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Business Segment Information
12 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]  
Business Segment Information
Business Segment Information
The results of operations are reported in two business segments, consisting of the Process & Motion Control platform and the Water Management platform. The Process & Motion Control platform designs, manufactures, markets and services a comprehensive range of specified, highly-engineered mechanical components used within complex systems where customers' reliability requirements and costs of failure or downtime are high. The Process & Motion Control portfolio includes motion control products, shaft management products, aerospace components, and related value-added services. Products and services are marketed and sold globally under widely recognized brand names, including Rexnord®, Rex®, Addax®, Euroflex®, Falk®, FlatTop®, Cambridge®, Link-Belt®, Omega®, PSI®, Shafer®, Stearns®, Highfield®, Thomas®, Centa® and Tollok™. Process & Motion Control products and services are sold into a diverse group of attractive end markets, including food and beverage, aerospace, mining, petrochemical, energy and power generation, cement and aggregates, forest and wood products, agriculture, and general industrial and automation applications. The Water Management platform designs, procures, manufactures, and markets products that provide and enhance water quality, safety, flow control and conservation. The Water Management product portfolio includes professional grade water control and safety, water distribution and drainage, finish plumbing, and site works products for primarily nonresidential buildings and flow control products for water infrastructure markets. Products are marketed and sold under widely recognized brand names, including Zurn®, Wilkins®, Green Turtle® and World Dryer®. The financial information of the Company's segments is regularly evaluated by the chief operating decision maker in determining resource allocation and assessing performance. Management evaluates the performance of each business segment based on its operating results. The same accounting policies are used throughout the organization (see Note 2, Significant Accounting Policies).
In fiscal 2019, the net assets of the Company’s former VAG business, which was included within the Water Management platform, met the criteria to be classified as "held for sale" and, in accordance with the authoritative guidance, the operating results of the VAG business, which, as previously disclosed, was sold during the third quarter of fiscal 2019, are reported as discontinued operations in all periods presented. Therefore, the following business segment information reflects the continuing operations of the Water Management platform. See Note 4, Discontinued Operations for further information.

Business Segment Information:
(in Millions)
 
 
Year Ended
 
 
March 31, 2019
 
March 31, 2018
 
March 31, 2017
Net sales by product
 
 
 
 
 
 
Process & Motion Control:
 
 
 
 
 
 
Original equipment manufacturers/ end-users
 
$
768.5

 
$
690.5

 
$
594.6

Maintenance, repair, and operations
 
612.1

 
550.7

 
540.1

Total Process & Motion Control
 
1,380.6

 
1,241.2

 
1,134.7

Water Management:
 
 
 
 
 
 
Water safety, quality, flow control and conservation
 
624.4

 
566.9

 
538.9

Water infrastructure
 
45.9

 
43.5

 
38.9

Total Water Management
 
670.3

 
610.4

 
577.8

  Consolidated net sales
 
2,050.9

 
1,851.6

 
1,712.5

Income (loss) from operations
 
 
 
 
 
 
Process & Motion Control
 
226.1

 
191.3

 
133.0

Water Management
 
139.7

 
125.7

 
112.3

Corporate
 
(60.2
)
 
(50.6
)
 
(42.1
)
  Consolidated income from operations
 
305.6

 
266.4

 
203.2

Non-operating expense:
 
 
 
 
 
 
Interest expense, net
 
(69.9
)
 
(75.1
)
 
(88.3
)
Gain (loss) on the extinguishment of debt
 
4.3

 
(11.9
)
 
(7.8
)
Other (expense) income, net
 
(1.2
)
 
7.7

 
0.2

Income from continuing operations before income taxes
 
238.8

 
187.1

 
107.3

(Provision) benefit for income taxes
 
(53.4
)
 
19.5

 
(15.6
)
Equity method investment income
 
3.6

 

 

Net income from continuing operations
 
189.0

 
206.6

 
91.7

Loss from discontinued operations, net of tax
 
(154.7
)
 
(130.6
)
 
(17.6
)
Net income
 
34.3

 
76.0

 
74.1

Non-controlling interest income
 

 
0.1

 

Net income attributable to Rexnord
 
34.3

 
75.9

 
74.1

Dividends on preferred stock
 
(23.2
)
 
(23.2
)
 
(7.3
)
Net income attributable to Rexnord common stockholders
 
$
11.1

 
$
52.7

 
$
66.8

 
 
 
 
 
 
 
Depreciation and Amortization
 
 
 
 
 
 
Process & Motion Control
 
$
63.0

 
$
56.0

 
$
69.9

Water Management
 
24.9

 
23.7

 
26.2

  Consolidated
 
$
87.9

 
$
79.7

 
$
96.1

Capital Expenditures
 
 
 
 
 
 
Process & Motion Control
 
$
36.3

 
$
34.2

 
$
42.0

Water Management
 
6.2

 
3.8

 
8.8

  Consolidated
 
$
42.5

 
$
38.0

 
$
50.8

 
 
 
 
 
 
 
 
 
March 31, 2019
 
March 31, 2018
 
March 31, 2017
Total Assets
 
 
 
 
 
 
Process & Motion Control
 
$
2,677.7

 
$
2,598.8

 
$
2,671.4

Water Management
 
576.8

 
820.9

 
862.3

Corporate
 
5.2

 
4.0

 
5.6

  Consolidated
 
$
3,259.7

 
$
3,423.7

 
$
3,539.3



Net sales to third parties and long-lived assets by geographic region are as follows (in millions):
 
Net Sales
 
Long-lived Assets
 
Year Ended March 31, 2019
 
Year Ended March 31, 2018
 
Year Ended March 31, 2017
 
March 31, 2019
 
March 31, 2018
 
March 31, 2017
United States
$
1,460.6

 
$
1,361.6

 
$
1,285.1

 
$
260.7

 
$
260.9

 
$
261.9

Europe
327.5

 
255.5

 
218.9

 
78.9

 
91.2

 
37.7

Rest of World
262.8

 
234.5

 
208.5

 
43.4

 
44.4

 
41.9

 
$
2,050.9

 
$
1,851.6

 
$
1,712.5

 
$
383.0

 
$
396.5

 
$
341.5


Net sales to third parties are attributed to the geographic regions based on the country in which the shipment originates. Amounts attributed to the geographic regions for long-lived assets are based on the location of the entity that holds such assets. In accordance with ASC 280, Segment Reporting, long-lived assets includes movable assets and excludes net intangible assets and goodwill.