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☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

IN									26-1342272
(State of incorporation)									(I.R.S. Employer Identification No.)
One Batesville Boulevard
Batesville,			IN						47006
(Address of principal executive offices)									(Zip Code)

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, without par value

HI

NYSE

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes x No o

Large accelerated filer

ý

Accelerated filer

o

Emerging growth company

☐

Non-accelerated filer

o

Smaller reporting company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

						Page
			PART I
			Disclosure Regarding Forward-looking Statements			2
Item 1.			Business			2
Item 1A.			Risk Factors			16
Item 1B.			Unresolved Staff Comments			26
Item 2.			Properties			26
Item 3.			Legal Proceedings			27
Item 4.			Mine Safety Disclosures			27
			PART II
Item 5.			Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities			27
Item 6.			Selected Financial Data			28
Item 7.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			28
Item 7A.			Quantitative and Qualitative Disclosures About Market Risk			52
Item 8.			Financial Statements and Supplementary Data			54
Item 9.			Changes in and Disagreements With Accountants on Accounting and Financial Disclosure			112
Item 9A.			Controls and Procedures			112
Item 9B.			Other Information			113
			PART III
Item 10.			Directors, Executive Officers, and Corporate Governance			113
Item 11.			Executive Compensation			113
Item 12.			Security Ownership of Certain Beneficial Owners and Management, and Related Shareholder Matters			113
Item 13.			Certain Relationships and Related Transactions, and Director Independence			113
Item 14.			Principal Accountant Fees and Services			113
			PART IV
Item 15.			Exhibits and Financial Statement Schedule			113
Item 16.			Form 10-K Summary			118
			Signatures			119

“We expect that future revenue associated with Advanced Process Solutions will be influenced by order backlog.”

intend

believe

plan

expect

may

goal

would

project

become

pursue

estimate

will

forecast

continue

could

anticipate

target

impact

promise

improve

progress

potential

should

encourage

Here is the key point: Forward-looking statements are not guarantees of future performance or events, and actual results or events could differ materially from those set forth in any forward-looking statements. 

•Proven products with substantial brand value and recognition;

•Industry-leading applications and engineering expertise;

•An aftermarket parts and service business with historically stable revenue and attractive margins;

•A customer base that is highly diversified and has a strong history of long-term relationships with blue-chip end user customers; and

•Geographic diversification.

•Strong product and technology positions with substantial brand value and recognition;

•Strong market positions and engineering expertise;

•An aftermarket parts and service business with historically stable revenue and attractive margins;

•A customer base that is highly diversified and has a strong history of long-term relationships with blue-chip end user customers; and

•Geographic diversification, including established operations in high growth regions such as China and India.

•Historically predictable strong cash flow and attractive margins;

•Historically high return on invested capital; and

•Substantial brand value and recognition, combined with quality service, a nationwide distribution network, and a strong customer base.

•Adding work from home flexibility;

•Adjusting attendance policies to encourage those who are sick to stay home;

•Increasing cleaning protocols across all locations;

•Initiating regular communication regarding impacts of the COVID-19 pandemic, including health and safety protocols and procedures;

•Implementing temperature screening of employees at the majority of our manufacturing facilities;

•Establishing new physical distancing procedures for employees who need to be onsite;

•Providing additional personal protective equipment and cleaning supplies;

•Modifying work spaces with plexiglass dividers and touchless faucets;

•Implementing protocols to address actual and suspected COVID-19 cases and potential exposure;

•Prohibiting all domestic and international non-essential travel for all employees; and

•Requiring masks to be worn in all locations where allowed by local law.

In the U.S., the Company matches contributions to a tax-qualified defined contribution savings plan (the “Savings Plan”) for all eligible employees not accruing legacy pension benefits, in an amount equal to 50 cents for every dollar contributed by the employee until the employee contributions reach six percent of his or her base compensation. Additionally, whether or not such employees contribute to the Savings Plan, the Company provides an automatic Company contribution per pay period to the Savings Plan for all such employees. All contributions by employees and the automatic Company contribution are fully vested

•Compounding, Extrusion, and Material Handling Equipment, and Equipment System Design

◦Twin screw compounding and extrusion machines range from small laboratory compounding machines to high performance, high throughput extrusion systems. Small and mid-sized compounders are used by customers in engineering plastics, masterbatch, PVC, recycling, biodegradable products, and other applications for the plastics, chemical, and food and pharmaceutical industries.  Extrusion systems are sold to customers in the polyolefin industry for base resin production.  All of these extrusion products are sold under the Coperion® brand.

◦Material handling equipment includes pneumatic and hydraulic conveying equipment for difficult-to-move materials; high-precision feeders that can operate at both very high and very low fill rates; blenders for pellets and powders; and rotary valves, diverter valves, and slide-gate valves used for feeding, dosing, discharge, and

◦Compounding, extrusion, and material handling equipment can be sold as a complete system, where strong application and process engineering expertise is used to design and create a broad system solution for customers.  Systems can range from a single manufacturing line to large scale manufacturing lines and turnkey systems.  Larger system sales are generally fulfilled over 18 to 24 months.  Some portion of revenue for large system sales typically comes from third-party-sourced products that carry only a small up-charge. As a result, margin percentages tend to be lower on these large system sales when compared to the rest of the business. 

•Screening and Separating Equipment

◦Screening and separating equipment sorts dry, granular products based on the size of the particles being processed.  This equipment is sold under the Rotex® and BM&M® brands to customers in a variety of industries including proppants, fertilizers, chemicals, agricultural goods, plastics, forest products, and food processing. A majority of the equipment uses a unique technology based on a specific gyratory-reciprocating motion that provides an optimal material distribution on the screens, gentle handling of particles, and accurate separations.

•Flow Control Solutions

◦Pump solutions mainly consist of piston and piston diaphragm pump technologies that transfer abrasive or corrosive fluids and fluids with a high sludge or solids content for mission-critical applications. This equipment is sold under the ABEL® Pump Technology brand into the power generation, wastewater treatment, mining, general industry, and marine markets. This equipment lends itself to a superior total cost of ownership over time compared to other pumping technologies.

◦Valve solutions mainly consist of pinch valves and duckbill check valves that manage fluids for mission-critical, severe service applications. These valves, among others, are sold under the Red Valve®, Tideflex Technologies® , and RKL Controls brands into the water and wastewater, drainage and storm water, mining, chemicals, and power markets. These engineered valves are designed for long life in the toughest municipal and industrial applications, lending themselves to superior total costs of ownership over time.

•Size Reduction Equipment

◦Size reduction equipment is used to reduce the size of friable materials.  Pennsylvania Crusher® and Gundlach® products are used to crush materials in the power generation, mining, quarrying, glass making, salt processing, and fertilizer manufacturing industries. Jeffrey Rader® products are used in industries including forest products, pulp and paper, biomass power and energy generation, and plastics/base resin manufacturing. Jeffrey Rader also designs and provides complete material handling and pneumatic or mechanical conveying systems to meet product specifications, including boiler feed, resource recovery, rail and truck loading/unloading, and recycling systems.

•Aftermarket parts and service

◦Aftermarket parts and service are a major component of most of Advanced Process Solutions’ product lines.  Service engineers and technicians are located around the globe to better respond to customers’ machines and systems service needs.  Advanced Process Solutions offers its customers service consulting, training, maintenance and repairs, spare parts, and modernization solutions. 

•Strengthen leadership positions and build targeted platforms

◦Leverage core technologies and applications expertise to further penetrate current markets.

◦Grow platforms to critical mass in plastics and chemicals, food and pharmaceuticals, and separation to achieve benefits of leadership and scale.

◦Enter attractive new markets and near adjacencies with large addressable opportunities.

◦Leverage global footprint to expand customer base and win in new markets.

•Drive innovation and new product development

◦Provide innovative product and service solutions to solve customers’ challenges.

◦Extend applications expertise to win in adjacent markets with high growth potential.

◦Develop new products driven by voice of customer input and changing needs.

◦Provide value-added end-to-end solutions from individual components to integrated systems.

•Leverage HOM to drive margin expansion and profitable growth

◦Apply HOM principles and tools, including voice of customer and segmentation, for profitable growth.

◦Drive best-in-class lead times to grow share in aftermarket parts and service business.

◦Implement strategic supplier relationships to improve cost and quality.

◦Enhance productivity through process standardization.

Molding Technology Solutions is a global leader in highly engineered and customized systems in plastic technology and processing. The product lines within Molding Technology Solutions have strong brand recognition and an established global footprint, and we believe, are well-positioned to benefit from continued robust industry growth in both developed and emerging markets. Molding Technology Solutions’ breadth of products, long history, and global reach have resulted in a large installed base of plastic processing equipment and hot runner systems.

•Injection molding and extrusion equipment

◦Molding Technology Solutions designs, manufactures and sells plastic processing equipment and systems, which include injection molding, extrusion and auxiliary systems. This product line has a diverse set of customers, including companies in the automotive, consumer goods, electronics, construction, medical and packaging end markets.

•Hot runner systems

◦Molding Technology Solutions designs, manufactures and sells highly-engineered, technically advanced hot runner and process control systems. Hot runner systems are designed for each product a customer manufactures on an injection molding machine. This product line derives sales from capital products, aftermarket parts and services. Hot runner systems are product-specific and replaced frequently due to design changes and innovation in customers’ end products, with a typical aftermarket cycle of one to five years. Recurring sales are supported by a large installed base of hot runner systems worldwide.

•Mold bases and components

◦Molding Technology Solutions designs, manufactures, and sells high-quality mold bases and plates available in various configurations to meet the needs of customers for a variety of applications. Pre-engineered assemblies, plates and components provide the economic and technical benefits of interchangeability.

•Aftermarket parts and service

◦Aftermarket parts and service are a major component of most of the Molding Technology Solutions product lines.  Service engineers and technicians are located around the globe to better respond to customers’ machines and systems service needs.  Molding Technology Solutions offers its customers service consulting, training, maintenance and repairs, spare parts, and modernization solutions. 

•Strengthen leadership positions in global markets

◦Leverage core technologies and applications expertise to expand presence in current end markets.

•Drive innovation and new product development

◦Provide innovative product and service solutions to solve customers’ challenges, leveraging shared research and development and technology across the enterprise.

◦Develop new products that are focused on solidifying Molding Technology Solutions’ current market positions and expanding the market through the introduction of technology that displaces other materials, primarily metal and glass.

◦Provide value-added end-to-end solutions from individual components to integrated systems.

•Leverage Hillenbrand Operating Model and aftermarket parts and service revenue to drive margin expansion and profitable growth

◦Apply HOM principles and tools, including voice of customer and segmentation with a goal to drive profitable growth.

◦Leverage Hillenbrand’s global footprint and enhance customer support through the entire lifecycle of their equipment usage to expand sales of aftermarket parts and services.

◦Drive global supply strategy to achieve supply chain and operating efficiencies to improve cost and quality.

◦Enhance productivity through process standardization.

•Burial Solutions

•As a recognized leader in the death care industry in North America, Batesville has been on the forefront of product innovation for more than 70 years. The company has introduced new interior and exterior design elements, materials, finishes, and proprietary features that align with consumer trends and preferences, while adding value for funeral professionals and consumers. Batesville’s product portfolio covers the full spectrum in variety and value, with metal and wood caskets to appeal to different consumers. In addition to its product breadth, Batesville offers training, merchandising, and marketing materials to educate funeral directors and consumers on product and service options.

•Cremation Options®

•The Cremation Options® platform is focused on helping funeral professionals profitably serve the growing number of consumers choosing cremation.  Batesville offers a broad line of cremation caskets, containers, urns, remembrance jewelry, and keepsakes. As with Burial Solutions, Batesville offers training, merchandising, and marketing resources to support funeral directors and consumers who select cremation. 

•Technology Solutions

•Batesville’s technology solutions enhance the consumer experience and create business efficiencies for nearly 6,000 funeral homes and cemeteries across North America. The company offers a suite of integrated, easy-to-use technology products and services, including funeral home websites, e-commerce solutions, digital selection and arrangement software, and business management systems for funeral homes and cemeteries.

•Grow leadership position in the death care industry

•Focus on building and delivering value propositions that align with the needs of each customer segment to continue Batesville’s mission of helping families honor the lives of those they love®.

•Use the HOM principles and tools to strengthen our leadership position and maintain an optimal cost structure to support profitability

•Continually improve processes to be more consistent and efficient and to yield industry leading quality products and services that our customers value.

We own a number of patents on our products and manufacturing processes and maintain trade secrets related to manufacturing processes.  These are important patents and trade secrets, but we do not believe any single patent or trade secret, or related group of patents or trade secrets is of material significance to our business as a whole. We also own a number of trademarks and service marks relating to products and services which are of importance.  We believe the marks Coperion®, Coperion K-Tron®, TerraSource Global®, Pennsylvania Crusher®, Gundlach®, Jeffrey Rader®, K-Tron®, Rotex®, ABEL® Pump Technology, Red Valve®, BM&M®, and Tideflex Technologies® are material to our Advanced Process Solutions reportable segment.  We believe the marks Milacron®, DME® and Mold-Masters® are material to our Molding Technology Solutions reportable segment. We believe the trademark Batesville® is material to our Batesville reportable segment.

Joe A. Raver, 54, has served as a director and as President and Chief Executive Officer of the Company since September 2013. He has served as President of the Company’s Advanced Process Solutions report segment since March 2011. In August 2017, Mr. Raver was elected as a director of Applied Industrial Technologies, Inc. (“AIT”), a leading industrial distributor serving MRO and OEM customers in virtually every industry. In October 2017, Mr. Raver was appointed to both the Audit and the Corporate Governance Committees of AIT, and in October 2019, he moved from the Audit to the Executive Organization and Compensation Committee. Prior to being named President of the Company’s Advanced Process Solutions reportable segment, Mr. Raver served as President of Batesville Casket Company from 2008 to 2011.  He also previously served as Vice President and General Manager of the respiratory care division of Hill-Rom Holdings (“Hill-Rom,” f/k/a Hillenbrand Industries, Inc.), a leading global provider of medical equipment and services and the Company’s former parent, as well as Hill-Rom’s Vice President of Strategy and Shared Services.  Prior to that, Mr. Raver spent 10 years in a variety of leadership positions at Batesville Casket Company and Hill-Rom.

Kristina A. Cerniglia, 54, was elected Senior Vice President, Chief Financial Officer effective August 2014. Ms. Cerniglia has more than 30 years of industrial experience and, since December 2018, has also served on the Board of Directors of Littelfuse, Inc., a global manufacturer of leading technologies in circuit protection, power control, and sensing. Ms. Cerniglia’s service on the Littelfuse Board of Directors has included serving on its Audit and Compensation Committees since April 2019. Additionally, in 2019, Ms. Cerniglia was elected as a director of Margaret Mary Health in Batesville, Indiana, a not-for-profit, critical access hospital providing both inpatient and outpatient services, and serves on its Finance Committee. Before assuming the role as Hillenbrand’s Chief Financial Officer, she spent 17 years serving in a variety of leadership roles, most recently as Vice President and Corporate Controller (2010-2014) at Stanley Black & Decker (“Stanley”), a global provider of power and hand tools, mechanical access solutions, and electronic monitoring systems. Prior to that, she spent nine years of her career at United Technologies Corporation in various financial roles.

Ling An-Heid, 60, has been President of Mold-Masters since 2017, and Senior Vice President of Hillenbrand since November 2019. Before then, she served as President of Mold-Masters Americas and Asia from 2013 to 2017. Ms. An-Heid joined the Applications Design Group at Mold-Masters in 1991 and was instrumental in developing the region as president of Mold-Masters Asia until 2013. Before Mold-Masters, she served as a General Manager and legal representative of Beijing Plastic Mechanical Co. Ltd. She holds a Bachelor of Science degree in Plastics Mechanical Engineering from the Beijing Chemical University and also acts as the Vice Director of the China Die and Mold Industry Association.

Peter S. Dyke, 49, has served as the Company’s Senior Vice President and Chief Human Resources Officer since October 2020. Mr. Dyke brings more than 25 years of experience in human resources, serving most recently as Chief Human Resources Officer for Sigura (f/k/a Innovative Water Care, LLC), a global specialty chemicals company, from 2019 to 2020. Prior to that, he served as Chief Human Resources Officer at Luxfer Holdings, plc, a global materials technology company, from 2018 to 2019 and as Vice President, Human Resources at various business units of Pentair PLC, an industrial manufacturing company. Mr. Dyke’s tenure at Pentair lasted from 2004 to 2018, including Vice President, Human Resources of its Water Quality Systems Global Business Unit from 2014 to 2018. Mr. Dyke’s experience before Pentair included human resources roles with increasing levels of responsibility at General Electric Company, Ford Motor Company, and Valassis Communications Inc.

Nicholas R. Farrell, 41, is the Company’s Senior Vice President, General Counsel, Secretary, and Chief Compliance Officer.  He has served as General Counsel since October 2015 and Chief Compliance Officer since December 2016. Mr. Farrell began his career with the Company in 2011 as Corporate and Securities Counsel, and prior to his current role served as Vice President, Associate General Counsel and Assistant Secretary, beginning in 2014.  Prior to joining Hillenbrand, Mr. Farrell was in private practice for six years with global law firm Troutman Sanders. Mr. Farrell is also Chair of the Board of Cure SMA, an international not-for-profit organization committed to developing treatments and a cure for spinal muscular atrophy, the number one genetic cause of death for infants.

Michael M. Jones, 45, has been President of Milacron Injection Molding & Extrusion and Senior Vice President of Hillenbrand since November 2019. He previously served as the President of the Milacron Advanced Plastics Processing Technologies (APPT) Americas and Europe businesses since January 2019. Prior to that time, he held a number of senior leadership positions within Milacron including roles as Vice President of Finance and Investor Relations and Senior Vice President Finance and Operations. Before joining Milacron, he held finance positions at GE Aviation, the aerospace division of General Electric Company, from 2012-2015. Mr. Jones also held positions at Hill-Rom between 2004 and 2011. He is a Certified Public Accountant (inactive).

Kimberly K. Ryan, 53, was elected President of Coperion GmbH effective September 2015. Since August 2018, she also oversees the Company’s Rotex business, and since August 2019 oversees the Company’s Abel business. Ms. Ryan has also been a Senior Vice President of Hillenbrand since April 2011. Prior to being appointed President of Coperion, Ms. Ryan served as President of Batesville effective April 2011. Since 2014, Ms. Ryan has also served as a member of the Board of Directors of Kimball International, Inc., a design-driven furnishings manufacturer, including as a member of the Audit Committee during that time and as Chair of the Board since November 2018. From 2000-2011, she held various senior leadership roles at the Company’s former parent Hillenbrand Industries, Inc., including Senior Vice President, Post Acute Care; Senior Vice President, Shared Services; Senior Vice President, Information Technology; Vice President, Batesville Business Information Systems; and Director, Batesville Enterprise Planning Systems. Ms. Ryan began her career with Batesville in 1989, holding positions of increasing responsibility within Batesville and the Company’s former parent in finance, strategy, operations, logistics, and information technology.

Christopher H. Trainor, 50, was elected President of Batesville Casket Company effective September 2015, after having served as its Senior Vice President, CFO and Chief Administrative Officer. Mr. Trainor has also been a Senior Vice President of Hillenbrand since December 2015. Mr. Trainor joined Batesville in 2010 as Vice President and Chief Financial Officer and was later assigned additional responsibilities for oversight of Human Resources and Information Technology. Prior to joining

Michael D. Prado, 63, was elected Vice President, Global Supply Management effective June 2020. Mr. Prado joined the Company after providing supply management consulting services to the Company from February 2020 through June 2020. Prior to joining the Company in a consulting capacity, Mr. Prado served as Vice President, Global Supply Management and Chief Procurement Officer of Stanley, a global provider of power and hand tools, mechanical access solutions, and electronic monitoring systems. Mr. Prado served in this role from June 2000 to December 2019, capping nearly 20 years of service. From 1980 to 2000 Mr. Prado served in operations roles of increasing responsibility at Delta Air Lines, Inc., and United Technologies Corporation. Mr. Prado also sits on the Business Advisory Board of Clarkson University and has been an active faculty participant in their executive supply chain management education program.

Bhavik N. Soni, 47, was elected Vice President, Chief Information Officer effective May 2017, and promoted to the Company’s Executive Management Team in May 2019. Mr. Soni joined the Company from Honda Aircraft Company, a jet airplane manufacturer, where he served as Chief Information Officer - IT & Engineering Systems Division from 2015 to 2016. Prior to that, he served as Chief Information Officer for Artificial Lift, GE Oil & Gas at General Electric Company (“GE”), an energy technology company, from 2013 to 2015, preceded by fifteen years in other information technology-related roles of increasing responsibility at GE. Mr. Soni’s experience prior to GE included software engineering roles at Rockwell Collins, Inc. and General Dynamics Corporation.

Andrew S. Kitzmiller, 41, was elected Vice President, Chief Accounting Officer, and Controller effective November 2019. Immediately prior, Mr. Kitzmiller served more than two years in senior finance roles at Milacron Holdings Corp. (“Milacron”), as Vice President – Finance and Corporate Controller (April 2019 to November 2019) and as Corporate Controller (September 2017 to April 2019). Prior to Milacron, he served in a series of increasingly senior roles at GE Aviation, the aerospace division of General Electric Company (“GE”), from December 2012 through November 2017. These roles at GE included Controller – Additive, Aviation Supply Chain and Engineering Divisions (November 2016 to September 2017); Accounting Center of Excellence Leader (September 2014 to November 2016), including with controllership oversight of the Supply Chain and Engineering Divisions (April 2016 to November 2016); and two sequential assistant controller positions. Mr. Kitzmiller began his career in public accounting at Deloitte & Touche LLP.

•the diversion of management’s attention from ongoing business concerns and performance shortfalls at one or both of the companies as a result of the devotion of management’s attention to the integration;

•managing a larger combined business;

•maintaining employee morale and retaining key management and other employees;

•retaining existing business and operational relationships, including customers, suppliers and other counterparties, and attracting new business and operational relationships;

•the possibility of faulty assumptions underlying expectations regarding the integration process;

•consolidating corporate and administrative infrastructures and eliminating duplicative operations;

•coordinating geographically separate organizations; and

•unanticipated issues in integrating information technology, communications and other systems.

•successfully identify the most suitable targets for acquisition;

•negotiate reasonable terms;

•properly perform due diligence and determine all the significant risks associated with a particular acquisition;

•successfully integrate the acquired company into our business and achieve the desired performance;

•avoid diversion of Company management’s attention from other important business activities; and

•where applicable, implement restructuring activities without an adverse impact to business operations.

10.We have a significant amount of debt, which could adversely affect the Company and limit our ability to respond to changes in our business or make future desirable acquisitions.

•We may be more vulnerable to general adverse economic and industry conditions, because we have lower borrowing capacity.

•We may be required to dedicate a larger portion of our cash flow from operations to payments on our indebtedness, thereby reducing the availability of our cash flow for other purposes, including business development efforts and acquisitions, working capital requirements, and capital expenditures.

•We will continue to be exposed to the risk of increased interest rates, because a portion of our borrowings is at variable rates of interest.

•We may be more limited in our flexibility in planning for, or reacting to, changes in our businesses and the industries in which they operate, thereby placing us at a competitive disadvantage compared to competitors that have less indebtedness.

•We may be more vulnerable to credit rating downgrades which could have an impact on our ability to secure future financing at attractive interest rates.

•interruption in the transportation of materials to us and finished goods to our customers, including conditions where recovery from natural disasters may be delayed due to country-specific infrastructure and resources;

•differences in terms of sale, including payment terms;

•local product preferences and product requirements;

•changes in a country’s or region’s political or economic condition, including with respect to safety and health issues;

•trade protection measures and import or export licensing requirements;

•unexpected changes in laws or regulatory requirements, including unfavorable changes with respect to tax, trade, or sanctions compliance matters;

•limitations on ownership and on repatriation of earnings and cash;

•difficulty in staffing and managing widespread operations;

•differing labor regulations;

•difficulties in enforcing contract and property rights under local law;

•difficulties in implementing restructuring actions on a timely or comprehensive basis; and

•differing protection of intellectual property.

•the division of our Board of Directors into three classes with staggered terms;

•the inability of our shareholders to act by less than unanimous written consent;

•rules regarding how shareholders may present proposals or nominate directors for election at shareholder meetings;

•the right of our Board of Directors to issue preferred stock without shareholder approval; and

•limitations on the right of shareholders to remove directors.

			2020						2019						2018						2017						2016
Net revenue			$	2,517.0					$	1,807.3					$	1,770.1					$	1,590.2					$	1,538.4
Gross profit (1)			813.3						623.0						642.1						590.8						570.6
Net (loss) income attributable to Hillenbrand			(60.1)						121.4						76.6						126.2						112.8
(Loss) earnings per share - basic			(0.82)						1.93						1.21						1.99						1.78
(Loss) earnings per share - diluted			(0.82)						1.92						1.20						1.97						1.77
Cash dividends per share			0.85						0.84						0.83						0.82						0.81
Total assets			3,987.4						2,228.6						1,864.6						1,956.5						1,959.7
Long-term obligations			2,055.9						869.5						588.8						678.9						879.8
Cash flows provided by operating activities			354.8						178.9						248.3						246.2						238.2
Cash flows used in investing activities			(1,295.9)						(51.2)						(23.4)						(13.5)						(253.5)
Cash flows provided by (used in) financing activities			854.9						217.5						(232.5)						(215.1)						21.6
Capital expenditures			35.9						25.5						27.0						22.0						21.2
Depreciation and amortization			130.6						58.5						56.5						56.6						60.4

(1) Gross profit for the year ended September 30, 2016, has not been conformed to the current year presentation for the reclassification of certain components of net pension cost.

•business acquisitions, disposition, and integration costs;

•restructuring and restructuring-related charges;

•impairment charges;

•inventory step-up charges;

•debt financing activities related to the acquisition of Milacron (including the loss on settlement of interest rate swaps and certain financing costs);

•net loss on divestiture of Cimcool;

•COVID-19 pandemic-related costs;

•the related income tax impact for all of these items; and

•the interaction of tax benefits and expenses related to the foreign income inclusion tax provisions and certain tax carryforward attributes associated with the acquisition of Milacron and divestiture of Cimcool, including the tax provisions related to the imposition of tax on Global Intangible Low-Taxed Income (GILTI) earned by certain foreign subsidiaries, the Foreign Derived Intangible Income Deduction (FDII), and the Base Erosion and Anti-Abuse Tax (BEAT) and their impact on loss carryforward attributes.

A contract’s transaction price is allocated to each distinct performance obligation based on its respective standalone selling price, and recognized as revenue when, or as, the performance obligation is satisfied. When a distinct performance obligation is not sold separately, the value of the standalone selling price is estimated considering all reasonably available information. When an obligation is distinct, as defined in ASU No. 2014-09, Revenue from Contracts with Customers (“ASC 606”), we allocate a portion of the contract price to the obligation and recognize it separately from the other performance obligations.

Changes in retirement and postretirement benefit expense and the recognized obligations may occur in the future as a result of a number of factors, including changes to key assumptions such as the expected long-term rate of return on pension assets and the weighted-average discount rate.  Our expected long-term rate of return on domestic and international pension plan assets was 3.8%, 4.8%, and 5.2% at the end of 2020, 2019, and 2018, respectively. The weighted-average discount rate at the end of 2020 was 1.8% for the domestic and international defined benefit pension plans and 2.1% for the postretirement healthcare plans.  A 50 basis-point change in the expected long-term rate of return on domestic and international pension plan assets would change annual pension expense by $1.5.  A 50 basis-point change in the weighted-average discount rate would change the annual domestic and international pension expense by $1.7 and the annual postretirement healthcare plan expense by less than $0.1.  Impacts from assumption changes could be positive or negative depending on the direction of the change in rates.  Based upon rates and assumptions at September 30, 2020, we expect the aggregate expense associated with our retirement and postretirement benefit plans to decrease from $6.8 in 2020 to $2.7 in 2021. The expected decrease in expense is primarily due to decreasing amortization of actuarial loss.

As a result of classifying certain reporting units within the Advanced Process Solutions reportable segment as held for sale at September 30, 2020, the Company recorded a goodwill impairment of $16.9 during the fourth quarter of 2020. See the discussion on Impairment of long-lived assets below and see Note 4 to our Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K for further information.

For certain reporting units within the Advanced Process Solutions reportable segment, an interim impairment review was triggered during the second quarter of 2020 by the Company’s decision to redirect its strategic investments as it remains focused on deleveraging following two major events: (1) the continued evaluation of the Company’s operations following the acquisition of Milacron completed on November 21, 2019, and (2) adverse macroeconomic conditions primarily driven by the COVID-19 pandemic. In connection with these events, the Company made the decision to limit its future strategic investment in its two reporting units that primarily sell and manufacture products in the flow control sector. The decision to limit future investment, as well as the Company’s updated forecasts, which considered the impact of the COVID-19 pandemic, reduced those reporting units’ anticipated annual revenue growth rates and corresponding profitability and cash flows. The annual revenue growth rates utilized in the Company’s fair value estimate are consistent with the reporting units’ operating plans. As a result of the change to expected future cash flows, along with comparable fair value information, the Company concluded that the carrying value for these reporting units exceeded their fair value, resulting in goodwill impairment charges of $72.3 during the second quarter of 2020. The pre-impairment goodwill balance for these reporting units was $95.2. A 10% further reduction in the fair value of these reporting units would indicate a potential additional goodwill impairment of approximately $12.0.  Additionally, under the relief-from-royalty fair value method, the Company concluded that the carrying value of a trade name associated with one of these reporting units exceeded its fair value. As a result, an impairment charge of $0.7 was recorded for this trade name during the second quarter of 2020. The pre-impairment balance for this trade name was $4.4.

reduction in the fair value of these intangible assets, caused by further declines in forecasted revenues and changes in the discount rate selected by the Company, would indicate a potential additional impairment of approximately $12.0. 

			Advanced Process Solutions						Molding Technology Solutions						Total
Goodwill			$	72.3					$	—					$	72.3
Trade names			0.7						7.9						8.6
Technology, including patents			—						1.6						1.6
Total			$	73.0					$	9.5					$	82.5

•Voluntary reduction in CEO base salary by 30% through September 30, 2020;

•Voluntary waiver by the Board of Directors of its scheduled cash compensation increase for 2020;

•Cancellation of all regularly scheduled merit-based salary increases for salaried US- and Canada-based employees for 2020;

•Temporary suspension of all hiring for exempt and nonexempt positions, except for critical positions;

•Reduction in capital spend while continuing to invest in high-return projects and prioritizing critical maintenance, safety, and regulatory projects;

•Employee furloughs and reduced work arrangements at several Company locations due to lower demand, which at the highest point impacted approximately 15% of employees during fiscal year 2020; and

•Continued suspension of the Company’s share repurchase program.

In addition to the measures aimed at mitigating the financial impact of the COVID-19 pandemic described above, we have also taken proactive measures to maintain financial flexibility within the landscape of the COVID-19 pandemic. We believe the Company has sufficient liquidity to operate in the current business environment as a result of these actions. Hillenbrand increased cash holdings over the past three quarters (from December 31, 2019 to September 30, 2020) by $159.8, primarily with a portion of the cash proceeds from the issuance of $400.0 in senior unsecured notes in June 2020, net cash proceeds of $221.9 from the divestiture of the Cimcool business in March 2020, and cash generated from operations, partially offset by repayments made on the Revolver and the maturity of the $150.0 senior unsecured notes (the “2010 Notes”). Additionally, we amended our credit agreement (the “Credit Agreement” as defined in Note 6 to our Consolidated Financial Statements included in Part II, Item 8 of this Form 10-K) on May 19, 2020 to, among other things, increase the maximum permitted leverage ratio for current and future quarters. As of September 30, 2020, Hillenbrand was in full compliance with all covenants under the Credit Agreement, and as of that date, it had liquidity of approximately $1,184.9, including $302.2 in cash on hand and $882.7 of borrowing capacity immediately available under our revolving credit facility (the “Revolver” as defined in Note 6 to our Consolidated Financial Statements included in Part II, Item 8 of this Form 10-K). We continue to evaluate additional measures to maintain financial flexibility and support general working capital requirements as a result of the COVID-19 pandemic. See Note 6 to our Consolidated Financial Statements included in Part II, Item 8 of this Form 10-K for further details on all financing activity that occurred during the year ended September 30, 2020.

As a result of the sale, we recorded a pre-tax loss of $3.5 within other income (expense), net in the Consolidated Statement of Operations during the year ended September 30, 2020. The related tax effect resulted in tax expense of $12.7 and was included within income tax expense in the Consolidated Statement of Operations during the year ended September 30, 2020. We incurred $4.5 of transaction costs associated with the sale during the year ended September 30, 2020, which were recorded within operating expenses in the Consolidated Statements of Operations.

						Year Ended September 30,
						2020												2019
						Amount						% of Net Revenue						Amount						% of Net Revenue
Net revenue						$	2,517.0					100.0						$	1,807.3					100.0
Gross profit						813.3						32.3						623.0						34.5
Operating expenses						538.2						21.4						379.7						21.0
Amortization expense						71.9												32.5
Impairment charges						144.8												—
Interest expense						77.4												27.4
Other income (expense), net						0.5												(6.7)
Income tax expense						34.9												50.5
Net (loss) income attributable to Hillenbrand						(60.1)												121.4

Net revenue increased $709.7 (39%), which included unfavorable foreign currency impact (0.3%).

•Advanced Process Solutions’ net revenue decreased $45.8 (4%) primarily due to a decline in demand for screening and separating equipment (including equipment that processes proppants for hydraulic fracturing), aftermarket parts and service, and other capital equipment, partially offset by favorable pricing. Foreign currency impact decreased net revenue by 0.4%.

•Molding Technology Solutions contributed net revenue of $735.8 during the year ended September 30, 2020.

•Batesville’s net revenue increased $19.7 (4%) primarily due to an increase in volume (5%), partially offset by a decrease in average selling price (1%). Higher volume was driven by an increase in burial casket sales primarily due to estimated higher deaths from the COVID-19 pandemic, partially offset by an estimated increased rate at which families opted for cremation.

Gross profit increased $190.3 (31%). Gross profit margin decreased 220 basis points to 32.3%. On an adjusted basis, which excluded restructuring and restructuring-related charge, inventory step-up charges, and costs associated with the COVID-19 pandemic, gross profit increased $234.6 (38%), and adjusted gross profit margin decreased 40 basis points to 34.1%.

•Advanced Process Solutions’ gross profit decreased $7.2 (2%), primarily due to a decline in demand for screening and separating equipment (including equipment that processes proppants for hydraulic fracturing), aftermarket parts and service, and other capital equipment, cost inflation, and unfavorable mix due to an increased proportion of lower margin, large systems sales in plastics, partially offset by pricing and productivity improvements. Foreign currency impact decreased gross profit by 0.3%. Gross profit margin improved 70 basis points to 35.7% in 2020, primarily due to pricing and productivity improvements, partially offset by cost inflation and an increased proportion of lower margin, large systems sales in plastics.

•Milacron’s gross profit was $185.3 and gross profit margin was 25.2%. Molding Technology Solutions’ gross profit included inventory step-up charges of $40.7, restructuring and restructuring-related charges of $2.2, and costs associated with the COVID-19 pandemic of $1.0. Excluding these charges, adjusted gross profit margin was 31.2%.

•Batesville’s gross profit increased $12.0 (7%) and gross profit margin improved 100 basis points to 34.3%. The increase in gross profit and gross profit margin was primarily due to higher volume, productivity initiatives, and deflation in commodities and fuel, partially offset by inflation in wages and benefits.

Operating expenses increased $158.5 (42%), primarily due to the addition of Molding Technology Solutions operating expenses ($129.1), increases in business acquisition, disposition, and integration costs related to the acquisition of Milacron and divestiture of Cimcool, and costs associated with the COVID-19 pandemic incurred in the current year, partially offset by productivity initiatives, which included savings from prior year restructuring and cost containment actions, a decrease in variable compensation, and a decrease in restructuring and restructuring-related charges. Foreign currency impact decreased operating expenses by 0.2%. Operating expenses as a percentage of net revenue increased 40 basis points to 21.4%. Operating expenses included the following items:

			Year Ended September 30,
			2020						2019
Business acquisition, disposition, and integration costs			$	76.1					$	16.6
Restructuring and restructuring-related charges			6.1						9.4
COVID-19 pandemic-related costs			1.4						—

Amortization expense increased $39.4 (121%), primarily due to amortization on the acquired intangible assets of Milacron ($42.4 in 2020).

Impairment charges increased $144.8 due to $82.5 of impairments related to goodwill and intangible assets recorded during the second quarter of 2020 and $62.3 of non-cash charges (including a goodwill impairment charge and a valuation adjustment) related to assets held for sale during the fourth quarter of 2020. For further information on the impairment charges, see Notes 2 and 4 to our Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K.

Interest expense increased $50.0 (182%), primarily due to increased borrowings as a result of the Milacron acquisition, partially offset by $5.6 of amortization of deferred financing costs incurred in 2019 related to the senior unsecured bridge facility. See Note 6 to our Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K for a discussion of all financing activity.

Other income (expense), net was $0.5 of income in fiscal 2020, compared to $6.7 of expense in fiscal 2019. The change was driven primarily by $6.4 reclassified out of accumulated other comprehensive loss upon the settlement of interest rate swaps during 2019 (see Note 2 to our Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K for further information) and an increase in interest income, partially offset by the $3.5 pre-tax loss on the divestiture of Cimcool in 2020.

The effective tax rate was (188.6)% in fiscal 2020 compared to 28.6% in fiscal 2019. The effective tax rate for fiscal 2020 was primarily related to the Company reporting a net loss for the year, while being in a taxable position, before utilization of tax attributes, for income tax purposes. The taxable position was primarily driven by nondeductible impairment charges and taxable gains from the sale of the Cimcool business. Additionally, the prior year effective tax rate is impacted by an unfavorable geographic mix of pretax income and the completion of certain tax audits in foreign jurisdictions, partially offset by the full implementation of the recurring provisions of the Tax Act, including the reduced 21% statutory tax rate and the impact of GILTI, FDII and foreign tax credits.

•the tax effect on the divestiture of Cimcool ($12.7 tax expense in 2020);

•certain tax items related to the acquisition of Milacron, including:

◦the revaluation of deferred tax balances in connection with enacted statutory tax rate reductions in certain foreign jurisdictions ($6.5 tax benefit in 2020);

•an adjustment to our transition tax liability pursuant to the Tax Act ($0.5 tax expense in 2019);

•the tax effect of adjustments to (loss) income before income taxes.

			Year Ended September 30,
			2020												2019
			Amount						% of Net Revenue						Amount						% of Net Revenue
Net revenue			$	1,228.6					100.0						$	1,274.4					100.0
Gross profit			438.3						35.7						445.5						35.0
Operating expenses			220.5						17.9						241.7						19.0
Amortization expense			29.5												32.5
Impairment charges			135.3												—

Net revenue decreased $45.8 (4%) primarily due to a decline in demand for screening and separating equipment (including equipment that processes proppants for hydraulic fracturing), aftermarket parts and service, and other capital equipment, partially offset by favorable pricing. Foreign currency impact decreased net revenue by 0.4%.

Gross profit decreased $7.2 (2%) primarily due to a decline in demand for screening and separating equipment (including equipment that processes proppants for hydraulic fracturing), aftermarket parts and service, and other capital equipment, cost inflation, and unfavorable mix due to an increased proportion of lower margin, large systems sales in plastics, partially offset by pricing and productivity improvements. Foreign currency impact decreased gross profit by 0.3%. Gross profit margin improved 70 basis points to 35.7% in 2020, primarily due to pricing and productivity improvements, partially offset by cost inflation and an increased proportion of lower margin, large systems sales in plastics.

Operating expenses decreased $21.2 (9%), primarily due to productivity initiatives, which include savings from prior year restructuring and cost containment actions, and a decrease in variable compensation. Foreign currency impact increased operating expenses by 0.2%. Operating expenses as a percentage of net revenue improved 110 basis points to 17.9% in 2020.

Amortization expense decreased $3.0 (9%), primarily due to amortization in the prior year that did not repeat on the acquired backlog of BM&M.

Impairment charges increased $135.3 due to $73.0 of impairments related to goodwill and intangible assets recorded during the second quarter of 2020 and $62.3 of non-cash charges (including a goodwill impairment charge and a valuation adjustment) related to assets held for sale during the fourth quarter of 2020. For further information on the impairment charges, see Notes 2 and 4 to our Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K.

			Year Ended September 30, 2020
			Amount						% of Net Revenue
Net revenue			$	735.8					100.0
Gross profit			185.3						25.2
Operating expenses			129.1						17.5
Amortization expense			42.4
Impairment charges			9.5

Net revenue was $735.8 during 2020. Net revenue was adversely impacted by the effects of the COVID-19 pandemic and weaker end markets. On a sequential basis, order backlog increased $57.9 (31%) to $242.6 at September 30, 2020, up from $184.7 at June 30, 2020. The increase in backlog was primarily driven by an increase in orders within our injection molding, extrusion, and hot runner equipment product lines.

Gross profit was $185.3 and gross profit margin was 25.2%. Molding Technology Solutions’ gross profit included inventory step-up charges of $40.7, restructuring and restructuring-related charges of $2.2, and costs associated with the COVID-19 pandemic of $1.0. Excluding these charges, adjusted gross profit margin was 31.2%.

Operating expenses were $129.1 and operating expense as a percentage of net revenue was 17.5%. Operating expenses included business acquisition, disposition, and integration costs of $4.1 (including severance costs related to the integration), restructuring and restructuring-related charges of $2.6, and costs associated with the COVID-19 pandemic of $0.4. Excluding these charges, adjusted operating expenses as a percentage of net revenue was 16.6%.

Amortization expense was $42.4 related to the amortization on the intangible assets acquired in the Milacron acquisition, including backlog amortization of $10.0.

Impairment charges were $9.5 due to intangible asset impairments. See Note 2 of our Consolidated Financial Statements included in Part II, Item 8 of this Form 10-K for further information on the impairment charges.

			Year Ended September 30,
			2020												2019
			Amount						% of Net Revenue						Amount						% of Net Revenue
Net revenue			$	552.6					100.0						$	532.9					100.0
Gross profit			189.5						34.3						177.5						33.3
Operating expenses			71.2						12.9						77.7						14.6

Net revenue increased $19.7 (4%), primarily due to an increase in volume (5%), partially offset by a decrease in average selling price (1%). Higher volume was driven by an increase in burial casket sales primarily due to estimated higher deaths from the COVID-19 pandemic, partially offset by an estimated increased rate at which families opted for cremation.

Gross profit increased $12.0 (7%), and gross profit margin improved 100 basis points to 34.3%. The increase in gross profit and gross profit margin was primarily due to higher volume, productivity initiatives, and deflation in commodities and fuel, partially offset by inflation in wages and benefits.

Operating expenses decreased $6.5 (8%) to $71.2 in 2020, and operating expenses as a percentage of net revenue improved 170 basis points to 12.9%, primarily due to productivity initiatives, which include savings from prior year restructuring and cost containment actions, and a decrease in restructuring and restructuring-related charges, partially offset by an increase in variable compensation and cost inflation.

			Year Ended September 30,
			2020												2019
			Amount						% of Net Revenue						Amount						% of Net Revenue
Core operating expenses			$	46.9					1.9						$	44.1					2.4
Business acquisition, disposition, and integration costs			70.2						2.8						16.0						0.9
Restructuring and restructuring-related charges			0.2						—						0.2						—
COVID-19 pandemic-related costs			0.1						—						—						—
Operating expenses			$	117.4					4.7						$	60.3					3.3

			Year Ended September 30,
			2020						2019
Consolidated net (loss) income			$	(53.4)					$	126.2
Interest income			(3.2)						(1.1)
Interest expense			77.4						27.4
Income tax expense			34.9						50.5
Depreciation and amortization			130.6						58.5
EBITDA			186.3						261.5
Impairment charges (1)			144.8						—
Business acquisition, disposition, and integration costs (2)			77.2						16.6
Restructuring and restructuring-related charges (3)			9.3						10.6
Inventory step-up (4)			40.7						0.2
Net loss on divestiture (5)			3.5						—
Loss on settlement of interest rate swaps (6)			—						6.4
Other (7)			2.6						—
Adjusted EBITDA			$	464.4					$	295.3

(1)Hillenbrand recorded $82.5 of impairment charges related to goodwill and certain intangible assets within both the Advanced Process Solutions and Molding Technology Solutions reportable segments during the second quarter of 2020 and $62.3 of non-cash charges (including a goodwill impairment charge and a valuation adjustment) related to assets held for sale within the Advanced Process Solutions reportable segment during the fourth quarter of 2020. For further information on the impairment charges, see Notes 2 and 4 to our Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K.

(2)Business acquisition, disposition, and integration costs during 2020 and 2019 primarily included $71.6 and $15.2, respectively, of expenses for the settlement of outstanding Milacron share-based equity awards, professional fees, and severance and employee-related costs in connection with the acquisition and integration of Milacron. The remaining costs

(3)Restructuring and restructuring-related charges primarily included severance costs, unrelated to the acquisition and integration of Milacron, during 2020 and 2019.

(4)Represents the non-cash charges related to the fair value adjustment of inventories acquired in connection with the acquisitions of Milacron and BM&M during 2020 and 2019, respectively. See Note 4 to our Consolidated Financial Statements included in Part II, Item 8 of this Form 10-K for more information on the acquisitions of Milacron and BM&M.

(5)Hillenbrand recorded a pre-tax net loss on the divestiture of Cimcool during 2020. See Note 4 to our Consolidated Financial Statements included in Part II, Item 8 of this Form 10-K for more information on the divestiture of Cimcool.

(6)During 2019, $6.4 was reclassified out of accumulated other comprehensive loss upon the settlement of interest rate swaps. See Note 2 to our Consolidated Financial Statements included in Part II, Item 8, of this Form 10-K for further information.

(7)Other primarily included incremental expenses directly attributable to the COVID-19 pandemic, such as costs for sanitary supplies, bad debt expense, and transportation costs, during 2020.

We have taken proactive measures to maintain financial flexibility within the landscape of the COVID-19 pandemic. We believe the Company ended the year with, and continues to have, sufficient liquidity to operate in the current business environment. Hillenbrand increased cash holdings over the past three quarters (from December 31, 2019 to September 30, 2020) by $159.8, primarily with cash proceeds from the issuance of $400.0 in senior unsecured notes in June 2020, net cash proceeds of $221.9 from the divestiture of the Cimcool business in March 2020, and cash generated from operations, partially offset by repayments made on the Revolver and the maturity of the $150.0 senior unsecured notes (the “2010 Notes”). As of September 30, 2020, Hillenbrand was in full compliance with all covenants under its financing agreements. We continue to evaluate additional measures to maintain financial flexibility and general working capital requirements as a result of the COVID-19 pandemic. As the impact of the COVID-19 pandemic on the economy and our operations has been changing frequently and evolving rapidly, we will continue to closely monitor our liquidity and capital resources through the disruption caused by COVID-19 pandemic and continue to assess cuts to discretionary spending and other variable costs.

Our anticipated contribution to our defined benefit pension plans in 2021 is $11.0. We will continue to monitor plan funding levels, performance of the assets within the plans, and overall economic activity, and we may make additional discretionary funding decisions based on the net impact of the above factors.

•$374.4 (net of discount) was raised in connection with issuing publicly traded notes (the “2019 Notes”) in September 2019;

•$650.0 of additional borrowings under the Revolver. With respect to the Revolver, Hillenbrand has made repayments since the closing date of the acquisition of Milacron, resulting in no outstanding balance as of September 30, 2020; and

•Two term loan commitments totaling $725.0 in principal.

We completed the divestiture of Cimcool on March 30, 2020, resulting in cash proceeds of $221.9, net of cash divested, at closing. We primarily used the cash proceeds to pay down debt.

						Year Ended September 30,
(in millions)						2020						2019
Cash flows provided by (used in)
Operating activities						$	354.8					$	178.9
Investing activities						(1,295.9)						(51.2)
Financing activities						854.9						217.5
Effect of exchange rate changes on cash and cash equivalents						(1.4)						(2.3)
Net cash flows						$	(87.6)					$	342.9

						Payment Due by Period
(in millions)						Total						Less Than 1 Year						1-3 Years						4-5 Years						After 5 Years
2020 Notes due 2025						$	400.0					$	—					$	—					$	400.0					$	—
2019 Notes due 2026						375.0						—						—			—			—						375.0
Series A Notes due 2024						100.0						—						—						100.0						—
$500.0 term loan						475.0						25.0						75.0						375.0						—
$225.0 term loan						213.7						11.3						202.4						—						—
Interest on financing agreements (1)						302.7						65.9						123.8						95.0						18.0
Operating lease payments						166.9						34.8						53.4						27.4						51.3
Purchase obligations (2)						265.0						232.5						32.5						—						—
Defined benefit plan funding (3)						177.1						11.6						23.4						22.7						119.4
Other obligations (4)						35.0						8.5						4.0						9.7						12.8
Total contractual obligations (5)						$	2,510.4					$	389.6					$	514.5					$	1,029.8					$	576.5

(1)Cash obligations for interest requirements relate to our fixed-rate debt obligations at the contractual rates and our variable-rate debt obligations at the current rates as of September 30, 2020.

(2)Agreements to purchase goods or services that are enforceable and legally binding and that specify all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction.

(3)Includes projected contributions to achieve minimum funding objectives for our pension and postretirement healthcare plans.

(4)Primarily includes estimated payments for the Transition Tax liability, the estimated liquidation of liabilities related to both our short-term and long-term casket pricing obligation, self-insurance reserves, and severance payments.

(5)We have excluded from the table our $35.7 liability related to uncertain tax positions as the current portion is not significant and we are not able to reasonably estimate the timing of the long-term portion.

						September 30, 2020						September 30, 2019
Combined Balance Sheets Information:
Current assets (1)						$	2,088.7					$	1,681.5
Non-current assets						4,548.4						2,634.4
Current liabilities (1)						2,067.7						1,343.0
Non-current liabilities						1,596.8						710.8
						Year Ended September 30, 2020						Year Ended September 30, 2019
Combined Statements of Operations Information:
Net revenue (2)						$	859.6					$	893.7
Gross profit						387.0						400.0
Net (loss) income attributable to Obligors						(32.1)						243.6

(1) Current liabilities include intercompany payables to non-guarantors of $256.2 as of September 30, 2020 and current assets included intercompany receivables with non-guarantors $5.3 as of September 30, 2019.

(2) Revenue includes intercompany sales with non-guarantors of $55.5 as of September 30, 2020 and $53.0 as of September 30, 2019.

						Page
Management’s Report on Internal Control Over Financial Reporting						55
Reports of Independent Registered Public Accounting Firms						56
Financial Statements:
			Consolidated Statements of Operations for years ended September 30, 2020, 2019, and 2018			61
			Consolidated Statements of Comprehensive (Loss) Income for years ended September 30, 2020, 2019, and 2018			62
			Consolidated Balance Sheets at September 30, 2020 and 2019			63
			Consolidated Statements of Cash Flows for years ended September 30, 2020, 2019, and 2018			64
			Consolidated Statements of Shareholders’ Equity for years ended September 30, 2020, 2019, and 2018			65
			Notes to Consolidated Financial Statements			66-110
Financial Statement Schedule for years ended September 30, 2020, 2019, and 2018:
			Schedule II — Valuation and Qualifying Accounts			111

Management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company.  In order to evaluate the effectiveness of internal control over financial reporting, management has conducted an assessment, including testing, using the criteria set forth by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission in Internal Control — Integrated Framework (2013 Framework).  The Company’s internal control over financial reporting, as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended, is a process designed to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America.  Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management has excluded Milacron from its assessment of internal controls over financial reporting as of September 30, 2020 because the Company acquired Milacron effective November 21, 2019. Milacron constituted 51% and 29% of total assets (inclusive of acquired goodwill and identifiable intangible assets of $1,297.5 million) and net revenue, respectively, as of and for the year ended September 30, 2020.

Based on our assessment under the criteria established in Internal Control — Integrated Framework (2013 Framework), issued by the COSO, management has concluded that the Company maintained effective internal control over financial reporting as of September 30, 2020.

By:			/s/ Andrew S. Kitzmiller
			Andrew S. Kitzmiller
			Vice President, Controller, and Chief Accounting Officer
By:			/s/ Kristina A. Cerniglia
			Kristina A. Cerniglia
			Senior Vice President and Chief Financial Officer
By:			/s/ Joe A. Raver
			Joe A. Raver
			President and Chief Executive Officer

As indicated in the accompanying Management’s Report on Internal Control over Financial Reporting, management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of Milacron Holdings Corp. (Milacron), which is included in the 2020 consolidated financial statements of Hillenbrand, Inc. and constituted 51% and 29% of total assets (inclusive of acquired goodwill and identifiable intangible assets of $1,297.5 million) and net revenue, respectively, as of and for the year ended September 30, 2020. Our audit of internal control over financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of Milacron.

			Valuation of Customer Relationships Intangible Asset Acquired in the Milacron Holdings Corp. (Milacron) Business Combination
Description of the Matter			As described in Note 4 of the consolidated financial statements, the Company completed its merger with Milacron for a total purchase price of approximately $2.0 billion on November 21, 2019. The transaction was accounted for as a business combination and the assets acquired, and liabilities assumed have been recorded based on preliminary estimates of fair value and are subject to change based on the finalization of the fair values of the assets acquired and liabilities assumed. Auditing the Company’s accounting for its merger with Milacron was complex due to the significant estimation involved in estimating the fair value of customer relationships. The Company preliminarily allocated approximately $560.0 million of the purchase price to the fair value of the customer relationships intangible asset. The Company used the multi-period excess earnings method to value customer relationships. The significant assumptions used to estimate the fair value of the customer relationships included future revenue growth rates and margins on such revenue, and the discount rate that reflected the level of risk associated with the future cash flows attributable to the customer relationships. These significant assumptions are forward-looking and could be affected by future changes in economic and market conditions.

How We Addressed the Matter in Our Audit			We obtained an understanding, evaluated the design and tested the operating effectiveness of the Company's internal controls over accounting for the Milacron acquisition, including controls over the recognition and measurement of the customer relationships intangible asset and management's judgements and evaluation over the underlying assumptions with regard to the valuation model applied. We also tested management's internal controls to validate that the data used in the valuation models was complete and accurate. To test the estimated fair value of the acquired customer relationships intangible asset, our audit procedures included, among others, evaluating the Company’s selection of a valuation method and testing the valuation model and significant assumptions used in the valuation models, including the completeness and accuracy of the underlying data. For example, we compared the significant assumptions to current industry and market trends and to the historical results of the acquired Milacron business. We also performed sensitivity analyses of significant assumptions to evaluate the changes in the fair value of the acquired customer relationships intangible asset that would result from changes in the assumptions. In addition, we involved internal valuation specialists to assist in our evaluation of the valuation methodology and certain significant assumptions used by the Company. Our internal valuation specialists’ procedures included, among others, developing a range of independent estimates for the discount rates and comparing those to the discount rates selected by management.

			Revenue Recognition - Over Time Revenue Recognition for Long-Term Manufacturing Contracts
Description of the Matter			As discussed in Note 3 to the consolidated financial statements, $619.5 million of the Company’s total net revenue for the year ended September 30, 2020 relates to revenue recognized over time from long-term manufacturing contracts and is based on the cost-to-cost input method. Under this method, the Company recognizes revenue, cost and gross margin over time based on costs incurred to date relative to total estimated cost at completion. Auditing the Company's measurement of revenue recognized over time on long-term manufacturing contracts is especially challenging because it involves subjective management assumptions regarding the estimated remaining costs of the long-term manufacturing contract that could span from several months to several years. These assumptions could be impacted by labor productivity and availability, the complexity of the work to be performed, the cost of materials, and the performance of suppliers and subcontractors and may be affected by future market or economic conditions.

How We Addressed the Matter in Our Audit			We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company's process to recognize revenue over time on long-term manufacturing contracts, including controls over management’s review of the significant underlying assumptions described above. Our audit procedures also included, among others, evaluating the significant assumptions and the accuracy and completeness of the underlying data used in management's calculations. This included, for example, inspection of the executed contract and testing management's cost estimates by comparing the inputs to the Company’s historical data or experience for similar contracts, the performance of sensitivity analyses and the performance of retrospective review analysis of prior management cost estimates to actual costs incurred for completed contracts. Additionally, procedures were performed to evaluate the timely identification of circumstances which may warrant a modification to a previous cost estimate, including changes in the Company’s internal and subcontractor performance trends.

			Evaluation of Goodwill Impairment for Certain Reporting Units within the Advanced Process Solutions and Molding Technology Solutions reportable segments
Description of the Matter			At September 30, 2020, the Company has recorded goodwill of $485.1 million and $644.4 million within the Advanced Process Solutions and Molding Technology Solutions reportable segments, respectively. As discussed in Note 2 to the consolidated financial statements, goodwill is tested for impairment annually in the third quarter, or more frequently if indicators of potential impairment exist. During the second quarter of fiscal 2020, as a result of certain triggering events and changes in circumstances, the Company determined an interim impairment test was required for certain reporting units within the Advanced Process Solutions reportable segment and all reporting units within the Molding Technology Solutions reportable segment. As a result of the interim impairment test, the Company recorded a $72.3 million goodwill impairment charge related to certain reporting units within the Advanced Process Solutions reportable segment. No goodwill impairment was recorded related to the reporting units within the Molding Technology Solutions reportable segment. The Company’s annual impairment test in the third quarter of fiscal 2020 did not result in an impairment of goodwill for any of the Company’s reporting units. There were no interim impairment indicators identified in the fourth quarter of fiscal 2020. Auditing management’s interim goodwill impairment test in the second quarter of fiscal 2020 related to certain reporting units within the Advanced Process Solutions reportable segment and the reporting units within the Molding Technology Solutions reportable segment was especially challenging due to the complexity of forecasting the long-term cash flows of these reporting units and the significant estimation uncertainty of certain assumptions included within such forecasts. The significant estimation uncertainty was primarily due to the sensitivity of the reporting units’ fair value to changes in the significant assumptions used in the income approach, such as forecasted revenue, EBITDA margins, long-term growth rates, and discount rates. These significant assumptions require a high degree of estimation and judgment based on an evaluation of historical performance, current industry and macroeconomic conditions.

How We Addressed the Matter in Our Audit			We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s goodwill impairment process, including controls over management’s review of the significant assumptions described above and controls over management’s review of its financial forecasts and carrying values of its reporting units. To test the estimated fair value of certain reporting units within the Advanced Process Solutions reportable segment and the reporting units within the Molding Technology Solutions reportable segment, we performed audit procedures that included, among others, involving an internal valuation specialist to assist in our evaluation of the methodologies and certain significant assumptions used by the Company. We assessed the reasonableness of the Company’s assumptions around forecasted revenue, EBITDA margins, long-term growth rates, and discount rates by comparing those assumptions to recent historical performance, current economic and industry trends, and financial forecasts. We also assessed the reasonableness of estimates included in the Company’s reporting unit financial forecast by evaluating how such assumptions compared to economic, industry, and peer expectations. We evaluated management’s historical accuracy of forecasting reporting unit revenue and EBITDA margins by comparing past forecasts to subsequent actual activity. We performed various sensitivity analyses around these significant assumptions to understand the impact on the fair value calculations.