Cover Page
Cover Page - shares | 9 Months Ended | |
Jun. 30, 2023 | Jul. 28, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
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 | 931-5000 | |
Title of 12(b) Security | Common Stock, without par value | |
Trading Symbol | HI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 69,915,289 | |
Entity Central Index Key | 0001417398 | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Net revenue | $ 716.6 | $ 579.8 | $ 2,063.2 | $ 1,711.4 |
Cost of goods sold | 469.7 | 388.8 | 1,382.5 | 1,149.9 |
Gross profit | 246.9 | 191 | 680.7 | 561.5 |
Operating expenses | 144.8 | 111.6 | 424.6 | 337.1 |
Amortization expense | 19.7 | 13.4 | 58.6 | 40.8 |
Loss on divestiture | 0 | 0 | 0 | 3.1 |
Interest expense | 18.6 | 17.5 | 63 | 52.7 |
Other income, net | (4) | (2.5) | (10.6) | (9.3) |
Income from continuing operations before income taxes | 67.8 | 51 | 145.1 | 137.1 |
Income tax expense | 23.8 | 19.9 | 50.2 | 54.4 |
Income from continuing operations | 44 | 31.1 | 94.9 | 82.7 |
Supplemental Income Statement Elements [Abstract] | ||||
Income from discontinued operations (net of income tax expense) | 0.6 | 19 | 20.1 | 73.3 |
Gain on divestiture of discontinued operations(1) | 0.4 | 0 | 441.3 | 0 |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 1 | 19 | 461.4 | 73.3 |
Consolidated net income | 45 | 50.1 | 556.3 | 156 |
Less: Net income attributable to noncontrolling interests | 1.7 | 1.3 | 4.8 | 3.9 |
Net income attributable to Hillenbrand | $ 43.3 | $ 48.8 | $ 551.5 | $ 152.1 |
Basic earnings per share | ||||
Income from continuing operations attributable to Hillenbrand (in dollars per share) | $ 0.60 | $ 0.42 | $ 1.29 | $ 1.09 |
Income from discontinued operations (in dollars per share) | 0.02 | 0.26 | 6.62 | 1.01 |
Net income attributable to Hillenbrand | 0.62 | 0.68 | 7.91 | 2.10 |
Diluted earnings per share | ||||
Income from continuing operations attributable to Hillenbrand (in dollars per share) | 0.60 | 0.42 | 1.29 | 1.08 |
Income from discontinued operations (in dollars per share) | 0.02 | 0.26 | 6.59 | 1 |
Diluted earnings per share | $ 0.62 | $ 0.68 | $ 7.88 | $ 2.08 |
Weighted average shares outstanding (basic) | 70 | 71.4 | 69.7 | 72.4 |
Weighted average shares outstanding (diluted) | 70.3 | 72 | 70 | 73 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Consolidated net income (loss) | $ 45 | $ 50.1 | $ 556.3 | $ 156 |
Changes in other comprehensive (loss) income, net of tax: | ||||
Currency translation adjustment (1) | (23.8) | (56.6) | 38.6 | (61.6) |
Pension and postretirement | (0.3) | 1.7 | (1.8) | 3.1 |
Change in net unrealized gain on derivative instruments | 0 | 0.1 | 3.3 | 2 |
Total changes in other comprehensive (loss) income, net of tax | (24.1) | (54.8) | 40.1 | (56.5) |
Consolidated comprehensive income (loss) | 20.9 | (4.7) | 596.4 | 99.5 |
Less: Comprehensive income attributable to noncontrolling interests | 1.1 | 0 | 4.2 | 2.3 |
Comprehensive income (loss) | $ 19.8 | $ (4.7) | $ 592.2 | $ 97.2 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Pension and postretirement, tax | $ (0.3) | $ 1.7 | $ (1.8) | $ 3.1 |
Change in net unrealized gain (loss) on derivative instruments, tax | $ 0.1 | $ 3.3 | $ 2 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 290.5 | |
Trade receivables, net | 318.3 | $ 252.9 |
Receivables from long-term manufacturing contracts, net | 280.4 | 213.3 |
Inventories, net | 568.4 | 485.6 |
Prepaid expenses and other current assets | 125.7 | 102.8 |
Current assets held for sale | 0 | 116.1 |
Total current assets | 1,583.3 | 1,402.9 |
Property, plant, and equipment, net | 296.4 | 231.9 |
Operating lease right-of-use assets, net | 105.9 | 87.9 |
Intangible assets, net | 1,085.6 | 808 |
Goodwill | 1,561.4 | 1,151.1 |
Other long-term assets | 101.2 | 80.4 |
Long-term assets held for sale | 0 | 105.3 |
Total Assets | 4,733.8 | 3,867.5 |
Current Liabilities | ||
Trade accounts payable | 402.3 | 371 |
Liabilities from long-term manufacturing contracts and advances | 362.6 | 290.3 |
Current portion of long-term debt | 10 | 0 |
Accrued compensation | 85.5 | 97 |
Current liabilities held for sale | 0 | 113.8 |
Other current liabilities | 318.9 | 205.7 |
Total current liabilities | 1,179.3 | 1,077.8 |
Long-term debt | 1,329.3 | 1,222.1 |
Accrued pension and postretirement healthcare | 108.2 | 101.3 |
Operating lease liabilities | 83 | 70.5 |
Deferred income taxes | 288.4 | 210.2 |
Other long-term liabilities | 60.1 | 51.8 |
Long-term liabilities held for sale | 0 | 25.8 |
Total Liabilities | 3,048.3 | 2,759.5 |
Commitments and contingencies (Note 16) | ||
SHAREHOLDERS’ EQUITY | ||
Common stock, no par value (75.8 and 75.8 shares issued, 69.9 and 68.9 shares outstanding) | 0 | 0 |
Additional paid-in capital | 706.9 | 723.8 |
Retained earnings | 1,317 | 812 |
Treasury stock (5.9 and 6.9 shares, at cost) | (255) | (297.3) |
Accumulated other comprehensive loss | (114.9) | (155.6) |
Hillenbrand Shareholders’ Equity | 1,654 | 1,082.9 |
Noncontrolling interests | 31.5 | 25.1 |
Total Shareholders’ Equity | 1,685.5 | 1,108 |
Total Liabilities and Shareholders’ Equity | $ 4,733.8 | $ 3,867.5 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Jun. 30, 2023 | Sep. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, shares issued | 75,800,000 | 75,800,000 |
Common stock, shares outstanding | 69,900,000 | 68,900,000 |
Treasury stock, shares | 5,900,000 | 6,900,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating activities from continuing operations | ||
Consolidated net income | $ 556,300 | $ 156,000 |
Income from discontinued operations (net of income tax expense) | (461,400) | (73,300) |
Adjustments to reconcile income from continuing operations to cash provided by operating activities: | ||
Depreciation and amortization | 93,100 | 74,400 |
Loss on divestiture | 0 | 3,100 |
Deferred income taxes | (19,100) | (11,600) |
Amortization of deferred financing costs | 2,700 | 2,700 |
Share-based compensation | 14,000 | 14,600 |
Trade accounts receivable, net and receivables from long-term manufacturing contracts | (44,200) | (87,500) |
Inventories, net | 32,500 | (95,800) |
Prepaid expenses and other current assets | (6,100) | (32,000) |
Trade accounts payable | (12,600) | 81,300 |
accrued compensation, and other current liabilities | (26,900) | (39,300) |
Income taxes payable | 20,600 | 13,300 |
Accrued pension and postretirement | (4,800) | (6,700) |
Other, net | (10,500) | (9,100) |
Net cash provided by (used in) operating activities from continuing operations | 133,600 | (9,900) |
Investing activities from continuing operations | ||
Capital expenditures | (46,100) | (24,600) |
Proceeds from sales of property, plant, and equipment | 800 | 1,700 |
Acquisition of businesses, net of cash acquired | (626,800) | (12,900) |
Proceeds (payments) from divestitures, net of cash divested | 696,700 | (4,500) |
Payments for (Proceeds from) Other Investing Activities | (400) | 0 |
Net cash provided by (used in) investing activities from continuing operations | 25,000 | (40,300) |
Financing activities from continuing operations | ||
Proceeds from issuance of long-term debt | 200,000 | 0 |
Repayments on long-term debt | (105,000) | 0 |
Proceeds from revolving credit facilities | 883,500 | 0 |
Repayments on revolving credit facilities | (914,100) | 0 |
Payment of deferred financing costs | (3,300) | (3,500) |
Payments of dividends on common stock | (45,900) | (47,000) |
Repurchases of common stock | 0 | (167,000) |
Proceeds from stock option exercises | 19,900 | 24,700 |
Payments for employee taxes on net settlement equity awards | (12,500) | (6,900) |
Other, net | (1,200) | (1,600) |
Net cash provided by (used in) financing activities from continuing operations | 21,400 | (201,300) |
Cash provided by (used in) continuing operations | 180,000 | (251,500) |
Cash (used in) provided by discontinued operations: | ||
Operating cash flows | (109,400) | 104,200 |
Investing cash flows | (7,600) | (7,900) |
Total cash (used in) provided by discontinued operations | (117,000) | 96,300 |
Effect of exchange rates on cash and cash equivalents | (9,300) | (10,200) |
Net cash flows | 53,700 | (165,400) |
Cash, cash equivalents, restricted cash, and cash and cash equivalents held for sale: | ||
At beginning of period | 237,600 | 450,900 |
At end of period | $ 291,300 | $ 285,500 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders Equity Statement - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
Balance, shares at Sep. 30, 2021 | 75.8 | 3.1 | |||||
Balance at Sep. 30, 2021 | $ 1,232.2 | $ 725.4 | $ 666.2 | $ (135.7) | $ (46.3) | $ 22.6 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Total other comprehensive income (loss), net of tax | (56.5) | (54.9) | (1.6) | ||||
Income from continuing operations | $ 156 | 152.1 | 3.9 | ||||
Stock Repurchased During Period, Shares | 3.9 | ||||||
Stock Repurchased During Period, Value | $ (167) | ||||||
Common stock, shares issued | (0.9) | ||||||
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture | 17.8 | (23.1) | $ 40.9 | ||||
Share-based compensation | 16.4 | 16.4 | |||||
Dividends, Common Stock | (48.6) | 0.8 | (47.8) | (1.6) | |||
Balance at Jun. 30, 2022 | $ 1,150.3 | 719.5 | 770.5 | $ (261.8) | (101.2) | 23.3 | |
Balance, shares at Jun. 30, 2022 | 75.8 | 6.1 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.6525 | ||||||
Balance, shares at Mar. 31, 2022 | 75.8 | 3.4 | |||||
Balance at Mar. 31, 2022 | $ 1,277.8 | 717.3 | 737.1 | $ (152.2) | (47.7) | 23.3 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Total other comprehensive income (loss), net of tax | (54.8) | (53.5) | (1.3) | ||||
Income from continuing operations | $ 50.1 | 48.8 | 1.3 | ||||
Stock Repurchased During Period, Shares | 2.7 | ||||||
Stock Repurchased During Period, Value | $ (111.5) | ||||||
Common stock, shares issued | 0 | ||||||
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture | (0.4) | (2.3) | $ 1.9 | ||||
Share-based compensation | 4.4 | 4.4 | |||||
Dividends, Common Stock | (15.3) | 0.1 | (15.4) | 0 | |||
Balance at Jun. 30, 2022 | $ 1,150.3 | 719.5 | 770.5 | $ (261.8) | (101.2) | 23.3 | |
Balance, shares at Jun. 30, 2022 | 75.8 | 6.1 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.2175 | ||||||
Balance, shares at Sep. 30, 2022 | 75.8 | 6.9 | |||||
Balance at Sep. 30, 2022 | $ 1,108 | 723.8 | 812 | $ (297.3) | (155.6) | 25.1 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Total other comprehensive income (loss), net of tax | 40.1 | 40.7 | (0.6) | ||||
Income from continuing operations | 556.3 | 551.5 | 4.8 | ||||
Common stock, shares issued | (1) | ||||||
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture | 7.4 | (34.9) | $ 42.3 | ||||
Share-based compensation | 17.4 | 17.4 | |||||
Dividends, Common Stock | (47.5) | 0.6 | (46.5) | (1.6) | |||
Noncontrolling Interest, Increase from Business Combination | 4.6 | 4.6 | |||||
Balance at Jun. 30, 2023 | $ 1,685.5 | 706.9 | 1,317 | $ (255) | (114.9) | 31.5 | |
Balance, shares at Jun. 30, 2023 | 75.8 | 5.9 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.6600 | ||||||
Balance, shares at Mar. 31, 2023 | 75.8 | 6.2 | |||||
Balance at Mar. 31, 2023 | $ 1,666.8 | 704.7 | 1,289.2 | $ (266.9) | (91.4) | 31.2 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Total other comprehensive income (loss), net of tax | (24.1) | (23.5) | (0.6) | ||||
Income from continuing operations | 45 | 43.3 | 1.7 | ||||
Common stock, shares issued | (0.3) | ||||||
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture | 9 | (2.9) | $ 11.9 | ||||
Share-based compensation | 4.9 | 4.9 | |||||
Dividends, Common Stock | (15.3) | 0.2 | (15.5) | ||||
Balance at Jun. 30, 2023 | $ 1,685.5 | $ 706.9 | $ 1,317 | $ (255) | $ (114.9) | $ 31.5 | |
Balance, shares at Jun. 30, 2023 | 75.8 | 5.9 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.2200 |
Background and Basis of Present
Background and Basis of Presentation | 9 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background and Basis of Presentation | Background and Basis of Presentation Hillenbrand, Inc. (the “Company” or “Hillenbrand”) is a global industrial company that provides highly-engineered, mission-critical processing equipment and solutions to customers around the world. Our portfolio is composed of leading industrial brands that serve large, attractive end markets, including durable plastics, food, and recycling. 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 Company recently enhanced the HOM to support our transformation to a pure-play industrial company by incorporating Purpose, updating our management practices, and restating our values. The HOM describes the Company’s Purpose, mission, vision, values, and mindset as leaders; applies our management practices in Strategy, People, Operational Excellence, and Innovation & Technology; and prescribes four steps (Understand, Focus, Execute, and Grow) designed to make the Company’s businesses both bigger and better. The Company’s goal is to continue developing Hillenbrand as a world-class global industrial company through the deployment of the HOM. “Hillenbrand,” the “Company,” “we,” “us,” “our,” and similar words refer to Hillenbrand, Inc. and its subsidiaries unless context otherwise requires. On December 15, 2022, the Company entered into a definitive agreement to sell its historical Batesville reportable operating segment to BL Memorial Partners, LLC, a Delaware limited liability company owned by funds affiliated with LongRange Capital, L.P., for $761.5, subject to closing adjustments, and including an $11.5 subordinated note. On February 1, 2023, the Company completed the divestiture. This divestiture represented a strategic shift in Hillenbrand’s business and qualified as a discontinued operation. Accordingly, the operating results and cash flows related to the historical Batesville reportable operating segment have been reflected as discontinued operations in the Consolidated Statements of Operations and the Consolidated Statements of Cash Flows for all periods presented, while the assets and liabilities that were divested were classified within the Consolidated Balance Sheets as held for sale in the periods preceding the divestiture. Unless otherwise noted, discussion within the notes to the Consolidated Financial Statements relates to continuing operations only and excludes the historical Batesville reportable operating segment. See Note 4 for additional information on this divestiture. Subsequent to the completion of the divestiture, the Company began providing certain transition services to Batesville for applicable fees. The transition services are expected to vary in duration depending upon the type of service provided. Hillenbrand is now composed of two reportable operating segments: Advanced Process Solutions and Molding Technology Solutions. Advanced Process Solutions is a global leader in highly-engineered process and material handling equipment and systems for a wide variety of industries, including durable plastics, food, and recycling industries. Molding Technology Solutions is a global leader in highly-engineered processing equipment, systems, and aftermarket parts and service for the plastic technology processing industry. The Consolidated Financial Statements include the accounts of Hillenbrand and its subsidiaries. They also include four 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 refer to fiscal years. These unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements and therefore do not include all information required in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”). The unaudited Consolidated Financial Statements have been prepared on the same basis as, and should be read in conjunction with, the audited Consolidated Financial Statements and notes thereto included in the Company’s latest Annual Report on Form 10-K for the year ended September 30, 2022, as filed with the SEC on November 16, 2022. In the opinion of management, these unaudited Consolidated Financial Statements reflect all adjustments necessary to present a fair statement of the Company’s consolidated financial position and the consolidated results of operations and cash flows as of the dates and for the periods presented and are normal and recurring in nature. The interim period results are subject to variation and are not necessarily indicative of the consolidated results of operations to be expected for the full fiscal year. The preparation of the Consolidated Financial Statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of net revenue and expenses during the period. Actual results could differ from those estimates. Examples of such estimates include, but are not limited to, revenue recognition under |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Jun. 30, 2023 | |
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, 2022. Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . 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. The Company adopted ASU 2019-12 during the year ended September 30, 2022, and has applied it to all periods presented, as applicable. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . ASU 2021-08 requires companies to apply Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers , to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. This generally will result in an acquirer recognizing contract assets and contract liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition as compared to the ASC 805, Business Combinations (“ASC 805”) requirement that an acquirer recognize and measure the assets it acquires and liabilities it assumes at fair value on the acquisition date. ASU 2021-08 is effective for the Company’s fiscal year beginning October 1, 2023, with early adoption permitted. The Company early adopted ASU 2021-08 during the year ended September 30, 2022, and has applied it to all acquisitions executed in the current year, as applicable. No other new accounting pronouncements recently adopted or issued had or are expected to have a material impact on the Consolidated Financial Statements. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Net revenue includes gross revenue less sales discounts and sales incentives, 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. Contract balances The balance in receivables from long-term manufacturing contracts at June 30, 2023 and September 30, 2022, was $280.4 and $213.3, respectively. The change was driven by the impact of net revenue recognized prior to billings to customers and the impact of acquisitions. The balance in the liabilities from long-term manufacturing contracts and advances at June 30, 2023 and September 30, 2022, was $362.6 and $290.3, respectively, and consists primarily of cash payments received or due in advance of satisfying performance obligations. The net revenue recognized for the nine months ended June 30, 2023 and 2022, related to liabilities from long-term manufacturing contracts and advances as of September 30, 2022 and 2021, was $199.7 and $189.8, respectively. During the three and nine months ended June 30, 2023 and 2022, the adjustments related to performance obligations satisfied in previous periods were immaterial. Transaction price allocated to the remaining performance obligations As of June 30, 2023, the aggregate amount of transaction price of remaining performance obligations for the Company, which corresponds to backlog as defined in Part I, Item 2 of this Quarterly Report on Form 10-Q, was $1,870.4. Approximately 77% of these performance obligations are expected to be satisfied over the next twelve months, and the remaining performance obligations, primarily within one to three years. Disaggregation of revenue The following tables present net revenue by end market: Three Months Ended June 30, 2023 Nine Months Ended June 30, 2023 Advanced Process Solutions Molding Technology Solutions Total Advanced Process Solutions Molding Technology Solutions Total End market Plastics $ 270.1 $ — $ 270.1 $ 759.2 $ — $ 759.2 Automotive — 56.6 56.6 — 158.3 158.3 Chemicals 29.0 — 29.0 85.8 — 85.8 Consumer goods — 33.5 33.5 — 100.9 100.9 Food and pharmaceuticals 117.8 — 117.8 320.2 — 320.2 Custom molders — 24.5 24.5 — 81.8 81.8 Packaging — 32.4 32.4 — 98.4 98.4 Construction — 31.6 31.6 — 101.4 101.4 Minerals 15.3 — 15.3 47.8 — 47.8 Electronics — 23.4 23.4 — 59.0 59.0 Medical — 17.2 17.2 — 48.9 48.9 Other industrial 32.5 32.7 65.2 95.0 106.5 201.5 Total $ 464.7 $ 251.9 $ 716.6 $ 1,308.0 $ 755.2 $ 2,063.2 Three Months Ended June 30, 2022 Nine Months Ended June 30, 2022 Advanced Process Solutions Molding Technology Solutions Total Advanced Process Solutions Molding Technology Solutions Total End market Plastics $ 224.2 $ — $ 224.2 $ 688.7 $ — $ 688.7 Automotive — 41.0 41.0 — 146.9 146.9 Chemicals 24.9 — 24.9 74.4 — 74.4 Consumer goods — 40.9 40.9 — 115.9 115.9 Food and pharmaceuticals 23.1 — 23.1 69.4 — 69.4 Custom molders — 38.4 38.4 — 111.4 111.4 Packaging — 28.4 28.4 — 94.8 94.8 Construction — 35.8 35.8 — 84.2 84.2 Minerals 12.7 — 12.7 35.7 — 35.7 Electronics — 20.8 20.8 — 55.1 55.1 Medical — 21.9 21.9 — 62.1 62.1 Other industrial 25.4 42.3 67.7 73.8 99.0 172.8 Total $ 310.3 $ 269.5 $ 579.8 $ 942.0 $ 769.4 $ 1,711.4 The following tables present net revenue by geography: Three Months Ended June 30, 2023 Nine Months Ended June 30, 2023 Advanced Process Solutions Molding Technology Solutions Total Advanced Process Solutions Molding Technology Solutions Total Geography (1) Americas $ 164.6 $ 146.1 $ 310.7 $ 462.1 $ 439.4 $ 901.5 Asia 153.8 67.8 221.6 444.8 201.3 646.1 Europe, the Middle East, and Africa 146.3 38.0 184.3 401.1 114.5 515.6 Total $ 464.7 $ 251.9 $ 716.6 $ 1,308.0 $ 755.2 $ 2,063.2 Three Months Ended June 30, 2022 Nine Months Ended June 30, 2022 Advanced Process Solutions Molding Technology Solutions Total Advanced Process Solutions Molding Technology Solutions Total Geography (1) Americas $ 79.9 $ 159.1 $ 239.0 $ 218.9 $ 424.3 $ 643.2 Asia 157.6 71.7 229.3 484.4 228.3 712.7 Europe, the Middle East, and Africa 72.8 38.7 111.5 238.7 116.8 355.5 Total $ 310.3 $ 269.5 $ 579.8 $ 942.0 $ 769.4 $ 1,711.4 (1) The Company attributes net revenue to a geography based upon the location of the end customer. The following tables present net revenue by products and services: Three Months Ended June 30, 2023 Nine Months Ended June 30, 2023 Advanced Process Solutions Molding Technology Solutions Total Advanced Process Solutions Molding Technology Solutions Total Products and services Equipment $ 341.8 $ 164.2 $ 506.0 $ 952.6 $ 499.5 $ 1,452.1 Parts and services 122.9 71.9 194.8 355.4 207.3 562.7 Other — 15.8 15.8 — 48.4 48.4 Total $ 464.7 $ 251.9 $ 716.6 $ 1,308.0 $ 755.2 $ 2,063.2 Three Months Ended June 30, 2022 Nine Months Ended June 30, 2022 Advanced Process Solutions Molding Technology Solutions Total Advanced Process Solutions Molding Technology Solutions Total Products and services Equipment $ 217.2 $ 187.7 $ 404.9 $ 671.6 $ 528.6 $ 1,200.2 Parts and services 93.1 65.6 158.7 270.4 191.1 461.5 Other — 16.2 16.2 — 49.7 49.7 Total $ 310.3 $ 269.5 $ 579.8 $ 942.0 $ 769.4 $ 1,711.4 The following tables present net revenue by timing of transfer: Three Months Ended June 30, 2023 Nine Months Ended June 30, 2023 Advanced Process Solutions Molding Technology Solutions Total Advanced Process Solutions Molding Technology Solutions Total Timing of transfer Point in time $ 250.2 $ 223.4 $ 473.6 $ 692.0 $ 679.5 $ 1,371.5 Over time 214.5 28.5 243.0 616.0 75.7 691.7 Total $ 464.7 $ 251.9 $ 716.6 $ 1,308.0 $ 755.2 $ 2,063.2 Three Months Ended June 30, 2022 Nine Months Ended June 30, 2022 Advanced Process Solutions Molding Technology Solutions Total Advanced Process Solutions Molding Technology Solutions Total Timing of transfer Point in time $ 143.6 $ 254.8 $ 398.4 $ 413.0 $ 741.7 $ 1,154.7 Over time 166.7 14.7 181.4 529.0 27.7 556.7 Total $ 310.3 $ 269.5 $ 579.8 $ 942.0 $ 769.4 $ 1,711.4 |
Divestitures
Divestitures | 9 Months Ended |
Jun. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures | Divestitures Batesville As previously described, on February 1, 2023, the Company completed the divestiture of its historical Batesville reportable operating segment to BL Memorial Partners, LLC, a Delaware limited liability company owned by funds affiliated with LongRange Capital, L.P., for $761.5, subject to closing adjustments, and including an $11.5 subordinated note. At closing, after the applicable adjustments, the Company received $698.0 in pre-tax cash proceeds, including an adjustment for cash on hand acquired from the Company, and the previously mentioned subordinated note. This divestiture represented a strategic shift in Hillenbrand’s business and qualified as a discontinued operation. Accordingly, the operating results and cash flows related to the historical Batesville reportable operating segment have been reflected as discontinued operations in the Consolidated Statements of Operations and the Consolidated Statements of Cash Flows for all periods presented, while the assets and liabilities that were divested were classified within the Consolidated Balance Sheets as held for sale in the periods preceding the divestiture. The Company recognized a $586.0 pre-tax gain on divestiture, recorded within gain on divestiture of discontinued operations (net of income tax expense) in the Consolidated Statement of Operations for the nine months ended June 30, 2023. The $0.4 gain on divestiture of discontinued operations (net of income tax expense) for the three months ended June 30, 2023 is the result of certain income tax adjustments as a result of ongoing evaluation of the income tax impact of the divestiture on Hillenbrand. Certain indirect corporate costs included within operating expenses in the Consolidated Statements of Operations that were previously allocated to the historical Batesville reportable operating segment do not qualify for classification within discontinued operations and are now reported as operating expenses in continuing operations within corporate expenses. In addition, costs directly attributable to the historical Batesville reportable operating segment divestiture have been reflected in discontinued operations. As a result, income before income taxes of the historical Batesville reportable operating segment decreased $17.5 for the nine months ended June 30, 2023, respectively, and decreased $0.9 and $1.5 for the three and nine months ended June 30, 2022, respectively. Discontinued operations Components of amounts reflected in the Consolidated Statements of Operations related to discontinued operations are presented in the table, as follows: Three Months Ended June 30, Nine Months Ended June 30, 2023 2022 2023 2022 Net revenue $ — $ 140.8 $ 213.7 $ 479.6 Cost of goods sold — 100.5 142.2 329.2 Gross profit — 40.3 71.5 150.4 Operating (income) expenses (0.4) 17.0 42.6 51.4 Other expense, net — 1.5 1.0 4.6 Income (loss) from discontinued operations before income taxes 0.4 21.8 27.9 94.4 Income tax (benefit) expense (0.2) 2.8 7.8 21.1 Income from discontinued operations (net of income tax (benefit) expense) 0.6 19.0 20.1 73.3 Gain on divestiture of discontinued operations (1) 0.4 — 441.3 — Total income from discontinued operations $ 1.0 $ 19.0 $ 461.4 $ 73.3 (1) Income tax benefit of $0.4 during the three months ended June 30, 2023, and net of income tax expense of $144.7 during the nine months ended June 30, 2023. Held for sale The assets and liabilities of the historical Batesville reportable operating segment had been reflected as assets and liabilities held for sale in the periods preceding the divestiture. The following is a summary of the major categories of assets and liabilities held for sale at September 30, 2022: Cash and cash equivalents $ 1.9 Trade receivables, net 59.5 Inventories, net 48.2 Other assets 6.5 Current assets held for sale $ 116.1 Property, plant and equipment, net $ 49.1 Operating lease right-of-use assets, net 35.6 Intangible assets, net 2.7 Goodwill 8.3 Long-term assets 9.6 Long-term assets held for sale $ 105.3 Trade accounts payable $ 62.0 Accrued compensation 13.6 Operating lease liabilities 13.0 Other liabilities 25.2 Current liabilities held for sale $ 113.8 Operating lease liabilities $ 22.1 Other liabilities 3.7 Long-term liabilities held for sale $ 25.8 Divestiture of TerraSource On October 22, 2021, the Company completed the divestiture of its TerraSource Global business (“TerraSource”) pursuant to a Contribution Agreement (“Agreement”) between the Company and certain affiliated companies of industrial holding company Right Lane Industries (“RLI”). Under the terms of the Agreement, Hillenbrand contributed TerraSource and its subsidiaries to a newly formed entity, TerraSource Holdings, LLC (“Holdings”), with RLI obtaining majority ownership and full operational control of TerraSource. In exchange for contributing the TerraSource business, the Company (i) received consideration in the form of a $25.6 five five As a result of the TerraSource divestiture, the Company recorded a pre-tax loss of $3.1, after post-closing adjustments, in the Consolidated Statement of Operations during the nine months ended June 30, 2022. The Company incurred $0.4 of transaction costs associated with the divestiture during the nine months ended June 30, 2022, which were recorded within operating expenses in the Consolidated Statement of Operations. TerraSource’s results of operations were included within the Advanced Process Solutions reportable operating segment until the completion of the divestiture on October 22, 2021. Subsequent to the divestiture, the Company’s equity interest in Holdings is accounted for under the equity method of accounting as prescribed by GAAP. |
Acquisitions
Acquisitions | 9 Months Ended |
Jun. 30, 2023 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Proposed Acquisition of Schenck Process Food and Performance Materials Business On May 23, 2023, the Company signed a definitive agreement to acquire the Schenck Process Food and Performance Materials (“FPM”) business, a portfolio company of Blackstone, for an enterprise value of approximately $730.0. Headquartered in Kansas City, Missouri, FPM specializes in the design, manufacturing, and service of feeding, filtration, baking, and material handling technologies and systems that are highly complementary to the equipment and solutions currently offered in our Advanced Process Solutions reportable operating segment. This transaction is expected to close during the fourth fiscal quarter of 2023. It is anticipated that FPM will be included in our Advanced Process Solutions reportable operating segment. Acquisition of Peerless Food Equipment On December 1, 2022, the Company completed the acquisition of the Peerless Food Equipment division (“Peerless”) of Illinois Tool Works Inc. for a purchase price of $59.2, net of certain customary post-closing adjustments and including cash acquired, using available borrowings under its multi-currency revolving credit facility (the “Facility”). Headquartered in Sidney, Ohio, Peerless is a premier supplier of industrial food processing equipment. The acquisition of Peerless increases the Company's scale in the food end market, and by combining Peerless’ highly complementary equipment and solutions with existing Advanced Process Solutions reportable operating segment technologies, allows the Company to deliver more comprehensive solutions to its customers. The results of Peerless are included in the Advanced Process Solutions reportable operating segment. Preliminary purchase price allocation and other items The Company utilized the services of an independent valuation consultant, along with estimates and assumptions determined by management, to estimate the fair value of the assets acquired and liabilities assumed. The preliminary allocation of the purchase price was based on an evaluation of the appropriate fair values and represents management’s best estimate based on available data. The purchase price allocation of the assets acquired and liabilities assumed is preliminary until the contractual post-closing adjustments are finalized, the final independent valuation consultant report is issued, and the measurement period allowed for under ASC 805 has closed. The final determination of the fair value of assets acquired and liabilities assumed will be completed within the one-year measurement period as allowed by ASC 805. Changes during the measurement period could be material. Based on current fair value estimates, the preliminary purchase price for Peerless has been allocated to individual assets acquired and liabilities assumed as of the acquisition date: December 1, 2022 (as initially reported) Measurement Period Adjustments December 1, 2022 (as adjusted) Assets acquired: Current assets $ 16.2 $ 1.3 $ 17.5 Property, plant, and equipment 2.3 — 2.3 Intangible assets — 25.3 25.3 Goodwill 50.9 (27.3) 23.6 Total assets acquired 69.4 (0.7) 68.7 Liabilities assumed: Current liabilities 9.5 — 9.5 Total liabilities assumed 9.5 — 9.5 Net assets acquired $ 59.9 $ (0.7) $ 59.2 Measurement period adjustments The preliminary purchase price allocation was based upon a preliminary valuation, and the Company’s estimates and assumptions are subject to change within the measurement period (defined as one year following the acquisition date). As a result of further refining its estimates and assumptions since the date of the acquisition, the Company recorded measurement period adjustments to the initial opening balance sheet as shown in the table above. Adjustments were primarily made to intangible assets and goodwill. There were no measurement period adjustments materially impacting earnings that would have been recorded in previous reporting periods if the adjustments had been recognized as of the acquisition date. Intangible assets identified The preliminary purchase price allocation included $25.3 of acquired identifiable intangible assets. Intangible assets consist of Peerless’ trade name and customer relationships, and will be amortized on a straight-line basis over the respective estimated periods for which the intangible assets will provide economic benefit to the Company. The determination of the useful lives is based upon various industry studies, historical acquisition experience, stability in the current Peerless customer base, economic factors, and future expected cash flows of the Company following the acquisition of Peerless. The trade name was valued using the relief-from-royalty method of the income approach. Customer relationships were valued using the multi-period excess earnings method of the income approach. Significant assumptions used in the valuations included Peerless cash flow projections, which were based on estimates used to price the Peerless acquisition, discount rates that were benchmarked with reference to the implied rate of return to the Company’s pricing model, and the applicable weighted-average cost of capital (13%). The preliminary amounts allocated to intangible assets are as follows: Gross Carrying Amount Weighted-Average Useful Life Customer relationships $ 22.0 13 years Trade name 3.3 10 years Total intangible assets $ 25.3 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. Goodwill is expected to be deductible for tax purposes. The working capital assets and liabilities, as well as the property, plant, and equipment acquired, were valued using Level 2 inputs, which included data points that are observable, such as definitive sales agreements, appraisals or established market values of comparable assets (market approach). Goodwill and identifiable intangible assets were valued using Level 3 inputs, which are unobservable by nature, and included internal estimates of future cash flows (income approach). Significant increases (decreases) in any of those unobservable inputs in isolation would result in a significantly lower (higher) fair value measurement. Management used a third-party valuation firm to assist in the determination of the preliminary purchase accounting fair values, specifically those considered Level 3 measurements. Management ultimately oversees the third-party valuation firm to ensure that the transaction-specific assumptions are appropriate for the Company. Impact on results of operations The results of Peerless’ operations have been included in Hillenbrand’s Consolidated Financial Statements since the December 1, 2022, acquisition date. The following table provides the results of operations for Peerless included in Hillenbrand’s Consolidated Statement of Operations: Three Months Ended June 30, 2023 Nine Months Ended June 30, 2023 Net revenue $ 6.5 $ 17.9 Income from continuing operations before income taxes 0.3 0.4 During the nine months ended June 30, 2023, the Company incurred $0.5 in acquisition expenses related to the Peerless acquisition, which are included in operating expenses in the Consolidated Statement of Operations. Acquisition of LINXIS Group SAS On October 6, 2022, the Company completed the acquisition of LINXIS Group SAS (“Linxis”) from IBERIS INTERNATIONAL S.À R.L, an affiliate of IK Partners, and additional sellers (collectively, the “Sellers”). As a result of the acquisition, the Company acquired from the Sellers all of the issued and outstanding securities of Linxis, and Linxis became a wholly owned subsidiary of the Company for total aggregate consideration of $590.8 (€596.2) in cash, reflecting an approximate enterprise value of $566.8 (€572.0) plus cash acquired at closing, subject to post-closing adjustments. The Company used available borrowings under the Facility to fund this acquisition. Linxis has six market-leading brands – Bakon, Diosna, Shaffer, Shick Esteve, Unifiller, and VMI – that serve customers in over 100 countries. With a global manufacturing, sales and service footprint, Linxis specializes in design, manufacturing, and service of dosing, kneading, mixing, granulating, drying and coating technologies. The results of Linxis are included in the Advanced Process Solutions reportable operating segment. Purchase price allocation and other items The Company utilized the services of an independent valuation consultant, along with estimates and assumptions determined by management, to estimate the fair value of the assets acquired and liabilities assumed. The preliminary allocation of the purchase price was based on an evaluation of the appropriate fair values and represents management’s best estimate based on available data. The purchase price allocation of the assets acquired and liabilities assumed is preliminary until the contractual post-closing adjustments are finalized, the final independent valuation consultant report is issued, and the measurement period allowed for under ASC 805 has closed. The final determination of the fair value of assets acquired and liabilities assumed will be completed within the one-year measurement period as allowed by ASC 805. Changes during the measurement period could be material. Based on current fair value estimates, the preliminary purchase price for Linxis has been allocated to individual assets acquired and liabilities assumed as of the acquisition date: October 6, 2022 (as initially reported) Measurement Period Adjustments October 6, 2022 (as adjusted) Assets acquired: Cash and cash equivalents $ 22.9 $ — $ 22.9 Trade receivables 31.5 — 31.5 Receivables from long-term manufacturing contracts 12.1 — 12.1 Inventories 80.1 — 80.1 Prepaid expenses and other current assets 11.7 — 11.7 Property, plant, and equipment 36.7 1.1 37.8 Operating lease right-of-use assets 15.0 — 15.0 Intangible assets 243.8 — 243.8 Goodwill 332.0 (0.9) 331.1 Other noncurrent assets 1.0 — 1.0 Total assets acquired 786.8 0.2 787.0 Liabilities assumed: Trade accounts payable 18.9 — 18.9 Liabilities from long-term manufacturing contracts 52.0 — 52.0 Accrued compensation 10.3 — 10.3 Other current liabilities 19.6 1.4 21.0 Accrued pension and postretirement healthcare 3.9 — 3.9 Operating lease liabilities 9.4 — 9.4 Deferred income taxes 77.0 (1.2) 75.8 Other noncurrent liabilities 0.3 — 0.3 Total liabilities assumed 191.4 0.2 191.6 Net assets acquired 595.4 — 595.4 Less: Fair value of Linxis noncontrolling interest (1) (4.6) — (4.6) Purchase price consideration $ 590.8 $ — $ 590.8 (1) While the Company acquired all issued and outstanding securities of Linxis in the acquisition, there remain certain noncontrolling interests in two subsidiaries of Linxis that existed as of the acquisition date. Measurement period adjustments The preliminary purchase price allocation was based upon a preliminary valuation, and the Company’s estimates and assumptions are subject to change within the measurement period (defined as one year following the acquisition date). As a result of further refining its estimates and assumptions since the date of the acquisition, the Company recorded measurement period adjustments to the initial opening balance sheet as shown in the table above. Adjustments were primarily made to property, plant and equipment, other current liabilities, deferred income taxes, and goodwill. There were no measurement period adjustments materially impacting earnings that would have been recorded in previous reporting periods if the adjustments had been recognized as of the acquisition date. Intangible assets identified The preliminary purchase price allocation included $243.8 of acquired identifiable intangible assets. Intangible assets consist of Linxis’s trade name portfolio and customer relationships and will be amortized on a straight-line basis over the respective estimated periods for which the intangible assets will provide economic benefit to the Company. The determination of the useful lives is based upon various industry studies, historical acquisition experience, degree of stability in the current Linxis customer base, economic factors, and expected future cash flows of the Company following the acquisition of Linxis. The trade name portfolio was valued using the relief-from-royalty method of the income approach. Customer relationships were valued using the multi-period excess earnings method of the income approach. Significant assumptions used in the valuations included Linxis cash flow projections, which were based on estimates used to price the Linxis acquisition, discount rates that were benchmarked with reference to the implied rate of return to the Company’s pricing model, and the applicable weighted-average cost of capital (12%). The preliminary amounts allocated to intangible assets are as follows: Gross Carrying Amount Weighted-Average Useful Life Customer relationships $ 211.1 13 years Trade name 32.7 10 years Total intangible assets $ 243.8 Goodwill was calculated as the excess of the consideration transferred over the net assets recognized and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. The factors contributing to the recognition of goodwill were based on strategic benefits that are expected to be realized from the acquisition. None of the goodwill is expected to be deductible for income tax purposes. The working capital assets and liabilities, as well as the property, plant and equipment acquired, were valued using Level 2 inputs, which included data points that are observable, such as definitive sales agreements, appraisals or established market values of comparable assets (market approach). Goodwill and identifiable intangible assets were valued using Level 3 inputs, which are unobservable by nature, and included internal estimates of future cash flows (income approach). Significant increases (decreases) in any of those unobservable inputs in isolation would result in a significantly lower (higher) fair value measurement. Management used a third-party valuation firm to assist in the determination of the preliminary purchase accounting fair values, specifically those considered Level 3 measurements. Management ultimately oversees the third-party valuation firm to ensure that the transaction-specific assumptions are appropriate for the Company. Impact on results of operations The results of Linxis operations have been included in Hillenbrand’s Consolidated Financial Statements since the October 6, 2022, acquisition date. The following table provides the results of operations for Linxis included in Hillenbrand’s Consolidated Statement of Operations: Three Months Ended June 30, 2023 Nine Months Ended June 30, 2023 Net revenue $ 86.0 $ 238.5 Income from continuing operations before income taxes 5.9 3.3 During the nine months ended June 30, 2023, the Company incurred $1.3 in acquisition expenses related to the Linxis acquisition, which are included in operating expenses in the Consolidated Statement of Operations. Acquisition of Herbold Meckesheim GmbH On August 31, 2022, the Company completed the acquisition of Herbold Meckesheim GmbH (“Herbold”) for $77.7 (€77.5) in cash, pursuant to a definitive acquisition agreement dated June 30, 2022. Based in Meckesheim, Germany, Herbold is a leader in recycling systems, specializing in key process steps such as washing, separating, drying, shredding, and pulverizing. The acquisition of Herbold advances the Company’s long term growth strategy in the key end market of recycling. Herbold offers highly complementary technologies to Hillenbrand’s Coperion branded products and enhances the Company’s offering of complete recycling solutions. The results of Herbold are included in the Advanced Process Solutions reportable operating segment. Preliminary purchase price allocation and other items The Company utilized the services of an independent valuation consultant, along with estimates and assumptions determined by management, to estimate the fair value of the assets acquired and liabilities assumed. The preliminary allocation of the purchase price was based on an evaluation of the appropriate fair values and represents management’s best estimate based on available data. The purchase price allocation of the assets acquired and liabilities assumed is preliminary until the contractual post-closing adjustments are finalized, the final independent valuation consultant report is issued, and the measurement period allowed for under ASC 805 has closed. The final determination of the fair value of assets acquired and liabilities assumed will be completed within the one-year measurement period as allowed by ASC 805. Changes during the measurement period could be material. Based on current fair value estimates, the preliminary purchase price for Herbold has been allocated to individual assets acquired and liabilities assumed as of the acquisition date: August 31, 2022 (as initially reported) Measurement Period Adjustments August 31, 2022 (as adjusted) Assets acquired: Current assets $ 38.2 $ 1.4 $ 39.6 Property, plant, and equipment 4.7 1.9 6.6 Intangible assets — 22.6 22.6 Goodwill 69.3 (12.3) 57.0 Other assets 5.3 — 5.3 Total assets acquired 117.5 13.6 131.1 Liabilities assumed: Current liabilities 33.9 6.6 40.5 Other long-term liabilities 5.9 7.0 12.9 Total liabilities assumed 39.8 13.6 53.4 Net assets acquired $ 77.7 $ — $ 77.7 Measurement period adjustments The preliminary purchase price allocation was based upon a preliminary valuation, and the Company’s estimates and assumptions are subject to change within the measurement period (defined as one year following the acquisition date). As a result of further refining its estimates and assumptions since the date of the acquisition, the Company recorded measurement period adjustments to the initial opening balance sheet as shown in the table above. Adjustments were primarily made to intangible assets and goodwill. There were no measurement period adjustments materially impacting earnings that would have been recorded in previous reporting periods if the adjustments had been recognized as of the acquisition date. Intangible assets identified The preliminary purchase price allocation included $22.6 of acquired identifiable intangible assets. Intangible assets consist of Herbold’s trade name, technology, and customer relationships, and will be amortized on a straight-line basis over the respective estimated periods for which the intangible assets will provide economic benefit to the Company. The determination of the useful lives is based upon various industry studies, historical acquisition experience, stability in the current Herbold customer base, economic factors, and future expected cash flows of the Company following the acquisition of Herbold. The trade name and technology were valued using the relief-from-royalty method of the income approach. Customer relationships were valued using the multi-period excess earnings method of the income approach. Significant assumptions used in the valuations included Herbold cash flow projections, which were based on estimates used to price the Herbold acquisition, discount rates that were benchmarked with reference to the implied rate of return to the Company’s pricing model, and the applicable weighted-average cost of capital (20%). The preliminary amounts allocated to intangible assets are as follows: Gross Carrying Amount Weighted-Average Useful Life Customer relationships $ 10.2 15 years Trade name 8.0 10 years Technology 4.4 7 years Total intangible assets $ 22.6 Goodwill was calculated as the excess of the consideration transferred over the net assets recognized and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. The factors contributing to the recognition of goodwill were based on strategic benefits that are expected to be realized from the acquisition. None of the goodwill is expected to be deductible for income tax purposes. The working capital assets and liabilities, as well as the property, plant and equipment acquired, were valued using Level 2 inputs, which included data points that are observable, such as definitive sales agreements, appraisals or established market values of comparable assets (market approach). Goodwill and identifiable intangible assets were valued using Level 3 inputs, which are unobservable by nature, and included internal estimates of future cash flows (income approach). Significant increases (decreases) in any of those unobservable inputs in isolation would result in a significantly lower (higher) fair value measurement. Management used a third-party valuation firm to assist in the determination of the preliminary purchase accounting fair values, specifically those considered Level 3 measurements. Management ultimately oversees the third-party valuation firm to ensure that the transaction-specific assumptions are appropriate for the Company. Impact on results of operations The results of Herbold’s operations have been included in Hillenbrand’s Consolidated Financial Statements since the August 31, 2022, acquisition date. The following table provides the results of operations for Herbold included in Hillenbrand’s Consolidated Statement of Operations: Three Months Ended June 30, 2023 Nine Months Ended June 30, 2023 Net revenue $ 16.2 $ 48.4 Income (loss) from continuing operations before income taxes 0.6 (2.8) During the nine months ended June 30, 2023, the acquisition expenses related to the Herbold acquisition were not material. Acquisition of Gabler Engineering GmbH On June 30, 2022, the Company completed the acquisition of Gabler Engineering GmbH (“Gabler”) for $12.9 (€12.6) in cash. Gabler, based in Malsch, Germany, specializes in the design, engineering, manufacturing, and implementation of plants and equipment for the confectionery and pharmaceutical industries. The final determination of the fair value of assets acquired and liabilities assumed was completed during the three months ended June 30, 2023. The majority of the purchase price allocation was assigned to the fair value of the acquired property, plant and equipment, working capital assets and liabilities, and residual goodwill (which was $6.2). There were no material changes in the purchase price allocation during the three and nine months ended June 30, 2023 and no further changes will be made. Goodwill is not deductible for tax purposes. The results of Gabler are included in the Advanced Process Solutions reportable operating segment and are not material to the Consolidated Financial Statements for the three and nine months ended June 30, 2023. 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 Gabler, Herbold, Linxis, and Peerless acquisitions had been completed on the date indicated, do not reflect synergies that might have been achieved, and are not indicative of future results of operations 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 acquisitions of Gabler, Herbold, Linxis, and Peerless had occurred on October 1, 2021, to give effect to certain events that Hillenbrand believes to be directly attributable to the acquisitions. 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 Linxis’s historical debt in conjunction with the acquisition; • an adjustment to remove business acquisition and integration costs and inventory step-up costs during the three and nine months ended June 30, 2023, as these costs are non-recurring in nature and would not have a continuing effect on Hillenbrand’s results of operations; 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 Nine Months Ended 2023 2022 2023 2022 Net revenue $ 716.6 $ 675.4 $ 2,069.0 $ 2,022.6 Income from continuing operations attributable to Hillenbrand 43.6 27.1 107.3 75.7 Income from continuing operations attributable to Hillenbrand — per share of common stock: Basic earnings per share from continuing operations $ 0.62 $ 0.38 $ 1.54 $ 1.05 Diluted earnings per share from continuing operations $ 0.62 $ 0.38 $ 1.53 $ 1.04 |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 9 Months Ended |
Jun. 30, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Balance Sheet Information | Supplemental Consolidated Balance Sheet Information June 30, September 30, Allowance for credit losses $ 8.1 $ 6.4 Warranty reserves $ 28.6 $ 22.4 Accumulated depreciation on property, plant, and equipment $ 219.0 $ 197.6 Inventories, net: Raw materials and components $ 251.7 $ 210.1 Work in process 130.8 107.9 Finished goods 185.9 167.6 Total inventories, net $ 568.4 $ 485.6 Other current liabilities: Income tax payable $ 96.2 $ 33.6 Other current liabilities 222.7 172.1 Total other current liabilities $ 318.9 $ 205.7 The following table provides a reconciliation of cash and cash equivalents, restricted cash, and cash and cash equivalents held for sale reported within the Consolidated Balance Sheets that sum to the total of the same amounts shown in the Consolidated Statements of Cash Flows: June 30, 2023 June 30, 2022 Cash and cash equivalents $ 290.5 $ 282.5 Cash and cash equivalents held for sale — 1.9 Short-term restricted cash included in other current assets 0.8 1.1 Total cash and cash equivalents, restricted cash, and cash and cash equivalents held for sale shown in the Consolidated Statements of Cash Flows $ 291.3 $ 285.5 |
Leases
Leases | 9 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | Leases For the three and nine months ended June 30, 2023 and 2022, the Company recognized $5.6 and $20.8, and $6.1 and $19.0 of operating lease expense, respectively, including short-term lease expense and variable lease costs, which were immaterial in each period. The Company’s finance leases were insignificant as of June 30, 2023 and September 30, 2022. The following table presents supplemental Consolidated Balance Sheet information related to the Company’s operating leases: June 30, 2023 September 30, 2022 Operating lease right-of-use assets, net $ 105.9 $ 87.9 Other current liabilities 17.5 15.7 Operating lease liabilities 83.0 70.5 Total operating lease liabilities $ 100.5 $ 86.2 Weighted-average remaining lease term (in years) 5.7 7.9 Weighted-average discount rate 3.6 % 2.7 % As of June 30, 2023, the maturities of the Company’s operating lease liabilities were as follows: 2023 (excluding the nine months ended June 30, 2023) $ 5.8 2024 20.0 2025 16.8 2026 14.1 2027 12.1 Thereafter 44.5 Total lease payments 113.3 Less: imputed interest (12.8) Total present value of lease payments $ 100.5 Supplemental Consolidated Statements of Cash Flow information related to the Company’s operating leases is as follows: Nine Months Ended June 30, 2023 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 17.9 $ 15.7 Operating lease right-of-use assets, net obtained in exchange for new operating lease liabilities 10.4 18.3 Operating leases acquired in acquisitions 15.3 — |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 9 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible Assets Intangible assets are stated at the lower of cost or fair value. Intangible assets are amortized on a straight-line basis over periods ranging from three The following table summarizes the carrying amounts and related accumulated amortization for intangible assets as of: June 30, 2023 September 30, 2022 Cost Accumulated Cost Accumulated Finite-lived assets: Customer relationships $ 1,024.4 $ (276.5) $ 739.6 $ (221.1) Trade names 48.1 (3.6) — — Technology, including patents 142.1 (80.8) 132.9 (68.4) Software 39.7 (31.0) 34.4 (27.0) 1,254.3 (391.9) 906.9 (316.5) Indefinite-lived assets: Trade names 223.2 — 217.6 — Total $ 1,477.5 $ (391.9) $ 1,124.5 $ (316.5) The net change in intangible assets during the nine months ended June 30, 2023, was driven primarily by the acquisitions of Linxis, Herbold, and Peerless which included acquired intangible assets of $291.7, including impact of measurement period adjustments, normal amortization, and foreign currency adjustments. See Note 5 for further detail on the acquisitions of Linxis, Herbold, and Peerless. Estimated amortization expense related to intangible assets for the next five years is: $76.1 in 2023, $76.0 in 2024, $73.2 in 2025, $72.4 in 2026, and $72.4 in 2027. Goodwill Goodwill is not amortized, but is subject to annual impairment tests. Goodwill has been assigned to reporting units within the reportable operating segments. The Company assesses the carrying value of goodwill annually, or more often if events or changes in circumstances indicate there may be impairment. Impairment testing is performed at a reporting unit level. The following table summarizes the changes in the Company’s goodwill, by reportable operating segment, for the nine months ended June 30, 2023: Advanced Process Solutions Molding Technology Solutions Total Balance as of September 30, 2022 $ 516.0 $ 635.1 $ 1,151.1 Acquisitions (1) 354.7 — 354.7 Acquisition measurement period adjustments (11.8) — (11.8) Foreign currency adjustments 64.1 3.3 67.4 Balance as of June 30, 2023 $ 923.0 $ 638.4 $ 1,561.4 (1) See Note 5 for further information on the acquisitions of Linxis and Peerless. During the three and nine months ended June 30, 2023 and 2022, the Company did not observe any triggering events or substantive changes in circumstances requiring the need for an interim impairment assessment. |
Financing Agreements
Financing Agreements | 9 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Financing Agreements | Financing Agreements The following table summarizes Hillenbrand’s current and long-term debt as of: June 30, September 30, $1,000.0 revolving credit facility (excluding outstanding letters of credit) $ 27.3 $ 6.7 $200.0 term loan 195.0 — $400.0 senior unsecured notes (1) 397.8 397.1 $375.0 senior unsecured notes (2) 372.7 372.2 $350.0 senior unsecured notes (3) 346.5 346.2 $100.0 Series A Notes (4) — 99.9 Total debt 1,339.3 1,222.1 Less: current portion 10.0 — Total long-term debt $ 1,329.3 $ 1,222.1 (1) Includes unamortized debt issuance costs of $2.2 and $2.9 at June 30, 2023 and September 30, 2022, respectively. (2) Includes unamortized debt issuance costs of $2.0 and $2.5 at June 30, 2023 and September 30, 2022, respectively. (3) Includes unamortized debt issuance costs of $3.5 and $3.8 at June 30, 2023 and September 30, 2022, respectively. (4) Includes unamortized debt issuance costs of $0.1 at September 30, 2022. Primary Credit Facilities $1,000.0 Revolving Credit Facility, $200.0 Term Loan, and €185.0 Term Loan Commitment On June 21, 2023, the Company entered into Amendment No. 1 to the Fourth Amended and Restated Credit Agreement (the “Credit Agreement Amendment”), which governs our multi-currency revolving credit facility (the “Facility”), by and among Hillenbrand and certain of its affiliates, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”). The Credit Agreement Amendment amends the Company’s Fourth Amended and Restated Credit Agreement, dated as of June 8, 2022 (the “Prior Credit Agreement,” and, as amended by the Credit Agreement Amendment, the “Amended Credit Agreement”). The amendments effected by the Credit Agreement Amendment include, among other changes, establishment of a euro-denominated, delayed-draw term loan facility available to the Company’s wholly owned subsidiary, Hillenbrand Switzerland GmbH, in an initial aggregate principal amount of up to €185.0 (the “New Term Loan”) and the inclusion of requirements that would be triggered by a Collateral Springing Event (described below). The New Term Loan commitment is subject to ticking fees if not drawn within 60 days of the date of the Credit Agreement Amendment, and the New Term Loan commitment will expire 180 days after the date of the Credit Agreement Amendment. The New Term Loan, if drawn, will be subject to quarterly amortization payments equal to 1.25% of the funded New Term Loan for the first eight calendar quarters following the funding date, and 1.875% of the funded New Term Loan thereafter until the maturity date. The New Term Loan would, once drawn, accrue interest at the Adjusted EURIBO Rate (as defined in the Amended Credit Agreement) plus a margin, ranging from 1.00% to 2.25%, based on the Company’s leverage ratio. The New Term Loan, if drawn, will mature on June 8, 2027, concurrently with the other obligations under the Credit Agreement Amendment. As compared to the Prior Credit Agreement, the Credit Agreement Amendment increases the maximum permitted leverage ratio from and after the commencement of the Credit Agreement Amendment Adjusted Period from 4.00x at June 30, 2023 to 4.50x for the twelve month period ending June 30, 2024, stepping down to 4.00x for the three months ended September 30, 2024 and December 31, 2024, to 3.75x for the three months ended March 31, 2025, and to 3.50x for the three months ended June 30, 2025 and thereafter. The Credit Agreement Amendment also requires mandatory prepayments of the New Term Loan with 100% of net proceeds from asset sales (subject to customary carveouts and reinvestment rights) and, as compared to the Prior Credit Agreement, contains additional limitations on liens and restricted payments during the Adjustment Period (defined below). Except for the amendments applicable during the Adjustment Period (defined below), the Credit Agreement Amendment contains substantially the same affirmative and negative covenants and events of default as those in the Prior Credit Agreement. New deferred financing costs related to the Credit Agreement Amendment were $2.6, which along with existing costs of $3.4, are being amortized to interest expense over the remaining term of the Facility. With respect to the Facility, as of June 30, 2023 and September 30, 2022, the Company had outstanding balances of $27.3 and $6.7, respectively. As of June 30, 2023, the Company had $14.8 in outstanding letters of credit issued and $1,160.2 of borrowing capacity under the Facility, of which $790.2 was immediately available based on the Company’s most restrictive covenant. During the nine months ended June 30, 2023, the Company executed a $200.0 draw on the term loan commitment provided for by the Prior Credit Agreement. The term loan will mature upon the maturity date of the Facility, June 8, 2027. The weighted-average interest rate on borrowings under the Facility was 4.45% and 2.55% for the three and nine months ended June 30, 2023, respectively. There were no borrowings under the Facility during the three and nine months ended June 30, 2022. The weighted-average interest rate on the term loan was 6.52% and 6.12% for the three and nine months ended June 30, 2023, respectively. There were no borrowings on the term loan during the three and nine months ended June 30, 2022. The weighted average facility fee on the Facility was 0.19% and 0.17% for the three and nine months ended June 30, 2023, respectively, and 0.15% for both the three and nine months ended June 30, 2022. Letter of Guarantee (“L/G”) Facility On June 22, 2023, the Company entered into an Amendment and Restatement Agreement (the “L/G Amendment”) between the Company, the subsidiary borrowers party thereto, the subsidiary guarantors party thereto, Commerzbank Aktiengesellschaft, as mandated lead arranger and bookrunner, Commerzbank Aktiengesellschaft (as successor to Commerzbank Finance & Covered Bond S.A.), as agent (in such capacity, the “L/G Agent”), and the other financial institutions party thereto as mandated lead arrangers, lenders and issuing banks. The L/G Amendment amends and restates the Company’s Syndicated L/G Facility Agreement, dated June 21, 2022 (the “Prior L/G Agreement” and, as amended by the L/G Amendment, the “Amended L/G Facility Agreement”). The amendments effected by the L/G Amendment include, among other changes, an increase in the facility from €225.0 to €325.0 and the inclusion of requirements that would be triggered by a Collateral Springing Event (described below). As compared to the Prior L/G Agreement, the Amended L/G Facility Agreement increases the maximum permitted leverage ratio from and after the commencement of the L/G Adjusted Period from 4.00x at June 30, 2023 to 4.50x for the twelve month period ended June 30, 2024, stepping down to 4.00x for the three months ended September 30, 2024 and December 31, 2024, to 3.75x for the three months ended March 31, 2025, and to 3.50x for the three months ended June 30, 2025 and thereafter. The Amended L/G Facility Agreement also, as compared to the Prior L/G Agreement, contains additional limitations on liens and restricted payments during the Adjustment Period (defined below). Except for the amendments applicable during the Adjustment Period (defined below), the Amended L/G Facility Agreement contains substantially the same affirmative and negative covenants and events of default as those in the Prior L/G Agreement. New deferred financing costs related to the Amended L/G Facility Agreement were $0.7, which along with existing costs of $1.0, are being amortized to interest expense over the remaining term of the Amended L/G Facility Agreement. Letters of credit, guarantees and surety bonds are routinely required by customers of the Company’s industrial businesses. Guarantees may be issued in euros or certain other agreed-upon currencies. Specified sublimits apply, based on the specific lender and currency. The guarantees carry an annual fee that varies based on the Company’s leverage ratio. The Amended L/G Facility Agreement also provides for a leverage-based commitment fee assessed on the undrawn portion of the facility. The Amended L/G Facility Agreement matures on the earlier of (i) June 21, 2028, and (ii) the date of the termination of the Amended Credit Agreement (as such agreement may be from time to time extended or refinanced). The Amended L/G Facility Agreement contains representations, warranties and covenants that are customary for agreements of this type and contains specified customary events of default. The obligations under the Amended L/G Facility Agreement are guaranteed by Hillenbrand and certain of its domestic subsidiaries named therein. Collateral Springing Event The Amended Credit Agreement and the Amended L/G Facility Agreement require the Company and certain domestic subsidiaries that are guarantors thereunder to take certain actions if a Collateral Springing Event (as defined in the agreements) occurs before the later of April 1, 2025 or the date that all principal, interest, and other amounts owing in respect of the New Term Loan have been paid in full (the “Adjustment Period”). After a Collateral Springing Event, the Company and the guarantors would be required to grant liens on substantially all of their assets (subject to customary exceptions for excluded assets, including an exception for Principal Property (as defined in the Company’s indentures in respect of its senior notes) and for capital stock of entities that own any such Principal Property) in favor of the Administrative Agent and L/G Agent, as applicable, for the benefit of the secured parties. Other credit arrangements In the normal course of business, certain operating companies within our reportable operating segments provide to certain customers bank guarantees and other credit arrangements in support of performance, warranty, advance payment, and other contractual obligations. This form of trade finance is customary in the industry and, as a result, the Company maintains adequate capacity to provide the guarantees. As of June 30, 2023 and September 30, 2022, the Company had credit arrangements totaling $577.9 and $373.6, respectively, under which $328.9 and $247.4, respectively, were used for guarantees. These arrangements include the Company’s Amended L/G Facility Agreement and other ancillary credit facilities. Covenants related to current financing agreements The Amended Credit Agreement and Amended L/G Facility Agreement contain the following financial covenants for the current quarter: a maximum leverage ratio (as described above and defined in the agreements) of 4.00 to 1.00 and a minimum ratio of earnings before interest, income tax, depreciation, and amortization (“EBITDA”) (as defined in the agreements) to interest expense of 3.00 to 1.00. As permitted in the Amended Credit Agreement and Amended L/G Facility Agreement, the Company may elect to increase the maximum permitted leverage ratio to 4.00 to 1.00, following certain acquisitions, for four full fiscal quarters (plus the fiscal quarter in which the acquisition takes place). Following the acquisition of Linxis on October 6, 2022, the Company elected to increase the maximum permitted leverage ratio to 4.00 to 1.00 for the quarter ended December 31, 2022, and for the four succeeding quarters. The Credit Agreement Amendment will supersede this election beginning with the three months ended September 30, 2023, resulting in a maximum permitted leverage ratio of 4.50 to 1.00, as described above. The Company has one remaining permitted election to increase the maximum permitted leverage ratio to 4.00 to 1.00, to begin no earlier than the later of six months after the Credit Agreement Adjustment period has ended on April 1, 2025, or the date on which the New Term Loan is fully paid. The obligations under the Amended Credit Agreement and Amended L/G Facility Agreement are unsecured, but are subject to potential Collateral Springing Events as described above. All obligations of the Company arising under the Amended Credit Agreement, Amended L/G Facility Agreement, $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 the $350.0 of senior unsecured notes due March 2031 (the “2021 Notes”), are fully and unconditionally, jointly and severally, guaranteed by certain of the Company’s domestic subsidiaries. As of June 30, 2023, Hillenbrand was in compliance with all covenants contained in the foregoing agreements and credit instruments and there were no events of default. Long Term Notes $100.0 Series A Unsecured Notes On December 15, 2014, the Company issued $100.0 in 4.60% Series A unsecured notes (“Series A Notes”) pursuant to the Private Shelf Agreement, dated as of December 6, 2012 (as amended, the “Shelf Agreement”), among the Company, Prudential Investment Management, Inc. (“Prudential”) and each Prudential Affiliate (as defined therein) that became a purchaser thereunder. During the nine months ended June 30, 2023, the Company repaid in full the $100.0 in Series A Notes using a portion of the net proceeds from the Batesville divestiture and wrote off the remaining issuance costs associated with the Series A Notes. |
Retirement Benefits
Retirement Benefits | 9 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | Retirement Benefits Defined Benefit Plans Components of net periodic pension (benefit) cost included in the Consolidated Statements of Operations were as follows: U.S. Pension Benefits Non-U.S. Pension Benefits Three Months Ended June 30, Three Months Ended June 30, 2023 2022 2023 2022 Service costs $ — $ — $ 0.4 $ 0.4 Interest costs 2.7 1.5 1.2 0.2 Expected return on plan assets (3.4) (2.7) (0.3) (0.2) Amortization of net loss (gain) 0.1 0.3 (0.3) 0.4 Net periodic pension (benefit) cost $ (0.6) $ (0.9) $ 1.0 $ 0.8 U.S. Pension Benefits Non-U.S. Pension Benefits Nine Months Ended June 30, Nine Months Ended June 30, 2023 2022 2023 2022 Service costs $ — $ — $ 1.4 $ 1.5 Interest costs 8.3 4.6 3.1 0.6 Expected return on plan assets (10.2) (8.1) (0.8) (0.7) Amortization of net loss (gain) 0.3 1.1 (0.7) 1.0 Net periodic pension (benefit) cost $ (1.6) $ (2.4) $ 3.0 $ 2.4 Defined Contribution Plans |
Income Taxes
Income Taxes | 9 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rates for the three months ended June 30, 2023 and 2022 were 35.1% and 39.0%, respectively. The decrease in the effective tax rate was primarily driven by a non-recurring unfavorable change in estimate related to foreign tax credits and the impact of tax loss carryforwards within the Molding Technology Solutions reportable operating segment on the net domestic taxes on foreign earnings in the prior period, partially offset by the revaluation of deferred tax balances as a result of foreign currency fluctuations in the current period. The effective tax rates for the nine months ended June 30, 2023 and 2022 were 34.6% and 39.7%, respectively. The decrease in the effective tax rate was primarily driven by th e favorable recognition of discrete tax benefits resulting from the approval of the incentive tax rate for certain operations located in China and the increase in tax benefit of equity compensation in the current period, as well as a non-recurring unfavorable change in estimate related to foreign tax credits, the impact of divestitures, and the impact of tax loss carryforwards within the Molding Technology Solutions reportable operating segment on the net domestic taxes on foreign earnings in the prior period. These items were partially offset by an increase in the accrual for taxes on unremitted foreign earnings as a result of the divestiture of Batesville and the revaluation of deferred tax balances as a result of foreign currency fluctuations in the current period. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 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 Consolidated Balance Sheet date. Potential dilutive effects, representing approximately 350,000 and 400,000 shares at June 30, 2023 and 2022, respectively, were excluded from the computation of diluted earnings per share as the related performance criteria were not yet met, although the Company expects to meet various levels of criteria in the future. Three Months Ended Nine Months Ended 2023 2022 2023 2022 Income from continuing operations $ 44.0 $ 31.1 $ 94.9 $ 82.7 Less: Net income attributable to noncontrolling interests 1.7 1.3 4.8 3.9 Income from continuing operations attributable to Hillenbrand $ 42.3 $ 29.8 $ 90.1 $ 78.8 Weighted-average shares outstanding (basic - in millions) 70.0 71.4 69.7 72.4 Effect of dilutive stock options and other unvested equity awards (in millions) 0.3 0.6 0.3 0.6 Weighted-average shares outstanding (diluted - in millions) 70.3 72.0 70.0 73.0 Basic earnings per share from continuing operations attributable to Hillenbrand $ 0.60 $ 0.42 $ 1.29 $ 1.09 Diluted earnings per share from continuing operations attributable to Hillenbrand $ 0.60 $ 0.42 $ 1.29 $ 1.08 Shares with anti-dilutive effect excluded from the computation of diluted earnings per share (in millions) 0.1 0.5 0.4 0.4 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Jun. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following tables summarize the changes in the accumulated balances for each component of accumulated other comprehensive loss: Pension and Currency Translation (1) Net Total Noncontrolling Total Balance at September 30, 2022 $ (32.8) $ (113.7) $ (9.1) $ (155.6) Other comprehensive income before reclassifications: Before tax amount — 39.2 3.4 42.6 $ (0.6) $ 42.0 Tax expense — — (1.0) (1.0) — (1.0) After tax amount — 39.2 2.4 41.6 (0.6) 41.0 Amounts reclassified from accumulated other comprehensive loss (2) (1.8) — 0.9 (0.9) — (0.9) Net current period other comprehensive (loss) income (1.8) 39.2 3.3 40.7 $ (0.6) $ 40.1 Balance at June 30, 2023 $ (34.6) $ (74.5) $ (5.8) $ (114.9) (1) Includes gain and losses on intra-entity foreign currency transactions that are of a long-term investment nature. (2) Amounts are net of tax. Pension and Currency Translation (1) Net Total Noncontrolling Total Balance at September 30, 2021 $ (49.2) $ 13.1 $ (10.2) $ (46.3) Other comprehensive income (loss) before reclassifications: Before tax amount 1.8 (60.0) 1.0 (57.2) $ (1.6) $ (58.8) Tax expense (0.2) — (0.1) (0.3) — (0.3) After tax amount 1.6 (60.0) 0.9 (57.5) (1.6) (59.1) Amounts reclassified from accumulated other comprehensive loss (2) 1.5 — 1.1 2.6 — 2.6 Net current period other comprehensive income (loss) 3.1 (60.0) 2.0 (54.9) $ (1.6) $ (56.5) Balance at June 30, 2022 $ (46.1) $ (46.9) $ (8.2) $ (101.2) (1) Includes gains and losses on intra-foreign currency transactions that are of a long-term investment nature. (2) Amounts are net of tax. Reclassifications out of accumulated other comprehensive loss include: Three Months Ended June 30, 2023 Amortization of Pension and (1) (Gain) Loss on Net Gain Prior Service Costs Derivative Total Affected Line in the Consolidated Statement of Operations: Net revenue $ — $ — $ 0.2 $ 0.2 Cost of goods sold — — (0.2) (0.2) Other income, net (0.2) — 0.5 0.3 Total before tax $ (0.2) $ — $ 0.5 $ 0.3 Tax expense (0.1) Total reclassifications for the period, net of tax $ 0.2 Nine Months Ended June 30, 2023 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 — — (1.2) (1.2) Other income, net (0.5) — 1.5 1.0 Gain on divestiture of discontinued operations (net of income tax expense) (1.4) (0.1) — (1.5) Total before tax $ (1.9) $ (0.1) $ 0.5 $ (1.5) Tax benefit 0.6 Total reclassifications for the period, net of tax $ (0.9) (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension (benefit) cost (see Note 10). Three Months Ended June 30, 2022 Amortization of Pension and (1) (Gain) Loss on Net Loss Prior Service Costs Derivative Total Affected Line in the Consolidated Statement of Operations: Net revenue $ — $ — $ 0.1 $ 0.1 Cost of goods sold — — (0.2) (0.2) Other income, net 0.4 — 0.4 0.8 Total before tax $ 0.4 $ — $ 0.3 $ 0.7 Tax expense (0.3) Total reclassifications for the period, net of tax $ 0.4 Nine Months Ended June 30, 2022 Amortization of Pension and (1) Loss (Gain) on Net Loss Prior Service Costs Derivative Total Affected Line in the Consolidated Statement of Operations: Net revenue $ — $ — $ 0.1 $ 0.1 Cost of goods sold — — (0.5) (0.5) Other income, net 2.1 — 1.4 3.5 Total before tax $ 2.1 $ — $ 1.0 $ 3.1 Tax expense (0.5) Total reclassifications for the period, net of tax $ 2.6 (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension (benefit) cost (see Note 10). |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Jun. 30, 2023 | |
Compensation Related Costs [Abstract] | |
Share-Based Compensation | Share-Based Compensation Three Months Ended Nine Months Ended 2023 2022 2023 2022 Share-based compensation costs $ 4.9 $ 3.8 $ 14.0 $ 14.6 Less impact of income taxes 1.1 0.9 3.2 3.4 Share-based compensation costs, net of tax $ 3.8 $ 2.9 $ 10.8 $ 11.2 The Company has share-based compensation with long-term performance-based metrics that are contingent upon the Company’s relative total shareholder return and the creation of shareholder value, as well as time-based awards. Relative total shareholder return is determined by comparing the Company’s total shareholder return during a three-year period to the respective total shareholder returns of companies in a designated stock index. Creation of shareholder value is measured by the cumulative cash returns and final period net operating profit after tax compared to the established hurdle rate over a three-year period. For the performance-based awards contingent upon the creation of shareholder value, compensation expense is adjusted each quarter based upon actual results to date and any changes to forecasted information on each of the separate grants. During the nine months ended June 30, 2023, the Company made the following grants: Number of Time-based stock awards 266,765 Performance-based stock awards (maximum that can be earned) 366,641 The Company’s time-based stock awards and performance-based stock awards granted during the nine months ended June 30, 2023, had weighted-average grant date fair values of $51.31 and $67.36, respectively. Included in the performance-based stock awards granted during the nine months ended June 30, 2023 are 189,058 units whose payout level is based upon the Company’s relative total shareholder return over the three-year measurement period, as described above. These units will be expensed on a straight-line basis over the measurement period and are not subsequently adjusted after the grant date. |
Other Income, Net
Other Income, Net | 9 Months Ended |
Jun. 30, 2023 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other Income, Net | Other Income, Net Three Months Ended Nine Months Ended 2023 2022 2023 2022 Interest income $ (2.8) $ (1.3) $ (7.1) $ (4.0) Foreign currency exchange loss, net 0.1 1.0 0.4 1.2 Other, net (1.3) (2.2) (3.9) (6.5) Other income, net $ (4.0) $ (2.5) $ (10.6) $ (9.3) |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Jun. 30, 2023 | |
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, antitrust, patent infringement, business practices, commercial transactions, product and general liability, workers’ compensation, auto liability, employment-related, and other matters. The ultimate outcome of any claims, lawsuits, and proceedings 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 often 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 when payment is considered probable and are based upon advice from internal and external counsel and historical settlement information for such claims. The liabilities recorded represent the best estimate of costs that the Company will incur in relation to such exposures, but it is possible that actual costs will differ from those estimates. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The authoritative guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are from sources independent of the Company. Unobservable inputs reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability, developed based upon the best information available in the circumstances. The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is broken down into three levels: Level 1: Inputs are quoted prices in active markets for identical assets or liabilities. Level 2: Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. Level 3: Inputs are unobservable for the asset or liability. See the section below titled “Valuation techniques” for further discussion of how Hillenbrand determines fair value for certain assets and liabilities. Carrying Value at June 30, 2023 Fair Value at June 30, 2023 Using Inputs Considered as: Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 290.5 $ 290.5 $ — $ — Restricted cash 0.8 0.8 — — Investments in rabbi trust 3.4 3.4 — — Derivative instruments 3.0 — 3.0 — Liabilities: The Facility 27.3 — 27.3 — Term loan 195.0 — 195.0 — 2021 Notes 350.0 296.4 — — 2020 Notes 400.0 396.5 — — 2019 Notes 374.7 367.0 — — Derivative instruments 2.0 — 2.0 — Carrying Value at September 30, 2022 Fair Value at September 30, 2022 Using Inputs Considered as: Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 232.2 $ 232.2 $ — $ — Restricted cash 3.5 3.5 — — Cash and cash equivalents held for sale 1.9 1.9 — — Investments in rabbi trust 2.4 2.4 — — Derivative instruments 2.6 — 2.6 — Liabilities: The Facility 6.7 — 6.7 — 2021 Notes 350.0 268.7 — — 2020 Notes 400.0 394.5 — — 2019 Notes 374.7 349.6 — — Series A Notes 100.0 — 97.6 — Derivative instruments 8.0 — 8.0 — Valuation techniques • Cash and cash equivalents, restricted cash, cash and cash equivalents held for sale, and investments in rabbi trust are classified within Level 1 of the fair value hierarchy. Financial instruments classified as Level 1 are based on quoted market prices in active markets. The types of financial instruments the Company classifies within Level 1 include most bank deposits, money market securities, and publicly traded mutual funds. The Company does not adjust the quoted market price for such financial instruments. • The Company estimates the fair value of foreign currency derivatives using industry accepted models. The significant Level 2 inputs used in the valuation of derivatives include spot rates, forward rates, and volatility. These inputs were obtained from pricing services, broker quotes, and other sources. • The fair values of the Facility, term loan and Series A Notes were estimated based on internally-developed models, using current market interest rate data for similar issues, as there is no active market for the Facility, term loan, or Series A Notes, and therefore, are classified within Level 2 of the fair value hierarchy. • The fair values of the 2021 Notes, 2020 Notes, and 2019 Notes were based on quoted prices in active markets and are classified within Level 1 of the fair value hierarchy. The Company does not adjust the quoted market prices for such financial instruments. 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 $208.9 and $156.0 at June 30, 2023 and September 30, 2022, respectively. The derivatives are recorded at fair value primarily in other current assets and other current liabilities in the Consolidated Balance Sheets. |
Segment and Geographical Inform
Segment and Geographical Information | 9 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment and Geographical Information | Segment and Geographical Information As previously described, on February 1, 2023, the Company completed the divestiture of its historical Batesville reportable operating segment. The operating results and cash flows for the historical Batesville reportable operating segment have been classified as discontinued operations within the Consolidated Financial Statements for all periods presented. Hillenbrand is now composed of two reportable operating segments: Advanced Process Solutions and Molding Technology Solutions. The Company’s reportable operating segments maintain separate financial information for which results of operations are evaluated on a regular basis by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company records the direct costs of business operations to the reportable operating segments, including stock-based compensation, asset impairments, restructuring activities, and business acquisition costs. Corporate provides management and administrative services to each reportable operating segment. These services include treasury management, human resources, legal, business development, information technology, tax compliance, global supply management, sustainability, and other public company support functions such as internal audit, investor relations, and financial reporting. With limited exception for certain professional services and back-office and technology costs, the Company does not allocate these types of corporate expenses to the reportable operating segments. The following tables present financial information for the Company’s reportable operating segments and significant geographical locations: Three Months Ended June 30, Nine Months Ended June 30, 2023 2022 2023 2022 Net revenue Advanced Process Solutions $ 464.7 $ 310.3 $ 1,308.0 $ 942.0 Molding Technology Solutions 251.9 269.5 755.2 769.4 Total $ 716.6 $ 579.8 $ 2,063.2 $ 1,711.4 Adjusted EBITDA (1) Advanced Process Solutions $ 93.6 $ 60.6 $ 238.1 $ 180.6 Molding Technology Solutions 50.8 54.5 141.4 156.7 Corporate (18.3) (14.3) (43.5) (46.7) Net revenue (2) United States $ 258.0 $ 202.6 $ 763.9 $ 545.5 China 123.4 140.9 355.3 428.9 India 57.1 46.7 164.8 148.7 Germany 53.2 33.9 150.5 105.4 All other countries 224.9 155.7 628.7 482.9 Total $ 716.6 $ 579.8 $ 2,063.2 $ 1,711.4 (1) Adjusted earnings before interest, income tax, depreciation, and amortization (“adjusted EBITDA”) is a non-GAAP measure used by management to measure segment performance and make operating decisions. (2) The Company attributes net revenue to a geography based upon the location of the end customer. June 30, September 30, Total assets Advanced Process Solutions $ 2,670.1 $ 1,494.2 Molding Technology Solutions 1,943.5 2,052.6 Corporate 120.2 99.3 Held for sale assets — 221.4 Total $ 4,733.8 $ 3,867.5 Tangible long-lived assets, net United States $ 105.8 $ 79.3 Germany 132.9 104.1 China 40.0 42.2 India 38.9 40.7 All other countries 84.7 53.5 Total $ 402.3 $ 319.8 Three Months Ended Nine Months Ended 2023 2022 2023 2022 Adjusted EBITDA: Advanced Process Solutions $ 93.6 $ 60.6 $ 238.1 $ 180.6 Molding Technology Solutions 50.8 54.5 141.4 156.7 Corporate (18.3) (14.3) (43.5) (46.7) Add: Total income from discontinued operations 1.0 19.0 461.4 73.3 Less: Interest income (2.8) (1.3) (7.1) (4.0) Interest expense 18.6 17.5 63.0 52.7 Income tax expense 23.8 19.9 50.2 54.4 Depreciation and amortization 31.1 24.2 93.1 74.4 Business acquisition, disposition, and integration costs 10.6 9.1 28.5 20.6 Inventory step-up charges — — 11.1 — Restructuring and restructuring-related charges 0.8 0.2 2.3 3.5 Loss on divestiture — — — 3.1 Other — 0.1 — 3.2 Consolidated net income $ 45.0 $ 50.1 $ 556.3 $ 156.0 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 43.3 | $ 48.8 | $ 551.5 | $ 152.1 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 9 Months Ended |
Jun. 30, 2023 shares | Jun. 30, 2023 shares | |
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On June 15, 2023, J. Michael Whitted, Senior Vice President, Strategy & Corporate Development of the Company, adopted a trading arrangement for the sale of the Company’s common stock (a “Rule 10b5-1 Trading Plan”) that is intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c). Mr. Whitted’s Rule 10b5-1 Trading Plan, which has a term of one | |
Name | J. Michael Whitted | |
Title | Senior Vice President, Strategy & Corporate Development | |
Rule 10b5-1 Arrangement Adopted | true | |
Non-Rule 10b5-1 Arrangement Adopted | false | |
Adoption Date | June 15, 2023 | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Arrangement Duration | 1 year | |
Trading Arrangement, Options [Member] | ||
Trading Arrangements, by Individual | ||
Aggregate Available | 161,940 | 161,940 |
Trading Arrangement, Restricted Stock Units [Member] | ||
Trading Arrangements, by Individual | ||
Aggregate Available | 17,589 | 17,589 |
Trading Arrangement, Common Stock [Member] | ||
Trading Arrangements, by Individual | ||
Aggregate Available | 15,000 | 15,000 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy | Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . 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. The Company adopted ASU 2019-12 during the year ended September 30, 2022, and has applied it to all periods presented, as applicable. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . ASU 2021-08 requires companies to apply Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers , to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. This generally will result in an acquirer recognizing contract assets and contract liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition as compared to the ASC 805, Business Combinations (“ASC 805”) requirement that an acquirer recognize and measure the assets it acquires and liabilities it assumes at fair value on the acquisition date. ASU 2021-08 is effective for the Company’s fiscal year beginning October 1, 2023, with early adoption permitted. The Company early adopted ASU 2021-08 during the year ended September 30, 2022, and has applied it to all acquisitions executed in the current year, as applicable. No other new accounting pronouncements recently adopted or issued had or are expected to have a material impact on the Consolidated Financial Statements. |
Revenue | Net revenue includes gross revenue less sales discounts and sales incentives, 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. |
Revenue Recognition, Deferred Revenue | Contract balances The balance in receivables from long-term manufacturing contracts at June 30, 2023 and September 30, 2022, was $280.4 and $213.3, respectively. The change was driven by the impact of net revenue recognized prior to billings to customers and the impact of acquisitions. The balance in the liabilities from long-term manufacturing contracts and advances at June 30, 2023 and September 30, 2022, was $362.6 and $290.3, respectively, and consists primarily of cash payments received or due in advance of satisfying performance obligations. The net revenue recognized for the nine months ended June 30, 2023 and 2022, related to liabilities from long-term manufacturing contracts and advances as of September 30, 2022 and 2021, was $199.7 and $189.8, respectively. During the three and nine months ended June 30, 2023 and 2022, the adjustments related to performance obligations satisfied in previous periods were immaterial. |
Revenue Recognition Revenue Rec
Revenue Recognition Revenue Recognition (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Disaggregation of revenue The following tables present net revenue by end market: Three Months Ended June 30, 2023 Nine Months Ended June 30, 2023 Advanced Process Solutions Molding Technology Solutions Total Advanced Process Solutions Molding Technology Solutions Total End market Plastics $ 270.1 $ — $ 270.1 $ 759.2 $ — $ 759.2 Automotive — 56.6 56.6 — 158.3 158.3 Chemicals 29.0 — 29.0 85.8 — 85.8 Consumer goods — 33.5 33.5 — 100.9 100.9 Food and pharmaceuticals 117.8 — 117.8 320.2 — 320.2 Custom molders — 24.5 24.5 — 81.8 81.8 Packaging — 32.4 32.4 — 98.4 98.4 Construction — 31.6 31.6 — 101.4 101.4 Minerals 15.3 — 15.3 47.8 — 47.8 Electronics — 23.4 23.4 — 59.0 59.0 Medical — 17.2 17.2 — 48.9 48.9 Other industrial 32.5 32.7 65.2 95.0 106.5 201.5 Total $ 464.7 $ 251.9 $ 716.6 $ 1,308.0 $ 755.2 $ 2,063.2 Three Months Ended June 30, 2022 Nine Months Ended June 30, 2022 Advanced Process Solutions Molding Technology Solutions Total Advanced Process Solutions Molding Technology Solutions Total End market Plastics $ 224.2 $ — $ 224.2 $ 688.7 $ — $ 688.7 Automotive — 41.0 41.0 — 146.9 146.9 Chemicals 24.9 — 24.9 74.4 — 74.4 Consumer goods — 40.9 40.9 — 115.9 115.9 Food and pharmaceuticals 23.1 — 23.1 69.4 — 69.4 Custom molders — 38.4 38.4 — 111.4 111.4 Packaging — 28.4 28.4 — 94.8 94.8 Construction — 35.8 35.8 — 84.2 84.2 Minerals 12.7 — 12.7 35.7 — 35.7 Electronics — 20.8 20.8 — 55.1 55.1 Medical — 21.9 21.9 — 62.1 62.1 Other industrial 25.4 42.3 67.7 73.8 99.0 172.8 Total $ 310.3 $ 269.5 $ 579.8 $ 942.0 $ 769.4 $ 1,711.4 The following tables present net revenue by geography: Three Months Ended June 30, 2023 Nine Months Ended June 30, 2023 Advanced Process Solutions Molding Technology Solutions Total Advanced Process Solutions Molding Technology Solutions Total Geography (1) Americas $ 164.6 $ 146.1 $ 310.7 $ 462.1 $ 439.4 $ 901.5 Asia 153.8 67.8 221.6 444.8 201.3 646.1 Europe, the Middle East, and Africa 146.3 38.0 184.3 401.1 114.5 515.6 Total $ 464.7 $ 251.9 $ 716.6 $ 1,308.0 $ 755.2 $ 2,063.2 Three Months Ended June 30, 2022 Nine Months Ended June 30, 2022 Advanced Process Solutions Molding Technology Solutions Total Advanced Process Solutions Molding Technology Solutions Total Geography (1) Americas $ 79.9 $ 159.1 $ 239.0 $ 218.9 $ 424.3 $ 643.2 Asia 157.6 71.7 229.3 484.4 228.3 712.7 Europe, the Middle East, and Africa 72.8 38.7 111.5 238.7 116.8 355.5 Total $ 310.3 $ 269.5 $ 579.8 $ 942.0 $ 769.4 $ 1,711.4 (1) The Company attributes net revenue to a geography based upon the location of the end customer. The following tables present net revenue by products and services: Three Months Ended June 30, 2023 Nine Months Ended June 30, 2023 Advanced Process Solutions Molding Technology Solutions Total Advanced Process Solutions Molding Technology Solutions Total Products and services Equipment $ 341.8 $ 164.2 $ 506.0 $ 952.6 $ 499.5 $ 1,452.1 Parts and services 122.9 71.9 194.8 355.4 207.3 562.7 Other — 15.8 15.8 — 48.4 48.4 Total $ 464.7 $ 251.9 $ 716.6 $ 1,308.0 $ 755.2 $ 2,063.2 Three Months Ended June 30, 2022 Nine Months Ended June 30, 2022 Advanced Process Solutions Molding Technology Solutions Total Advanced Process Solutions Molding Technology Solutions Total Products and services Equipment $ 217.2 $ 187.7 $ 404.9 $ 671.6 $ 528.6 $ 1,200.2 Parts and services 93.1 65.6 158.7 270.4 191.1 461.5 Other — 16.2 16.2 — 49.7 49.7 Total $ 310.3 $ 269.5 $ 579.8 $ 942.0 $ 769.4 $ 1,711.4 The following tables present net revenue by timing of transfer: Three Months Ended June 30, 2023 Nine Months Ended June 30, 2023 Advanced Process Solutions Molding Technology Solutions Total Advanced Process Solutions Molding Technology Solutions Total Timing of transfer Point in time $ 250.2 $ 223.4 $ 473.6 $ 692.0 $ 679.5 $ 1,371.5 Over time 214.5 28.5 243.0 616.0 75.7 691.7 Total $ 464.7 $ 251.9 $ 716.6 $ 1,308.0 $ 755.2 $ 2,063.2 Three Months Ended June 30, 2022 Nine Months Ended June 30, 2022 Advanced Process Solutions Molding Technology Solutions Total Advanced Process Solutions Molding Technology Solutions Total Timing of transfer Point in time $ 143.6 $ 254.8 $ 398.4 $ 413.0 $ 741.7 $ 1,154.7 Over time 166.7 14.7 181.4 529.0 27.7 556.7 Total $ 310.3 $ 269.5 $ 579.8 $ 942.0 $ 769.4 $ 1,711.4 |
Divestitures (Tables)
Divestitures (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | Components of amounts reflected in the Consolidated Statements of Operations related to discontinued operations are presented in the table, as follows: Three Months Ended June 30, Nine Months Ended June 30, 2023 2022 2023 2022 Net revenue $ — $ 140.8 $ 213.7 $ 479.6 Cost of goods sold — 100.5 142.2 329.2 Gross profit — 40.3 71.5 150.4 Operating (income) expenses (0.4) 17.0 42.6 51.4 Other expense, net — 1.5 1.0 4.6 Income (loss) from discontinued operations before income taxes 0.4 21.8 27.9 94.4 Income tax (benefit) expense (0.2) 2.8 7.8 21.1 Income from discontinued operations (net of income tax (benefit) expense) 0.6 19.0 20.1 73.3 Gain on divestiture of discontinued operations (1) 0.4 — 441.3 — Total income from discontinued operations $ 1.0 $ 19.0 $ 461.4 $ 73.3 Cash and cash equivalents $ 1.9 Trade receivables, net 59.5 Inventories, net 48.2 Other assets 6.5 Current assets held for sale $ 116.1 Property, plant and equipment, net $ 49.1 Operating lease right-of-use assets, net 35.6 Intangible assets, net 2.7 Goodwill 8.3 Long-term assets 9.6 Long-term assets held for sale $ 105.3 Trade accounts payable $ 62.0 Accrued compensation 13.6 Operating lease liabilities 13.0 Other liabilities 25.2 Current liabilities held for sale $ 113.8 Operating lease liabilities $ 22.1 Other liabilities 3.7 Long-term liabilities held for sale $ 25.8 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisition | Based on current fair value estimates, the preliminary purchase price for Peerless has been allocated to individual assets acquired and liabilities assumed as of the acquisition date: December 1, 2022 (as initially reported) Measurement Period Adjustments December 1, 2022 (as adjusted) Assets acquired: Current assets $ 16.2 $ 1.3 $ 17.5 Property, plant, and equipment 2.3 — 2.3 Intangible assets — 25.3 25.3 Goodwill 50.9 (27.3) 23.6 Total assets acquired 69.4 (0.7) 68.7 Liabilities assumed: Current liabilities 9.5 — 9.5 Total liabilities assumed 9.5 — 9.5 Net assets acquired $ 59.9 $ (0.7) $ 59.2 October 6, 2022 (as initially reported) Measurement Period Adjustments October 6, 2022 (as adjusted) Assets acquired: Cash and cash equivalents $ 22.9 $ — $ 22.9 Trade receivables 31.5 — 31.5 Receivables from long-term manufacturing contracts 12.1 — 12.1 Inventories 80.1 — 80.1 Prepaid expenses and other current assets 11.7 — 11.7 Property, plant, and equipment 36.7 1.1 37.8 Operating lease right-of-use assets 15.0 — 15.0 Intangible assets 243.8 — 243.8 Goodwill 332.0 (0.9) 331.1 Other noncurrent assets 1.0 — 1.0 Total assets acquired 786.8 0.2 787.0 Liabilities assumed: Trade accounts payable 18.9 — 18.9 Liabilities from long-term manufacturing contracts 52.0 — 52.0 Accrued compensation 10.3 — 10.3 Other current liabilities 19.6 1.4 21.0 Accrued pension and postretirement healthcare 3.9 — 3.9 Operating lease liabilities 9.4 — 9.4 Deferred income taxes 77.0 (1.2) 75.8 Other noncurrent liabilities 0.3 — 0.3 Total liabilities assumed 191.4 0.2 191.6 Net assets acquired 595.4 — 595.4 Less: Fair value of Linxis noncontrolling interest (1) (4.6) — (4.6) Purchase price consideration $ 590.8 $ — $ 590.8 (1) While the Company acquired all issued and outstanding securities of Linxis in the acquisition, there remain certain noncontrolling interests in two subsidiaries of Linxis that existed as of the acquisition date. Three Months Ended June 30, 2023 Nine Months Ended June 30, 2023 Net revenue $ 86.0 $ 238.5 Income from continuing operations before income taxes 5.9 3.3 August 31, 2022 (as initially reported) Measurement Period Adjustments August 31, 2022 (as adjusted) Assets acquired: Current assets $ 38.2 $ 1.4 $ 39.6 Property, plant, and equipment 4.7 1.9 6.6 Intangible assets — 22.6 22.6 Goodwill 69.3 (12.3) 57.0 Other assets 5.3 — 5.3 Total assets acquired 117.5 13.6 131.1 Liabilities assumed: Current liabilities 33.9 6.6 40.5 Other long-term liabilities 5.9 7.0 12.9 Total liabilities assumed 39.8 13.6 53.4 Net assets acquired $ 77.7 $ — $ 77.7 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The preliminary amounts allocated to intangible assets are as follows: Gross Carrying Amount Weighted-Average Useful Life Customer relationships $ 211.1 13 years Trade name 32.7 10 years Total intangible assets $ 243.8 The preliminary amounts allocated to intangible assets are as follows: Gross Carrying Amount Weighted-Average Useful Life Customer relationships $ 10.2 15 years Trade name 8.0 10 years Technology 4.4 7 years Total intangible assets $ 22.6 |
Schedule of Business Acquisition Pro Forma Information | The supplemental pro forma financial information for the periods presented is as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Net revenue $ 716.6 $ 675.4 $ 2,069.0 $ 2,022.6 Income from continuing operations attributable to Hillenbrand 43.6 27.1 107.3 75.7 Income from continuing operations attributable to Hillenbrand — per share of common stock: Basic earnings per share from continuing operations $ 0.62 $ 0.38 $ 1.54 $ 1.05 Diluted earnings per share from continuing operations $ 0.62 $ 0.38 $ 1.53 $ 1.04 |
Supplemental Balance Sheet In_2
Supplemental Balance Sheet Information (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of supplemental balance sheet information | June 30, September 30, Allowance for credit losses $ 8.1 $ 6.4 Warranty reserves $ 28.6 $ 22.4 Accumulated depreciation on property, plant, and equipment $ 219.0 $ 197.6 Inventories, net: Raw materials and components $ 251.7 $ 210.1 Work in process 130.8 107.9 Finished goods 185.9 167.6 Total inventories, net $ 568.4 $ 485.6 Other current liabilities: Income tax payable $ 96.2 $ 33.6 Other current liabilities 222.7 172.1 Total other current liabilities $ 318.9 $ 205.7 The following table provides a reconciliation of cash and cash equivalents, restricted cash, and cash and cash equivalents held for sale reported within the Consolidated Balance Sheets that sum to the total of the same amounts shown in the Consolidated Statements of Cash Flows: June 30, 2023 June 30, 2022 Cash and cash equivalents $ 290.5 $ 282.5 Cash and cash equivalents held for sale — 1.9 Short-term restricted cash included in other current assets 0.8 1.1 Total cash and cash equivalents, restricted cash, and cash and cash equivalents held for sale shown in the Consolidated Statements of Cash Flows $ 291.3 $ 285.5 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Schedule of Supplemental Balance Sheet Information | The following table presents supplemental Consolidated Balance Sheet information related to the Company’s operating leases: June 30, 2023 September 30, 2022 Operating lease right-of-use assets, net $ 105.9 $ 87.9 Other current liabilities 17.5 15.7 Operating lease liabilities 83.0 70.5 Total operating lease liabilities $ 100.5 $ 86.2 Weighted-average remaining lease term (in years) 5.7 7.9 Weighted-average discount rate 3.6 % 2.7 % |
Schedule of Operating Lease Liability Maturities | As of June 30, 2023, the maturities of the Company’s operating lease liabilities were as follows: 2023 (excluding the nine months ended June 30, 2023) $ 5.8 2024 20.0 2025 16.8 2026 14.1 2027 12.1 Thereafter 44.5 Total lease payments 113.3 Less: imputed interest (12.8) Total present value of lease payments $ 100.5 |
Schedule of Supplemental Statement of Cash Flow Information | Supplemental Consolidated Statements of Cash Flow information related to the Company’s operating leases is as follows: Nine Months Ended June 30, 2023 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 17.9 $ 15.7 Operating lease right-of-use assets, net obtained in exchange for new operating lease liabilities 10.4 18.3 Operating leases acquired in acquisitions 15.3 — |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The following table summarizes the carrying amounts and related accumulated amortization for intangible assets as of: June 30, 2023 September 30, 2022 Cost Accumulated Cost Accumulated Finite-lived assets: Customer relationships $ 1,024.4 $ (276.5) $ 739.6 $ (221.1) Trade names 48.1 (3.6) — — Technology, including patents 142.1 (80.8) 132.9 (68.4) Software 39.7 (31.0) 34.4 (27.0) 1,254.3 (391.9) 906.9 (316.5) Indefinite-lived assets: Trade names 223.2 — 217.6 — Total $ 1,477.5 $ (391.9) $ 1,124.5 $ (316.5) |
Schedule of Goodwill | The following table summarizes the changes in the Company’s goodwill, by reportable operating segment, for the nine months ended June 30, 2023: Advanced Process Solutions Molding Technology Solutions Total Balance as of September 30, 2022 $ 516.0 $ 635.1 $ 1,151.1 Acquisitions (1) 354.7 — 354.7 Acquisition measurement period adjustments (11.8) — (11.8) Foreign currency adjustments 64.1 3.3 67.4 Balance as of June 30, 2023 $ 923.0 $ 638.4 $ 1,561.4 |
Financing Agreements (Tables)
Financing Agreements (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of borrowings under financing agreements | The following table summarizes Hillenbrand’s current and long-term debt as of: June 30, September 30, $1,000.0 revolving credit facility (excluding outstanding letters of credit) $ 27.3 $ 6.7 $200.0 term loan 195.0 — $400.0 senior unsecured notes (1) 397.8 397.1 $375.0 senior unsecured notes (2) 372.7 372.2 $350.0 senior unsecured notes (3) 346.5 346.2 $100.0 Series A Notes (4) — 99.9 Total debt 1,339.3 1,222.1 Less: current portion 10.0 — Total long-term debt $ 1,329.3 $ 1,222.1 (1) Includes unamortized debt issuance costs of $2.2 and $2.9 at June 30, 2023 and September 30, 2022, respectively. (2) Includes unamortized debt issuance costs of $2.0 and $2.5 at June 30, 2023 and September 30, 2022, respectively. (3) Includes unamortized debt issuance costs of $3.5 and $3.8 at June 30, 2023 and September 30, 2022, respectively. |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Components of net pension costs | Components of net periodic pension (benefit) cost included in the Consolidated Statements of Operations were as follows: U.S. Pension Benefits Non-U.S. Pension Benefits Three Months Ended June 30, Three Months Ended June 30, 2023 2022 2023 2022 Service costs $ — $ — $ 0.4 $ 0.4 Interest costs 2.7 1.5 1.2 0.2 Expected return on plan assets (3.4) (2.7) (0.3) (0.2) Amortization of net loss (gain) 0.1 0.3 (0.3) 0.4 Net periodic pension (benefit) cost $ (0.6) $ (0.9) $ 1.0 $ 0.8 U.S. Pension Benefits Non-U.S. Pension Benefits Nine Months Ended June 30, Nine Months Ended June 30, 2023 2022 2023 2022 Service costs $ — $ — $ 1.4 $ 1.5 Interest costs 8.3 4.6 3.1 0.6 Expected return on plan assets (10.2) (8.1) (0.8) (0.7) Amortization of net loss (gain) 0.3 1.1 (0.7) 1.0 Net periodic pension (benefit) cost $ (1.6) $ (2.4) $ 3.0 $ 2.4 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per share | Three Months Ended Nine Months Ended 2023 2022 2023 2022 Income from continuing operations $ 44.0 $ 31.1 $ 94.9 $ 82.7 Less: Net income attributable to noncontrolling interests 1.7 1.3 4.8 3.9 Income from continuing operations attributable to Hillenbrand $ 42.3 $ 29.8 $ 90.1 $ 78.8 Weighted-average shares outstanding (basic - in millions) 70.0 71.4 69.7 72.4 Effect of dilutive stock options and other unvested equity awards (in millions) 0.3 0.6 0.3 0.6 Weighted-average shares outstanding (diluted - in millions) 70.3 72.0 70.0 73.0 Basic earnings per share from continuing operations attributable to Hillenbrand $ 0.60 $ 0.42 $ 1.29 $ 1.09 Diluted earnings per share from continuing operations attributable to Hillenbrand $ 0.60 $ 0.42 $ 1.29 $ 1.08 Shares with anti-dilutive effect excluded from the computation of diluted earnings per share (in millions) 0.1 0.5 0.4 0.4 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of changes in accumulated other comprehensive income (loss) by component | The following tables summarize the changes in the accumulated balances for each component of accumulated other comprehensive loss: Pension and Currency Translation (1) Net Total Noncontrolling Total Balance at September 30, 2022 $ (32.8) $ (113.7) $ (9.1) $ (155.6) Other comprehensive income before reclassifications: Before tax amount — 39.2 3.4 42.6 $ (0.6) $ 42.0 Tax expense — — (1.0) (1.0) — (1.0) After tax amount — 39.2 2.4 41.6 (0.6) 41.0 Amounts reclassified from accumulated other comprehensive loss (2) (1.8) — 0.9 (0.9) — (0.9) Net current period other comprehensive (loss) income (1.8) 39.2 3.3 40.7 $ (0.6) $ 40.1 Balance at June 30, 2023 $ (34.6) $ (74.5) $ (5.8) $ (114.9) (1) Includes gain and losses on intra-entity foreign currency transactions that are of a long-term investment nature. (2) Amounts are net of tax. Pension and Currency Translation (1) Net Total Noncontrolling Total Balance at September 30, 2021 $ (49.2) $ 13.1 $ (10.2) $ (46.3) Other comprehensive income (loss) before reclassifications: Before tax amount 1.8 (60.0) 1.0 (57.2) $ (1.6) $ (58.8) Tax expense (0.2) — (0.1) (0.3) — (0.3) After tax amount 1.6 (60.0) 0.9 (57.5) (1.6) (59.1) Amounts reclassified from accumulated other comprehensive loss (2) 1.5 — 1.1 2.6 — 2.6 Net current period other comprehensive income (loss) 3.1 (60.0) 2.0 (54.9) $ (1.6) $ (56.5) Balance at June 30, 2022 $ (46.1) $ (46.9) $ (8.2) $ (101.2) (1) Includes gains and losses on intra-foreign currency transactions that are of a long-term investment nature. (2) Amounts are net of tax. |
Schedule of reclassifications of AOCI | Reclassifications out of accumulated other comprehensive loss include: Three Months Ended June 30, 2023 Amortization of Pension and (1) (Gain) Loss on Net Gain Prior Service Costs Derivative Total Affected Line in the Consolidated Statement of Operations: Net revenue $ — $ — $ 0.2 $ 0.2 Cost of goods sold — — (0.2) (0.2) Other income, net (0.2) — 0.5 0.3 Total before tax $ (0.2) $ — $ 0.5 $ 0.3 Tax expense (0.1) Total reclassifications for the period, net of tax $ 0.2 Nine Months Ended June 30, 2023 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 — — (1.2) (1.2) Other income, net (0.5) — 1.5 1.0 Gain on divestiture of discontinued operations (net of income tax expense) (1.4) (0.1) — (1.5) Total before tax $ (1.9) $ (0.1) $ 0.5 $ (1.5) Tax benefit 0.6 Total reclassifications for the period, net of tax $ (0.9) (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension (benefit) cost (see Note 10). Three Months Ended June 30, 2022 Amortization of Pension and (1) (Gain) Loss on Net Loss Prior Service Costs Derivative Total Affected Line in the Consolidated Statement of Operations: Net revenue $ — $ — $ 0.1 $ 0.1 Cost of goods sold — — (0.2) (0.2) Other income, net 0.4 — 0.4 0.8 Total before tax $ 0.4 $ — $ 0.3 $ 0.7 Tax expense (0.3) Total reclassifications for the period, net of tax $ 0.4 Nine Months Ended June 30, 2022 Amortization of Pension and (1) Loss (Gain) on Net Loss Prior Service Costs Derivative Total Affected Line in the Consolidated Statement of Operations: Net revenue $ — $ — $ 0.1 $ 0.1 Cost of goods sold — — (0.5) (0.5) Other income, net 2.1 — 1.4 3.5 Total before tax $ 2.1 $ — $ 1.0 $ 3.1 Tax expense (0.5) Total reclassifications for the period, net of tax $ 2.6 (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension (benefit) cost (see Note 10). |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Compensation Related Costs [Abstract] | |
Schedule of stock-based compensation costs | Three Months Ended Nine Months Ended 2023 2022 2023 2022 Share-based compensation costs $ 4.9 $ 3.8 $ 14.0 $ 14.6 Less impact of income taxes 1.1 0.9 3.2 3.4 Share-based compensation costs, net of tax $ 3.8 $ 2.9 $ 10.8 $ 11.2 |
Schedule of stock-based awards granted in the period | During the nine months ended June 30, 2023, the Company made the following grants: Number of Time-based stock awards 266,765 Performance-based stock awards (maximum that can be earned) 366,641 |
Other Income, Net (Tables)
Other Income, Net (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other income and expense | Three Months Ended Nine Months Ended 2023 2022 2023 2022 Interest income $ (2.8) $ (1.3) $ (7.1) $ (4.0) Foreign currency exchange loss, net 0.1 1.0 0.4 1.2 Other, net (1.3) (2.2) (3.9) (6.5) Other income, net $ (4.0) $ (2.5) $ (10.6) $ (9.3) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial assets and liabilities at carrying value and fair value and the level within the fair value hierarchy | Carrying Value at June 30, 2023 Fair Value at June 30, 2023 Using Inputs Considered as: Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 290.5 $ 290.5 $ — $ — Restricted cash 0.8 0.8 — — Investments in rabbi trust 3.4 3.4 — — Derivative instruments 3.0 — 3.0 — Liabilities: The Facility 27.3 — 27.3 — Term loan 195.0 — 195.0 — 2021 Notes 350.0 296.4 — — 2020 Notes 400.0 396.5 — — 2019 Notes 374.7 367.0 — — Derivative instruments 2.0 — 2.0 — Carrying Value at September 30, 2022 Fair Value at September 30, 2022 Using Inputs Considered as: Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 232.2 $ 232.2 $ — $ — Restricted cash 3.5 3.5 — — Cash and cash equivalents held for sale 1.9 1.9 — — Investments in rabbi trust 2.4 2.4 — — Derivative instruments 2.6 — 2.6 — Liabilities: The Facility 6.7 — 6.7 — 2021 Notes 350.0 268.7 — — 2020 Notes 400.0 394.5 — — 2019 Notes 374.7 349.6 — — Series A Notes 100.0 — 97.6 — Derivative instruments 8.0 — 8.0 — |
Segment and Geographical Info_2
Segment and Geographical Information (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of net revenue, adjusted EBITDA, and depreciation and amortization by segment and geographic location | The following tables present financial information for the Company’s reportable operating segments and significant geographical locations: Three Months Ended June 30, Nine Months Ended June 30, 2023 2022 2023 2022 Net revenue Advanced Process Solutions $ 464.7 $ 310.3 $ 1,308.0 $ 942.0 Molding Technology Solutions 251.9 269.5 755.2 769.4 Total $ 716.6 $ 579.8 $ 2,063.2 $ 1,711.4 Adjusted EBITDA (1) Advanced Process Solutions $ 93.6 $ 60.6 $ 238.1 $ 180.6 Molding Technology Solutions 50.8 54.5 141.4 156.7 Corporate (18.3) (14.3) (43.5) (46.7) Net revenue (2) United States $ 258.0 $ 202.6 $ 763.9 $ 545.5 China 123.4 140.9 355.3 428.9 India 57.1 46.7 164.8 148.7 Germany 53.2 33.9 150.5 105.4 All other countries 224.9 155.7 628.7 482.9 Total $ 716.6 $ 579.8 $ 2,063.2 $ 1,711.4 (1) Adjusted earnings before interest, income tax, depreciation, and amortization (“adjusted EBITDA”) is a non-GAAP measure used by management to measure segment performance and make operating decisions. |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | June 30, September 30, Total assets Advanced Process Solutions $ 2,670.1 $ 1,494.2 Molding Technology Solutions 1,943.5 2,052.6 Corporate 120.2 99.3 Held for sale assets — 221.4 Total $ 4,733.8 $ 3,867.5 Tangible long-lived assets, net United States $ 105.8 $ 79.3 Germany 132.9 104.1 China 40.0 42.2 India 38.9 40.7 All other countries 84.7 53.5 Total $ 402.3 $ 319.8 |
Schedule of reconciliation of segment adjusted EBITDA to consolidated net income | The following schedule reconciles reportable operating segment adjusted EBITDA to consolidated net income: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Adjusted EBITDA: Advanced Process Solutions $ 93.6 $ 60.6 $ 238.1 $ 180.6 Molding Technology Solutions 50.8 54.5 141.4 156.7 Corporate (18.3) (14.3) (43.5) (46.7) Add: Total income from discontinued operations 1.0 19.0 461.4 73.3 Less: Interest income (2.8) (1.3) (7.1) (4.0) Interest expense 18.6 17.5 63.0 52.7 Income tax expense 23.8 19.9 50.2 54.4 Depreciation and amortization 31.1 24.2 93.1 74.4 Business acquisition, disposition, and integration costs 10.6 9.1 28.5 20.6 Inventory step-up charges — — 11.1 — Restructuring and restructuring-related charges 0.8 0.2 2.3 3.5 Loss on divestiture — — — 3.1 Other — 0.1 — 3.2 Consolidated net income $ 45.0 $ 50.1 $ 556.3 $ 156.0 |
Background and Basis of Prese_2
Background and Basis of Presentation - Narrative (Details) $ in Millions | 9 Months Ended | ||
Feb. 01, 2023 USD ($) | Dec. 15, 2022 USD ($) | Jun. 30, 2023 segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Number of reportable segments | segment | 2 | ||
Acquired entity subsidiary investments owned percent | 100% | ||
Batesville | Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Total transaction value | $ 761.5 | ||
Consideration from sale of segment, subordinated note | $ 11.5 | ||
Proceeds from sale of business segment | $ 698 |
Revenue Recognition Narrative (
Revenue Recognition Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |||
Receivables from long-term manufacturing contracts, net | $ 280.4 | $ 213.3 | |
Liabilities from long-term manufacturing contracts and advances | 362.6 | $ 290.3 | |
Revenue recognized on long-term manufacturing contracts and advances liabilities | $ 199.7 | $ 189.8 |
Revenue Recognition Revenue Rem
Revenue Recognition Revenue Remaining Performance Obligation Narrative (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 1,870.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Remaining performance obligation expected to be recognized in the given period (as a percent) | 77% |
Revenue Recognition Revenue by
Revenue Recognition Revenue by End Market (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 716.6 | $ 579.8 | $ 2,063.2 | $ 1,711.4 |
Plastics | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 270.1 | 224.2 | 759.2 | 688.7 |
Automotive | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 56.6 | 41 | 158.3 | 146.9 |
Chemicals | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 29 | 24.9 | 85.8 | 74.4 |
Consumer goods | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 33.5 | 40.9 | 100.9 | 115.9 |
Food and pharmaceuticals | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 117.8 | 23.1 | 320.2 | 69.4 |
Custom molders | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 24.5 | 38.4 | 81.8 | 111.4 |
Packaging | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 32.4 | 28.4 | 98.4 | 94.8 |
Construction | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 31.6 | 35.8 | 101.4 | 84.2 |
Minerals | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 15.3 | 12.7 | 47.8 | 35.7 |
Electronics | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 23.4 | 20.8 | 59 | 55.1 |
Medical | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 17.2 | 21.9 | 48.9 | 62.1 |
Other industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 65.2 | 67.7 | 201.5 | 172.8 |
Advanced Process Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 464.7 | 310.3 | 1,308 | 942 |
Advanced Process Solutions | Plastics | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 270.1 | 224.2 | 759.2 | 688.7 |
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 | 29 | 24.9 | 85.8 | 74.4 |
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 | 117.8 | 23.1 | 320.2 | 69.4 |
Advanced Process Solutions | Custom molders | ||||
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 | Construction | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Advanced Process Solutions | Minerals | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 15.3 | 12.7 | 47.8 | 35.7 |
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 | Other industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 32.5 | 25.4 | 95 | 73.8 |
Molding Technology Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 251.9 | 269.5 | 755.2 | 769.4 |
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 | 56.6 | 41 | 158.3 | 146.9 |
Molding Technology Solutions | Chemicals | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Molding Technology Solutions | Consumer goods | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 33.5 | 40.9 | 100.9 | 115.9 |
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 | 24.5 | 38.4 | 81.8 | 111.4 |
Molding Technology Solutions | Packaging | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 32.4 | 28.4 | 98.4 | 94.8 |
Molding Technology Solutions | Construction | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 31.6 | 35.8 | 101.4 | 84.2 |
Molding Technology Solutions | Minerals | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 0 | 0 | 0 | 0 |
Molding Technology Solutions | Electronics | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 23.4 | 20.8 | 59 | 55.1 |
Molding Technology Solutions | Medical | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 17.2 | 21.9 | 48.9 | 62.1 |
Molding Technology Solutions | Other industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 32.7 | $ 42.3 | $ 106.5 | $ 99 |
Revenue Recognition by Geograph
Revenue Recognition by Geographic Markets (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 716.6 | $ 579.8 | $ 2,063.2 | $ 1,711.4 |
Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 310.7 | 239 | 901.5 | 643.2 |
Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 221.6 | 229.3 | 646.1 | 712.7 |
Europe, the Middle East, and Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 184.3 | 111.5 | 515.6 | 355.5 |
Advanced Process Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 464.7 | 310.3 | 1,308 | 942 |
Advanced Process Solutions | Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 164.6 | 79.9 | 462.1 | 218.9 |
Advanced Process Solutions | Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 153.8 | 157.6 | 444.8 | 484.4 |
Advanced Process Solutions | Europe, the Middle East, and Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 146.3 | 72.8 | 401.1 | 238.7 |
Molding Technology Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 251.9 | 269.5 | 755.2 | 769.4 |
Molding Technology Solutions | Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 146.1 | 159.1 | 439.4 | 424.3 |
Molding Technology Solutions | Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 67.8 | 71.7 | 201.3 | 228.3 |
Molding Technology Solutions | Europe, the Middle East, and Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 38 | $ 38.7 | $ 114.5 | $ 116.8 |
Revenue Recognition Timing of T
Revenue Recognition Timing of Transfer (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 716.6 | $ 579.8 | $ 2,063.2 | $ 1,711.4 |
Point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 473.6 | 398.4 | 1,371.5 | 1,154.7 |
Over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 243 | 181.4 | 691.7 | 556.7 |
Advanced Process Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 464.7 | 310.3 | 1,308 | 942 |
Advanced Process Solutions | Point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 250.2 | 143.6 | 692 | 413 |
Advanced Process Solutions | Over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 214.5 | 166.7 | 616 | 529 |
Molding Technology Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 251.9 | 269.5 | 755.2 | 769.4 |
Molding Technology Solutions | Point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 223.4 | 254.8 | 679.5 | 741.7 |
Molding Technology Solutions | Over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 28.5 | $ 14.7 | $ 75.7 | $ 27.7 |
Revenue Recognition Product and
Revenue Recognition Product and Services (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 716.6 | $ 579.8 | $ 2,063.2 | $ 1,711.4 |
Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 506 | 404.9 | 1,452.1 | 1,200.2 |
Parts and services | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 194.8 | 158.7 | 562.7 | 461.5 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 15.8 | 16.2 | 48.4 | 49.7 |
Advanced Process Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 464.7 | 310.3 | 1,308 | 942 |
Advanced Process Solutions | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 341.8 | 217.2 | 952.6 | 671.6 |
Advanced Process Solutions | Parts and services | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 122.9 | 93.1 | 355.4 | 270.4 |
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 | 251.9 | 269.5 | 755.2 | 769.4 |
Molding Technology Solutions | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 164.2 | 187.7 | 499.5 | 528.6 |
Molding Technology Solutions | Parts and services | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 71.9 | 65.6 | 207.3 | 191.1 |
Molding Technology Solutions | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 15.8 | $ 16.2 | $ 48.4 | $ 49.7 |
Divestitures - Components of Am
Divestitures - Components of Amounts Reflected in the Consolidated Statements of Operations Related to Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net revenue | $ 0 | $ 140.8 | $ 213.7 | $ 479.6 |
Cost of goods sold | 0 | 100.5 | 142.2 | 329.2 |
Gross profit | 0 | 40.3 | 71.5 | 150.4 |
Operating (income) expenses | (0.4) | 17 | 42.6 | 51.4 |
Other expense, net | 0 | 1.5 | 1 | 4.6 |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 0.4 | 21.8 | 27.9 | 94.4 |
Income tax (benefit) expense | (0.2) | 2.8 | 7.8 | 21.1 |
Income from discontinued operations (net of income tax expense) | 0.6 | 19 | 20.1 | 73.3 |
Gain on divestiture of discontinued operations(1) | 0.4 | 0 | 441.3 | 0 |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | $ 1 | $ 19 | $ 461.4 | $ 73.3 |
Divestitures - Summary of Major
Divestitures - Summary of Major Categories of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 |
Disposal Group, Including Discontinued Operation, Assets, Current [Abstract] | |||
Cash and cash equivalents | $ 0 | $ 1.9 | $ 1.9 |
Current assets held for sale | 0 | 116.1 | |
Disposal Group, Including Discontinued Operation, Assets, Noncurrent [Abstract] | |||
Long-term assets held for sale | 0 | 105.3 | |
Disposal Group, Including Discontinued Operation, Liabilities, Current [Abstract] | |||
Current liabilities held for sale | 0 | 113.8 | |
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent [Abstract] | |||
Long-term liabilities held for sale | $ 0 | 25.8 | |
Discontinued Operations, Held-for-sale | |||
Disposal Group, Including Discontinued Operation, Assets, Current [Abstract] | |||
Cash and cash equivalents | 1.9 | ||
Trade receivables, net | 59.5 | ||
Inventories, net | 48.2 | ||
Other assets | 6.5 | ||
Current assets held for sale | 116.1 | ||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent [Abstract] | |||
Property, plant and equipment, net | 49.1 | ||
Operating lease right-of-use assets, net | 35.6 | ||
Intangible assets, net | 2.7 | ||
Goodwill | 8.3 | ||
Long-term assets | 9.6 | ||
Long-term assets held for sale | 105.3 | ||
Disposal Group, Including Discontinued Operation, Liabilities, Current [Abstract] | |||
Trade accounts payable | 62 | ||
Accrued compensation | 13.6 | ||
Operating lease liabilities | 13 | ||
Other liabilities | 25.2 | ||
Current liabilities held for sale | 113.8 | ||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent [Abstract] | |||
Operating lease liabilities | 22.1 | ||
Other liabilities | 3.7 | ||
Long-term liabilities held for sale | $ 25.8 |
Divestitures - Narrative (Detai
Divestitures - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Jan. 31, 2023 | Oct. 22, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Pre-tax gain (loss) | $ 0 | $ 0 | $ 0 | $ (3.1) | ||
TerraSource Global | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Notes receivable | $ 27 | $ 25.6 | ||||
Notes and loans receivable, term (in years) | 5 years | |||||
Ownership interest retained after disposal, percent | 46% | 49% | ||||
Total transaction value | $ 27.7 | |||||
Pre-tax gain (loss) | 3.1 | |||||
Transaction costs | 0.4 | |||||
Batesville | Discontinued Operations, Held-for-sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Decrease in income before income taxes | $ 0.9 | $ 17.5 | $ 1.5 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) € in Millions | 9 Months Ended | ||||||||||
May 23, 2023 USD ($) | Dec. 01, 2022 USD ($) | Oct. 06, 2022 USD ($) | Oct. 06, 2022 EUR (€) | Aug. 31, 2022 USD ($) | Aug. 31, 2022 EUR (€) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 EUR (€) | Jun. 30, 2023 USD ($) | Oct. 06, 2022 EUR (€) | Sep. 30, 2022 USD ($) | |
Business Acquisition [Line Items] | |||||||||||
Long-term debt | $ 1,339,300,000 | $ 1,222,100,000 | |||||||||
Schenck Process Foods and Performance Materials | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business combination, consideration transferred | $ 730,000,000 | ||||||||||
Peerless Food Equipment | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business combination, consideration transferred | $ 59,200,000 | ||||||||||
Acquisition expenses | 0.5 | ||||||||||
Intangible assets | 25,300,000 | ||||||||||
Net assets acquired | $ 59,900,000 | 59,200,000 | |||||||||
Linxis | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business combination, consideration transferred | $ 590,800,000 | 590,800,000 | |||||||||
Acquisition expenses | 1.3 | ||||||||||
Payments to acquire business, gross | 590,800,000 | € 596.2 | |||||||||
Enterprise value | 566,800,000 | € 572 | |||||||||
Intangible assets | $ 243,800,000 | 243,800,000 | |||||||||
Weighted average cost of capital (as a percent) | 12% | 12% | |||||||||
Net assets acquired | $ 595,400,000 | 595,400,000 | |||||||||
Herbold | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Payments to acquire business, gross | $ 77,700,000 | € 77.5 | |||||||||
Intangible assets | $ 0 | 22,600,000 | |||||||||
Weighted average cost of capital (as a percent) | 20% | 20% | |||||||||
Net assets acquired | $ 77,700,000 | $ 77,700,000 | |||||||||
Gabler | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Payments to acquire business, gross | $ 12,900,000 | € 12.6 | |||||||||
Net assets acquired | $ 6,200,000 |
Acquisitions - Schedule of Aggr
Acquisitions - Schedule of Aggregate Purchase Price Consideration (Details) - USD ($) $ in Millions | 4 Months Ended | 9 Months Ended | ||||
Dec. 01, 2022 | Oct. 06, 2022 | Dec. 31, 2022 | Jun. 30, 2023 | Sep. 30, 2022 | Aug. 31, 2022 | |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 1,561.4 | $ 1,151.1 | ||||
Goodwill, Purchase Accounting Adjustments | (11.8) | |||||
Peerless Food Equipment | ||||||
Business Acquisition [Line Items] | ||||||
Current assets | $ 16.2 | 17.5 | ||||
Property, plant, and equipment | 2.3 | 2.3 | ||||
Goodwill | 50.9 | 23.6 | ||||
Intangible assets | 25.3 | |||||
Total assets acquired | 69.4 | 68.7 | ||||
Current liabilities | 9.5 | 9.5 | ||||
Total liabilities assumed | 9.5 | 9.5 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Assets, Net | $ (0.7) | |||||
Net assets acquired | 59.9 | 59.2 | ||||
Business combination, consideration transferred | $ 59.2 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Current Assets | 1.3 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 25.3 | |||||
Goodwill, Purchase Accounting Adjustments | (27.3) | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Assets | (0.7) | |||||
Linxis | ||||||
Business Acquisition [Line Items] | ||||||
Property, plant, and equipment | $ 36.7 | 37.8 | ||||
Goodwill | 332 | 331.1 | ||||
Cash and cash equivalents | 22.9 | 22.9 | ||||
Trade receivables | 31.5 | 31.5 | ||||
Receivables from long-term manufacturing contracts | 12.1 | 12.1 | ||||
Inventories | 80.1 | 80.1 | ||||
Prepaid expenses and other current assets | 11.7 | 11.7 | ||||
Operating lease right-of-use assets | 15 | 15 | ||||
Intangible assets | 243.8 | 243.8 | ||||
Other noncurrent assets | 1 | 1 | ||||
Total assets acquired | 786.8 | 787 | ||||
Trade accounts payable | 18.9 | 18.9 | ||||
Liabilities from long-term manufacturing contracts | 52 | 52 | ||||
Accrued compensation | 10.3 | 10.3 | ||||
Other current liabilities | 19.6 | 21 | ||||
Accrued pension and postretirement healthcare | 3.9 | 3.9 | ||||
Operating lease liabilities | 9.4 | 9.4 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Deferred Income Taxes | (1.2) | |||||
Deferred income taxes | 77 | 75.8 | ||||
Other noncurrent liabilities | 0.3 | 0.3 | ||||
Total liabilities assumed | 191.4 | 191.6 | ||||
Net assets acquired | 595.4 | 595.4 | ||||
Fair value of noncontrolling interest | (4.6) | (4.6) | ||||
Business combination, consideration transferred | $ 590.8 | 590.8 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 1.1 | |||||
Goodwill, Purchase Accounting Adjustments | (0.9) | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Assets | 0.2 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Current Liabilities | 1.4 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Liabilities | 0.2 | |||||
Herbold | ||||||
Business Acquisition [Line Items] | ||||||
Current assets | 39.6 | $ 38.2 | ||||
Property, plant, and equipment | 6.6 | 4.7 | ||||
Goodwill | 57 | 69.3 | ||||
Intangible assets | 22.6 | 0 | ||||
Other noncurrent assets | 5.3 | 5.3 | ||||
Total assets acquired | 131.1 | 117.5 | ||||
Other noncurrent liabilities | 12.9 | 5.9 | ||||
Current liabilities | 40.5 | 33.9 | ||||
Total liabilities assumed | 53.4 | 39.8 | ||||
Net assets acquired | $ 77.7 | $ 77.7 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Current Assets | 1.4 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 1.9 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 22.6 | |||||
Goodwill, Purchase Accounting Adjustments | (12.3) | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Assets | 13.6 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Current Liabilities | 6.6 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Long Term Liabilities | 7 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Liabilities | $ 13.6 |
Acquisitions - Schedule of Inta
Acquisitions - Schedule of Intangible Assets Acquired (Details) - USD ($) | 9 Months Ended | ||
Oct. 06, 2022 | Aug. 31, 2022 | Jun. 30, 2023 | |
Business Acquisition [Line Items] | |||
Indefinite-lived Intangible Assets Acquired | $ 25.3 | ||
Linxis | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 243,800,000 | ||
Intangible assets | 243,800,000 | 243,800,000 | |
Linxis | Customer relationships | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 211,100,000 | ||
Weighted-Average Useful Life | 13 years | ||
Linxis | Trade names | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 32,700,000 | ||
Weighted-Average Useful Life | 10 years | ||
Herbold | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 22,600,000 | ||
Intangible assets | 0 | 22,600,000 | |
Herbold | Customer relationships | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 10,200,000 | ||
Weighted-Average Useful Life | 15 years | ||
Herbold | Trade names | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 8,000,000 | ||
Weighted-Average Useful Life | 10 years | ||
Herbold | Technology, including patents | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 4,400,000 | ||
Weighted-Average Useful Life | 7 years | ||
Peerless Food Equipment | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 25,300,000 | ||
Intangible assets | $ 25,300,000 | ||
Peerless Food Equipment | Customer relationships | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 22,000,000 | ||
Weighted-Average Useful Life | 13 years | ||
Peerless Food Equipment | Trade names | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 3,300,000 | ||
Weighted-Average Useful Life | 10 years |
Acquisitions - Schedule of Resu
Acquisitions - Schedule of Results of Operations After Acquisition (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Business Acquisition [Line Items] | ||||
Net revenue | $ 716.6 | $ 579.8 | $ 2,063.2 | $ 1,711.4 |
Income before income taxes | 67.8 | $ 51 | 145.1 | $ 137.1 |
Linxis | ||||
Business Acquisition [Line Items] | ||||
Net revenue | 86 | 238.5 | ||
Income before income taxes | 5.9 | 3.3 | ||
Peerless Food Equipment | ||||
Business Acquisition [Line Items] | ||||
Net revenue | 6.5 | 17.9 | ||
Income before income taxes | 0.3 | 0.4 | ||
Herbold | ||||
Business Acquisition [Line Items] | ||||
Net revenue | 16.2 | 48.4 | ||
Income before income taxes | $ 0.6 | $ (2.8) |
Acquisitions - Schedule of Supp
Acquisitions - Schedule of Supplemental Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Business Combinations [Abstract] | ||||
Net revenue | $ 716.6 | $ 675.4 | $ 2,069 | $ 2,022.6 |
Income from continuing operations attributable to Hillenbrand | $ 43.6 | $ 27.1 | $ 107.3 | $ 75.7 |
Earnings per share | ||||
Basic earnings per share | $ 0.62 | $ 0.38 | $ 1.54 | $ 1.05 |
Diluted earnings per share | $ 0.62 | $ 0.38 | $ 1.53 | $ 1.04 |
Supplemental Balance Sheet In_3
Supplemental Balance Sheet Information - Schedule of supplemental balance sheet information (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 |
Balance Sheet Related Disclosures [Abstract] | ||||
Allowance for credit losses | $ 8.1 | $ 6.4 | ||
Warranty reserves | 28.6 | 22.4 | ||
Accumulated depreciation on property, plant, and equipment | 219 | 197.6 | ||
Inventories, net: | ||||
Raw materials and components | 251.7 | 210.1 | ||
Work in process | 130.8 | 107.9 | ||
Finished goods | 185.9 | 167.6 | ||
Total inventories, net | 568.4 | 485.6 | ||
Accrued Income Taxes, Current | 96.2 | 33.6 | ||
Additional Other Current Liabilities | 222.7 | 172.1 | ||
Other current liabilities | 318.9 | 205.7 | ||
Cash and cash equivalents | 290.5 | $ 282.5 | ||
Cash and cash equivalents | 0 | 1.9 | 1.9 | |
Restricted Cash and Cash Equivalents | 0.8 | 1.1 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 291.3 | $ 237.6 | $ 285.5 | $ 450.9 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Leases [Abstract] | ||||
Operating lease expense | $ 5.6 | $ 6.1 | $ 20.8 | $ 19 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Leases [Abstract] | ||
Operating lease right-of-use assets, net | $ 105.9 | $ 87.9 |
Other current liabilities | 17.5 | 15.7 |
Operating lease liabilities | 83 | 70.5 |
Total operating lease liabilities | $ 100.5 | $ 86.2 |
Weighted-average remaining lease term (in years) | 5 years 8 months 12 days | 7 years 10 months 24 days |
Weighted-average discount rate | 3.60% | 2.70% |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Liability Maturities (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Leases [Abstract] | ||
2023 (excluding the nine months ended June 30, 2023) | $ 5.8 | |
2022 | 20 | |
2023 | 16.8 | |
2024 | 12.1 | |
Thereafter | 44.5 | |
Total lease payments | 113.3 | |
Less: imputed interest | (12.8) | |
Total present value of lease payments | 100.5 | $ 86.2 |
2022 | $ 14.1 |
Leases - Schedule fo Supplement
Leases - Schedule fo Supplemental Statement of Cash Flow Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 17.9 | $ 15.7 |
Operating lease right-of-use assets, net obtained in exchange for new operating lease liabilities | 10.4 | 18.3 |
Operating leases acquired in acquisitions | $ 15.3 | $ 0 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Narrative (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2023 USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets acquired | $ 291.7 |
Expected amortization, 2023 | 76.1 |
Expected amortization, 2024 | 76 |
Expected amortization, 2025 | 73.2 |
Expected amortization, 2026 | 72.4 |
Expected amortization, 2027 | $ 72.4 |
Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 3 years |
Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 21 years |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Intangible Assets [Line Items] | ||
Cost | $ 1,254.3 | $ 906.9 |
Accumulated Amortization | (391.9) | (316.5) |
Total | 1,477.5 | 1,124.5 |
Trade names | ||
Intangible Assets [Line Items] | ||
Indefinite-lived assets: | 223.2 | 217.6 |
Customer relationships | ||
Intangible Assets [Line Items] | ||
Cost | 1,024.4 | 739.6 |
Accumulated Amortization | (276.5) | (221.1) |
Trade names | ||
Intangible Assets [Line Items] | ||
Cost | 48.1 | 0 |
Accumulated Amortization | (3.6) | 0 |
Technology, including patents | ||
Intangible Assets [Line Items] | ||
Cost | 142.1 | 132.9 |
Accumulated Amortization | (80.8) | (68.4) |
Software | ||
Intangible Assets [Line Items] | ||
Cost | 39.7 | 34.4 |
Accumulated Amortization | $ (31) | $ (27) |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Goodwill (Details) $ in Millions | 9 Months Ended |
Jun. 30, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Balance at the beginning of the period | $ 1,151.1 |
Acquisitions | 354.7 |
Acquisition measurement period adjustments | (11.8) |
Foreign currency adjustments | 67.4 |
Balance at the end of the period | 1,561.4 |
Advanced Process Solutions | |
Goodwill [Roll Forward] | |
Balance at the beginning of the period | 516 |
Acquisitions | 354.7 |
Acquisition measurement period adjustments | (11.8) |
Foreign currency adjustments | 64.1 |
Balance at the end of the period | 923 |
Molding Technology Solutions | |
Goodwill [Roll Forward] | |
Balance at the beginning of the period | 635.1 |
Acquisitions | 0 |
Acquisition measurement period adjustments | 0 |
Foreign currency adjustments | 3.3 |
Balance at the end of the period | $ 638.4 |
Financing Agreements - Schedule
Financing Agreements - Schedule of borrowings (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Debt Instrument [Line Items] | ||
Total debt | $ 1,339.3 | $ 1,222.1 |
Current portion of long-term debt | 10 | 0 |
Long-term debt | 1,329.3 | 1,222.1 |
$1,000.0 revolving credit facility (excluding outstanding letters of credit) | ||
Debt Instrument [Line Items] | ||
Total debt | 27.3 | 6.7 |
$200.0 term loan | ||
Debt Instrument [Line Items] | ||
Total debt | 195 | 0 |
$400.0 senior unsecured notes (1) | ||
Debt Instrument [Line Items] | ||
Total debt | 397.8 | 397.1 |
Debt Issuance Costs, Line of Credit Arrangements, Gross | 2.2 | 2.9 |
$375.0 senior unsecured notes (2) | ||
Debt Instrument [Line Items] | ||
Total debt | 372.7 | 372.2 |
Debt Issuance Costs, Line of Credit Arrangements, Gross | 2 | 2.5 |
$350.0 senior unsecured notes (3) | ||
Debt Instrument [Line Items] | ||
Total debt | 346.5 | 346.2 |
Debt Issuance Costs, Line of Credit Arrangements, Gross | 3.5 | 3.8 |
$100.0 Series A Notes (4) | ||
Debt Instrument [Line Items] | ||
Total debt | $ 0 | 99.9 |
Debt Issuance Costs, Line of Credit Arrangements, Gross | $ 0.1 |
Financing Agreements - Narrativ
Financing Agreements - Narrative (Details) € in Millions | 3 Months Ended | 9 Months Ended | |||||||||||||||
Jun. 21, 2023 USD ($) | Sep. 30, 2023 | Jun. 30, 2023 USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2023 USD ($) | Jun. 30, 2022 | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | Jun. 30, 2024 | Jun. 22, 2023 EUR (€) | Jun. 21, 2023 EUR (€) | Sep. 30, 2022 USD ($) | Jun. 16, 2020 USD ($) | Dec. 15, 2014 USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt | $ 1,339,300,000 | $ 1,339,300,000 | $ 1,222,100,000 | ||||||||||||||
Covenant terms, maximum ratio of indebtedness to earnings before interest, taxes, depreciation, and amortization | 4 | ||||||||||||||||
Covenant terms, minimum ratio of earnings before interest, taxes, depreciation, and amortization to interest expense | 3 | ||||||||||||||||
L/G Facility Agreement Amendment | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Covenant terms, maximum ratio of indebtedness to earnings before interest, taxes, depreciation, and amortization | 4 | ||||||||||||||||
L/G Facility Agreement Amendment | Forecast | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Covenant terms, maximum ratio of indebtedness to earnings before interest, taxes, depreciation, and amortization | 4.50 | ||||||||||||||||
$200.0 term loan | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt | 195,000,000 | 195,000,000 | 0 | ||||||||||||||
Draw on term loan commitment | $ 200,000,000 | $ 200,000,000 | |||||||||||||||
$200.0 term loan | Debt Instrument, Tranche One | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Weighted-average interest rates | 6.52% | 6.52% | |||||||||||||||
$200.0 term loan | Debt Instrument, Tranche Two | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Weighted-average interest rates | 6.12% | 6.12% | |||||||||||||||
$200.0 term loan | New Term Loan | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of credit facility, maximum borrowing capacity | € | € 185 | ||||||||||||||||
Number of days triggering ticking fees if not drawn | 60 days | ||||||||||||||||
Expiration period | 180 days | ||||||||||||||||
Percentage of net proceeds from asset sales representing mandatory prepayments | 1 | 1 | |||||||||||||||
$200.0 term loan | New Term Loan | Adjusted EURIBO Rate | Minimum | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread on variable rate | 1% | ||||||||||||||||
$200.0 term loan | New Term Loan | Adjusted EURIBO Rate | Maximum | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread on variable rate | 2.25% | ||||||||||||||||
$200.0 term loan | New Term Loan | Debt Instrument, Tranche One | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Percentage of loan representing quarterly amortization payments | 0.0125 | 0.0125 | |||||||||||||||
$200.0 term loan | New Term Loan | Debt Instrument, Tranche Two | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Percentage of loan representing quarterly amortization payments | 0.01875 | 0.01875 | |||||||||||||||
$1,000.0 revolving credit facility (excluding outstanding letters of credit) | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum leverage ratio | 4 | 4 | |||||||||||||||
Long-term debt | $ 27,300,000 | $ 27,300,000 | 6,700,000 | ||||||||||||||
Letters of credit outstanding, amount | 14,800,000 | 14,800,000 | |||||||||||||||
Line of credit facility, remaining borrowing capacity | 1,160,200,000 | 1,160,200,000 | |||||||||||||||
Current borrowing capacity | $ 790,200,000 | $ 790,200,000 | |||||||||||||||
Weighted average facility fee | 0.19% | 0.15% | 0.17% | 0.15% | |||||||||||||
$1,000.0 revolving credit facility (excluding outstanding letters of credit) | Forecast | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum leverage ratio | 3.50 | 3.75 | 4 | 4 | 4.50 | ||||||||||||
$1,000.0 revolving credit facility (excluding outstanding letters of credit) | Debt Instrument, Tranche One | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Deferred financing costs | $ 2,600,000 | ||||||||||||||||
Weighted-average interest rates | 4.45% | 4.45% | |||||||||||||||
$1,000.0 revolving credit facility (excluding outstanding letters of credit) | Debt Instrument, Tranche Two | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Deferred financing costs | $ 3,400,000 | ||||||||||||||||
Weighted-average interest rates | 2.55% | 2.55% | |||||||||||||||
$1,000.0 revolving credit facility (excluding outstanding letters of credit) | L/G Facility Agreement Amendment | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of credit facility, maximum borrowing capacity | € | € 325 | € 225 | |||||||||||||||
Maximum leverage ratio | 4 | 4 | |||||||||||||||
$1,000.0 revolving credit facility (excluding outstanding letters of credit) | L/G Facility Agreement Amendment | Forecast | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum leverage ratio | 3.50 | 3.75 | 4 | 4 | 4.50 | ||||||||||||
$1,000.0 revolving credit facility (excluding outstanding letters of credit) | L/G Facility Agreement Amendment | Debt Instrument, Tranche One | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Deferred financing costs | € | 0.7 | ||||||||||||||||
$1,000.0 revolving credit facility (excluding outstanding letters of credit) | L/G Facility Agreement Amendment | Debt Instrument, Tranche Two | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Deferred financing costs | € | € 1 | ||||||||||||||||
$100.0 Series A Notes (4) | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt | $ 0 | $ 0 | 99,900,000 | ||||||||||||||
$100.0 Series A Notes (4) | Serie A Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt instrument, face amount | $ 100,000,000 | ||||||||||||||||
Debt interest rate, percent | 4.60% | ||||||||||||||||
Repayments of term loans | 100,000,000 | ||||||||||||||||
Other Financing Agreements | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of credit facility, maximum borrowing capacity | 577,900,000 | 577,900,000 | 373.6 | ||||||||||||||
Line of credit facility, amount utilized for bank guarantees | 328,900,000 | 328,900,000 | 247.4 | ||||||||||||||
$400.0 senior unsecured notes (1) | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt | 397,800,000 | 397,800,000 | 397,100,000 | ||||||||||||||
Debt instrument, face amount | $ 400,000,000 | ||||||||||||||||
$375.0 senior unsecured notes (2) | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt | 372,700,000 | 372,700,000 | $ 372,200,000 | ||||||||||||||
$375.0 senior unsecured notes (2) | 2019 Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt instrument, face amount | 375,000,000 | 375,000,000 | |||||||||||||||
$375.0 senior unsecured notes (2) | 2021 Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt instrument, face amount | $ 350 | $ 350 |
Retirement Benefits (Details)
Retirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
U.S. Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service costs | $ 0 | $ 0 | $ 0 | $ 0 |
Interest costs | 2.7 | 1.5 | 8.3 | 4.6 |
Expected return on plan assets | (3.4) | (2.7) | (10.2) | (8.1) |
Amortization of net loss (gain) | 0.1 | 0.3 | 0.3 | 1.1 |
Net periodic pension (benefit) cost | (0.6) | (0.9) | (1.6) | (2.4) |
Non-U.S. Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service costs | 0.4 | 0.4 | 1.4 | 1.5 |
Interest costs | 1.2 | 0.2 | 3.1 | 0.6 |
Expected return on plan assets | (0.3) | (0.2) | (0.8) | (0.7) |
Amortization of net loss (gain) | (0.3) | 0.4 | (0.7) | 1 |
Net periodic pension (benefit) cost | $ 1 | $ 0.8 | $ 3 | $ 2.4 |
Retirement Benefits - Narrative
Retirement Benefits - Narrative (Details) $ in Millions | 9 Months Ended |
Jun. 30, 2022 USD ($) | |
Retirement Benefits [Abstract] | |
Defined contribution plan expense | $ 7 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 35.10% | 39% | 34.60% | 39.70% |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive securities excluded from computation of earnings per share [Line Items] | ||||
Shares with anti-dilutive effect excluded from the computation of diluted earnings per share (in millions) | 100,000 | 500,000 | 400,000 | 400,000 |
Performance-based stock awards (maximum that can be earned) | ||||
Antidilutive securities excluded from computation of earnings per share [Line Items] | ||||
Shares with anti-dilutive effect excluded from the computation of diluted earnings per share (in millions) | 350,000 | 400,000 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Income from continuing operations | $ 44 | $ 31.1 | $ 94.9 | $ 82.7 |
Less: Net income attributable to noncontrolling interests | 1.7 | 1.3 | 4.8 | 3.9 |
Income from continuing operations attributable to Hillenbrand | $ 42.3 | $ 29.8 | $ 90.1 | $ 78.8 |
Weighted average shares outstanding (basic) | 70 | 71.4 | 69.7 | 72.4 |
Effect of dilutive stock options and other unvested equity awards (in millions) | 0.3 | 0.6 | 0.3 | 0.6 |
Weighted-average shares outstanding (diluted - in millions) | 70.3 | 72 | 70 | 73 |
Income from continuing operations attributable to Hillenbrand (in dollars per share) | $ 0.60 | $ 0.42 | $ 1.29 | $ 1.09 |
Income from continuing operations attributable to Hillenbrand (in dollars per share) | $ 0.60 | $ 0.42 | $ 1.29 | $ 1.08 |
Shares with anti-dilutive effect excluded from the computation of diluted earnings per share (in millions) | 0.1 | 0.5 | 0.4 | 0.4 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) - Schedule of changes in accumulated other comprehensive income (loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||||
Balance at the beginning of the period | $ (155.6) | |||
Other comprehensive income before reclassifications | ||||
Before tax amount | 42 | $ (58.8) | ||
Tax expense | (1) | (0.3) | ||
After tax amount | 41 | (59.1) | ||
Amounts reclassified from accumulated other comprehensive loss (2) | (0.9) | 2.6 | ||
Total changes in other comprehensive (loss) income, net of tax | $ (24.1) | $ (54.8) | 40.1 | (56.5) |
Balance at the end of the period | (114.9) | (114.9) | ||
Pension and Postretirement | ||||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||||
Balance at the beginning of the period | (32.8) | (49.2) | ||
Other comprehensive income before reclassifications | ||||
Before tax amount | 0 | 1.8 | ||
Tax expense | 0 | (0.2) | ||
After tax amount | 0 | 1.6 | ||
Amounts reclassified from accumulated other comprehensive loss (2) | (1.8) | 1.5 | ||
Total changes in other comprehensive (loss) income, net of tax | (1.8) | 3.1 | ||
Balance at the end of the period | (34.6) | (46.1) | (34.6) | (46.1) |
Currency Translation (1) | ||||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||||
Balance at the beginning of the period | (113.7) | 13.1 | ||
Other comprehensive income before reclassifications | ||||
Before tax amount | 39.2 | (60) | ||
Tax expense | 0 | 0 | ||
After tax amount | 39.2 | (60) | ||
Amounts reclassified from accumulated other comprehensive loss (2) | 0 | 0 | ||
Total changes in other comprehensive (loss) income, net of tax | 39.2 | (60) | ||
Balance at the end of the period | (74.5) | (46.9) | (74.5) | (46.9) |
Net Unrealized (Loss) Gain on Derivative Instruments | ||||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||||
Balance at the beginning of the period | (9.1) | (10.2) | ||
Other comprehensive income before reclassifications | ||||
Before tax amount | 3.4 | 1 | ||
Tax expense | (1) | (0.1) | ||
After tax amount | 2.4 | 0.9 | ||
Amounts reclassified from accumulated other comprehensive loss (2) | 0.9 | 1.1 | ||
Total changes in other comprehensive (loss) income, net of tax | 3.3 | 2 | ||
Balance at the end of the period | (5.8) | (8.2) | (5.8) | (8.2) |
Total Attributable to Hillenbrand, Inc. | ||||
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||||
Balance at the beginning of the period | (155.6) | (46.3) | ||
Other comprehensive income before reclassifications | ||||
Before tax amount | 42.6 | (57.2) | ||
Tax expense | (1) | (0.3) | ||
After tax amount | 41.6 | (57.5) | ||
Amounts reclassified from accumulated other comprehensive loss (2) | (0.9) | 2.6 | ||
Total changes in other comprehensive (loss) income, net of tax | 40.7 | (54.9) | ||
Balance at the end of the period | (114.9) | (101.2) | (114.9) | (101.2) |
Noncontrolling Interests | ||||
Other comprehensive income before reclassifications | ||||
Before tax amount | (0.6) | (1.6) | ||
Tax expense | 0 | 0 | ||
After tax amount | (0.6) | (1.6) | ||
Amounts reclassified from accumulated other comprehensive loss (2) | 0 | 0 | ||
Total changes in other comprehensive (loss) income, net of tax | $ (0.6) | $ (1.3) | $ (0.6) | $ (1.6) |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - Schedule of reclassifications (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Affected Line in the Consolidated Statement of Operations: | ||||
Net revenue | $ 716.6 | $ 579.8 | $ 2,063.2 | $ 1,711.4 |
Cost of Goods and Services Sold | (469.7) | (388.8) | (1,382.5) | (1,149.9) |
Other income, net | 4 | 2.5 | 10.6 | 9.3 |
Gain on divestiture of discontinued operations (net of income tax expense) | 0.4 | 0 | 441.3 | 0 |
Tax expense | (23.8) | (19.9) | (50.2) | (54.4) |
Total reclassifications for the period, net of tax | (0.9) | 2.6 | ||
Amortization of Pension and Postretirement | ||||
Affected Line in the Consolidated Statement of Operations: | ||||
Total reclassifications for the period, net of tax | (1.8) | 1.5 | ||
Loss (Gain) on Derivative Instruments | ||||
Affected Line in the Consolidated Statement of Operations: | ||||
Total reclassifications for the period, net of tax | 0.9 | 1.1 | ||
Reclassifications out of accumulated other comprehensive income (loss) | ||||
Affected Line in the Consolidated Statement of Operations: | ||||
Net revenue | 0.2 | 0.1 | 0.2 | 0.1 |
Cost of Goods and Services Sold | (0.2) | (0.2) | (1.2) | (0.5) |
Other income, net | 0.3 | 0.8 | 1 | 3.5 |
Gain on divestiture of discontinued operations (net of income tax expense) | (1.5) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0.3 | 0.7 | (1.5) | 3.1 |
Tax expense | (0.1) | (0.3) | 0.6 | (0.5) |
Total reclassifications for the period, net of tax | 0.2 | 0.4 | (0.9) | 2.6 |
Reclassifications out of accumulated other comprehensive income (loss) | Accumulated Defined Benefit Plans Adjustment Net Loss Recognized [Member] | ||||
Affected Line in the Consolidated Statement of Operations: | ||||
Net revenue | 0 | 0 | 0 | |
Cost of Goods and Services Sold | 0 | 0 | 0 | 0 |
Other income, net | (0.2) | 0.4 | (0.5) | 2.1 |
Gain on divestiture of discontinued operations (net of income tax expense) | (1.4) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (0.2) | 0.4 | (1.9) | 2.1 |
Reclassifications out of accumulated other comprehensive income (loss) | Accumulated Defined Benefit Plans Adjustment Prior Service Cost Recognized [Member] | ||||
Affected Line in the Consolidated Statement of Operations: | ||||
Net revenue | 0 | 0 | 0 | |
Cost of Goods and Services Sold | 0 | 0 | 0 | 0 |
Other income, net | 0 | 0 | 0 | 0 |
Gain on divestiture of discontinued operations (net of income tax expense) | (0.1) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | (0.1) | 0 |
Reclassifications out of accumulated other comprehensive income (loss) | Loss (Gain) on Derivative Instruments | ||||
Affected Line in the Consolidated Statement of Operations: | ||||
Net revenue | 0.2 | 0.1 | 0.2 | 0.1 |
Cost of Goods and Services Sold | (0.2) | (0.2) | (1.2) | (0.5) |
Other income, net | 0.5 | 0.4 | 1.5 | 1.4 |
Gain on divestiture of discontinued operations (net of income tax expense) | 0 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | $ 0.5 | $ 0.3 | $ 0.5 | $ 1 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of stock-based compensation costs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Compensation Related Costs [Abstract] | ||||
Share-based compensation costs | $ 4.9 | $ 3.8 | $ 14 | $ 14.6 |
Less impact of income taxes | 1.1 | 0.9 | 3.2 | 3.4 |
Share-based compensation costs, net of tax | $ 3.8 | $ 2.9 | $ 10.8 | $ 11.2 |
Share-Based Compensation - Sc_2
Share-Based Compensation - Schedule of stock-based awards granted (Details) | 9 Months Ended |
Jun. 30, 2023 shares | |
Time-based stock awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock awards granted in period (in shares) | 266,765 |
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) | 366,641 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) | 9 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period (in years) | 3 years |
Time-based stock awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Equity instruments other than options, grant date fair value (in dollars per share) | $ 51.31 |
Performance-based stock awards (maximum that can be earned) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Equity instruments other than options, grant date fair value (in dollars per share) | $ 67.36 |
Performance-based stock awards granted, number of units (in shares) | shares | 189,058 |
Other Income, Net (Details)
Other Income, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Other Nonoperating Income (Expense) [Abstract] | ||||
Net loss on divestiture | $ 0 | $ 0 | $ 0 | $ (3.1) |
Interest Income, Other | (2.8) | (1.3) | (7.1) | (4) |
Foreign currency exchange loss, net | 0.1 | 1 | 0.4 | 1.2 |
Other, net | (1.3) | (2.2) | (3.9) | (6.5) |
Other Income, Net | $ (4) | $ (2.5) | $ (10.6) | $ (9.3) |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | 9 Months Ended |
Jun. 30, 2023 USD ($) | |
General claims and lawsuits | Minimum | |
Commitments and Contingencies | |
Deductibles and self-insured retentions per occurrence or per claim | $ 0.5 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of financial assets and liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 |
Assets: | |||
Cash and cash equivalents | $ 290.5 | $ 232.2 | |
Restricted Cash | 0.8 | 3.5 | |
Cash and cash equivalents | 0 | 1.9 | $ 1.9 |
Investments in rabbi trust | 3.4 | 2.4 | |
Derivative instruments | 3 | 2.6 | |
Liabilities: | |||
Derivative instruments | 2 | 8 | |
Cash flow hedging | Foreign Exchange Forward | |||
Liabilities: | |||
Derivative, notional amount | 208.9 | 156 | |
Level 1 | |||
Assets: | |||
Cash and cash equivalents | 290.5 | 232.2 | |
Restricted Cash | 0.8 | 3.5 | |
Cash and cash equivalents | 1.9 | ||
Investments in rabbi trust | 3.4 | 2.4 | |
Derivative instruments | 0 | 0 | |
Liabilities: | |||
Derivative instruments | 0 | 0 | |
Level 2 | |||
Assets: | |||
Cash and cash equivalents | 0 | 0 | |
Restricted Cash | 0 | 0 | |
Cash and cash equivalents | 0 | ||
Investments in rabbi trust | 0 | 0 | |
Derivative instruments | 3 | 2.6 | |
Liabilities: | |||
Derivative instruments | 2 | 8 | |
Level 3 | |||
Assets: | |||
Cash and cash equivalents | 0 | 0 | |
Restricted Cash | 0 | 0 | |
Cash and cash equivalents | 0 | ||
Investments in rabbi trust | 0 | 0 | |
Derivative instruments | 0 | 0 | |
Liabilities: | |||
Derivative instruments | 0 | 0 | |
$1,000.0 revolving credit facility (excluding outstanding letters of credit) | |||
Liabilities: | |||
Debt instruments | 27.3 | 6.7 | |
$1,000.0 revolving credit facility (excluding outstanding letters of credit) | Level 1 | |||
Liabilities: | |||
Debt instruments | 0 | 0 | |
$1,000.0 revolving credit facility (excluding outstanding letters of credit) | Level 2 | |||
Liabilities: | |||
Debt instruments | 27.3 | 6.7 | |
$1,000.0 revolving credit facility (excluding outstanding letters of credit) | Level 3 | |||
Liabilities: | |||
Debt instruments | 0 | 0 | |
$200.0 term loan | |||
Liabilities: | |||
Debt instruments | 195 | ||
$200.0 term loan | Level 1 | |||
Liabilities: | |||
Debt instruments | 0 | ||
$200.0 term loan | Level 2 | |||
Liabilities: | |||
Debt instruments | 195 | ||
$200.0 term loan | Level 3 | |||
Liabilities: | |||
Debt instruments | 0 | ||
2021 Notes | |||
Liabilities: | |||
Debt instruments | 350 | 350 | |
2021 Notes | Level 1 | |||
Liabilities: | |||
Debt instruments | 296.4 | 268.7 | |
2021 Notes | Level 2 | |||
Liabilities: | |||
Debt instruments | 0 | 0 | |
2021 Notes | Level 3 | |||
Liabilities: | |||
Debt instruments | 0 | 0 | |
2020 Notes | |||
Liabilities: | |||
Debt instruments | 400 | 400 | |
2020 Notes | Level 1 | |||
Liabilities: | |||
Debt instruments | 396.5 | 394.5 | |
2020 Notes | Level 2 | |||
Liabilities: | |||
Debt instruments | 0 | 0 | |
2020 Notes | Level 3 | |||
Liabilities: | |||
Debt instruments | 0 | 0 | |
2019 Notes | |||
Liabilities: | |||
Debt instruments | 374.7 | 374.7 | |
2019 Notes | Level 1 | |||
Liabilities: | |||
Debt instruments | 367 | 349.6 | |
2019 Notes | Level 2 | |||
Liabilities: | |||
Debt instruments | 0 | 0 | |
2019 Notes | Level 3 | |||
Liabilities: | |||
Debt instruments | $ 0 | 0 | |
Series A Notes | |||
Liabilities: | |||
Debt instruments | 100 | ||
Series A Notes | Level 1 | |||
Liabilities: | |||
Debt instruments | 0 | ||
Series A Notes | Level 2 | |||
Liabilities: | |||
Debt instruments | 97.6 | ||
Series A Notes | Level 3 | |||
Liabilities: | |||
Debt instruments | $ 0 |
Segment and Geographical Info_3
Segment and Geographical Information - Schedule of net revenue and assets by segment (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) segment | Jun. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | |
Segment Reporting [Abstract] | |||||
Number of reportable segments | segment | 2 | ||||
Number of operating segments | segment | 2 | ||||
Segment and Geographical Information | |||||
Net revenue | $ 716.6 | $ 579.8 | $ 2,063.2 | $ 1,711.4 | |
Total assets | 4,733.8 | 4,733.8 | $ 3,867.5 | ||
Current assets held for sale | 0 | 0 | 116.1 | ||
Property, plant, and equipment, net | 402.3 | 402.3 | 319.8 | ||
United States | |||||
Segment and Geographical Information | |||||
Net revenue | 258 | 202.6 | 763.9 | 545.5 | |
Property, plant, and equipment, net | 105.8 | 105.8 | 79.3 | ||
GERMANY | |||||
Segment and Geographical Information | |||||
Net revenue | 123.4 | 140.9 | 355.3 | 428.9 | |
Property, plant, and equipment, net | 132.9 | 132.9 | 104.1 | ||
CHINA | |||||
Segment and Geographical Information | |||||
Net revenue | 57.1 | 46.7 | 164.8 | 148.7 | |
Property, plant, and equipment, net | 40 | 40 | 42.2 | ||
INDIA | |||||
Segment and Geographical Information | |||||
Net revenue | 53.2 | 33.9 | 150.5 | 105.4 | |
Property, plant, and equipment, net | 38.9 | 38.9 | 40.7 | ||
All other countries | |||||
Segment and Geographical Information | |||||
Net revenue | 224.9 | 155.7 | 628.7 | 482.9 | |
Property, plant, and equipment, net | 84.7 | 84.7 | 53.5 | ||
Corporate | |||||
Segment and Geographical Information | |||||
Adjusted EBITDA (1) | (18.3) | (14.3) | (43.5) | (46.7) | |
Total assets | 120.2 | 120.2 | 99.3 | ||
Segment Reconciling Items | |||||
Segment and Geographical Information | |||||
Current assets held for sale | 0 | 0 | 221.4 | ||
Advanced Process Solutions | |||||
Segment and Geographical Information | |||||
Net revenue | 464.7 | 310.3 | 1,308 | 942 | |
Advanced Process Solutions | Operating segments | |||||
Segment and Geographical Information | |||||
Adjusted EBITDA (1) | 93.6 | 60.6 | 238.1 | 180.6 | |
Total assets | 2,670.1 | 2,670.1 | 1,494.2 | ||
Molding Technology Solutions | |||||
Segment and Geographical Information | |||||
Net revenue | 251.9 | 269.5 | 755.2 | 769.4 | |
Molding Technology Solutions | Operating segments | |||||
Segment and Geographical Information | |||||
Adjusted EBITDA (1) | 50.8 | $ 54.5 | 141.4 | $ 156.7 | |
Total assets | $ 1,943.5 | $ 1,943.5 | $ 2,052.6 |
Segment and Geographical Info_4
Segment and Geographical Information - Schedule of reconciliation of segment (Details 2) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment and Geographical Information | ||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | $ 1 | $ 19 | $ 461.4 | $ 73.3 |
Interest income | (2.8) | (1.3) | (7.1) | (4) |
Interest expense | 18.6 | 17.5 | 63 | 52.7 |
Income tax expense | 23.8 | 19.9 | 50.2 | 54.4 |
Depreciation and amortization | 31.1 | 24.2 | 93.1 | 74.4 |
Business acquisition, development, and integration costs | 10.6 | 9.1 | 28.5 | 20.6 |
Inventory step-up charges | 0 | 0 | 11.1 | 0 |
Inventory step-up | 0.8 | 0.2 | 2.3 | 3.5 |
Net loss on divestiture | 0 | 0 | 0 | 3.1 |
Other | 0 | 0.1 | 0 | 3.2 |
Income from continuing operations | 45 | 50.1 | 556.3 | 156 |
Corporate | ||||
Segment and Geographical Information | ||||
Adjusted EBITDA (1) | (18.3) | (14.3) | (43.5) | (46.7) |
Advanced Process Solutions | Operating segments | ||||
Segment and Geographical Information | ||||
Adjusted EBITDA (1) | 93.6 | 60.6 | 238.1 | 180.6 |
Molding Technology Solutions | Operating segments | ||||
Segment and Geographical Information | ||||
Adjusted EBITDA (1) | $ 50.8 | $ 54.5 | $ 141.4 | $ 156.7 |