XML 34 R24.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Segment Information | 9 Months Ended
--- | ---
Dec. 31, 2023
Segment Information [Abstract] |
Segment Information | 17. Segment Information Effective as of the fourth quarter of fiscal 2023, the Company revised its segment reporting as it determined that its three operating segments no longer met the criteria to be aggregated. The Company recast its prior year segment disclosures to conform to the current year’s presentation. The Company’s three operating segments are:
| • | Hard Parts, including (i) light duty rotating electric products such as alternators and starters, (ii) wheel hub products, (iii) brake-related products, including brake calipers, brake boosters, brake rotors, brake pads and brake master cylinders, and (iv) turbochargers,
| • | Test Solutions and Diagnostic Equipment, including (i) applications for combustion engine vehicles, including bench top testers for alternators and starters, (ii) equipment for the pre- and post-production of electric vehicles, and (iii) software emulation of power system applications for the electrification of all forms of transportation (including automobiles, trucks, the emerging electrification of systems within the aerospace industry, and electric vehicle charging stations), and
| • | Heavy Duty, including non-discretionary automotive aftermarket replacement hard parts for heavy-duty truck, industrial, marine, and agricultural applications.
The Company’s Hard Parts operating segment meets the criteria of a reportable segment while Test Solutions and Diagnostic Equipment and Heavy Duty are not material, are not required to be separately reported, and are included within the “all other” category. Financial information relating to the Company’s segments is as follows:
|  | Three Months Ended December 31, 2023 |
|  | Hard Parts |  |  | All Other |  |  | Total |
Net sales to external customers |  | $ | 161,254,000 |  |  | $ | 10,608,000 |  |  | $ | 171,862,000 |
Intersegment sales |  |  | 242,000 |  |  |  | 116,000 |  |  |  | 358,000 |
Operating income (loss) |  |  | 9,993,000 |  |  |  | (473,000 | ) |  |  | 9,520,000 |
Depreciation and amortization |  |  | 2,557,000 |  |  |  | 321,000 |  |  |  | 2,878,000 |
Segment assets |  |  | 1,005,470,000 |  |  |  | 51,965,000 |  |  |  | 1,057,435,000 |
Capital expenditures |  |  | 221,000 |  |  |  | 72,000 |  |  |  | 293,000 |
|  | Three Months Ended December 31, 2022 |
|  | Hard Parts |  |  | All Other |  |  | Total |
Net sales to external customers |  | $ | 139,809,000 |  |  | $ | 12,010,000 |  |  | $ | 151,819,000 |
Intersegment sales |  |  | 128,000 |  |  |  | 27,000 |  |  |  | 155,000 |
Operating income (loss) |  |  | 4,191,000 |  |  |  | (678,000 | ) |  |  | 3,513,000 |
Depreciation and amortization |  |  | 2,737,000 |  |  |  | 371,000 |  |  |  | 3,108,000 |
Segment assets |  |  | 1,020,855,000 |  |  |  | 50,225,000 |  |  |  | 1,071,080,000 |
Capital expenditures |  |  | 778,000 |  |  |  | 185,000 |  |  |  | 963,000 |
|  | Nine Months Ended December 31, 2023 |
|  | Hard Parts |  |  | All Other |  |  | Total |
Net sales to external customers |  | $ | 495,422,000 |  |  | $ | 32,784,000 |  |  | $ | 528,206,000 |
Intersegment sales |  |  | 442,000 |  |  |  | 249,000 |  |  |  | 691,000 |
Operating income (loss) |  |  | 36,702,000 |  |  |  | (2,852,000 | ) |  |  | 33,850,000 |
Depreciation and amortization |  |  | 7,825,000 |  |  |  | 1,019,000 |  |  |  | 8,844,000 |
Capital expenditures |  |  | 352,000 |  |  |  | 110,000 |  |  |  | 462,000 |
|  | Nine Months Ended December 31, 2022 |
|  | Hard Parts |  |  | All Other |  |  | Total |
Net sales to external customers |  | $ | 458,298,000 |  |  | $ | 30,049,000 |  |  | $ | 488,347,000 |
Intersegment sales |  |  | 478,000 |  |  |  | 185,000 |  |  |  | 663,000 |
Operating income (loss) |  |  | 20,976,000 |  |  |  | (8,173,000 | ) |  |  | 12,803,000 |
Depreciation and amortization |  |  | 8,212,000 |  |  |  | 1,110,000 |  |  |  | 9,322,000 |
Capital expenditures |  |  | 3,314,000 |  |  |  | 293,000 |  |  |  | 3,607,000 |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | December 31, |  |  | December 31, |
Net sales |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Total net sales for reportable segment |  | $ | 161,496,000 |  |  | $ | 139,937,000 |  |  | $ | 495,864,000 |  |  | $ | 458,776,000 |
Other net sales |  |  | 10,724,000 |  |  |  | 12,037,000 |  |  |  | 33,033,000 |  |  |  | 30,234,000 |
Elimination of intersegment net sales |  |  | (358,000 | ) |  |  | (155,000 | ) |  |  | (691,000 | ) |  |  | (663,000 | )
Total consolidated net sales |  | $ | 171,862,000 |  |  | $ | 151,819,000 |  |  | $ | 528,206,000 |  |  | $ | 488,347,000 |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | December 31, |  |  | December 31, |
Profit or loss |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Total operating income for reportable segment |  | $ | 9,993,000 |  |  | $ | 4,191,000 |  |  | $ | 36,702,000 |  |  | $ | 20,976,000 |
Other operating loss |  |  | (473,000 | ) |  |  | (678,000 | ) |  |  | (2,852,000 | ) |  |  | (8,173,000 | )
Elimination of intersegment operating income (loss) |  |  | 4,000 |  |  |  | 13,000 |  |  |  | 52,000 |  |  |  | (90,000 | )
Interest expense, net |  |  | (18,297,000 | ) |  |  | (11,471,000 | ) |  |  | (45,400,000 | ) |  |  | (27,675,000 | )
Change in fair value of compound net derivative liability |  |  | (1,160,000 | ) |  |  | - |  |  |  | (1,690,000 | ) |  |  | - |
Loss on extinguishment of debt |  |  | - |  |  |  | - |  |  |  | (168,000 | ) |  |  | - |
Total consolidated loss before income tax expense (benefit) |  | $ | (9,933,000 | ) |  | $ | (7,945,000 | ) |  | $ | (13,356,000 | ) |  | $ | (14,962,000 | )
Assets |  | December 31, 2023 |  |  | March 31, 2023 |
Total assets for reportable segment |  | $ | 1,005,470,000 |  |  | $ | 1,032,739,000 |
Other assets |  |  | 51,965,000 |  |  |  | 49,778,000 |
Elimination of intersegment assets |  |  | (61,502,000 | ) |  |  | (53,952,000 | )
Total consolidated assets |  | $ | 995,933,000 |  |  | $ | 1,028,565,000 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration