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v3.21.1

Segment and Geographic Information (Tables) | 12 Months Ended
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Mar. 31, 2021
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. See Note 3 for additional information regarding net sales by primary end market.
|  | Year ended March 31, 2021 |
|  | External Sales |  |  | Inter-segment Sales |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |
BHVAC |  | $ | 240.3 |  |  | $ | 0.3 |  |  | $ | 240.6 |
CIS |  |  | 528.1 |  |  |  | 3.9 |  |  |  | 532.0 |
HDE |  |  | 648.3 |  |  |  | 33.8 |  |  |  | 682.1 |
Automotive |  |  | 391.7 |  |  |  | 6.6 |  |  |  | 398.3 |
Segment total |  |  | 1,808.4 |  |  |  | 44.6 |  |  |  | 1,853.0 |
Corporate and eliminations |  |  | - |  |  |  | (44.6 | ) |  |  | (44.6 | )
Net sales |  | $ | 1,808.4 |  |  | $ | - |  |  | $ | 1,808.4 |
|  | Year ended March 31, 2020 |
|  | External Sales |  |  | Inter-segment Sales |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |
BHVAC |  | $ | 219.4 |  |  | $ | 1.7 |  |  | $ | 221.1 |
CIS |  |  | 620.1 |  |  |  | 3.8 |  |  |  | 623.9 |
HDE |  |  | 693.8 |  |  |  | 52.1 |  |  |  | 745.9 |
Automotive |  |  | 442.2 |  |  |  | 2.7 |  |  |  | 444.9 |
Segment total |  |  | 1,975.5 |  |  |  | 60.3 |  |  |  | 2,035.8 |
Corporate and eliminations |  |  | - |  |  |  | (60.3 | ) |  |  | (60.3 | )
Net sales |  | $ | 1,975.5 |  |  | $ | - |  |  | $ | 1,975.5 |
|  | Year ended March 31, 2019 |
|  | External Sales |  |  | Inter-segment Sales |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |
BHVAC |  | $ | 209.1 |  |  | $ | 3.3 |  |  | $ | 212.4 |
CIS |  |  | 704.7 |  |  |  | 2.9 |  |  |  | 707.6 |
HDE |  |  | 811.8 |  |  |  | 60.5 |  |  |  | 872.3 |
Automotive |  |  | 487.1 |  |  |  | 1.8 |  |  |  | 488.9 |
Segment total |  |  | 2,212.7 |  |  |  | 68.5 |  |  |  | 2,281.2 |
Corporate and eliminations |  |  | - |  |  |  | (68.5 | ) |  |  | (68.5 | )
Net sales |  | $ | 2,212.7 |  |  | $ | - |  |  | $ | 2,212.7 |
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, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Gross profit: |  | _$’s |  |  | % of sales |  |  | _$’s |  |  | % of sales |  |  | _$’s |  |  | % of sales |
BHVAC |  | $ | 83.0 |  |  |  | 34.5 | % |  | $ | 71.5 |  |  |  | 32.3 | % |  | $ | 63.4 |  |  |  | 29.9 | %
CIS |  |  | 66.5 |  |  |  | 12.5 | % |  |  | 92.9 |  |  |  | 14.9 | % |  |  | 114.9 |  |  |  | 16.2 | %
HDE |  |  | 88.4 |  |  |  | 13.0 | % |  |  | 96.6 |  |  |  | 13.0 | % |  |  | 127.8 |  |  |  | 14.7 | %
Automotive |  |  | 56.0 |  |  |  | 14.1 | % |  |  | 48.4 |  |  |  | 10.9 | % |  |  | 59.0 |  |  |  | 12.1 | %
Segment total |  |  | 293.9 |  |  |  | 15.9 | % |  |  | 309.4 |  |  |  | 15.2 | % |  |  | 365.1 |  |  |  | 16.0 | %
Corporate and eliminations |  |  | (0.5 | ) |  |  | - |  |  |  | (1.9 | ) |  |  | - |  |  |  | 0.4 |  |  |  | - |
Gross profit |  | $ | 293.4 |  |  |  | 16.2 | % |  | $ | 307.5 |  |  |  | 15.6 | % |  | $ | 365.5 |  |  |  | 16.5 | %
|  | Years ended March 31, |
Operating income: |  | 2021 |  |  | 2020 |  |  | 2019 |
BHVAC |  | $ | 47.2 |  |  | $ | 36.4 |  |  | $ | 26.9 |
CIS |  |  | 8.2 |  |  |  | 32.9 |  |  |  | 53.4 |
HDE |  |  | 36.8 |  |  |  | 37.8 |  |  |  | 65.0 |
Automotive |  |  | (150.9 | ) |  |  | (10.0 | ) |  |  | (0.4 | )
Segment total |  |  | (58.7 | ) |  |  | 97.1 |  |  |  | 144.9 |
Corporate and eliminations (a) |  |  | (39.0 | ) |  |  | (59.2 | ) |  |  | (35.2 | )
Operating (loss) income |  | $ | (97.7 | ) |  | $ | 37.9 |  |  | $ | 109.7 |
(a) | 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. During fiscal 2021, 2020 and 2019, the Company recorded $6.6 million, $39.2 million, and $7.1 million respectively, of costs directly associated with its review of strategic alternatives for the liquid-and air-cooled automotive businesses, including costs to separate and prepare the underlying businesses for potential sale.
The following is a summary of total assets by segment:
|  | March 31, |
|  | 2021 |  |  | 2020 |
BHVAC |  | $ | 110.8 |  |  | $ | 102.3 |
CIS |  |  | 609.2 |  |  |  | 617.7 |
HDE |  |  | 438.7 |  |  |  | 417.4 |
Automotive (a) |  |  | 124.2 |  |  |  | 272.5 |
Corporate and eliminations (b) |  |  | (6.2 | ) |  |  | 126.2 |
Total assets |  | $ | 1,276.7 |  |  | $ | 1,536.1 |
(a) | During fiscal 2021, the Company recorded impairment charges totaling $166.8 million within the Automotive segment, primarily related to the property, plant and equipment of the liquid- and air-cooled automotive businesses, which are classified as held for sale as of March 31, 2021. See Note 2 for additional information.
(b) | At March 31, 2021, Corporate assets totaled $17.5 million and were more than offset by eliminations for intercompany balances, including accounts receivable. During fiscal 2021, the Company recorded income tax charges totaling $103.3 million, which established a full valuation allowance on deferred tax assets in the U.S that are recorded at Corporate. See Note 8 for additional information.
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: |  | 2021 |  |  | 2020 |  |  | 2019 |
BHVAC |  | $ | 1.5 |  |  | $ | 3.1 |  |  | $ | 1.3 |
CIS |  |  | 6.1 |  |  |  | 15.0 |  |  |  | 16.4 |
HDE |  |  | 13.5 |  |  |  | 31.5 |  |  |  | 29.4 |
Automotive |  |  | 11.1 |  |  |  | 19.1 |  |  |  | 24.9 |
Corporate |  |  | 0.5 |  |  |  | 2.6 |  |  |  | 1.9 |
Total capital expenditures |  | $ | 32.7 |  |  | $ | 71.3 |  |  | $ | 73.9 |
|  | Years ended March 31, |
Depreciation and amortization expense: |  | 2021 |  |  | 2020 |  |  | 2019 |
BHVAC |  | $ | 3.1 |  |  | $ | 3.4 |  |  | $ | 3.5 |
CIS |  |  | 25.0 |  |  |  | 24.0 |  |  |  | 23.9 |
HDE |  |  | 25.5 |  |  |  | 25.4 |  |  |  | 26.3 |
Automotive (a) |  |  | 13.2 |  |  |  | 22.3 |  |  |  | 21.2 |
Corporate |  |  | 1.8 |  |  |  | 2.0 |  |  |  | 2.0 |
Total depreciation and amortization |  | $ | 68.6 |  |  | $ | 77.1 |  |  | $ | 76.9 |
(a) | Upon classifying the liquid- and air-cooled automotive businesses as held for sale, the Company ceased depreciating the long-lived assets within the disposal groups. See Note 2 for additional information.
Net Sales 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, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
United States |  | $ | 765.7 |  |  | $ | 941.9 |  |  | $ | 1,032.3 |
China |  |  | 217.6 |  |  |  | 168.5 |  |  |  | 172.1 |
Italy |  |  | 188.6 |  |  |  | 187.4 |  |  |  | 217.3 |
Hungary |  |  | 153.7 |  |  |  | 142.4 |  |  |  | 165.6 |
United Kingdom |  |  | 96.4 |  |  |  | 82.0 |  |  |  | 86.6 |
Germany |  |  | 83.4 |  |  |  | 97.5 |  |  |  | 123.1 |
Austria |  |  | 59.6 |  |  |  | 93.0 |  |  |  | 116.2 |
Other |  |  | 243.4 |  |  |  | 262.8 |  |  |  | 299.5 |
Net sales |  | $ | 1,808.4 |  |  | $ | 1,975.5 |  |  | $ | 2,212.7 |
Property, Plant and Equipment by Geographical Area | The following is a summary of property, plant and equipment by geographical area:
|  | March 31, |
|  | 2021 |  |  | 2020 |
United States |  | $ | 80.3 |  |  | $ | 114.6 |
Mexico |  |  | 43.5 |  |  |  | 50.0 |
China |  |  | 31.3 |  |  |  | 56.8 |
Italy |  |  | 30.0 |  |  |  | 49.8 |
Hungary |  |  | 27.6 |  |  |  | 55.4 |
Germany |  |  | 1.8 |  |  |  | 27.0 |
Austria |  |  | - |  |  |  | 26.0 |
Other |  |  | 55.4 |  |  |  | 68.4 |
Total property, plant and equipment (a) |  | $ | 269.9 |  |  | $ | 448.0 |
(a) | In connection with the pending sales of the liquid- and air-cooled automotive businesses within the Automotive segment, the Company wrote-down the carrying value of the disposal groups’ property, plant and equipment to zero as of March 31, 2021. The assets impaired were located in Hungary, Germany, Austria, China, the U.S., Italy, and the Netherlands. See Note 2 for additional information on the held for sale businesses and impairment charges recorded during fiscal 2021.

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