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Segment Information
 6 Months Ended
Sep. 30, 2025
Segment Information  
Segment Information

Note 20: Segment Information

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.

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​

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Three months ended September 30, 2025

    

Three months ended September 30, 2024

​

​

​

​

​

​

Corporate

​

​

​

​

​

​

​

​

Corporate

​

​

​

​

​

Climate

​

Performance

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and

​

​

​

​

Climate

​

Performance

​

and

​

​

​

​

​

Solutions

    

Technologies

    

eliminations

    

Total

​

Solutions

    

Technologies

    

eliminations

    

Total

External sales

 

$

454.1

​

$

284.8

​

$

—

​

$

738.9

 

$

366.4

​

$

291.6

​

$

—

​

$

658.0

Inter-segment sales

​

 

0.3

​

 

1.5

​

 

(1.8)

​

 

—

​

 

—

​

 

5.9

​

 

(5.9)

​

 

—

Net sales

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454.4

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286.3

​

 

(1.8)

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738.9

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366.4

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297.5

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(5.9)

​

 

658.0

Cost of sales

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342.4

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​

232.2

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​

(0.6)

​

 

574.0

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260.1

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​

237.4

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(5.1)

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492.4

Gross profit

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​

112.0

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54.1

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(1.2)

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​

164.9

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106.3

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60.1

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(0.8)

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​

165.6

Selling, general and administrative expenses

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​

47.4

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​

19.7

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​

17.1

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​

84.2

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​

40.1

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​

26.3

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​

19.4

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​

85.8

Restructuring expenses

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​

2.4

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​

0.6

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​

0.1

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3.1

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​

1.5

​

​

3.0

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​

—

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​

4.5

Impairment charge

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—

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​

4.1

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—

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4.1

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—

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​

—

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​

—

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​

—

Operating income

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$

62.2

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$

29.7

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$

(18.4)

​

$

73.5

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$

64.7

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$

30.8

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$

(20.2)

​

$

75.3

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​

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Six months ended September 30, 2025

    

Six months ended September 30, 2024

​

​

​

​

​

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Corporate

​

​

​

​

​

​

​

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Corporate

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​

​

​

​

Climate

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Performance

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and

​

​

​

​

Climate

​

Performance

​

and

​

​

​

​

​

Solutions

    

Technologies

    

eliminations

    

Total

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Solutions

    

Technologies

    

eliminations

    

Total

External sales

 

$

851.4

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$

570.3

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$

—

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$

1,421.7

 

$

723.6

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$

595.9

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$

—

​

$

1,319.5

Inter-segment sales

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0.4

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1.5

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(1.9)

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—

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0.1

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10.6

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(10.7)

​

 

—

Net sales

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851.8

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571.8

​

 

(1.9)

​

 

1,421.7

​

 

723.7

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606.5

​

 

(10.7)

​

 

1,319.5

Cost of sales

​

 

626.9

​

​

465.8

​

​

(1.3)

​

 

1,091.4

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516.6

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​

482.9

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​

(8.2)

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991.3

Gross profit

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​

224.9

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​

106.0

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(0.6)

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​

330.3

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207.1

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123.6

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(2.5)

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328.2

Selling, general and administrative expenses

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​

92.1

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41.6

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35.4

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​

169.1

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​

80.9

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​

53.1

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34.6

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​

168.6

Restructuring expenses

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​

3.7

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​

4.1

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​

0.1

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​

7.9

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​

1.7

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​

8.2

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​

—

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​

9.9

Impairment charge

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—

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​

4.1

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​

—

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4.1

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—

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​

—

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​

—

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—

Operating income

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$

129.1

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$

56.2

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$

(36.1)

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$

149.2

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$

124.5

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$

62.3

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$

(37.1)

​

$

149.7

​

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 capital expenditures and depreciation and amortization expense by segment:

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Three months ended September 30, 

    

Six months ended September 30, 

​

    

2025

    

2024

    

2025

    

2024

Capital expenditures:

​

​

​

​

​

​

​

​

​

​

​

​

Climate Solutions

​

$

26.8

​

$

7.7

    

$

46.7

​

$

23.7

Performance Technologies

​

 

5.1

​

 

5.7

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12.4

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16.5

Corporate

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—

​

 

0.1

​

 

0.3

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0.1

Total capital expenditures

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$

31.9

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$

13.5

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$

59.4

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$

40.3

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​

​

​

​

​

​

​

​

​

​

Three months ended September 30, 

    

Six months ended September 30, 

​

    

2025

    

2024

    

2025

    

2024

Depreciation and amortization expense:

​

​

​

​

​

​

​

​

​

​

​

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Climate Solutions

​

$

11.4

​

$

12.6

    

$

22.6

​

$

24.5

Performance Technologies

​

 

7.8

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7.2

​

 

15.3

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14.2

Corporate

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0.5

​

 

0.2

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0.8

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0.4

Total depreciation and amortization expense

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$

19.7

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$

20.0

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$

38.7

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$

39.1

​

The following is a summary of segment assets, comprised entirely of trade accounts receivable and inventories, and other assets:

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September 30, 2025

    

March 31, 2025

Assets:

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​

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Climate Solutions

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$

705.6

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$

448.7

Performance Technologies

​

 

382.2

​

 

371.1

Other (a)

​

 

1,298.1

​

 

1,097.8

Total assets

​

$

2,385.9

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$

1,917.6

____

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(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.