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Segment and Geographic Information | 12 Months Ended
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Mar. 31, 2014
Segment and Geographic Information [Abstract] |
Segment and Geographic Information | Note 21: 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 markets. The Company has five operating segments as follows: North America: Comprised of vehicular and industrial original equipment products in North America. Europe: Comprised of vehicular and industrial original equipment products in Europe. South America: Comprised of vehicular and industrial original equipment products and aftermarket products in South America. Asia: Comprised of vehicular and industrial original equipment products in Asia. Commercial Products: Comprised of building heating, ventilating and air conditioning products throughout the world. Each operating segment is managed by a vice president or managing director and has separate financial results reviewed by the Company’s chief operating decision maker. These results are used by management in evaluating the performance of each segment and in making decisions on the allocation of resources among the Company’s various businesses. The following is a summary of net sales, gross profit, and operating income by segment:
|  | Years ended March 31, |
Net sales: |  | 2014 |  |  | 2013 |  |  | 2012 |
North America |  | $ | 568.7 |  |  | $ | 564.5 |  |  | $ | 602.0 |
Europe |  |  | 584.4 |  |  |  | 498.0 |  |  |  | 602.8 |
South America |  |  | 122.7 |  |  |  | 133.8 |  |  |  | 175.6 |
Asia |  |  | 71.5 |  |  |  | 59.5 |  |  |  | 84.1 |
Commercial Products |  |  | 146.5 |  |  |  | 139.3 |  |  |  | 142.2 |
Segment total |  |  | 1,493.8 |  |  |  | 1,395.1 |  |  |  | 1,606.7 |
Corporate and eliminations |  |  | (16.2 | ) |  |  | (19.1 | ) |  |  | (29.5 | )
Net sales |  | $ | 1,477.6 |  |  | $ | 1,376.0 |  |  | $ | 1,577.2 |
|  | Years ended March 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Gross profit: |  | $'s |  |  | % of sales |  |  | $'s |  |  | % of sales |  |  | $'s |  |  | % of sales |
North America |  | $ | 93.5 |  |  |  | 16.4 | % |  | $ | 81.4 |  |  |  | 14.4 | % |  | $ | 89.7 |  |  |  | 14.9 | %
Europe |  |  | 70.8 |  |  |  | 12.1 | % |  |  | 61.0 |  |  |  | 12.3 | % |  |  | 85.1 |  |  |  | 14.1 | %
South America |  |  | 20.8 |  |  |  | 16.9 | % |  |  | 22.5 |  |  |  | 16.8 | % |  |  | 30.9 |  |  |  | 17.6 | %
Asia |  |  | 8.9 |  |  |  | 12.5 | % |  |  | 1.7 |  |  |  | 2.8 | % |  |  | 7.9 |  |  |  | 9.4 | %
Commercial Products |  |  | 43.4 |  |  |  | 29.6 | % |  |  | 40.8 |  |  |  | 29.3 | % |  |  | 42.5 |  |  |  | 29.9 | %
Segment total |  |  | 237.4 |  |  |  | 15.9 | % |  |  | 207.4 |  |  |  | 14.9 | % |  |  | 256.1 |  |  |  | 15.9 | %
Corporate and eliminations |  |  | 0.8 |  |  |  | - |  |  |  | 1.2 |  |  |  | - |  |  |  | 0.5 |  |  |  | - |
Gross profit |  | $ | 238.2 |  |  |  | 16.1 | % |  | $ | 208.6 |  |  |  | 15.2 | % |  | $ | 256.6 |  |  |  | 16.3 | %
|  | Years ended March 31, |
Operating income: |  | 2014 |  |  | 2013 |  |  | 2012 |
North America |  | $ | 42.1 |  |  | $ | 39.2 |  |  | $ | 47.9 |
Europe (a) |  |  | 9.6 |  |  |  | (25.4 | ) |  |  | 26.3 |
South America |  |  | 7.5 |  |  |  | 11.2 |  |  |  | 10.4 |
Asia |  |  | (3.3 | ) |  |  | (8.8 | ) |  |  | (2.5 | )
Commercial Products |  |  | 9.4 |  |  |  | 10.0 |  |  |  | 14.3 |
Segment total |  |  | 65.3 |  |  |  | 26.2 |  |  |  | 96.4 |
Corporate and eliminations (a) |  |  | (28.1 | ) |  |  | (26.8 | ) |  |  | (28.9 | )
Operating income (loss) |  | $ | 37.2 |  |  | $ | (0.6 | ) |  | $ | 67.5 |
| (a) | Segment operating income for fiscal 2013 and 2012 has been recast to conform to the fiscal 2014 presentation. The Company has modified its internal financial reporting of intercompany charges for research and development and intercompany royalties between Corporate and the Europe segment, which totaled $9.3 million and $11.0 million for fiscal years 2013 and 2012, respectively. There was no impact on the total Company consolidated financial results.
Inter-segment sales are accounted for based on an established markup over production costs. Net sales for corporate and eliminations primarily represent the elimination of inter-segment sales. Operating loss for corporate includes certain research and development costs, legal, finance and other general corporate expenses, and also includes a portion of central services costs that are not directly attributable to an operating segment. Following is a summary of assets by segment:
|  | March 31, |
Total assets: |  | 2014 |  |  | 2013 |
North America |  | $ | 218.1 |  |  | $ | 218.3 |
Europe |  |  | 367.9 |  |  |  | 332.2 |
South America |  |  | 80.1 |  |  |  | 91.8 |
Asia |  |  | 92.8 |  |  |  | 91.3 |
Commercial Products (a) |  |  | 132.7 |  |  |  | 73.7 |
Corporate and eliminations (b) |  |  | 140.7 |  |  |  | 11.5 |
Total assets |  | $ | 1,032.3 |  |  | $ | 818.8 |
| (a) | Total assets within the Commercial Products segment included receivables and cash advances from the Company’s insurance provider and reconstruction costs paid to date related to the Airedale fire, which totaled $45.0 million as of March 31, 2014. See Note 2 for additional information.
| (b) | The increase in total assets within corporate and eliminations was primarily due to a $119.2 million reversal of deferred tax asset valuation allowances in the U.S. as of March 31, 2014. See Note 8 for additional information.
Following is a summary of capital expenditures and depreciation and amortization expense by segment:
|  | Years ended March 31, |
Capital expenditures: |  | 2014 |  |  | 2013 |  |  | 2012 |
North America |  | $ | 18.9 |  |  | $ | 19.0 |  |  | $ | 15.2 |
Europe |  |  | 22.9 |  |  |  | 16.5 |  |  |  | 29.8 |
South America |  |  | 5.7 |  |  |  | 3.4 |  |  |  | 5.2 |
Asia |  |  | 4.6 |  |  |  | 7.8 |  |  |  | 12.5 |
Commercial Products |  |  | 1.0 |  |  |  | 3.1 |  |  |  | 1.7 |
Total capital expenditures |  | $ | 53.1 |  |  | $ | 49.8 |  |  | $ | 64.4 |
|  | Years ended March 31, |
Depreciation and amortization expense: |  | 2014 |  |  | 2013 |  |  | 2012 |
North America |  | $ | 19.3 |  |  | $ | 20.1 |  |  | $ | 20.0 |
Europe |  |  | 26.6 |  |  |  | 23.4 |  |  |  | 26.5 |
South America |  |  | 3.3 |  |  |  | 3.7 |  |  |  | 4.1 |
Asia |  |  | 6.7 |  |  |  | 6.4 |  |  |  | 5.0 |
Commercial Products |  |  | 2.2 |  |  |  | 2.2 |  |  |  | 2.1 |
Total depreciation and amortization expense |  | $ | 58.1 |  |  | $ | 55.8 |  |  | $ | 57.7 |
Following is a summary of net sales by geographical area, based upon the location of the selling unit:
|  | Years ended March 31, |
Net sales by country: |  | 2014 |  |  | 2013 |  |  | 2012 |
United States |  | $ | 645.7 |  |  | $ | 637.4 |  |  | $ | 666.2 |
Germany |  |  | 229.5 |  |  |  | 214.8 |  |  |  | 285.9 |
Brazil |  |  | 122.0 |  |  |  | 128.8 |  |  |  | 169.1 |
Hungary |  |  | 150.3 |  |  |  | 117.6 |  |  |  | 149.1 |
Other |  |  | 330.1 |  |  |  | 277.4 |  |  |  | 306.9 |
Net sales |  | $ | 1,477.6 |  |  | $ | 1,376.0 |  |  | $ | 1,577.2 |
Following is a summary of long-lived assets, excluding goodwill, intangible assets, and deferred tax assets, by geographical area:
|  | March 31, |
Long-lived assets: |  | 2014 |  |  | 2013 |
United States |  | $ | 112.9 |  |  | $ | 115.1 |
Germany |  |  | 94.6 |  |  |  | 94.3 |
Other |  |  | 186.3 |  |  |  | 173.4 |
Long-lived assets |  | $ | 393.8 |  |  | $ | 382.8 |
Following is a summary of net sales by product type:
|  | Years ended March 31, |
Net sales by product type: |  | 2014 |  |  | 2013 |  |  | 2012 |
Modules/assemblies |  | $ | 379.9 |  |  | $ | 358.5 |  |  | $ | 410.4 |
Oil coolers |  |  | 215.4 |  |  |  | 194.1 |  |  |  | 249.4 |
EGR coolers |  |  | 172.5 |  |  |  | 136.1 |  |  |  | 152.7 |
Building HVAC |  |  | 159.5 |  |  |  | 151.8 |  |  |  | 153.3 |
Charge air coolers |  |  | 157.0 |  |  |  | 161.8 |  |  |  | 173.9 |
Condensers |  |  | 129.2 |  |  |  | 128.8 |  |  |  | 101.5 |
Radiators |  |  | 129.0 |  |  |  | 134.4 |  |  |  | 191.4 |
Other |  |  | 135.1 |  |  |  | 110.5 |  |  |  | 144.6 |
Net sales |  | $ | 1,477.6 |  |  | $ | 1,376.0 |  |  | $ | 1,577.2 |

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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 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 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 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: 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 11: 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 Reference 12: 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 13: 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 14: 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 + Details
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