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Segment and Geographic Information
 12 Months Ended
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

​