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Segment and Geographic Information (Tables) | 12 Months Ended
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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 |

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