Segment Information

6 Months Ended

Sep. 30, 2022

Segment Information [Abstract]

Segment Information

Note 19: Segment Information

Effective April 1, 2022, the Company began managing its operations under two operating segments, Climate Solutions and Performance Technologies.  The Climate Solutions segment includes the previously-reported BHVAC and CIS segments, with the exception of CIS Coatings.  The Performance Technologies segment includes the previously-reported HDE and Automotive segments and the CIS Coatings business.  See Note 2 for information regarding the primary operating activities of each segment.  The Company’s new segment structure aligns businesses serving similar or complimentary end markets, products and technologies under common segment management.  The Company expects this simplified segment structure will allow it to better focus resources on targeted growth opportunities and allow for an efficient application of 80/20 principles across all product lines to optimize profit margins and cash flow.  The segment realignment had no impact on the Company’s consolidated financial position, results of operations, and cash flows.  Segment financial information for the prior periods has been recast to conform to the current presentation.

The following is a summary of net sales, gross profit and operating income by segment:

	Three months ended September 30,
	2022								2021
	External Sales		Inter-segment Sales			Total			External Sales		Inter-segment Sales			Total
Net sales:
Climate Solutions	$	255.8	$	0.1		$	255.9		$	217.0	$	0.2		$	217.2
Performance Technologies		323.0		7.0			330.0			261.9		8.9			270.8
Segment total		578.8		7.1			585.9			478.9		9.1			488.0
Corporate and eliminations		-		(7.1	)		(7.1	)		-		(9.1	)		(9.1	)
Net sales	$	578.8	$	-		$	578.8		$	478.9	$	-		$	478.9

	Six months ended September 30,
	2022								2021
	External Sales		Inter-segment Sales			Total			External Sales		Inter-segment Sales			Total
Net sales:
Climate Solutions	$	500.0	$	0.3		$	500.3		$	423.5	$	0.2		$	423.7
Performance Technologies		619.8		14.5			634.3			550.0		17.9			567.9
Segment total		1,119.8		14.8			1,134.6			973.5		18.1			991.6
Corporate and eliminations		-		(14.8	)		(14.8	)		-		(18.1	)		(18.1	)
Net sales	$	1,119.8	$	-		$	1,119.8		$	973.5	$	-		$	973.5

	Three months ended September 30,											Six months ended September 30,
	2022						2021					2022						2021
		$’s		% of sales				$’s	% of sales				$’s		% of sales				$’s	% of sales
Gross profit:
Climate Solutions	$	57.3			22.4	%	$	35.9		16.5	%	$	107.7			21.5	%	$	68.5		16.2	%
Performance Technologies		39.2			11.9	%		29.5		10.9	%		72.2			11.4	%		69.7		12.3	%
Segment total		96.5			16.5	%		65.4		13.4	%		179.9			15.9	%		138.2		13.9	%
Corporate and eliminations		(0.3	)		-			0.9		-			(0.3	)		-			1.3		-
Gross profit	$	96.2			16.6	%	$	66.3		13.8	%	$	179.6			16.0	%	$	139.5		14.3	%

	Three months ended September 30,						Six months ended September 30,
	2022			2021			2022			2021
Operating income:
Climate Solutions	$	32.7		$	13.9		$	59.7		$	24.6
Performance Technologies		16.3			2.1			23.7			17.8
Segment total		49.0			16.0			83.4			42.4
Corporate and eliminations		(12.2	)		(5.5	)		(21.0	)		(23.2	)
Operating income	$	36.8		$	10.5		$	62.4		$	19.2

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

	September 30, 2022		March 31, 2022
Assets:
Climate Solutions	$	295.0	$	291.7
Performance Technologies		339.2		357.0
Other (a)		758.0		778.3
Total assets	$	1,392.2	$	1,427.0

(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.