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v3.24.2

Segment Information | 3 Months Ended
--- | ---
Jun. 30, 2024
Segment Information [Abstract] |
Segment Information | Note 20: Segment Information Effective April 1, 2024, the Company moved its Coatings business, which was previously managed by and reported within the Performance Technologies segment, under the leadership of the Climate Solutions segment. Under this refined organizational structure, the Coatings business is better aligned with the Climate Solution’s Heat Transfer Products business, which serves similar heating, ventilating, air conditioning, and refrigeration markets and customers. The Company believes that unifying these complementary businesses allows it to better focus resources on targeted growth and allow for a more efficient application of 80/20 principles to optimize profit margins and cash flow. Segment financial information for the prior periods has been recast to conform to the current presentation. The following is a summary of net sales, gross profit and operating income by segment:
|  | Three months ended June 30, |
|  | 2024 |  |  | 2023 |
|  | External Sales |  |  | Inter-segment Sales |  |  | Total |  |  | External Sales |  |  | Inter-segment Sales |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Climate Solutions |  | $ | 357.2 |  |  | $ | 0.1 |  |  | $ | 357.3 |  |  | $ | 286.7 |  |  | $ | - |  |  | $ | 286.7 |
Performance Technologies |  |  | 304.3 |  |  |  | 4.7 |  |  |  | 309.0 |  |  |  | 335.7 |  |  |  | 7.4 |  |  |  | 343.1 |
Segment total |  |  | 661.5 |  |  |  | 4.8 |  |  |  | 666.3 |  |  |  | 622.4 |  |  |  | 7.4 |  |  |  | 629.8 |
Corporate and eliminations |  |  | - |  |  |  | (4.8 | ) |  |  | (4.8 | ) |  |  | - |  |  |  | (7.4 | ) |  |  | (7.4 | )
Net sales |  | $ | 661.5 |  |  | $ | - |  |  | $ | 661.5 |  |  | $ | 622.4 |  |  | $ | - |  |  | $ | 622.4 |
|  | Three months ended June 30, |
|  | 2024 |  |  | 2023 |
|  | _$’s |  |  | % of sales |  |  | _$’s |  |  | % of sales |
Gross profit: |  |  |  |  |  |  |  |  |  |  |  |
Climate Solutions |  | $ | 100.8 |  |  |  | 28.2 | % |  | $ | 75.8 |  |  |  | 26.4 | %
Performance Technologies |  |  | 63.5 |  |  |  | 20.6 | % |  |  | 51.9 |  |  |  | 15.1 | %
Segment total |  |  | 164.3 |  |  |  | 24.7 | % |  |  | 127.7 |  |  |  | 20.3 | %
Corporate and eliminations |  |  | (1.7 | ) |  |  | - |  |  |  | 0.2 |  |  |  | - |
Gross profit |  | $ | 162.6 |  |  |  | 24.6 | % |  | $ | 127.9 |  |  |  | 20.6 | %
|  | Three months ended June 30, |
|  | 2024 |  |  | 2023 |
Operating income: |  |  |  |  |  |
Climate Solutions |  | $ | 59.8 |  |  | $ | 48.6 |
Performance Technologies |  |  | 31.5 |  |  |  | 27.6 |
Segment total |  |  | 91.3 |  |  |  | 76.2 |
Corporate and eliminations |  |  | (16.9 | ) |  |  | (9.7 | )
Operating income |  | $ | 74.4 |  |  | $ | 66.5 |
The following is a summary of segment assets, comprised entirely of trade accounts receivable and inventories, and other assets:
|  | June 30, 2024 |  |  | March 31, 2024 |
Assets: |  |  |  |  |  |
Climate Solutions |  | $ | 411.5 |  |  | $ | 412.7 |
Performance Technologies |  |  | 376.6 |  |  |  | 368.1 |
Other (a) |  |  | 1,078.3 |  |  |  | 1,070.7 |
Total assets |  | $ | 1,866.4 |  |  | $ | 1,851.5 |
(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.

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