Investment in Affiliate

12 Months Ended

Mar. 31, 2019

Investment in Affiliate [Abstract]

Investment in Affiliate

Note 13: Investment in Affiliate

The Company owns 50 percent of Nikkei Heat Exchanger Company, Ltd. (“NEX”).  The Company accounts for its investment in this non-consolidated affiliate using the equity method.  At March 31, 2019 and 2018, the Company included its investment in NEX of $3.8 million and $3.6 million, respectively, within other noncurrent assets on the consolidated balance sheets.  At March 31, 2019, the investment in NEX is equal to the Company’s investment in the underlying net assets.

The Company reports its equity in earnings from NEX within other income and expense in the consolidated statements of operations, using a one-month reporting delay.  The Company’s share of NEX’s earnings for fiscal 2019, 2018, and 2017 was $0.7 million, $0.2 million, and $0.1 million, respectively.