Consolidating Guarantor and Non-Guarantor Financial Information (Tables)

9 Months Ended

Jun. 30, 2014

Consolidating Guarantor And Non-Guarantor Financial Information [Abstract]

The following information is included as a result of the guarantee by certain of our 100% owned U.S. subsidiaries (“Guarantor Companies”) of the Senior Unsecured Notes and the Senior Subordinated Notes. None of our other subsidiaries guarantee the Senior Unsecured Notes and the Senior Subordinated Notes. Each of the guarantees is joint and several and full and unconditional. Guarantor Companies are listed below.



Name		State of incorporation or organization

Anvil International, LLC		Delaware
Echologics, LLC		Delaware
Henry Pratt Company, LLC		Delaware
Henry Pratt International, LLC		Delaware
Hydro Gate, LLC		Delaware
J.B. Smith Mfg. Co., LLC		Delaware
James Jones Company, LLC		Delaware
Milliken Valve, LLC		Delaware
Mueller Co. LLC		Delaware
Mueller Group, LLC		Delaware
Mueller Group Co-Issuer, Inc.		Delaware
Mueller International, L.L.C.		Delaware
Mueller Property Holdings, LLC		Delaware
Mueller Co. International Holdings, LLC		Delaware
Mueller Service California, Inc.		Delaware
Mueller Service Co., LLC		Delaware
Mueller Systems, LLC		Delaware
OSP, LLC		Delaware
U.S. Pipe Valve & Hydrant, LLC		Delaware

The Condensed Consolidating Statements of Cash Flows below present intercompany cash transfers as financing or investing cash flows, rather than as operating cash flows as was previously our practice. The prior period presentation has been updated to conform to the current period presentation.

Schedule Of Consolidating Balance Sheet

Mueller Water Products, Inc. and Subsidiaries

Condensed Consolidating Balance Sheet

June 30, 2014



	Issuer		Guarantor companies			Non- guarantor companies		Eliminations			Total
						(in millions)
Assets:
Cash and cash equivalents	$	120.5	$	(2.8	)	$	33.2	$	—		$	150.9
Receivables, net	0.2		163.4			19.7		—			183.3
Inventories	—		180.7			11.3		—			192.0
Deferred income taxes	40.1		—			0.4		—			40.5
Other current assets	18.5		25.4			2.6		—			46.5
Total current assets	179.3		366.7			67.2		—			613.2
Property, plant and equipment	1.4		133.5			7.9		—			142.8
Identifiable intangible assets	—		530.9			2.0		—			532.9
Other noncurrent assets	12.4		0.3			1.3		—			14.0
Investment in subsidiaries	261.9		39.0			—		(300.9		)	—
Intercompany accounts	882.7		—			—		(882.7		)	—
Total assets	$	1,337.7	$	1,070.4		$	78.4	$	(1,183.6	)	$	1,302.9
Liabilities and stockholders' equity:
Current portion of long-term debt	$	55.0	$	1.3		$	—	$	—		$	56.3
Accounts payable	4.7		74.2			5.7		—			84.6
Other current liabilities	25.9		39.7			5.0		—			70.6
Total current liabilities	85.6		115.2			10.7		—			211.5
Long-term debt	543.2		1.3			—		—			544.5
Deferred income taxes	161.6		—			0.6		—			162.2
Other noncurrent liabilities	33.6		6.6			0.7		—			40.9
Intercompany accounts	169.9		685.4			27.4		(882.7		)	—
Total liabilities	993.9		808.5			39.4		(882.7		)	959.1
Stockholders' equity	343.8		261.9			39.0		(300.9		)	343.8
Total liabilities and stockholders' equity	$	1,337.7	$	1,070.4		$	78.4	$	(1,183.6	)	$	1,302.9

Mueller Water Products, Inc. and Subsidiaries

Condensed Consolidating Balance Sheet

September 30, 2013



	Issuer		Guarantor companies			Non- guarantor companies		Eliminations			Total
						(in millions)
Assets:
Cash and cash equivalents	$	86.6	$	(2.3	)	$	39.3	$	—		$	123.6
Receivables, net	0.1		150.4			14.0		—			164.5
Inventories	—		195.3			13.2		—			208.5
Deferred income taxes	26.3		—			0.4		—			26.7
Other current assets	18.2		25.7			2.2		—			46.1
Total current assets	131.2		369.1			69.1		—			569.4
Property, plant and equipment	1.5		132.0			8.4		—			141.9
Identifiable intangible assets	—		551.3			1.8		—			553.1
Other noncurrent assets	16.0		0.2			1.3		—			17.5
Investment in subsidiaries	155.2		39.2			—		(194.4		)	—
Intercompany accounts	882.7		—			—		(882.7		)	—
Total assets	$	1,186.6	$	1,091.8		$	80.6	$	(1,077.1	)	$	1,281.9
Liabilities and stockholders' equity:
Current portion of long-term debt	$	—	$	1.3		$	—	$	—		$	1.3
Accounts payable	4.6		90.0			6.6		—			101.2
Other current liabilities	29.7		46.6			4.3		—			80.6
Total current liabilities	34.3		137.9			10.9		—			183.1
Long-term debt	598.0		1.5			—		—			599.5
Deferred income taxes	140.9		—			0.6		—			141.5
Other noncurrent liabilities	21.3		7.5			0.8		—			29.6
Intercompany accounts	63.9		789.7			29.1		(882.7		)	—
Total liabilities	858.4		936.6			41.4		(882.7		)	953.7
Stockholders' equity	328.2		155.2			39.2		(194.4		)	328.2
Total liabilities and stockholders' equity	$	1,186.6	$	1,091.8		$	80.6	$	(1,077.1	)	$	1,281.9

Schedule Of Consolidating Statement Of Operations

Mueller Water Products, Inc. and Subsidiaries

Condensed Consolidating Statement of Operations

Three months ended June 30, 2014



	Issuer			Guarantor companies		Non- guarantor companies		Eliminations			Total
						(in millions)
Net sales	$	—		$	282.8	$	35.7	$	—		$	318.5
Cost of sales	—			188.8		32.4		—			221.2
Gross profit	—			94.0		3.3		—			97.3
Operating expenses:
Selling, general and administrative	9.8			42.6		2.9		—			55.3
Restructuring	—			0.1		0.1		—			0.2
Total operating expenses	9.8			42.7		3.0		—			55.5
Operating income (loss)	(9.8		)	51.3		0.3		—			41.8
Interest expense (income), net	12.4			0.1		—		—			12.5
Income (loss) before income taxes	(22.2		)	51.2		0.3		—			29.3
Income tax expense (benefit)	(8.7		)	19.3		0.2		—			10.8
Equity in income of subsidiaries	32.0			0.1		—		(32.1		)	—
Net income	$	18.5		$	32.0	$	0.1	$	(32.1	)	$	18.5

Mueller Water Products, Inc. and Subsidiaries

Condensed Consolidating Statement of Operations

Three months ended June 30, 2013



	Issuer			Guarantor companies		Non- guarantor companies			Eliminations			Total
						(in millions)
Net sales	$	—		$	263.6	$	35.8		$	—		$	299.4
Cost of sales	—			181.0		28.4			—			209.4
Gross profit	—			82.6		7.4			—			90.0
Operating expenses:
Selling, general and administrative	9.5			43.7		3.7			—			56.9
Restructuring	—			0.2		—			—			0.2
Total operating expenses	9.5			43.9		3.7			—			57.1
Operating income (loss)	(9.5		)	38.7		3.7			—			32.9
Interest expense (income), net	12.7			0.1		(0.1		)	—			12.7
Income (loss) before income taxes	(22.2		)	38.6		3.8			—			20.2
Income tax expense (benefit)	(4.1		)	6.6		1.7			—			4.2
Equity in income of subsidiaries	34.1			2.1		—			(36.2		)	—
Income from continuing operations	16.0			34.1		2.1			(36.2		)	16.0
Loss from discontinued operations	(1.9		)	—		—			—			(1.9		)
Net income	$	14.1		$	34.1	$	2.1		$	(36.2	)	$	14.1

Mueller Water Products, Inc. and Subsidiaries

Condensed Consolidating Statement of Operations

Nine months ended June 30, 2014



	Issuer			Guarantor companies		Non- guarantor companies			Eliminations			Total
						(in millions)
Net sales	$	—		$	785.2	$	78.8		$	—		$	864.0
Cost of sales	—			549.4		68.0			—			617.4
Gross profit	—			235.8		10.8			—			246.6
Operating expenses:
Selling, general and administrative	27.3			126.0		9.2			—			162.5
Restructuring	—			2.9		0.1			—			3.0
Total operating expenses	27.3			128.9		9.3			—			165.5
Operating income (loss)	(27.3		)	106.9		1.5			—			81.1
Interest expense (income), net	37.6			0.2		(0.2		)	—			37.6
Income (loss) before income taxes	(64.9		)	106.7		1.7			—			43.5
Income tax expense (benefit)	(25.5		)	39.3		0.4			—			14.2
Equity in income of subsidiaries	68.7			1.3		—			(70.0		)	—
Net income	$	29.3		$	68.7	$	1.3		$	(70.0	)	$	29.3

Mueller Water Products, Inc. and Subsidiaries

Condensed Consolidating Statement of Operations

Nine months ended June 30, 2013



	Issuer			Guarantor companies		Non- guarantor companies			Eliminations			Total
						(in millions)
Net sales	$	—		$	743.4	$	84.2		$	—		$	827.6
Cost of sales	—			534.2		69.0			—			603.2
Gross profit	—			209.2		15.2			—			224.4
Operating expenses:
Selling, general and administrative	24.6			124.5		9.9			—			159.0
Restructuring	—			1.3		—			—			1.3
Total operating expenses	24.6			125.8		9.9			—			160.3
Operating income (loss)	(24.6		)	83.4		5.3			—			64.1
Interest expense (income), net	39.0			0.2		(0.2		)	—			39.0
Loss on early extinguishment of debt	1.4			—		—			—			1.4
Income (loss) before income taxes	(65.0		)	83.2		5.5			—			23.7
Income tax expense (benefit)	(14.5		)	17.8		1.8			—			5.1
Equity in income of subsidiaries	69.1			3.7		—			(72.8		)	—
Income from continuing operations	18.6			69.1		3.7			(72.8		)	18.6
Income from discontinued operations	8.7			—		—			—			8.7
Net income	$	27.3		$	69.1	$	3.7		$	(72.8	)	$	27.3

Schedule Of Consolidating Statement Of Other Comprehensive Income [Table Text Block]

Mueller Water Products, Inc. and Subsidiaries

Condensed Consolidating Statement of Comprehensive Income

Three months ended June 30, 2014



	Issuer			Guarantor companies		Non- guarantor companies		Eliminations			Total
						(in millions)
Net income	$	18.5		$	32.0	$	0.1	$	(32.1	)	$	18.5
Other comprehensive income (loss):
Minimum pension liability, net of tax	(3.0		)	—		—		—			(3.0		)
Equity in other comprehensive income of subsidiaries	2.1			2.1		—		(4.2		)	—
Foreign currency translation	—			—		2.1		—			2.1
	(0.9		)	2.1		2.1		(4.2		)	(0.9		)
Comprehensive income	$	17.6		$	34.1	$	2.2	$	(36.3	)	$	17.6

Mueller Water Products, Inc. and Subsidiaries

Condensed Consolidating Statement of Comprehensive Income

Three months ended June 30, 2013



	Issuer			Guarantor companies			Non- guarantor companies			Eliminations			Total
							(in millions)
Net income	$	14.1		$	34.1		$	2.1		$	(36.2	)	$	14.1
Other comprehensive income (loss):
Minimum pension liability, net of tax	2.3			—			—			—			2.3
Equity in other comprehensive loss of subsidiaries	(1.9		)	(1.9		)	—			3.8			—
Foreign currency translation	—			—			(1.9		)	—			(1.9		)
	0.4			(1.9		)	(1.9		)	3.8			0.4
Comprehensive income	$	14.5		$	32.2		$	0.2		$	(32.4	)	$	14.5

Mueller Water Products, Inc. and Subsidiaries

Condensed Consolidating Statement of Comprehensive Income (Loss)

Nine months ended June 30, 2014



	Issuer			Guarantor companies			Non- guarantor companies			Eliminations			Total
							(in millions)
Net income	$	29.3		$	68.7		$	1.3		$	(70.0	)	$	29.3
Other comprehensive loss:
Minimum pension liability, net of tax	(9.0		)	—			—			—			(9.0		)
Equity in other comprehensive loss of subsidiaries	(1.9		)	(1.9		)	—			3.8			—
Foreign currency translation	—			—			(1.9		)	—			(1.9		)
	(10.9		)	(1.9		)	(1.9		)	3.8			(10.9		)
Comprehensive income (loss)	$	18.4		$	66.8		$	(0.6	)	$	(66.2	)	$	18.4

Mueller Water Products, Inc. and Subsidiaries

Condensed Consolidating Statement of Comprehensive Income

Nine months ended June 30, 2013



	Issuer			Guarantor companies			Non- guarantor companies			Eliminations			Total
							(in millions)
Net income	$	27.3		$	69.1		$	3.7		$	(72.8	)	$	27.3
Other comprehensive income (loss):
Minimum pension liability, net of tax	7.9			—			—			—			7.9
Equity in other comprehensive loss of subsidiaries	(3.7		)	(3.7		)	—			7.4			—
Foreign currency translation	—			—			(3.7		)	—			(3.7		)
	4.2			(3.7		)	(3.7		)	7.4			4.2
Comprehensive income	$	31.5		$	65.4		$	—		$	(65.4	)	$	31.5

Schedule Of Consolidating Statement Of Cash Flow

Mueller Water Products, Inc. and Subsidiaries

Condensed Consolidating Statement of Cash Flows

Nine months ended June 30, 2014



	Issuer			Guarantor companies			Non- guarantor companies			Eliminations			Total
							(in millions)
Operating activities:
Net cash provided by (used in) operating activities	$	(85.0	)	$	149.7		$	(3.7	)	$	—		$	61.0
Investing activities:
Capital expenditures	(0.2		)	(24.3		)	(1.0		)	—			(25.5		)
Proceeds from sales of assets	—			1.2			—			—			1.2
Intercompany	—			(127.4		)				127.4			—
Net cash used in investing activities	(0.2		)	(150.5		)	(1.0		)	127.4			(24.3		)
Financing activities:
Dividends paid	(8.4		)	—			—			—			(8.4		)
Common stock issued	3.6			—			—			—			3.6
Shares retained for employee taxes	(3.1		)	—			—			—			(3.1		)
Intercompany	127.4			—			—			(127.4		)	—
Other	(0.4		)	0.3			—			—			(0.1		)
Net cash provided by (used in) financing activities	119.1			0.3			—			(127.4		)	(8.0		)
Effect of currency exchange rate changes on cash	—			—			(1.4		)	—			(1.4		)
Net change in cash and cash equivalents	33.9			(0.5		)	(6.1		)	—			27.3
Cash and cash equivalents at beginning of period	86.6			(2.3		)	39.3			—			123.6
Cash and cash equivalents at end of period	$	120.5		$	(2.8	)	$	33.2		$	—		$	150.9

Mueller Water Products, Inc. and Subsidiaries

Consolidating Statement of Cash Flows

Nine months ended June 30, 2013



	Issuer			Guarantor companies			Non- guarantor companies			Eliminations			Total
							(in millions)
Operating activities:
Net cash provided by (used in) operating activities from continuing operations	$	(81.3	)	$	119.4		$	4.7		$	—		$	42.8
Investing activities:
Capital expenditures	(0.1		)	(22.9		)	(0.9		)	—			(23.9		)
Business acquisitions, net of cash acquired	—			(0.2		)	—			—			(0.2		)
Proceeds from sales of assets	—			0.1			—			—			0.1
Intercompany	—			(97.6		)	—			97.6			—
Net cash used in investing activities from continuing operations	(0.1		)	(120.6		)	(0.9		)	97.6			(24.0		)
Financing activities:
Early repayment of debt	(23.2		)	—			—			—			(23.2		)
Dividends paid	(8.3		)	—			—			—			(8.3		)
Common stock issued	2.3			—			—			—			2.3
Shares retained for employee taxes	(1.5		)	—			—			—			(1.5		)
Payment of deferred financing fees	(0.7		)	—			—			—			(0.7		)
Intercompany	97.6			—			—			(97.6		)	—
Other	—			0.2			—			—			0.2
Net cash provided by financing activities from continuing operations	66.2			0.2			—			(97.6		)	(31.2		)
Net cash flows from discontinued operations:
Operating activities	(4.1		)	—			—			—			(4.1		)
Investing activities	4.5			—			—			—			4.5
Net cash provided by discontinued operations	0.4			—			—			—			0.4
Effect of currency exchange rate changes on cash	—			—			(1.8		)	—			(1.8		)
Net change in cash and cash equivalents	(14.8		)	(1.0		)	2.0			—			(13.8		)
Cash and cash equivalents at beginning of period	53.3			(3.7		)	33.4			—			83.0
Cash and cash equivalents at end of period	$	38.5		$	(4.7	)	$	35.4		$	—		$	69.2