Note 17:

Segment Information

The following is a summary of net sales, gross profit, operating income, and total assets by segment. In fiscal 2018, the Company adopted new accounting guidance related to the income statement presentation of pension and postretirement costs. Accordingly, the Company recast the comparable fiscal 2017 segment financial results to conform to the current-period presentation. See Note 1 for additional information on this new accounting guidance.

	Three months ended December 31,						Nine months ended December 31,
Net sales:	2017			2016			2017			2016
Americas	$	140.5		$	123.4		$	430.7		$	389.4
Europe		134.6			119.8			405.4			389.7
Asia		42.8			28.6			117.7			78.2
Commercial and Industrial Solutions (a)		144.9			34.7			451.6			34.7
Building HVAC		56.1			47.2			147.9			132.8
Segment total		518.9			353.7			1,553.3			1,024.8
Corporate and eliminations		(6.2	)		(3.9	)		(16.8	)		(10.1	)
Net sales	$	512.7		$	349.8		$	1,536.5		$	1,014.7

	Three months ended December 31,											Nine months ended December 31,
	2017					2016						2017					2016
Gross profit:	$'s		% of sales			$'s			% of sales			$'s		% of sales			$'s			% of sales
Americas	$	21.7		15.4	%	$	18.4			14.9	%	$	69.7		16.2	%	$	59.5			15.3	%
Europe		17.9		13.3	%		18.6			15.5	%		56.8		14.0	%		60.3			15.5	%
Asia		8.2		19.0	%		5.0			17.6	%		21.9		18.6	%		13.1			16.7	%
Commercial and Industrial Solutions (a)		18.6		12.9	%		4.4			12.7	%		66.4		14.7	%		4.4			12.7	%
Building HVAC		19.0		33.8	%		15.3			32.4	%		45.0		30.4	%		37.1			28.0	%
Segment total		85.4		16.4	%		61.7			17.5	%		259.8		16.7	%		174.4			17.0	%
Corporate and eliminations		-		-			(2.7	)		-			0.2		-			(5.1	)		-
Gross profit	$	85.4		16.7	%	$	59.0			16.9	%	$	260.0		16.9	%	$	169.3			16.7	%

	Three months ended December 31,						Nine months ended December 31,
Operating income:	2017			2016			2017			2016
Americas	$	8.9		$	5.7		$	28.8		$	14.2
Europe		6.3			8.6			22.8			30.9
Asia		5.1			2.6			12.6			4.9
Commercial and Industrial Solutions (a)		(4.6	)		(0.3	)		14.3			(0.3	)
Building HVAC		9.2			6.7			18.6			10.4
Segment total		24.9			23.3			97.1			60.1
Corporate and eliminations		(11.0	)		(16.6	)		(32.1	)		(38.7	)
Operating income	$	13.9		$	6.7		$	65.0		$	21.4

	December 31, 2017		March 31, 2017
Total assets:
Americas	$	275.9	$	282.9
Europe		308.1		269.4
Asia		132.5		111.3
Commercial and Industrial Solutions		606.8		576.0
Building HVAC		88.8		85.2
Corporate and eliminations (b)		90.1		124.7
Total assets	$	1,502.2	$	1,449.5

(a)

The Company acquired Luvata HTS on November 30, 2016 and began operating the business as its CIS segment. As the Company has consolidated CIS financial results since the acquisition date, the three and nine months ended December 31, 2016 included one month of financial results from CIS operations. During the three months ended December 31, 2017, the Company recorded restructuring expenses and an impairment charge totaling $9.5 million within the CIS segment associated with the closure of a manufacturing facility in Austria. See Note 6 for additional information.

(b)

The decrease in total assets at Corporate was primarily due to a decrease in deferred tax assets resulting from the impact of tax reform in the U.S. See Note 8 for additional information regarding the reduction in the corporate tax rate in the U.S.