Cover Page
Cover Page - shares | 6 Months Ended | |
Mar. 31, 2021 | Apr. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
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 | 75,248,374 | |
Entity Central Index Key | 0001417398 | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||||
Net revenue | $ 722.3 | $ 648.9 | $ 1,414.8 | $ 1,215.8 |
Cost of goods sold | 476.4 | 455.2 | 924.7 | 850.3 |
Gross profit | 245.9 | 193.7 | 490.1 | 365.5 |
Operating expenses | 138 | 136 | 269.6 | 293.4 |
Amortization expense | 14.1 | 24 | 27.7 | 38.8 |
Gain (Loss) on Disposition of Business | (34.1) | 3 | (65.7) | 3 |
Impairment charges | 0 | 82.5 | 0 | 82.5 |
Interest expense | 19.5 | 20.9 | 40.7 | 35.6 |
Other income, net | 1 | 2.3 | 0.6 | 4.2 |
Income (loss) before income taxes | 109.4 | (70.4) | 218.4 | (83.6) |
Income tax expense (benefit) | 30.4 | 1.8 | 61.7 | (10.6) |
Consolidated net income (loss) | 79 | (72.2) | 156.7 | (73) |
Less: Net income attributable to noncontrolling interests | 0.9 | 1.8 | 2.2 | 4.1 |
Net income (loss) | $ 78.1 | $ (74) | $ 154.5 | $ (77.1) |
Net income (loss) attributable to Hillenbrand — per share of common stock: | ||||
Basic earnings (loss) per share | $ 1.04 | $ (0.99) | $ 2.05 | $ (1.07) |
Diluted earnings (loss) per share | $ 1.03 | $ (0.99) | $ 2.04 | $ (1.07) |
Weighted average shares outstanding (basic) | 75.5 | 75.1 | 75.4 | 71.7 |
Weighted average shares outstanding (diluted) | 76.2 | 75.1 | 75.8 | 71.7 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Consolidated net income (loss) | $ 79 | $ (72.2) | $ 156.7 | $ (73) |
Changes in other comprehensive income (loss), net of tax: | ||||
Currency translation adjustment | (45.2) | (30.2) | 14.1 | (12.9) |
Pension and postretirement (net of quarter-to-date tax expense of $0.3 and $0.4 and year-to-date tax expense of $0.6 and $0.9) | 0.6 | 1.4 | 1.8 | 2.5 |
Change in net unrealized (loss) gain on derivative instruments (net of quarter-to-date tax (benefit) expense of ($0.3) and $0.9 and year-to-date tax expense (benefit) of $0.0 and $0.7) | (0.5) | (3.3) | 1.2 | (1.9) |
Total changes in other comprehensive (loss) income, net of tax | (45.1) | (32.1) | 17.1 | (12.3) |
Consolidated comprehensive income (loss) | 33.9 | (104.3) | 173.8 | (85.3) |
Less: Comprehensive income attributable to noncontrolling interests | 0.9 | 1.3 | 2.3 | 3.5 |
Comprehensive income (loss) | $ 33 | $ (105.6) | $ 171.5 | $ (88.8) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
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
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2021 | Sep. 30, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 344.9 | $ 302.2 |
Trade receivables, net | 293.4 | 279.5 |
Receivables from long-term manufacturing contracts | 149.2 | 138.1 |
Inventories, net | 385 | 385.4 |
Prepaid expenses and other current assets | 82.6 | 83.2 |
Current assets held for sale | 62.7 | 181.3 |
Total current assets | 1,317.8 | 1,369.7 |
Property, plant, and equipment, net | 296.4 | 314.2 |
Operating lease right-of-use assets | 150.6 | 154.4 |
Intangible assets, net | 939.1 | 960.7 |
Goodwill | 1,165.9 | 1,137.8 |
Other long-term assets | 47.3 | 50.6 |
Total Assets | 3,917.1 | 3,987.4 |
Current Liabilities | ||
Trade accounts payable | 293.8 | 271.6 |
Liabilities from long-term manufacturing contracts and advances | 265.6 | 189.1 |
Current portion of long-term debt | 0 | 36.3 |
Accrued compensation | 95.6 | 96.1 |
Current liabilities held for sale | 18.7 | 32.5 |
Other current liabilities | 246.8 | 226.5 |
Total current liabilities | 920.5 | 852.1 |
Long-term debt | 1,211.9 | 1,516.3 |
Accrued pension and postretirement healthcare | 163.8 | 166.8 |
Operating lease liabilities | 116.4 | 120.9 |
Deferred income taxes | 199.3 | 185.8 |
Other long-term liabilities | 69.5 | 66.1 |
Total Liabilities | 2,681.4 | 2,908 |
Commitments and contingencies (Note 15) | ||
SHAREHOLDERS’ EQUITY | ||
Common stock, no par value (75.8 and 75.8 shares issued, 75.2 and 74.8 shares outstanding) | 0 | 0 |
Additional paid-in capital | 720.5 | 723.6 |
Retained earnings | 603.1 | 481.4 |
Treasury stock (0.6 and 1.0 shares) | (23.4) | (43.2) |
Accumulated other comprehensive loss | (85.8) | (102.8) |
Hillenbrand Shareholders’ Equity | 1,214.4 | 1,059 |
Noncontrolling interests | 21.3 | 20.4 |
Total Shareholders’ Equity | 1,235.7 | 1,079.4 |
Total Liabilities and Shareholders’ Equity | $ 3,917.1 | $ 3,987.4 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Sep. 30, 2020 |
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
Consolidated Statements of Cash Flow - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Activities | ||
Consolidated net income (loss) | $ 156,700 | $ (73,000) |
Adjustments to reconcile net income (loss) to cash provided by operating activities: | ||
Depreciation and amortization | 57,600 | 64,500 |
Impairment charges | 0 | 82,500 |
Deferred income taxes | 15,000 | (47,000) |
Amortization of deferred financing costs | 4,600 | 1,400 |
Share-based compensation | 10,400 | 5,700 |
Settlement of Milacron share-based equity awards | 0 | (5,900) |
Net loss on divestiture | (65,700) | 3,000 |
Trade accounts receivable and receivables from long-term manufacturing contracts | (21,000) | 37,700 |
Inventories, net | (5,600) | 35,400 |
Prepaid expenses and other current assets | (4,100) | 8,700 |
Trade accounts payable | 21,200 | (41,000) |
accrued compensation, and other current liabilities | 83,900 | (45,700) |
Income taxes payable | 4,300 | 14,400 |
Defined benefit plan and postretirement funding | (4,600) | (5,200) |
Defined benefit plan and postretirement expense | 1,400 | 3,200 |
Other, net | 4,900 | (5,200) |
Net cash provided by operating activities | 259,000 | 45,300 |
Acquisition of businesses, net of cash acquired | 0 | (1,503,100) |
Investing Activities | ||
Capital expenditures | (11,600) | (15,000) |
Proceeds from divestitures, net of cash divested | 222,400 | |
Proceeds from sales of property, plant, and equipment | 0 | 13,300 |
Net cash provided by (used in) investing activities | 154,100 | (1,282,400) |
Financing Activities | ||
Proceeds from issuance of long-term debt | 350,000 | 725,000 |
Repayments on long-term debt | (688,800) | (9,100) |
Proceeds from revolving credit facilities | 395,000 | 1,082,800 |
Repayments on revolving credit facilities | (395,000) | (544,700) |
Payment of deferred financing costs | (3,500) | (7,000) |
Payments of dividends on common stock | (32,300) | (31,700) |
Proceeds from stock option exercises | 8,700 | 200 |
Payments for employee taxes on net settlement equity awards | (2,900) | (1,800) |
Other, net | (1,300) | (1,100) |
Net cash (used in) provided by financing activities | (370,100) | 1,212,600 |
Effect of exchange rates on cash and cash equivalents | (7,500) | (500) |
Net cash flows | 35,500 | (25,000) |
Cash, cash equivalents, and restricted cash: | ||
At beginning of period | 311,800 | 399,400 |
At end of period | $ 347,300 | $ 374,400 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flow Cash, Cash Equivalents, and Restricted Cash - USD ($) $ in Millions | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 344.9 | $ 302.2 | $ 374 | |
Restricted Cash and Cash Equivalents | 2.4 | 0.4 | ||
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows | $ 347.3 | $ 311.8 | $ 374.4 | $ 399.4 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders Equity Statement - USD ($) shares in Millions, $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment | Treasury Stock | AOCI Attributable to Parent [Member] | AOCI Attributable to Parent [Member]Cumulative Effect, Period of Adoption, Adjustment | Noncontrolling Interests |
Balance at Sep. 30, 2019 | $ 769.8 | $ 0 | $ 345.3 | $ 599.5 | $ 6 | $ (50.1) | $ (140.6) | $ (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 | (12.3) | (11.7) | (0.6) | |||||||
Consolidated net income (loss) | (73) | (77.1) | 4.1 | |||||||
Common stock, shares issued | 0.1 | |||||||||
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture | (1.6) | (6.3) | $ 4.7 | |||||||
Share-based compensation | 5.7 | 5.7 | ||||||||
Dividends, Common Stock | (32.9) | 0.3 | (32) | (1.2) | ||||||
Common stock issued to acquire Milacron (in shares) | 11.9 | |||||||||
Common stock issued to acquire Milacron (see Note 4) | 371.3 | 371.3 | ||||||||
Balance at Mar. 31, 2020 | $ 1,027 | 716.3 | 496.4 | $ (45.4) | (158.3) | 18 | ||||
Balance, shares at Mar. 31, 2020 | 75.8 | 1.1 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.4200 | |||||||||
Balance at Dec. 31, 2019 | $ 1,143.8 | 712.9 | 586.5 | $ (45.6) | (126.7) | 16.7 | ||||
Balance, shares at Dec. 31, 2019 | 75.8 | 1.1 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Total other comprehensive income (loss), net of tax | (32.1) | (31.6) | (0.5) | |||||||
Consolidated net income (loss) | (72.2) | (74) | 1.8 | |||||||
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture | 0 | (0.2) | $ 0.2 | |||||||
Share-based compensation | 3.4 | 3.4 | ||||||||
Dividends, Common Stock | 0 | 0.2 | (16.1) | |||||||
Balance at Mar. 31, 2020 | $ 1,027 | 716.3 | 496.4 | $ (45.4) | (158.3) | 18 | ||||
Balance, shares at Mar. 31, 2020 | 75.8 | 1.1 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.2100 | |||||||||
Balance at Sep. 30, 2020 | $ 1,079.4 | 723.6 | 481.4 | $ (43.2) | (102.8) | 20.4 | ||||
Balance, shares at Sep. 30, 2020 | 75.8 | 1 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Total other comprehensive income (loss), net of tax | 17.1 | 17 | 0.1 | |||||||
Consolidated net income (loss) | 156.7 | 154.5 | 2.2 | |||||||
Common stock, shares issued | (0.4) | |||||||||
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture | 5.8 | (14) | $ 19.8 | |||||||
Share-based compensation | 10.4 | 10.4 | ||||||||
Dividends, Common Stock | (33.7) | 0.5 | (32.8) | (1.4) | ||||||
Balance at Mar. 31, 2021 | $ 1,235.7 | 720.5 | 603.1 | $ (23.4) | (85.8) | 21.3 | ||||
Balance, shares at Mar. 31, 2021 | 75.8 | 0.6 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.4250 | |||||||||
Balance at Dec. 31, 2020 | $ 1,206.3 | 717.2 | 541.4 | $ (32) | (40.7) | 20.4 | ||||
Balance, shares at Dec. 31, 2020 | 75.8 | 0.7 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Total other comprehensive income (loss), net of tax | (45.1) | (45.1) | ||||||||
Consolidated net income (loss) | 79 | 78.1 | 0.9 | |||||||
Common stock, shares issued | (0.1) | |||||||||
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture | 5.5 | (3.1) | $ 8.6 | |||||||
Share-based compensation | 6.2 | 6.2 | ||||||||
Dividends, Common Stock | (16.2) | 0.2 | (16.4) | |||||||
Balance at Mar. 31, 2021 | $ 1,235.7 | $ 720.5 | $ 603.1 | $ (23.4) | $ (85.8) | $ 21.3 | ||||
Balance, shares at Mar. 31, 2021 | 75.8 | 0.6 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.2125 |
Background and Basis of Present
Background and Basis of Presentation | 6 Months Ended |
Mar. 31, 2021 | |
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. Hillenbrand’s portfolio is composed of three reportable operating segments. Advanced Process Solutions businesses design, develop, manufacture, and service highly engineered industrial equipment around the world. Molding Technology Solutions 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 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, 2020, as filed with the SEC on November 12, 2020. 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 and are normal and recurring in nature. 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, carrying value of businesses held for sale, 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 March 31, 2021 are reflected in the Consolidated Financial Statements. Given the unprecedented nature of the COVID-19 pandemic, the Company cannot reasonably estimate the full extent of the impact that the COVID-19 pandemic will have on its consolidated financial condition, results of operations, or cash flows in the foreseeable future. The ultimate impact of the COVID-19 pandemic on the Company is highly uncertain and will depend on future developments, and such impacts could exist for an extended period of time, even after the COVID-19 pandemic subsides. Events and changes in circumstances arising after March 31, 2021, 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 Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The significant accounting policies used in preparing the Consolidated Financial Statements are consistent with the accounting policies described in the Company’s Annual Report on Form 10-K as of and for the year ended September 30, 2020, except as described below. Recently Adopted Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, 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 became effective for the Company’s fiscal year beginning on October 1, 2020. As a result of the Company’s assessment on its trade receivables and receivables from long-term manufacturing contracts, ASU 2016-13 did not have a material impact on the Consolidated Financial Statements. 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 one-time decrease to accumulated other comprehensive loss and an increase to retained earnings of $6.0 on the Consolidated Balance Sheet as of October 1, 2019, 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. Recently Issued Accounting Standards In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 clarifies and simplifies accounting for income taxes by eliminating certain exceptions for intraperiod tax allocation principles, the methodology for calculating income tax rates in an interim period, and recognition of deferred taxes for outside basis differences in an investment, among other updates. ASU 2019-12 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
Revenue Recognition | 6 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Net revenue includes gross revenue less sales discounts, customer rebates, sales incentives, and product returns, all of which require the Company to make estimates for the portion of these allowances that have yet to be credited or paid to customers. The Company estimates these allowances using the expected value method, which is based upon historical rates and projections of customer purchases toward contractual rebate thresholds. Contract balances The balance in receivables from long-term manufacturing contracts at March 31, 2021 and September 30, 2020 was $149.2 and $138.1, respectively. The change was driven by the impact of net revenue recognized prior to billings. The balance in the liabilities from long-term manufacturing contracts and advances at March 31, 2021 and September 30, 2020 was $265.6 and $189.1, respectively, and consists primarily of cash payments received or due in advance of satisfying performance obligations. The revenue recognized for the six months ended March 31, 2021 and 2020 related to liabilities from long-term manufacturing contracts and advances as of September 30, 2020 and 2019 was $97.6 and $87.8, respectively. During the three and six months ended March 31, 2021 and 2020, the adjustments related to performance obligations satisfied in previous periods were immaterial. Transaction price allocated to the remaining performance obligations As of March 31, 2021, the aggregate amount of transaction price of remaining performance obligations for the Company, which corresponds to backlog as defined in Item 2 of this Form 10-Q, was $1,520.6 for the Company. 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 The following tables present net revenue by end market: Three Months Ended March 31, 2021 Six Months Ended March 31, 2021 Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total End Market Plastics $ 210.4 $ — $ — $ 210.4 $ 405.1 $ — $ — $ 405.1 Automotive — 42.5 — 42.5 — 79.0 — 79.0 Chemicals 20.2 — — 20.2 39.3 — — 39.3 Consumer goods — 23.8 — 23.8 — 46.6 — 46.6 Food and pharmaceuticals 20.8 — — 20.8 43.6 — — 43.6 Custom molders — 42.5 — 42.5 — 81.4 — 81.4 Packaging — 34.4 — 34.4 — 66.1 — 66.1 Construction — 31.8 — 31.8 — 52.2 — 52.2 Minerals and mining 12.4 — — 12.4 24.3 — — 24.3 Electronics — 15.3 — 15.3 — 33.7 — 33.7 Medical — 21.0 — 21.0 — 42.2 — 42.2 Death care — — 166.0 166.0 — — 330.8 330.8 Other industrial 37.5 43.7 — 81.2 79.8 90.7 — 170.5 Total $ 301.3 $ 255.0 $ 166.0 $ 722.3 $ 592.1 $ 491.9 $ 330.8 $ 1,414.8 Three Months Ended March 31, 2020 Six Months Ended March 31, 2020 Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total End Market Plastics $ 206.6 $ — $ — $ 206.6 $ 408.7 $ — $ — $ 408.7 Automotive $ — $ 38.1 $ — $ 38.1 $ — $ 63.2 $ — $ 63.2 Chemicals $ 24.1 $ — $ — $ 24.1 $ 48.4 $ — $ — $ 48.4 Consumer goods $ — $ 19.3 $ — $ 19.3 $ — $ 37.6 $ — $ 37.6 Food and pharmaceuticals $ 17.2 $ — $ — $ 17.2 $ 35.2 $ — $ — $ 35.2 Custom molders $ — $ 21.3 $ — $ 21.3 $ — $ 38.1 $ — $ 38.1 Packaging $ — $ 22.8 $ — $ 22.8 $ — $ 36.6 $ — $ 36.6 Construction $ — $ 14.9 $ — $ 14.9 $ — $ 31.8 $ — $ 31.8 Minerals and mining $ 15.4 $ — $ — $ 15.4 $ 28.7 $ — $ — $ 28.7 Electronics $ — $ 14.5 $ — $ 14.5 $ — $ 22.8 $ — $ 22.8 Medical $ — $ 14.0 $ — $ 14.0 $ — $ 19.4 $ — $ 19.4 Death care $ — $ — $ 138.8 $ 138.8 $ — $ — $ 265.8 $ 265.8 Other industrial $ 47.8 $ 54.1 $ — $ 101.9 $ 96.7 $ 82.8 $ — $ 179.5 Total $ 311.1 $ 199.0 $ 138.8 $ 648.9 $ 617.7 $ 332.3 $ 265.8 $ 1,215.8 The following tables present net revenue by geographical market: Three Months Ended March 31, 2021 Six Months Ended March 31, 2021 Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total Geographical Markets Americas $ 81.6 $ 138.8 $ 166.0 $ 386.4 $ 163.7 $ 263.5 $ 330.8 $ 758.0 Asia $ 134.9 $ 70.8 $ — $ 205.7 $ 262.8 $ 144.1 $ — $ 406.9 Europe, the Middle East, and Africa $ 84.8 $ 45.4 $ — $ 130.2 $ 165.6 $ 84.3 $ — $ 249.9 Total $ 301.3 $ 255.0 $ 166.0 $ 722.3 $ 592.1 $ 491.9 $ 330.8 $ 1,414.8 Three Months Ended March 31, 2020 Six Months Ended March 31, 2020 Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total Geographical Markets Americas $ 100.6 $ 105.0 $ 138.8 $ 344.4 $ 213.5 $ 185.4 $ 265.8 $ 664.7 Asia $ 119.3 $ 49.8 $ — $ 169.1 $ 227.6 $ 82.7 $ — $ 310.3 Europe, the Middle East, and Africa $ 91.2 $ 44.2 $ — $ 135.4 $ 176.6 $ 64.2 $ — $ 240.8 Total $ 311.1 $ 199.0 $ 138.8 $ 648.9 $ 617.7 $ 332.3 $ 265.8 $ 1,215.8 The following tables present net revenue by products and services: Three Months Ended March 31, 2021 Six Months Ended March 31, 2021 Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total Products and Services Equipment $ 208.2 $ 169.3 $ — $ 377.5 $ 406.1 $ 324.4 $ — $ 730.5 Parts and services 93.1 68.0 — 161.1 186.0 133.5 — 319.5 Death care — — 166.0 166.0 — — 330.8 330.8 Other — 17.7 — 17.7 — 34.0 — 34.0 Total $ 301.3 $ 255.0 $ 166.0 $ 722.3 $ 592.1 $ 491.9 $ 330.8 $ 1,414.8 Three Months Ended March 31, 2020 Six Months Ended March 31, 2020 Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total Products and Services Equipment $ 207.9 $ 99.0 $ — $ 306.9 $ 413.9 $ 181.2 $ — $ 595.1 Parts and services 103.2 58.3 — 161.5 203.8 90.5 — 294.3 Death care — — 138.8 138.8 — — 265.8 265.8 Other — 41.7 — 41.7 — 60.6 — 60.6 Total $ 311.1 $ 199.0 $ 138.8 $ 648.9 $ 617.7 $ 332.3 $ 265.8 $ 1,215.8 The following tables present net revenue by timing of transfer: Three Months Ended March 31, 2021 Six Months Ended March 31, 2021 Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total Timing of Transfer Point in time $ 150.2 $ 255.0 $ 166.0 $ 571.2 $ 296.4 $ 491.9 $ 330.8 $ 1,119.1 Over time 151.1 — — 151.1 295.7 — — 295.7 Total $ 301.3 $ 255.0 $ 166.0 $ 722.3 $ 592.1 $ 491.9 $ 330.8 $ 1,414.8 |
Business Acquisitions and Dives
Business Acquisitions and Divestitures | 6 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Business Acquisitions | Acquisitions and Divestitures Acquisition of Milacron Background On November 21, 2019, the Company completed the acquisition of Milacron Holdings Corp. (“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 (Molding Technology Solutions). 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. 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 on the Consolidated Statement of Operations during the six months ended March 31, 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 on the Consolidated Statements of Operations during the six months ended March 31, 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, as previously discussed. 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 deductible for income tax purposes. The following table summarizes the final (as of November 21, 2020) fair values of the assets acquired and liabilities assumed as of the acquisition date (November 21, 2019). Assets acquired: Cash and cash equivalents $ 125.8 Trade receivables 133.1 Inventories 287.7 Prepaid expense and other current assets 69.2 Property, plant, and equipment 233.9 Operating lease right-of-use assets 41.3 Identifiable intangible assets 815.0 Goodwill 734.2 Other long-term assets 21.0 Total assets acquired 2,461.2 Liabilities assumed: Trade accounts payable 110.2 Liabilities from long-term manufacturing contracts and advances 32.7 Accrued compensation 20.8 Other current liabilities 89.4 Accrued pension and postretirement healthcare 29.4 Deferred income taxes 139.0 Operating lease liabilities - long-term 31.2 Other long-term liabilities 14.2 Total liabilities assumed 466.9 Total purchase price consideration $ 1,994.3 Intangible assets identified The purchase price allocation included $815.0 of acquired identifiable intangible assets. The fair value of the identifiable intangible assets were estimated using the income approach through a discounted cash flow analysis with cash flow projections. The cash flows were 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 was 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 amounts allocated to 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, as of the date of the acquisition, in isolation would result in a significantly lower (higher) fair value measurement. Management used a third-party valuation firm to assist in the determination of the purchase accounting fair values, and specifically those considered Level 3 measurements. Management ultimately oversaw 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 Hillenbrand’s Consolidated Financial Statements since the November 21, 2019 acquisition date. The following table provides the results of operations for Milacron included in Hillenbrand’s Consolidated Statements of Operations. Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 Net revenue $ 255.0 $ 199.0 $ 491.9 $ 332.3 Income (loss) before income taxes 32.6 (30.2) 62.3 (29.5) In connection with the acquisition of Milacron, the Company incurred a total of $6.6 and $12.3 and $3.9 and $57.7 of business acquisition and integration costs during the three and six months ended March 31, 2021 and 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, 2019, 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 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 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 Six Months Ended 2021 2020 2021 2020 Net revenue $ 722.3 $ 648.9 $ 1,414.8 $ 1,331.5 Net income (loss) attributable to Hillenbrand 78.1 (46.8) 154.5 (31.3) Net income (loss) attributable to Hillenbrand — per share of common stock: Basic earnings (loss) per share $ 1.04 $ (0.62) $ 2.05 $ (0.42) Diluted earnings (loss) per share $ 1.03 $ (0.62) $ 2.04 $ (0.42) Assets and liabilities held for sale During the fourth quarter of 2020, the Company announced that it had initiated a plan to divest the TerraSource Global and flow control businesses, which includes the Red Valve business (“Red Valve”) and Abel Pump business (“ABEL”), which operate within the Advanced Process Solutions reportable operating segment, as these businesses were no longer considered a strategic fit with the Company’s long-term growth plan and operational objectives. As discussed below, the Company completed the sale of Red Valve on December 31, 2020, and ABEL on March 10, 2021. The divestiture of the TerraSource Global business is expected to occur within the current fiscal year. As of September 30, 2020, the Company determined that these businesses met the criteria to be classified as held for sale, and therefore reclassified the related assets and liabilities as held for sale on the Consolidated Balance Sheets. As of March 31, 2021, the TerraSource Global business continues to be classified as held for sale. The following is a summary of the major categories of assets and liabilities that have been classified as held for sale on the Consolidated Balance Sheets: March 31, September 30, Trade receivables, net $ 8.5 $ 19.8 Inventories 11.1 22.0 Property, plant and equipment, net (2) 12.0 18.1 Operating lease right-of-use assets 2.3 4.3 Intangible assets, net 49.5 133.6 Goodwill 12.4 19.5 Other assets 2.8 9.4 Valuation allowance on disposal group (1) (35.9) (45.4) Total assets held for sale $ 62.7 $ 181.3 Trade accounts payable $ 4.2 $ 7.3 Liabilities from long-term manufacturing contracts and advances 4.0 4.9 Operating lease liabilities 2.4 4.5 Deferred income taxes 5.5 8.8 Other liabilities 2.6 7.0 Total liabilities held for sale $ 18.7 $ 32.5 (1) The Company adjusted the carrying value to fair value less costs to sell for certain assets held for sale during the year ended September 30, 2020. There was no adjustment recognized for the three and six months ended March 31, 2021. (2) Total assets held for sale in this table include certain parcels of real estate that are also classified as held for sale on the Company’s Consolidated Balance Sheets as of March 31, 2021 and September 30, 2020. The Company determined that the impending exit from these businesses does not represent a strategic shift that had or will have a major effect on its Consolidated Results of Operations, and therefore these businesses were not classified as discontinued operations. The results of operations up to the date of sale, for these businesses are included within the Advanced Process Solutions reportable operating segment for all periods presented in this quarterly report. Divestiture of Flow Control Businesses On December 31, 2020, the Company completed the divestiture of Red Valve to DeZURIK, Inc. in a transaction valued at $63.0. The sale included cash proceeds received at closing of $59.4, including working capital adjustments, and a $5.0 note receivable, included within other long-term assets on the Consolidated Balance Sheet. The sale follows the Company’s previously announced intent to exit Red Valve, and Red Valve was classified as held for sale at September 30, 2020. As a result of the Red Valve sale, the Company recorded a pre-tax gain of $31.6 in the Consolidated Statement of Operations during the six months ended March 31, 2021. The related tax effect resulted in tax expense of $3.8 and was included within income tax expense in the Consolidated Statement of Operations during the six months ended March 31, 2021. The Company incurred $2.9 of transaction costs associated with the sale during the six months ended March 31, 2021, which were recorded within operating expenses in the Consolidated Statements of Operations. On March 10, 2021, the Company completed the divestiture of ABEL to IDEX Corporation, in a transaction valued at $103.5, subject to customary post-closing adjustments. The sale included cash proceeds received at closing of $106.3, including working capital adjustments. The sale follows the Company's previously announced intent to exit ABEL, and ABEL was classified as held for sale at September 30, 2020. As a result of the ABEL sale, the Company recorded a pre-tax gain of $34.1 in the Consolidated Statement of Operations during the three and six months ended March 31, 2021. The related tax effect resulted in tax expense of $6.7 and was included within income tax expense in the Consolidated Statement of Operations during the three and six months ended March 31, 2021. The Company incurred $3.0 and $3.8 of transaction costs associated with the sale during the three and six months ended March 31, 2021, which were recorded within operating expenses in the Consolidated Statements of Operations. 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 of $222.4, net of cash divested. 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 Molding Technology Solutions reportable operating segment until the completion of the sale on March 30, 2020. Sale of Molding Technology Solutions facility In December 2019, the Company completed the sale of a Molding Technology Solutions manufacturing facility located in Germany. As a result of the sale, the Company received net cash proceeds of $13.1. There was no material impact to the Consolidated Statement of Operations resulting from the sale of the facility. |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 6 Months Ended |
Mar. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Balance Sheet Information | Supplemental Consolidated Balance Sheet Information March 31, September 30, Allowance for doubtful accounts $ 23.9 $ 24.0 Warranty reserves $ 25.2 $ 23.8 Accumulated depreciation on property, plant, and equipment $ 363.0 $ 342.1 Inventories, net: Raw materials and components $ 134.5 $ 133.3 Work in process 91.2 88.7 Finished goods 159.3 163.4 Total inventories, net $ 385.0 $ 385.4 |
Leases
Leases | 6 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | 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 March 31, 2021. 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 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 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 six months ended March 31, 2021 and 2020, the Company recognized $8.7 and $17.6, and $9.8 and $17.8 respectively, of operating lease expense, including short-term lease expense and variable lease costs, which were immaterial in each period. The following table presents supplemental Consolidated Balance Sheet information related to the Company’s operating leases: March 31, 2021 September 30, 2020 Operating lease right-of-use assets $ 150.6 $ 154.4 Other current liabilities 32.2 $ 31.2 Operating lease liabilities 116.4 120.9 Total operating lease liabilities $ 148.6 $ 152.1 Weighted-average remaining lease term (in years) 7.3 7.6 Weighted-average discount rate 2.1 % 2.5 % As of March 31, 2021, the maturities of the Company’s operating lease liabilities were as follows: 2021 (excluding the six months ended March 31, 2021) $ 19.4 2022 34.2 2023 25.8 2024 17.6 2025 11.3 Thereafter 51.7 Total lease payments 160.0 Less: imputed interest (11.4) Total present value of lease payments $ 148.6 Supplemental Consolidated Statement of Cash Flow information is as follows: Six Months Ended March 31, 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 21.0 $ 18.0 Operating lease right-of-use assets obtained in exchange for new operating lease liabilities 13.1 18.7 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 6 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible Assets Intangible assets are stated at the lower of cost or fair value. With the exception of most trade names, intangible assets are amortized on a straight-line basis over periods ranging from three The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of: March 31, 2021 September 30, 2020 Cost Accumulated Cost Accumulated Finite-lived assets: Trade names $ 0.2 $ (0.2) $ 0.2 $ (0.2) Customer relationships 796.2 (173.4) 787.6 (151.8) Technology, including patents 137.7 (57.0) 137.6 (51.0) Software 65.4 (56.8) 65.6 (54.1) Backlog — — 10.0 (10.0) Other — — 0.1 (0.1) 999.5 (287.4) 1,001.1 (267.2) Indefinite-lived assets: Trade names 227.0 — 226.8 — Total $ 1,226.5 $ (287.4) $ 1,227.9 $ (267.2) The net change in intangible assets during the three and six months ended March 31, 2021 was driven primarily by normal amortization and foreign currency adjustments. Goodwill Goodwill is not amortized, but is subject to annual impairment tests. Goodwill has been assigned to reporting units within the reportable operating segments. The Company assesses the carrying value of goodwill annually, or more often if events or changes in circumstances indicate there may be impairment. Impairment testing is performed at a reporting unit level. The following table summarizes the changes in the Company’s goodwill, by reportable operating segment, for the six months ended March 31, 2021: Advanced Process Solutions Molding Technology Solutions Batesville Total Balance as of September 30, 2020 $ 485.1 $ 644.4 $ 8.3 $ 1,137.8 Acquisitions (1) — 19.6 — 19.6 Foreign currency adjustments (0.1) 8.6 — 8.5 Balance as of March 31, 2021 $ 485.0 $ 672.6 $ 8.3 $ 1,165.9 (1) See Note 4 for further information on the acquisition of Milacron. |
Financing Agreements
Financing Agreements | 6 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
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: March 31, September 30, $500.0 term loan (1) $ — $ 473.7 $400.0 senior unsecured notes (2) 395.3 394.8 $375.0 senior unsecured notes, net of discount (3) 371.1 370.8 $350.0 senior unsecured notes (4) 345.5 — $225.0 term loan (5) — 213.4 $100.0 Series A Notes (6) 99.8 99.7 $900.0 revolving credit facility (excluding outstanding letters of credit) — — Other 0.2 0.2 Total debt 1,211.9 1,552.6 Less: current portion — 36.3 Total long-term debt $ 1,211.9 $ 1,516.3 (1) Includes unamortized debt issuance costs of $1.3 at September 30, 2020. This term loan was repaid in March 2021. (2) Includes unamortized debt issuance costs of $4.7 and $5.2 at March 31, 2021 and September 30, 2020, respectively. (3) Includes unamortized debt issuance costs of $3.4 and $3.7 at March 31, 2021 and September 30, 2020, respectively. (4) Includes unamortized debt issuance costs of $4.5 at March 31, 2021. (5) Includes unamortized debt issuance costs of $0.3 at September 30, 2020. This term loan was repaid in December 2020. (6) Includes unamortized debt issuance costs of $0.2 and $0.3 at March 31, 2021 and September 30, 2020, respectively. $350.0 senior unsecured notes On March 3, 2021, the Company issued $350.0 of senior unsecured notes due March 2031 (the “2021 Notes”). The 2021 Notes were issued at par value and bear interest at a fixed rate of 3.75% per year, payable semi-annually in arrears beginning September 2021. Deferred financing costs associated with the 2021 Notes of $4.5 are being amortized to interest expense on a straight-line basis (which approximates the effective interest method) over the term of the 2021 Notes. The 2021 Notes are unsecured 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 (as defined in the 2021 Notes), the Company will be required to make an offer to purchase the 2021 Notes at a price equal to 101% of the principal amount of the 2021 Notes, plus any accrued and unpaid interest to, but excluding, the date of repurchase. The Company may redeem the 2021 Notes at any time in whole, or from time to time in part, prior to March 1, 2026, at its option at the “make-whole” redemption price, as described in the Indenture. The Company may also redeem the 2021 Notes at any time in whole, or from time to time in part, on or after March 1 of the relevant year listed, as follows: 2026 at a redemption price of 101.875%; 2027 at a redemption price of 101.250%; 2028 at a redemption price of 100.625%; and 2029 and thereafter at a redemption price of 100.000%. At any time prior to March 1, 2024, the Company may redeem up to 40% of the aggregate principal amount of the 2021 Notes with the proceeds of one or more Equity Offerings (as defined in the Indenture) at a redemption price of 103.750% of the principal amount of the 2021 Notes being redeemed. In each of the above cases, the Company will also pay any accrued and unpaid interest to, but excluding, the applicable redemption date. 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 and subsequently amended on October 8, 2019, January 10, 2020, May 29, 2020, and February 2, 2021 (as amended, the “Credit Agreement”). During the six months ended March 31, 2021, the Company repaid the $225.0 and $500.0 term loans in full with a combination of cash on hand and borrowings from its revolving credit facility. For the three and six months ended March 31, 2021, the weighted average interest rates were 2.51% and 2.65%, respectively, for the $500.0 term loan. For the six months ended March 31, 2021, the weighted average interest rate was 2.63% for the $225.0 term loan. In addition to the Term Loan Facilities, Hillenbrand incurred $650.0 of borrowings from its revolving credit facility under the Credit Agreement (the “Revolver”) at the closing of the Milacron acquisition. These borrowings along with the $375.0 of senior unsecured notes issued during the year ended September 30, 2019, were used to pay a portion of the cash consideration in connection with the acquisition of Milacron and 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 March 31, 2021 and September 30, 2020. As of March 31, 2021, the Company had $7.4 in outstanding letters of credit issued and $892.6 of maximum borrowing capacity under the Revolver. All of this borrowing capacity was immediately available based on the Company’s most restrictive covenant at March 31, 2021. The weighted-average interest rates on borrowings under the Revolver were 2.21% and 2.28% for the three and six months ended March 31, 2021, respectively, and 2.84% and 2.88% for the same periods in the prior year, respectively. The weighted average facility fee was 0.24% and 0.27% for the three and six months ended March 31, 2021, respectively, and 0.25% and 0.21% for the same periods in the prior year, respectively. Other credit arrangements In the normal course of business, operating companies within the Advanced Process Solutions reportable segment 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 March 31, 2021, the Company had credit arrangements totaling $418.7, under which $208.3 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. Covenants related to current financing agreements The Credit Agreement, the L/G Facility Agreement, and the Private Shelf Agreement dated as of December 16, 2012 (as amended, the “Shelf Agreement”) among the Company, Prudential Investment Management, Inc and each Prudential Affiliate (as defined therein) that became a purchaser thereunder, contain the following financial covenants for the current quarter: a maximum leverage ratio (as 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. 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 of senior unsecured notes due June 2025 (the “2020 Notes”), $375.0 of senior unsecured notes due September 2026 (the “2019 Notes”), and 2021 Notes, the $100.0 in 4.60% Series A unsecured notes (“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 2019 Notes, 2020 Notes, and 2021 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 March 31, 2021, Hillenbrand was in compliance with all covenants and there were no events of default. |
Retirement Benefits
Retirement Benefits | 6 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | Retirement Benefits Defined Benefit Plans Components of net periodic pension (benefit) cost included in the Consolidated Statements of Operations were as follows: U.S. Pension Benefits Non-U.S. Pension Benefits Three Months Ended March 31, Three Months Ended March 31, 2021 2020 2021 2020 Service costs $ 0.1 $ 0.3 $ 0.5 $ 0.5 Interest costs 1.4 2.0 0.1 0.1 Expected return on plan assets (2.7) (3.2) (0.2) (0.2) Amortization of net loss 0.6 1.2 0.8 0.9 Net periodic pension (benefit) cost $ (0.6) $ 0.3 $ 1.2 $ 1.3 U.S. Pension Benefits Non-U.S. Pension Benefits Six Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 Service costs $ 0.3 $ 0.7 $ 1.0 $ 1.1 Interest costs 2.9 4.0 0.3 0.3 Expected return on plan assets (5.4) (6.4) (0.4) (0.3) Amortization of net loss 1.1 2.4 1.5 1.3 Net periodic pension (benefit) cost $ (1.1) $ 0.7 $ 2.4 $ 2.4 Defined Contribution Plans |
Income Taxes
Income Taxes | 6 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rates for the three months ended March 31, 2021 and 2020 were 27.8% and (2.6)%, respectively. The difference in the effective tax rate in the three months ended March 31, 2021, relative to the federal statutory tax rate of 21%, was primarily attributable to an unfavorable geographic mix of pretax income. Additionally, the increase in the effective tax rate in the three months ended March 31, 2021, compared to the three months ended March 31, 2020, was driven by the impact that the tax gain on the divestiture of ABEL and the utilization of tax loss carryforwards had on foreign tax credit determinations related to foreign income inclusions, the recognition of deferred taxes on accumulated earnings of foreign subsidiaries, and the discrete recognition of the tax effect of functional currency fluctuations. The negative effective tax rate in the three months ended March 31, 2020 was due to the net loss position and the discrete recognition of tax expense on the divestiture of Cimcool, which was partially offset by the tax benefit recognized from the revaluation of current and deferred tax balances in connection with the enacted statutory tax rate reductions in certain foreign jurisdictions. The effective tax rates for the six months ended March 31, 2021 and 2020 were 28.3% and 12.7%, respectively. The difference in the effective tax rate in the six months ended March 31, 2021 relative to the federal statutory tax rate of 21%, was primarily attributable to an unfavorable geographic mix of pretax income. Additionally, the increase in the effective tax rate in the six months ended March 31, 2021, compared to the six months ended March 31, 2020, was driven by the impact that the tax loss on the divestiture of Red Valve, the tax gain on the divestiture of Abel, and the utilization of tax loss carryforwards had on foreign tax credit determinations related to foreign income inclusions. The effective tax rate was negatively impacted by the recognition of deferred taxes on accumulated earnings of foreign subsidiaries, and the discrete recognition of the tax effect of functional currency fluctuations. The negative effective tax rate in the six months ended March 31, 2020 was due to the net loss position and the discrete recognition of tax expense on the divestiture of Cimcool which was partially offset by the tax benefit recognized from the revaluation of current and deferred tax balances in connection with the enacted statutory tax rate reductions in certain foreign jurisdictions. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 and 2020, 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 Six Months Ended 2021 2020 2021 2020 Net income (loss) attributable to Hillenbrand $ 78.1 $ (74.0) $ 154.5 $ (77.1) Weighted-average shares outstanding (basic - in millions) (1) 75.5 75.1 75.4 71.7 Effect of dilutive stock options and other unvested equity awards (in millions) (2) 0.7 — 0.4 — Weighted-average shares outstanding (diluted - in millions) 76.2 75.1 75.8 71.7 Basic earnings (loss) per share $ 1.04 $ (0.99) $ 2.05 $ (1.07) Diluted earnings (loss) per share $ 1.03 $ (0.99) $ 2.04 $ (1.07) Shares with anti-dilutive effect excluded from the computation of diluted earnings per share (in millions) 0.5 3.1 0.8 2.8 (1) The increase in weighted-average shares outstanding during the six months ended March 31, 2021 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 three and six months ended March 31, 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 (Los
Other Comprehensive Income (Loss) | 6 Months Ended |
Mar. 31, 2021 | |
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 Currency Net Total Noncontrolling Total Balance at September 30, 2020 $ (69.6) $ (21.1) $ (12.1) $ (102.8) Other comprehensive income before reclassifications: Before tax amount — 14.0 0.5 14.5 $ 0.1 $ 14.6 Tax expense — — (0.2) (0.2) — (0.2) After tax amount — 14.0 0.3 14.3 0.1 14.4 Amounts reclassified from accumulated other comprehensive loss (1) 1.8 — 0.9 2.7 — 2.7 Net current period other comprehensive income 1.8 14.0 1.2 17.0 $ 0.1 $ 17.1 Balance at March 31, 2021 $ (67.8) $ (7.1) $ (10.9) $ (85.8) (1) Amounts are net of tax. Pension and Currency Net Total Noncontrolling Total Balance at September 30, 2019 $ (62.3) $ (64.7) $ (13.6) $ (84.2) Other comprehensive loss before reclassifications: Before tax amount — (12.3) (3.0) (15.3) $ (0.6) $ (15.9) Tax benefit — — 0.6 0.6 — 0.6 After tax amount — (12.3) (2.4) (14.7) (0.6) (15.3) Amounts reclassified from accumulated other comprehensive loss (1) 2.5 — 0.5 3.0 — 3.0 Net current period other comprehensive income (loss) 2.5 (12.3) (1.9) (11.7) $ (0.6) $ (12.3) Reclassification of certain income tax effects (2) (6.0) — — (6.0) Balance at March 31, 2020 $ (65.8) $ (77.0) $ (15.5) $ (158.3) (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. Reclassifications out of accumulated other comprehensive loss include: Three Months Ended March 31, 2021 Amortization of Pension and (1) (Gain) Loss on Net Loss Prior Service Costs Derivative Total Affected Line in the Consolidated Statement of Operations: Net revenue $ — $ — $ 0.2 $ 0.2 Cost of goods sold — — (0.3) (0.3) Other income (expense), net 1.2 (0.1) 0.5 1.6 Total before tax $ 1.2 $ (0.1) $ 0.4 $ 1.5 Tax expense (0.4) Total reclassifications for the period, net of tax $ 1.1 Six Months Ended March 31, 2021 Amortization of Pension and (1) (Gain) Loss on Net Loss Prior Service Costs Derivative Total Affected Line in the Consolidated Statement of Operations: Net revenue $ — $ — $ 0.2 $ 0.2 Cost of goods sold — — (0.3) (0.3) Other income (expense), net 2.5 (0.1) 1.0 3.4 Total before tax $ 2.5 $ (0.1) $ 0.9 $ 3.3 Tax expense (0.6) Total reclassifications for the period, net of tax $ 2.7 (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 9). Three Months Ended March 31, 2020 Amortization of Pension and Postretirement (1) Gain (Loss) on Net Loss Prior Service Costs Derivative Total Affected Line in the Consolidated Statement of Operations: Net revenue $ — $ — $ (0.3) $ (0.3) Cost of goods sold — — (0.2) (0.2) Other income (expense), net 1.9 (0.1) 0.5 2.3 Total before tax $ 1.9 $ (0.1) $ — $ 1.8 Tax expense (0.3) Total reclassifications for the period, net of tax $ 1.5 Six Months Ended March 31, 2020 Amortization of Pension and Postretirement (1) Loss (Gain) on Net Loss Prior Service Costs Derivative Total Affected Line in the Consolidated Statement of Operations: Net revenue $ — $ — $ (0.2) $ (0.2) Cost of goods sold — — (0.4) (0.4) Other income (expense), net 3.5 (0.1) 1.0 4.4 Total before tax $ 3.5 $ (0.1) $ 0.4 $ 3.8 Tax expense (0.8) Total reclassifications for the period, net of tax $ 3.0 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Mar. 31, 2021 | |
Compensation Related Costs [Abstract] | |
Share-Based Compensation | Share-Based Compensation Three Months Ended Six Months Ended 2021 2020 2021 2020 Share-based compensation costs $ 6.2 $ 3.4 $ 10.4 $ 5.7 Less impact of income tax benefit 1.4 0.8 2.4 1.3 Share-based compensation costs, net of tax $ 4.8 $ 2.6 $ 8.0 $ 4.4 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 six months ended March 31, 2021, the Company made the following grants: Number of Time-based stock awards 315,235 Performance-based stock awards (maximum that can be earned) 364,798 The Company’s time-based stock awards and performance-based stock awards granted during the six months ended March 31, 2021 had weighted-average grant date fair values of $38.03 and $44.39, respectively. Included in the performance-based stock awards granted during the six months ended March 31, 2021 are 214,092 units whose payout level is based upon the Company’s relative total shareholder return over the three-year measurement period, as described above. These units will be expensed on a straight-line basis over the measurement period and are not subsequently adjusted after the grant date. |
Other Income, Net
Other Income, Net | 6 Months Ended |
Mar. 31, 2021 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other Income, Net | Other Income, Net Three Months Ended Six Months Ended 2021 2020 2021 2020 Interest income $ 1.0 $ 0.6 $ 1.6 $ 1.9 Foreign currency exchange gain, net $ — $ 1.8 $ 0.4 $ 1.9 Other, net $ — $ (0.1) $ (1.4) $ 0.4 Other income, net $ 1.0 $ 2.3 $ 0.6 $ 4.2 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Like most companies, Hillenbrand is involved from time to time in claims, lawsuits, and government proceedings relating to its operations, including environmental, patent infringement, business practices, commercial transactions, product and general liability, workers’ compensation, auto liability, employment, and other matters. The ultimate outcome of these matters cannot be predicted with certainty. An estimated loss from these contingencies is recognized when the Company believes it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated; however, it is difficult to measure the actual loss that might be incurred related to these matters. If a loss is not considered probable and/or cannot be reasonably estimated, the Company is required to make a disclosure if there is at least a reasonable possibility that a significant loss may have been incurred. Legal fees associated with claims and lawsuits are generally expensed as incurred. Claims covered by insurance have in most instances deductibles and self-funded retentions up to $0.5 per occurrence or per claim, depending upon the type of coverage and policy period. For auto, workers’ compensation, and general liability claims in the U.S., outside insurance companies and third-party claims administrators generally assist in establishing individual claim reserves. An independent outside actuary provides estimates of ultimate projected losses, including incurred but not reported claims, which are used to establish reserves for losses. For all other types of claims, reserves are established based upon advice from internal and external counsel and historical settlement information for claims when such amounts are considered probable of payment. The liabilities recorded represent the best estimate of costs that the Company will incur in relation to such exposures, but it is possible that actual costs will differ from those estimates. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The authoritative guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are from sources independent of the Company. Unobservable inputs reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability, developed based upon the best information available in the circumstances. The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is broken down into three levels: Level 1: Inputs are quoted prices in active markets for identical assets or liabilities. Level 2: Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. Level 3: Inputs are unobservable for the asset or liability. Carrying Value at March 31, 2021 Fair Value at March 31, 2021 Using Inputs Considered as: Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 344.9 $ 344.9 $ — $ — Investments in rabbi trust 3.8 3.8 — — Derivative instruments 3.3 — 3.3 — Liabilities: 2020 Notes 400.0 429.4 — — 2019 Notes 374.5 412.5 — — 2021 Notes 350.0 341.6 — — Series A Notes 100.0 — 106.7 — Derivative instruments 1.9 — 1.9 — Carrying Value at September 30, 2020 Fair Value at September 30, 2020 Using Inputs Considered as: Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 302.2 $ 302.2 $ — $ — Investments in rabbi trust 3.9 3.9 — — Derivative instruments 2.6 — 2.6 — Liabilities: $500.0 term loan 475.0 — 475.0 — 2020 Notes 400.0 429.0 — — 2019 Notes 374.5 409.0 — — $225.0 term loan 213.7 — 213.7 — Series A Notes 100.0 — 105.3 — Derivative instruments 1.6 — 1.6 — 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 under the Term Loan Facilities approximated carrying value, as the Company believed their variable interest rate terms corresponded 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 2021 Notes, 2020 Notes, and 2019 Notes were based on quoted prices in active markets. Derivative instruments The Company has hedging programs in place to manage its currency exposures. The objectives of the Company’s hedging programs are to mitigate exposures in gross margin and non-functional-currency-denominated assets and liabilities. Under these programs, the Company uses derivative financial instruments to manage the economic impact of fluctuations in currency exchange rates. These include foreign currency exchange forward contracts, which generally have terms up to 24 months. The aggregate notional value of derivatives was $226.5 and $232.8 at March 31, 2021 and September 30, 2020, respectively. The derivatives are recorded at fair value primarily in other current assets and other current liabilities in the Consolidated Balance Sheets. |
Segment and Geographical Inform
Segment and Geographical Information | 6 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment and Geographical Information | Segment and Geographical Information The Company currently conducts operations through three reportable operating segments: Advanced Process Solutions, Molding Technology Solutions, and Batesville. The Company’s operating segments maintain separate financial information for which results of operations are evaluated on a regular basis by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company records the direct costs of business operations to the reportable operating segments, including stock-based compensation, asset impairments, restructuring activities, and business acquisition costs. Corporate provides management and administrative services to each reportable operating segment. These services include treasury management, human resources, legal, business development, 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 operating segments. The following tables present financial information for the Company’s reportable operating segments and significant geographical locations: Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 Net revenue Advanced Process Solutions $ 301.3 $ 311.1 $ 592.1 $ 617.7 Molding Technology Solutions 255.0 199.0 491.9 332.3 Batesville 166.0 138.8 330.8 265.8 Total $ 722.3 $ 648.9 $ 1,414.8 $ 1,215.8 Adjusted EBITDA (1) Advanced Process Solutions $ 55.7 $ 57.5 $ 104.2 $ 109.0 Molding Technology Solutions 50.8 31.9 99.2 58.2 Batesville 44.6 32.0 96.9 55.0 Corporate (16.8) (10.8) (28.0) (19.7) Net revenue (2) United States $ 343.1 $ 299.7 $ 671.8 $ 581.7 Germany 32.4 45.4 66.7 81.2 China 114.9 70.3 226.8 127.3 India 47.0 33.8 88.5 68.1 All other countries 184.9 199.7 361.0 357.5 Total $ 722.3 $ 648.9 $ 1,414.8 $ 1,215.8 (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 end customer. Previously, the Company attributed net revenue to a geography based upon the location of the business that consummates the external sale for purpose of this disclosure. As such, the net revenue figures for the three and six months ended March 31, 2020, have been revised to conform to the current year methodology. March 31, September 30, Total assets Advanced Process Solutions $ 1,545.6 $ 1,666.5 Molding Technology Solutions 2,065.4 2,032.4 Batesville 230.6 225.3 Corporate 75.5 63.2 Total $ 3,917.1 $ 3,987.4 Tangible long-lived assets, net United States $ 169.5 $ 182.4 Germany 112.6 110.4 China 53.0 54.2 All other countries 111.9 121.6 Total $ 447.0 $ 468.6 The following schedule reconciles reportable operating segment adjusted EBITDA to consolidated net income (loss): Three Months Ended Six Months Ended 2021 2020 2021 2020 Adjusted EBITDA: Advanced Process Solutions $ 55.7 $ 57.5 $ 104.2 $ 109.0 Molding Technology Solutions 50.8 31.9 99.2 58.2 Batesville 44.6 32.0 96.9 55.0 Corporate (16.8) (10.8) (28.0) (19.7) Less: Interest income (1.0) (0.6) (1.6) (1.9) Interest expense 19.5 20.9 40.7 35.6 Income tax expense (benefit) 30.4 1.8 61.7 (10.6) Depreciation and amortization 28.3 38.6 57.6 64.5 Impairment charges — 82.5 — 82.5 Business acquisition, disposition, and integration costs 9.7 8.0 18.8 61.8 Restructuring and restructuring-related charges 2.2 0.7 3.7 3.1 Inventory step-up — 27.5 — 37.1 (Gain) loss on divestitures (34.1) 3.0 (65.7) 3.0 Other 0.3 0.4 0.4 0.4 Consolidated net income (loss) $ 79.0 $ (72.2) $ 156.7 $ (73.0) |
Restructuring
Restructuring | 6 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring The following schedule details the restructuring charges by reportable operating segment and the classification of those charges in the Consolidated Statements of Operations. Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Cost of goods sold Operating expenses Total Cost of goods sold Operating expenses Total Advanced Process Solutions $ 0.2 $ 0.8 $ 1.0 $ — $ 0.3 $ 0.3 Molding Technology Solutions 1.2 0.4 1.6 (0.2) 0.4 0.2 Batesville — 0.1 0.1 — 0.1 0.1 Corporate — 0.5 0.5 — 0.7 0.7 Total $ 1.4 $ 1.8 $ 3.2 $ (0.2) $ 1.5 $ 1.3 Six Months Ended March 31, 2021 Six Months Ended March 31, 2020 Cost of goods sold Operating expenses Total Cost of goods sold Operating expenses Total Advanced Process Solutions $ 0.8 $ 1.7 $ 2.5 $ 0.7 $ 1.2 $ 1.9 Molding Technology Solutions 1.3 0.7 2.0 (0.2) 1.2 1 Batesville — 0.3 0.3 0.1 0.4 0.5 Corporate — 0.7 0.7 — 1 1 Total $ 2.1 $ 3.4 $ 5.5 $ 0.6 $ 3.8 $ 4.4 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Revenue | Net revenue includes gross revenue less sales discounts, customer rebates, sales incentives, and product returns, all of which require the Company to make estimates for the portion of these allowances that have yet to be credited or paid to customers. The Company estimates these allowances using the expected value method, which is based upon historical rates and projections of customer purchases toward contractual rebate thresholds. |
Revenue Recognition, Deferred Revenue | Contract balances The balance in receivables from long-term manufacturing contracts at March 31, 2021 and September 30, 2020 was $149.2 and $138.1, respectively. The change was driven by the impact of net revenue recognized prior to billings. The balance in the liabilities from long-term manufacturing contracts and advances at March 31, 2021 and September 30, 2020 was $265.6 and $189.1, respectively, and consists primarily of cash payments received or due in advance of satisfying performance obligations. The revenue recognized for the six months ended March 31, 2021 and 2020 related to liabilities from long-term manufacturing contracts and advances as of September 30, 2020 and 2019 was $97.6 and $87.8, respectively. During the three and six months ended March 31, 2021 and 2020, the adjustments related to performance obligations satisfied in previous periods were immaterial. |
Revenue Recognition Revenue Rec
Revenue Recognition Revenue Recognition (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Disaggregation of revenue The following tables present net revenue by end market: Three Months Ended March 31, 2021 Six Months Ended March 31, 2021 Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total End Market Plastics $ 210.4 $ — $ — $ 210.4 $ 405.1 $ — $ — $ 405.1 Automotive — 42.5 — 42.5 — 79.0 — 79.0 Chemicals 20.2 — — 20.2 39.3 — — 39.3 Consumer goods — 23.8 — 23.8 — 46.6 — 46.6 Food and pharmaceuticals 20.8 — — 20.8 43.6 — — 43.6 Custom molders — 42.5 — 42.5 — 81.4 — 81.4 Packaging — 34.4 — 34.4 — 66.1 — 66.1 Construction — 31.8 — 31.8 — 52.2 — 52.2 Minerals and mining 12.4 — — 12.4 24.3 — — 24.3 Electronics — 15.3 — 15.3 — 33.7 — 33.7 Medical — 21.0 — 21.0 — 42.2 — 42.2 Death care — — 166.0 166.0 — — 330.8 330.8 Other industrial 37.5 43.7 — 81.2 79.8 90.7 — 170.5 Total $ 301.3 $ 255.0 $ 166.0 $ 722.3 $ 592.1 $ 491.9 $ 330.8 $ 1,414.8 Three Months Ended March 31, 2020 Six Months Ended March 31, 2020 Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total End Market Plastics $ 206.6 $ — $ — $ 206.6 $ 408.7 $ — $ — $ 408.7 Automotive $ — $ 38.1 $ — $ 38.1 $ — $ 63.2 $ — $ 63.2 Chemicals $ 24.1 $ — $ — $ 24.1 $ 48.4 $ — $ — $ 48.4 Consumer goods $ — $ 19.3 $ — $ 19.3 $ — $ 37.6 $ — $ 37.6 Food and pharmaceuticals $ 17.2 $ — $ — $ 17.2 $ 35.2 $ — $ — $ 35.2 Custom molders $ — $ 21.3 $ — $ 21.3 $ — $ 38.1 $ — $ 38.1 Packaging $ — $ 22.8 $ — $ 22.8 $ — $ 36.6 $ — $ 36.6 Construction $ — $ 14.9 $ — $ 14.9 $ — $ 31.8 $ — $ 31.8 Minerals and mining $ 15.4 $ — $ — $ 15.4 $ 28.7 $ — $ — $ 28.7 Electronics $ — $ 14.5 $ — $ 14.5 $ — $ 22.8 $ — $ 22.8 Medical $ — $ 14.0 $ — $ 14.0 $ — $ 19.4 $ — $ 19.4 Death care $ — $ — $ 138.8 $ 138.8 $ — $ — $ 265.8 $ 265.8 Other industrial $ 47.8 $ 54.1 $ — $ 101.9 $ 96.7 $ 82.8 $ — $ 179.5 Total $ 311.1 $ 199.0 $ 138.8 $ 648.9 $ 617.7 $ 332.3 $ 265.8 $ 1,215.8 The following tables present net revenue by geographical market: Three Months Ended March 31, 2021 Six Months Ended March 31, 2021 Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total Geographical Markets Americas $ 81.6 $ 138.8 $ 166.0 $ 386.4 $ 163.7 $ 263.5 $ 330.8 $ 758.0 Asia $ 134.9 $ 70.8 $ — $ 205.7 $ 262.8 $ 144.1 $ — $ 406.9 Europe, the Middle East, and Africa $ 84.8 $ 45.4 $ — $ 130.2 $ 165.6 $ 84.3 $ — $ 249.9 Total $ 301.3 $ 255.0 $ 166.0 $ 722.3 $ 592.1 $ 491.9 $ 330.8 $ 1,414.8 Three Months Ended March 31, 2020 Six Months Ended March 31, 2020 Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total Geographical Markets Americas $ 100.6 $ 105.0 $ 138.8 $ 344.4 $ 213.5 $ 185.4 $ 265.8 $ 664.7 Asia $ 119.3 $ 49.8 $ — $ 169.1 $ 227.6 $ 82.7 $ — $ 310.3 Europe, the Middle East, and Africa $ 91.2 $ 44.2 $ — $ 135.4 $ 176.6 $ 64.2 $ — $ 240.8 Total $ 311.1 $ 199.0 $ 138.8 $ 648.9 $ 617.7 $ 332.3 $ 265.8 $ 1,215.8 The following tables present net revenue by products and services: Three Months Ended March 31, 2021 Six Months Ended March 31, 2021 Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total Products and Services Equipment $ 208.2 $ 169.3 $ — $ 377.5 $ 406.1 $ 324.4 $ — $ 730.5 Parts and services 93.1 68.0 — 161.1 186.0 133.5 — 319.5 Death care — — 166.0 166.0 — — 330.8 330.8 Other — 17.7 — 17.7 — 34.0 — 34.0 Total $ 301.3 $ 255.0 $ 166.0 $ 722.3 $ 592.1 $ 491.9 $ 330.8 $ 1,414.8 Three Months Ended March 31, 2020 Six Months Ended March 31, 2020 Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total Products and Services Equipment $ 207.9 $ 99.0 $ — $ 306.9 $ 413.9 $ 181.2 $ — $ 595.1 Parts and services 103.2 58.3 — 161.5 203.8 90.5 — 294.3 Death care — — 138.8 138.8 — — 265.8 265.8 Other — 41.7 — 41.7 — 60.6 — 60.6 Total $ 311.1 $ 199.0 $ 138.8 $ 648.9 $ 617.7 $ 332.3 $ 265.8 $ 1,215.8 The following tables present net revenue by timing of transfer: Three Months Ended March 31, 2021 Six Months Ended March 31, 2021 Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total Timing of Transfer Point in time $ 150.2 $ 255.0 $ 166.0 $ 571.2 $ 296.4 $ 491.9 $ 330.8 $ 1,119.1 Over time 151.1 — — 151.1 295.7 — — 295.7 Total $ 301.3 $ 255.0 $ 166.0 $ 722.3 $ 592.1 $ 491.9 $ 330.8 $ 1,414.8 |
Business Acquisitions and Div_2
Business Acquisitions and Divestitures (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
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 on the Consolidated Statements of Operations during the six months ended March 31, 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, as previously discussed. Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 Net revenue $ 255.0 $ 199.0 $ 491.9 $ 332.3 Income (loss) before income taxes 32.6 (30.2) 62.3 (29.5) |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the final (as of November 21, 2020) fair values of the assets acquired and liabilities assumed as of the acquisition date (November 21, 2019). Assets acquired: Cash and cash equivalents $ 125.8 Trade receivables 133.1 Inventories 287.7 Prepaid expense and other current assets 69.2 Property, plant, and equipment 233.9 Operating lease right-of-use assets 41.3 Identifiable intangible assets 815.0 Goodwill 734.2 Other long-term assets 21.0 Total assets acquired 2,461.2 Liabilities assumed: Trade accounts payable 110.2 Liabilities from long-term manufacturing contracts and advances 32.7 Accrued compensation 20.8 Other current liabilities 89.4 Accrued pension and postretirement healthcare 29.4 Deferred income taxes 139.0 Operating lease liabilities - long-term 31.2 Other long-term liabilities 14.2 Total liabilities assumed 466.9 Total purchase price consideration $ 1,994.3 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 Six Months Ended 2021 2020 2021 2020 Net revenue $ 722.3 $ 648.9 $ 1,414.8 $ 1,331.5 Net income (loss) attributable to Hillenbrand 78.1 (46.8) 154.5 (31.3) Net income (loss) attributable to Hillenbrand — per share of common stock: Basic earnings (loss) per share $ 1.04 $ (0.62) $ 2.05 $ (0.42) Diluted earnings (loss) per share $ 1.03 $ (0.62) $ 2.04 $ (0.42) |
Disposal Groups, Including Discontinued Operations | The following is a summary of the major categories of assets and liabilities that have been classified as held for sale on the Consolidated Balance Sheets: March 31, September 30, Trade receivables, net $ 8.5 $ 19.8 Inventories 11.1 22.0 Property, plant and equipment, net (2) 12.0 18.1 Operating lease right-of-use assets 2.3 4.3 Intangible assets, net 49.5 133.6 Goodwill 12.4 19.5 Other assets 2.8 9.4 Valuation allowance on disposal group (1) (35.9) (45.4) Total assets held for sale $ 62.7 $ 181.3 Trade accounts payable $ 4.2 $ 7.3 Liabilities from long-term manufacturing contracts and advances 4.0 4.9 Operating lease liabilities 2.4 4.5 Deferred income taxes 5.5 8.8 Other liabilities 2.6 7.0 Total liabilities held for sale $ 18.7 $ 32.5 (1) The Company adjusted the carrying value to fair value less costs to sell for certain assets held for sale during the year ended September 30, 2020. There was no adjustment recognized for the three and six months ended March 31, 2021. (2) Total assets held for sale in this table include certain parcels of real estate that are also classified as held for sale on the Company’s Consolidated Balance Sheets as of March 31, 2021 and September 30, 2020. |
Supplemental Balance Sheet In_2
Supplemental Balance Sheet Information (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of supplemental balance sheet information | March 31, September 30, Allowance for doubtful accounts $ 23.9 $ 24.0 Warranty reserves $ 25.2 $ 23.8 Accumulated depreciation on property, plant, and equipment $ 363.0 $ 342.1 Inventories, net: Raw materials and components $ 134.5 $ 133.3 Work in process 91.2 88.7 Finished goods 159.3 163.4 Total inventories, net $ 385.0 $ 385.4 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of Supplemental Balance Sheet Information | The following table presents supplemental Consolidated Balance Sheet information related to the Company’s operating leases: March 31, 2021 September 30, 2020 Operating lease right-of-use assets $ 150.6 $ 154.4 Other current liabilities 32.2 $ 31.2 Operating lease liabilities 116.4 120.9 Total operating lease liabilities $ 148.6 $ 152.1 Weighted-average remaining lease term (in years) 7.3 7.6 Weighted-average discount rate 2.1 % 2.5 % |
Schedule of Operating Lease Liability Maturities | As of March 31, 2021, the maturities of the Company’s operating lease liabilities were as follows: 2021 (excluding the six months ended March 31, 2021) $ 19.4 2022 34.2 2023 25.8 2024 17.6 2025 11.3 Thereafter 51.7 Total lease payments 160.0 Less: imputed interest (11.4) Total present value of lease payments $ 148.6 |
Schedule of Supplemental Statement of Cash Flow Information | Supplemental Consolidated Statement of Cash Flow information is as follows: Six Months Ended March 31, 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 21.0 $ 18.0 Operating lease right-of-use assets obtained in exchange for new operating lease liabilities 13.1 18.7 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of: March 31, 2021 September 30, 2020 Cost Accumulated Cost Accumulated Finite-lived assets: Trade names $ 0.2 $ (0.2) $ 0.2 $ (0.2) Customer relationships 796.2 (173.4) 787.6 (151.8) Technology, including patents 137.7 (57.0) 137.6 (51.0) Software 65.4 (56.8) 65.6 (54.1) Backlog — — 10.0 (10.0) Other — — 0.1 (0.1) 999.5 (287.4) 1,001.1 (267.2) Indefinite-lived assets: Trade names 227.0 — 226.8 — Total $ 1,226.5 $ (287.4) $ 1,227.9 $ (267.2) |
Schedule of Goodwill | The following table summarizes the changes in the Company’s goodwill, by reportable operating segment, for the six months ended March 31, 2021: Advanced Process Solutions Molding Technology Solutions Batesville Total Balance as of September 30, 2020 $ 485.1 $ 644.4 $ 8.3 $ 1,137.8 Acquisitions (1) — 19.6 — 19.6 Foreign currency adjustments (0.1) 8.6 — 8.5 Balance as of March 31, 2021 $ 485.0 $ 672.6 $ 8.3 $ 1,165.9 |
Schedule of Intangible Assets and Goodwill | 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 three and six months ended March 31, 2020: Impairment Charges Advanced Process Solutions Molding Technology Solutions 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 |
Financing Agreements (Tables)
Financing Agreements (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of borrowings under financing agreements | The following table summarizes Hillenbrand’s current and long-term debt as of the dates reported in the Consolidated Balance Sheets: March 31, September 30, $500.0 term loan (1) $ — $ 473.7 $400.0 senior unsecured notes (2) 395.3 394.8 $375.0 senior unsecured notes, net of discount (3) 371.1 370.8 $350.0 senior unsecured notes (4) 345.5 — $225.0 term loan (5) — 213.4 $100.0 Series A Notes (6) 99.8 99.7 $900.0 revolving credit facility (excluding outstanding letters of credit) — — Other 0.2 0.2 Total debt 1,211.9 1,552.6 Less: current portion — 36.3 Total long-term debt $ 1,211.9 $ 1,516.3 (1) Includes unamortized debt issuance costs of $1.3 at September 30, 2020. This term loan was repaid in March 2021. (2) Includes unamortized debt issuance costs of $4.7 and $5.2 at March 31, 2021 and September 30, 2020, respectively. (3) Includes unamortized debt issuance costs of $3.4 and $3.7 at March 31, 2021 and September 30, 2020, respectively. (4) Includes unamortized debt issuance costs of $4.5 at March 31, 2021. (5) Includes unamortized debt issuance costs of $0.3 at September 30, 2020. This term loan was repaid in December 2020. |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Components of net pension costs | o |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per share | Three Months Ended Six Months Ended 2021 2020 2021 2020 Net income (loss) attributable to Hillenbrand $ 78.1 $ (74.0) $ 154.5 $ (77.1) Weighted-average shares outstanding (basic - in millions) (1) 75.5 75.1 75.4 71.7 Effect of dilutive stock options and other unvested equity awards (in millions) (2) 0.7 — 0.4 — Weighted-average shares outstanding (diluted - in millions) 76.2 75.1 75.8 71.7 Basic earnings (loss) per share $ 1.04 $ (0.99) $ 2.05 $ (1.07) Diluted earnings (loss) per share $ 1.03 $ (0.99) $ 2.04 $ (1.07) Shares with anti-dilutive effect excluded from the computation of diluted earnings per share (in millions) 0.5 3.1 0.8 2.8 (1) The increase in weighted-average shares outstanding during the six months ended March 31, 2021 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 three and six months ended March 31, 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 (L_2
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of changes in accumulated other comprehensive income (loss) by component | Pension and Currency Net Total Noncontrolling Total Balance at September 30, 2019 $ (62.3) $ (64.7) $ (13.6) $ (84.2) Other comprehensive loss before reclassifications: Before tax amount — (12.3) (3.0) (15.3) $ (0.6) $ (15.9) Tax benefit — — 0.6 0.6 — 0.6 After tax amount — (12.3) (2.4) (14.7) (0.6) (15.3) Amounts reclassified from accumulated other comprehensive loss (1) 2.5 — 0.5 3.0 — 3.0 Net current period other comprehensive income (loss) 2.5 (12.3) (1.9) (11.7) $ (0.6) $ (12.3) Reclassification of certain income tax effects (2) (6.0) — — (6.0) Balance at March 31, 2020 $ (65.8) $ (77.0) $ (15.5) $ (158.3) |
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 Currency Net Total Noncontrolling Total Balance at September 30, 2020 $ (69.6) $ (21.1) $ (12.1) $ (102.8) Other comprehensive income before reclassifications: Before tax amount — 14.0 0.5 14.5 $ 0.1 $ 14.6 Tax expense — — (0.2) (0.2) — (0.2) After tax amount — 14.0 0.3 14.3 0.1 14.4 Amounts reclassified from accumulated other comprehensive loss (1) 1.8 — 0.9 2.7 — 2.7 Net current period other comprehensive income 1.8 14.0 1.2 17.0 $ 0.1 $ 17.1 Balance at March 31, 2021 $ (67.8) $ (7.1) $ (10.9) $ (85.8) (1) Amounts are net of tax. Pension and Currency Net Total Noncontrolling Total Balance at September 30, 2019 $ (62.3) $ (64.7) $ (13.6) $ (84.2) Other comprehensive loss before reclassifications: Before tax amount — (12.3) (3.0) (15.3) $ (0.6) $ (15.9) Tax benefit — — 0.6 0.6 — 0.6 After tax amount — (12.3) (2.4) (14.7) (0.6) (15.3) Amounts reclassified from accumulated other comprehensive loss (1) 2.5 — 0.5 3.0 — 3.0 Net current period other comprehensive income (loss) 2.5 (12.3) (1.9) (11.7) $ (0.6) $ (12.3) Reclassification of certain income tax effects (2) (6.0) — — (6.0) Balance at March 31, 2020 $ (65.8) $ (77.0) $ (15.5) $ (158.3) (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. Reclassifications out of accumulated other comprehensive loss include: Three Months Ended March 31, 2021 Amortization of Pension and (1) (Gain) Loss on Net Loss Prior Service Costs Derivative Total Affected Line in the Consolidated Statement of Operations: Net revenue $ — $ — $ 0.2 $ 0.2 Cost of goods sold — — (0.3) (0.3) Other income (expense), net 1.2 (0.1) 0.5 1.6 Total before tax $ 1.2 $ (0.1) $ 0.4 $ 1.5 Tax expense (0.4) Total reclassifications for the period, net of tax $ 1.1 Six Months Ended March 31, 2021 Amortization of Pension and (1) (Gain) Loss on Net Loss Prior Service Costs Derivative Total Affected Line in the Consolidated Statement of Operations: Net revenue $ — $ — $ 0.2 $ 0.2 Cost of goods sold — — (0.3) (0.3) Other income (expense), net 2.5 (0.1) 1.0 3.4 Total before tax $ 2.5 $ (0.1) $ 0.9 $ 3.3 Tax expense (0.6) Total reclassifications for the period, net of tax $ 2.7 (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 9). Three Months Ended March 31, 2020 Amortization of Pension and Postretirement (1) Gain (Loss) on Net Loss Prior Service Costs Derivative Total Affected Line in the Consolidated Statement of Operations: Net revenue $ — $ — $ (0.3) $ (0.3) Cost of goods sold — — (0.2) (0.2) Other income (expense), net 1.9 (0.1) 0.5 2.3 Total before tax $ 1.9 $ (0.1) $ — $ 1.8 Tax expense (0.3) Total reclassifications for the period, net of tax $ 1.5 Six Months Ended March 31, 2020 Amortization of Pension and Postretirement (1) Loss (Gain) on Net Loss Prior Service Costs Derivative Total Affected Line in the Consolidated Statement of Operations: Net revenue $ — $ — $ (0.2) $ (0.2) Cost of goods sold — — (0.4) (0.4) Other income (expense), net 3.5 (0.1) 1.0 4.4 Total before tax $ 3.5 $ (0.1) $ 0.4 $ 3.8 Tax expense (0.8) Total reclassifications for the period, net of tax $ 3.0 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Compensation Related Costs [Abstract] | |
Schedule of stock-based compensation costs | Three Months Ended Six Months Ended 2021 2020 2021 2020 Share-based compensation costs $ 6.2 $ 3.4 $ 10.4 $ 5.7 Less impact of income tax benefit 1.4 0.8 2.4 1.3 Share-based compensation costs, net of tax $ 4.8 $ 2.6 $ 8.0 $ 4.4 |
Schedule of stock-based awards granted in the period | During the six months ended March 31, 2021, the Company made the following grants: Number of Time-based stock awards 315,235 Performance-based stock awards (maximum that can be earned) 364,798 |
Other Income, Net (Tables)
Other Income, Net (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other income and expense | Three Months Ended Six Months Ended 2021 2020 2021 2020 Interest income $ 1.0 $ 0.6 $ 1.6 $ 1.9 Foreign currency exchange gain, net $ — $ 1.8 $ 0.4 $ 1.9 Other, net $ — $ (0.1) $ (1.4) $ 0.4 Other income, net $ 1.0 $ 2.3 $ 0.6 $ 4.2 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 Fair Value at March 31, 2021 Using Inputs Considered as: Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 344.9 $ 344.9 $ — $ — Investments in rabbi trust 3.8 3.8 — — Derivative instruments 3.3 — 3.3 — Liabilities: 2020 Notes 400.0 429.4 — — 2019 Notes 374.5 412.5 — — 2021 Notes 350.0 341.6 — — Series A Notes 100.0 — 106.7 — Derivative instruments 1.9 — 1.9 — Carrying Value at September 30, 2020 Fair Value at September 30, 2020 Using Inputs Considered as: Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 302.2 $ 302.2 $ — $ — Investments in rabbi trust 3.9 3.9 — — Derivative instruments 2.6 — 2.6 — Liabilities: $500.0 term loan 475.0 — 475.0 — 2020 Notes 400.0 429.0 — — 2019 Notes 374.5 409.0 — — $225.0 term loan 213.7 — 213.7 — Series A Notes 100.0 — 105.3 — Derivative instruments 1.6 — 1.6 — |
Segment and Geographical Info_2
Segment and Geographical Information (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of net revenue, adjusted EBITDA, and depreciation and amortization by segment and geographic location | Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 Net revenue Advanced Process Solutions $ 301.3 $ 311.1 $ 592.1 $ 617.7 Molding Technology Solutions 255.0 199.0 491.9 332.3 Batesville 166.0 138.8 330.8 265.8 Total $ 722.3 $ 648.9 $ 1,414.8 $ 1,215.8 Adjusted EBITDA (1) Advanced Process Solutions $ 55.7 $ 57.5 $ 104.2 $ 109.0 Molding Technology Solutions 50.8 31.9 99.2 58.2 Batesville 44.6 32.0 96.9 55.0 Corporate (16.8) (10.8) (28.0) (19.7) Net revenue (2) United States $ 343.1 $ 299.7 $ 671.8 $ 581.7 Germany 32.4 45.4 66.7 81.2 China 114.9 70.3 226.8 127.3 India 47.0 33.8 88.5 68.1 All other countries 184.9 199.7 361.0 357.5 Total $ 722.3 $ 648.9 $ 1,414.8 $ 1,215.8 (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 end customer. Previously, the Company attributed net revenue to a geography based upon the location of the business that consummates the external sale for purpose of this disclosure. As such, the net revenue figures for the three and six months ended March 31, 2020, have been revised to conform to the current year methodology. |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | March 31, September 30, Total assets Advanced Process Solutions $ 1,545.6 $ 1,666.5 Molding Technology Solutions 2,065.4 2,032.4 Batesville 230.6 225.3 Corporate 75.5 63.2 Total $ 3,917.1 $ 3,987.4 Tangible long-lived assets, net United States $ 169.5 $ 182.4 Germany 112.6 110.4 China 53.0 54.2 All other countries 111.9 121.6 Total $ 447.0 $ 468.6 |
Schedule of reconciliation of segment adjusted EBITDA to consolidated net income | The following schedule reconciles reportable operating segment adjusted EBITDA to consolidated net income (loss): Three Months Ended Six Months Ended 2021 2020 2021 2020 Adjusted EBITDA: Advanced Process Solutions $ 55.7 $ 57.5 $ 104.2 $ 109.0 Molding Technology Solutions 50.8 31.9 99.2 58.2 Batesville 44.6 32.0 96.9 55.0 Corporate (16.8) (10.8) (28.0) (19.7) Less: Interest income (1.0) (0.6) (1.6) (1.9) Interest expense 19.5 20.9 40.7 35.6 Income tax expense (benefit) 30.4 1.8 61.7 (10.6) Depreciation and amortization 28.3 38.6 57.6 64.5 Impairment charges — 82.5 — 82.5 Business acquisition, disposition, and integration costs 9.7 8.0 18.8 61.8 Restructuring and restructuring-related charges 2.2 0.7 3.7 3.1 Inventory step-up — 27.5 — 37.1 (Gain) loss on divestitures (34.1) 3.0 (65.7) 3.0 Other 0.3 0.4 0.4 0.4 Consolidated net income (loss) $ 79.0 $ (72.2) $ 156.7 $ (73.0) |
Restructuring Schedule of restr
Restructuring Schedule of restructuring charges by line and segment (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | The following schedule details the restructuring charges by reportable operating segment and the classification of those charges in the Consolidated Statements of Operations. Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Cost of goods sold Operating expenses Total Cost of goods sold Operating expenses Total Advanced Process Solutions $ 0.2 $ 0.8 $ 1.0 $ — $ 0.3 $ 0.3 Molding Technology Solutions 1.2 0.4 1.6 (0.2) 0.4 0.2 Batesville — 0.1 0.1 — 0.1 0.1 Corporate — 0.5 0.5 — 0.7 0.7 Total $ 1.4 $ 1.8 $ 3.2 $ (0.2) $ 1.5 $ 1.3 Six Months Ended March 31, 2021 Six Months Ended March 31, 2020 Cost of goods sold Operating expenses Total Cost of goods sold Operating expenses Total Advanced Process Solutions $ 0.8 $ 1.7 $ 2.5 $ 0.7 $ 1.2 $ 1.9 Molding Technology Solutions 1.3 0.7 2.0 (0.2) 1.2 1 Batesville — 0.3 0.3 0.1 0.4 0.5 Corporate — 0.7 0.7 — 1 1 Total $ 2.1 $ 3.4 $ 5.5 $ 0.6 $ 3.8 $ 4.4 |
Background and Basis of Prese_2
Background and Basis of Presentation - Narrative (Details) | 6 Months Ended |
Mar. 31, 2021segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 3 |
Acquired entity subsidiary investments owned percent | 100.00% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Oct. 01, 2019 | Sep. 30, 2019 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Stockholders' equity | $ 1,235.7 | $ 1,206.3 | $ 1,079.4 | $ 1,027 | $ 1,143.8 | $ 769.8 | |
Cumulative Effect, Period of Adoption, Adjustment | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Stockholders' equity | 0 | ||||||
Retained Earnings [Member] | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Stockholders' equity | 603.1 | 541.4 | 481.4 | 496.4 | 586.5 | 599.5 | |
Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Stockholders' equity | 6 | ||||||
Retained Earnings [Member] | Accounting Standards Update 2018-02 [Member] | Cumulative Effect, Period of Adoption, Adjustment | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Stockholders' equity | $ 6 | ||||||
AOCI Attributable to Parent [Member] | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Stockholders' equity | $ (85.8) | $ (40.7) | $ (102.8) | $ (158.3) | $ (126.7) | (140.6) | |
AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Stockholders' equity | $ (6) | ||||||
AOCI Attributable to Parent [Member] | Accounting Standards Update 2018-02 [Member] | Cumulative Effect, Period of Adoption, Adjustment | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Stockholders' equity | $ 6 |
Revenue Recognition Narrative (
Revenue Recognition Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |||
Receivables from long-term manufacturing contracts | $ 149.2 | $ 138.1 | |
Liabilities from long-term manufacturing contracts and advances | 265.6 | $ 189.1 | |
Revenue recognized on long-term manufacturing contracts and advances liabilities | $ 97.6 | $ 87.8 |
Revenue Recognition Revenue Rem
Revenue Recognition Revenue Remaining Performance Obligation Narrative (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 $ in Millions | Mar. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 6 months |
Revenue, Remaining Performance Obligation, Amount | $ 1,520.6 |
Remaining performance obligation expected to be recognized in the given period (as a percent) | 78.00% |
Revenue Recognition Revenue by
Revenue Recognition Revenue by End Market (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 722.3 | $ 648.9 | $ 1,414.8 | $ 1,215.8 |
Plastics | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 210.4 | 206.6 | 405.1 | 408.7 |
Automotive | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 42.5 | 38.1 | 79 | 63.2 |
Chemicals | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 20.2 | 24.1 | 39.3 | 48.4 |
Consumer goods | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 23.8 | 19.3 | 46.6 | 37.6 |
Food and pharmaceuticals | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 20.8 | 17.2 | 43.6 | 35.2 |
Custom molders | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 42.5 | 21.3 | 81.4 | 38.1 |
Construction | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 34.4 | 22.8 | 66.1 | 36.6 |
Packaging | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 31.8 | 14.9 | 52.2 | 31.8 |
Minerals and mining | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 12.4 | 15.4 | 24.3 | 28.7 |
Electronics | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 15.3 | 14.5 | 33.7 | 22.8 |
Medical | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 21 | 14 | 42.2 | 19.4 |
Death care | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 166 | 138.8 | 330.8 | 265.8 |
Other industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 81.2 | 101.9 | 170.5 | 179.5 |
Advanced Process Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 301.3 | 311.1 | 592.1 | 617.7 |
Advanced Process Solutions | Plastics | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 210.4 | 206.6 | 405.1 | 408.7 |
Advanced Process Solutions | Automotive | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Advanced Process Solutions | Chemicals | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 20.2 | 24.1 | 39.3 | 48.4 |
Advanced Process Solutions | Consumer goods | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Advanced Process Solutions | Food and pharmaceuticals | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 20.8 | 17.2 | 43.6 | 35.2 |
Advanced Process Solutions | Custom molders | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Advanced Process Solutions | Construction | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Advanced Process Solutions | Packaging | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Advanced Process Solutions | Minerals and mining | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 12.4 | 15.4 | 24.3 | 28.7 |
Advanced Process Solutions | Electronics | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Advanced Process Solutions | Medical | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Advanced Process Solutions | Death care | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Advanced Process Solutions | Other industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 37.5 | 47.8 | 79.8 | 96.7 |
Molding Technology Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 255 | 199 | 491.9 | 332.3 |
Molding Technology Solutions | Plastics | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Molding Technology Solutions | Automotive | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 42.5 | 38.1 | 79 | 63.2 |
Molding Technology Solutions | Chemicals | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Molding Technology Solutions | Consumer goods | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 23.8 | 19.3 | 46.6 | 37.6 |
Molding Technology Solutions | Food and pharmaceuticals | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Molding Technology Solutions | Custom molders | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 42.5 | 21.3 | 81.4 | 38.1 |
Molding Technology Solutions | Construction | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 34.4 | 22.8 | 66.1 | 36.6 |
Molding Technology Solutions | Packaging | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 31.8 | 14.9 | 52.2 | 31.8 |
Molding Technology Solutions | Minerals and mining | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Molding Technology Solutions | Electronics | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 15.3 | 14.5 | 33.7 | 22.8 |
Molding Technology Solutions | Medical | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 21 | 14 | 42.2 | 19.4 |
Molding Technology Solutions | Death care | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Molding Technology Solutions | Other industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 43.7 | 54.1 | 90.7 | 82.8 |
Batesville | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 166 | 138.8 | 330.8 | 265.8 |
Batesville | Plastics | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Batesville | Automotive | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Batesville | Chemicals | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Batesville | Consumer goods | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Batesville | Food and pharmaceuticals | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Batesville | Custom molders | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Batesville | Construction | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Batesville | Packaging | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Batesville | Minerals and mining | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Batesville | Electronics | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Batesville | Medical | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Batesville | Death care | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 166 | 138.8 | 330.8 | 265.8 |
Batesville | Other industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Revenue Recognition by Geograph
Revenue Recognition by Geographic Markets (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 722.3 | $ 648.9 | $ 1,414.8 | $ 1,215.8 |
Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 386.4 | 344.4 | 758 | 664.7 |
Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 205.7 | 169.1 | 406.9 | 310.3 |
Europe, the Middle East, and Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 130.2 | 135.4 | 249.9 | 240.8 |
Advanced Process Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 301.3 | 311.1 | 592.1 | 617.7 |
Advanced Process Solutions | Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 81.6 | 100.6 | 163.7 | 213.5 |
Advanced Process Solutions | Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 134.9 | 119.3 | 262.8 | 227.6 |
Advanced Process Solutions | Europe, the Middle East, and Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 84.8 | 91.2 | 165.6 | 176.6 |
Molding Technology Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 255 | 199 | 491.9 | 332.3 |
Molding Technology Solutions | Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 138.8 | 105 | 263.5 | 185.4 |
Molding Technology Solutions | Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 70.8 | 49.8 | 144.1 | 82.7 |
Molding Technology Solutions | Europe, the Middle East, and Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 45.4 | 44.2 | 84.3 | 64.2 |
Batesville | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 166 | 138.8 | 330.8 | 265.8 |
Batesville | Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 166 | 138.8 | 330.8 | 265.8 |
Batesville | Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Batesville | Europe, the Middle East, and Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Revenue Recognition Timing of T
Revenue Recognition Timing of Transfer (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 722.3 | $ 648.9 | $ 1,414.8 | $ 1,215.8 |
Point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 571.2 | 487.2 | 1,119.1 | 894.8 |
Over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 151.1 | 161.7 | 295.7 | 321 |
Advanced Process Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 301.3 | 311.1 | 592.1 | 617.7 |
Advanced Process Solutions | Point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 150.2 | 149.4 | 296.4 | 296.7 |
Advanced Process Solutions | Over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 151.1 | 161.7 | 295.7 | 321 |
Molding Technology Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 255 | 199 | 491.9 | 332.3 |
Molding Technology Solutions | Point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 255 | 199 | 491.9 | 332.3 |
Molding Technology Solutions | Over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Batesville | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 166 | 138.8 | 330.8 | 265.8 |
Batesville | Point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 166 | 138.8 | 330.8 | 265.8 |
Batesville | Over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Revenue Recognition Product and
Revenue Recognition Product and Services (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 722.3 | $ 648.9 | $ 1,414.8 | $ 1,215.8 |
Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 306.9 | |||
Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 377.5 | 730.5 | 595.1 | |
Parts and services | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 161.1 | 161.5 | 319.5 | 294.3 |
Death care | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 166 | 138.8 | 330.8 | 265.8 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 17.7 | 41.7 | 34 | 60.6 |
Advanced Process Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 301.3 | 311.1 | 592.1 | 617.7 |
Advanced Process Solutions | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 207.9 | |||
Advanced Process Solutions | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 208.2 | 406.1 | 413.9 | |
Advanced Process Solutions | Parts and services | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 93.1 | 103.2 | 186 | 203.8 |
Advanced Process Solutions | Death care | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Advanced Process Solutions | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Molding Technology Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 255 | 199 | 491.9 | 332.3 |
Molding Technology Solutions | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 99 | 181.2 | ||
Molding Technology Solutions | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 169.3 | 324.4 | ||
Molding Technology Solutions | Parts and services | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 68 | 58.3 | 133.5 | 90.5 |
Molding Technology Solutions | Death care | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Molding Technology Solutions | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 17.7 | 41.7 | 34 | 60.6 |
Batesville | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 166 | 138.8 | 330.8 | 265.8 |
Batesville | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Batesville | Parts and services | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Batesville | Death care | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 166 | 138.8 | 330.8 | 265.8 |
Batesville | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Business Acquisitions and Div_3
Business Acquisitions and Divestitures - Narrative (Details) $ / shares in Units, shares in Millions, $ in Millions | Mar. 10, 2021USD ($) | Mar. 30, 2020USD ($) | Nov. 21, 2019USD ($)$ / sharesshares | Dec. 31, 2019USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) |
Business Acquisition [Line Items] | |||||||||
Proceeds from divestiture of businesses | $ 13.1 | ||||||||
Pre-tax loss | $ (34.1) | $ 3 | $ (65.7) | $ 3 | |||||
Proceeds from divestitures, net of cash divested | $ 165.7 | 222.4 | |||||||
Molding Technology Solutions | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition and integration costs | 6.6 | $ 3.9 | 12.3 | $ 57.7 | |||||
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 | ||||||||
Business acquisition, common stock shares issued (in shares) | shares | 11.4 | ||||||||
Repayment of Milacron debt, including accrued interest | $ 772.9 | ||||||||
Identifiable intangible assets | 815 | 815 | |||||||
Cimcool | |||||||||
Business Acquisition [Line Items] | |||||||||
Proceeds from divestitures, net of cash divested | $ 222.4 | ||||||||
Red Valve | |||||||||
Business Acquisition [Line Items] | |||||||||
Proceeds from divestiture of businesses | $ 59.4 | ||||||||
Pre-tax loss | 31.6 | ||||||||
Trade receivables, net | $ 5 | ||||||||
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | 3.8 | ||||||||
Discontinued Operation, Transaction Costs | 2.9 | ||||||||
ABEL | |||||||||
Business Acquisition [Line Items] | |||||||||
Pre-tax loss | (34.1) | (34.1) | |||||||
Proceeds from divestitures, net of cash divested | $ 103.5 | ||||||||
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | 6.7 | 6.7 | |||||||
Discontinued Operation, Transaction Costs | $ 3 | $ 3.8 | |||||||
Proceeds from Divestiture of Businesses, Including Working Capital Adjustments | $ 106.3 |
Business Acquisitions and Div_4
Business Acquisitions and Divestitures - Schedule of Aggregate Purchase Price Consideration (Details) - Molding Technology Solutions - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Nov. 21, 2019 | Mar. 31, 2021 |
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 | |
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 |
Business Acquisitions and Div_5
Business Acquisitions and Divestitures - Schedule of Assets and Liabilities Assumed (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Sep. 30, 2020 |
Assets acquired: | ||
Goodwill | $ 1,165.9 | $ 1,137.8 |
Molding Technology Solutions | ||
Assets acquired: | ||
Cash and cash equivalents | 125.8 | |
Trade receivables | 133.1 | |
Inventories | 287.7 | |
Prepaid expense and other current assets | 69.2 | |
Property, plant, and equipment | 233.9 | |
Operating lease right-of-use assets | 41.3 | |
Identifiable intangible assets | 815 | |
Goodwill | 734.2 | |
Other long-term assets | 21 | |
Total assets acquired | 2,461.2 | |
Liabilities assumed: | ||
Trade accounts payable | 110.2 | |
Liabilities from long-term manufacturing contracts and advances | 32.7 | |
Accrued compensation | 20.8 | |
Other current liabilities | 89.4 | |
Accrued pension and postretirement healthcare | 29.4 | |
Deferred income taxes | 139 | |
Operating lease liabilities - long-term | 31.2 | |
Other long-term liabilities | 14.2 | |
Total liabilities assumed | 466.9 | |
Total purchase price consideration | $ 1,994.3 |
Business Acquisitions and Div_6
Business Acquisitions and Divestitures - Schedule of Intangible Assets Acquired (Details) - Molding Technology Solutions - USD ($) $ in Millions | Nov. 21, 2019 | Mar. 31, 2021 |
Business Acquisition [Line Items] | ||
Identifiable intangible assets | $ 815 | |
Customer relationships | ||
Business Acquisition [Line Items] | ||
Gross Carrying Amount | $ 560 | |
Weighted-Average Useful Life | 19 years | |
Trade names | ||
Business Acquisition [Line Items] | ||
Gross Carrying Amount | $ 150 | |
Technology, including patents | ||
Business Acquisition [Line Items] | ||
Gross Carrying Amount | $ 95 | |
Weighted-Average Useful Life | 10 years | |
Backlog | ||
Business Acquisition [Line Items] | ||
Gross Carrying Amount | $ 10 | |
Weighted-Average Useful Life | 3 months |
Business Acquisitions and Div_7
Business Acquisitions and Divestitures - Schedule of Results of Operations After Acquisition (Details) - USD ($) $ in Millions | Mar. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 |
Business Acquisition [Line Items] | |||||
Proceeds from divestitures, net of cash divested | $ 165.7 | $ 222.4 | |||
Net revenue | $ 722.3 | $ 648.9 | $ 1,414.8 | 1,215.8 | |
Income before income taxes | 109.4 | (70.4) | 218.4 | (83.6) | |
Molding Technology Solutions | |||||
Business Acquisition [Line Items] | |||||
Net revenue | 255 | 199 | 491.9 | 332.3 | |
Income before income taxes | $ 32.6 | $ (30.2) | $ 62.3 | $ (29.5) |
Business Acquisitions and Div_8
Business Acquisitions and Divestitures - Schedule of Supplemental Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Business Combinations [Abstract] | ||||
Net revenue | $ 722.3 | $ 648.9 | $ 1,414.8 | $ 1,331.5 |
Net income (loss) attributable to Hillenbrand | $ 78.1 | $ (46.8) | $ 154.5 | $ (31.3) |
Net income (loss) attributable to Hillenbrand — per share of common stock: | ||||
Basic earnings (loss) per share | $ 1.04 | $ (0.62) | $ 2.05 | $ (0.42) |
Diluted earnings (loss) per share | $ 1.03 | $ (0.62) | $ 2.04 | $ (0.42) |
Business Acquisitions and Div_9
Business Acquisitions and Divestitures - Disposal Group Balance Sheet Disclosures (Details) - TerraSource Global - USD ($) $ in Millions | Mar. 31, 2021 | Sep. 30, 2020 |
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||
Trade receivables, net | $ 8.5 | $ 19.8 |
Inventories | 11.1 | 22 |
Property, plant and equipment, net (2) | 12 | 18.1 |
Operating lease right-of-use assets | 2.3 | 4.3 |
Intangible assets, net | 49.5 | 133.6 |
Goodwill | 12.4 | 19.5 |
Other assets | 2.8 | 9.4 |
Valuation allowance on disposal group (1) | (35.9) | (45.4) |
Total assets held for sale | 62.7 | 181.3 |
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | ||
Trade accounts payable | 4.2 | 7.3 |
Liabilities from long-term manufacturing contracts and advances | 4 | 4.9 |
Operating lease liabilities | 2.4 | 4.5 |
Deferred income taxes | 5.5 | 8.8 |
Other liabilities | 2.6 | 7 |
Total liabilities held for sale | $ 18.7 | $ 32.5 |
Supplemental Balance Sheet In_3
Supplemental Balance Sheet Information - Schedule of supplemental balance sheet information (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 |
Balance Sheet Related Disclosures [Abstract] | |||
Restricted Cash and Cash Equivalents | $ 2.4 | $ 0.4 | |
Allowance for doubtful accounts | 23.9 | $ 24 | |
Warranty reserves | 25.2 | 23.8 | |
Accumulated depreciation on property, plant, and equipment | 363 | 342.1 | |
Inventories, net: | |||
Raw materials and components | 134.5 | 133.3 | |
Work in process | 91.2 | 88.7 | |
Finished goods | 159.3 | 163.4 | |
Total inventories, net | $ 385 | $ 385.4 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||||
Operating lease expense | $ 8.7 | $ 9.8 | $ 17.6 | $ 17.8 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Sep. 30, 2020 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 150.6 | $ 154.4 |
Other current liabilities | 32.2 | 31.2 |
Operating lease liabilities | 116.4 | 120.9 |
Total operating lease liabilities | $ 148.6 | $ 152.1 |
Weighted-average remaining lease term (in years) | 7 years 3 months 18 days | 7 years 7 months 6 days |
Weighted-average discount rate | 2.10% | 2.50% |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Liability Maturities (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Sep. 30, 2020 |
Leases [Abstract] | ||
2021 (excluding the six months ended March 31, 2021) | $ 19.4 | |
2022 | 34.2 | |
2023 | 25.8 | |
2024 | 11.3 | |
Thereafter | 51.7 | |
Total lease payments | 160 | |
Less: imputed interest | (11.4) | |
Total present value of lease payments | 148.6 | $ 152.1 |
2022 | $ 17.6 |
Leases - Schedule fo Supplement
Leases - Schedule fo Supplemental Statement of Cash Flow Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 21 | $ 18 |
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities | $ 13.1 | $ 18.7 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill impairment | $ 72.3 | $ 72.3 | |||
Impairment charges | $ 0 | 82.5 | $ 0 | 82.5 | |
Minimum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||||
Maximum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 21 years | ||||
Advanced Process Solutions | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill impairment | 72.3 | 72.3 | |||
Goodwill, pre-impairment charge | $ 95.2 | ||||
Impairment charges | 73 | 73 | |||
Molding Technology Solutions | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Reporting unit, indefinite-lived intangible asset, pre-impairment charge | 125 | ||||
Impairment charges | 9.5 | 9.5 | |||
Trade names | Advanced Process Solutions | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Impairment of Intangible Assets, Indefinite-lived (excluding goodwill) | $ 0.7 | $ 0.7 | |||
Reporting unit, indefinite-lived intangible asset, pre-impairment charge | $ 4.4 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2021 | Jun. 30, 2020 | Sep. 30, 2020 | |
Intangible Assets [Line Items] | |||
Cost | $ 999.5 | $ 1,001.1 | |
Accumulated Amortization | (287.4) | (267.2) | |
Total | 1,226.5 | $ 1,227.9 | |
Trade names | |||
Intangible Assets [Line Items] | |||
Indefinite-lived assets: | 227 | 226.8 | |
Trade names | |||
Intangible Assets [Line Items] | |||
Cost | 0.2 | 0.2 | |
Accumulated Amortization | (0.2) | (0.2) | |
Customer relationships | |||
Intangible Assets [Line Items] | |||
Cost | 796.2 | 787.6 | |
Accumulated Amortization | (173.4) | (151.8) | |
Technology, including patents | |||
Intangible Assets [Line Items] | |||
Cost | 137.7 | 137.6 | |
Accumulated Amortization | (57) | (51) | |
Software | |||
Intangible Assets [Line Items] | |||
Cost | 65.4 | 65.6 | |
Accumulated Amortization | (56.8) | (54.1) | |
Backlog | |||
Intangible Assets [Line Items] | |||
Cost | 0 | 10 | |
Accumulated Amortization | 0 | (10) | |
Other | |||
Intangible Assets [Line Items] | |||
Cost | 0 | 0.1 | |
Accumulated Amortization | $ 0 | $ (0.1) |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Mar. 31, 2021 | |
Goodwill [Roll Forward] | ||
Balance at the beginning of the period | $ 1,137.8 | |
Acquisitions | 19.6 | |
Foreign currency adjustments | $ 8.5 | |
Balance at the end of the period | 1,165.9 | 1,165.9 |
Advanced Process Solutions | ||
Goodwill [Roll Forward] | ||
Balance at the beginning of the period | 485.1 | |
Acquisitions | 0 | |
Foreign currency adjustments | (0.1) | |
Balance at the end of the period | 485 | 485 |
Molding Technology Solutions | ||
Goodwill [Roll Forward] | ||
Balance at the beginning of the period | 644.4 | |
Acquisitions | 19.6 | |
Foreign currency adjustments | 8.6 | |
Balance at the end of the period | 672.6 | 672.6 |
Batesville | ||
Goodwill [Roll Forward] | ||
Balance at the beginning of the period | 8.3 | |
Acquisitions | 0 | |
Foreign currency adjustments | 0 | |
Balance at the end of the period | $ 8.3 | $ 8.3 |
Intangible Assets and Goodwil_5
Intangible Assets and Goodwill - Schedule of Impairment Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill impairment | $ 72.3 | $ 72.3 | ||
Goodwill and Intangible Asset Impairment | $ 0 | 82.5 | $ 0 | 82.5 |
Advanced Process Solutions | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill impairment | 72.3 | 72.3 | ||
Goodwill and Intangible Asset Impairment | 73 | 73 | ||
Molding Technology Solutions | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill impairment | 0 | 0 | ||
Goodwill and Intangible Asset Impairment | 9.5 | 9.5 | ||
Trade names | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible asset impairment | 8.6 | 8.6 | ||
Trade names | Advanced Process Solutions | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible asset impairment | 0.7 | 0.7 | ||
Trade names | Molding Technology Solutions | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible asset impairment | 7.9 | 7.9 | ||
Technology, including patents | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible asset impairment | 1.6 | 1.6 | ||
Technology, including patents | Advanced Process Solutions | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible asset impairment | 0 | 0 | ||
Technology, including patents | Molding Technology Solutions | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible asset impairment | $ 1.6 | $ 1.6 |
Financing Agreements - Schedule
Financing Agreements - Schedule of borrowings (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Sep. 30, 2020 |
Debt Instrument [Line Items] | ||
Total debt | $ 1,211.9 | $ 1,552.6 |
Other | 0.2 | 0.2 |
Current portion of long-term debt | 0 | 36.3 |
Long-term debt | 1,211.9 | 1,516.3 |
$500.0 term loan (1) | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 473.7 |
Debt Issuance Costs, Line of Credit Arrangements, Gross | 1.3 | |
$400.0 senior unsecured notes (2) | ||
Debt Instrument [Line Items] | ||
Total debt | 395.3 | 394.8 |
Debt Issuance Costs, Line of Credit Arrangements, Gross | 4.7 | 5.2 |
$375.0 senior unsecured notes, net of discount (3) | ||
Debt Instrument [Line Items] | ||
Total debt | 371.1 | 370.8 |
Debt Issuance Costs, Line of Credit Arrangements, Gross | 3.4 | 3.7 |
$350.0 senior unsecured notes (4) | ||
Debt Instrument [Line Items] | ||
Total debt | 345.5 | 0 |
Debt Issuance Costs, Line of Credit Arrangements, Gross | 4.5 | |
$225.0 term loan (5) | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 213.4 |
Debt Issuance Costs, Line of Credit Arrangements, Gross | 0.3 | |
$100.0 Series A Notes (6) | ||
Debt Instrument [Line Items] | ||
Total debt | 99.8 | 99.7 |
Debt Issuance Costs, Line of Credit Arrangements, Gross | 0.2 | 0.3 |
$900.0 revolving credit facility (excluding outstanding letters of credit) | ||
Debt Instrument [Line Items] | ||
Total debt | $ 0 | $ 0 |
Financing Agreements - Narrativ
Financing Agreements - Narrative (Details) | Mar. 03, 2021USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020 | Mar. 31, 2021USD ($) | Mar. 31, 2020 | Sep. 30, 2020USD ($) | Jun. 16, 2020USD ($) | Dec. 15, 2014USD ($) |
Debt instrument [Line Items] | ||||||||
Long-term Debt | $ 1,211,900,000 | $ 1,211,900,000 | $ 1,552,600,000 | |||||
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 | |||||||
$350.0 senior unsecured notes (4) | ||||||||
Debt instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 350,000,000 | |||||||
Debt interest rate | 3.75% | |||||||
Deferred financing costs | $ 4,500,000 | |||||||
Debt redemption price | 101.00% | |||||||
Debt Issuance Costs, Line of Credit Arrangements, Gross | 4,500,000 | 4,500,000 | ||||||
Long-term Debt | 345,500,000 | 345,500,000 | $ 0 | |||||
$500.0 term loan (1) | ||||||||
Debt instrument [Line Items] | ||||||||
Debt instrument, face amount | 500,000,000 | 500,000,000 | ||||||
Repayments of term loans | 500,000,000 | |||||||
Debt Issuance Costs, Line of Credit Arrangements, Gross | 1,300,000 | 1,300,000 | ||||||
Long-term Debt | $ 0 | $ 0 | 473,700,000 | |||||
Weighted average interest rates | 2.51% | 2.65% | ||||||
$225.0 term loan (5) | ||||||||
Debt instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 225,000,000 | $ 225,000,000 | ||||||
Repayments of term loans | 225,000,000 | |||||||
Debt Issuance Costs, Line of Credit Arrangements, Gross | 300,000 | |||||||
Long-term Debt | $ 0 | 0 | 213,400,000 | |||||
Weighted average interest rates | 2.63% | |||||||
$900.0 revolving credit facility (excluding outstanding letters of credit) | ||||||||
Debt instrument [Line Items] | ||||||||
Long-term Debt | $ 0 | 0 | 0 | |||||
Letters of Credit Outstanding, Amount | 7,400,000 | 7,400,000 | ||||||
Line of credit facility, remaining borrowing capacity | $ 892,600,000 | $ 892,600,000 | ||||||
Weighted average interest rates | 2.21% | 2.84% | 2.28% | 2.88% | ||||
Weighted average facility fee | 0.24% | 0.25% | 0.27% | 0.21% | ||||
$375.0 senior unsecured notes, net of discount (3) | ||||||||
Debt instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 375,000,000 | $ 375,000,000 | ||||||
Debt Issuance Costs, Line of Credit Arrangements, Gross | 3,400,000 | 3,400,000 | 3,700,000 | |||||
Long-term Debt | 371,100,000 | 371,100,000 | 370,800,000 | |||||
$100.0 Series A Notes (6) | ||||||||
Debt instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 100,000,000 | |||||||
Debt interest rate | 4.60% | |||||||
Debt Issuance Costs, Line of Credit Arrangements, Gross | 200,000 | 200,000 | 300,000 | |||||
Long-term Debt | 99,800,000 | 99,800,000 | 99,700,000 | |||||
Other Financing Agreements | ||||||||
Debt instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | 418,700,000 | 418,700,000 | ||||||
Line of credit facility, amount utilized for bank guarantees | 208,300,000 | 208,300,000 | ||||||
$400.0 senior unsecured notes (2) | ||||||||
Debt instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 400,000,000 | |||||||
Debt Issuance Costs, Line of Credit Arrangements, Gross | 4,700,000 | 4,700,000 | 5,200,000 | |||||
Long-term Debt | 395,300,000 | 395,300,000 | $ 394,800,000 | |||||
Debt Instrument, Redemption, Period One | $350.0 senior unsecured notes (4) | ||||||||
Debt instrument [Line Items] | ||||||||
Debt redemption price | 101.875% | |||||||
Debt Instrument, Redemption, Period Two | $350.0 senior unsecured notes (4) | ||||||||
Debt instrument [Line Items] | ||||||||
Debt redemption price | 101.25% | |||||||
Debt Instrument, Redemption, Period Three | $350.0 senior unsecured notes (4) | ||||||||
Debt instrument [Line Items] | ||||||||
Debt redemption price | 100.625% | |||||||
Debt Instrument, Redemption, Period Four | $350.0 senior unsecured notes (4) | ||||||||
Debt instrument [Line Items] | ||||||||
Debt redemption price | 100.00% | |||||||
Debt Instrument, Redemption, Period Five | $350.0 senior unsecured notes (4) | ||||||||
Debt instrument [Line Items] | ||||||||
Debt redemption price | 103.75% | |||||||
Amount of debt available to be redeemed | 40.00% | |||||||
Molding Technology Solutions | Revolver [Member] | $900.0 revolving credit facility (excluding outstanding letters of credit) | ||||||||
Debt instrument [Line Items] | ||||||||
Long-term Line of Credit | $ 650,000,000 | $ 650,000,000 |
Retirement Benefits (Details)
Retirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Foreign Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service costs | $ 0.5 | $ 0.5 | $ 1 | $ 1.1 |
Interest costs | 0.1 | 0.1 | 0.3 | 0.3 |
Expected return on plan assets | (0.2) | (0.2) | (0.4) | (0.3) |
Amortization of net loss | 0.8 | 0.9 | 1.5 | 1.3 |
Net periodic pension (benefit) cost | 1.2 | 1.3 | 2.4 | 2.4 |
United States | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service costs | 0.1 | 0.3 | 0.3 | 0.7 |
Interest costs | 1.4 | 2 | 2.9 | 4 |
Expected return on plan assets | (2.7) | (3.2) | (5.4) | (6.4) |
Amortization of net loss | 0.6 | 1.2 | 1.1 | 2.4 |
Net periodic pension (benefit) cost | $ (0.6) | $ 0.3 | $ (1.1) | $ 0.7 |
Retirement Benefits - Narrative
Retirement Benefits - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Contribution Plan, Cost | $ 2.9 | $ 3.8 | $ 6.6 | $ 7.1 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
TaxRate [Line Items] | ||||
Effective income tax rate | 27.80% | (2.60%) | 28.30% | 12.70% |
Net operating loss utilized | $ 39.6 | $ 39.6 | ||
Molding Technology Solutions | ||||
TaxRate [Line Items] | ||||
Deferred tax assets, gross | 5.9 | 5.9 | ||
Deferred tax liabilities, net | 139 | 139 | ||
Deferred tax asset, operating loss carryforward | 65.5 | 65.5 | ||
Deferred tax asset, valuation allowance | $ 22 | $ 22 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income per common share | ||||
Net income (loss) attributable to Hillenbrand | $ 78.1 | $ (74) | $ 154.5 | $ (77.1) |
Weighted-average shares outstanding (basic - in millions) (1) | 75,500,000 | 75,100,000 | 75,400,000 | 71,700,000 |
Effect of dilutive stock options and other unvested equity awards (in millions) (2) | 700,000 | 0 | 400,000 | 0 |
Weighted-average shares outstanding (diluted - in millions) | 76,200,000 | 75,100,000 | 75,800,000 | 71,700,000 |
Basic earnings (loss) per share | $ 1.04 | $ (0.99) | $ 2.05 | $ (1.07) |
Diluted earnings (loss) per share | $ 1.03 | $ (0.99) | $ 2.04 | $ (1.07) |
Shares with anti-dilutive effect excluded from the computation of diluted earnings per share (in millions) | 500,000 | 3,100,000 | 800,000 | 2,800,000 |
Performance-based stock awards | ||||
Income per common share | ||||
Shares with anti-dilutive effect excluded from the computation of diluted earnings per share (in millions) | 400,000 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive securities excluded from computation of earnings per share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 500,000 | 3,100,000 | 800,000 | 2,800,000 |
Performance-based stock awards (maximum that can be earned) | ||||
Antidilutive securities excluded from computation of earnings per share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 400,000 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Class of Stock [Line Items] | |||
Cash dividends paid on common stock | $ 32.3 | $ 31.7 | |
Treasury Stock | |||
Class of Stock [Line Items] | |||
Common stock, shares issued | 0.1 | 0.4 | (0.1) |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - Schedule of changes in accumulated other comprehensive income (loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||||
Balance at the beginning of the period | $ (102.8) | |||
Other comprehensive income before reclassifications | ||||
Before tax amount | 14.6 | $ (15.9) | ||
Tax benefit | (0.2) | 0.6 | ||
After tax amount | 14.4 | (15.3) | ||
Amounts reclassified from accumulated other comprehensive loss (1) | 2.7 | 3 | ||
Total changes in other comprehensive (loss) income, net of tax | $ (45.1) | $ (32.1) | 17.1 | (12.3) |
Balance at the end of the period | (85.8) | (85.8) | ||
Pension and Postretirement | ||||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||||
Balance at the beginning of the period | (69.6) | (62.3) | ||
Other comprehensive income before reclassifications | ||||
Before tax amount | 0 | 0 | ||
Tax benefit | 0 | 0 | ||
After tax amount | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive loss (1) | 1.8 | 2.5 | ||
Total changes in other comprehensive (loss) income, net of tax | 1.8 | 2.5 | ||
Balance at the end of the period | (67.8) | (65.8) | (67.8) | (65.8) |
Currency Translation | ||||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||||
Balance at the beginning of the period | (21.1) | (64.7) | ||
Other comprehensive income before reclassifications | ||||
Before tax amount | 14 | (12.3) | ||
Tax benefit | 0 | 0 | ||
After tax amount | 14 | (12.3) | ||
Amounts reclassified from accumulated other comprehensive loss (1) | 0 | 0 | ||
Total changes in other comprehensive (loss) income, net of tax | 14 | (12.3) | ||
Balance at the end of the period | (7.1) | (77) | (7.1) | (77) |
Net Unrealized Gain (Loss) on Derivative Instruments | ||||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||||
Balance at the beginning of the period | (12.1) | (13.6) | ||
Other comprehensive income before reclassifications | ||||
Before tax amount | 0.5 | (3) | ||
Tax benefit | (0.2) | 0.6 | ||
After tax amount | 0.3 | (2.4) | ||
Amounts reclassified from accumulated other comprehensive loss (1) | 0.9 | 0.5 | ||
Total changes in other comprehensive (loss) income, net of tax | 1.2 | (1.9) | ||
Balance at the end of the period | (10.9) | (15.5) | (10.9) | (15.5) |
Total Attributable to Hillenbrand, Inc. | ||||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||||
Balance at the beginning of the period | (102.8) | (84.2) | ||
Other comprehensive income before reclassifications | ||||
Before tax amount | 14.5 | (15.3) | ||
Tax benefit | (0.2) | 0.6 | ||
After tax amount | 14.3 | (14.7) | ||
Amounts reclassified from accumulated other comprehensive loss (1) | 2.7 | 3 | ||
Total changes in other comprehensive (loss) income, net of tax | 17 | (11.7) | ||
Balance at the end of the period | $ (85.8) | (158.3) | (85.8) | (158.3) |
Noncontrolling Interests | ||||
Other comprehensive income before reclassifications | ||||
Before tax amount | 0.1 | (0.6) | ||
Tax benefit | 0 | 0 | ||
After tax amount | 0.1 | (0.6) | ||
Amounts reclassified from accumulated other comprehensive loss (1) | 0 | 0 | ||
Total changes in other comprehensive (loss) income, net of tax | $ (0.5) | $ 0.1 | $ (0.6) |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) - Schedule of reclassifications (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Affected Line in the Consolidated Statement of Operations: | ||||
Net revenue | $ 722.3 | $ 648.9 | $ 1,414.8 | $ 1,215.8 |
Cost of goods sold | (476.4) | (455.2) | (924.7) | (850.3) |
Other income, net | 1 | 2.3 | 0.6 | 4.2 |
Tax expense | (30.4) | (1.8) | (61.7) | 10.6 |
Total reclassifications for the period, net of tax | 2.7 | 3 | ||
Amortization of Pension and Postretirement | ||||
Affected Line in the Consolidated Statement of Operations: | ||||
Total reclassifications for the period, net of tax | 1.8 | 2.5 | ||
Derivative Instruments | ||||
Affected Line in the Consolidated Statement of Operations: | ||||
Total reclassifications for the period, net of tax | 0.9 | 0.5 | ||
Reclassifications out of accumulated other comprehensive income (loss) | ||||
Affected Line in the Consolidated Statement of Operations: | ||||
Net revenue | 0.2 | (0.3) | 0.2 | (0.2) |
Cost of goods sold | (0.3) | (0.2) | (0.3) | (0.4) |
Other income, net | 1.6 | 2.3 | 3.4 | 4.4 |
Total before tax | 1.5 | 1.8 | 3.3 | 3.8 |
Tax expense | (0.4) | (0.3) | (0.6) | (0.8) |
Total reclassifications for the period, net of tax | 1.1 | 1.5 | 2.7 | 3 |
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 |
Cost of goods sold | 0 | 0 | 0 | 0 |
Other income, net | 1.2 | 1.9 | 2.5 | 3.5 |
Total before tax | 1.2 | 1.9 | 2.5 | 3.5 |
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 |
Cost of goods sold | 0 | 0 | 0 | 0 |
Other income, net | (0.1) | (0.1) | (0.1) | (0.1) |
Total before tax | (0.1) | (0.1) | (0.1) | (0.1) |
Reclassifications out of accumulated other comprehensive income (loss) | Derivative Instruments | ||||
Affected Line in the Consolidated Statement of Operations: | ||||
Net revenue | 0.2 | (0.3) | 0.2 | (0.2) |
Cost of goods sold | (0.3) | (0.2) | (0.3) | (0.4) |
Other income, net | 0.5 | 0.5 | 1 | 1 |
Total before tax | $ 0.4 | $ 0 | $ 0.9 | $ 0.4 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of stock-based compensation costs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Compensation Related Costs [Abstract] | ||||
Share-based compensation costs | $ 6.2 | $ 3.4 | $ 10.4 | $ 5.7 |
Less impact of income tax benefit | 1.4 | 0.8 | 2.4 | 1.3 |
Share-based compensation costs, net of tax | $ 4.8 | $ 2.6 | $ 8 | $ 4.4 |
Share-Based Compensation - Sc_2
Share-Based Compensation - Schedule of stock-based awards granted (Details) | 6 Months Ended |
Mar. 31, 2021shares | |
Time-based stock awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock awards granted in period (in shares) | 315,235 |
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) | 364,798 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) | 6 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award performance measurement period | 3 years |
Time-based stock awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Equity instruments other than options, grant date fair value (in dollars per share) | $ 38.03 |
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) | $ 44.39 |
Performance-based stock awards granted, number of units (in shares) | shares | 214,092 |
Other Income, Net (Details)
Other Income, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated other comprehensive income (loss) [Line Items] | ||||
Net loss on divestiture | $ 34.1 | $ 65.7 | $ (3) | |
Interest Income, Other | 1 | $ 0.6 | 1.6 | 1.9 |
Foreign currency exchange gain, net | 0 | 1.8 | 0.4 | 1.9 |
Other, net | 0 | (0.1) | (1.4) | 0.4 |
Other income, net | $ 1 | $ 2.3 | $ 0.6 | $ 4.2 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | 6 Months Ended |
Mar. 31, 2021USD ($) | |
General claims and lawsuits | Minimum | |
Commitments and Contingencies | |
Deductibles and self-insured retentions per occurrence or per claim | $ 0.5 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of financial assets and liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Sep. 30, 2020 |
Assets: | ||
Cash and cash equivalents | $ 344.9 | $ 302.2 |
Investments in rabbi trust | 3.8 | 3.9 |
Derivative instruments | 3.3 | 2.6 |
Liabilities: | ||
Derivative instruments | 1.9 | 1.6 |
Cash flow hedging | Foreign Exchange Forward | ||
Liabilities: | ||
Derivative, notional amount | 226.5 | 232.8 |
Level 1 | ||
Assets: | ||
Cash and cash equivalents | 344.9 | 302.2 |
Investments in rabbi trust | 3.8 | 3.9 |
Derivative instruments | 0 | 0 |
Liabilities: | ||
Derivative instruments | 0 | 0 |
Level 2 | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Investments in rabbi trust | 0 | 0 |
Derivative instruments | 3.3 | 2.6 |
Liabilities: | ||
Derivative instruments | 1.9 | 1.6 |
Level 3 | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Investments in rabbi trust | 0 | 0 |
Derivative instruments | 0 | 0 |
Liabilities: | ||
Derivative instruments | 0 | 0 |
2020 Notes | ||
Liabilities: | ||
Debt instruments | 400 | 400 |
2020 Notes | Level 1 | ||
Liabilities: | ||
Debt instruments | 429.4 | 429 |
2020 Notes | Level 2 | ||
Liabilities: | ||
Debt instruments | 0 | 0 |
2020 Notes | Level 3 | ||
Liabilities: | ||
Debt instruments | 0 | 0 |
2019 Notes | ||
Liabilities: | ||
Debt instruments | 374.5 | 374.5 |
2019 Notes | Level 1 | ||
Liabilities: | ||
Debt instruments | 412.5 | 409 |
2019 Notes | Level 2 | ||
Liabilities: | ||
Debt instruments | 0 | 0 |
2019 Notes | Level 3 | ||
Liabilities: | ||
Debt instruments | 0 | 0 |
2021 Notes | ||
Liabilities: | ||
Debt instruments | 350 | |
2021 Notes | Level 1 | ||
Liabilities: | ||
Debt instruments | 341.6 | |
2021 Notes | Level 2 | ||
Liabilities: | ||
Debt instruments | 0 | |
2021 Notes | Level 3 | ||
Liabilities: | ||
Debt instruments | 0 | |
$500.0 term loan | ||
Liabilities: | ||
Debt instruments | 475 | |
$500.0 term loan | Level 1 | ||
Liabilities: | ||
Debt instruments | 0 | |
$500.0 term loan | Level 2 | ||
Liabilities: | ||
Debt instruments | 475 | |
$500.0 term loan | Level 3 | ||
Liabilities: | ||
Debt instruments | 0 | |
$225.0 term loan | ||
Liabilities: | ||
Debt instruments | 213.7 | |
$225.0 term loan | Level 1 | ||
Liabilities: | ||
Debt instruments | 0 | |
$225.0 term loan | Level 2 | ||
Liabilities: | ||
Debt instruments | 213.7 | |
$225.0 term loan | Level 3 | ||
Liabilities: | ||
Debt instruments | 0 | |
Series A Notes | ||
Liabilities: | ||
Debt instruments | 100 | 100 |
Series A Notes | Level 1 | ||
Liabilities: | ||
Debt instruments | 0 | 0 |
Series A Notes | Level 2 | ||
Liabilities: | ||
Debt instruments | 106.7 | 105.3 |
Series A Notes | Level 3 | ||
Liabilities: | ||
Debt instruments | $ 0 | $ 0 |
Segment and Geographical Info_3
Segment and Geographical Information - Schedule of net revenue and assets by segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | |
Segment and Geographical Information | |||||
Total assets | $ 3,917.1 | $ 3,917.1 | $ 3,987.4 | ||
Property, plant, and equipment, net | 447 | 447 | 468.6 | ||
Net revenue | 722.3 | $ 648.9 | 1,414.8 | $ 1,215.8 | |
United States | |||||
Segment and Geographical Information | |||||
Property, plant, and equipment, net | 169.5 | 169.5 | 182.4 | ||
Net revenue | 343.1 | 299.7 | 671.8 | 581.7 | |
GERMANY | |||||
Segment and Geographical Information | |||||
Property, plant, and equipment, net | 112.6 | 112.6 | 110.4 | ||
Net revenue | 32.4 | 45.4 | 66.7 | 81.2 | |
CHINA | |||||
Segment and Geographical Information | |||||
Property, plant, and equipment, net | 53 | 53 | 54.2 | ||
Net revenue | 114.9 | 70.3 | 226.8 | 127.3 | |
INDIA | |||||
Segment and Geographical Information | |||||
Net revenue | 47 | 33.8 | 88.5 | 68.1 | |
All other countries | |||||
Segment and Geographical Information | |||||
Property, plant, and equipment, net | 111.9 | 111.9 | 121.6 | ||
Net revenue | 184.9 | 199.7 | 361 | 357.5 | |
Operating segments | |||||
Segment and Geographical Information | |||||
Net revenue | 722.3 | 648.9 | 1,414.8 | 1,215.8 | |
Corporate | |||||
Segment and Geographical Information | |||||
Adjusted EBITDA (1) | (16.8) | (10.8) | (28) | (19.7) | |
Total assets | 75.5 | 75.5 | 63.2 | ||
Advanced Process Solutions | |||||
Segment and Geographical Information | |||||
Net revenue | 301.3 | 311.1 | 592.1 | 617.7 | |
Advanced Process Solutions | Operating segments | |||||
Segment and Geographical Information | |||||
Adjusted EBITDA (1) | 55.7 | 57.5 | 104.2 | 109 | |
Total assets | 1,545.6 | 1,545.6 | 1,666.5 | ||
Molding Technology Solutions | |||||
Segment and Geographical Information | |||||
Net revenue | 255 | 199 | 491.9 | 332.3 | |
Molding Technology Solutions | Operating segments | |||||
Segment and Geographical Information | |||||
Adjusted EBITDA (1) | 50.8 | 31.9 | 99.2 | 58.2 | |
Total assets | 2,065.4 | 2,065.4 | 2,032.4 | ||
Batesville | |||||
Segment and Geographical Information | |||||
Net revenue | 166 | 138.8 | 330.8 | 265.8 | |
Batesville | Operating segments | |||||
Segment and Geographical Information | |||||
Adjusted EBITDA (1) | 44.6 | $ 32 | 96.9 | $ 55 | |
Total assets | $ 230.6 | $ 230.6 | $ 225.3 |
Segment and Geographical Info_4
Segment and Geographical Information - Schedule of reconciliation of segment (Details 2) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Segment and Geographical Information | ||||
Interest income | $ (1) | $ (0.6) | $ (1.6) | $ (1.9) |
Interest expense | 19.5 | 20.9 | 40.7 | 35.6 |
Income tax expense (benefit) | 30.4 | 1.8 | 61.7 | (10.6) |
Depreciation and amortization | 28.3 | 38.6 | 57.6 | 64.5 |
Impairment charges | 0 | 82.5 | 0 | 82.5 |
Business acquisition, development, and integration costs | 9.7 | 8 | 18.8 | 61.8 |
Inventory step-up | 2.2 | 0.7 | 3.7 | 3.1 |
Net loss on divestiture | (34.1) | (65.7) | 3 | |
Other | 0.3 | 0.4 | 0.4 | 0.4 |
Business Combination, Inventory Step Up Costs | 0 | 27.5 | 0 | 37.1 |
Consolidated net income (loss) | 79 | (72.2) | 156.7 | (73) |
Corporate | ||||
Segment and Geographical Information | ||||
Adjusted EBITDA (1) | (16.8) | (10.8) | (28) | (19.7) |
Advanced Process Solutions | Operating segments | ||||
Segment and Geographical Information | ||||
Adjusted EBITDA (1) | 55.7 | 57.5 | 104.2 | 109 |
Molding Technology Solutions | ||||
Segment and Geographical Information | ||||
Impairment charges | 9.5 | 9.5 | ||
Molding Technology Solutions | Operating segments | ||||
Segment and Geographical Information | ||||
Adjusted EBITDA (1) | 50.8 | 31.9 | 99.2 | 58.2 |
Batesville | Operating segments | ||||
Segment and Geographical Information | ||||
Adjusted EBITDA (1) | $ 44.6 | $ 32 | $ 96.9 | $ 55 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Restructuring and Related Cost | ||||
Restructuring charges | $ 3.2 | $ 1.3 | $ 5.5 | $ 4.4 |
Inventory step-up | 2.2 | 0.7 | 3.7 | 3.1 |
Restructuring reserve, current | 3.9 | 3.9 | ||
Corporate | ||||
Restructuring and Related Cost | ||||
Restructuring charges | 0.5 | 0.7 | 0.7 | 1 |
Advanced Process Solutions | ||||
Restructuring and Related Cost | ||||
Restructuring charges | 1 | 0.3 | 2.5 | 1.9 |
Molding Technology Solutions | ||||
Restructuring and Related Cost | ||||
Restructuring charges | 1.6 | 0.2 | 2 | 1 |
Batesville | ||||
Restructuring and Related Cost | ||||
Restructuring charges | 0.1 | 0.1 | 0.3 | 0.5 |
Operating expense | ||||
Restructuring and Related Cost | ||||
Restructuring charges | 1.8 | 1.5 | 3.4 | 3.8 |
Operating expense | Corporate | ||||
Restructuring and Related Cost | ||||
Restructuring charges | 0.5 | 0.7 | 0.7 | 1 |
Operating expense | Advanced Process Solutions | ||||
Restructuring and Related Cost | ||||
Restructuring charges | 0.8 | 0.3 | 1.7 | 1.2 |
Operating expense | Molding Technology Solutions | ||||
Restructuring and Related Cost | ||||
Restructuring charges | 0.4 | 0.4 | 0.7 | 1.2 |
Operating expense | Batesville | ||||
Restructuring and Related Cost | ||||
Restructuring charges | 0.1 | 0.1 | 0.3 | 0.4 |
Cost of goods, segment | Corporate | ||||
Restructuring and Related Cost | ||||
Restructuring charges | 0 | 0 | 0 | 0 |
Cost of goods, segment | Advanced Process Solutions | ||||
Restructuring and Related Cost | ||||
Restructuring charges | 0.2 | 0 | 0.8 | 0.7 |
Cost of goods, segment | Molding Technology Solutions | ||||
Restructuring and Related Cost | ||||
Restructuring charges | 1.2 | (0.2) | 1.3 | (0.2) |
Cost of goods, segment | Batesville | ||||
Restructuring and Related Cost | ||||
Restructuring charges | 0 | 0 | 0 | 0.1 |
Cost of Goods and Service Benchmark [Member] | ||||
Restructuring and Related Cost | ||||
Restructuring charges | $ 1.4 | $ (0.2) | $ 2.1 | $ 0.6 |