Segment and Geographical Information
We conduct our operations through two reportable business segments: the Process Equipment Group and Batesville. These reporting segments are determined on the basis of our management structure, and how we internally report financial information used to make operating decisions and evaluate results.
We record the direct costs of business operations to the reporting segments, including stock-based compensation, asset impairments, restructuring activities, and business acquisition costs. Corporate provides management and administrative services to each reporting segment. These services include treasury management, human resources, legal, business development, and other public company support functions such as internal audit, investor relations, financial reporting, and tax compliance. With limited exception for certain professional services and back-office and technology costs, we do not allocate these types of corporate expenses to the reporting segments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
2016 |
|
2015 |
|
2014 |
Net revenue |
|
|
|
|
|
|
|
|
Process Equipment Group |
$ |
964.7 |
|
|
$ |
992.8 |
|
|
$ |
1,075.0 |
|
Batesville |
573.7 |
|
|
604.0 |
|
|
592.2 |
|
Total net revenue |
$ |
1,538.4 |
|
|
$ |
1,596.8 |
|
|
$ |
1,667.2 |
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
Process Equipment Group |
$ |
160.9 |
|
|
$ |
160.5 |
|
|
$ |
150.4 |
|
Batesville |
143.5 |
|
|
145.5 |
|
|
150.8 |
|
Corporate |
(37.3 |
) |
|
(37.3 |
) |
|
(25.7 |
) |
|
|
|
|
|
|
Net revenue(1)
|
|
|
|
|
|
|
|
United States |
$ |
857.0 |
|
|
$ |
915.0 |
|
|
$ |
874.4 |
|
Germany |
482.7 |
|
|
477.3 |
|
|
561.1 |
|
All other foreign business units |
198.7 |
|
|
204.5 |
|
|
231.7 |
|
Total revenue |
$ |
1,538.4 |
|
|
$ |
1,596.8 |
|
|
$ |
1,667.2 |
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
|
|
|
|
|
Process Equipment Group |
$ |
45.2 |
|
|
$ |
37.2 |
|
|
$ |
41.9 |
|
Batesville |
14.1 |
|
|
15.8 |
|
|
15.5 |
|
Corporate |
1.1 |
|
|
1.3 |
|
|
1.0 |
|
Total depreciation and amortization |
$ |
60.4 |
|
|
$ |
54.3 |
|
|
$ |
58.4 |
|
(1) We attribute revenue to a geography based upon the location of the business unit that consummates the external sale.
|
|
|
|
|
|
|
|
|
|
September 30, |
|
2016 |
|
2015 |
Total assets assigned |
|
|
|
|
|
Process Equipment Group |
$ |
1,694.6 |
|
|
$ |
1,537.3 |
|
Batesville |
211.8 |
|
|
224.9 |
|
Corporate |
54.5 |
|
|
45.9 |
|
Total assets |
$ |
1,960.9 |
|
|
$ |
1,808.1 |
|
|
|
|
|
Tangible long-lived assets, net |
|
|
|
|
United States |
$ |
89.5 |
|
|
$ |
95.7 |
|
Germany |
35.8 |
|
|
35.1 |
|
All other foreign business units |
27.2 |
|
|
27.5 |
|
Tangible long-lived assets, net |
$ |
152.5 |
|
|
$ |
158.3 |
|
The following schedule reconciles segment adjusted EBITDA to consolidated net income.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended September 30, |
|
2016 |
|
2015 |
|
2014 |
Adjusted EBITDA: |
|
|
|
|
|
|
|
|
Process Equipment Group |
$ |
160.9 |
|
|
$ |
160.5 |
|
|
$ |
150.4 |
|
Batesville |
143.5 |
|
|
145.5 |
|
|
150.8 |
|
Corporate |
(37.3 |
) |
|
(37.3 |
) |
|
(25.7 |
) |
Less: |
|
|
|
|
|
|
|
|
Interest income |
(1.2 |
) |
|
(1.0 |
) |
|
(0.8 |
) |
Interest expense |
25.3 |
|
|
23.8 |
|
|
23.3 |
|
Income tax expense |
47.3 |
|
|
49.1 |
|
|
48.7 |
|
Depreciation and amortization |
60.4 |
|
|
54.3 |
|
|
58.4 |
|
Business acquisition costs |
3.7 |
|
|
3.6 |
|
|
8.4 |
|
Inventory step-up |
2.4 |
|
|
— |
|
|
— |
|
Restructuring and restructuring related |
10.2 |
|
|
7.5 |
|
|
5.5 |
|
Litigation |
— |
|
|
0.5 |
|
|
20.8 |
|
Pension settlement charge |
— |
|
|
17.7 |
|
|
— |
|
Trade name impairment |
2.2 |
|
|
— |
|
|
— |
|
Consolidated net income |
$ |
116.8 |
|
|
$ |
113.2 |
|
|
$ |
111.2 |
|
|