Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition

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Revenue Recognition
9 Months Ended
Jun. 30, 2020
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 of receivables from long-term manufacturing contracts at June 30, 2020 and September 30, 2019 was $166.2 and $181.1, respectively. The change was driven by the impact of net revenue recognized prior to billings. The balance of liabilities from long-term manufacturing contracts and advances at June 30, 2020 and September 30, 2019 was $168.4 and $158.2, respectively, and consists primarily of cash payments received in advance of satisfying performance obligations. The revenue recognized for the nine months ended June 30, 2020 and 2019 related to liabilities from long-term manufacturing contracts and advances as of September 30, 2019 and 2018 was $104.7 and $113.0, respectively. During the three and nine months ended June 30, 2020 and 2019, the adjustments related to performance obligations satisfied in previous periods were immaterial.

Transaction price allocated to the remaining performance obligations
                  
As of June 30, 2020, the aggregate amount of transaction price of remaining performance obligations within the Process Equipment Group and Milacron reportable segments, which corresponds to backlog as defined in Item 2 of this Form 10-Q, was $1,123.7. 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

As a result of completing the acquisition of Milacron during the current fiscal year, the Company now sells products in the following additional end markets: custom molders, automotive, consumer goods, packaging, electronics, and construction. The following tables present net revenue by end market, which include reclassifications in the prior year period to conform to the current year presentation:
Three Months Ended June 30, 2020 Nine Months Ended June 30, 2020
Process Equipment Group Milacron Batesville Total Process Equipment Group Milacron Batesville Total
End Market
  Plastics $ 181.0    $ —    $ —    $ 181.0    $ 589.6    $ —    $ —    $ 589.6   
  Automotive —    28.7    —    28.7    —    91.8    —    91.8   
  Chemicals 21.5    —    —    21.5    69.9    —    —    69.9   
  Consumer goods —    25.4    —    25.4    —    76.6    —    76.6   
  Food and pharmaceuticals 19.7    —    —    19.7    54.9    —    —    54.9   
  Custom molders —    28.4    —    28.4    —    66.5    —    66.5   
Packaging —    23.8    —    23.8    —    60.5    —    60.5   
Construction —    20.0    —    20.0    —    51.8    —    51.8   
  Minerals and mining 15.0    —    —    15.0    43.7    —    —    43.7   
  Electronics —    20.3    —    20.3    —    43.1    —    43.1   
  Death care —    —    139.9    139.9    —    —    405.7    405.7   
  Other industrial 44.1    39.7    —    83.8    140.9    128.3    —    269.2   
    Total $ 281.3    $ 186.3    $ 139.9    $ 607.5    $ 899.0    $ 518.6    $ 405.7    $ 1,823.3   

Three Months Ended June 30, 2019 Nine Months Ended June 30, 2019
Process Equipment Group Batesville Total Process Equipment Group Batesville Total
End Market
  Plastics $ 197.9    $ —    $ 197.9    $ 561.0    $ —    $ 561.0   
  Chemicals 28.3    —    28.3    80.8    —    80.8   
Food and pharmaceuticals 20.0    —    20.0    60.9    —    60.9   
Minerals and mining 14.1    —    14.1    64.3    —    64.3   
  Death care —    131.3    131.3    —    397.3    397.3   
  Other industrial 55.0    —    55.0    157.2    —    157.2   
    Total $ 315.3    $ 131.3    $ 446.6    $ 924.2    $ 397.3    $ 1,321.5   

The following tables present net revenue by products and services:
Three Months Ended June 30, 2020 Nine Months Ended June 30, 2020
Process Equipment Group Milacron Batesville Total Process Equipment Group Milacron Batesville Total
Products and Services
Equipment $ 186.7    $ 124.7    $ —    $ 311.4    $ 600.6    $ 305.8    $ —    $ 906.4   
Parts and services 94.6    49.2    —    143.8    298.4    139.7    —    438.1   
Death care —    —    139.9    139.9    —    —    405.7    405.7   
Other —    12.4    —    12.4    —    73.1    —    73.1   
    Total $ 281.3    $ 186.3    $ 139.9    $ 607.5    $ 899.0    $ 518.6    $ 405.7    $ 1,823.3   
Three Months Ended June 30, 2019 Nine Months Ended June 30, 2019
Process Equipment Group Batesville Total Process Equipment Group Batesville Total
Products and Services
Equipment $ 212.4    $ —    $ 212.4    $ 623.4    $ —    $ 623.4   
Parts and services 102.9    —    102.9    300.8    —    300.8   
Death care —    131.3    131.3    —    397.3    397.3   
    Total $ 315.3    $ 131.3    $ 446.6    $ 924.2    $ 397.3    $ 1,321.5   

The following tables present net revenue by timing of transfer:
Three Months Ended June 30, 2020 Nine Months Ended June 30, 2020
Process Equipment Group Milacron Batesville Total Process Equipment Group Milacron Batesville Total
Timing of Transfer
Point in time $ 151.6    $ 186.3    $ 139.9    $ 477.8    $ 448.3    $ 518.6    $ 405.7    $ 1,372.6   
Over time 129.7    —    —    129.7    450.7    —    —    450.7   
    Total $ 281.3    $ 186.3    $ 139.9    $ 607.5    $ 899.0    $ 518.6    $ 405.7    $ 1,823.3   

Three Months Ended June 30, 2019 Nine Months Ended June 30, 2019
Process Equipment Group Batesville Total Process Equipment Group Batesville Total
Timing of Transfer
Point in time $ 164.6    $ 131.3    $ 295.9    $ 505.1    $ 397.3    $ 902.4   
Over time 150.7    —    150.7    419.1    —    419.1   
    Total $ 315.3    $ 131.3    $ 446.6    $ 924.2    $ 397.3    $ 1,321.5