Annual report pursuant to Section 13 and 15(d)

Segment and Geographical Information

v3.20.2
Segment and Geographical Information
12 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Segment and Geographical Information Segment and Geographical Information
 
Upon completing the acquisition of Milacron on November 21, 2019, the Company currently conducts operations through three reportable operating segments: Advanced Process Solutions, Molding Technology Solutions, and Batesville. The Company’s segments maintain separate financial information for which results of operations are evaluated on a regular basis by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance.
The Company records the direct costs of business operations to the reportable segments, including stock-based compensation, asset impairments, restructuring activities, and business acquisition costs.  Corporate provides management and administrative services to each reportable 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, the Company does not allocate these types of corporate expenses to the reportable segments.

The following tables present financial information for the Company’s reportable segments and significant geographical locations:
  Year Ended September 30,
  2020 2019 2018
Net revenue      
Advanced Process Solutions
$ 1,228.6  $ 1,274.4  $ 1,219.5 
Molding Technology Solutions 735.8  —  — 
Batesville 552.6  532.9  550.6 
Total net revenue $ 2,517.0  $ 1,807.3  $ 1,770.1 
Adjusted EBITDA (1)
   
Advanced Process Solutions
$ 234.5  $ 223.3  $ 215.8 
Molding Technology Solutions 147.0  —  — 
Batesville 127.1  114.2  120.8 
Corporate (44.2) (42.2) (42.3)
Net revenue (2)
   
United States $ 1,172.3  $ 892.5  $ 926.4 
Germany 678.8  568.7  512.5 
All other foreign business units 665.9  346.1  331.2 
Total revenue $ 2,517.0  $ 1,807.3  $ 1,770.1 
Depreciation and amortization      
Advanced Process Solutions
$ 43.6  $ 45.5  $ 42.8 
Molding Technology Solutions 73.2  —  — 
Batesville 10.6  10.7  11.9 
Corporate 3.2  2.3  1.8 
Total depreciation and amortization $ 130.6  $ 58.5  $ 56.5 
(1)  Adjusted EBITDA is a non-GAAP measure used by management to measure segment performance and make operating decisions, which is reconciled to consolidated net (loss) income below.
(2)The Company attributes net revenue to a geography based upon the location of the business that consummates the external sale.
 
  September 30,
  2020 2019
Total assets assigned    
Advanced Process Solutions
$ 1,666.5  $ 1,729.1 
Molding Technology Solutions 2,032.4  — 
Batesville 225.3  186.1 
Corporate 63.2  313.4 
Total assets $ 3,987.4  $ 2,228.6 
Tangible long-lived assets, net (1)
 
United States $ 182.4  $ 67.6 
Germany 110.4  37.5 
China 54.2  4.4 
All other foreign business units 121.6  19.9 
Tangible long-lived assets, net $ 468.6  $ 129.4 
(1)Tangible long-lived assets, net includes operating lease right-of-use assets as of September 30, 2020, due to the adoption of ASU 2016-02 in the current year.

The following schedule reconciles segment adjusted EBITDA to consolidated net (loss) income.
  Year Ended September 30,
  2020 2019 2018
Adjusted EBITDA:      
Advanced Process Solutions
$ 234.5  $ 223.3  $ 215.8 
   Molding Technology Solutions 147.0  —  — 
Batesville 127.1  114.2  120.8 
Corporate (44.2) (42.2) (42.3)
Less:      
Interest income (3.2) (1.1) (1.4)
Interest expense 77.4  27.4  23.3 
Income tax expense 34.9  50.5  65.3 
Depreciation and amortization 130.6  58.5  56.5 
Impairment charges 144.8  —  63.4 
Business acquisition, disposition, and integration costs 77.2  16.6  3.5 
Restructuring and restructuring-related charges 9.3  10.6  2.5 
Inventory step-up 40.7  0.2  — 
Net loss on divestiture 3.5  —  — 
Loss on settlement of interest rate swaps —  6.4  — 
Other 2.6  —  — 
Consolidated net (loss) income $ (53.4) $ 126.2  $ 81.2