v3.24.1.1.u2
Segment and Geographic Information (Tables)
 12 Months Ended
Mar. 31, 2024
Segment and Geographic Information [Abstract]  
Net Sales, Gross Profit, Operating Income and Assets by Segment
The following is a summary of net sales, gross profit, and operating income by segment. See Note 3 for additional information regarding net sales by product groups within each segment.

 
Year ended March 31, 2024
  
   
External Sales
    
Inter-segment
Sales
    
Total
  
Net sales:
                  
Climate Solutions
  
$
1,054.6
    
$
-
    
$
1,054.6
  
Performance Technologies
    
1,353.2
      
24.8
      
1,378.0
  
Segment total
    
2,407.8
      
24.8
      
2,432.6
  
Corporate and eliminations
    
-
      
(24.8
)
    
(24.8
)
Net sales
  
$
2,407.8
    
$
-
    
$
2,407.8
  

 
Year ended March 31, 2023
  
   
External Sales
    
Inter-segment
Sales
    
Total
  
Net sales:
                  
Climate Solutions
   $ 1,011.5     $ 0.4     $ 1,011.9  
Performance Technologies
     1,286.4       29.8       1,316.2  
Segment total
    
2,297.9
      
30.2
      
2,328.1
  
Corporate and eliminations
    
-
      
(30.2
)
    
(30.2
)
Net sales
  
$
2,297.9
    
$
-
    
$
2,297.9
  

 
Year ended March 31, 2022
  
   
External Sales
    
Inter-segment
Sales
    
Total
  
Net sales:
                  
Climate Solutions
  
$
910.1
    
$
0.4
    
$
910.5
  
Performance Technologies
     1,140.0       32.4       1,172.4  
Segment total
    
2,050.1
      
32.8
      
2,082.9
  
Corporate and eliminations
    
-
      
(32.8
)
    
(32.8
)
Net sales
  
$
2,050.1
    
$
-
    
$
2,050.1
  

Inter-segment sales are accounted for based upon an established markup over production costs.  Net sales for Corporate and eliminations primarily represent the elimination of inter-segment sales.

Years ended March 31,
  
 
2024
  
2023
  
2022
  
Gross profit:
_$’s
  
% of sales
  
_$’s
  
% of sales
  
$’s
  
% of sales
  
Climate Solutions
 
$
275.4
      
26.1
%
  
$
223.6
      
22.1
%
  
$
166.3
      
18.3
%
Performance Technologies
   
251.1
      
18.2
%
    
166.1
      
12.6
%
    
142.2
      
12.1
%
Segment total
   
526.5
      
21.6
%
    
389.7
       16.7 %    
308.5
      
14.8
%
Corporate and eliminations
    
(0.9
)
    
-
      
(0.3
)
    
-
      
0.8
      
-
  
Gross profit
  
$
525.6
      
21.8
%
  
$
389.4
      
16.9
%
  
$
309.3
      
15.1
%

 
Years ended March 31,
  
Operating income:
  
2024
    
2023
    
2022
  
Climate Solutions
   $
 166.9     $
 124.1     $
 73.4  
Performance Technologies
     123.4       65.6       77.4
Segment total
     290.3       189.7       150.8
Corporate and eliminations (a)
     (49.6 )     (39.3 )     (31.6 )
Operating income
   $
240.7
     $
150.4
     $
119.2
(a)
The operating loss for Corporate includes certain research and development costs, legal, finance and other general corporate and central services expenses, and other costs that are either not directly attributable to an operating segment or not considered when management evaluates segment performance.

The following is a summary of segment assets, comprised entirely of trade accounts receivable and inventories, and other assets:

 
March 31,
  
Assets:  
2024
    
2023
  
Climate Solutions
  
$
400.6
    
$
334.8
  
Performance Technologies
    
380.2
      
388.1
  
Other (a)
    
1,070.7

   
843.0

Total assets
  
$
1,851.5
    
$
1,565.9
  
(a)
Represents cash and cash equivalents, other current assets, property plant and equipment, intangible assets, goodwill, deferred income taxes, and other noncurrent assets for the Climate Solutions and Performance Technologies segments and Corporate.
Capital Expenditures and Depreciation and Amortization Expense by Segment
The following is a summary of capital expenditures and depreciation and amortization expense by segment:

 
Years ended March 31,
  
Capital expenditures:
  
2024
    
2023
    
2022
  
Climate Solutions (a)
  
$
50.6
    
$
24.2
    
$
9.9
  
Performance Technologies
    
36.4
      
25.2
      
29.2
  
Corporate
    
0.7
      
1.3
      
1.2
  
Total capital expenditures
  
$
87.7
    
$
50.7
    
$
40.3
  
(a)
In March 2024, the Company purchased a manufacturing site in the U.K. for $13.4 million in order to expand its  production capacity for data center cooling products.

 
Years ended March 31,
  
Depreciation and amortization expense:
  
2024
    
2023
    
2022
  
Climate Solutions
  
$
23.5
    
$
21.7
    
$
23.6
  
Performance Technologies
    
31.7
      
31.8
      
29.9
  
Corporate
    
0.9
      
1.0
      
1.3
  
Total depreciation and amortization expense
  
$
56.1
    
$
54.5
    
$
54.8
  
Net Sales by Geographic Area
The following is a summary of net sales by geographic area, based upon the location of the selling unit:

 
Years ended March 31,
  
   
2024
    
2023
    
2022
  
United States
  
$
1,233.7
    
$
1,139.3
    
$
949.6
  
Italy
    
242.4
      
249.5
      
232.0
  
Hungary
    
224.7
      
210.7
      
185.2
  
China
    
144.2
      
151.6
      
166.0
  
United Kingdom
    
135.8
      
93.6
      
118.6
  
Other
    
427.0
      
453.2
      
398.7
  
Net sales
  
$
2,407.8
    
$
2,297.9
    
$
2,050.1
  
Property, Plant and Equipment by Geographic Area
The following is a summary of property, plant and equipment by geographic area:

 
March 31,
  
   
2024
    
2023
  
United States
  
$
117.5
    
$
96.4
  
Hungary
    40.7       40.8  
China
    
39.4
      
40.2
  
Mexico
    
35.2
      
34.0
  
Italy
    
33.8
      
32.8
  
Other
    
99.1
      
70.3
  
Total property, plant and equipment
  
$
365.7
    
$
314.5