Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition

v3.23.1
Revenue Recognition
 6 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Net revenue includes gross revenue less sales discounts and sales incentives, 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.

Contract balances

The balance in receivables from long-term manufacturing contracts at March 31, 2023 and September 30, 2022, was $299.8 and $213.3, respectively. The change was driven by the impact of net revenue recognized prior to billings to customers. The balance in the liabilities from long-term manufacturing contracts and advances at March 31, 2023 and September 30, 2022, was $390.7 and $290.3, respectively, and consists primarily of cash payments received or due in advance of satisfying performance obligations. The net revenue recognized for the six months ended March 31, 2023 and 2022, related to liabilities from long-term manufacturing contracts and advances as of September 30, 2022 and 2021, was $147.1 and $171.3, respectively. During the three and six months ended March 31, 2023 and 2022, the adjustments related to performance obligations satisfied in previous periods were immaterial.
Transaction price allocated to the remaining performance obligations
                                            
As of March 31, 2023, the aggregate amount of transaction price of remaining performance obligations for the Company, which corresponds to backlog as defined in Part I, Item 2 of this Quarterly Report on Form 10-Q, was $1,971.6. Approximately 77% 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, 2023 Six Months Ended March 31, 2023
Advanced Process Solutions Molding Technology Solutions Total Advanced Process Solutions Molding Technology Solutions Total
End market
  Plastics $ 248.3  $ —  $ 248.3  $ 489.1  $ —  $ 489.1 
  Automotive —  52.5  52.5  —  101.7  101.7 
  Chemicals 32.1  —  32.1  56.8  —  56.8 
  Consumer goods —  34.3  34.3  —  67.4  67.4 
Food and pharmaceuticals 98.6  —  98.6  202.4  —  202.4 
  Custom molders —  30.7  30.7  —  57.3  57.3 
Packaging —  37.4  37.4  —  66.0  66.0 
Construction —  38.7  38.7  —  69.8  69.8 
  Minerals 18.7  —  18.7  32.5  —  32.5 
  Electronics —  19.7  19.7  —  35.6  35.6 
  Medical —  15.2  15.2  —  31.7  31.7 
  Other industrial 32.8  31.9  64.7  62.5  73.8  136.3 
    Total $ 430.5  $ 260.4  $ 690.9  $ 843.3  $ 503.3  $ 1,346.6 
Three Months Ended March 31, 2022 Six Months Ended March 31, 2022
Advanced Process Solutions Molding Technology Solutions Total Advanced Process Solutions Molding Technology Solutions Total
End market
Plastics $ 229.5  $ —  $ 229.5  $ 464.5  $ —  $ 464.5 
Automotive —  56.3  56.3  —  105.9  105.9 
Chemicals 25.3  —  25.3  49.5  —  49.5 
Consumer goods —  35.3  35.3  —  75.0  75.0 
Food and pharmaceuticals 24.5  —  24.5  46.3  —  46.3 
Custom molders —  34.7  34.7  —  73.0  73.0 
Packaging —  31.2  31.2  —  66.4  66.4 
Construction —  23.8  23.8  —  48.4  48.4 
Minerals 10.9  —  10.9  23.0  —  23.0 
Electronics —  20.0  20.0  —  34.3  34.3 
Medical —  20.2  20.2  —  40.2  40.2 
Other industrial 24.4  29.6  54.0  48.4  56.7  105.1 
Total $ 314.6  $ 251.1  $ 565.7  $ 631.7  $ 499.9  $ 1,131.6 
The following tables present net revenue by geography:
Three Months Ended March 31, 2023 Six Months Ended March 31, 2023
Advanced Process Solutions Molding Technology Solutions Total Advanced Process Solutions Molding Technology Solutions Total
Geography (1)
Americas $ 159.0  $ 157.1  $ 316.1  $ 297.5  $ 293.3  $ 590.8 
Asia 142.3  65.3  207.6  291.0  133.5  424.5 
Europe, the Middle East, and Africa 129.2  38.0  167.2  254.8  76.5  331.3 
    Total $ 430.5  $ 260.4  $ 690.9  $ 843.3  $ 503.3  $ 1,346.6 
Three Months Ended March 31, 2022 Six Months Ended March 31, 2022
Advanced Process Solutions Molding Technology Solutions Total Advanced Process Solutions Molding Technology Solutions Total
Geography (1)
Americas $ 75.4  $ 136.1  $ 211.5  $ 139.0  $ 265.2  $ 404.2 
Asia 158.2  75.0  233.2  326.8  156.6  483.4 
Europe, the Middle East, and Africa 81.0  40.0  121.0  165.9  78.1  244.0 
Total $ 314.6  $ 251.1  $ 565.7  $ 631.7  $ 499.9  $ 1,131.6 
(1)The Company attributes net revenue to a geography based upon the location of the end customer.

The following tables present net revenue by products and services:
Three Months Ended March 31, 2023 Six Months Ended March 31, 2023
Advanced Process Solutions Molding Technology Solutions Total Advanced Process Solutions Molding Technology Solutions Total
Products and services
Equipment $ 305.5  $ 173.2  $ 478.7  $ 610.8  $ 335.3  $ 946.1 
Parts and services 125.0  70.8  195.8  232.5  135.4  367.9 
Other —  16.4  16.4  —  32.6  32.6 
    Total $ 430.5  $ 260.4  $ 690.9  $ 843.3  $ 503.3  $ 1,346.6 
Three Months Ended March 31, 2022 Six Months Ended March 31, 2022
Advanced Process Solutions Molding Technology Solutions Total Advanced Process Solutions Molding Technology Solutions Total
Products and services
Equipment $ 222.9  $ 169.1  $ 392.0  $ 454.4  $ 340.9  $ 795.3 
Parts and services 91.7  65.2  156.9  177.3  125.5  302.8 
Other —  16.8  16.8  —  33.5  33.5 
    Total $ 314.6  $ 251.1  $ 565.7  $ 631.7  $ 499.9  $ 1,131.6 
The following tables present net revenue by timing of transfer:
Three Months Ended March 31, 2023 Six Months Ended March 31, 2023
Advanced Process Solutions Molding Technology Solutions Total Advanced Process Solutions Molding Technology Solutions Total
Timing of transfer
Point in time $ 221.6  $ 226.1  $ 447.7  $ 441.8  $ 456.1  $ 897.9 
Over time 208.9  34.3  243.2  401.5  47.2  448.7 
    Total $ 430.5  $ 260.4  $ 690.9  $ 843.3  $ 503.3  $ 1,346.6 
Three Months Ended March 31, 2022 Six Months Ended March 31, 2022
Advanced Process Solutions Molding Technology Solutions Total Advanced Process Solutions Molding Technology Solutions Total
Timing of transfer
Point in time $ 134.4  $ 240.8  $ 375.2  $ 269.4  $ 486.9  $ 756.3 
Over time 180.2  10.3  190.5  362.3  13.0  375.3 
    Total $ 314.6  $ 251.1  $ 565.7  $ 631.7  $ 499.9  $ 1,131.6