Investment in Affiliate

12 Months Ended

Mar. 31, 2016

Note 12:

Investment in Affiliate

The Company’s investment in its non-consolidated affiliate is accounted for under the equity method. The Company has a 50 percent ownership of Nikkei Heat Exchanger Company, Ltd. (“NEX”). At both March 31, 2016 and 2015, the Company included the investment in NEX of $3.2 million in other noncurrent assets. At March 31, 2016, the investment in NEX is equal to the Company's investment in the underlying assets.

The Company reports the results of operations for NEX in the consolidated financial statements using a one-month reporting delay. The Company reports equity in earnings from non-consolidated affiliates within other income and expense in the consolidated statements of operations. The Company’s share of NEX’s earnings for the years ended March 31, 2016, 2015, and 2014 was $0.1 million, $0.6 million and $0.7 million, respectively.