XML 69 R53.htm IDEA: XBRL DOCUMENT v3.21.1
Segment and Geographic Information (Tables)
 12 Months Ended
Mar. 31, 2021
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.  See Note 3 for additional information regarding net sales by primary end market.

  
Year ended March 31, 2021
  
   
External Sales
    
Inter-segment
Sales
    
Total
  
Net sales:
                  
BHVAC
  
$
240.3
    
$
0.3
    
$
240.6
  
CIS
    
528.1
      
3.9
      
532.0
  
HDE
    
648.3
      
33.8
      
682.1
  
Automotive
    
391.7
      
6.6
      
398.3
  
Segment total
    
1,808.4
      
44.6
      
1,853.0
  
Corporate and eliminations
    
-
      
(44.6
)
    
(44.6
)
Net sales
  
$
1,808.4
    
$
-
    
$
1,808.4
  

 
Year ended March 31, 2020
  
   
External Sales
    
Inter-segment
Sales
    
Total
  
Net sales:
                  
BHVAC
  
$
219.4
    
$
1.7
    
$
221.1
  
CIS
    
620.1
      
3.8
      
623.9
  
HDE
    
693.8
      
52.1
      
745.9
  
Automotive
    
442.2
      
2.7
      
444.9
  
Segment total
    
1,975.5
      
60.3
      
2,035.8
  
Corporate and eliminations
    
-
      
(60.3
)
    
(60.3
)
Net sales
  
$
1,975.5
    
$
-
    
$
1,975.5
  


 
Year ended March 31, 2019
  
   
External Sales
    
Inter-segment
Sales
    
Total
  
Net sales:
                  
BHVAC
  
$
209.1
    
$
3.3
    
$
212.4
  
CIS
    
704.7
      
2.9
      
707.6
  
HDE
    
811.8
      
60.5
      
872.3
  
Automotive
    
487.1
      
1.8
      
488.9
  
Segment total
    
2,212.7
      
68.5
      
2,281.2
  
Corporate and eliminations
    
-
      
(68.5
)
    
(68.5
)
Net sales
  
$
2,212.7
    
$
-
    
$
2,212.7
  

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,
  
   
2021
    
2020
    
2019
  
Gross profit:
  
_$’s
    
% of
sales
    
_$’s
    
% of
sales
    
_$’s
    
% of
sales
  
BHVAC
  
$
83.0
      
34.5
%
  
$
71.5
      
32.3
%
  
$
63.4
      
29.9
%
CIS
    
66.5
      
12.5
%
    
92.9
      
14.9
%
    
114.9
      
16.2
%
HDE
    
88.4
      
13.0
%
    
96.6
      
13.0
%
    
127.8
      
14.7
%
Automotive
    
56.0
      
14.1
%
    
48.4
      
10.9
%
    
59.0
      
12.1
%
Segment total
    
293.9
      
15.9
%
    
309.4
      
15.2
%
    
365.1
      
16.0
%
Corporate and eliminations
    
(0.5
)
    
-
      
(1.9
)
    
-
      
0.4
      
-
  
Gross profit
  
$
293.4
      
16.2
%
  
$
307.5
      
15.6
%
  
$
365.5
      
16.5
%

 
Years ended March 31,
  
Operating income:
  
2021
    
2020
    
2019
  
BHVAC
  
$
47.2
    
$
36.4
    
$
26.9
  
CIS
    
8.2
      
32.9
      
53.4
  
HDE
    
36.8
      
37.8
      
65.0
  
Automotive
    
(150.9
)
    
(10.0
)
    
(0.4
)
Segment total
    
(58.7
)
    
97.1
      
144.9
  
Corporate and eliminations (a)
    
(39.0
)
    
(59.2
)
    
(35.2
)
Operating (loss) income
  
$
(97.7
)
  
$
37.9
    
$
109.7
  
(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 2021, 2020 and 2019, the Company recorded $6.6 million, $39.2 million, and $7.1 million respectively, of costs directly associated with its review of strategic alternatives for the liquid-and air-cooled automotive businesses, including costs to separate and prepare the underlying businesses for potential sale.


The following is a summary of total assets by segment:

  
March 31,
  
   
2021
    
2020
  
BHVAC
  
$
110.8
    
$
102.3
  
CIS
    
609.2
      
617.7
  
HDE
    
438.7
      
417.4
  
Automotive (a)
    
124.2
      
272.5
  
Corporate and eliminations (b)
    
(6.2
)
    
126.2
  
Total assets
  
$
1,276.7
    
$
1,536.1
  
(a)
During fiscal 2021, the Company recorded impairment charges totaling $166.8 million within the Automotive segment, primarily related to the property, plant and equipment of the liquid- and air-cooled automotive businesses, which are classified as held for sale as of March 31, 2021.  See Note 2 for additional information.
(b)
At March 31, 2021, Corporate assets totaled $17.5 million and were more than offset by eliminations for intercompany balances, including accounts receivable.  During fiscal 2021, the Company recorded income tax charges totaling $103.3 million, which established a full valuation allowance on deferred tax assets in the U.S that are recorded at Corporate.  See Note 8 for additional information. 
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:
  
2021
    
2020
    
2019
  
BHVAC
  
$
1.5
    
$
3.1
    
$
1.3
  
CIS
    
6.1
      
15.0
      
16.4
  
HDE
    
13.5
      
31.5
      
29.4
  
Automotive
    
11.1
      
19.1
      
24.9
  
Corporate
    
0.5
      
2.6
      
1.9
  
Total capital expenditures
  
$
32.7
    
$
71.3
    
$
73.9
  

 
Years ended March 31,
  
Depreciation and amortization expense:
  
2021
    
2020
    
2019
  
BHVAC
  
$
3.1
    
$
3.4
    
$
3.5
  
CIS
    
25.0
      
24.0
      
23.9
  
HDE
    
25.5
      
25.4
      
26.3
  
Automotive (a)
    
13.2
      
22.3
      
21.2
  
Corporate
    
1.8
      
2.0
      
2.0
  
Total depreciation and amortization
  
$
68.6
    
$
77.1
    
$
76.9
  
(a)
Upon classifying the liquid- and air-cooled automotive businesses as held for sale, the Company ceased depreciating  the long-lived assets within the disposal groups.  See Note 2 for additional information.
Net Sales 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,
  
   
2021
    
2020
    
2019
  
United States
  
$
765.7
    
$
941.9
    
$
1,032.3
  
China
    
217.6
      
168.5
      
172.1
  
Italy
    
188.6
      
187.4
      
217.3
  
Hungary
    
153.7
      
142.4
      
165.6
  
United Kingdom
    
96.4
      
82.0
      
86.6
  
Germany
    
83.4
      
97.5
      
123.1
  
Austria
    
59.6
      
93.0
      
116.2
  
Other
    
243.4
      
262.8
      
299.5
  
Net sales
  
$
1,808.4
    
$
1,975.5
    
$
2,212.7
  
Property, Plant and Equipment by Geographical Area
The following is a summary of property, plant and equipment by geographical area:

  
March 31,
  
   
2021
    
2020
  
United States
  
$
80.3
    
$
114.6
  
Mexico
    
43.5
      
50.0
  
China
    
31.3
      
56.8
  
Italy
    
30.0
      
49.8
  
Hungary
    
27.6
      
55.4
  
Germany
    
1.8
      
27.0
  
Austria
    
-
      
26.0
  
Other
    
55.4
      
68.4
  
Total property, plant and equipment (a)
  
$
269.9
    
$
448.0
  
(a)
In connection with the pending sales of the liquid- and air-cooled automotive businesses within the Automotive segment, the Company wrote-down the carrying value of the disposal groups’ property, plant and equipment to zero as of March 31, 2021.  The assets impaired were located in Hungary, Germany, Austria, China, the U.S., Italy, and the Netherlands.  See Note 2 for additional information on the held for sale businesses and impairment charges recorded during fiscal 2021.