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Segment and Geographic Information
 12 Months Ended
Mar. 31, 2017
Segment and Geographic Information [Abstract]  
Segment and Geographic Information
Note 20:  Segment and Geographic Information

The Company’s product lines consist of heat-transfer components and systems.  The Company serves vehicular and commercial, industrial, and building HVAC&R markets.  In November 2016, the Company acquired Luvata HTS and, commencing from the acquisition date, has operated and reported results for the acquired business as its Commercial and Industrial Solutions (“CIS”) segment.  See Note 2 for additional information regarding the Luvata HTS acquisition.

The Company’s Americas, Europe, and Asia segments represent its vehicular businesses and primarily serve the automotive, commercial vehicle, and off-highway markets.  In addition, the Americas segment serves the automotive and commercial vehicle aftermarket in Brazil and provides coils to the commercial HVAC&R market in North America.  The Company’s CIS segment provides coils, coolers, and coating solutions to customers throughout the world.  The Company’s BHVAC segment provides heating, ventilating and air conditioning products to customers 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:
 
2017
  
2016
  
2015
 
Americas
 
$
534.0
  
$
585.5
  
$
666.9
 
Europe
  
524.3
   
524.1
   
578.2
 
Asia
  
111.5
   
79.0
   
81.2
 
CIS
  
177.7
   
-
   
-
 
BHVAC
  
171.6
   
181.4
   
186.3
 
Segment total
  
1,519.1
   
1,370.0
   
1,512.6
 
Corporate and eliminations
  
(16.1
)
  
(17.5
)
  
(16.2
)
Net sales
 
$
1,503.0
  
$
1,352.5
  
$
1,496.4
 

  
Years ended March 31,
 
  
2017
  
2016
  
2015
 
Gross profit:
 
$'s
  
% of
sales
  
$'s
  
% of
sales
  
$'s
  
% of
sales
 
Americas
 
$
86.6
   
16.2
%
 
$
100.1
   
17.1
%
 
$
109.1
   
16.3
%
Europe
  
80.9
   
15.4
%
  
68.1
   
13.0
%
  
68.7
   
11.9
%
Asia
  
18.7
   
16.8
%
  
12.2
   
15.5
%
  
11.5
   
14.2
%
CIS
  
26.0
   
14.6
%
  
-
   
-
   
-
   
-
 
BHVAC
  
47.8
   
27.8
%
  
54.2
   
29.9
%
  
55.9
   
30.0
%
Segment total
  
260.0
   
17.1
%
  
234.6
   
17.1
%
  
245.2
   
16.2
%
Corporate and eliminations (a)
  
(6.7
)
  
-
   
(11.1
)
  
-
   
1.3
   
-
 
Gross profit
 
$
253.3
   
16.9
%
 
$
223.5
   
16.5
%
 
$
246.5
   
16.5
%
 
 
 
Years ended March 31,
 
Operating income:
 
2017
  
2016
  
2015
 
Americas
 
$
26.7
  
$
36.2
  
$
33.4
 
Europe
  
37.1
   
13.3
   
25.7
 
Asia
  
7.7
   
0.8
   
0.3
 
CIS
  
7.5
   
-
   
-
 
BHVAC
  
13.1
   
13.9
   
19.1
 
Segment total
  
92.1
   
64.2
   
78.5
 
Corporate and eliminations (a)
  
(52.7
)
  
(71.7
)
  
(25.8
)
Operating income (loss)
 
$
39.4
  
$
(7.5
)
 
$
52.7
 
 
(a)
During fiscal 2017, the Company recorded $14.8 million of costs incurred directly related to the acquisition and integration of Luvata HTS within SG&A expenses at Corporate.  In addition, as a result of purchase accounting for the Luvata HTS acquisition, the Company wrote up acquired inventory to its estimated fair value and charged the write-up to cost of sales as the underlying inventory was sold.  The Company recorded $4.3 million in cost of sales related to this inventory step-up at Corporate, as the impact of this purchase accounting adjustment is excluded from the Company’s measure of segment operating performance.  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 16 for additional information about the Company’s pension plans.

Inter-segment sales are accounted for based upon 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,
 
  
2017
  
2016
 
Americas
 
$
282.9
  
$
267.2
 
Europe
  
269.4
   
301.9
 
Asia
  
111.3
   
104.0
 
CIS
  
576.0
   
-
 
BHVAC
  
85.2
   
99.0
 
Corporate and eliminations
  
124.7
   
148.8
 
Total assets
 
$
1,449.5
  
$
920.9
 

The following is a summary of capital expenditures and depreciation and amortization expense by segment:

  
Years ended March 31,
 
Capital expenditures:
 
2017
  
2016
  
2015
 
Americas
 
$
26.3
  
$
26.7
  
$
30.2
 
Europe
  
24.7
   
24.8
   
21.5
 
Asia
  
8.5
   
6.2
   
3.8
 
CIS
  
3.4
   
-
   
-
 
BHVAC
  
1.5
   
5.1
   
2.8
 
Total capital expenditures
 
$
64.4
  
$
62.8
  
$
58.3
 
 

  
Years ended March 31,
 
Depreciation and amortization expense:
 
2017
  
2016
  
2015
 
Americas
 
$
22.7
  
$
22.1
  
$
21.3
 
Europe
  
16.5
   
18.0
   
19.8
 
Asia
  
7.0
   
6.5
   
7.2
 
CIS
  
7.9
   
-
   
-
 
BHVAC
  
4.2
   
3.6
   
3.3
 
Total depreciation and amortization expense
 
$
58.3
  
$
50.2
  
$
51.6
 

The following is a summary of net sales by geographical area, based upon the location of the selling unit:

  
Years ended March 31,
 
  
2017
  
2016
  
2015
 
United States
 
$
657.8
  
$
627.6
  
$
669.3
 
Hungary
  
145.6
   
145.9
   
161.0
 
Germany
  
130.1
   
155.3
   
193.8
 
Austria
  
125.2
   
113.1
   
118.7
 
Italy
  
94.4
   
44.1
   
40.6
 
Other
  
349.9
   
266.5
   
313.0
 
Net sales
 
$
1,503.0
  
$
1,352.5
  
$
1,496.4
 

The following is a summary of property, plant and equipment by geographical area:

  
March 31,
 
  
2017
  
2016
 
United States
 
$
124.7
  
$
92.5
 
Italy
  
55.8
   
20.3
 
Mexico
  
47.0
   
30.9
 
Austria
  
44.3
   
44.2
 
China
  
40.0
   
33.6
 
Hungary
  
37.7
   
31.4
 
Germany
  
28.9
   
32.1
 
Other
  
80.6
   
53.6
 
Total property, plant and equipment
 
$
459.0
  
$
338.6
 

The following is a summary of net sales by end market:

  
Years ended March 31,
 
  
2017
  
2016
  
2015
 
Automotive
 
$
461.0
  
$
396.8
  
$
401.8
 
Commercial vehicle
  
382.5
   
459.8
   
512.5
 
Off-highway
  
202.8
   
206.2
   
274.6
 
HVAC&R
  
400.9
   
232.1
   
229.6
 
Other
  
55.8
   
57.6
   
77.9
 
Net sales
 
$
1,503.0
  
$
1,352.5
  
$
1,496.4