Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.20.4
Segment Information
 9 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Segment Information Segment Information    We operate in four reportable segments based on four geographic countries or regions in which we operate: (i) United States and Latin America ("US-LAM"), (ii) Canada, (iii) Europe, Middle East and Africa ("EMEA") and (iv) Asia-Pacific ("APAC"). Within our four reportable segments, our core products and services are focused on thermal solutions primarily related to the electrical heat tracing industry. Each of our reportable segments serves a similar class of customers, including engineering, procurement and construction companies, international and regional oil and gas companies, commercial sub-contractors, electrical component distributors and direct sales to existing plant or industrial applications. Profitability within our segments is measured by operating income. Profitability can vary in each of our reportable segments based on the competitive
environment within the region, the level of corporate overhead, such as the salaries of our senior executives, and the level of research and development and marketing activities in the region, as well as the mix of products and services. Our THS business line provides advanced industrial heating and filtration solutions for industrial and hazardous area applications that closely align with Thermon's core business and serves similar end markets in North America. As such, we have elected to report operations attributable to our THS products through our US-LAM and Canada reportable segments. Our TPS product line provides temporary power products that differ from our core thermal solutions business. As we anticipate that our full year operating results from TPS will comprise less than 10% of our total sales and operating income, operations attributable to our TPS products have been aggregated in our Canada segment. For purposes of this note, revenue is attributed to individual countries or regions on the basis of the physical location and jurisdiction of organization of the subsidiary that invoices the material and services.
    Total sales to external customers, inter-segment sales, depreciation expense, amortization expense, income from operations, property, plant and equipment, net and total assets for each of our four reportable segments are as follows:
Three Months Ended December 31, 2020 Three Months Ended December 31, 2019 Nine Months Ended December 31, 2020 Nine Months Ended December 31, 2019
Sales to External Customers:    
United States and Latin America $ 29,714  $ 38,837  $ 72,233  $ 123,085 
Canada 24,992  34,528  63,521  92,731 
Europe, Middle East and Africa 17,144  13,338  38,941  42,365 
Asia-Pacific 7,754  13,765  28,163  36,934 
  $ 79,604  $ 100,468  $ 202,858  $ 295,115 
Inter-Segment Sales:
United States and Latin America $ 10,751  $ 11,316  $ 31,849  $ 36,777 
Canada 2,523  1,101  5,378  3,230 
Europe, Middle East and Africa 542  791  1,615  2,385 
Asia-Pacific 343  167  861  612 
$ 14,159  $ 13,375  $ 39,703  $ 43,004 
Depreciation Expense:
United States and Latin America $ 1,647  $ 1,566  $ 4,727  $ 4,661 
Canada 1,144  930  3,255  2,530 
Europe, Middle East and Africa 8  138  235  402 
Asia-Pacific 40  29  135  132 
$ 2,839  $ 2,663  $ 8,352  $ 7,725 
Amortization Expense:
United States and Latin America $ 295  $ 1,438  $ 1,169  $ 4,314 
Canada 1,797  2,434  5,452  7,270 
Europe, Middle East and Africa 32  322  429  972 
Asia-Pacific 11  266  215  798 
$ 2,135  $ 4,460  $ 7,265  $ 13,354 
Income (Loss) from Operations:    
United States and Latin America $ 3,647  $ 2,944  $ (4,185) $ 9,280 
Canada 4,993  8,562  9,171  17,339 
Europe, Middle East and Africa 802  366  2,278  2,196 
Asia-Pacific 1,425  2,280  3,259  6,377 
Unallocated:
Stock compensation (430) (1,328) (2,921) (3,670)
Public company costs (277) (358) (1,151) (1,224)
  $ 10,160  $ 12,466  $ 6,451  $ 30,298 
December 31, 2020 March 31, 2020
Property, Plant and Equipment, Net:
United States and Latin America $ 37,937  $ 39,815 
Canada 29,984  28,703 
Europe, Middle East and Africa 3,365  3,246 
Asia-Pacific 766  778 
$ 72,052  $ 72,542 
Total Assets:
United States and Latin America $ 232,050  $ 239,751 
Canada 288,210  270,055 
Europe, Middle East and Africa 82,728  73,334 
Asia-Pacific 39,369  37,765 
$ 642,357  $ 620,905 

Capital expenditures for our reportable segments were as follows:
Three Months Ended December 31, 2020 Three Months Ended December 31, 2019 Nine Months Ended
December 31, 2020		 Nine Months Ended
December 31, 2019
Capital Expenditures:
United States and Latin America $ 89  $ 2,122  $ 3,245  $ 4,110 
Canada 473  289  1,340  1,872 
Europe, Middle East and Africa 10  375  59  527 
Asia-Pacific 4  76  64  192 
  $ 576  $ 2,862  $ 4,708  $ 6,701