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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Halyard Health, Inc. (delisted) | NYSE:HYH | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 57.25 | 0.00 | 00:00:00 |
|
|
|
|
|
Delaware
|
|
46-4987888
|
(State or other jurisdiction of
incorporation)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
Net Sales
|
$
|
156.4
|
|
|
$
|
145.7
|
|
Cost of products sold
|
65.3
|
|
|
64.2
|
|
||
Gross Profit
|
91.1
|
|
|
81.5
|
|
||
Research and development
|
9.9
|
|
|
7.3
|
|
||
Selling and general expenses
|
86.4
|
|
|
84.8
|
|
||
Other expense, net
|
1.8
|
|
|
7.0
|
|
||
Operating Loss
|
(7.0
|
)
|
|
(17.6
|
)
|
||
Interest income
|
1.0
|
|
|
0.4
|
|
||
Interest expense
|
(8.8
|
)
|
|
(7.6
|
)
|
||
Loss Before Income Taxes
|
(14.8
|
)
|
|
(24.8
|
)
|
||
Income tax benefit
|
3.5
|
|
|
9.9
|
|
||
Loss from Continuing Operations
|
(11.3
|
)
|
|
(14.9
|
)
|
||
Income from Discontinued Operations, net of tax
|
31.5
|
|
|
27.7
|
|
||
Net Income
|
$
|
20.2
|
|
|
$
|
12.8
|
|
|
|
|
|
||||
(Loss) Earnings Per Share
|
|
|
|
||||
Basic:
|
|
|
|
||||
Continuing Operations
|
$
|
(0.24
|
)
|
|
$
|
(0.32
|
)
|
Discontinued Operations
|
0.67
|
|
|
0.59
|
|
||
Basic Earnings Per Share
|
$
|
0.43
|
|
|
$
|
0.27
|
|
|
|
|
|
||||
Diluted
|
|
|
|
||||
Continuing Operations
|
$
|
(0.24
|
)
|
|
$
|
(0.32
|
)
|
Discontinued Operations
|
0.67
|
|
|
0.59
|
|
||
Diluted Earnings Per Share
|
$
|
0.43
|
|
|
$
|
0.27
|
|
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
Net Income
|
$
|
20.2
|
|
|
$
|
12.8
|
|
Other Comprehensive Income (Loss), Net of Tax
|
|
|
|
||||
Unrealized currency translation adjustments
|
9.3
|
|
|
9.8
|
|
||
Defined benefit plans
|
(0.3
|
)
|
|
0.2
|
|
||
Cash flow hedges
|
0.5
|
|
|
0.7
|
|
||
Total Other Comprehensive Income, Net of Tax
|
9.5
|
|
|
10.7
|
|
||
Comprehensive Income
|
$
|
29.7
|
|
|
$
|
23.5
|
|
|
March 31,
2018 |
|
December 31,
2017 |
||||
ASSETS
|
|
|
|
||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
203.1
|
|
|
$
|
219.7
|
|
Accounts receivable, net of allowances
|
199.5
|
|
|
203.0
|
|
||
Inventories
|
92.3
|
|
|
91.1
|
|
||
Prepaid expenses and other current assets
|
15.8
|
|
|
14.4
|
|
||
Assets held for sale
|
650.4
|
|
|
632.5
|
|
||
Total Current Assets
|
1,161.1
|
|
|
1,160.7
|
|
||
Property, Plant and Equipment, net
|
117.5
|
|
|
109.9
|
|
||
Goodwill
|
764.6
|
|
|
764.7
|
|
||
Other Intangible Assets, net
|
144.6
|
|
|
148.9
|
|
||
Deferred Tax Assets
|
11.3
|
|
|
7.6
|
|
||
Other Assets
|
3.8
|
|
|
4.1
|
|
||
TOTAL ASSETS
|
$
|
2,202.9
|
|
|
$
|
2,195.9
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current Liabilities
|
|
|
|
||||
Current portion of long-term debt
|
$
|
—
|
|
|
$
|
39.8
|
|
Trade accounts payable
|
194.4
|
|
|
171.2
|
|
||
Accrued expenses
|
128.3
|
|
|
144.9
|
|
||
Liabilities held for sale
|
37.9
|
|
|
33.9
|
|
||
Total Current Liabilities
|
360.6
|
|
|
389.8
|
|
||
Long-Term Debt
|
542.0
|
|
|
541.1
|
|
||
Deferred Tax Liabilities
|
18.3
|
|
|
17.8
|
|
||
Other Long-Term Liabilities
|
30.2
|
|
|
31.8
|
|
||
Total Liabilities
|
951.1
|
|
|
980.5
|
|
||
|
|
|
|
||||
Commitments and Contingencies
|
|
|
|
||||
|
|
|
|
||||
Stockholders’ Equity
|
|
|
|
||||
Preferred stock - $0.01 par value - authorized 20,000,000 shares, none issued
|
—
|
|
|
—
|
|
||
Common stock - $0.01 par value - authorized 300,000,000 shares, 47,014,536 outstanding as of March 31, 2018 and 46,920,076 outstanding as of December 31, 2017
|
0.5
|
|
|
0.5
|
|
||
Additional paid-in capital
|
1,557.3
|
|
|
1,550.5
|
|
||
Accumulated deficit
|
(279.7
|
)
|
|
(299.9
|
)
|
||
Treasury stock
|
(4.5
|
)
|
|
(4.4
|
)
|
||
Accumulated other comprehensive loss
|
(21.8
|
)
|
|
(31.3
|
)
|
||
Total Stockholders’ Equity
|
1,251.8
|
|
|
1,215.4
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
2,202.9
|
|
|
$
|
2,195.9
|
|
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
Operating Activities
|
|
|
|
||||
Net income
|
$
|
20.2
|
|
|
$
|
12.8
|
|
Depreciation and amortization
|
7.8
|
|
|
16.2
|
|
||
Stock-based compensation expense
|
3.5
|
|
|
4.4
|
|
||
Net loss on asset dispositions
|
0.8
|
|
|
—
|
|
||
Changes in operating assets and liabilities, net of acquisition:
|
|
|
|
||||
Accounts receivable
|
3.5
|
|
|
8.1
|
|
||
Inventories
|
(18.0
|
)
|
|
(0.9
|
)
|
||
Prepaid expenses and other assets
|
1.4
|
|
|
1.3
|
|
||
Accounts payable
|
20.1
|
|
|
11.2
|
|
||
Accrued expenses
|
(13.6
|
)
|
|
(19.6
|
)
|
||
Other
|
0.6
|
|
|
3.5
|
|
||
Cash Provided by Operating Activities
|
26.3
|
|
|
37.0
|
|
||
Investing Activities
|
|
|
|
||||
Capital expenditures
|
(9.6
|
)
|
|
(10.2
|
)
|
||
Cash Used in Investing Activities
|
(9.6
|
)
|
|
(10.2
|
)
|
||
Financing Activities
|
|
|
|
||||
Debt repayments
|
(40.0
|
)
|
|
—
|
|
||
Purchase of treasury stock
|
(0.1
|
)
|
|
—
|
|
||
Proceeds from the exercise of stock options
|
3.4
|
|
|
0.5
|
|
||
Cash (Used in) Provided by Financing Activities
|
(36.7
|
)
|
|
0.5
|
|
||
Effect of Exchange Rate Changes on Cash and Cash Equivalents
|
3.4
|
|
|
2.1
|
|
||
(Decrease) Increase in Cash and Cash Equivalents
|
(16.6
|
)
|
|
29.4
|
|
||
Cash and Cash Equivalents - Beginning of Period
|
219.7
|
|
|
113.7
|
|
||
Cash and Cash Equivalents - End of Period
|
$
|
203.1
|
|
|
$
|
143.1
|
|
|
Three Months Ended March 31,
|
||||||
|
2018
|
|
2017
|
||||
Net Sales
|
$
|
264.0
|
|
|
$
|
249.9
|
|
Cost of products sold
|
194.5
|
|
|
188.5
|
|
||
Research and development
|
0.9
|
|
|
0.7
|
|
||
Selling, general and other expenses
|
27.2
|
|
|
16.4
|
|
||
Other expense, net
|
0.3
|
|
|
0.4
|
|
||
Income from discontinued operations before income taxes
|
41.1
|
|
|
43.9
|
|
||
Tax provision from discontinued operations
|
(9.6
|
)
|
|
(16.2
|
)
|
||
Income from Discontinued Operations, net
|
$
|
31.5
|
|
|
$
|
27.7
|
|
|
March 31,
2018 |
|
December 31,
2017 |
||||
Assets held for sale - discontinued operations
|
|
|
|
||||
Accounts receivable, net of allowances
|
$
|
1.6
|
|
|
$
|
1.5
|
|
Inventories
|
215.1
|
|
|
198.3
|
|
||
Prepaid and other current assets
|
4.2
|
|
|
2.3
|
|
||
Current assets held for sale - discontinued operations
|
220.9
|
|
|
202.1
|
|
||
Property, plant and equipment, net
|
149.3
|
|
|
150.8
|
|
||
Goodwill
|
267.2
|
|
|
267.3
|
|
||
Other intangible assets, net
|
0.9
|
|
|
0.9
|
|
||
Non-current deferred tax assets
|
7.1
|
|
|
7.1
|
|
||
Other assets
|
0.4
|
|
|
0.4
|
|
||
Total assets held for sale - discontinued operations
|
645.8
|
|
|
628.6
|
|
||
Other assets classified as held for sale
|
4.6
|
|
|
3.9
|
|
||
Total assets classified as held for sale
|
$
|
650.4
|
|
|
$
|
632.5
|
|
Liabilities held for sale - discontinued operations
|
|
|
|
||||
Accounts payable
|
$
|
14.2
|
|
|
$
|
15.5
|
|
Accrued expenses
|
14.6
|
|
|
11.2
|
|
||
Current liabilities held for sale - discontinued operations
|
28.8
|
|
|
26.7
|
|
||
Deferred tax liabilities
|
0.3
|
|
|
0.3
|
|
||
Other long-term liabilities
|
8.8
|
|
|
6.9
|
|
||
Total liabilities held for sale - discontinued operations
|
$
|
37.9
|
|
|
$
|
33.9
|
|
|
Three Months Ended March 31,
|
||||||
|
2018
|
|
2017
|
||||
Operating Activities:
|
|
|
|
||||
Depreciation and amortization
|
$
|
—
|
|
|
$
|
6.0
|
|
Stock-based compensation expense
|
0.2
|
|
|
0.3
|
|
||
Investing Activities:
|
|
|
|
||||
Capital expenditures
|
0.5
|
|
|
0.4
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Accounts receivable
|
$
|
201.3
|
|
|
$
|
204.9
|
|
Allowances and doubtful accounts
|
(1.8
|
)
|
|
(1.9
|
)
|
||
Accounts receivable, net
|
$
|
199.5
|
|
|
$
|
203.0
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
|
LIFO
|
|
Non-
LIFO |
|
Total
|
|
LIFO
|
|
Non-
LIFO |
|
Total
|
||||||||||||
Raw materials
|
$
|
28.9
|
|
|
$
|
1.0
|
|
|
$
|
29.9
|
|
|
$
|
26.6
|
|
|
$
|
1.5
|
|
|
$
|
28.1
|
|
Work in process
|
23.5
|
|
|
0.2
|
|
|
23.7
|
|
|
20.4
|
|
|
0.3
|
|
|
20.7
|
|
||||||
Finished goods
|
36.8
|
|
|
9.6
|
|
|
46.4
|
|
|
40.0
|
|
|
9.6
|
|
|
49.6
|
|
||||||
Supplies and other
|
—
|
|
|
6.3
|
|
|
6.3
|
|
|
—
|
|
|
5.7
|
|
|
5.7
|
|
||||||
|
89.2
|
|
|
17.1
|
|
|
106.3
|
|
|
87.0
|
|
|
17.1
|
|
|
104.1
|
|
||||||
Excess of FIFO or weighted-average cost over LIFO cost
|
(14.0
|
)
|
|
—
|
|
|
(14.0
|
)
|
|
(13.0
|
)
|
|
—
|
|
|
(13.0
|
)
|
||||||
Total
|
$
|
75.2
|
|
|
$
|
17.1
|
|
|
$
|
92.3
|
|
|
$
|
74.0
|
|
|
$
|
17.1
|
|
|
$
|
91.1
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Land
|
$
|
1.0
|
|
|
$
|
1.0
|
|
Buildings
|
41.7
|
|
|
41.0
|
|
||
Machinery and equipment
|
128.1
|
|
|
124.4
|
|
||
Construction in progress
|
21.1
|
|
|
21.5
|
|
||
|
191.9
|
|
|
187.9
|
|
||
Less accumulated depreciation
|
(74.4
|
)
|
|
(78.0
|
)
|
||
Total
|
$
|
117.5
|
|
|
$
|
109.9
|
|
|
Goodwill
|
||
Balance at December 31, 2017
|
$
|
764.7
|
|
Currency translation adjustment
|
(0.1
|
)
|
|
Balance at March 31, 2018
|
$
|
764.6
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
|
Gross
Carrying Amount |
|
Accumulated
Amortization |
|
Net Carrying Amount
|
|
Gross
Carrying Amount |
|
Accumulated
Amortization |
|
Net Carrying Amount
|
||||||||||||
Trademarks
|
$
|
125.9
|
|
|
$
|
(98.6
|
)
|
|
$
|
27.3
|
|
|
$
|
125.9
|
|
|
$
|
(97.6
|
)
|
|
$
|
28.3
|
|
Patents and acquired technologies
|
253.3
|
|
|
(149.4
|
)
|
|
103.9
|
|
|
253.0
|
|
|
(146.1
|
)
|
|
106.9
|
|
||||||
Other
|
43.2
|
|
|
(35.5
|
)
|
|
7.7
|
|
|
43.1
|
|
|
(35.1
|
)
|
|
8.0
|
|
||||||
Total
|
$
|
422.4
|
|
|
$
|
(283.5
|
)
|
|
$
|
138.9
|
|
|
$
|
422.0
|
|
|
$
|
(278.8
|
)
|
|
$
|
143.2
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Accrued rebates
|
$
|
60.2
|
|
|
$
|
64.4
|
|
Accrued salaries and wages
|
21.6
|
|
|
44.5
|
|
||
Accrued taxes - income and other
|
14.4
|
|
|
6.8
|
|
||
Other
|
32.1
|
|
|
29.2
|
|
||
Total
|
$
|
128.3
|
|
|
$
|
144.9
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Taxes payable
|
$
|
9.5
|
|
|
$
|
10.0
|
|
Accrued compensation benefits
|
4.7
|
|
|
4.6
|
|
||
Other
|
16.0
|
|
|
17.2
|
|
||
Total
|
$
|
30.2
|
|
|
$
|
31.8
|
|
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
Fair Value
Hierarchy
Level
|
|
Carrying
Amount
|
|
Estimated
Fair
Value
|
|
Carrying
Amount
|
|
Estimated
Fair
Value
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
1
|
|
$
|
203.1
|
|
|
$
|
203.1
|
|
|
$
|
219.7
|
|
|
$
|
219.7
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||
Senior Unsecured Notes
|
1
|
|
247.3
|
|
|
257.9
|
|
|
247.1
|
|
|
259.7
|
|
||||
Senior Secured Term Loan
|
2
|
|
294.7
|
|
|
301.2
|
|
|
333.8
|
|
|
341.1
|
|
|
Weighted-Average Interest Rate
|
|
Maturities
|
|
March 31, 2018
|
|
December 31, 2017
|
|||||
Senior Secured Term Loan
|
4.30
|
%
|
|
2021
|
|
$
|
299.0
|
|
|
$
|
339.0
|
|
Senior Unsecured Notes
|
6.25
|
%
|
|
2022
|
|
250.0
|
|
|
250.0
|
|
||
Total long-term debt
|
|
|
|
|
549.0
|
|
|
589.0
|
|
|||
Unamortized Debt Discounts and Issuance Costs
|
|
|
|
|
|
|
|
|||||
Senior Secured Term Loan
|
|
|
|
|
(4.3
|
)
|
|
(5.2
|
)
|
|||
Senior Unsecured Notes
|
|
|
|
|
(2.7
|
)
|
|
(2.9
|
)
|
|||
Total Debt, net
|
|
|
|
|
542.0
|
|
|
580.9
|
|
|||
Less current portion of long-term debt
|
|
|
|
|
—
|
|
|
(39.8
|
)
|
|||
Total long-term debt
|
|
|
|
|
$
|
542.0
|
|
|
$
|
541.1
|
|
|
Unrealized
Translation
|
|
Defined Benefit
Pension Plans
|
|
Cash Flow
Hedges
|
|
Accumulated
Other
Comprehensive
Income
|
||||||||
Balance, December 31, 2017
|
$
|
(31.6
|
)
|
|
$
|
0.8
|
|
|
$
|
(0.5
|
)
|
|
$
|
(31.3
|
)
|
Other comprehensive income (loss)
|
9.3
|
|
|
(0.3
|
)
|
|
0.5
|
|
|
9.5
|
|
||||
Balance, March 31, 2018
|
$
|
(22.3
|
)
|
|
$
|
0.5
|
|
|
$
|
—
|
|
|
$
|
(21.8
|
)
|
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
Unrealized translation
|
$
|
9.3
|
|
|
$
|
9.8
|
|
Defined benefit pension plans
|
(0.3
|
)
|
|
0.2
|
|
||
Tax effect
|
—
|
|
|
—
|
|
||
Defined benefit pension plans, net of tax
|
(0.3
|
)
|
|
0.2
|
|
||
Cash flow hedges
|
0.6
|
|
|
0.9
|
|
||
Tax effect
|
(0.1
|
)
|
|
(0.2
|
)
|
||
Cash flow hedges, net of tax
|
0.5
|
|
|
0.7
|
|
||
Change in AOCI
|
$
|
9.5
|
|
|
$
|
10.7
|
|
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
Net loss from continuing operations
|
$
|
(11.3
|
)
|
|
$
|
(14.9
|
)
|
Net income from discontinued operations
|
31.5
|
|
|
27.7
|
|
||
Net income
|
$
|
20.2
|
|
|
$
|
12.8
|
|
|
|
|
|
||||
Weighted Average Shares Outstanding:
|
|
|
|
||||
Basic weighted average shares outstanding
|
46.9
|
|
|
46.7
|
|
||
Dilutive effect of stock options and restricted share unit awards
|
—
|
|
|
—
|
|
||
Diluted weighted average shares outstanding
|
46.9
|
|
|
46.7
|
|
||
|
|
|
|
||||
Basic Earnings (Loss) Per Share
|
|
|
|
||||
Continuing operations
|
$
|
(0.24
|
)
|
|
$
|
(0.32
|
)
|
Discontinued operations
|
$
|
0.67
|
|
|
$
|
0.59
|
|
Net income
|
$
|
0.43
|
|
|
$
|
0.27
|
|
|
|
|
|
||||
Diluted Earnings (Loss) Per Share
|
|
|
|
||||
Continuing operations
|
$
|
(0.24
|
)
|
|
$
|
(0.32
|
)
|
Discontinued operations
|
$
|
0.67
|
|
|
$
|
0.59
|
|
Net income
|
$
|
0.43
|
|
|
$
|
0.27
|
|
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
Net Sales
|
|
|
|
||||
Medical Devices
|
$
|
156.4
|
|
|
$
|
145.7
|
|
Corporate and Other
|
—
|
|
|
—
|
|
||
Total Net Sales
|
156.4
|
|
|
145.7
|
|
||
Operating Profit
|
|
|
|
||||
Medical Devices
|
40.1
|
|
|
38.0
|
|
||
Corporate and Other
(a)
|
(45.3
|
)
|
|
(48.6
|
)
|
||
Other expense, net
(b)
|
(1.8
|
)
|
|
(7.0
|
)
|
||
Total Operating Profit
|
(7.0
|
)
|
|
(17.6
|
)
|
||
Interest income
|
1.0
|
|
|
0.4
|
|
||
Interest expense
|
(8.8
|
)
|
|
(7.6
|
)
|
||
Income before Income Taxes
|
$
|
(14.8
|
)
|
|
$
|
(24.8
|
)
|
(a)
|
Corporate and Other for the
three months
ended
March 31, 2018
includes
$27.9 million
of costs formerly included in the S&IP business,
$14.5 million
of general expenses and
$2.9 million
of restructuring costs (see
Note 3
, “Restructuring Activities”). Corporate and Other for the
three months
ended
March 31, 2017
includes
$28.9 million
of costs formerly included in the S&IP business,
$17.6 million
of general expenses and
$1.6 million
of acquisition-related expenses and
$0.5 million
of post-spin related rebranding costs.
|
(b)
|
Other expense includes amounts incurred related to litigation matters. See
Note 10
, “Commitments and Contingencies.”
|
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
Net Sales
|
|
|
|
||||
Chronic care
|
$
|
97.1
|
|
|
$
|
88.6
|
|
Pain management
|
59.3
|
|
|
57.1
|
|
||
Total net sales
|
$
|
156.4
|
|
|
$
|
145.7
|
|
|
Three Months Ended March 31, 2018
|
||||||||||||||||||
|
Parent
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net Sales
|
$
|
—
|
|
|
$
|
173.3
|
|
|
$
|
74.9
|
|
|
$
|
(91.8
|
)
|
|
$
|
156.4
|
|
Cost of products sold
|
—
|
|
|
84.5
|
|
|
72.6
|
|
|
(91.8
|
)
|
|
65.3
|
|
|||||
Gross Profit
|
—
|
|
|
88.8
|
|
|
2.3
|
|
|
—
|
|
|
91.1
|
|
|||||
Research and development
|
—
|
|
|
9.9
|
|
|
—
|
|
|
—
|
|
|
9.9
|
|
|||||
Selling and general expenses
|
11.9
|
|
|
62.4
|
|
|
12.1
|
|
|
—
|
|
|
86.4
|
|
|||||
Other expense and (income), net
|
0.3
|
|
|
4.2
|
|
|
(2.7
|
)
|
|
—
|
|
|
1.8
|
|
|||||
Operating (Loss) Profit
|
(12.2
|
)
|
|
12.3
|
|
|
(7.1
|
)
|
|
—
|
|
|
(7.0
|
)
|
|||||
Interest income
|
0.4
|
|
|
—
|
|
|
1.4
|
|
|
(0.8
|
)
|
|
1.0
|
|
|||||
Interest expense
|
(8.9
|
)
|
|
(0.7
|
)
|
|
—
|
|
|
0.8
|
|
|
(8.8
|
)
|
|||||
(Loss) Income Before Income Taxes
|
(20.7
|
)
|
|
11.6
|
|
|
(5.7
|
)
|
|
—
|
|
|
(14.8
|
)
|
|||||
Income tax benefit (provision)
|
7.9
|
|
|
(3.2
|
)
|
|
(1.2
|
)
|
|
—
|
|
|
3.5
|
|
|||||
Equity in earnings of consolidated subsidiaries
|
33.0
|
|
|
8.5
|
|
|
—
|
|
|
(41.5
|
)
|
|
—
|
|
|||||
Net Income (Loss) from Continuing Operations
|
20.2
|
|
|
16.9
|
|
|
(6.9
|
)
|
|
(41.5
|
)
|
|
(11.3
|
)
|
|||||
Income from discontinued operations, net of tax
|
—
|
|
|
16.9
|
|
|
14.6
|
|
|
—
|
|
|
31.5
|
|
|||||
Net Income
|
20.2
|
|
|
33.8
|
|
|
7.7
|
|
|
(41.5
|
)
|
|
20.2
|
|
|||||
Total other comprehensive income, net of tax
|
9.5
|
|
|
8.5
|
|
|
8.1
|
|
|
(16.6
|
)
|
|
9.5
|
|
|||||
Comprehensive Income
|
$
|
29.7
|
|
|
$
|
42.3
|
|
|
$
|
15.8
|
|
|
$
|
(58.1
|
)
|
|
$
|
29.7
|
|
|
Three Months Ended March 31, 2017
|
||||||||||||||||||
|
Parent
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net Sales
|
$
|
—
|
|
|
$
|
162.1
|
|
|
$
|
64.6
|
|
|
$
|
(81.0
|
)
|
|
$
|
145.7
|
|
Cost of products sold
|
—
|
|
|
84.9
|
|
|
60.3
|
|
|
(81.0
|
)
|
|
64.2
|
|
|||||
Gross Profit
|
—
|
|
|
77.2
|
|
|
4.3
|
|
|
—
|
|
|
81.5
|
|
|||||
Research and development
|
—
|
|
|
7.3
|
|
|
—
|
|
|
—
|
|
|
7.3
|
|
|||||
Selling and general expenses
|
10.0
|
|
|
64.0
|
|
|
10.8
|
|
|
—
|
|
|
84.8
|
|
|||||
Other expense and (income), net
|
0.2
|
|
|
9.6
|
|
|
(2.8
|
)
|
|
—
|
|
|
7.0
|
|
|||||
Operating Loss
|
(10.2
|
)
|
|
(3.7
|
)
|
|
(3.7
|
)
|
|
—
|
|
|
(17.6
|
)
|
|||||
Interest income
|
0.2
|
|
|
—
|
|
|
1.0
|
|
|
(0.8
|
)
|
|
0.4
|
|
|||||
Interest expense
|
(7.8
|
)
|
|
(0.6
|
)
|
|
—
|
|
|
0.8
|
|
|
(7.6
|
)
|
|||||
Loss Before Income Taxes
|
(17.8
|
)
|
|
(4.3
|
)
|
|
(2.7
|
)
|
|
—
|
|
|
(24.8
|
)
|
|||||
Income tax benefit (provision)
|
1.2
|
|
|
9.2
|
|
|
(0.5
|
)
|
|
—
|
|
|
9.9
|
|
|||||
Equity in earnings of consolidated subsidiaries
|
23.9
|
|
|
3.1
|
|
|
—
|
|
|
(27.0
|
)
|
|
—
|
|
|||||
Net Income (Loss) from Continuing Operations
|
7.3
|
|
|
8.0
|
|
|
(3.2
|
)
|
|
(27.0
|
)
|
|
(14.9
|
)
|
|||||
Income from discontinued operations, net of tax
|
5.5
|
|
|
16.5
|
|
|
5.7
|
|
|
—
|
|
|
27.7
|
|
|||||
Net Income
|
12.8
|
|
|
24.5
|
|
|
2.5
|
|
|
(27.0
|
)
|
|
12.8
|
|
|||||
Total other comprehensive income, net of tax
|
10.7
|
|
|
8.5
|
|
|
9.7
|
|
|
(18.2
|
)
|
|
10.7
|
|
|||||
Comprehensive Income
|
$
|
23.5
|
|
|
$
|
33.0
|
|
|
$
|
12.2
|
|
|
$
|
(45.2
|
)
|
|
$
|
23.5
|
|
|
As of March 31, 2018
|
||||||||||||||||||
|
Parent
|
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Current Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
85.1
|
|
|
$
|
19.6
|
|
|
$
|
98.4
|
|
|
$
|
—
|
|
|
$
|
203.1
|
|
Accounts receivable, net of allowances
|
1.1
|
|
|
640.1
|
|
|
262.1
|
|
|
(703.8
|
)
|
|
199.5
|
|
|||||
Inventories
|
—
|
|
|
77.6
|
|
|
14.7
|
|
|
—
|
|
|
92.3
|
|
|||||
Prepaid expenses and other current assets
|
3.6
|
|
|
10.0
|
|
|
2.2
|
|
|
—
|
|
|
15.8
|
|
|||||
Assets held for sale
|
0.3
|
|
|
561.3
|
|
|
88.8
|
|
|
—
|
|
|
650.4
|
|
|||||
Total Current Assets
|
90.1
|
|
|
1,308.6
|
|
|
466.2
|
|
|
(703.8
|
)
|
|
1,161.1
|
|
|||||
Property, Plant and Equipment, net
|
—
|
|
|
96.6
|
|
|
20.9
|
|
|
—
|
|
|
117.5
|
|
|||||
Investment in Consolidated Subsidiaries
|
2,204.6
|
|
|
409.8
|
|
|
—
|
|
|
(2,614.4
|
)
|
|
—
|
|
|||||
Goodwill
|
—
|
|
|
738.0
|
|
|
26.6
|
|
|
—
|
|
|
764.6
|
|
|||||
Other Intangible Assets, net
|
—
|
|
|
135.1
|
|
|
9.5
|
|
|
—
|
|
|
144.6
|
|
|||||
Other Assets
|
0.3
|
|
|
8.8
|
|
|
6.0
|
|
|
—
|
|
|
15.1
|
|
|||||
TOTAL ASSETS
|
$
|
2,295.0
|
|
|
$
|
2,696.9
|
|
|
$
|
529.2
|
|
|
$
|
(3,318.2
|
)
|
|
$
|
2,202.9
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
||||||||||
Current Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Trade accounts payable
|
$
|
480.1
|
|
|
$
|
364.3
|
|
|
$
|
45.1
|
|
|
$
|
(695.1
|
)
|
|
$
|
194.4
|
|
Accrued expenses
|
13.7
|
|
|
98.3
|
|
|
25.0
|
|
|
(8.7
|
)
|
|
128.3
|
|
|||||
Liabilities held for sale
|
—
|
|
|
8.5
|
|
|
29.4
|
|
|
—
|
|
|
37.9
|
|
|||||
Total Current Liabilities
|
493.8
|
|
|
471.1
|
|
|
99.5
|
|
|
(703.8
|
)
|
|
360.6
|
|
|||||
Long-Term Debt
|
542.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
542.0
|
|
|||||
Other Long-Term Liabilities
|
7.4
|
|
|
36.6
|
|
|
4.5
|
|
|
—
|
|
|
48.5
|
|
|||||
Total Liabilities
|
1,043.2
|
|
|
507.7
|
|
|
104.0
|
|
|
(703.8
|
)
|
|
951.1
|
|
|||||
Total Equity
|
1,251.8
|
|
|
2,189.2
|
|
|
425.2
|
|
|
(2,614.4
|
)
|
|
1,251.8
|
|
|||||
TOTAL LIABILITIES AND EQUITY
|
$
|
2,295.0
|
|
|
$
|
2,696.9
|
|
|
$
|
529.2
|
|
|
$
|
(3,318.2
|
)
|
|
$
|
2,202.9
|
|
|
As of December 31, 2017
|
||||||||||||||||||
|
Parent
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Current Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
114.5
|
|
|
$
|
16.0
|
|
|
$
|
89.2
|
|
|
$
|
—
|
|
|
$
|
219.7
|
|
Accounts receivable, net of allowances
|
1.1
|
|
|
623.0
|
|
|
266.3
|
|
|
(687.4
|
)
|
|
203.0
|
|
|||||
Inventories
|
—
|
|
|
76.0
|
|
|
15.1
|
|
|
—
|
|
|
91.1
|
|
|||||
Prepaid expenses and other current assets
|
0.6
|
|
|
11.7
|
|
|
2.1
|
|
|
—
|
|
|
14.4
|
|
|||||
Assets held for sale
|
0.3
|
|
|
546.7
|
|
|
85.5
|
|
|
—
|
|
|
632.5
|
|
|||||
Total Current Assets
|
116.5
|
|
|
1,273.4
|
|
|
458.2
|
|
|
(687.4
|
)
|
|
1,160.7
|
|
|||||
Property, Plant and Equipment, net
|
—
|
|
|
92.9
|
|
|
17.0
|
|
|
—
|
|
|
109.9
|
|
|||||
Investment in Consolidated Subsidiaries
|
2,154.3
|
|
|
403.2
|
|
|
—
|
|
|
(2,557.5
|
)
|
|
—
|
|
|||||
Goodwill
|
—
|
|
|
738.1
|
|
|
26.6
|
|
|
—
|
|
|
764.7
|
|
|||||
Other Intangible Assets, net
|
—
|
|
|
139.5
|
|
|
9.4
|
|
|
—
|
|
|
148.9
|
|
|||||
Other Assets
|
0.3
|
|
|
6.0
|
|
|
5.4
|
|
|
—
|
|
|
11.7
|
|
|||||
TOTAL ASSETS
|
$
|
2,271.1
|
|
|
$
|
2,653.1
|
|
|
$
|
516.6
|
|
|
$
|
(3,244.9
|
)
|
|
$
|
2,195.9
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
||||||||||
Current Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Current portion of long-term debt
|
$
|
39.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
39.8
|
|
Trade accounts payable
|
454.0
|
|
|
347.0
|
|
|
49.8
|
|
|
(679.6
|
)
|
|
171.2
|
|
|||||
Accrued expenses
|
11.6
|
|
|
113.9
|
|
|
27.4
|
|
|
(8.0
|
)
|
|
144.9
|
|
|||||
Liabilities held for sale
|
—
|
|
|
7.8
|
|
|
26.1
|
|
|
—
|
|
|
33.9
|
|
|||||
Total Current Liabilities
|
505.4
|
|
|
468.7
|
|
|
103.3
|
|
|
(687.6
|
)
|
|
389.8
|
|
|||||
Long-Term Debt
|
541.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
541.1
|
|
|||||
Other Long-Term Liabilities
|
9.2
|
|
|
36.1
|
|
|
4.3
|
|
|
—
|
|
|
49.6
|
|
|||||
Total Liabilities
|
1,055.7
|
|
|
504.8
|
|
|
107.6
|
|
|
(687.6
|
)
|
|
980.5
|
|
|||||
Total Equity
|
1,215.4
|
|
|
2,148.3
|
|
|
409.0
|
|
|
(2,557.3
|
)
|
|
1,215.4
|
|
|||||
TOTAL LIABILITIES AND EQUITY
|
$
|
2,271.1
|
|
|
$
|
2,653.1
|
|
|
$
|
516.6
|
|
|
$
|
(3,244.9
|
)
|
|
$
|
2,195.9
|
|
|
Three Months Ended March 31, 2018
|
||||||||||||||||||
|
Parent
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Operating Activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash (Used in) Provided by Operating Activities
|
$
|
(24.4
|
)
|
|
$
|
41.4
|
|
|
$
|
9.3
|
|
|
$
|
—
|
|
|
$
|
26.3
|
|
Investing Activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
—
|
|
|
(6.8
|
)
|
|
(2.8
|
)
|
|
—
|
|
|
(9.6
|
)
|
|||||
Intercompany contributions
|
—
|
|
|
(32.0
|
)
|
|
(0.1
|
)
|
|
32.1
|
|
|
—
|
|
|||||
Cash Used in Investing Activities
|
—
|
|
|
(38.8
|
)
|
|
(2.9
|
)
|
|
32.1
|
|
|
(9.6
|
)
|
|||||
Financing Activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Intercompany contributions
|
31.7
|
|
|
—
|
|
|
0.4
|
|
|
(32.1
|
)
|
|
—
|
|
|||||
Debt repayments
|
(40.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(40.0
|
)
|
|||||
Purchase of treasury stock
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|||||
Proceeds from the exercise of stock options
|
3.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.4
|
|
|||||
Cash (Used in) Provided by Financing Activities
|
(5.0
|
)
|
|
—
|
|
|
0.4
|
|
|
(32.1
|
)
|
|
(36.7
|
)
|
|||||
Effect of Exchange Rate on Cash and Cash Equivalents
|
—
|
|
|
1.0
|
|
|
2.4
|
|
|
—
|
|
|
3.4
|
|
|||||
(Decrease) Increase in Cash and Cash Equivalents
|
(29.4
|
)
|
|
3.6
|
|
|
9.2
|
|
|
—
|
|
|
(16.6
|
)
|
|||||
Cash and Cash Equivalents, Beginning of Period
|
114.5
|
|
|
16.0
|
|
|
89.2
|
|
|
—
|
|
|
219.7
|
|
|||||
Cash and Cash Equivalents, End of Period
|
$
|
85.1
|
|
|
$
|
19.6
|
|
|
$
|
98.4
|
|
|
$
|
—
|
|
|
$
|
203.1
|
|
|
Three Months Ended March 31, 2017
|
||||||||||||||||||
|
Parent
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Operating Activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash (Used in) Provided by Operating Activities
|
$
|
(14.2
|
)
|
|
$
|
39.9
|
|
|
$
|
11.3
|
|
|
$
|
—
|
|
|
$
|
37.0
|
|
Investing Activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
—
|
|
|
(8.4
|
)
|
|
(1.8
|
)
|
|
—
|
|
|
(10.2
|
)
|
|||||
Intercompany contributions
|
—
|
|
|
(32.3
|
)
|
|
(0.2
|
)
|
|
32.5
|
|
|
—
|
|
|||||
Cash Used in Investing Activities
|
—
|
|
|
(40.7
|
)
|
|
(2.0
|
)
|
|
32.5
|
|
|
(10.2
|
)
|
|||||
Financing Activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Intercompany contributions
|
35.5
|
|
|
—
|
|
|
(3.0
|
)
|
|
(32.5
|
)
|
|
—
|
|
|||||
Proceeds from the exercise of stock options
|
0.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|||||
Cash Provided by (Used in) Financing Activities
|
36.0
|
|
|
—
|
|
|
(3.0
|
)
|
|
(32.5
|
)
|
|
0.5
|
|
|||||
Effect of Exchange Rate on Cash and Cash Equivalents
|
—
|
|
|
0.5
|
|
|
1.6
|
|
|
—
|
|
|
2.1
|
|
|||||
Increase (Decrease) in Cash and Cash Equivalents
|
21.8
|
|
|
(0.3
|
)
|
|
7.9
|
|
|
—
|
|
|
29.4
|
|
|||||
Cash and Cash Equivalents, Beginning of Period
|
54.2
|
|
|
9.5
|
|
|
50.0
|
|
|
—
|
|
|
113.7
|
|
|||||
Cash and Cash Equivalents, End of Period
|
$
|
76.0
|
|
|
$
|
9.2
|
|
|
$
|
57.9
|
|
|
$
|
—
|
|
|
$
|
143.1
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
•
|
Divestiture of the Surgical and Infection Prevention (“S&IP”) Business
|
•
|
Discontinued Operations
|
•
|
Restructuring Activities
|
•
|
Results of Operations and Related Information
|
•
|
Liquidity and Capital Resources
|
•
|
Legal Matters
|
•
|
Critical Accounting Policies
|
•
|
Information Concerning Forward-Looking Statements
|
|
|
|
|
|
Three Months ended
March 31, |
|
|
|||||||||
|
|
|
|
|
2018
|
|
2017
|
|
Change
|
|||||||
Chronic care
|
|
|
|
|
$
|
97.1
|
|
|
$
|
88.6
|
|
|
9.6
|
%
|
||
Pain management
|
|
|
|
|
59.3
|
|
|
57.1
|
|
|
3.9
|
|
||||
Net Sales
|
|
|
|
|
$
|
156.4
|
|
|
$
|
145.7
|
|
|
7.3
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|||||||
|
Total
|
|
Volume
|
|
Pricing/Mix
|
|
Currency
|
|
Other
|
|||||||
Net Sales - percentage change
|
7
|
%
|
|
6
|
%
|
|
—
|
%
|
|
1
|
%
|
|
—
|
|
|
Three Months ended
March 31, |
|
|
|||||||
|
2018
|
|
2017
|
|
Change
|
|||||
Operating Profit (Loss)
|
|
|
|
|
|
|||||
Medical Devices
|
$
|
40.1
|
|
|
$
|
38.0
|
|
|
5.5
|
%
|
Corporate and Other
(a)
|
(45.3
|
)
|
|
(48.6
|
)
|
|
N.M.
|
|
||
Other expense, net
(b)
|
(1.8
|
)
|
|
(7.0
|
)
|
|
N.M.
|
|
||
Total Operating Loss
|
$
|
(7.0
|
)
|
|
$
|
(17.6
|
)
|
|
(60.2
|
)%
|
(a)
|
Corporate and Other for the
three months
ended
March 31, 2018
includes
$27.9 million
of costs formerly included in the S&IP business,
$14.5 million
of general expenses and
$2.9 million
of restructuring costs (see
Note 3
, “Restructuring Activities”). Corporate and Other for the
three months
ended
March 31, 2017
includes
$28.9 million
of costs formerly included in the S&IP business,
$17.6 million
of general expenses and
$1.6 million
of acquisition-related expenses and
$0.5 million
of post-spin related rebranding costs.
|
(b)
|
Other expense includes amounts incurred related to litigation matters. See
Note 10
, “Commitments and Contingencies.”
|
(in millions)
|
Three Months ended
March 31, |
|
|
|||||||
|
2018
|
|
2017
|
|
Change
|
|||||
Net Sales
|
|
|
|
|
|
|||||
North America
|
$
|
122.4
|
|
|
$
|
113.8
|
|
|
7.6
|
%
|
Europe, Middle East and Africa
|
20.5
|
|
|
19.6
|
|
|
4.6
|
|
||
Asia Pacific and Latin America
|
13.5
|
|
|
12.3
|
|
|
9.8
|
|
||
Total Net Sales
|
$
|
156.4
|
|
|
$
|
145.7
|
|
|
7.3
|
%
|
•
|
general economic conditions particularly in the United States,
|
•
|
fluctuations in global equity and fixed-income markets,
|
•
|
the competitive environment,
|
•
|
the loss of current customers or the inability to obtain new customers,
|
•
|
litigation and enforcement actions,
|
•
|
price fluctuations in key commodities,
|
•
|
fluctuations in currency exchange rates,
|
•
|
disruption in supply of raw materials or the distribution of finished goods,
|
•
|
changes in governmental regulations that are applicable to our business,
|
•
|
changes in asset valuations including write-downs of assets such as inventory, accounts receivable or other assets for impairment or other reasons, and
|
•
|
any other matters described elsewhere in this MD&A or in the Risk Factors section of this Form 10-Q or our Annual Report on Form 10-K for the year ended
December 31, 2017
.
|
Item 4.
|
Controls and Procedures
|
(a)
|
Exhibits
|
Exhibit
Number
|
|
Description
|
|
||
|
||
|
||
|
||
|
||
|
||
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
HALYARD HEALTH, INC.
|
||
|
(Registrant)
|
||
|
|
|
|
May 2, 2018
|
By:
|
|
/s/ Steven E. Voskuil
|
|
|
|
Steven E. Voskuil
|
|
|
|
Senior Vice President and
|
|
|
|
Chief Financial Officer
|
|
|
|
(Principal Financial Officer)
|
|
|
|
|
May 2, 2018
|
By:
|
|
/s/ Renato Negro
|
|
|
|
Renato Negro
|
|
|
|
Vice President and Controller
|
|
|
|
(Principal Accounting Officer)
|
1 Year Halyard Health Chart |
1 Month Halyard Health Chart |
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