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v3.22.1

Segment and Geographic Information (Tables) | 12 Months Ended
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Mar. 31, 2022
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, 2022 |
|  | External Sales |  |  | Inter-segment Sales |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |
BHVAC |  | $ | 334.6 |  |  | $ | 2.0 |  |  | $ | 336.6 |
CIS |  |  | 619.5 |  |  |  | 8.0 |  |  |  | 627.5 |
HDE |  |  | 787.9 |  |  |  | 36.6 |  |  |  | 824.5 |
Automotive |  |  | 308.1 |  |  |  | 5.2 |  |  |  | 313.3 |
Segment total |  |  | 2,050.1 |  |  |  | 51.8 |  |  |  | 2,101.9 |
Corporate and eliminations |  |  | - |  |  |  | (51.8 | ) |  |  | (51.8 | )
Net sales |  | $ | 2,050.1 |  |  | $ | - |  |  | $ | 2,050.1 |
|  | Year ended March 31, 2021 |
|  | External Sales |  |  | Inter-segment Sales |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |
BHVAC |  | $ | 262.0 |  |  | $ | 1.2 |  |  | $ | 263.2 |
CIS |  |  | 506.4 |  |  |  | 6.0 |  |  |  | 512.4 |
HDE |  |  | 648.3 |  |  |  | 33.8 |  |  |  | 682.1 |
Automotive |  |  | 391.7 |  |  |  | 6.6 |  |  |  | 398.3 |
Segment total |  |  | 1,808.4 |  |  |  | 47.6 |  |  |  | 1,856.0 |
Corporate and eliminations |  |  | - |  |  |  | (47.6 | ) |  |  | (47.6 | )
Net sales |  | $ | 1,808.4 |  |  | $ | - |  |  | $ | 1,808.4 |
|  | Year ended March 31, 2020 |
|  | External Sales |  |  | Inter-segment Sales |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |
BHVAC |  | $ | 304.4 |  |  | $ | 2.1 |  |  | $ | 306.5 |
CIS |  |  | 535.1 |  |  |  | 6.0 |  |  |  | 541.1 |
HDE |  |  | 693.8 |  |  |  | 52.1 |  |  |  | 745.9 |
Automotive |  |  | 442.2 |  |  |  | 2.7 |  |  |  | 444.9 |
Segment total |  |  | 1,975.5 |  |  |  | 62.9 |  |  |  | 2,038.4 |
Corporate and eliminations |  |  | - |  |  |  | (62.9 | ) |  |  | (62.9 | )
Net sales |  | $ | 1,975.5 |  |  | $ | - |  |  | $ | 1,975.5 |
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, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Gross profit: |  | _$’s |  |  | % of sales |  |  | _$’s |  |  | % of sales |  |  | _$’s |  |  | % of sales |
BHVAC |  | $ | 93.6 |  |  |  | 27.8 | % |  | $ | 85.3 |  |  |  | 32.4 | % |  | $ | 100.2 |  |  |  | 32.7 | %
CIS |  |  | 88.5 |  |  |  | 14.1 | % |  |  | 64.2 |  |  |  | 12.5 | % |  |  | 64.3 |  |  |  | 11.9 | %
HDE |  |  | 87.2 |  |  |  | 10.6 | % |  |  | 88.4 |  |  |  | 13.0 | % |  |  | 96.6 |  |  |  | 13.0 | %
Automotive |  |  | 39.3 |  |  |  | 12.5 | % |  |  | 56.0 |  |  |  | 14.1 | % |  |  | 48.4 |  |  |  | 10.9 | %
Segment total |  |  | 308.6 |  |  |  | 14.7 | % |  |  | 293.9 |  |  |  | 15.8 | % |  |  | 309.5 |  |  |  | 15.2 | %
Corporate and eliminations |  |  | 0.7 |  |  |  | - |  |  |  | (0.5 | ) |  |  | - |  |  |  | (2.0 | ) |  |  | - |
Gross profit |  | $ | 309.3 |  |  |  | 15.1 | % |  | $ | 293.4 |  |  |  | 16.2 | % |  | $ | 307.5 |  |  |  | 15.6 | %
|  | Years ended March 31, |
Operating income: |  | 2022 |  |  | 2021 |  |  | 2020 |
BHVAC |  | $ | 45.7 |  |  | $ | 45.2 |  |  | $ | 58.2 |
CIS |  |  | 35.3 |  |  |  | 10.2 |  |  |  | 11.1 |
HDE |  |  | 34.6 |  |  |  | 36.8 |  |  |  | 37.8 |
Automotive |  |  | 35.4 |  |  |  | (150.9 | ) |  |  | (10.0 | )
Segment total |  |  | 151.0 |  |  |  | (58.7 | ) |  |  | 97.1 |
Corporate and eliminations (a) |  |  | (31.8 | ) |  |  | (39.0 | ) |  |  | (59.2 | )
Operating income (loss) |  | $ | 119.2 |  |  | $ | (97.7 | ) |  | $ | 37.9 |
(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 2022, 2021, and 2020, the Company recorded $2.6 million, $6.6 million, and $39.2 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, |
Total assets: |  | 2022 |  |  | 2021 |
BHVAC |  | $ | 224.3 |  |  | $ | 181.1 |
CIS |  |  | 536.4 |  |  |  | 540.1 |
HDE |  |  | 488.9 |  |  |  | 438.7 |
Automotive (a) |  |  | 188.6 |  |  |  | 124.2 |
Corporate and eliminations (b) |  |  | (11.2 | ) |  |  | (7.4 | )
Total assets |  | $ | 1,427.0 |  |  | $ | 1,276.7 |
(a) | During fiscal 2022, the Company recorded net impairment reversals totaling $56.0 million related to the liquid-cooled automotive business. See Note 2 for additional information.
(b) | At March 31, 2022 and 2021, Corporate assets totaled $20.8 million and $17.5 million, respectively and were more than offset by eliminations for intercompany balances, including accounts receivable.
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: |  | 2022 |  |  | 2021 |  |  | 2020 |
BHVAC |  | $ | 6.0 |  |  | $ | 1.8 |  |  | $ | 4.5 |
CIS |  |  | 4.9 |  |  |  | 5.8 |  |  |  | 13.6 |
HDE |  |  | 15.4 |  |  |  | 13.5 |  |  |  | 31.5 |
Automotive |  |  | 12.8 |  |  |  | 11.1 |  |  |  | 19.1 |
Corporate |  |  | 1.2 |  |  |  | 0.5 |  |  |  | 2.6 |
Total capital expenditures |  | $ | 40.3 |  |  | $ | 32.7 |  |  | $ | 71.3 |
|  | Years ended March 31, |
Depreciation and amortization expense: |  | 2022 |  |  | 2021 |  |  | 2020 |
BHVAC |  | $ | 5.9 |  |  | $ | 5.5 |  |  | $ | 6.2 |
CIS |  |  | 20.5 |  |  |  | 22.6 |  |  |  | 21.2 |
HDE |  |  | 23.4 |  |  |  | 25.5 |  |  |  | 25.4 |
Automotive (a) |  |  | 3.4 |  |  |  | 13.2 |  |  |  | 22.3 |
Corporate |  |  | 1.6 |  |  |  | 1.8 |  |  |  | 2.0 |
Total depreciation and amortization expense |  | $ | 54.8 |  |  | $ | 68.6 |  |  | $ | 77.1 |
(a) | During fiscal 2021, 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. In fiscal 2022, the Company resumed depreciating the long-lived assets within the liquid-cooled automotive business when it no longer met the requirements to be classified as held for sale. 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, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
United States |  | $ | 949.6 |  |  | $ | 765.7 |  |  | $ | 941.9 |
Italy |  |  | 232.0 |  |  |  | 188.6 |  |  |  | 187.4 |
Hungary |  |  | 185.2 |  |  |  | 153.7 |  |  |  | 142.4 |
China |  |  | 166.0 |  |  |  | 217.6 |  |  |  | 168.5 |
United Kingdom |  |  | 118.6 |  |  |  | 96.4 |  |  |  | 82.0 |
Germany |  |  | 81.2 |  |  |  | 83.4 |  |  |  | 97.5 |
Austria |  |  | 4.8 |  |  |  | 59.6 |  |  |  | 93.0 |
Other |  |  | 312.7 |  |  |  | 243.4 |  |  |  | 262.8 |
Net sales |  | $ | 2,050.1 |  |  | $ | 1,808.4 |  |  | $ | 1,975.5 |
Property, Plant and Equipment by Geographical Area | The following is a summary of property, plant and equipment by geographical area:
|  | March 31, |
|  | 2022 |  |  | 2021 |
United States |  | $ | 83.6 |  |  | $ | 80.3 |
China |  |  | 45.6 |  |  |  | 31.3 |
Hungary |  |  | 44.0 |  |  |  | 27.6 |
Mexico |  |  | 38.5 |  |  |  | 43.5 |
Italy |  |  | 33.2 |  |  |  | 30.0 |
Germany |  |  | 12.5 |  |  |  | 1.8 |
Other |  |  | 58.0 |  |  |  | 55.4 |
Total property, plant and equipment (a) |  | $ | 315.4 |  |  | $ | 269.9 |
(a) | As of March 31, 2021, the Company had written-down the carrying value of held for sale property, plant and equipment within the liquid-cooled automotive business to zero. During fiscal 2022, the business no longer met the requirements to be classified as held for sale. As a result, the Company remeasured its long-lived assets to the lower of carrying value or fair value and recorded net impairment reversals totaling $56.0 million during fiscal 2022. The assets within the liquid-cooled automotive business are located in Hungary, Germany, China, the U.S., Italy, and the Netherlands. See Note 2 for additional information.

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