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Fair Value Measurements
 12 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
 
Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date.  The authoritative guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.  Observable inputs are from sources independent of the Company.  Unobservable inputs reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances.  The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.  The hierarchy is broken down into three levels:
 
Level 1:Inputs are quoted prices in active markets for identical assets or liabilities.
Level 2:Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly.
Level 3:Inputs are unobservable for the asset or liability.
 
See the section below titled “Valuation Techniques” for further discussion of how Hillenbrand determines fair value for investments.
Carrying Value at September 30,
2025		Fair Value at September 30, 2025
 Using Inputs Considered as:
 Level 1Level 2Level 3
Assets:    
Cash and cash equivalents$164.8 $164.8 $— $— 
DPP receivables3.7 — 3.7 — 
Restricted cash0.6 0.6 — — 
Restricted cash for benefit plan contributions26.0 26.0 — — 
Investments in rabbi trust6.2 6.2 — — 
Derivative instruments12.5 — 12.5 — 
Liabilities:    
Revolving Credit Facility225.0 — 225.0 — 
€240 term loan
281.3 — 281.3 — 
$200 term loan
175.0 — 175.0 — 
$350 senior unsecured notes
350.0 329.9 — — 
$500 senior unsecured notes
500.0 513.4 — — 
Derivative instruments81.3 — 81.3 — 
Contingent consideration14.2 — — 14.2 
 
Carrying Value at September 30,
2024		Fair Value at September 30, 2024
 Using Inputs Considered as:
 Level 1Level 2Level 3
Assets:    
Cash and cash equivalents$199.3 $199.3 $— $— 
DPP receivables6.7 — 6.7 — 
Restricted cash1.1 1.1 — — 
Restricted cash for benefit plan contributions27.5 27.5 — — 
Investments in rabbi trust4.8 4.8 — — 
Derivative instruments19.0 — 19.0 — 
Liabilities:    
Revolving Credit Facility298.5 — 298.5 — 
$200 term loan
182.5 — 182.5 — 
€185 term loan
196.5 — 196.5 — 
$350 senior unsecured notes
350.0 312.9 — — 
$375 senior unsecured notes
374.8 373.7 — — 
$500 senior unsecured notes
500.0 509.8 — — 
Derivative instruments40.5 — 40.5 — 
Contingent consideration14.6 — — 14.6 
 
Valuation Techniques
 
•Cash and cash equivalents, restricted cash, restricted cash for benefit plan contributions, and investments in rabbi trust are classified within Level 1 of the fair value hierarchy. Financial instruments classified as Level 1 are based on quoted market prices in active markets. The types of financial instruments the Company classifies within Level 1 include most bank deposits, money market securities, and publicly traded mutual funds. The Company does not adjust the quoted market price for such financial instruments.
•The DPP receivables fair value is based on a discounted cash flow analysis (estimated amount expected to be received) using historical experience and inputs from similar programs, which include the estimated timing of payments and the credit quality of the underlying creditor. Significant changes in any of the inputs in isolation would not result in a
materially different fair value estimate. Based on the short-term nature of the DPP receivables, typically 90 -120 days, they are classified as a level 2 measurement.
•The Company estimates the fair value of derivative instruments using industry accepted models.  The significant Level 2 inputs used in the valuation of derivatives include spot rates, forward rates, and volatility.  These inputs were obtained from pricing services, broker quotes, and other sources.
•The fair values of the $350 senior unsecured notes, $375 senior unsecured notes, and $500 senior unsecured notes were based on quoted prices in active markets and are classified within Level 1 of the fair value hierarchy.
•The fair value of the amounts outstanding under the Facility, €240 term loan, $200 term loan, and €185 term loan approximate carrying value, as the Company believes their variable interest rate terms correspond to current market terms, and therefore, are classified within Level 2 of the fair value hierarchy.
•The contingent consideration reflects the estimated fair value of contingent future cash payments to the previous owners of FPM for research and development tax credits that were generated by FPM prior to the acquisition date. The Company estimated the fair value of the contingent consideration based on the technical merits of the research and development tax credits using an internally developed analysis. The key inputs to this calculation include the nature of the research and development activities, personnel involved in the research and development activities, the level of research and development spend prior to acquisition by the Company, and interpretation of applicable tax law. The value of these credits is subject to audit by the tax authorities and to the closing of the statute of limitations for the year in which the tax credits are fully utilized, the timing of which is not able to be determined at this time, but we expect to extend several years. The inputs for the liability are unobservable, and therefore, are classified within Level 3 of the fair value hierarchy.