Segment Information

9 Months Ended

Dec. 31, 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 December 31,
	2021								2020
	External Sales		Inter-segment Sales			Total			External Sales		Inter-segment Sales			Total
Net sales:
BHVAC	$	90.3	$	0.3		$	90.6		$	73.5	$	0.2		$	73.7
CIS		146.9		1.7			148.6			123.5		1.4			124.9
HDE		193.3		7.5			200.8			173.7		11.9			185.6
Automotive		71.7		0.7			72.4			113.6		0.3			113.9
Segment total		502.2		10.2			512.4			484.3		13.8			498.1
Corporate and eliminations		-		(10.2	)		(10.2	)		-		(13.8	)		(13.8	)
Net sales	$	502.2	$	-		$	502.2		$	484.3	$	-		$	484.3

	Nine months ended December 31,
	2021								2020
	External Sales		Inter-segment Sales			Total			External Sales		Inter-segment Sales			Total
Net sales:
BHVAC	$	233.1	$	1.6		$	234.7		$	195.6	$	0.7		$	196.3
CIS		450.3		5.9			456.2			365.2		4.4			369.6
HDE		571.0		27.4			598.4			449.6		25.1			474.7
Automotive		221.3		2.7			224.0			283.1		2.8			285.9
Segment total		1,475.7		37.6			1,513.3			1,293.5		33.0			1,326.5
Corporate and eliminations		-		(37.6	)		(37.6	)		-		(33.0	)		(33.0	)
Net sales	$	1,475.7	$	-		$	1,475.7		$	1,293.5	$	-		$	1,293.5

	Three months ended December 31,											Nine months ended December 31,
	2021						2020					2021					2020
		$’s		% of sales				$’s	% of sales				$’s	% of sales				$’s		% of sales
Gross profit:
BHVAC	$	27.4			30.3	%	$	25.4		34.5	%	$	65.2		27.8	%	$	64.5			32.9	%
CIS		17.7			11.9	%		12.9		10.3	%		56.8		12.5	%		44.8			12.1	%
HDE		22.2			11.1	%		26.0		14.0	%		63.1		10.5	%		60.9			12.8	%
Automotive		7.5			10.4	%		18.4		16.1	%		27.9		12.4	%		39.8			13.9	%
Segment total		74.8			14.6	%		82.7		16.6	%		213.0		14.1	%		210.0			15.8	%
Corporate and eliminations		(0.2	)		-			-		-			1.1		-			(0.4	)		-
Gross profit	$	74.6			14.9	%	$	82.7		17.1	%	$	214.1		14.5	%	$	209.6			16.2	%

	Three months ended December 31,						Nine months ended December 31,
	2021			2020			2021			2020
Operating income:
BHVAC	$	14.4		$	14.9		$	30.1		$	35.6
CIS		3.4			(0.7	)		16.7			4.4
HDE		10.3			12.8			25.0			23.6
Automotive		55.0			(124.9	)		53.6			(120.7	)
Segment total		83.1			(97.9	)		125.4			(57.1	)
Corporate and eliminations		(3.7	)		(10.8	)		(26.8	)		(26.3	)
Operating income (loss)	$	79.4		$	(108.7	)	$	98.6		$	(83.4	)

	December 31, 2021			March 31, 2021
Total assets:
BHVAC	$	213.6		$	181.1
CIS		520.7			540.1
HDE		473.7			438.7
Automotive		181.6			124.2
Corporate and eliminations (a)		(8.2	)		(7.4	)
Total assets	$	1,381.4		$	1,276.7

(a) At December 31, 2021 and March 31, 2021, Corporate assets totaled $21.4 million and $17.5 million, respectively and were more than offset by eliminations for intercompany balances, including accounts receivable.