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Segment and Geographic Information | 12 Months Ended
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Mar. 31, 2025
Segment and Geographic Information [Abstract] |
Segment and Geographic Information | Note 22: Segment and Geographic Information The Company’s Climate Solutions segment provides energy-efficient, safe, climate-controlled solutions and components for a wide range of critical applications. The Climate Solutions segment sells data center cooling solutions, heat transfer products, and HVAC&R products to customers in North America, EMEA, and Asia. The Company’s Performance Technologies segment designs and manufactures air- and liquid-cooled heat exchangers for vehicular, stationary power, and industrial applications. In addition, the Performance Technologies segment provides advanced thermal solutions to zero-emission and hybrid commercial vehicle and automotive customers. See Note 3 for additional information regarding net sales by product groups within each segment. ​ 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 is allowing it to better focus resources on targeted growth opportunities and more efficiently apply 80/20 principles to optimize profit margins and cash flow. Segment financial information for the prior years has been recast to conform to the current presentation. The Company’s chief operating decision maker (“CODM”), its President and Chief Executive Officer, reviews the separate financial results for each of its operating segments. The CODM uses segment operating income as a measure of profit and loss to evaluate the financial performance of each segment and as the basis for allocating company resources. The tables below present net sales and significant expense categories for each of the Company’s segments that are regularly provided to the CODM. Net sales for Corporate and eliminations primarily represent the elimination of inter-segment sales. Inter-segment sales are accounted for based upon an established markup over production costs. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended March 31, 2025
​ |  | Climate | ​ | Performance |  | Corporate and |  | ​
​ | ​ | Solutions | ​ | Technologies | ​ | eliminations | ​ | Total
External sales | ​ | $ | 1,440.6 | ​ | $ | 1,142.9 | ​ | $ | — | ​ | $ | 2,583.5
Inter-segment sales | ​ |  | 0.2 | ​ |  | 20.6 | ​ |  | (20.8) | ​ |  | —
Net sales | ​ |  | 1,440.8 | ​ |  | 1,163.5 | ​ |  | (20.8) | ​ |  | 2,583.5
Cost of sales | ​ |  | 1,024.7 | ​ | ​ | 933.1 | ​ | ​ | (18.1) | ​ |  | 1,939.7
Gross profit | ​ | ​ | 416.1 | ​ | ​ | 230.4 | ​ | ​ | (2.7) | ​ | ​ | 643.8
Selling, general and administrative expenses | ​ | ​ | 161.7 | ​ | ​ | 101.9 | ​ | ​ | 68.5 | ​ | ​ | 332.1
Restructuring expenses | ​ | ​ | 6.0 | ​ | ​ | 20.5 | ​ | ​ | 1.7 | ​ | ​ | 28.2
Operating income | ​ | $ | 248.4 | ​ | $ | 108.0 | ​ | $ | (72.9) | ​ | $ | 283.5
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended March 31, 2024
​ |  | Climate | ​ | Performance |  | Corporate and |  | ​
​ | ​ | Solutions | ​ | Technologies | ​ | eliminations | ​ | Total
External sales | ​ | $ | 1,108.1 | ​ | $ | 1,299.7 | ​ | $ | — | ​ | $ | 2,407.8
Inter-segment sales | ​ |  | — | ​ |  | 21.6 | ​ |  | (21.6) | ​ |  | —
Net sales | ​ |  | 1,108.1 | ​ |  | 1,321.3 | ​ |  | (21.6) | ​ |  | 2,407.8
Cost of sales | ​ |  | 811.2 | ​ | ​ | 1,091.7 | ​ | ​ | (20.7) | ​ |  | 1,882.2
Gross profit | ​ | ​ | 296.9 | ​ | ​ | 229.6 | ​ | ​ | (0.9) | ​ | ​ | 525.6
Selling, general and administrative expenses | ​ | ​ | 115.3 | ​ | ​ | 105.9 | ​ | ​ | 52.7 | ​ | ​ | 273.9
Restructuring expenses | ​ | ​ | 3.0 | ​ | ​ | 12.0 | ​ | ​ | - | ​ | ​ | 15.0
Gain on sale of assets | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (4.0) | ​ | ​ | (4.0)
Operating income | ​ | $ | 178.6 | ​ | $ | 111.7 | ​ | $ | (49.6) | ​ | $ | 240.7
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended March 31, 2023
​ |  | Climate | ​ | Performance |  | Corporate and |  | ​
​ | ​ | Solutions | ​ | Technologies | ​ | eliminations | ​ | Total
External sales | ​ | $ | 1,056.1 | ​ | $ | 1,241.8 | ​ | $ | — | ​ | $ | 2,297.9
Inter-segment sales | ​ |  | 0.6 | ​ |  | 25.7 | ​ |  | (26.3) | ​ |  | —
Net sales | ​ |  | 1,056.7 | ​ |  | 1,267.5 | ​ |  | (26.3) | ​ |  | 2,297.9
Cost of sales | ​ |  | 816.1 | ​ | ​ | 1,118.4 | ​ | ​ | (26.0) | ​ |  | 1,908.5
Gross profit | ​ | ​ | 240.6 | ​ | ​ | 149.1 | ​ | ​ | (0.3) | ​ | ​ | 389.4
Selling, general and administrative expenses | ​ | ​ | 106.2 | ​ | ​ | 88.7 | ​ | ​ | 39.1 | ​ | ​ | 234.0
Restructuring expenses | ​ | ​ | 2.2 | ​ | ​ | 2.8 | ​ | ​ | - | ​ | ​ | 5.0
Operating income | ​ | $ | 132.2 | ​ | $ | 57.6 | ​ | $ | (39.4) | ​ | $ | 150.4
​ SG&A expenses at Corporate include legal, finance, general corporate and central services expenses and other costs that are either not directly attributable to an operating segment or not considered when the CODM evaluates segment performance. ​ The following is a summary of segment assets, comprised entirely of trade accounts receivable and inventories, and other assets: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31,
​ |  | 2025 |  | 2024
Assets: | ​ | ​ |  | ​ | ​ |
Climate Solutions | ​ | $ | 448.7 | ​ | $ | 412.7
Performance Technologies | ​ |  | 371.1 | ​ |  | 368.1
Other (a) | ​ |  | 1,097.8 | ​ |  | 1,070.7
Total assets | ​ | $ | 1,917.6 | ​ | $ | 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.
The following is a summary of capital expenditures and depreciation and amortization expense by segment:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended March 31,
​ |  | 2025 |  | 2024 |  | 2023
Capital expenditures: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Climate Solutions | ​ | $ | 53.3 | ​ | $ | 52.7 | ​ | $ | 26.3
Performance Technologies | ​ |  | 30.2 | ​ |  | 34.3 | ​ |  | 23.1
Corporate | ​ |  | 0.5 | ​ |  | 0.7 | ​ |  | 1.3
Total capital expenditures | ​ | $ | 84.0 | ​ | $ | 87.7 | ​ | $ | 50.7
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended March 31,
​ |  | 2025 |  | 2024 |  | 2023
Depreciation and amortization expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Climate Solutions | ​ | $ | 48.3 | ​ | $ | 26.5 | ​ | $ | 24.7
Performance Technologies | ​ |  | 28.7 | ​ |  | 28.7 | ​ |  | 28.8
Corporate | ​ |  | 0.7 | ​ |  | 0.9 | ​ |  | 1.0
Total depreciation and amortization expense | ​ | $ | 77.7 | ​ | $ | 56.1 | ​ | $ | 54.5
​ The following is a summary of net sales by geographic area, based upon the location of the selling unit:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended March 31,
​ |  | 2025 |  | 2024 |  | 2023
United States | ​ | $ | 1,287.5 | ​ | $ | 1,233.7 | ​ | $ | 1,139.3
Canada | ​ | ​ | 241.7 | ​ | ​ | 7.9 | ​ | ​ | —
Italy | ​ |  | 209.7 | ​ |  | 242.4 | ​ |  | 249.5
Hungary | ​ |  | 179.8 | ​ |  | 224.7 | ​ |  | 210.7
United Kingdom | ​ |  | 157.8 | ​ |  | 135.8 | ​ |  | 93.6
China | ​ |  | 130.7 | ​ |  | 144.2 | ​ |  | 151.6
Other | ​ |  | 376.3 | ​ |  | 419.1 | ​ |  | 453.2
Net sales | ​ | $ | 2,583.5 | ​ | $ | 2,407.8 | ​ | $ | 2,297.9
​ The following is a summary of property, plant and equipment by geographic area:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31,
​ |  | 2025 |  | 2024
United States | ​ | $ | 133.6 | ​ | $ | 117.5
Italy | ​ |  | 39.9 | ​ |  | 33.8
Hungary | ​ |  | 38.4 | ​ |  | 40.7
China | ​ |  | 37.4 | ​ |  | 39.4
Mexico | ​ |  | 36.5 | ​ |  | 35.2
Other | ​ |  | 104.7 | ​ |  | 99.1
Total property, plant and equipment | ​ | $ | 390.5 | ​ | $ | 365.7
​

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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