Segment Information

6 Months Ended

Sep. 30, 2021

Segment Information [Abstract]

Segment Information

Note 20: Segment Information

Effective July 1, 2021, the Company aligned the data center businesses previously managed by and reported within the CIS segment under the BHVAC segment.  The BHVAC segment assumed management of the Company’s business in Guadalajara, Spain and a portion of its business in Grenada, Mississippi.  Through this segment realignment, the Company has aligned all of its data center businesses under the BHVAC leadership team in order to accelerate commercial excellence, operational improvements, and organizational efficiencies.  As a result, the Company revised its reporting segments and is reporting the financial results of the transferred businesses within the BHVAC segment, consistent with how the Company’s chief operating decision maker is assessing operating performance and allocating capital resources.  The segment realignment had no impact on the HDE and Automotive segments or 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, operating income, and total assets by segment:

	Three months ended September 30,
	2021								2020
	External Sales		Inter-segment Sales			Total			External Sales		Inter-segment Sales			Total
Net sales:
BHVAC	$	77.4	$	0.1		$	77.5		$	68.2	$	0.3		$	68.5
CIS		151.2		2.3			153.5			126.9		1.3			128.2
HDE		185.8		10.0			195.8			157.6		8.0			165.6
Automotive		64.5		0.9			65.4			108.7		1.2			109.9
Segment total		478.9		13.3			492.2			461.4		10.8			472.2
Corporate and eliminations		-		(13.3	)		(13.3	)		-		(10.8	)		(10.8	)
Net sales	$	478.9	$	-		$	478.9		$	461.4	$	-		$	461.4

	Six months ended September 30,
	2021								2020
	External Sales		Inter-segment Sales			Total			External Sales		Inter-segment Sales			Total
Net sales:
BHVAC	$	142.8	$	1.3		$	144.1		$	122.1	$	0.5		$	122.6
CIS		303.4		4.2			307.6			241.7		3.0			244.7
HDE		377.7		19.9			397.6			275.9		13.2			289.1
Automotive		149.6		2.0			151.6			169.5		2.5			172.0
Segment total		973.5		27.4			1,000.9			809.2		19.2			828.4
Corporate and eliminations		-		(27.4	)		(27.4	)		-		(19.2	)		(19.2	)
Net sales	$	973.5	$	-		$	973.5		$	809.2	$	-		$	809.2

	Three months ended September 30,													Six months ended September 30,
	2021						2020							2021						2020
	$’s			% of sales			$’s				% of sales			$’s			% of sales			$’s				% of sales
Gross profit:
BHVAC		$	21.6		27.8	%		$	23.3			34.1	%		$	37.8		26.2	%		$	39.1			31.9	%
CIS			18.3		11.9	%			17.7			13.8	%			39.1		12.7	%			31.9			13.0	%
HDE			18.3		9.4	%			23.6			14.2	%			40.9		10.3	%			34.9			12.1	%
Automotive			7.2		11.0	%			16.6			15.2	%			20.4		13.4	%			21.4			12.5	%
Segment total			65.4		13.3	%			81.2			17.2	%			138.2		13.8	%			127.3			15.4	%
Corporate and eliminations			0.9		-				(0.4	)		-				1.3		-				(0.4	)		-
Gross profit		$	66.3		13.8	%		$	80.8			17.5	%		$	139.5		14.3	%		$	126.9			15.7	%

	Three months ended September 30,						Six months ended September 30,
	2021			2020			2021			2020
Operating income:
BHVAC	$	10.0		$	13.5		$	15.7		$	20.7
CIS		5.8			5.2			13.3			5.1
HDE		5.8			13.3			14.7			10.8
Automotive		(5.6	)		8.0			(1.4	)		4.2
Segment total		16.0			40.0			42.3			40.8
Corporate and eliminations		(5.5	)		(11.5	)		(23.1	)		(15.5	)
Operating income	$	10.5		$	28.5		$	19.2		$	25.3

	September 30, 2021			March 31, 2021
Total assets:
BHVAC	$	204.2		$	181.1
CIS		551.5			540.1
HDE		451.0			438.7
Automotive		117.6			124.2
Corporate and eliminations (a)		(2.3	)		(7.4	)
Total assets	$	1,322.0		$	1,276.7

(a) At September 30, 2021 and March 31, 2021, Corporate assets totaled $23.2 million and $17.5 million, respectively and were more than offset by eliminations for intercompany balances, including accounts receivable.