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Segment and Geographic Information | 12 Months Ended
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Mar. 31, 2016
Segment and Geographic Information [Abstract] |
Segment and Geographic Information |
Note 21: | Segment and Geographic Information
The Company’s product lines consist of heat-transfer components and systems. The Company serves the vehicular, industrial, and building heating, ventilating and air conditioning markets. During fiscal 2016, the Company combined its North America and South America segments into the Americas segment to streamline operations, gain synergies and improve its cost structure. As a result, the Company recast the prior-period segment financial information to conform to the current-period presentation. There was no impact to the Company’s consolidated financial statements as a result. Throughout fiscal 2016, the Company’s four operating segments were as follows: Americas: Comprised of vehicular and industrial original equipment products in North America and South America, as well as aftermarket products in South America. Europe: Comprised of vehicular and industrial original equipment products in Europe. Asia: Comprised of vehicular and industrial original equipment products in Asia. Building HVAC: Comprised of building heating, ventilating and air conditioning products throughout the world. Each operating segment is managed by a vice president 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: |  | 2016 |  | 2015 |  | 2014
Americas |  | $ | 585.5 |  |  | $ | 666.9 |  |  | $ | 688.3 |
Europe |  |  | 524.1 |  |  |  | 578.2 |  |  |  | 584.4 |
Asia |  |  | 79.0 |  |  |  | 81.2 |  |  |  | 71.5 |
Building HVAC |  |  | 181.4 |  |  |  | 186.3 |  |  |  | 146.5 |
Segment total |  |  | 1,370.0 |  |  |  | 1,512.6 |  |  |  | 1,490.7 |
Corporate and eliminations |  |  | (17.5 | ) |  |  | (16.2 | ) |  |  | (13.1 | )
Net sales |  | $ | 1,352.5 |  |  | $ | 1,496.4 |  |  | $ | 1,477.6 |
|  | Years ended March 31,
|  | 2016 |  | 2015 |  | 2014
Gross profit: |  | $'s |  |  | % of sales |  | $'s |  |  | % of sales |  | $'s |  |  | % of sales
Americas |  | $ | 100.1 |  |  |  | 17.1 | % |  | $ | 109.1 |  |  |  | 16.3 | % |  | $ | 114.3 |  |  |  | 16.6 | %
Europe |  |  | 68.1 |  |  |  | 13.0 | % |  |  | 68.7 |  |  |  | 11.9 | % |  |  | 70.8 |  |  |  | 12.1 | %
Asia |  |  | 12.2 |  |  |  | 15.5 | % |  |  | 11.5 |  |  |  | 14.2 | % |  |  | 8.9 |  |  |  | 12.5 | %
Building HVAC |  |  | 54.2 |  |  |  | 29.9 | % |  |  | 55.9 |  |  |  | 30.0 | % |  |  | 43.4 |  |  |  | 29.6 | %
Segment total |  |  | 234.6 |  |  |  | 17.1 | % |  |  | 245.2 |  |  |  | 16.2 | % |  |  | 237.4 |  |  |  | 15.9 | %
Corporate and eliminations (a) |  |  | (11.1 | ) |  |  | - |  |  |  | 1.3 |  |  |  | - |  |  |  | 0.8 |  |  |  | - |
Gross profit |  | $ | 223.5 |  |  |  | 16.5 | % |  | $ | 246.5 |  |  |  | 16.5 | % |  | $ | 238.2 |  |  |  | 16.1 | %
|  | Years ended March 31,
Operating income: |  | 2016 |  | 2015 |  | 2014
Americas |  | $ | 36.2 |  |  | $ | 33.4 |  |  | $ | 49.6 |
Europe |  |  | 13.3 |  |  |  | 25.7 |  |  |  | 9.6 |
Asia |  |  | 0.8 |  |  |  | 0.3 |  |  |  | (3.3 | )
Building HVAC |  |  | 13.9 |  |  |  | 19.1 |  |  |  | 9.4 |
Segment total |  |  | 64.2 |  |  |  | 78.5 |  |  |  | 65.3 |
Corporate and eliminations (a) |  |  | (71.7 | ) |  |  | (25.8 | ) |  |  | (28.1 | )
Operating (loss) income |  | $ | (7.5 | ) |  | $ | 52.7 |  |  | $ | 37.2 |
| (a) | During fiscal 2016, the Company recorded pension settlement losses of $42.1 million at Corporate, within SG&A expenses ($33.3 million) and cost of sales ($8.8 million). See Note 17 for additional information.
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. The operating loss for corporate includes certain research and development costs, legal, finance and other general corporate and central services expenses, and other costs that are either not directly attributable to an operating segment or not considered when management evaluates segment performance. The following is a summary of total assets by segment:
|  | March 31, |
|  | 2016 |  |  | 2015 |
Americas |  | $ | 267.2 |  |  | $ | 277.7 |
Europe |  |  | 301.9 |  |  |  | 282.7 |
Asia |  |  | 104.0 |  |  |  | 92.2 |
Building HVAC (a) |  |  | 99.0 |  |  |  | 131.3 |
Corporate and eliminations |  |  | 148.8 |  |  |  | 147.0 |
Total assets |  | $ | 920.9 |  |  | $ | 930.9 |
| (a) | As of March 31, 2015, total assets within the Building HVAC segment included $48.0 million of insurance-related assets for the rebuild of the facility damaged by the Airedale fire. See Note 2 for additional information.
The following is a summary of capital expenditures and depreciation and amortization expense by segment:
|  | Years ended March 31, |
Capital expenditures: |  | 2016 |  |  | 2015 |  |  | 2014 |
Americas |  | $ | 26.7 |  |  | $ | 30.2 |  |  | $ | 24.6 |
Europe |  |  | 24.8 |  |  |  | 21.5 |  |  |  | 22.9 |
Asia |  |  | 6.2 |  |  |  | 3.8 |  |  |  | 4.6 |
Building HVAC |  |  | 5.1 |  |  |  | 2.8 |  |  |  | 1.0 |
Total capital expenditures |  | $ | 62.8 |  |  | $ | 58.3 |  |  | $ | 53.1 |
|  | Years ended March 31, |
Depreciation and amortization expense: |  | 2016 |  |  | 2015 |  |  | 2014 |
Americas |  | $ | 22.1 |  |  | $ | 21.3 |  |  | $ | 22.6 |
Europe |  |  | 18.0 |  |  |  | 19.8 |  |  |  | 26.6 |
Asia |  |  | 6.5 |  |  |  | 7.2 |  |  |  | 6.7 |
Building HVAC |  |  | 3.6 |  |  |  | 3.3 |  |  |  | 2.2 |
Total depreciation and amortization expense |  | $ | 50.2 |  |  | $ | 51.6 |  |  | $ | 58.1 |
The following is a summary of net sales by geographical area, based upon the location of the selling unit:
|  | Years ended March 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
United States |  | $ | 627.6 |  |  | $ | 669.3 |  |  | $ | 645.7 |
Germany |  |  | 155.3 |  |  |  | 193.8 |  |  |  | 229.5 |
Hungary |  |  | 145.9 |  |  |  | 161.0 |  |  |  | 150.3 |
Austria |  |  | 113.1 |  |  |  | 118.7 |  |  |  | 109.8 |
Other |  |  | 310.6 |  |  |  | 353.6 |  |  |  | 342.3 |
Net sales |  | $ | 1,352.5 |  |  | $ | 1,496.4 |  |  | $ | 1,477.6 |
The following is a summary of property, plant and equipment by geographical area:
|  | March 31, |
|  | 2016 |  |  | 2015 |
United States |  | $ | 92.5 |  |  | $ | 92.7 |
Austria |  |  | 44.2 |  |  |  | 41.5 |
China |  |  | 33.6 |  |  |  | 31.8 |
Germany |  |  | 32.1 |  |  |  | 47.2 |
Hungary |  |  | 31.4 |  |  |  | 28.9 |
Other |  |  | 104.8 |  |  |  | 80.0 |
Total property, plant and equipment |  | $ | 338.6 |  |  | $ | 322.1 |
The following is a summary of net sales by end market:
|  | Years ended March 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
Commercial vehicle |  | $ | 459.8 |  |  | $ | 512.5 |  |  | $ | 477.0 |
Automotive |  |  | 396.8 |  |  |  | 401.8 |  |  |  | 395.6 |
Off-highway |  |  | 206.2 |  |  |  | 274.6 |  |  |  | 320.8 |
Building HVAC |  |  | 181.4 |  |  |  | 186.3 |  |  |  | 146.5 |
Other |  |  | 108.3 |  |  |  | 121.2 |  |  |  | 137.7 |
Net sales |  | $ | 1,352.5 |  |  | $ | 1,496.4 |  |  | $ | 1,477.6 |

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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 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599 Reference 2: 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=51669610&loc=d3e9038-108599 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=51669610&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 12 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599 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=51669610&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 32 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599 Reference 7: 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=51669610&loc=d3e8844-108599 Reference 8: 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=51669610&loc=d3e8984-108599 Reference 9: 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=51669610&loc=d3e9031-108599 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=51669610&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 10 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599 Reference 12: 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=51669610&loc=d3e8864-108599 Reference 13: 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=51669610&loc=d3e8924-108599 Reference 14: 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=51669610&loc=d3e8906-108599 + Details
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