Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition

v3.21.1
Revenue Recognition
6 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Net revenue includes gross revenue less sales discounts, customer rebates, sales incentives, and product returns, all of which require the Company to make estimates for the portion of these allowances that have yet to be credited or paid to customers. The Company estimates these allowances using the expected value method, which is based upon historical rates and projections of customer purchases toward contractual rebate thresholds.

Contract balances

The balance in receivables from long-term manufacturing contracts at March 31, 2021 and September 30, 2020 was $149.2 and $138.1, respectively. The change was driven by the impact of net revenue recognized prior to billings. The balance in the liabilities from long-term manufacturing contracts and advances at March 31, 2021 and September 30, 2020 was $265.6 and $189.1, respectively, and consists primarily of cash payments received or due in advance of satisfying performance obligations. The revenue recognized for the six months ended March 31, 2021 and 2020 related to liabilities from long-term manufacturing contracts and advances as of September 30, 2020 and 2019 was $97.6 and $87.8, respectively. During the three and six months ended March 31, 2021 and 2020, the adjustments related to performance obligations satisfied in previous periods were immaterial.
Transaction price allocated to the remaining performance obligations
                                            
As of March 31, 2021, the aggregate amount of transaction price of remaining performance obligations for the Company, which corresponds to backlog as defined in Item 2 of this Form 10-Q, was $1,520.6 for the Company. Approximately 78% of these performance obligations are expected to be satisfied over the next twelve months, and the remaining performance obligations, primarily within one to three years.

Disaggregation of revenue

The following tables present net revenue by end market:
Three Months Ended March 31, 2021 Six Months Ended March 31, 2021
Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total
End Market
  Plastics $ 210.4  $ —  $ —  $ 210.4  $ 405.1  $ —  $ —  $ 405.1 
  Automotive —  42.5  —  42.5  —  79.0  —  79.0 
  Chemicals 20.2  —  —  20.2  39.3  —  —  39.3 
  Consumer goods —  23.8  —  23.8  —  46.6  —  46.6 
Food and pharmaceuticals 20.8  —  —  20.8  43.6  —  —  43.6 
  Custom molders —  42.5  —  42.5  —  81.4  —  81.4 
Packaging —  34.4  —  34.4  —  66.1  —  66.1 
Construction —  31.8  —  31.8  —  52.2  —  52.2 
  Minerals and mining 12.4  —  —  12.4  24.3  —  —  24.3 
  Electronics —  15.3  —  15.3  —  33.7  —  33.7 
  Medical —  21.0  —  21.0  —  42.2  —  42.2 
  Death care —  —  166.0  166.0  —  —  330.8  330.8 
  Other industrial 37.5  43.7  —  81.2  79.8  90.7  —  170.5 
    Total $ 301.3  $ 255.0  $ 166.0  $ 722.3  $ 592.1  $ 491.9  $ 330.8  $ 1,414.8 
Three Months Ended March 31, 2020 Six Months Ended March 31, 2020
Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total
End Market
  Plastics $ 206.6  $ —  $ —  $ 206.6  $ 408.7  $ —  $ —  $ 408.7 
  Automotive $ —  $ 38.1  $ —  $ 38.1  $ —  $ 63.2  $ —  $ 63.2 
  Chemicals $ 24.1  $ —  $ —  $ 24.1  $ 48.4  $ —  $ —  $ 48.4 
Consumer goods $ —  $ 19.3  $ —  $ 19.3  $ —  $ 37.6  $ —  $ 37.6 
Food and pharmaceuticals $ 17.2  $ —  $ —  $ 17.2  $ 35.2  $ —  $ —  $ 35.2 
Custom molders $ —  $ 21.3  $ —  $ 21.3  $ —  $ 38.1  $ —  $ 38.1 
Packaging $ —  $ 22.8  $ —  $ 22.8  $ —  $ 36.6  $ —  $ 36.6 
Construction $ —  $ 14.9  $ —  $ 14.9  $ —  $ 31.8  $ —  $ 31.8 
Minerals and mining $ 15.4  $ —  $ —  $ 15.4  $ 28.7  $ —  $ —  $ 28.7 
  Electronics $ —  $ 14.5  $ —  $ 14.5  $ —  $ 22.8  $ —  $ 22.8 
  Medical $ —  $ 14.0  $ —  $ 14.0  $ —  $ 19.4  $ —  $ 19.4 
  Death care $ —  $ —  $ 138.8  $ 138.8  $ —  $ —  $ 265.8  $ 265.8 
  Other industrial $ 47.8  $ 54.1  $ —  $ 101.9  $ 96.7  $ 82.8  $ —  $ 179.5 
    Total $ 311.1  $ 199.0  $ 138.8  $ 648.9  $ 617.7  $ 332.3  $ 265.8  $ 1,215.8 


The following tables present net revenue by geographical market:
Three Months Ended March 31, 2021 Six Months Ended March 31, 2021
Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total
Geographical Markets
Americas $ 81.6  $ 138.8  $ 166.0  $ 386.4  $ 163.7  $ 263.5  $ 330.8  $ 758.0 
Asia $ 134.9  $ 70.8  $ —  $ 205.7  $ 262.8  $ 144.1  $ —  $ 406.9 
Europe, the Middle East, and Africa $ 84.8  $ 45.4  $ —  $ 130.2  $ 165.6  $ 84.3  $ —  $ 249.9 
    Total $ 301.3  $ 255.0  $ 166.0  $ 722.3  $ 592.1  $ 491.9  $ 330.8  $ 1,414.8 

Three Months Ended March 31, 2020 Six Months Ended March 31, 2020
Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total
Geographical Markets
Americas $ 100.6  $ 105.0  $ 138.8  $ 344.4  $ 213.5  $ 185.4  $ 265.8  $ 664.7 
Asia $ 119.3  $ 49.8  $ —  $ 169.1  $ 227.6  $ 82.7  $ —  $ 310.3 
Europe, the Middle East, and Africa $ 91.2  $ 44.2  $ —  $ 135.4  $ 176.6  $ 64.2  $ —  $ 240.8 
    Total $ 311.1  $ 199.0  $ 138.8  $ 648.9  $ 617.7  $ 332.3  $ 265.8  $ 1,215.8 
The following tables present net revenue by products and services:
Three Months Ended March 31, 2021 Six Months Ended March 31, 2021
Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total
Products and Services
Equipment $ 208.2  $ 169.3  $ —  $ 377.5  $ 406.1  $ 324.4  $ —  $ 730.5 
Parts and services 93.1  68.0  —  161.1  186.0  133.5  —  319.5 
Death care —  —  166.0  166.0  —  —  330.8  330.8 
Other —  17.7  —  17.7  —  34.0  —  34.0 
    Total $ 301.3  $ 255.0  $ 166.0  $ 722.3  $ 592.1  $ 491.9  $ 330.8  $ 1,414.8 


Three Months Ended March 31, 2020 Six Months Ended March 31, 2020
Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total
Products and Services
Equipment $ 207.9  $ 99.0  $ —  $ 306.9  $ 413.9  $ 181.2  $ —  $ 595.1 
Parts and services 103.2  58.3  —  161.5  203.8  90.5  —  294.3 
Death care —  —  138.8  138.8  —  —  265.8  265.8 
Other —  41.7  —  41.7  —  60.6  —  60.6 
    Total $ 311.1  $ 199.0  $ 138.8  $ 648.9  $ 617.7  $ 332.3  $ 265.8  $ 1,215.8 

The following tables present net revenue by timing of transfer:
Three Months Ended March 31, 2021 Six Months Ended March 31, 2021
Advanced Process Solutions Molding Technology Solutions Batesville Total Advanced Process Solutions Molding Technology Solutions Batesville Total
Timing of Transfer
Point in time $ 150.2  $ 255.0  $ 166.0  $ 571.2  $ 296.4  $ 491.9  $ 330.8  $ 1,119.1 
Over time 151.1  —  —  151.1  295.7  —  —  295.7 
    Total $ 301.3  $ 255.0  $ 166.0  $ 722.3  $ 592.1  $ 491.9  $ 330.8  $ 1,414.8