XML 49 R38.htm IDEA: XBRL DOCUMENT v3.6.0.2
Segment Information (Tables)
 9 Months Ended
Dec. 31, 2016
Segment Information [Abstract]  
Net sales, gross profit, operating income and total assets by segment:
Below is a summary of net sales, gross profit, operating income, and total assets by segment.  The Company acquired Luvata HTS on November 30, 2016.  The financial results of Luvata HTS are included in the Company’s condensed consolidated financial statements since the date of acquisition and are reported as the Commercial and Industrial Solutions (“CIS”) segment.  The Luvata HTS acquisition is described in Note 2.

  
Three months ended December 31,
  
Nine months ended December 31,
 
Net sales:
 
2016
  
2015
  
2016
  
2015
 
Americas
 
$
123.4
  
$
137.1
  
$
389.4
  
$
440.4
 
Europe
  
119.8
   
126.1
   
389.7
   
385.0
 
Asia
  
28.6
   
18.7
   
78.2
   
56.1
 
BHVAC
  
47.2
   
50.9
   
132.8
   
141.0
 
CIS
  
34.7
   
-
   
34.7
   
-
 
Segment total
  
353.7
   
332.8
   
1,024.8
   
1,022.5
 
Corporate and eliminations
  
(3.9
)
  
(4.1
)
  
(10.1
)
  
(13.7
)
Net sales
 
$
349.8
  
$
328.7
  
$
1,014.7
  
$
1,008.8
 

  
Three months ended
 December 31,
  
Nine months ended
 December 31,
 
  
2016
  
2015
  
2016
  
2015
 
Gross profit:
 
$'s
  
% of
sales
  
$'s
  
% of
sales
  
$'s
  
% of
sales
  
$'s
  
% of
sales
 
Americas
$
18.3
14.8
%
$
22.7
16.5
%
$
59.2
15.2
%
$
72.8
16.5
%
Europe
  
18.5
   
15.4
%
  
17.2
   
13.7
%
  
59.8
   
15.3
%
  
47.0
   
12.2
%
Asia
  
5.0
   
17.6
%
  
2.6
   
13.9
%
  
13.1
   
16.7
%
  
8.2
   
14.7
%
BHVAC
  
15.3
   
32.4
%
  
17.3
   
34.0
%
  
37.1
   
27.9
%
  
43.3
   
30.8
%
CIS
  
4.4
   
12.7
%
  
-
   
-
   
4.4
   
12.7
%
  
-
   
-
 
Segment total
  
61.5
   
17.5
%
  
59.8
   
18.0
%
  
173.6
   
16.9
%
  
171.3
   
16.8
%
Corporate and eliminations (a)
  
(2.8
)
  
-
   
(1.2
)
  
-
   
(5.2
)
  
-
   
(10.0
)
  
-
 
Gross profit
 
$
58.7
   
16.8
%
 
$
58.6
   
17.8
%
 
$
168.4
   
16.6
%
 
$
161.3
   
16.0
%

  
Three months ended December 31,
  
Nine months ended December 31,
 
Operating income:
 
2016
  
2015
  
2016
  
2015
 
Americas
 
$
5.4
  
$
7.7
  
$
13.3
  
$
24.8
 
Europe
  
8.3
   
7.6
   
30.0
   
18.3
 
Asia
  
2.6
   
(0.1
)
  
4.9
   
(0.9
)
BHVAC
  
6.7
   
6.7
   
10.3
   
12.7
 
CIS
  
(0.3
)
  
-
   
(0.3
)
  
-
 
Segment total
  
22.7
   
21.9
   
58.2
   
54.9
 
Corporate and eliminations (a)
  
(16.7
)
  
(8.2
)
  
(39.0
)
  
(61.7
)
Operating income (loss)
 
$
6.0
  
$
13.7
  
$
19.2
  
$
(6.8
)

  
December 31, 2016
  
March 31, 2016
 
Total assets:
      
Americas
 
$
263.3
  
$
267.2
 
Europe
  
247.8
   
301.9
 
Asia
  
103.5
   
104.0
 
BHVAC
  
88.8
   
99.0
 
CIS
  
560.7
   
-
 
Corporate and eliminations
  
128.8
   
148.8
 
Total assets
 
$
1,392.9
  
$
920.9
 

(a)
During the three and nine months ended December 31, 2016, the Company recorded $7.2 million and $11.6 million, respectively, of costs incurred directly related to the acquisition and integration of Luvata HTS within SG&A expenses at Corporate.  In addition, as a result of purchase accounting for the Luvata HTS acquisition, the Company wrote up acquired inventory to its estimated fair value and is charging the write-up to cost of sales as the underlying inventory is sold.  During the third quarter of fiscal 2017, the Company recorded $2.9 million in cost of sales related to this inventory step-up at Corporate, as the impact of this purchase accounting adjustment is excluded from the Company’s measure of segment operating performance.  During the nine months ended December 31, 2015, the Company recorded a pension settlement loss of $40.3 million at Corporate, within SG&A expenses ($31.8 million) and cost of sales ($8.5 million).  See Note 4 for additional information about the Company’s pension plans.