XML 64 R49.htm IDEA: XBRL DOCUMENT v3.8.0.1
Segment and Geographic Information (Tables)
 12 Months Ended
Mar. 31, 2018
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:

  
Years ended March 31,
 
Net sales:
 
2018
  
2017
  
2016
 
Americas
 
$
580.7
  
$
534.0
  
$
585.5
 
Europe
  
568.3
   
524.3
   
524.1
 
Asia
  
165.8
   
111.5
   
79.0
 
CIS
  
620.0
   
177.7
   
-
 
BHVAC
  
191.2
   
171.6
   
181.4
 
Segment total
  
2,126.0
   
1,519.1
   
1,370.0
 
Corporate and eliminations
  
(22.9
)
  
(16.1
)
  
(17.5
)
Net sales
 
$
2,103.1
  
$
1,503.0
  
$
1,352.5
 
 
  
Years ended March 31,
 
  
2018
  
2017
  
2016
 
Gross profit:
 
$'s
  
% of
sales
  
$'s
  
% of
sales
  
$'s
  
% of
sales
 
Americas
 
$
91.9
   
15.8
%
 
$
87.0
   
16.3
%
 
$
100.3
   
17.1
%
Europe
  
83.8
   
14.7
%
  
81.6
   
15.6
%
  
69.5
   
13.3
%
Asia
  
30.3
   
18.3
%
  
18.7
   
16.8
%
  
12.2
   
15.5
%
CIS
  
92.1
   
14.9
%
  
26.0
   
14.6
%
  
-
   
-
 
BHVAC
  
58.0
   
30.3
%
  
47.8
   
27.8
%
  
54.2
   
29.9
%
Segment total
  
356.1
   
16.8
%
  
261.1
   
17.2
%
  
236.2
   
17.2
%
Corporate and eliminations (a)
  
0.4
   
-
   
(6.7
)
  
-
   
(2.6
)
  
-
 
Gross profit
 
$
356.5
   
17.0
%
 
$
254.4
   
16.9
%
 
$
233.6
   
17.3
%

  
Years ended March 31,
 
Operating income:
 
2018
  
2017
  
2016
 
Americas
 
$
38.2
  
$
27.9
  
$
36.9
 
Europe
  
33.6
   
38.2
   
14.7
 
Asia
  
17.6
   
7.7
   
0.8
 
CIS
  
25.8
   
7.5
   
-
 
BHVAC
  
20.3
   
13.2
   
13.9
 
Segment total
  
135.5
   
94.5
   
66.3
 
Corporate and eliminations (a)
  
(43.3
)
  
(52.2
)
  
(29.2
)
Operating income
 
$
92.2
  
$
42.3
  
$
37.1
 
 
 (a)
During fiscal 2018 and 2017, the Company recorded $4.3 million and $14.8 million, respectively, of costs incurred directly related to the acquisition and integration of Luvata HTS within SG&A expenses at Corporate.  During fiscal 2017, the Company recorded $4.3 million in cost of sales related to an inventory purchase accounting adjustment at Corporate, as the impact was excluded from the Company’s measure of segment operating performance.

The following is a summary of total assets by segment:

  
March 31,
 
  
2018
  
2017
 
Americas
 
$
290.6
  
$
282.9
 
Europe
  
324.0
   
269.4
 
Asia
  
144.5
   
111.3
 
CIS
  
630.0
   
576.0
 
BHVAC
  
88.1
   
85.2
 
Corporate and eliminations (a)
  
96.2
   
124.7
 
Total assets
 
$
1,573.4
  
$
1,449.5
 
 
 (a)
The decrease in total assets at Corporate was primarily due to a decrease in deferred tax assets resulting from the impact of tax reform in the U.S.  See Note 7 for additional information regarding the reduction in the corporate tax rate in the U.S.
Summary of 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:
 
2018
  
2017
  
2016
 
Americas
 
$
22.2
  
$
26.3
  
$
26.7
 
Europe
  
26.8
   
24.7
   
24.8
 
Asia
  
12.4
   
8.5
   
6.2
 
CIS
  
9.0
   
3.4
   
-
 
BHVAC
  
0.6
   
1.5
   
5.1
 
Total capital expenditures
 
$
71.0
  
$
64.4
  
$
62.8
 

  
Years ended March 31,
 
Depreciation and amortization expense:
 
2018
  
2017
  
2016
 
Americas
 
$
22.2
  
$
22.7
  
$
22.1
 
Europe
  
18.4
   
16.5
   
18.0
 
Asia
  
7.6
   
7.0
   
6.5
 
CIS
  
24.3
   
7.9
   
-
 
BHVAC
  
4.2
   
4.2
   
3.6
 
Total depreciation and amortization expense
 
$
76.7
  
$
58.3
  
$
50.2
 
Summary of net sales and long-lived assets 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,
 
  
2018
  
2017
  
2016
 
United States
 
$
911.4
  
$
657.8
  
$
627.6
 
Italy
  
211.5
   
94.4
   
44.1
 
China
  
156.0
   
73.7
   
29.3
 
Hungary
  
153.9
   
145.6
   
145.9
 
Austria
  
151.7
   
125.2
   
113.1
 
Germany
  
132.6
   
130.1
   
155.3
 
Other
  
386.0
   
276.2
   
237.2
 
Net sales
 
$
2,103.1
  
$
1,503.0
  
$
1,352.5
 
Summary of property, plant and equipment by geographical area
The following is a summary of property, plant and equipment by geographical area:

  
March 31,
 
  
2018
  
2017
 
United States
 
$
121.5
  
$
124.7
 
Italy
  
62.0
   
55.8
 
Hungary
  
59.3
   
37.7
 
China
  
49.6
   
40.0
 
Mexico
  
49.4
   
47.0
 
Austria
  
42.8
   
44.3
 
Germany
  
37.2
   
28.9
 
Other
  
82.5
   
80.6
 
Total property, plant and equipment
 
$
504.3
  
$
459.0
 
Summary of net sales by end market
The following is a summary of net sales by end market:

  
Years ended March 31,
 
  
2018
  
2017
  
2016
 
Automotive
 
$
526.0
  
$
461.0
  
$
396.8
 
Commercial vehicle
  
381.7
   
382.5
   
459.8
 
Off-highway
  
271.2
   
202.8
   
206.2
 
Other vehicular
  
61.9
   
55.8
   
57.6
 
Commercial & residential air conditioning
  
371.3
   
136.5
   
48.8
 
Commercial refrigeration
  
158.7
   
52.2
   
-
 
Other HVAC&R
  
332.3
   
212.2
   
183.3
 
Net sales
 
$
2,103.1
  
$
1,503.0
  
$
1,352.5