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v3.19.1

Segment and Geographic Information (Tables) | 12 Months Ended
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Mar. 31, 2019
Segment and Geographic Information [Abstract] |
Net sales, Gross profit, Operating Income and Total Assets by Segment | The following is a summary of net sales, gross profit, and operating income by segment:
|  | Year ended March 31, 2019 |
|  | External Sales |  |  | Inter-segment Sales |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |
VTS |  | $ | 1,298.9 |  |  | $ | 52.8 |  |  | $ | 1,351.7 |
CIS |  |  | 704.7 |  |  |  | 2.9 |  |  |  | 707.6 |
BHVAC |  |  | 209.1 |  |  |  | 3.3 |  |  |  | 212.4 |
Segment total |  |  | 2,212.7 |  |  |  | 59.0 |  |  |  | 2,271.7 |
Corporate and eliminations |  |  | - |  |  |  | (59.0 | ) |  |  | (59.0 | )
Net sales |  | $ | 2,212.7 |  |  | $ | - |  |  | $ | 2,212.7 |
|  | Year ended March 31, 2018 |
|  | External Sales |  |  | Inter-segment Sales |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |
VTS |  | $ | 1,239.3 |  |  | $ | 56.4 |  |  | $ | 1,295.7 |
CIS |  |  | 674.4 |  |  |  | 1.3 |  |  |  | 675.7 |
BHVAC |  |  | 189.4 |  |  |  | 1.8 |  |  |  | 191.2 |
Segment total |  |  | 2,103.1 |  |  |  | 59.5 |  |  |  | 2,162.6 |
Corporate and eliminations |  |  | - |  |  |  | (59.5 | ) |  |  | (59.5 | )
Net sales |  | $ | 2,103.1 |  |  | $ | - |  |  | $ | 2,103.1 |
|  | Year ended March 31, 2017 |
|  | External Sales |  |  | Inter-segment Sales |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |
VTS |  | $ | 1,099.9 |  |  | $ | 52.3 |  |  | $ | 1,152.2 |
CIS |  |  | 231.5 |  |  |  | 0.3 |  |  |  | 231.8 |
BHVAC |  |  | 171.6 |  |  |  | - |  |  |  | 171.6 |
Segment total |  |  | 1,503.0 |  |  |  | 52.6 |  |  |  | 1,555.6 |
Corporate and eliminations |  |  | - |  |  |  | (52.6 | ) |  |  | (52.6 | )
Net sales |  | $ | 1,503.0 |  |  | $ | - |  |  | $ | 1,503.0 |
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.
|  | Years ended March 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Gross profit: |  | $’s |  |  | % of sales |  |  | $’s |  |  | % of sales |  |  | $’s |  |  | % of sales |
VTS |  | $ | 186.9 |  |  |  | 13.8 | % |  | $ | 201.0 |  |  |  | 15.5 | % |  | $ | 182.0 |  |  |  | 15.8 | %
CIS |  |  | 114.9 |  |  |  | 16.2 | % |  |  | 97.8 |  |  |  | 14.5 | % |  |  | 32.2 |  |  |  | 13.9 | %
BHVAC |  |  | 63.4 |  |  |  | 29.9 | % |  |  | 58.0 |  |  |  | 30.3 | % |  |  | 47.8 |  |  |  | 27.8 | %
Segment total |  |  | 365.2 |  |  |  | 16.1 | % |  |  | 356.8 |  |  |  | 16.5 | % |  |  | 262.0 |  |  |  | 16.8 | %
Corporate and eliminations (a) |  |  | 0.3 |  |  |  | - |  |  |  | (0.3 | ) |  |  | - |  |  |  | (7.6 | ) |  |  | - |
Gross profit |  | $ | 365.5 |  |  |  | 16.5 | % |  | $ | 356.5 |  |  |  | 17.0 | % |  | $ | 254.4 |  |  |  | 16.9 | %
|  | Years ended March 31, |
Operating income: |  | 2019 |  |  | 2018 |  |  | 2017 |
VTS |  | $ | 64.8 |  |  | $ | 84.2 |  |  | $ | 68.4 |
CIS |  |  | 53.4 |  |  |  | 28.5 |  |  |  | 10.9 |
BHVAC |  |  | 26.9 |  |  |  | 20.3 |  |  |  | 13.2 |
Segment total |  |  | 145.1 |  |  |  | 133.0 |  |  |  | 92.5 |
Corporate and eliminations (a) |  |  | (35.4 | ) |  |  | (40.8 | ) |  |  | (50.2 | )
Operating income |  | $ | 109.7 |  |  | $ | 92.2 |  |  | $ | 42.3 |
| (a) | During fiscal 2018 and 2017, the Company recorded $4.3 million and $14.8 million, respectively, of costs incurred directly related to the acquisition and integration of Luvata HTS within SG&A expenses at Corporate. During fiscal 2017, the Company recorded $4.3 million in cost of sales related to an inventory purchase accounting adjustment at Corporate, as the impact was excluded from the Company’s measure of segment operating performance. In addition, 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, |
|  | 2019 |  |  | 2018 |
VTS |  | $ | 749.9 |  |  | $ | 754.8 |
CIS |  |  | 604.2 |  |  |  | 630.2 |
BHVAC |  |  | 89.4 |  |  |  | 88.1 |
Corporate and eliminations |  |  | 94.5 |  |  |  | 100.3 |
Total assets |  | $ | 1,538.0 |  |  | $ | 1,573.4 |
Summary of Capital Expenditures and Depreciation and Amortization Expense by Segment | The following is a summary of capital expenditures and depreciation and amortization expense by segment:
|  | Years ended March 31, |
Capital expenditures: |  | 2019 |  |  | 2018 |  |  | 2017 |
VTS |  | $ | 56.2 |  |  | $ | 61.4 |  |  | $ | 59.5 |
CIS |  |  | 16.4 |  |  |  | 9.0 |  |  |  | 3.4 |
BHVAC |  |  | 1.3 |  |  |  | 0.6 |  |  |  | 1.5 |
Total capital expenditures |  | $ | 73.9 |  |  | $ | 71.0 |  |  | $ | 64.4 |
|  | Years ended March 31, |
Depreciation and amortization expense: |  | 2019 |  |  | 2018 |  |  | 2017 |
VTS |  | $ | 49.5 |  |  | $ | 48.2 |  |  | $ | 46.2 |
CIS |  |  | 23.9 |  |  |  | 24.3 |  |  |  | 7.9 |
BHVAC |  |  | 3.5 |  |  |  | 4.2 |  |  |  | 4.2 |
Total depreciation and amortization expense |  | $ | 76.9 |  |  | $ | 76.7 |  |  | $ | 58.3 |
Summary of Net Sales and Long-lived Assets by Geographical Area | The following is a summary of net sales by geographical area, based upon the location of the selling unit:
|  | Years ended March 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
United States |  | $ | 1,032.3 |  |  | $ | 911.4 |  |  | $ | 657.8 |
Italy |  |  | 217.3 |  |  |  | 211.5 |  |  |  | 94.4 |
China |  |  | 172.1 |  |  |  | 156.0 |  |  |  | 73.7 |
Hungary |  |  | 165.6 |  |  |  | 153.9 |  |  |  | 145.6 |
Germany |  |  | 123.1 |  |  |  | 132.6 |  |  |  | 130.1 |
Austria |  |  | 116.2 |  |  |  | 151.7 |  |  |  | 125.2 |
Other |  |  | 386.1 |  |  |  | 386.0 |  |  |  | 276.2 |
Net sales |  | $ | 2,212.7 |  |  | $ | 2,103.1 |  |  | $ | 1,503.0 |
Summary of Property, Plant and Equipment by Geographical Area | The following is a summary of property, plant and equipment by geographical area:
|  | March 31, |
|  | 2019 |  |  | 2018 |
United States |  | $ | 117.7 |  |  | $ | 121.5 |
China |  |  | 57.6 |  |  |  | 49.6 |
Mexico |  |  | 56.3 |  |  |  | 49.4 |
Hungary |  |  | 55.3 |  |  |  | 59.3 |
Italy |  |  | 52.4 |  |  |  | 62.0 |
Austria |  |  | 36.9 |  |  |  | 42.8 |
Germany |  |  | 32.8 |  |  |  | 37.2 |
Other |  |  | 75.7 |  |  |  | 82.5 |
Total property, plant and equipment |  | $ | 484.7 |  |  | $ | 504.3 |
Summary of Net Sales by end Market | The following is a summary of net sales by end market:
|  | Years ended March 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Commercial HVAC&R |  | $ | 674.0 |  |  | $ | 648.3 |  |  | $ | 323.8 |
Automotive |  |  | 542.8 |  |  |  | 526.0 |  |  |  | 461.0 |
Commercial vehicle |  |  | 387.6 |  |  |  | 381.7 |  |  |  | 382.5 |
Off-highway |  |  | 314.1 |  |  |  | 271.2 |  |  |  | 202.8 |
Data center cooling |  |  | 187.0 |  |  |  | 137.6 |  |  |  | 57.1 |
Industrial cooling |  |  | 47.8 |  |  |  | 67.6 |  |  |  | 18.6 |
Other |  |  | 59.4 |  |  |  | 70.7 |  |  |  | 57.2 |
Net sales |  | $ | 2,212.7 |  |  | $ | 2,103.1 |  |  | $ | 1,503.0 |

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