:
Net revenue	$ 607.5	$ 446.6	$ 1,823.3	$ 1,321.5
Cost of goods sold	(400.2)	(298.2)	(1,250.5)	(865.2)
Operating expenses	(118.5)	(90.8)	(411.9)	(275.2)
Other income (expense), net	0.6	(0.5)	1.8	0.1
Tax expense	(28.3)	(11.6)	(17.7)	(39.9)
Total reclassifications for the period, net of tax			5.6	0.6
Amortization of Pension and Postretirement
Affected Line in the Consolidated Statement of Operations:
Total reclassifications for the period, net of tax			3.8	0.9
Derivative Instruments
Affected Line in the Consolidated Statement of Operations:
Total reclassifications for the period, net of tax			1.8	(0.3)
Reclassifications out of accumulated other comprehensive income (loss)
Affected Line in the Consolidated Statement of Operations:
Net revenue	0.0	(0.1)	(0.2)	0.1
Cost of goods sold	0.9	(0.4)	0.5	(0.6)
Other income (expense), net	2.2	0.6	6.6	1.3
Total before tax	3.1	0.1	6.9	0.8
Tax expense	(0.5)	0.0	(1.3)	(0.2)
Total reclassifications for the period, net of tax	2.6	0.1	5.6	0.6
Reclassifications out of accumulated other comprehensive income (loss) \| Net Loss Recognized
Affected Line in the Consolidated Statement of Operations:
Net revenue	0.0	0.0	0.0	0.0
Cost of goods sold	0.0	0.0	0.0	0.0
Other income (expense), net	1.7	0.6	5.2	1.3
Total before tax	1.7	0.6	5.2	1.3
Reclassifications out of accumulated other comprehensive income (loss) \| Prior Service Costs Recognized
Affected Line in the Consolidated Statement of Operations:
Net revenue	0.0	0.0	0.0	0.0
Cost of goods sold	0.0	0.0	0.0	0.0
Other income (expense), net	0.0	0.0	(0.1)	0.0
Total before tax	0.0	0.0	(0.1)	0.0
Reclassifications out of accumulated other comprehensive income (loss) \| Derivative Instruments
Affected Line in the Consolidated Statement of Operations:
Net revenue	0.0	(0.1)	(0.2)	0.1
Cost of goods sold	0.9	(0.4)	0.5	(0.6)
Other income (expense), net	0.5	0.0	1.5	0.0
Total before tax	$ 1.4	$ (0.5)	$ 1.8	$ (0.5)

Share-Based Compensation - Schedule of stock-based compensation costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Compensation Related Costs [Abstract]
Share-based compensation costs	$ 3.7	$ 2.9	$ 9.4	$ 8.7
Less impact of income tax benefit	0.9	0.7	2.2	2.0
Share-based compensation costs, net of tax	$ 2.8	$ 2.2	$ 7.2	$ 6.7

Share-Based Compensation - Schedule of stock-based awards granted (Details)	9 Months Ended
	Jun. 30, 2020 shares
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period (in shares)	454,929
Time-based stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards granted in period (in shares)	369,193
Performance-based stock awards (maximum that can be earned)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards granted in period (in shares)	428,026

Share-Based Compensation - Narrative (Details)	9 Months Ended
Share-Based Compensation - Narrative (Details)	Jun. 30, 2020 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award performance measurement period	3 years
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option granted, weighted-average exercise price (in dollars per share)	$ 31.94
Stock option granted, weighted-average grant date fair value (in dollars per share)	6.63
Time-based stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, grant date fair value (in dollars per share)	31.31
Performance-based stock awards (maximum that can be earned)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, grant date fair value (in dollars per share)	$ 32.73
Performance-based stock awards granted, number of units (in shares) \| shares	252,406

Other Income, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Other Income, Net (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Accumulated other comprehensive income (loss) [Line Items]
Net loss on divestiture	$ 0.0	$ 0.0	$ (3.0)	$ 0.0
Interest Income, Other	0.6	0.3	2.5	0.7
Foreign currency exchange gain (loss) , net	0.3	(0.5)	2.2	0.0
Other, net	(0.3)	(0.3)	0.1	(0.6)
Other income (expense), net	$ 0.6	$ (0.5)	$ 1.8	$ 0.1

Commitments and Contingencies - Narrative (Details) $ in Millions	9 Months Ended
	Jun. 30, 2020 USD ($)
General claims and lawsuits \| Minimum
Commitments and Contingencies
Deductibles and self-insured retentions per occurrence or per claim	$ 0.5

Fair Value Measurements - Schedule of financial assets and liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2020	Sep. 30, 2019
Assets:
Cash and cash equivalents	$ 263.1	$ 399.0
Investments in rabbi trust	3.8	4.2
Derivative instruments	2.7	2.5
Liabilities:
Derivative instruments	6.3	2.6
Level 1
Assets:
Cash and cash equivalents	263.1	399.0
Investments in rabbi trust	3.8	4.2
Derivative instruments	0.0	0.0
Liabilities:
Derivative instruments	0.0	0.0
Level 2
Assets:
Cash and cash equivalents	0.0	0.0
Investments in rabbi trust	0.0	0.0
Derivative instruments	2.7	2.5
Liabilities:
Derivative instruments	6.3	2.6
Level 3
Assets:
Cash and cash equivalents	0.0	0.0
Investments in rabbi trust	0.0	0.0
Derivative instruments	0.0	0.0
Liabilities:
Derivative instruments	0.0	0.0
$500.0 term loan
Liabilities:
Debt instruments	481.3
$500.0 term loan \| Level 1
Liabilities:
Debt instruments	0.0
$500.0 term loan \| Level 2
Liabilities:
Debt instruments	481.3
$500.0 term loan \| Level 3
Liabilities:
Debt instruments	0.0
$400.0 senior unsecured notes
Liabilities:
Debt instruments	400.0
Debt instrument, face amount	400.0
$400.0 senior unsecured notes \| Level 1
Liabilities:
Debt instruments	414.7
$400.0 senior unsecured notes \| Level 2
Liabilities:
Debt instruments	0.0
$400.0 senior unsecured notes \| Level 3
Liabilities:
Debt instruments	0.0
$375.0 senior unsecured notes
Liabilities:
Debt instruments	374.5	374.4
Debt instrument, face amount	375.0
$375.0 senior unsecured notes \| Level 1
Liabilities:
Debt instruments	384.5	380.6
$375.0 senior unsecured notes \| Level 2
Liabilities:
Debt instruments	0.0	0.0
$375.0 senior unsecured notes \| Level 3
Liabilities:
Debt instruments	0.0	0.0
$225.0 term loan
Liabilities:
Debt instruments	216.6
$225.0 term loan \| Level 1
Liabilities:
Debt instruments	0.0
$225.0 term loan \| Level 2
Liabilities:
Debt instruments	216.6
$225.0 term loan \| Level 3
Liabilities:
Debt instruments	0.0
$150.0 senior unsecured notes
Liabilities:
Debt instruments	150.0	149.9
Debt instrument, face amount	150.0
$150.0 senior unsecured notes \| Level 1
Liabilities:
Debt instruments	149.7	152.8
$150.0 senior unsecured notes \| Level 2
Liabilities:
Debt instruments	0.0	0.0
$150.0 senior unsecured notes \| Level 3
Liabilities:
Debt instruments	0.0	0.0
$100.0 Series A Notes
Liabilities:
Debt instruments	100.0	100.0
$100.0 Series A Notes \| Level 1
Liabilities:
Debt instruments	0.0	0.0
$100.0 Series A Notes \| Level 2
Liabilities:
Debt instruments	101.1	108.5
$100.0 Series A Notes \| Level 3
Liabilities:
Debt instruments	0.0	0.0
Foreign Exchange Forward \| Cash flow hedging
Liabilities:
Derivative, notional amount	$ 238.2	$ 128.9

Segment and Geographical Information - Schedule of net revenue and assets by segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Sep. 30, 2019
Segment and Geographical Information
Total assets assigned	$ 4,029.9		$ 4,029.9		$ 2,228.6
Property, plant, and equipment, net	493.0		493.0		140.3
Net revenue	607.5	$ 446.6	1,823.3	$ 1,321.5
United States
Segment and Geographical Information
Property, plant, and equipment, net	208.0		208.0		75.8
Net revenue	292.1	222.1	853.0	669.3
GERMANY
Segment and Geographical Information
Property, plant, and equipment, net	103.2		103.2		40.2
Net revenue	151.2	145.4	495.2	398.3
CHINA
Segment and Geographical Information
Property, plant, and equipment, net	51.4		51.4		4.4
All other foreign business units
Segment and Geographical Information
Property, plant, and equipment, net	130.4		130.4		19.9
Net revenue	164.2	79.1	475.1	253.9
Operating segments
Segment and Geographical Information
Net revenue	607.5	446.6	1,823.3	1,321.5
Corporate
Segment and Geographical Information
Adjusted EBITDA (1)	(11.1)	(10.7)	(30.9)	(31.7)
Total assets assigned	102.8		102.8		313.4
Process Equipment Group
Segment and Geographical Information
Net revenue	281.3	315.3	899.0	924.2
Process Equipment Group \| Operating segments
Segment and Geographical Information
Adjusted EBITDA (1)	57.6	54.9	166.6	156.6
Total assets assigned	1,710.4		1,710.4		1,729.1
Milacron
Segment and Geographical Information
Net revenue	186.3	0.0	518.6	0.0
Milacron \| Operating segments
Segment and Geographical Information
Adjusted EBITDA (1)	38.1	0.0	96.4	0.0
Total assets assigned	1,988.0		1,988.0		0.0
Batesville
Segment and Geographical Information
Net revenue	139.9	131.3	405.7	397.3
Batesville \| Operating segments
Segment and Geographical Information
Adjusted EBITDA (1)	36.4	$ 25.3	91.4	$ 83.6
Total assets assigned	$ 228.7		$ 228.7		$ 186.1

Segment and Geographical Information - Schedule of reconciliation of segment (Details 2) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment and Geographical Information
Interest income	$ (0.6)		$ (0.3)	$ (2.5)	$ (0.7)
Interest expense	19.7		5.2	55.3	16.1
Income tax expense	28.3		11.6	17.7	39.9
Depreciation and amortization	33.9		15.1	98.4	44.3
Goodwill and Intangible Asset Impairment	0.0		0.0	82.5	0.0
Business acquisition, development, and integration costs	5.5		3.8	67.3	4.9
Inventory step-up	3.6		2.4	6.7	3.6
Net loss on divestiture	0.0		0.0	3.0	0.0
Other	2.0		0.0	2.4	0.0
Business Combination, Inventory Step Up Costs	3.6		0.0	40.7	0.2
Consolidated net income (loss)	25.0		31.7	(48.0)	100.2
Corporate
Segment and Geographical Information
Adjusted EBITDA (1)	(11.1)		(10.7)	(30.9)	(31.7)
Process Equipment Group \| Operating segments
Segment and Geographical Information
Adjusted EBITDA (1)	57.6		54.9	166.6	156.6
Milacron
Segment and Geographical Information
Goodwill and Intangible Asset Impairment		$ 9.5
Milacron \| Operating segments
Segment and Geographical Information
Adjusted EBITDA (1)	38.1		0.0	96.4	0.0
Batesville \| Operating segments
Segment and Geographical Information
Adjusted EBITDA (1)	$ 36.4		$ 25.3	$ 91.4	$ 83.6

Restructuring - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Restructuring - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Restructuring and Related Cost
Restructuring charges	$ 3.4	$ 2.3	$ 7.8	$ 3.5
Inventory step-up	3.6	2.4	6.7	3.6
Restructuring reserve, current	4.0		4.0
Corporate
Restructuring and Related Cost
Restructuring charges	0.4	0.0	1.4	0.0
Process Equipment Group
Restructuring and Related Cost
Restructuring charges	2.1	0.6	4.0	1.1
Milacron
Restructuring and Related Cost
Restructuring charges	0.9	0.0	1.9	0.0
Batesville
Restructuring and Related Cost
Restructuring charges	0.0	1.7	0.5	2.4
Operating expense
Restructuring and Related Cost
Restructuring charges	2.5	1.8	6.3	2.4
Operating expense \| Process Equipment Group
Restructuring and Related Cost
Restructuring charges	1.9	0.4	3.1	0.5
Operating expense \| Milacron
Restructuring and Related Cost
Restructuring charges	0.1	0.0	1.3	0.0
Operating expense \| Batesville
Restructuring and Related Cost
Restructuring charges	0.1	1.4	0.5	1.9
Operating expense \| Corporate
Restructuring and Related Cost
Restructuring charges	0.4	0.0	1.4	0.0
Cost of goods, segment \| Process Equipment Group
Restructuring and Related Cost
Restructuring charges	0.2	0.2	0.9	0.6
Cost of goods, segment \| Milacron
Restructuring and Related Cost
Restructuring charges	0.8	0.0	0.6	0.0
Cost of goods, segment \| Batesville
Restructuring and Related Cost
Restructuring charges	(0.1)	0.3	0.0	0.5
Cost of goods, segment \| Corporate
Restructuring and Related Cost
Restructuring charges	0.0	0.0	0.0	0.0
Cost of Goods and Service Benchmark [Member]
Restructuring and Related Cost
Restructuring charges	$ 0.9	$ 0.5	$ 1.5	$ 1.1