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Segment and Geographic Information
 12 Months Ended
Mar. 31, 2020
Segment and Geographic Information [Abstract]  
Segment and Geographic Information

Note 22: Segment and Geographic Information

The Company’s product lines consist of heat-transfer components and systems.  The Company serves vehicular and commercial, industrial, and building HVAC&R markets.

The Company’s VTS segment represents its vehicular business and primarily serves the automotive, commercial vehicle, and off-highway markets.  In addition, the VTS segment serves the automotive and commercial vehicle aftermarket in Brazil.  The Company’s CIS segment provides coils, coolers, and coating solutions to customers throughout the world.  The Company’s BHVAC segment provides heating, ventilating and air conditioning products to customers throughout the world.

Each operating segment is managed by a vice president 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, 2020, the Company began managing its automotive business separate from the other businesses within the VTS segment.  The Company is managing the automotive business as a separate segment as the Company targets the sale or eventual exit of the businesses in this segment.  Beginning for fiscal 2021, the Company will report the financial results for the automotive business as the Automotive segment.  The remaining portion of the previous VTS segment will be named the Heavy-Duty Equipment segment and will include the heavy-duty commercial vehicle and off-highway businesses.

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

  
Year ended March 31, 2020
  
   
External Sales
    
Inter-segment
Sales
    
Total
  
Net sales:
                  
VTS
  
$
1,136.0
    
$
41.2
    
$
1,177.2
  
CIS
    
620.1
      
3.8
      
623.9
  
BHVAC
    
219.4
      
1.7
      
221.1
  
Segment total
    
1,975.5
      
46.7
      
2,022.2
  
Corporate and eliminations
    
-
      
(46.7
)
    
(46.7
)
Net sales
  
$
1,975.5
    
$
-
    
$
1,975.5
  

 
Year ended March 31, 2019
  
   
External Sales
    
Inter-segment
Sales
    
Total
  
Net sales:
                  
VTS
  
$
1,298.9
    
$
52.8
    
$
1,351.7
  
CIS
    
704.7
      
2.9
      
707.6
  
BHVAC
    
209.1
      
3.3
      
212.4
  
Segment total
    
2,212.7
      
59.0
      
2,271.7
  
Corporate and eliminations
    
-
      
(59.0
)
    
(59.0
)
Net sales
  
$
2,212.7
    
$
-
    
$
2,212.7
  

 
Year ended March 31, 2018
  
   
External Sales
    
Inter-segment
Sales
    
Total
  
Net sales:
                  
VTS
  
$
1,239.3
    
$
56.4
    
$
1,295.7
  
CIS
    
674.4
      
1.3
      
675.7
  
BHVAC
    
189.4
      
1.8
      
191.2
  
Segment total
    
2,103.1
      
59.5
      
2,162.6
  
Corporate and eliminations
    
-
      
(59.5
)
    
(59.5
)
Net sales
  
$
2,103.1
    
$
-
    
$
2,103.1
  

Inter-segment sales are accounted for based upon an established markup over production costs.  Net sales for Corporate and eliminations primarily represent the elimination of inter-segment sales.

  
Years ended March 31,
  
   
2020
    
2019
    
2018
  
Gross profit:
  
$'s
    
% of
sales
    
$'s
    
% of
sales
    
$'s
    
% of
sales
  
VTS
  
$
144.9
      
12.3
%
  
$
186.9
      
13.8
%
  
$
201.0
      
15.5
%
CIS
    
92.9
      
14.9
%
    
114.9
      
16.2
%
    
97.8
      
14.5
%
BHVAC
    
71.5
      
32.3
%
    
63.4
      
29.9
%
    
58.0
      
30.3
%
Segment total
    
309.3
      
15.3
%
    
365.2
      
16.1
%
    
356.8
      
16.5
%
Corporate and eliminations
    
(1.8
)
    
-
      
0.3
      
-
      
(0.3
)
    
-
  
Gross profit
  
$
307.5
      
15.6
%
  
$
365.5
      
16.5
%
  
$
356.5
      
17.0
%

 
Years ended March 31,
  
Operating income:
  
2020
    
2019
    
2018
  
VTS
  
$
27.6
    
$
64.8
    
$
84.2
  
CIS
    
32.9
      
53.4
      
28.5
  
BHVAC
    
36.4
      
26.9
      
20.3
  
Segment total
    
96.9
      
145.1
      
133.0
  
Corporate and eliminations (a)
    
(59.0
)
    
(35.4
)
    
(40.8
)
Operating income
  
$
37.9
    
$
109.7
    
$
92.2
  

graphic
(a)
The operating loss for Corporate includes certain research and development costs, legal, finance and other general corporate and central services expenses, and other costs that are either not directly attributable to an operating segment or not considered when management evaluates segment performance. During fiscal 2020 and 2019, the Company recorded $39.2 million and $7.1 million, respectively, of costs directly associated with its review of strategic alternatives for the VTS segment’s automotive business, including costs to separate and prepare the business for potential sale.

The following is a summary of total assets by segment:

  
March 31,
  
   
2020
    
2019
  
VTS
  
$
683.9
    
$
749.9
  
CIS
    
617.7
      
604.2
  
BHVAC
    
102.3
      
89.4
  
Corporate and eliminations
    
132.2
      
94.5
  
Total assets
  
$
1,536.1
    
$
1,538.0
  

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

  
Years ended March 31,
  
Capital expenditures:
  
2020
    
2019
    
2018
  
VTS
  
$
53.2
    
$
56.2
    
$
61.4
  
CIS
    
15.0
      
16.4
      
9.0
  
BHVAC
    
3.1
      
1.3
      
0.6
  
Total capital expenditures
  
$
71.3
    
$
73.9
    
$
71.0
  

 
Years ended March 31,
  
Depreciation and amortization expense:
  
2020
    
2019
    
2018
  
VTS
  
$
49.7
    
$
49.5
    
$
48.2
  
CIS
    
24.0
      
23.9
      
24.3
  
BHVAC
    
3.4
      
3.5
      
4.2
  
Total depreciation and amortization expense
  
$
77.1
    
$
76.9
    
$
76.7
  

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

  
Years ended March 31,
  
   
2020
    
2019
    
2018
  
United States
  
$
941.9
    
$
1,032.3
    
$
911.4
  
Italy
    
187.4
      
217.3
      
211.5
  
China
    
168.5
      
172.1
      
156.0
  
Hungary
    
142.4
      
165.6
      
153.9
  
Germany
    
97.5
      
123.1
      
132.6
  
Austria
    
93.0
      
116.2
      
151.7
  
Other
    
344.8
      
386.1
      
386.0
  
Net sales
  
$
1,975.5
    
$
2,212.7
    
$
2,103.1
  

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

  
March 31,
  
   
2020
    
2019
  
United States
  
$
114.6
    
$
117.7
  
China
    
56.8
      
57.6
  
Hungary
    
55.4
      
55.3
  
Mexico
    
50.0
      
56.3
  
Italy
    
49.8
      
52.4
  
Germany
    
27.0
      
32.8
  
Austria
    
26.0
      
36.9
  
Other
    
68.4
      
75.7
  
Total property, plant and equipment
  
$
448.0
    
$
484.7
  

The following is a summary of net sales by end market:

  
Years ended March 31,
  
   
2020
    
2019
    
2018
  
Commercial HVAC&R
  
$
639.7
    
$
674.0
    
$
648.3
  
Automotive
    
508.8
      
542.8
      
526.0
  
Commercial vehicle
    
323.7
      
387.6
      
381.7
  
Off-highway
    
253.9
      
314.1
      
271.2
  
Data center cooling
    
150.2
      
187.0
      
137.6
  
Industrial cooling
    
43.5
      
47.8
      
67.6
  
Other
    
55.7
      
59.4
      
70.7
  
Net sales
  
$
1,975.5
    
$
2,212.7
    
$
2,103.1