Segment and Geographic Information

12 Months Ended

Mar. 31, 2015

Segment and Geographic Information [Abstract]

Segment and Geographic Information

Note 21:  Segment and Geographic Information

The Company’s product lines consist of heat-transfer components and systems.  The Company serves the vehicular, industrial, and building heating, ventilating and air conditioning markets.  During fiscal 2015, the Company changed the name of its Commercial Products segment to Building HVAC in order to better reflect the nature of the segment’s product lines.  There were no changes to the operations or reported financial results of the segment as a result.  Throughout fiscal 2015, the Company’s five operating segments were 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.

Building HVAC:

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 maker.  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.

Effective April 1, 2015, the Company combined its North America and South America segment operations, with the objective of streamlining its operations to gain synergies and improve its cost structure.  Beginning for fiscal 2016, the Company will report financial results for the new Americas operating segment, which will include both North America and South America.

The following is a summary of net sales, gross profit, and operating income by segment:

	Years ended March 31,
Net sales:	2015			2014			2013
North America	$	573.5		$	568.7		$	564.5
Europe		578.2			584.4			498.0
South America		93.9			122.7			133.8
Asia		81.2			71.5			59.5
Building HVAC		186.3			146.5			139.3
Segment total		1,513.1			1,493.8			1,395.1
Corporate and eliminations		(16.7	)		(16.2	)		(19.1	)
Net sales	$	1,496.4		$	1,477.6		$	1,376.0

	Years ended March 31,
	2015					2014					2013
Gross profit:	$'s		% of sales			$'s		% of sales			$'s		% of sales
North America	$	97.0		16.9	%	$	93.5		16.4	%	$	81.4		14.4	%
Europe		68.7		11.9	%		70.8		12.1	%		61.0		12.3	%
South America		12.1		12.8	%		20.8		16.9	%		22.5		16.8	%
Asia		11.5		14.2	%		8.9		12.5	%		1.7		2.8	%
Building HVAC		55.9		30.0	%		43.4		29.6	%		40.8		29.3	%
Segment total		245.2		16.2	%		237.4		15.9	%		207.4		14.9	%
Corporate and eliminations		1.3		-			0.8		-			1.2		-
Gross profit	$	246.5		16.5	%	$	238.2		16.1	%	$	208.6		15.2	%

	Years ended March 31,
Operating income:	2015			2014			2013
North America	$	45.9		$	42.1		$	39.2
Europe		25.7			9.6			(25.4	)
South America		(12.3	)		7.5			11.2
Asia		0.3			(3.3	)		(8.8	)
Building HVAC		19.1			9.4			10.0
Segment total		78.7			65.3			26.2
Corporate and eliminations		(26.0	)		(28.1	)		(26.8	)
Operating income (loss)	$	52.7		$	37.2		$	(0.6	)

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.  The operating loss for corporate includes certain research and development costs, legal, finance and other general corporate expenses, and also includes a portion of central services costs that are not directly attributable to an operating segment.

The following is a summary of total assets by segment:

	March 31,
	2015		2014
North America	$	231.8	$	218.1
Europe		283.1		367.9
South America		46.5		80.1
Asia		92.4		92.8
Building HVAC		131.4		132.7
Corporate and eliminations		146.4		140.7
Total assets	$	931.6	$	1,032.3

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

	Years ended March 31,
Capital expenditures:	2015		2014		2013
North America	$	25.9	$	18.9	$	19.0
Europe		21.5		22.9		16.5
South America		4.3		5.7		3.4
Asia		3.8		4.6		7.8
Building HVAC		2.8		1.0		3.1
Total capital expenditures	$	58.3	$	53.1	$	49.8

	Years ended March 31,
Depreciation and amortization expense:	2015		2014		2013
North America	$	18.1	$	19.3	$	20.1
Europe		19.8		26.6		23.4
South America		3.2		3.3		3.7
Asia		7.2		6.7		6.4
Building HVAC		3.3		2.2		2.2
Total depreciation and amortization expense	$	51.6	$	58.1	$	55.8

The following is a summary of net sales by geographical area, based upon the location of the selling unit:

	Years ended March 31,
	2015		2014		2013
United States	$	669.3	$	645.7	$	637.4
Germany		193.8		229.5		214.8
Hungary		161.0		150.3		117.6
Austria		118.7		109.8		97.7
Brazil		93.2		122.0		128.8
Other		260.4		220.3		179.7
Net sales	$	1,496.4	$	1,477.6	$	1,376.0

The following is a summary of property, plant and equipment by geographical area:

	March 31,
	2015		2014
United States	$	105.0	$	100.7
Germany		66.0		81.8
Other European countries		79.9		100.0
China		36.3		38.9
Other		34.9		38.2
Total property, plant and equipment	$	322.1	$	359.6

The following is a summary of net sales by product type:

	Years ended March 31,
	2015		2014		2013
Modules/assemblies	$	367.5	$	379.9	$	358.5
Oil coolers		233.0		215.4		194.1
HVAC equipment		199.6		159.5		151.8
EGR coolers		183.5		172.5		136.1
Charge air coolers		148.9		157.0		161.8
Condensers		140.0		129.2		128.8
Radiators		124.8		129.0		134.4
Other		99.1		135.1		110.5
Net sales	$	1,496.4	$	1,477.6	$	1,376.0