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Segment Information
 3 Months Ended
Jun. 30, 2024
Segment Information [Abstract]  
Segment Information

18. Segment Information

The Company’s three operating segments are as follows:

•
Hard Parts, which includes (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, which includes (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, which includes 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. The Test Solutions and Diagnostic Equipment and Heavy Duty segments 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 June 30, 2024
  
   
Hard Parts
    
All Other
    
Total
  
Net sales to external customers
  
$
158,187,000
    
$
11,700,000
    
$
169,887,000
  
Intersegment sales
    
32,000
      
12,000
      
44,000
  
Operating loss
    
(6,459,000
)(1)
    
(6,000
)
    
(6,465,000
)
Depreciation and amortization
    
2,525,000
      
204,000
      
2,729,000
  
Segment assets
    
989,363,000
      
55,297,000
      
1,044,660,000
  
Capital expenditures
    
253,000
      
237,000
      
490,000
  


   
Three Months Ended June 30, 2023
  
   
Hard Parts
    
All Other
    
Total
  
Net sales to external customers
  
$
149,747,000
    
$
9,958,000
    
$
159,705,000
  
Intersegment sales
    
132,000
      
95,000
      
227,000
  
Operating income (loss)
    
11,506,000
 (1)
   
(1,079,000
)
    
10,427,000
  
Depreciation and amortization
    
2,679,000
      
354,000
      
3,033,000
  
Segment assets
    
1,063,301,000
      
52,368,000
      
1,115,669,000
  
Capital expenditures
    
40,000
      
-
      
40,000
  

   
Three Months Ended
  
 
  
June 30,
  
Net sales
  
2024
    
2023
  
Total net sales for reportable segment
  
$
158,219,000
    
$
149,879,000
  
Other net sales
     11,712,000       10,053,000  
Elimination of intersegment net sales
    
(44,000
)
    
(227,000
)
Total consolidated net sales
  
$
169,887,000
    
$
159,705,000
  

   
Three Months Ended
  
 
  
June 30,
  
Profit or loss
  
2024
    
2023
  
Total operating (loss) income for reportable segment
  
$
(6,459,000
)
  
$
11,506,000
  
Other operating loss
     (6,000 )     (1,079,000 )
Elimination of intersegment operating income
    
9,000
      
14,000
  
Interest expense, net
     (14,387,000 )     (11,720,000 )
Change in fair value of compound net derivative liability
    
2,580,000
      
(140,000
)
Total consolidated loss before income tax benefit
  
$
(18,263,000
)
  
$
(1,419,000
)

Assets
  
June 30, 2024
    
March 31, 2024
  
Total assets for reportable segment
  
$
989,363,000
    
$
1,019,811,000
  
Other assets
    
55,297,000
      
54,946,000
  
Elimination of intersegment assets
    
(66,705,000
)
    
(62,755,000
)
Total consolidated assets
  
$
977,955,000
    
$
1,012,002,000
 


(1)
The operating (loss) income for the Company's Hard Parts segment for the three months ended June 30, 2024 and 2023 includes the foreign exchange impact of lease liabilities and forward contracts, which were a loss of $11,078,000 and a gain of $4,270,000, respectively.