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Business Segment Information
6 Months Ended
Sep. 30, 2019
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
The Company's 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. 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 1, Basis of Presentation and Significant Accounting Policies for further information.
During fiscal 2019, the Company sold its VAG business included within the Water Management platform and in accordance with the authoritative guidance, the operating results of the VAG business are reported as discontinued operations in all periods presented. See Note 4, Discontinued Operations, for further information.
Business Segment Information:
(in Millions)
 
 
Three Months Ended
 
Six Months Ended
 
 
September 30, 2019

September 30, 2018
 
September 30, 2019
 
September 30, 2018
Net sales
 
 
 
 
 
 
 
 
Process & Motion Control
 
$
337.0

 
$
348.7

 
$
667.1

 
$
681.1

Water Management (1)
 
184.3

 
176.1

 
362.5

 
347.3

  Consolidated net sales
 
521.3

 
524.8

 
1,029.6

 
1,028.4

Income from operations
 
 
 
 
 
 
 
 
Process & Motion Control
 
58.3

 
56.4

 
113.4

 
106.3

Water Management (1)
 
43.7

 
41.3

 
83.7

 
77.8

Corporate
 
(13.5
)
 
(16.3
)
 
(28.4
)
 
(30.6
)
  Consolidated income from operations
 
88.5

 
81.4

 
168.7

 
153.5

Non-operating expense:
 
 
 
 
 
 
 
 
Interest expense, net
 
(15.3
)
 
(18.7
)
 
(30.8
)
 
(37.3
)
Gain on the extinguishment of debt
 
3.2

 

 
3.2

 

Other (expense) income, net
 
(0.3
)
 

 
(1.8
)
 
1.7

Income before income taxes
 
76.1

 
62.7

 
139.3

 
117.9

Provision for income taxes
 
(19.5
)
 
(17.2
)
 
(34.3
)
 
(31.7
)
Equity method investment income
 
0.1

 
0.7

 
0.2

 
2.2

Net income from continuing operations
 
56.7

 
46.2

 
105.2

 
88.4

Loss from discontinued operations, net of tax
 

 
(83.7
)
 
(1.8
)
 
(126.5
)
Net income (loss)
 
56.7

 
(37.5
)
 
103.4

 
(38.1
)
Non-controlling interest income
 
0.1

 
0.1

 
0.3

 
0.2

Net income (loss) attributable to Rexnord
 
56.6

 
(37.6
)
 
103.1

 
(38.3
)
Dividends on preferred stock
 
(5.8
)
 
(5.8
)
 
(11.6
)
 
(11.6
)
Net income (loss) attributable to Rexnord common stockholders
 
$
50.8

 
$
(43.4
)
 
$
91.5

 
$
(49.9
)
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
 
 
 
 
 
 
 
Process & Motion Control
 
$
15.0

 
$
15.7

 
$
29.6

 
$
31.7

Water Management (1)
 
6.6

 
6.2

 
12.9

 
12.4

Corporate
 
0.1

 

 
0.2

 

  Consolidated
 
$
21.7

 
$
21.9

 
$
42.7

 
$
44.1

Capital expenditures
 
 
 
 
 
 
 
 
Process & Motion Control
 
$
5.9

 
$
4.4

 
$
10.4

 
$
13.3

Water Management (1)
 
1.5

 
1.5

 
2.8

 
2.8

  Consolidated
 
$
7.4

 
$
5.9

 
$
13.2

 
$
16.1


____________________
(1)
Amounts reflect Water Management continuing operations.