Investment in Affiliate

12 Months Ended

Mar. 31, 2020

Investment in Affiliate [Abstract]

Investment in Affiliate

Note 12: Investment in Affiliate

During fiscal 2020, the Company completed the sale of its 50 percent ownership interest in Nikkei Heat Exchanger Company, Ltd. (“NEX”) for a selling price of $3.8 million.  As a result of this sale, the Company recorded a gain of $0.1 million, which included the write-off of accumulated foreign currency translation gains of $0.6 million, within other income and expense on the consolidated statement of operations.

Prior to the sale, the Company accounted for its investment in this non-consolidated affiliate using the equity method.  The Company included its investment in NEX of $3.8 million within other noncurrent assets on the March 31, 2019 consolidated balance sheet.  The Company reported its equity in earnings from NEX within other income and expense in the consolidated statements of operations, using a one-month reporting delay.  The Company’s share of NEX’s earnings for fiscal 2020, 2019, and 2018 was $0.1 million, $0.7 million, and $0.2 million, respectively.