Segment and Geographic Information

12 Months Ended

Mar. 31, 2013

Segment and Geographic Information [Abstract]

Segment and Geographic Information

Note 21: Segment and Geographic Information

Modine's product lines consist of heat-transfer components and systems. Modine serves the vehicular, industrial, and building heating, ventilating and air conditioning original equipment markets. The Company has five operating segments as follows:

North America:

Comprised of vehicular and industrial original equipment products in North America.

Europe:

Comprised of vehicular and industrial original equipment products in Europe.

South America:

Comprised of vehicular and industrial original equipment products and aftermarket products in South America.

Asia:

Comprised of vehicular and industrial original equipment products in Asia.

Commercial Products:

Comprised of building heating, ventilating and air conditioning products throughout the world.

Each operating segment is managed by a vice president or managing director and has separate financial results reviewed by the Company's chief operating decision makers. 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 (loss) income by segment:

Years ended March 31	2013			2012			2011
Net sales:
North America	$	564.5		$	602.0		$	573.2
Europe		498.0			602.8			546.7
South America		133.8			175.6			158.9
Asia		59.5			84.1			63.9
Commercial Products		139.3			142.2			126.3
Segment total		1,395.1			1,606.7			1,469.0
Corporate and eliminations		(19.1	)		(29.5	)		(20.8	)
Net sales	$	1,376.0		$	1,577.2		$	1,448.2

Years ended March 31	2013					2012					2011
Gross profit:			% of sales					% of sales					% of sales
North America	$	81.4		14.4	%	$	89.7		14.9	%	$	79.3		13.8	%
Europe		61.0		12.3	%		85.1		14.1	%		75.7		13.8	%
South America		22.5		16.8	%		30.9		17.6	%		31.2		19.7	%
Asia		1.7		2.8	%		7.9		9.4	%		5.2		8.2	%
Commercial Products		40.8		29.3	%		42.5		29.9	%		39.3		31.1	%
Segment total		207.4		14.9	%		256.1		15.9	%		230.7		15.7	%
Corporate and eliminations		1.2		-			0.5		-			1.6		-
Gross profit	$	208.6		15.2	%	$	256.6		16.3	%	$	232.3		16.0	%

Years ended March 31	2013			2012			2011
Operating (loss) income:
North America	$	39.2		$	47.9		$	31.8
Europe		(16.1	)		37.3			28.3
South America		11.2			10.4			13.0
Asia		(8.8	)		(2.5	)		(3.1	)
Commercial Products		10.0			14.3			12.8
Segment total		35.5			107.4			82.8
Corporate and eliminations		(36.1	)		(39.9	)		(39.9	)
Operating (loss) income	$	(0.6	)	$	67.5		$	42.9

Inter-segment sales are accounted for based on an established markup over production costs. Net sales for corporate and eliminations primarily represent the elimination of inter-segment sales. Operating loss for corporate includes certain research and development costs, legal, finance and other general corporate expenses, and also includes a percentage of central services costs not directly attributable to an operating segment.

Following is a summary of assets by segment:

March 31	2013		2012
Total assets:
North America	$	218.3	$	232.9
Europe		332.2		370.8
South America		91.8		96.6
Asia		91.3		102.6
Commercial Products		73.7		68.9
Corporate and eliminations		11.5		21.7
Total assets	$	818.8	$	893.5

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

Years ended March 31	2013		2012			2011
Capital expenditures:
North America	$	19.0	$	15.4		$	12.9
Europe		16.5		29.8			25.0
South America		3.4		5.2			4.1
Asia		7.8		12.5			10.8
Commercial Products		3.1		1.7			2.3
Corporate and eliminations		-		(0.2	)		-
Total capital expenditures	$	49.8	$	64.4		$	55.1

Years ended March 31	2013		2012		2011
Depreciation and amortization expense:
North America	$	20.1	$	20.0	$	21.7
Europe		23.4		26.5		25.5
South America		3.7		4.1		4.0
Asia		6.4		5.0		3.1
Commercial Products		2.2		2.1		2.2
Total depreciation and amortization expense	$	55.8	$	57.7	$	56.5

Following is a summary of net sales by geographical area, based on the location of the selling unit:

Years ended March 31	2013		2012		2011
Net sales by country:
United States	$	637.4	$	666.2	$	632.3
Germany		214.8		285.9		280.3
Brazil		128.8		169.1		156.6
Other		395.0		456.0		379.0
Net sales	$	1,376.0	$	1,577.2	$	1,448.2

Following is a summary of long-lived assets, excluding goodwill and intangible assets, by geographical area:

March 31	2013		2012
Long-lived assets:
United States	$	115.1	$	114.7
Germany		94.3		127.4
Other		173.4		188.2
Long-lived assets	$	382.8	$	430.3

Following is a summary of net sales by product type:

Years ended March 31	2013		2012		2011
Modules/packages	$	358.5	$	410.4	$	406.9
Oil coolers		194.1		249.4		232.4
Charge-air coolers		161.8		173.9		140.2
Building HVAC		151.8		153.3		143.1
EGR coolers		136.1		152.7		130.9
Radiators		134.4		191.4		187.9
Condensers		128.8		101.5		63.0
Other		110.5		144.6		143.8
Net sales	$	1,376.0	$	1,577.2	$	1,448.2