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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.