Quarterly report pursuant to Section 13 or 15(d)

Segment and Geographical Information

v3.21.2
Segment and Geographical Information
9 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Segment and Geographical Information Segment and Geographical Information
The Company currently conducts operations through three reportable operating segments: Advanced Process Solutions, Molding Technology Solutions, and Batesville. The Company’s operating 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 operating segments, including stock-based compensation, asset impairments, restructuring activities, and business acquisition costs.  Corporate provides management and administrative services to each reportable operating 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 operating segments.

The following tables present financial information for the Company’s reportable operating segments and significant geographical locations:
  Three Months Ended June 30, Nine Months Ended June 30,
  2021 2020 2021 2020
Net revenue    
Advanced Process Solutions $ 313.4  $ 281.3  $ 905.5  $ 899.0 
Molding Technology Solutions 243.8  186.3  735.7  518.6 
Batesville 137.9  139.9  468.7  405.7 
Total $ 695.1  $ 607.5  $ 2,109.9  $ 1,823.3 
Adjusted EBITDA (1)
   
Advanced Process Solutions $ 61.1  $ 57.6  $ 165.3  $ 166.6 
Molding Technology Solutions 49.2  38.1  148.4  96.4 
Batesville 29.8  36.4  126.7  91.4 
Corporate (13.9) (11.1) (41.9) (30.9)
Net revenue (2)
   
United States $ 301.3  $ 298.5  $ 973.1  $ 880.2 
Germany 35.2  33.5  101.9  114.7 
China 135.8  98.6  362.6  225.9 
India 39.0  17.7  127.5  85.8 
All other countries 183.8  159.2  544.8  516.7 
Total $ 695.1  $ 607.5  $ 2,109.9  $ 1,823.3 
 
(1)Adjusted EBITDA is a non-GAAP measure used by management to measure segment performance and make operating decisions. See the Operating Performance Measures section of Management’s Discussion and Analysis for further information on adjusted EBITDA, which is reconciled to consolidated net income (loss) below.
(2)The Company attributes net revenue to a geography based upon the location of the end customer. Prior to fiscal 2021, the Company attributed net revenue to a geography based upon the location of the business that consummates the external sale for purpose of this disclosure. As such, the net revenue figures for the three and nine months ended June 30, 2020, have been revised to conform to the current year methodology.
  June 30,
2021
September 30,
2020
Total assets    
Advanced Process Solutions $ 1,664.3  $ 1,666.5 
Molding Technology Solutions 2,091.7  2,032.4 
Batesville 228.9  225.3 
Corporate 52.5  63.2 
Total $ 4,037.4  $ 3,987.4 
Tangible long-lived assets, net    
United States $ 165.8  $ 182.4 
Germany 113.4  110.4 
China 52.5  54.2 
All other countries 109.0  121.6 
Total $ 440.7  $ 468.6 

The following schedule reconciles reportable operating segment adjusted EBITDA to consolidated net income (loss):
  Three Months Ended
June 30,
Nine Months Ended
June 30,
2021 2020 2021 2020
Adjusted EBITDA:
Advanced Process Solutions $ 61.1  $ 57.6  $ 165.3  $ 166.6 
Molding Technology Solutions 49.2  38.1  148.4  96.4 
Batesville 29.8  36.4  126.7  91.4 
Corporate (13.9) (11.1) (41.9) (30.9)
Less:    
Interest income (0.9) (0.6) (2.5) (2.5)
Interest expense 19.0  19.7  59.7  55.3 
Income tax expense 24.4  28.3  86.1  17.7 
Depreciation and amortization 28.7  33.9  86.3  98.4 
Impairment charges —  —  —  82.5 
Business acquisition, disposition, and integration costs 6.4  5.5  25.2  67.3 
Restructuring and restructuring-related charges 6.5  3.6  10.2  6.7 
Inventory step-up —  3.6  —  40.7 
(Gain) loss on divestitures (0.1) —  (65.8) 3.0 
Other 0.7  2.0  1.1  2.4 
Consolidated net income (loss) $ 41.5  $ 25.0  $ 198.2  $ (48.0)