Guarantor Subsidiaries (Tables)

12 Months Ended

Mar. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Balance Sheet

Condensed Consolidating Balance Sheets

March 31, 2019

(in millions)

	Parent			Issuers		Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	1.4		$	0.2	$	107.7		$	183.2	$	—		$	292.5
Receivables, net	—			—		219.6			114.7		—			334.3
Inventories	—			—		214.3			102.2		—			316.5
Income tax receivable	—			—		0.5			2.8		—			3.3
Other current assets	—			—		12.5			23.8		—			36.3
Total current assets	1.4			0.2		554.6			426.7		—			982.9
Property, plant and equipment, net	—			—		251.2			131.8		—			383.0
Intangible assets, net	—			—		411.6			99.9		—			511.5
Goodwill	—			—		1,017.1			282.6		—			1,299.7
Investment in:
Issuer subsidiaries	1,212.1			—		—			—		(1,212.1		)	—
Guarantor subsidiaries	—			3,146.0		—			—		(3,146.0		)	—
Non-guarantor subsidiaries	—			—		547.4			—		(547.4		)	—
Other assets	—			1.1		63.1			18.4		—			82.6
Total assets	$	1,213.5		$	3,147.3	$	2,845.0		$	959.4	$	(4,905.5	)	$	3,259.7
Liabilities and stockholders' equity
Current liabilities:
Current maturities of debt	$	—		$	—	$	0.1		$	1.1	$	—		$	1.2
Trade payables	—			—		129.7			62.0		—			191.7
Compensation and benefits	—			—		42.4			21.3		—			63.7
Current portion of pension and postretirement benefit obligations	—			—		1.9			1.4		—			3.3
Other current liabilities	3.0			7.5		90.3			36.3		—			137.1
Total current liabilities	3.0			7.5		264.4			122.1		—			397.0
Long-term debt	—			1,213.4		14.4			9.0		—			1,236.8
Note (receivable from) payable to affiliates, net	(20.7		)	714.3		(879.0		)	185.4		—			—
Pension and postretirement benefit obligations	—			—		112.9			45.1		—			158.0
Deferred income taxes	—			—		98.8			27.1		—			125.9
Other liabilities	0.2			—		87.4			23.4		—			111.0
Total liabilities	(17.5		)	1,935.2		(301.1		)	412.1		—			2,028.7
Total stockholders' equity	1,231.0			1,212.1		3,146.1			547.3		(4,905.5		)	1,231.0
Total liabilities and stockholders' equity	$	1,213.5		$	3,147.3	$	2,845.0		$	959.4	$	(4,905.5	)	$	3,259.7

Condensed Consolidating Balance Sheets

March 31, 2018

(in millions)

	Parent		Issuers		Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—	$	—	$	40.2		$	153.0	$	—		$	193.2
Receivables, net	—		—		200.4			114.3		—			314.7
Inventories	—		—		196.3			107.8		—			304.1
Income tax receivable	7.4		—		5.4			4.7		—			17.5
Other current assets	—		—		12.0			25.9		—			37.9
Current assets held for sale	—		—		12.1			118.2		—			130.3
Total current assets	7.4		—		466.4			523.9		—			997.7
Property, plant and equipment, net	—		—		250.1			146.4		—			396.5
Intangible assets, net	—		—		438.8			92.1		—			530.9
Goodwill	—		—		1,010.6			265.5		—			1,276.1
Investment in:
Issuer subsidiaries	1,177.5		—		—			—		(1,177.5		)	—
Guarantor subsidiaries	—		3,053.3		—			—		(3,053.3		)	—
Non-guarantor subsidiaries	—		—		602.3			—		(602.3		)	—
Other assets	40.5		1.4		34.2			37.9		—			114.0
Non-current assets held for sale	—		—		8.0			100.5		—			108.5
Total assets	$	1,225.4	$	3,054.7	$	2,810.4		$	1,166.3	$	(4,833.1	)	$	3,423.7
Liabilities and stockholders' equity
Current liabilities:
Current maturities of debt	$	—	$	—	$	0.1		$	3.8	$	—		$	3.9
Trade payables	—		—		128.8			61.1		—			189.9
Compensation and benefits	—		—		41.5			22.4		—			63.9
Current portion of pension and postretirement benefit obligations	—		—		2.4			1.6		—			4.0
Other current liabilities	3.0		9.4		74.0			41.0		—			127.4
Current liabilities held for sale	—		—		6.0			59.1		—			65.1
Total current liabilities	3.0		9.4		252.8			189.0		—			454.2
Long-term debt	—		1,285.8		55.8			10.5		—			1,352.1
Note payable to (receivable from) affiliates, net	9.4		581.3		(845.6		)	254.9		—			—
Pension and postretirement benefit obligations	—		—		114.7			48.5		—			163.2
Deferred income taxes	—		0.7		116.2			32.4		—			149.3
Other liabilities	0.2		—		62.3			15.8		—			78.3
Non-current liabilities held for sale	—		—		0.9			12.9		—			13.8
Total liabilities	12.6		1,877.2		(242.9		)	564.0		—			2,210.9
Total stockholders' equity	1,212.8		1,177.5		3,053.3			602.3		(4,833.1		)	1,212.8
Total liabilities and stockholders' equity	$	1,225.4	$	3,054.7	$	2,810.4		$	1,166.3	$	(4,833.1	)	$	3,423.7

Condensed Income Statement

Condensed Consolidating Statements of Operations

For the Year Ended March 31, 2019

(in millions)

	Parent			Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	1,565.0		$	672.6		$	(186.7	)	$	2,050.9
Cost of sales	—			—			977.1			475.7			(186.7		)	1,266.1
Gross profit	—			—			587.9			196.9			—			784.8
Selling, general and administrative expenses	—			—			328.8			104.3			—			433.1
Restructuring and other similar charges	—			—			7.6			4.5			—			12.1
Amortization of intangible assets	—			—			27.5			6.5			—			34.0
Income from operations	—			—			224.0			81.6			—			305.6
Non-operating (expense) income:
Interest income (expense), net:
To third parties	—			(68.2		)	(2.0		)	0.3			—			(69.9		)
To affiliates	2.0			61.7			(53.2		)	(10.5		)	—			—
(Loss) gain on the extinguishment of debt	—			(0.7		)	5.0			—			—			4.3
Other income (expense), net	—			0.3			4.1			(5.6		)	—			(1.2		)
Income (loss) from continuing operations before income taxes	2.0			(6.9		)	177.9			65.8			—			238.8
Provision for income taxes	—			—			(44.5		)	(8.9		)	—			(53.4		)
Equity method investment income	—			—			—			3.6			—			3.6
Income (loss) before equity in income of subsidiaries	2.0			(6.9		)	133.4			60.5			—			189.0
Equity in earnings (loss) of subsidiaries	32.3			39.2			(51.9		)	—			(19.6		)	—
Net income from continuing operations	34.3			32.3			81.5			60.5			(19.6		)	189.0
Loss from discontinued operations, net of tax	—			—			(42.3		)	(112.4		)	—			(154.7		)
Net income (loss)	34.3			32.3			39.2			(51.9		)	(19.6		)	34.3
Non-controlling interest income	—			—			—			—			—			—
Net income (loss) attributable to Rexnord	34.3			32.3			39.2			(51.9		)	(19.6		)	34.3
Dividends on preferred stock	(23.2		)	—			—			—			—			(23.2		)
Net income (loss) attributable to Rexnord common stockholders	11.1			32.3			39.2			(51.9		)	(19.6		)	11.1
Comprehensive income (loss)	$	34.3		$	22.5		$	34.1		$	(59.5	)	$	(19.6	)	$	11.8

Condensed Consolidating Statements of Operations

For the Year Ended March 31, 2018

(in millions)

	Parent			Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	1,457.3		$	566.9		$	(172.6	)	$	1,851.6
Cost of sales	—			—			910.3			407.4			(172.6		)	1,145.1
Gross profit	—			—			547.0			159.5			—			706.5
Selling, general and administrative expenses	—			—			310.5			83.3			—			393.8
Restructuring and other similar charges				—			12.8			1.3			—			14.1
Amortization of intangible assets	—			—			26.6			5.6			—			32.2
Income from operations	—			—			197.1			69.3			—			266.4
Non-operating (expense) income:
Interest income (expense), net:
To third parties	—			(75.3		)	(0.4		)	0.6			—			(75.1		)
To affiliates	3.0			27.4			(13.1		)	(17.3		)	—			—
Loss on the extinguishment of debt	—			(11.9		)	—			—			—			(11.9		)
Other (expense) income, net	—			—			(1.3		)	9.0			—			7.7
Income (loss) from continuing operations before income taxes	3.0			(59.8		)	182.3			61.6			—			187.1
Benefit (provision) for income taxes	—			—			39.7			(20.2		)	—			19.5
Net income (loss) before equity in loss of subsidiaries	3.0			(59.8		)	222.0			41.4			—			206.6
Equity in earnings of subsidiaries	73.0			132.8			30.7			—			(236.5		)	—
Net income from continuing operations	76.0			73.0			252.7			41.4			(236.5		)	206.6
Loss from discontinued operations, net of tax	—			—			(119.9		)	(10.7		)	—			(130.6		)
Net income	76.0			73.0			132.8			30.7			(236.5		)	76.0
Non-controlling interest income	—			—			—			0.1			—			0.1
Net income attributable to Rexnord	76.0			73.0			132.8			30.6			(236.5		)	75.9
Dividends on preferred stock	(23.2		)	—			—			—			—			(23.2		)
Net income attributable to Rexnord common stockholders	52.8			73.0			132.8			30.6			(236.5		)	52.7
Comprehensive income	$	76.0		$	89.2		$	135.6		$	74.6		$	(236.5	)	$	138.9

Condensed Consolidating Statements of Operations

For the Year Ended March 31, 2017

(in millions)

	Parent			Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	1,372.3		$	455.2		$	(115.0	)	$	1,712.5
Cost of sales	—			—			878.0			323.1			(115.0		)	1,086.1
Gross profit	—			—			494.3			132.1			—			626.4
Selling, general and administrative expenses	—			—			286.1			70.0			—			356.1
Restructuring and other similar charges	—			—			24.9			1.2			—			26.1
Amortization of intangible assets	—			—			35.1			5.9			—			41.0
Income from operations	—			—			148.2			55.0			—			203.2
Non-operating (expense) income:
Interest income (expense), net:
To third parties	—			(88.1		)	(0.4		)	0.2			—			(88.3		)
To affiliates	1.1			74.3			(53.4		)	(22.0		)	—			—
Loss on the extinguishment of debt	—			(7.8		)	—			—			—			(7.8		)
Other (expense) income, net	—			(0.3		)	(0.4		)	0.9			—			0.2
Income (loss) from continuing operations before income taxes	1.1			(21.9		)	94.0			34.1			—			107.3
Provision for income taxes	—			(0.1		)	(0.4		)	(15.1		)	—			(15.6		)
Net income (loss) before equity in earnings of subsidiaries	1.1			(22.0		)	93.6			19.0			—			91.7
Equity in earnings of subsidiaries	73.0			95.0			13.0			—			(181.0		)	—
Net income from continuing operations	74.1			73.0			106.6			19.0			(181.0		)	91.7
Loss from discontinued operations, net of tax	—			—			(11.6		)	(6.0		)	—			(17.6		)
Net income	74.1			73.0			95.0			13.0			(181.0		)	74.1
Non-controlling interest loss	—			—			—			—			—			—
Net income attributable to Rexnord	74.1			73.0			95.0			13.0			(181.0		)	74.1
Dividends on preferred stock	(7.3		)	—			—			—			—			(7.3		)
Net income attributable to Rexnord common stockholders	66.8			73.0			95.0			13.0			(181.0		)	66.8
Comprehensive income	$	74.1		$	77.5		$	86.0		$	19.5		$	(181.0	)	$	76.1

Condensed Cash Flow Statement

Condensed Consolidating Statements of Cash Flows

For the Year Ended March 31, 2019

(in millions)

	Parent			Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Operating activities
Cash provided by operating activities	$	19.9		$	75.2		$	112.9		$	50.1		$	—	$	258.1
Investing activities
Expenditures for property, plant and equipment	—			—			(33.0		)	(11.9		)	—		(44.9		)
Acquisitions, net of cash acquired	—			—			(2.0		)	(21.4		)	—		(23.4		)
Proceeds from dispositions of long-lived assets	—			—			4.7			—			—		4.7
Cash dividend from equity method investment	—			—			—			1.3			—		1.3
Net proceeds from divestiture of discontinued operations	—			—			3.0			6.0			—		9.0
Cash used for investing activities	—			—			(27.3		)	(26.0		)	—		(53.3		)
Financing activities
Proceeds from borrowings of debt	—			—			268.0			2.8			—		270.8
Repayments of debt	—			(75.0		)	(286.8		)	(7.2		)	—		(369.0		)
Payments of preferred stock dividends	(23.2		)	—			—			—			—		(23.2		)
Proceeds from exercise of stock options	7.9			—			—			—			—		7.9
Taxes withheld and paid on employees' share-based payment awards	(3.2		)	—			—			—			—		(3.2		)
Cash used for financing activities	(18.5		)	(75.0		)	(18.8		)	(4.4		)	—		(116.7		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—			—			—			(13.2		)	—		(13.2		)
Increase in cash, cash equivalents and restricted cash	1.4			0.2			66.8			6.5			—		74.9
Cash, cash equivalents and restricted cash at beginning of period	—			—			40.9			176.7			—		217.6
Cash, cash equivalents and restricted cash at end of period	$	1.4		$	0.2		$	107.7		$	183.2		$	—	$	292.5

Condensed Consolidating Statements of Cash Flows

For the Year Ended March 31, 2018

(in millions)

	Parent			Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Operating activities
Cash provided by (used for) operating activities	$	12.3		$	313.4		$	(161.2	)	$	64.0		$	—	$	228.5
Investing activities
Expenditures for property, plant and equipment	—			—			(28.4		)	(12.3		)	—		(40.7		)
Acquisitions, net of cash acquired	—			—			(50.0		)	(123.6		)	—		(173.6		)
Proceeds from dispositions of long-lived assets	—			—			5.3			0.2			—		5.5
Cash used for investing activities	—			—			(73.1		)	(135.7		)	—		(208.8		)
Financing activities
Proceeds from borrowings of debt	—			1,324.0			205.8			—			—		1,529.8
Repayments of debt	—			(1,626.5		)	(189.7		)	—			—		(1,816.2		)
Payment of debt issuance costs	—			(11.0		)	—			—			—		(11.0		)
Payments of preferred stock dividends	(23.2		)	—			—			—			—		(23.2		)
Proceeds from exercise of stock options	7.2			—			—			—			—		7.2
Taxes withheld and paid on employees' share-based payment awards	(1.2		)	—			—			—			—		(1.2		)
Proceeds from financing lease obligation	—			—			5.8			—			—		5.8
Cash (used for) provided by financing activities	(17.2		)	(313.5		)	21.9			—			—		(308.8		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—			—			—			16.6			—		16.6
Decrease in cash, cash equivalents and restricted cash	(4.9		)	(0.1		)	(212.4		)	(55.1		)	—		(272.5		)
Cash, cash equivalents and restricted cash at beginning of period	4.9			0.1			253.3			231.8			—		490.1
Cash, cash equivalents and restricted cash at end of period	$	—		$	—		$	40.9		$	176.7		$	—	$	217.6

Condensed Consolidating Statements of Cash Flows

For the Year Ended March 31, 2017

(in millions)

	Parent			Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Operating activities
Net cash (used for) provided by operating activities	$	(397.5	)	$	308.8		$	215.7		$	68.1		$	—	$	195.1
Investing activities
Expenditures for property, plant and equipment	—			—			(43.3		)	(11.2		)	—		(54.5		)
Acquisitions, net of cash	—			—			(213.4		)	(0.3		)	—		(213.7		)
Proceeds from dispositions of long-lived assets	—			—			4.2			—			—		4.2
Cash used for investing activities	—			—			(252.5		)	(11.5		)	—		(264.0		)
Financing activities
Proceeds from borrowings of debt	—			1,606.4			—			—			—		1,606.4
Repayments of debt	—			(1,905.3		)	—			—			—		(1,905.3		)
Payment of debt issuance costs	—			(11.8		)	—			—			—		(11.8		)
Deferred acquisition payment	—			—			—			(5.7		)	—		(5.7		)
Proceeds from issuance of preferred stock, net of direct offering costs	389.7			—			—			—			—		389.7
Payments of preferred stock dividends	(4.4		)	—			—			—			—		(4.4		)
Proceeds from exercise of stock options	11.0			—			—			—			—		11.0
Cash provided by (used for) financing activities	396.3			(310.7		)	—			(5.7		)	—		79.9
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—			—			—			(5.5		)	—		(5.5		)
(Decrease) increase in cash, cash equivalents and restricted cash	(1.2		)	(1.9		)	(36.8		)	45.4			—		5.5
Cash, cash equivalents and restricted cash at beginning of period	6.1			2.0			290.1			186.4			—		484.6
Cash, cash equivalents and restricted cash at end of period	$	4.9		$	0.1		$	253.3		$	231.8		$	—	$	490.1