Segment Information

9 Months Ended

Dec. 31, 2020

Segment Information [Abstract]

Segment Information

Note 20: Segment Information

Effective April 1, 2020, the Company began managing its global automotive business separate from the other businesses within the previously-reported Vehicular Thermal Solutions (“VTS”) segment.  The Company is managing the automotive business as the Automotive segment as it targets the sale or eventual exit of its underlying automotive business operations.  The other businesses of the VTS segment, including the commercial vehicle and off-highway businesses, are being managed as the Heavy Duty Equipment segment.  The segment realignment had no impact on the CIS and BHVAC segments or on the Company’s consolidated financial position, results of operations, and cash flows.  Segment financial information for fiscal 2020 has been recast to conform to the fiscal 2021 presentation.

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.

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

	Three months ended December 31,
	2020								2019
	External Sales		Inter-segment Sales			Total			External Sales		Inter-segment Sales			Total
Net sales:
CIS	$	128.3	$	0.7		$	129.0		$	146.3	$	1.2		$	147.5
BHVAC		68.7		-			68.7			64.3		0.6			64.9
HDE		173.7		11.9			185.6			152.8		12.1			164.9
Automotive		113.6		0.3			113.9			110.0		0.5			110.5
Segment total		484.3		12.9			497.2			473.4		14.4			487.8
Corporate and eliminations		-		(12.9	)		(12.9	)		-		(14.4	)		(14.4	)
Net sales	$	484.3	$	-		$	484.3		$	473.4	$	-		$	473.4

	Nine months ended December 31,
	2020								2019
	External Sales		Inter-segment Sales			Total			External Sales		Inter-segment Sales			Total
Net sales:
CIS	$	382.8	$	2.8		$	385.6		$	469.9	$	3.1		$	473.0
BHVAC		178.0		0.2			178.2			168.5		1.4			169.9
HDE		449.6		25.1			474.7			526.4		42.1			568.5
Automotive		283.1		2.8			285.9			337.8		2.0			339.8
Segment total		1,293.5		30.9			1,324.4			1,502.6		48.6			1,551.2
Corporate and eliminations		-		(30.9	)		(30.9	)		-		(48.6	)		(48.6	)
Net sales	$	1,293.5	$	-		$	1,293.5		$	1,502.6	$	-		$	1,502.6

	Three months ended December 31,											Nine months ended December 31,
	2020					2019						2020						2019
	$'s		% of sales			$'s			% of sales			$'s			% of sales			$'s			% of sales
Gross profit:
CIS	$	12.6		9.8	%	$	22.7			15.4	%	$	47.4			12.3	%	$	69.9			14.8	%
BHVAC		25.7		37.3	%		23.1			35.5	%		61.9			34.7	%		54.5			32.1	%
HDE		26.0		14.0	%		16.8			10.2	%		60.9			12.8	%		71.7			12.6	%
Automotive		18.4		16.1	%		12.2			11.0	%		39.8			13.9	%		37.7			11.1	%
Segment total		82.7		16.6	%		74.8			15.3	%		210.0			15.9	%		233.8			15.1	%
Corporate and eliminations		-		-			(1.3	)		-			(0.4	)		-			(1.2	)		-
Gross profit	$	82.7		17.1	%	$	73.5			15.5	%	$	209.6			16.2	%	$	232.6			15.5	%

	Three months ended December 31,						Nine months ended December 31,
	2020			2019			2020			2019
Operating income:
CIS	$	(1.7	)	$	8.3		$	3.9		$	25.8
BHVAC		15.8			13.5			36.0			27.6
HDE		12.8			2.8			23.6			27.2
Automotive		(124.9	)		1.6			(120.7	)		2.0
Segment total		(98.0	)		26.2			(57.2	)		82.6
Corporate and eliminations		(10.7	)		(18.0	)		(26.2	)		(50.3	)
Operating (loss) income	$	(108.7	)	$	8.2		$	(83.4	)	$	32.3

	December 31, 2020		March 31, 2020
Total assets:
CIS	$	601.8	$	617.7
BHVAC		106.7		102.3
HDE		428.3		417.4
Automotive (a)		161.2		272.5
Corporate and eliminations (b)		8.7		126.2
Total assets	$	1,306.7	$	1,536.1

(a) During the third quarter of fiscal 2021, the Company recorded impairment charges totaling $134.4 million within the Automotive segment, primarily related to the property, plant and equipment of the liquid-cooled automotive business, the sale of which is pending.  See Note 2 for additional information.

(b) During the nine months ended December 31, 2020, the Company recorded income tax charges totaling $109.9 million to increase the valuation allowance on deferred tax assets in the U.S, which are recorded at Corporate.  See Note 9 for additional information.