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Segment and Geographic Information | 12 Months Ended
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Mar. 31, 2022
Segment and Geographic Information [Abstract] |
Segment and Geographic Information | Note 22: Segment and Geographic Information The Company’s product lines consist of heat-transfer components and systems. The Company serves commercial, industrial, and building HVAC&R markets and vehicular markets. The Company’s BHVAC segment provides heating, ventilating and air conditioning products to customers in North America and Europe, as well as the Middle East. The Company’s CIS segment provides coils, coolers, and coating solutions to global customers. The Company’s HDE and Automotive segments represent its vehicular businesses and primarily serve the commercial vehicle, off-highway and automotive and light vehicle markets. In addition, the HDE segment serves the commercial vehicle and automotive aftermarkets in Brazil. Each operating segment is managed by a vice president and has separate financial results reviewed by the Company’s chief operating decision maker. Financial results, including net sales, gross profit, gross margin and operating income, together with other considerations, are used by the chief operating decision maker in evaluating the performance of each segment and in making decisions on the allocation of resources among the Company’s various businesses. Effective July 1, 2021, the Company aligned the data center businesses previously managed by and reported within the CIS segment under the BHVAC segment. The BHVAC segment assumed management of the Company’s business in Guadalajara, Spain and a portion of the business in Grenada, Mississippi. Through this segment change, the Company aligned its data center businesses under the same leadership team to accelerate commercial excellence, operational improvements, and organizational efficiencies. As a result, the Company revised its reporting segments and reported the financial results of the transferred businesses within the BHVAC segment, consistent with how the Company’s chief operating decision maker assessed operating performance and allocated capital resources. The segment realignment had no impact on the HDE and Automotive segments or on the Company’s consolidated financial position, results of operations, and cash flows. Segment financial information for fiscal 2021 and 2020 has been recast to conform to the fiscal 2022 presentation. Effective April 1, 2022, the Company began managing the Company under two operating segments, Climate Solutions and Performance Technologies. The Climate Solutions segment includes the BHVAC and CIS segment businesses with the exception of CIS Coatings. The Performance Technologies segment includes the HDE and Automotive segment businesses and the CIS Coatings business. The Company’s new segment structure aligns businesses serving similar or complimentary end markets, products and technologies under common segment management. The Company expects this simplified segment structure will allow it to better focus resources on targeted growth opportunities and allow for a more efficient application of 80/20 principles across all product lines to optimize profit margins and cash flow. Beginning for fiscal 2023, the Company will report the financial results of the Climate Solutions and Performance Technologies segments. 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.
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.
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 |
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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- 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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