Guarantor Subsidiaries (Tables)

12 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Balance Sheet

Condensed Consolidating Balance Sheets

March 31, 2020

(in millions)

	Parent		Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Assets
Current assets:
Cash and cash equivalents	$	11.0	$	0.4	$	383.9	$	178.1	$	—	$	573.4
Receivables, net	—		—		223.5		111.2		—		334.7
Inventories	—		—		224.8		92.7		—		317.5
Other current assets	—		—		20.5		18.2		—		38.7
Total current assets	11.0		0.4		852.7		400.2		—		1,264.3
Property, plant and equipment, net	—		—		256.1		122.7		—		378.8
Intangible assets, net	—		—		424.8		89.4		—		514.2
Goodwill	—		—		1,043.6		278.3		—		1,321.9
Investment in:
Issuer subsidiaries	1,381.1		—		—		—		(1,381.1)		—
Guarantor subsidiaries	—		3,324.9		—		—		(3,324.9)		—
Non-guarantor subsidiaries	—		—		621.1		—		(621.1)		—
Other assets	—		—		88.7		59.2		—		147.9
Total assets	$	1,392.1	$	3,325.3	$	3,287.0	$	949.8	$	(5,327.1)	$	3,627.1
Liabilities and stockholders' equity
Current liabilities:
Current maturities of debt	$	—	$	—	$	75.4	$	1.0	$	—	$	76.4
Trade payables	—		—		123.9		61.7		—		185.6
Compensation and benefits	—		—		42.4		19.4		—		61.8
Current portion of pension and postretirement benefit obligations	—		—		1.8		1.4		—		3.2
Other current liabilities	—		7.9		79.9		40.7		—		128.5
Total current liabilities	—		7.9		323.4		124.2		—		455.5
Long-term debt	—		1,290.9		101.8		4.3		—		1,397.0
Note payable to (receivable from) affiliates, net	77.9		645.4		(795.9)		72.6		—		—
Pension and postretirement benefit obligations	—		—		142.8		46.8		—		189.6
Deferred income taxes	—		—		98.6		22.4		—		121.0
Other liabilities	0.5		—		91.4		58.4		—		150.3
Total liabilities	78.4		1,944.2		(37.9)		328.7		—		2,313.4
Total stockholders' equity	1,313.7		1,381.1		3,324.9		621.1		(5,327.1)		1,313.7
Total liabilities and stockholders' equity	$	1,392.1	$	3,325.3	$	3,287.0	$	949.8	$	(5,327.1)	$	3,627.1

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
Other current assets	—		—		13.0		26.6		—		39.6
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 Income Statement

Condensed Consolidating Statements of Operations

For the Year Ended March 31, 2020

(in millions)

	Parent		Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net sales	$	—	$	—	$	1,568.4	$	661.0	$	(161.1)	$	2,068.3
Cost of sales	—		—		944.7		466.7		(161.1)		1,250.3
Gross profit	—		—		623.7		194.3		—		818.0
Selling, general and administrative expenses	—		—		331.3		101.5		—		432.8
Restructuring and other similar charges	—		—		8.8		6.7		—		15.5
Amortization of intangible assets	—		—		28.1		7.3		—		35.4
Income from operations	—		—		255.5		78.8		—		334.3
Non-operating (expense) income:
Interest income (expense), net:
To third parties	—		(56.7)		(2.7)		0.8		—		(58.6)
To affiliates	10.3		41.3		(16.4)		(35.2)		—		—
(Loss) gain on the extinguishment of debt	—		(2.1)		3.3		(0.2)		—		1.0
Actuarial loss on pension and postretirement benefit obligations	—		—		(35.7)		(0.9)		—		(36.6)
Other income (expense), net	—		0.1		(1.1)		(2.8)		—		(3.8)
Income (loss) from continuing operations before income taxes	10.3		(17.4)		202.9		40.5		—		236.3
Provision for income taxes	—		(0.5)		(38.3)		(15.3)		—		(54.1)
Income (loss) before equity in income of subsidiaries	10.3		(17.9)		164.6		25.2		—		182.2
Equity in earnings of subsidiaries	170.1		188.0		23.4		—		(381.5)		—
Net income from continuing operations	180.4		170.1		188.0		25.2		(381.5)		182.2
Loss from discontinued operations, net of tax	—		—		—		(1.8)		—		(1.8)
Net income	180.4		170.1		188.0		23.4		(381.5)		180.4
Non-controlling interest income	—		—		—		0.3		—		0.3
Net income attributable to Rexnord	180.4		170.1		188.0		23.1		(381.5)		180.1
Dividends on preferred stock	(14.4)		—		—		—		—		(14.4)
Net income attributable to Rexnord common stockholders	166.0		170.1		188.0		23.1		(381.5)		165.7
Comprehensive income (loss)	$	180.4	$	167.9	$	186.3	$	(0.5)	$	(381.5)	$	152.6

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
Actuarial gain (loss) on pension and postretirement benefit obligations	—		—		1.0		(0.6)		—		0.4
Other income (expense), net	—		0.3		3.1		(5.0)		—		(1.6)
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)
Actuarial gain on pension and postretirement benefit obligations	—		—		1.8		1.5		—		3.3
Other (expense) income, net	—		—		(3.1)		7.5		—		4.4
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
Income (loss) before equity in income 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 Cash Flow Statement

Condensed Consolidating Statements of Cash Flows

For the Year Ended March 31, 2020

(in millions)

	Parent		Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Operating activities
Cash provided by (used for) operating activities	$	109.1	$	(149.2)	$	314.0	$	24.7	$	—	$	298.6
Investing activities
Expenditures for property, plant and equipment	—		—		(30.0)		(11.4)		—		(41.4)
Acquisitions, net of cash acquired	—		—		(84.2)		(0.3)		—		(84.5)
Proceeds from dispositions of long-lived assets	—		—		2.8		1.3		—		4.1
Net payments from divestiture of discontinued operations	—		—		—		(1.3)		—		(1.3)
Cash used for investing activities	—		—		(111.4)		(11.7)		—		(123.1)
Financing activities
Proceeds from borrowings of debt	—		975.0		75.0		—		—		1,050.0
Repayments of debt	—		(825.7)		(1.3)		(8.6)		—		(835.6)
Repurchase of common stock	(100.7)		—		—		—		—		(100.7)
Payment of common stock dividends	(9.8)		—		—		—		—		(9.8)
Payment of preferred stock dividends	(17.4)				—		—		—		(17.4)
Proceeds from exercise of stock options	36.0		—		—		—		—		36.0
Taxes withheld and paid on employees' share-based payment awards	(7.6)		—		—		—		—		(7.6)
Cash (used for) provided by financing activities	(99.5)		149.3		73.7		(8.6)		—		114.9
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—		—		—		(9.5)		—		(9.5)
Increase (decrease) in cash, cash equivalents and restricted cash	9.6		0.1		276.3		(5.1)		—		280.9
Cash, cash equivalents and restricted cash at beginning of period	1.4		0.2		107.7		183.2		—		292.5
Cash, cash equivalents and restricted cash at end of period	$	11.0	$	0.3	$	384.0	$	178.1	$	—	$	573.4

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)
Payment 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	—		—		(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)
Payment 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 obligations	—		—		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) increase 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