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December 31, 2015 | September 30, 2015 | ||||||
Trade accounts receivable reserves | $ | 20.8 | $ | 20.0 | |||
Accumulated depreciation on property, plant, and equipment | $ | 305.3 | $ | 295.2 | |||
Accumulated amortization on intangible assets | $ | 170.9 | $ | 144.8 | |||
Inventories: | |||||||
Raw materials and components | $ | 43.9 | $ | 40.1 | |||
Work in process | 68.2 | 63.9 | |||||
Finished goods | 54.0 | 49.6 | |||||
Total inventories | $ | 166.1 | $ | 153.6 |
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December 31, 2015 | September 30, 2015 | ||||||
$700 revolving credit facility (excluding outstanding letters of credit) | $ | 205.1 | $ | 107.6 | |||
$180 term loan | 168.8 | 171.0 | |||||
$150 senior unsecured notes, net of discount | 149.1 | 149.1 | |||||
$100 Series A Notes | 100.0 | 100.0 | |||||
Other | — | 0.4 | |||||
Total debt | 623.0 | 528.1 | |||||
Less: current portion | 10.1 | 9.4 | |||||
Total long-term debt | $ | 612.9 | $ | 518.7 |
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U.S. Pension Benefits | Non-U.S. Pension Benefits | ||||||||||||||
Three Months Ended December 31, | Three Months Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Service costs | $ | 1.0 | $ | 1.1 | $ | 0.6 | $ | 0.4 | |||||||
Interest costs | 2.4 | 3.6 | 0.6 | 0.8 | |||||||||||
Expected return on plan assets | (2.4 | ) | (3.5 | ) | (0.3 | ) | (0.3 | ) | |||||||
Amortization of unrecognized prior service costs, net | 0.1 | 0.2 | — | — | |||||||||||
Amortization of net loss | 0.9 | 1.2 | 0.2 | — | |||||||||||
Net pension costs | $ | 2.0 | $ | 2.6 | $ | 1.1 | $ | 0.9 |
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Pension and Postretirement | Currency Translation | Net Unrealized Gain (Loss) on Derivative Instruments | Total Attributable to Hillenbrand, Inc. | Noncontrolling Interests | Total | ||||||||||||||||||
Balance at September 30, 2014 | $ | (46.0 | ) | $ | (4.9 | ) | $ | (1.3 | ) | $ | (52.2 | ) | |||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||||||||
Before tax amount | — | (20.0 | ) | (1.5 | ) | (21.5 | ) | $ | (0.1 | ) | $ | (21.6 | ) | ||||||||||
Tax expense | — | — | 0.5 | 0.5 | — | 0.5 | |||||||||||||||||
After tax amount | — | (20.0 | ) | (1.0 | ) | (21.0 | ) | (0.1 | ) | (21.1 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income(1) | 0.8 | — | 0.5 | 1.3 | — | 1.3 | |||||||||||||||||
Net current period other comprehensive income (loss) | 0.8 | (20.0 | ) | (0.5 | ) | (19.7 | ) | $ | (0.1 | ) | $ | (19.8 | ) | ||||||||||
Balance at December 31, 2014 | $ | (45.2 | ) | $ | (24.9 | ) | $ | (1.8 | ) | $ | (71.9 | ) |
Pension and Postretirement | Currency Translation | Net Unrealized Gain (Loss) on Derivative Instruments | Total Attributable to Hillenbrand, Inc. | Noncontrolling Interests | Total | ||||||||||||||||||
Balance at September 30, 2015 | $ | (54.4 | ) | $ | (52.1 | ) | $ | (1.4 | ) | $ | (107.9 | ) | |||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||||||||
Before tax amount | — | (15.1 | ) | (0.2 | ) | (15.3 | ) | $ | (0.1 | ) | $ | (15.4 | ) | ||||||||||
Tax expense | — | — | 0.2 | 0.2 | — | 0.2 | |||||||||||||||||
After tax amount | — | (15.1 | ) | — | (15.1 | ) | (0.1 | ) | (15.2 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income(1) | 0.7 | — | 0.6 | 1.3 | — | 1.3 | |||||||||||||||||
Net current period other comprehensive income (loss) | 0.7 | (15.1 | ) | 0.6 | (13.8 | ) | $ | (0.1 | ) | $ | (13.9 | ) | |||||||||||
Balance at December 31, 2015 | $ | (53.7 | ) | $ | (67.2 | ) | $ | (0.8 | ) | $ | (121.7 | ) |
Three Months Ended December 31, 2014 | |||||||||||||||
Amortization of Pension and Postretirement (1) | (Gain)/Loss on | ||||||||||||||
Net Loss Recognized | Prior Service Costs Recognized | Derivative Instruments | Total | ||||||||||||
Affected Line in the Consolidated Statement of Operations: | |||||||||||||||
Net revenue | $ | — | $ | — | $ | 0.5 | $ | 0.5 | |||||||
Cost of goods sold | 0.9 | 0.1 | (0.1 | ) | 0.9 | ||||||||||
Operating expenses | 0.3 | 0.1 | — | 0.4 | |||||||||||
Other income (expense), net | — | — | 0.3 | 0.3 | |||||||||||
Total before tax | $ | 1.2 | $ | 0.2 | $ | 0.7 | $ | 2.1 | |||||||
Tax expense | (0.8 | ) | |||||||||||||
Total reclassifications for the period, net of tax | $ | 1.3 |
Three Months Ended December 31, 2015 | |||||||||||||||
Amortization of Pension and Postretirement (1) | (Gain)/Loss on | ||||||||||||||
Net Loss Recognized | Prior Service Costs Recognized | Derivative Instruments | Total | ||||||||||||
Affected Line in the Consolidated Statement of Operations: | |||||||||||||||
Net revenue | $ | — | $ | — | $ | 0.5 | $ | 0.5 | |||||||
Cost of goods sold | 0.6 | 0.1 | — | 0.7 | |||||||||||
Operating expenses | 0.2 | — | — | 0.2 | |||||||||||
Other income (expense), net | — | — | 0.3 | 0.3 | |||||||||||
Total before tax | $ | 0.8 | $ | 0.1 | $ | 0.8 | $ | 1.7 | |||||||
Tax expense | (0.4 | ) | |||||||||||||
Total reclassifications for the period, net of tax | $ | 1.3 |
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Three Months Ended December 31, | |||||||
2015 | 2014 | ||||||
Equity in net income (loss) of affiliates | $ | (0.4 | ) | $ | 0.3 | ||
Foreign currency exchange loss, net | (0.1 | ) | (0.8 | ) | |||
Other, net | (0.2 | ) | 0.5 | ||||
Other income (expense), net | $ | (0.7 | ) | $ | — |
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Level 1: | Inputs are quoted prices in active markets for identical assets or liabilities. |
Level 2: | Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. |
Level 3: | Inputs are unobservable for the asset or liability. |
Carrying | |||||||||||||||
Value at December 31, | Fair Value at December 31, 2015 Using Inputs Considered as: | ||||||||||||||
2015 | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets: | |||||||||||||||
Cash and cash equivalents | $ | 55.1 | $ | 55.1 | $ | — | $ | — | |||||||
Investments in rabbi trust | 4.4 | 4.4 | — | — | |||||||||||
Derivative instruments | 2.0 | — | 2.0 | — | |||||||||||
Liabilities: | |||||||||||||||
$150 senior unsecured notes | 149.1 | 162.3 | — | — | |||||||||||
Revolving credit facility | 205.1 | — | 205.1 | — | |||||||||||
Term loan | 168.8 | — | 168.8 | — | |||||||||||
$100 Series A Notes | 100.0 | — | 99.4 | — | |||||||||||
Derivative instruments | 6.4 | — | 6.4 | — |
|
Three Months Ended December 31, | |||||||
2015 | 2014 | ||||||
Net revenue | |||||||
Process Equipment Group | $ | 214.0 | $ | 256.4 | |||
Batesville | 137.7 | 145.1 | |||||
Total | $ | 351.7 | $ | 401.5 | |||
Adjusted EBITDA | |||||||
Process Equipment Group | $ | 33.0 | $ | 38.1 | |||
Batesville | 31.8 | 32.6 | |||||
Corporate | (7.0 | ) | (7.3 | ) | |||
Net revenue (1) | |||||||
United States | $ | 198.9 | $ | 216.6 | |||
International | 152.8 | 184.9 | |||||
Total | $ | 351.7 | $ | 401.5 |
December 31, 2015 | September 30, 2015 | ||||||
Total assets assigned | |||||||
Process Equipment Group | $ | 1,578.8 | $ | 1,537.3 | |||
Batesville | 217.1 | 224.9 | |||||
Corporate | 46.9 | 45.9 | |||||
Total | $ | 1,842.8 | $ | 1,808.1 | |||
Tangible long-lived assets, net | |||||||
United States | $ | 94.1 | $ | 95.7 | |||
International | 63.9 | 62.6 | |||||
Total | $ | 158.0 | $ | 158.3 |
Three Months Ended December 31, | |||||||
2015 | 2014 | ||||||
Adjusted EBITDA: | |||||||
Process Equipment Group | $ | 33.0 | $ | 38.1 | |||
Batesville | 31.8 | 32.6 | |||||
Corporate | (7.0 | ) | (7.3 | ) | |||
Less: | |||||||
Interest income | (0.3 | ) | (0.3 | ) | |||
Interest expense | 5.9 | 5.7 | |||||
Income tax expense | 8.7 | 11.8 | |||||
Depreciation and amortization | 16.0 | 15.0 | |||||
Business acquisition and integration | 1.7 | 0.3 | |||||
Inventory step-up | 1.4 | — | |||||
Restructuring | 3.4 | 0.7 | |||||
Litigation | — | 0.5 | |||||
Consolidated net income | $ | 21.0 | $ | 29.7 |
|
Three Months Ended December 31, 2015 | Three Months Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- Guarantors | Eliminations | Consolidated | Parent | Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||||||||||||||
Net revenue | $ | — | $ | 197.3 | $ | 205.2 | $ | (50.8 | ) | $ | 351.7 | $ | — | $ | 216.7 | $ | 233.5 | $ | (48.7 | ) | $ | 401.5 | |||||||||||||||||
Cost of goods sold | — | 102.2 | 146.7 | (25.4 | ) | 223.5 | — | 114.3 | 172.8 | (24.0 | ) | 263.1 | |||||||||||||||||||||||||||
Gross profit | — | 95.1 | 58.5 | (25.4 | ) | 128.2 | — | 102.4 | 60.7 | (24.7 | ) | 138.4 | |||||||||||||||||||||||||||
Operating expenses | 7.2 | 60.1 | 40.2 | (25.4 | ) | 82.1 | 8.0 | 60.3 | 40.0 | (24.7 | ) | 83.6 | |||||||||||||||||||||||||||
Amortization expense | — | 2.3 | 7.5 | — | 9.8 | 0.1 | 2.6 | 4.9 | — | 7.6 | |||||||||||||||||||||||||||||
Interest expense | 5.2 | — | 0.7 | — | 5.9 | 4.9 | — | 0.8 | — | 5.7 | |||||||||||||||||||||||||||||
Other income (expense), net | 0.1 | (1.0 | ) | 0.2 | — | (0.7 | ) | — | — | — | — | — | |||||||||||||||||||||||||||
Equity in net income (loss) of subsidiaries | 26.4 | 2.2 | — | (28.6 | ) | — | 34.1 | 2.2 | — | (36.3 | ) | — | |||||||||||||||||||||||||||
Income (loss) before income taxes | 14.1 | 33.9 | 10.3 | (28.6 | ) | 29.7 | 21.1 | 41.7 | 15.0 | (36.3 | ) | 41.5 | |||||||||||||||||||||||||||
Income tax expense (benefit) | (5.9 | ) | 12.0 | 2.6 | — | 8.7 | (8.4 | ) | 14.9 | 5.3 | — | 11.8 | |||||||||||||||||||||||||||
Consolidated net income | 20.0 | 21.9 | 7.7 | (28.6 | ) | 21.0 | 29.5 | 26.8 | 9.7 | (36.3 | ) | 29.7 | |||||||||||||||||||||||||||
Less: Net income attributable to | |||||||||||||||||||||||||||||||||||||||
noncontrolling interests | — | — | 1.0 | — | 1.0 | — | — | 0.2 | — | 0.2 | |||||||||||||||||||||||||||||
Net income (loss) (1) | $ | 20.0 | $ | 21.9 | $ | 6.7 | $ | (28.6 | ) | $ | 20.0 | $ | 29.5 | $ | 26.8 | $ | 9.5 | $ | (36.3 | ) | $ | 29.5 | |||||||||||||||||
Consolidated comprehensive income (loss) | $ | 6.2 | $ | 30.8 | $ | (6.8 | ) | $ | (23.1 | ) | $ | 7.1 | $ | 9.8 | $ | 27.6 | $ | 2.3 | $ | (29.8 | ) | $ | 9.9 | ||||||||||||||||
Less: Comprehensive income attributable | |||||||||||||||||||||||||||||||||||||||
to noncontrolling interests | — | — | 0.9 | — | 0.9 | — | — | 0.1 | — | 0.1 | |||||||||||||||||||||||||||||
Comprehensive income (loss) (2) | $ | 6.2 | $ | 30.8 | $ | (7.7 | ) | $ | (23.1 | ) | $ | 6.2 | $ | 9.8 | $ | 27.6 | $ | 2.2 | $ | (29.8 | ) | $ | 9.8 |
December 31, 2015 | September 30, 2015 | ||||||||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- Guarantors | Eliminations | Consolidated | Parent | Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 0.7 | $ | 6.5 | $ | 47.9 | $ | — | $ | 55.1 | $ | 0.3 | $ | 7.1 | $ | 40.9 | $ | — | $ | 48.3 | |||||||||||||||||||
Trade receivables, net | — | 98.3 | 75.1 | — | 173.4 | — | 113.4 | 74.5 | — | 187.9 | |||||||||||||||||||||||||||||
Unbilled receivables from long-term | |||||||||||||||||||||||||||||||||||||||
manufacturing contracts | — | 8.4 | 111.9 | — | 120.3 | — | 13.5 | 131.4 | — | 144.9 | |||||||||||||||||||||||||||||
Inventories | — | 75.0 | 93.9 | (2.8 | ) | 166.1 | — | 69.0 | 87.1 | (2.5 | ) | 153.6 | |||||||||||||||||||||||||||
Deferred income taxes | 0.2 | 15.8 | 3.3 | — | 19.3 | 1.8 | 15.7 | 4.4 | — | 21.9 | |||||||||||||||||||||||||||||
Prepaid expense | 2.9 | 6.3 | 12.0 | — | 21.2 | 2.8 | 6.5 | 14.5 | — | 23.8 | |||||||||||||||||||||||||||||
Intercompany receivables | — | 973.1 | 54.2 | (1,027.3 | ) | — | — | 921.8 | 60.2 | (982.0 | ) | — | |||||||||||||||||||||||||||
Other current assets | 0.3 | 1.6 | 17.7 | 0.7 | 20.3 | 0.6 | 1.9 | 20.8 | 0.4 | 23.7 | |||||||||||||||||||||||||||||
Total current assets | 4.1 | 1,185.0 | 416.0 | (1,029.4 | ) | 575.7 | 5.5 | 1,148.9 | 433.8 | (984.1 | ) | 604.1 | |||||||||||||||||||||||||||
Property, plant and equipment, net | 6.3 | 65.3 | 86.4 | — | 158.0 | 6.3 | 66.2 | 85.8 | — | 158.3 | |||||||||||||||||||||||||||||
Intangible assets, net | 2.1 | 173.0 | 324.7 | — | 499.8 | 2.2 | 175.6 | 281.8 | — | 459.6 | |||||||||||||||||||||||||||||
Goodwill | — | 211.7 | 357.5 | — | 569.2 | — | 211.7 | 332.3 | — | 544.0 | |||||||||||||||||||||||||||||
Investment in consolidated subsidiaries | 2,130.9 | 842.6 | — | (2,973.5 | ) | — | 2,082.7 | 836.1 | — | (2,918.8 | ) | — | |||||||||||||||||||||||||||
Other assets | 22.9 | 28.7 | 0.4 | (11.9 | ) | 40.1 | 24.5 | 31.0 | 0.9 | (14.3 | ) | 42.1 | |||||||||||||||||||||||||||
Total Assets | $ | 2,166.3 | $ | 2,506.3 | $ | 1,185.0 | $ | (4,014.8 | ) | $ | 1,842.8 | $ | 2,121.2 | $ | 2,469.5 | $ | 1,134.6 | $ | (3,917.2 | ) | $ | 1,808.1 | |||||||||||||||||
Trade accounts payable | $ | 1.1 | $ | 19.4 | $ | 81.2 | $ | — | $ | 101.7 | $ | 0.5 | $ | 22.7 | $ | 81.3 | $ | (0.2 | ) | $ | 104.3 | ||||||||||||||||||
Liabilities from long-term manufacturing | |||||||||||||||||||||||||||||||||||||||
contracts and advances | — | 12.3 | 57.9 | — | 70.2 | — | 13.5 | 66.2 | — | 79.7 | |||||||||||||||||||||||||||||
Current portion of long-term debt | 10.1 | — | — | — | 10.1 | 9.0 | — | 0.4 | — | 9.4 | |||||||||||||||||||||||||||||
Accrued compensation | 1.5 | 12.4 | 26.8 | — | 40.7 | 3.9 | 23.0 | 35.4 | — | 62.3 | |||||||||||||||||||||||||||||
Deferred income taxes | — | — | 19.7 | — | 19.7 | — | — | 25.4 | — | 25.4 | |||||||||||||||||||||||||||||
Intercompany payables | 1,024.8 | 5.3 | — | (1,030.1 | ) | — | 979.7 | 4.8 | — | (984.5 | ) | — | |||||||||||||||||||||||||||
Other current liabilities | 9.5 | 44.7 | 56.9 | 1.5 | 112.6 | 18.1 | 46.0 | 58.6 | 0.4 | 123.1 | |||||||||||||||||||||||||||||
Total current liabilities | 1,047.0 | 94.1 | 242.5 | (1,028.6 | ) | 355.0 | 1,011.2 | 110.0 | 267.3 | (984.3 | ) | 404.2 | |||||||||||||||||||||||||||
Long-term debt | 531.3 | — | 81.6 | — | 612.9 | 513.1 | — | 5.6 | — | 518.7 | |||||||||||||||||||||||||||||
Accrued pension and | |||||||||||||||||||||||||||||||||||||||
postretirement healthcare | 1.1 | 119.9 | 94.1 | — | 215.1 | 1.1 | 119.8 | 97.8 | — | 218.7 | |||||||||||||||||||||||||||||
Deferred income taxes | — | 17.4 | 26.9 | (12.7 | ) | 31.6 | — | 17.0 | 26.5 | (14.1 | ) | 29.4 | |||||||||||||||||||||||||||
Other long-term liabilities | 1.9 | 20.6 | 8.1 | — | 30.6 | 1.7 | 20.4 | 9.2 | — | 31.3 | |||||||||||||||||||||||||||||
Total Liabilities | 1,581.3 | 252.0 | 453.2 | (1,041.3 | ) | 1,245.2 | 1,527.1 | 267.2 | 406.4 | (998.4 | ) | 1,202.3 | |||||||||||||||||||||||||||
Total Hillenbrand Shareholders’ Equity | 585.0 | 2,254.3 | 719.2 | (2,973.5 | ) | 585.0 | 594.1 | 2,202.3 | 716.5 | (2,918.8 | ) | 594.1 | |||||||||||||||||||||||||||
Noncontrolling interests | — | — | 12.6 | — | 12.6 | — | — | 11.7 | — | 11.7 | |||||||||||||||||||||||||||||
Total Equity | 585.0 | 2,254.3 | 731.8 | (2,973.5 | ) | 597.6 | 594.1 | 2,202.3 | 728.2 | (2,918.8 | ) | 605.8 | |||||||||||||||||||||||||||
Total Liabilities and Equity | $ | 2,166.3 | $ | 2,506.3 | $ | 1,185.0 | $ | (4,014.8 | ) | $ | 1,842.8 | $ | 2,121.2 | $ | 2,469.5 | $ | 1,134.6 | $ | (3,917.2 | ) | $ | 1,808.1 |
Three Months Ended December 31, 2015 | Three Months Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- Guarantors | Eliminations | Consolidated | Parent | Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (1.7 | ) | $ | 3.2 | $ | 34.2 | $ | — | $ | 35.7 | $ | (33.3 | ) | $ | 3.6 | $ | (12.2 | ) | $ | — | $ | (41.9 | ) | |||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||
Capital expenditures | (0.3 | ) | (3.8 | ) | (2.4 | ) | — | (6.5 | ) | (0.3 | ) | (3.3 | ) | (2.1 | ) | — | (5.7 | ) | |||||||||||||||||||||
Proceeds from sales of property, plant, and equipment | — | — | 0.1 | — | 0.1 | — | 0.5 | — | — | 0.5 | |||||||||||||||||||||||||||||
Acquisition of business, net of cash acquired | — | — | (105.7 | ) | — | (105.7 | ) | — | — | — | — | — | |||||||||||||||||||||||||||
Other, net | — | — | — | — | — | — | (2.4 | ) | (0.2 | ) | — | (2.6 | ) | ||||||||||||||||||||||||||
Net cash used in investing activities | (0.3 | ) | (3.8 | ) | (108.0 | ) | — | (112.1 | ) | (0.3 | ) | (5.2 | ) | (2.3 | ) | — | (7.8 | ) | |||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||
Repayments on term loan | (3.4 | ) | — | — | — | (3.4 | ) | (2.3 | ) | — | — | — | (2.3 | ) | |||||||||||||||||||||||||
Proceeds from revolving credit facilities | 79.0 | — | 103.3 | — | 182.3 | 111.5 | — | 37.8 | — | 149.3 | |||||||||||||||||||||||||||||
Repayments on revolving credit facilities | (57.5 | ) | — | (24.0 | ) | — | (81.5 | ) | (157.5 | ) | — | (29.7 | ) | — | (187.2 | ) | |||||||||||||||||||||||
Proceeds from unsecured Series A Notes, net of financing costs | — | — | — | — | — | 99.7 | — | — | — | 99.7 | |||||||||||||||||||||||||||||
Payment of dividends on common stock | (12.7 | ) | — | — | — | (12.7 | ) | (12.6 | ) | — | — | — | (12.6 | ) | |||||||||||||||||||||||||
Repurchases of common stock | (3.0 | ) | — | — | — | (3.0 | ) | (6.8 | ) | — | — | — | (6.8 | ) | |||||||||||||||||||||||||
Net proceeds on stock plans | (0.8 | ) | — | — | — | (0.8 | ) | 1.2 | — | — | — | 1.2 | |||||||||||||||||||||||||||
Other, net | 0.8 | — | — | — | 0.8 | 1.0 | — | — | — | 1.0 | |||||||||||||||||||||||||||||
Net cash provided by financing activities | 2.4 | — | 79.3 | — | 81.7 | 34.2 | — | 8.1 | — | 42.3 | |||||||||||||||||||||||||||||
Effect of exchange rates on cash and cash equivalents | — | — | 1.5 | — | 1.5 | — | — | 1.4 | — | 1.4 | |||||||||||||||||||||||||||||
Net cash flow | 0.4 | (0.6 | ) | 7.0 | — | 6.8 | 0.6 | (1.6 | ) | (5.0 | ) | — | (6.0 | ) | |||||||||||||||||||||||||
Cash and equivalents at beginning of period | 0.3 | 7.1 | 40.9 | — | 48.3 | 0.4 | 10.6 | 47.0 | — | 58.0 | |||||||||||||||||||||||||||||
Cash and equivalents at end of period | $ | 0.7 | $ | 6.5 | $ | 47.9 | $ | — | $ | 55.1 | $ | 1.0 | $ | 9.0 | $ | 42.0 | $ | — | $ | 52.0 |
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Three Months Ended December 31, 2015 | Three Months Ended December 31, 2014 | ||||||||||||||||||||||
Cost of goods sold | Operating expenses | Total | Cost of goods sold | Operating expenses | Total | ||||||||||||||||||
Process Equipment Group | $ | 2.0 | $ | 1.2 | $ | 3.2 | $ | — | $ | 0.3 | $ | 0.3 | |||||||||||
Batesville | — | — | — | 1.2 | — | 1.2 | |||||||||||||||||
Corporate | — | 0.2 | 0.2 | — | 0.4 | 0.4 | |||||||||||||||||
Total | $ | 2.0 | $ | 1.4 | $ | 3.4 | $ | 1.2 | $ | 0.7 | $ | 1.9 |
|
3. | Business Acquisitions |
|
|
December 31, 2015 | September 30, 2015 | ||||||
Trade accounts receivable reserves | $ | 20.8 | $ | 20.0 | |||
Accumulated depreciation on property, plant, and equipment | $ | 305.3 | $ | 295.2 | |||
Accumulated amortization on intangible assets | $ | 170.9 | $ | 144.8 | |||
Inventories: | |||||||
Raw materials and components | $ | 43.9 | $ | 40.1 | |||
Work in process | 68.2 | 63.9 | |||||
Finished goods | 54.0 | 49.6 | |||||
Total inventories | $ | 166.1 | $ | 153.6 |
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5. | Financing Agreements |
December 31, 2015 | September 30, 2015 | ||||||
$700 revolving credit facility (excluding outstanding letters of credit) | $ | 205.1 | $ | 107.6 | |||
$180 term loan | 168.8 | 171.0 | |||||
$150 senior unsecured notes, net of discount | 149.1 | 149.1 | |||||
$100 Series A Notes | 100.0 | 100.0 | |||||
Other | — | 0.4 | |||||
Total debt | 623.0 | 528.1 | |||||
Less: current portion | 10.1 | 9.4 | |||||
Total long-term debt | $ | 612.9 | $ | 518.7 |
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U.S. Pension Benefits | Non-U.S. Pension Benefits | ||||||||||||||
Three Months Ended December 31, | Three Months Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Service costs | $ | 1.0 | $ | 1.1 | $ | 0.6 | $ | 0.4 | |||||||
Interest costs | 2.4 | 3.6 | 0.6 | 0.8 | |||||||||||
Expected return on plan assets | (2.4 | ) | (3.5 | ) | (0.3 | ) | (0.3 | ) | |||||||
Amortization of unrecognized prior service costs, net | 0.1 | 0.2 | — | — | |||||||||||
Amortization of net loss | 0.9 | 1.2 | 0.2 | — | |||||||||||
Net pension costs | $ | 2.0 | $ | 2.6 | $ | 1.1 | $ | 0.9 |
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Pension and Postretirement | Currency Translation | Net Unrealized Gain (Loss) on Derivative Instruments | Total Attributable to Hillenbrand, Inc. | Noncontrolling Interests | Total | ||||||||||||||||||
Balance at September 30, 2014 | $ | (46.0 | ) | $ | (4.9 | ) | $ | (1.3 | ) | $ | (52.2 | ) | |||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||||||||
Before tax amount | — | (20.0 | ) | (1.5 | ) | (21.5 | ) | $ | (0.1 | ) | $ | (21.6 | ) | ||||||||||
Tax expense | — | — | 0.5 | 0.5 | — | 0.5 | |||||||||||||||||
After tax amount | — | (20.0 | ) | (1.0 | ) | (21.0 | ) | (0.1 | ) | (21.1 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income(1) | 0.8 | — | 0.5 | 1.3 | — | 1.3 | |||||||||||||||||
Net current period other comprehensive income (loss) | 0.8 | (20.0 | ) | (0.5 | ) | (19.7 | ) | $ | (0.1 | ) | $ | (19.8 | ) | ||||||||||
Balance at December 31, 2014 | $ | (45.2 | ) | $ | (24.9 | ) | $ | (1.8 | ) | $ | (71.9 | ) |
Pension and Postretirement | Currency Translation | Net Unrealized Gain (Loss) on Derivative Instruments | Total Attributable to Hillenbrand, Inc. | Noncontrolling Interests | Total | ||||||||||||||||||
Balance at September 30, 2015 | $ | (54.4 | ) | $ | (52.1 | ) | $ | (1.4 | ) | $ | (107.9 | ) | |||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||||||||
Before tax amount | — | (15.1 | ) | (0.2 | ) | (15.3 | ) | $ | (0.1 | ) | $ | (15.4 | ) | ||||||||||
Tax expense | — | — | 0.2 | 0.2 | — | 0.2 | |||||||||||||||||
After tax amount | — | (15.1 | ) | — | (15.1 | ) | (0.1 | ) | (15.2 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income(1) | 0.7 | — | 0.6 | 1.3 | — | 1.3 | |||||||||||||||||
Net current period other comprehensive income (loss) | 0.7 | (15.1 | ) | 0.6 | (13.8 | ) | $ | (0.1 | ) | $ | (13.9 | ) | |||||||||||
Balance at December 31, 2015 | $ | (53.7 | ) | $ | (67.2 | ) | $ | (0.8 | ) | $ | (121.7 | ) |
Three Months Ended December 31, 2014 | |||||||||||||||
Amortization of Pension and Postretirement (1) | (Gain)/Loss on | ||||||||||||||
Net Loss Recognized | Prior Service Costs Recognized | Derivative Instruments | Total | ||||||||||||
Affected Line in the Consolidated Statement of Operations: | |||||||||||||||
Net revenue | $ | — | $ | — | $ | 0.5 | $ | 0.5 | |||||||
Cost of goods sold | 0.9 | 0.1 | (0.1 | ) | 0.9 | ||||||||||
Operating expenses | 0.3 | 0.1 | — | 0.4 | |||||||||||
Other income (expense), net | — | — | 0.3 | 0.3 | |||||||||||
Total before tax | $ | 1.2 | $ | 0.2 | $ | 0.7 | $ | 2.1 | |||||||
Tax expense | (0.8 | ) | |||||||||||||
Total reclassifications for the period, net of tax | $ | 1.3 |
Three Months Ended December 31, 2015 | |||||||||||||||
Amortization of Pension and Postretirement (1) | (Gain)/Loss on | ||||||||||||||
Net Loss Recognized | Prior Service Costs Recognized | Derivative Instruments | Total | ||||||||||||
Affected Line in the Consolidated Statement of Operations: | |||||||||||||||
Net revenue | $ | — | $ | — | $ | 0.5 | $ | 0.5 | |||||||
Cost of goods sold | 0.6 | 0.1 | — | 0.7 | |||||||||||
Operating expenses | 0.2 | — | — | 0.2 | |||||||||||
Other income (expense), net | — | — | 0.3 | 0.3 | |||||||||||
Total before tax | $ | 0.8 | $ | 0.1 | $ | 0.8 | $ | 1.7 | |||||||
Tax expense | (0.4 | ) | |||||||||||||
Total reclassifications for the period, net of tax | $ | 1.3 |
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Three Months Ended December 31, | |||||||
2015 | 2014 | ||||||
Equity in net income (loss) of affiliates | $ | (0.4 | ) | $ | 0.3 | ||
Foreign currency exchange loss, net | (0.1 | ) | (0.8 | ) | |||
Other, net | (0.2 | ) | 0.5 | ||||
Other income (expense), net | $ | (0.7 | ) | $ | — |
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Carrying | |||||||||||||||
Value at December 31, | Fair Value at December 31, 2015 Using Inputs Considered as: | ||||||||||||||
2015 | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets: | |||||||||||||||
Cash and cash equivalents | $ | 55.1 | $ | 55.1 | $ | — | $ | — | |||||||
Investments in rabbi trust | 4.4 | 4.4 | — | — | |||||||||||
Derivative instruments | 2.0 | — | 2.0 | — | |||||||||||
Liabilities: | |||||||||||||||
$150 senior unsecured notes | 149.1 | 162.3 | — | — | |||||||||||
Revolving credit facility | 205.1 | — | 205.1 | — | |||||||||||
Term loan | 168.8 | — | 168.8 | — | |||||||||||
$100 Series A Notes | 100.0 | — | 99.4 | — | |||||||||||
Derivative instruments | 6.4 | — | 6.4 | — |
|
Three Months Ended December 31, | |||||||
2015 | 2014 | ||||||
Net revenue | |||||||
Process Equipment Group | $ | 214.0 | $ | 256.4 | |||
Batesville | 137.7 | 145.1 | |||||
Total | $ | 351.7 | $ | 401.5 | |||
Adjusted EBITDA | |||||||
Process Equipment Group | $ | 33.0 | $ | 38.1 | |||
Batesville | 31.8 | 32.6 | |||||
Corporate | (7.0 | ) | (7.3 | ) | |||
Net revenue (1) | |||||||
United States | $ | 198.9 | $ | 216.6 | |||
International | 152.8 | 184.9 | |||||
Total | $ | 351.7 | $ | 401.5 |
December 31, 2015 | September 30, 2015 | ||||||
Total assets assigned | |||||||
Process Equipment Group | $ | 1,578.8 | $ | 1,537.3 | |||
Batesville | 217.1 | 224.9 | |||||
Corporate | 46.9 | 45.9 | |||||
Total | $ | 1,842.8 | $ | 1,808.1 | |||
Tangible long-lived assets, net | |||||||
United States | $ | 94.1 | $ | 95.7 | |||
International | 63.9 | 62.6 | |||||
Total | $ | 158.0 | $ | 158.3 |
Three Months Ended December 31, | |||||||
2015 | 2014 | ||||||
Adjusted EBITDA: | |||||||
Process Equipment Group | $ | 33.0 | $ | 38.1 | |||
Batesville | 31.8 | 32.6 | |||||
Corporate | (7.0 | ) | (7.3 | ) | |||
Less: | |||||||
Interest income | (0.3 | ) | (0.3 | ) | |||
Interest expense | 5.9 | 5.7 | |||||
Income tax expense | 8.7 | 11.8 | |||||
Depreciation and amortization | 16.0 | 15.0 | |||||
Business acquisition and integration | 1.7 | 0.3 | |||||
Inventory step-up | 1.4 | — | |||||
Restructuring | 3.4 | 0.7 | |||||
Litigation | — | 0.5 | |||||
Consolidated net income | $ | 21.0 | $ | 29.7 |
|
Three Months Ended December 31, 2015 | Three Months Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- Guarantors | Eliminations | Consolidated | Parent | Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||||||||||||||
Net revenue | $ | — | $ | 197.3 | $ | 205.2 | $ | (50.8 | ) | $ | 351.7 | $ | — | $ | 216.7 | $ | 233.5 | $ | (48.7 | ) | $ | 401.5 | |||||||||||||||||
Cost of goods sold | — | 102.2 | 146.7 | (25.4 | ) | 223.5 | — | 114.3 | 172.8 | (24.0 | ) | 263.1 | |||||||||||||||||||||||||||
Gross profit | — | 95.1 | 58.5 | (25.4 | ) | 128.2 | — | 102.4 | 60.7 | (24.7 | ) | 138.4 | |||||||||||||||||||||||||||
Operating expenses | 7.2 | 60.1 | 40.2 | (25.4 | ) | 82.1 | 8.0 | 60.3 | 40.0 | (24.7 | ) | 83.6 | |||||||||||||||||||||||||||
Amortization expense | — | 2.3 | 7.5 | — | 9.8 | 0.1 | 2.6 | 4.9 | — | 7.6 | |||||||||||||||||||||||||||||
Interest expense | 5.2 | — | 0.7 | — | 5.9 | 4.9 | — | 0.8 | — | 5.7 | |||||||||||||||||||||||||||||
Other income (expense), net | 0.1 | (1.0 | ) | 0.2 | — | (0.7 | ) | — | — | — | — | — | |||||||||||||||||||||||||||
Equity in net income (loss) of subsidiaries | 26.4 | 2.2 | — | (28.6 | ) | — | 34.1 | 2.2 | — | (36.3 | ) | — | |||||||||||||||||||||||||||
Income (loss) before income taxes | 14.1 | 33.9 | 10.3 | (28.6 | ) | 29.7 | 21.1 | 41.7 | 15.0 | (36.3 | ) | 41.5 | |||||||||||||||||||||||||||
Income tax expense (benefit) | (5.9 | ) | 12.0 | 2.6 | — | 8.7 | (8.4 | ) | 14.9 | 5.3 | — | 11.8 | |||||||||||||||||||||||||||
Consolidated net income | 20.0 | 21.9 | 7.7 | (28.6 | ) | 21.0 | 29.5 | 26.8 | 9.7 | (36.3 | ) | 29.7 | |||||||||||||||||||||||||||
Less: Net income attributable to | |||||||||||||||||||||||||||||||||||||||
noncontrolling interests | — | — | 1.0 | — | 1.0 | — | — | 0.2 | — | 0.2 | |||||||||||||||||||||||||||||
Net income (loss) (1) | $ | 20.0 | $ | 21.9 | $ | 6.7 | $ | (28.6 | ) | $ | 20.0 | $ | 29.5 | $ | 26.8 | $ | 9.5 | $ | (36.3 | ) | $ | 29.5 | |||||||||||||||||
Consolidated comprehensive income (loss) | $ | 6.2 | $ | 30.8 | $ | (6.8 | ) | $ | (23.1 | ) | $ | 7.1 | $ | 9.8 | $ | 27.6 | $ | 2.3 | $ | (29.8 | ) | $ | 9.9 | ||||||||||||||||
Less: Comprehensive income attributable | |||||||||||||||||||||||||||||||||||||||
to noncontrolling interests | — | — | 0.9 | — | 0.9 | — | — | 0.1 | — | 0.1 | |||||||||||||||||||||||||||||
Comprehensive income (loss) (2) | $ | 6.2 | $ | 30.8 | $ | (7.7 | ) | $ | (23.1 | ) | $ | 6.2 | $ | 9.8 | $ | 27.6 | $ | 2.2 | $ | (29.8 | ) | $ | 9.8 |
December 31, 2015 | September 30, 2015 | ||||||||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- Guarantors | Eliminations | Consolidated | Parent | Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 0.7 | $ | 6.5 | $ | 47.9 | $ | — | $ | 55.1 | $ | 0.3 | $ | 7.1 | $ | 40.9 | $ | — | $ | 48.3 | |||||||||||||||||||
Trade receivables, net | — | 98.3 | 75.1 | — | 173.4 | — | 113.4 | 74.5 | — | 187.9 | |||||||||||||||||||||||||||||
Unbilled receivables from long-term | |||||||||||||||||||||||||||||||||||||||
manufacturing contracts | — | 8.4 | 111.9 | — | 120.3 | — | 13.5 | 131.4 | — | 144.9 | |||||||||||||||||||||||||||||
Inventories | — | 75.0 | 93.9 | (2.8 | ) | 166.1 | — | 69.0 | 87.1 | (2.5 | ) | 153.6 | |||||||||||||||||||||||||||
Deferred income taxes | 0.2 | 15.8 | 3.3 | — | 19.3 | 1.8 | 15.7 | 4.4 | — | 21.9 | |||||||||||||||||||||||||||||
Prepaid expense | 2.9 | 6.3 | 12.0 | — | 21.2 | 2.8 | 6.5 | 14.5 | — | 23.8 | |||||||||||||||||||||||||||||
Intercompany receivables | — | 973.1 | 54.2 | (1,027.3 | ) | — | — | 921.8 | 60.2 | (982.0 | ) | — | |||||||||||||||||||||||||||
Other current assets | 0.3 | 1.6 | 17.7 | 0.7 | 20.3 | 0.6 | 1.9 | 20.8 | 0.4 | 23.7 | |||||||||||||||||||||||||||||
Total current assets | 4.1 | 1,185.0 | 416.0 | (1,029.4 | ) | 575.7 | 5.5 | 1,148.9 | 433.8 | (984.1 | ) | 604.1 | |||||||||||||||||||||||||||
Property, plant and equipment, net | 6.3 | 65.3 | 86.4 | — | 158.0 | 6.3 | 66.2 | 85.8 | — | 158.3 | |||||||||||||||||||||||||||||
Intangible assets, net | 2.1 | 173.0 | 324.7 | — | 499.8 | 2.2 | 175.6 | 281.8 | — | 459.6 | |||||||||||||||||||||||||||||
Goodwill | — | 211.7 | 357.5 | — | 569.2 | — | 211.7 | 332.3 | — | 544.0 | |||||||||||||||||||||||||||||
Investment in consolidated subsidiaries | 2,130.9 | 842.6 | — | (2,973.5 | ) | — | 2,082.7 | 836.1 | — | (2,918.8 | ) | — | |||||||||||||||||||||||||||
Other assets | 22.9 | 28.7 | 0.4 | (11.9 | ) | 40.1 | 24.5 | 31.0 | 0.9 | (14.3 | ) | 42.1 | |||||||||||||||||||||||||||
Total Assets | $ | 2,166.3 | $ | 2,506.3 | $ | 1,185.0 | $ | (4,014.8 | ) | $ | 1,842.8 | $ | 2,121.2 | $ | 2,469.5 | $ | 1,134.6 | $ | (3,917.2 | ) | $ | 1,808.1 | |||||||||||||||||
Trade accounts payable | $ | 1.1 | $ | 19.4 | $ | 81.2 | $ | — | $ | 101.7 | $ | 0.5 | $ | 22.7 | $ | 81.3 | $ | (0.2 | ) | $ | 104.3 | ||||||||||||||||||
Liabilities from long-term manufacturing | |||||||||||||||||||||||||||||||||||||||
contracts and advances | — | 12.3 | 57.9 | — | 70.2 | — | 13.5 | 66.2 | — | 79.7 | |||||||||||||||||||||||||||||
Current portion of long-term debt | 10.1 | — | — | — | 10.1 | 9.0 | — | 0.4 | — | 9.4 | |||||||||||||||||||||||||||||
Accrued compensation | 1.5 | 12.4 | 26.8 | — | 40.7 | 3.9 | 23.0 | 35.4 | — | 62.3 | |||||||||||||||||||||||||||||
Deferred income taxes | — | — | 19.7 | — | 19.7 | — | — | 25.4 | — | 25.4 | |||||||||||||||||||||||||||||
Intercompany payables | 1,024.8 | 5.3 | — | (1,030.1 | ) | — | 979.7 | 4.8 | — | (984.5 | ) | — | |||||||||||||||||||||||||||
Other current liabilities | 9.5 | 44.7 | 56.9 | 1.5 | 112.6 | 18.1 | 46.0 | 58.6 | 0.4 | 123.1 | |||||||||||||||||||||||||||||
Total current liabilities | 1,047.0 | 94.1 | 242.5 | (1,028.6 | ) | 355.0 | 1,011.2 | 110.0 | 267.3 | (984.3 | ) | 404.2 | |||||||||||||||||||||||||||
Long-term debt | 531.3 | — | 81.6 | — | 612.9 | 513.1 | — | 5.6 | — | 518.7 | |||||||||||||||||||||||||||||
Accrued pension and | |||||||||||||||||||||||||||||||||||||||
postretirement healthcare | 1.1 | 119.9 | 94.1 | — | 215.1 | 1.1 | 119.8 | 97.8 | — | 218.7 | |||||||||||||||||||||||||||||
Deferred income taxes | — | 17.4 | 26.9 | (12.7 | ) | 31.6 | — | 17.0 | 26.5 | (14.1 | ) | 29.4 | |||||||||||||||||||||||||||
Other long-term liabilities | 1.9 | 20.6 | 8.1 | — | 30.6 | 1.7 | 20.4 | 9.2 | — | 31.3 | |||||||||||||||||||||||||||||
Total Liabilities | 1,581.3 | 252.0 | 453.2 | (1,041.3 | ) | 1,245.2 | 1,527.1 | 267.2 | 406.4 | (998.4 | ) | 1,202.3 | |||||||||||||||||||||||||||
Total Hillenbrand Shareholders’ Equity | 585.0 | 2,254.3 | 719.2 | (2,973.5 | ) | 585.0 | 594.1 | 2,202.3 | 716.5 | (2,918.8 | ) | 594.1 | |||||||||||||||||||||||||||
Noncontrolling interests | — | — | 12.6 | — | 12.6 | — | — | 11.7 | — | 11.7 | |||||||||||||||||||||||||||||
Total Equity | 585.0 | 2,254.3 | 731.8 | (2,973.5 | ) | 597.6 | 594.1 | 2,202.3 | 728.2 | (2,918.8 | ) | 605.8 | |||||||||||||||||||||||||||
Total Liabilities and Equity | $ | 2,166.3 | $ | 2,506.3 | $ | 1,185.0 | $ | (4,014.8 | ) | $ | 1,842.8 | $ | 2,121.2 | $ | 2,469.5 | $ | 1,134.6 | $ | (3,917.2 | ) | $ | 1,808.1 |
Three Months Ended December 31, 2015 | Three Months Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||
Parent | Guarantors | Non- Guarantors | Eliminations | Consolidated | Parent | Guarantors | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (1.7 | ) | $ | 3.2 | $ | 34.2 | $ | — | $ | 35.7 | $ | (33.3 | ) | $ | 3.6 | $ | (12.2 | ) | $ | — | $ | (41.9 | ) | |||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||
Capital expenditures | (0.3 | ) | (3.8 | ) | (2.4 | ) | — | (6.5 | ) | (0.3 | ) | (3.3 | ) | (2.1 | ) | — | (5.7 | ) | |||||||||||||||||||||
Proceeds from sales of property, plant, and equipment | — | — | 0.1 | — | 0.1 | — | 0.5 | — | — | 0.5 | |||||||||||||||||||||||||||||
Acquisition of business, net of cash acquired | — | — | (105.7 | ) | — | (105.7 | ) | — | — | — | — | — | |||||||||||||||||||||||||||
Other, net | — | — | — | — | — | — | (2.4 | ) | (0.2 | ) | — | (2.6 | ) | ||||||||||||||||||||||||||
Net cash used in investing activities | (0.3 | ) | (3.8 | ) | (108.0 | ) | — | (112.1 | ) | (0.3 | ) | (5.2 | ) | (2.3 | ) | — | (7.8 | ) | |||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||
Repayments on term loan | (3.4 | ) | — | — | — | (3.4 | ) | (2.3 | ) | — | — | — | (2.3 | ) | |||||||||||||||||||||||||
Proceeds from revolving credit facilities | 79.0 | — | 103.3 | — | 182.3 | 111.5 | — | 37.8 | — | 149.3 | |||||||||||||||||||||||||||||
Repayments on revolving credit facilities | (57.5 | ) | — | (24.0 | ) | — | (81.5 | ) | (157.5 | ) | — | (29.7 | ) | — | (187.2 | ) | |||||||||||||||||||||||
Proceeds from unsecured Series A Notes, net of financing costs | — | — | — | — | — | 99.7 | — | — | — | 99.7 | |||||||||||||||||||||||||||||
Payment of dividends on common stock | (12.7 | ) | — | — | — | (12.7 | ) | (12.6 | ) | — | — | — | (12.6 | ) | |||||||||||||||||||||||||
Repurchases of common stock | (3.0 | ) | — | — | — | (3.0 | ) | (6.8 | ) | — | — | — | (6.8 | ) | |||||||||||||||||||||||||
Net proceeds on stock plans | (0.8 | ) | — | — | — | (0.8 | ) | 1.2 | — | — | — | 1.2 | |||||||||||||||||||||||||||
Other, net | 0.8 | — | — | — | 0.8 | 1.0 | — | — | — | 1.0 | |||||||||||||||||||||||||||||
Net cash provided by financing activities | 2.4 | — | 79.3 | — | 81.7 | 34.2 | — | 8.1 | — | 42.3 | |||||||||||||||||||||||||||||
Effect of exchange rates on cash and cash equivalents | — | — | 1.5 | — | 1.5 | — | — | 1.4 | — | 1.4 | |||||||||||||||||||||||||||||
Net cash flow | 0.4 | (0.6 | ) | 7.0 | — | 6.8 | 0.6 | (1.6 | ) | (5.0 | ) | — | (6.0 | ) | |||||||||||||||||||||||||
Cash and equivalents at beginning of period | 0.3 | 7.1 | 40.9 | — | 48.3 | 0.4 | 10.6 | 47.0 | — | 58.0 | |||||||||||||||||||||||||||||
Cash and equivalents at end of period | $ | 0.7 | $ | 6.5 | $ | 47.9 | $ | — | $ | 55.1 | $ | 1.0 | $ | 9.0 | $ | 42.0 | $ | — | $ | 52.0 |
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