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Segment and geographic information | 12 Months Ended
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Mar. 31, 2012
Segment and geographic information [Abstract] |
Segment and geographic information | Note 24: Segment and geographic information Modine's product lines consist of heat-transfer components and systems. Modine serves the vehicular; industrial and building heating, ventilating and air conditioning original-equipment markets. The Company has five reportable segments, as follows: Original Equipment - Asia Comprised of vehicular and industrial original equipment products in Asia. Original Equipment - Europe Comprised of vehicular and industrial original equipment products in Europe. Original Equipment - North America Comprised of vehicular and industrial original equipment products in North America. South America Comprised of vehicular and industrial original equipment products and aftermarket products in South America. Commercial Products Comprised of building heating, ventilating and air conditioning products throughout the world. Each Modine segment is managed at the vice-president or managing director level and has separate financial results reviewed by the Company's chief operating decision makers. These results are used by management in evaluating the performance of each business segment, and in making decisions on the allocation of resources among the Company's various businesses. The segment results include certain allocations of Corporate selling, general and administrative expenses, and the significant accounting policies of the segments are the same as those of Modine as a whole. In addition, the segment data is presented on a continuing operations basis, except where noted. During fiscal 2012, the Company implemented certain management reporting changes resulting in the realignment of the Nuevo Laredo, Mexico facility into the Original Equipment - North America segment from the Commercial Products segment. The previously reported segment results for the Original Equipment - North America and Commercial Products segments have been retrospectively adjusted for comparative purposes. The following is a summary of net sales, gross profit and earnings (loss) from continuing operations by segment:
Years ended March 31 |  | 2012 |  |  | 2011 |  |  | 2010 |
Sales : |  |  |  |  |  |  |  |  |
Original Equipment - Asia |  | $ | 84,127 |  |  | $ | 63,890 |  |  | $ | 32,231 |
Original Equipment - Europe |  |  | 602,848 |  |  |  | 546,709 |  |  |  | 469,399 |
Original Equipment - North America |  |  | 601,966 |  |  |  | 573,233 |  |  |  | 453,608 |
South America |  |  | 175,582 |  |  |  | 158,850 |  |  |  | 117,640 |
Commercial Products |  |  | 142,158 |  |  |  | 126,282 |  |  |  | 123,447 |
Segment sales |  |  | 1,606,681 |  |  |  | 1,468,964 |  |  |  | 1,196,325 |
Corporate and administrative |  |  | 1,078 |  |  |  | 1,482 |  |  |  | 2,791 |
Eliminations |  |  | (30,607 | ) |  |  | (22,211 | ) |  |  | (36,540 | )
Sales from continuing operations |  | $ | 1,577,152 |  |  | $ | 1,448,235 |  |  | $ | 1,162,576 |
Years ended March 31 |  | 2012 |  |  | 2011 |  |  | 2010 |
Gross profit: |  |  |  |  | % of sales |  |  |  |  |  | % of sales |  |  |  |  |  | % of sales |
Original Equipment - Asia |  | $ | 7,944 |  |  |  | 9.4 | % |  | $ | 5,224 |  |  |  | 8.2 | % |  | $ | 32 |  |  |  | 0.1 | %
Original Equipment - Europe |  |  | 85,058 |  |  |  | 14.1 | % |  |  | 75,658 |  |  |  | 13.8 | % |  |  | 59,675 |  |  |  | 12.7 | %
Original Equipment - North America |  |  | 89,694 |  |  |  | 14.9 | % |  |  | 79,305 |  |  |  | 13.8 | % |  |  | 56,511 |  |  |  | 12.5 | %
South America |  |  | 30,884 |  |  |  | 17.6 | % |  |  | 31,220 |  |  |  | 19.7 | % |  |  | 23,008 |  |  |  | 19.6 | %
Commercial Products |  |  | 42,486 |  |  |  | 29.9 | % |  |  | 39,293 |  |  |  | 31.1 | % |  |  | 36,263 |  |  |  | 29.4 | %
Segment gross profit |  |  | 256,066 |  |  |  | 15.9 | % |  |  | 230,700 |  |  |  | 15.7 | % |  |  | 175,489 |  |  |  | 14.7 | %
Corporate and administrative |  |  | 1,108 |  |  |  | - |  |  |  | 1,507 |  |  |  | - |  |  |  | (3,437 | ) |  |  | - |
Eliminations |  |  | (604 | ) |  |  | - |  |  |  | 49 |  |  |  | - |  |  |  | 116 |  |  |  | - |
Gross profit |  | $ | 256,570 |  |  |  | 16.3 | % |  | $ | 232,256 |  |  |  | 16.0 | % |  | $ | 172,168 |  |  |  | 14.8 | %
Years ended March 31 |  | 2012 |  |  | 2011 |  |  | 2010 |
Operating earnings (loss): |  |  |  |  |  |  |  |  |
Original Equipment - Asia |  | $ | (2,457 | ) |  | $ | (3,082 | ) |  | $ | (4,792 | )
Original Equipment - Europe |  |  | 37,320 |  |  |  | 28,262 |  |  |  | 20,692 |
Original Equipment - North America |  |  | 47,892 |  |  |  | 31,821 |  |  |  | 10,677 |
South America |  |  | 10,353 |  |  |  | 12,975 |  |  |  | 7,600 |
Commercial Products |  |  | 14,282 |  |  |  | 12,764 |  |  |  | 12,265 |
Segment earnings |  |  | 107,390 |  |  |  | 82,740 |  |  |  | 46,442 |
Corporate and administrative |  |  | (39,146 | ) |  |  | (39,859 | ) |  |  | (42,416 | )
Eliminations |  |  | (720 | ) |  |  | 40 |  |  |  | 104 |
Other items not allocated to segments |  |  | (19,613 | ) |  |  | (30,098 | ) |  |  | (17,302 | )
Earnings (loss) from continuing operations before income taxes |  | $ | 47,911 |  |  | $ | 12,823 |  |  | $ | (13,172 | )
Inter-segment sales are accounted for based on an established markup over production costs. Sales eliminations represent the elimination of inter-segment sales. Operating loss for corporate and administrative includes certain research and development costs, legal, finance and other general corporate expenses. It also includes a percentage of the central services costs not directly attributable to a reportable segment. Other items not allocated to segments primarily include interest expense, interest income, foreign currency transaction gains/losses and equity in the earnings (losses) of non-consolidated affiliates. Following is a summary of assets by segment:
March 31 |  | 2012 |  |  | 2011 |
Assets: |  |  |  |  |  |
Original Equipment - Asia |  | $ | 102,567 |  |  | $ | 91,748 |
Original Equipment - Europe |  |  | 370,824 |  |  |  | 393,768 |
Original Equipment - North America |  |  | 230,405 |  |  |  | 237,423 |
South America |  |  | 96,588 |  |  |  | 103,733 |
Commercial Products |  |  | 68,900 |  |  |  | 66,301 |
Corporate and administrative |  |  | 40,557 |  |  |  | 45,103 |
Assets held for sale |  |  | 2,450 |  |  |  | 2,450 |
Eliminations |  |  | (18,830 | ) |  |  | (22,784 | )
Total assets |  | $ | 893,461 |  |  | $ | 917,742 |
Corporate assets include cash and cash equivalents, accounts and notes receivable, investments in affiliates and intangibles. Eliminations consist primarily of trade and other receivables and property, plant and equipment. In fiscal 2012, the weakening of the euro against the U.S. dollar decreased the value of assets reported in the Original Equipment - Europe segment, from the year before, by approximately six percent. Following is a summary of capital expenditures and depreciation and amortization expense by segment:
March 31 |  | 2012 |  |  | 2011 |  |  | 2010 |
Capital expenditures: |  |  |  |  |  |  |  |  |
Original Equipment - Asia |  | $ | 12,453 |  |  | $ | 10,796 |  |  | $ | 8,036 |
Original Equipment - Europe |  |  | 29,785 |  |  |  | 24,957 |  |  |  | 36,640 |
Original Equipment - North America |  |  | 15,416 |  |  |  | 12,909 |  |  |  | 14,306 |
South America |  |  | 5,184 |  |  |  | 4,127 |  |  |  | 2,532 |
Commercial Products |  |  | 1,719 |  |  |  | 2,277 |  |  |  | 484 |
Corporate and administrative |  |  | (205 | ) |  |  | (5 | ) |  |  | (1,922 | )
Capital expenditures - continuing operations |  |  | 64,352 |  |  |  | 55,061 |  |  |  | 60,076 |
Capital expenditures - discontinued operations |  |  | - |  |  |  | - |  |  |  | 221 |
Total capital expenditures |  | $ | 64,352 |  |  | $ | 55,061 |  |  | $ | 60,297 |
March 31 |  | 2012 |  |  | 2011 |  |  | 2010 |
Depreciation and amortization expense: |  |  |  |  |  |  |  |  |
Original Equipment - Asia |  | $ | 5,024 |  |  | $ | 3,091 |  |  | $ | 2,435 |
Original Equipment - Europe |  |  | 26,519 |  |  |  | 25,525 |  |  |  | 28,600 |
Original Equipment - North America |  |  | 20,015 |  |  |  | 21,669 |  |  |  | 26,921 |
South America |  |  | 4,041 |  |  |  | 4,038 |  |  |  | 3,689 |
Commercial Products |  |  | 2,135 |  |  |  | 2,213 |  |  |  | 3,008 |
Corporate and administrative |  |  | - |  |  |  | 2 |  |  |  | 11 |
Eliminations |  |  | (44 | ) |  |  | (46 | ) |  |  | (58 | )
Total depreciation and amortization expense |  | $ | 57,690 |  |  | $ | 56,492 |  |  | $ | 64,606 |
Following is a summary of net sales by geographical area:
Years ended March 31 |  | 2012 |  |  | 2011 |  |  | 2010 |
Net sales by country: |  |  |  |  |  |  |  |  |
Brazil |  | $ | 169,058 |  |  | $ | 156,620 |  |  | $ | 115,862 |
Germany |  |  | 285,911 |  |  |  | 280,271 |  |  |  | 293,077 |
United States |  |  | 666,166 |  |  |  | 632,278 |  |  |  | 515,513 |
Other |  |  | 456,017 |  |  |  | 379,066 |  |  |  | 238,124 |
Total net sales |  | $ | 1,577,152 |  |  | $ | 1,448,235 |  |  | $ | 1,162,576 |
Net sales are attributed to countries based on the location of the selling unit. Following is a summary of long-lived assets by geographical area:
March 31 |  | 2012 |  |  | 2011 |
Long-lived assets: |  |  |  |  |  |
Germany |  | $ | 127,432 |  |  | $ | 149,523 |
United States |  |  | 112,266 |  |  |  | 118,781 |
Other |  |  | 188,044 |  |  |  | 180,455 |
Long-lived assets |  |  | 427,742 |  |  |  | 448,759 |
Assets held for sale |  |  | 2,450 |  |  |  | 2,450 |
Total long-lived assets |  | $ | 430,192 |  |  | $ | 451,209 |
Long-lived assets are primarily property, plant and equipment, but also include investments and other noncurrent assets. Assets held for sale for fiscal 2012 and 2011 includes two facilities which the Company has closed and is currently marketing for sale. Following is a summary of net sales by product type:
Years ended March 31 |  | 2012 |  |  | 2011 |  |  | 2010 |
Modules/packages |  | $ | 410,434 |  |  | $ | 406,908 |  |  | $ | 378,443 |
Oil coolers |  |  | 249,387 |  |  |  | 232,355 |  |  |  | 157,756 |
Radiators |  |  | 191,370 |  |  |  | 187,906 |  |  |  | 153,515 |
Charge-air coolers |  |  | 173,859 |  |  |  | 140,154 |  |  |  | 95,381 |
Building HVAC |  |  | 153,284 |  |  |  | 143,137 |  |  |  | 140,688 |
EGR coolers |  |  | 152,715 |  |  |  | 130,877 |  |  |  | 77,958 |
Vehicular air conditioning |  |  | 101,522 |  |  |  | 62,979 |  |  |  | 45,176 |
Other |  |  | 144,581 |  |  |  | 143,919 |  |  |  | 113,659 |
Total net sales |  | $ | 1,577,152 |  |  | $ | 1,448,235 |  |  | $ | 1,162,576 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 + Details
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