Subsequent Events

9 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

Note 21: Subsequent Events

Purchase of TMGcore, Inc. intellectual property
In January 2024, the Company purchased intellectual property and other specific assets from TMGcore, Inc., a specialist in single- and two-phase liquid immersion cooling technology for data centers. The Company expects to utilize the liquid cooling immersion technology to support its growth strategy of expanding its global data center product offerings. The initial purchase price of the assets was $12.0 million. Additional contingent consideration may be payable to the seller in fiscal 2029. The amount of any additional consideration is dependent upon future financial metrics associated with the acquired technology. At this time, the Company cannot estimate the amount or range of additional consideration that may be payable to the seller in fiscal 2029.

Technical service center restructuring
In January 2024, the Company approved a plan to close a technical service center in Europe. The objective of this restructuring initiative is to optimize the Company’s utilization of its technical service center capacity and realign its cost structure in light of the recent sale of three automotive businesses in Germany.  The Company is targeting to complete the closure during the first half of fiscal 2025. At this time, the Company has not determined the full restructuring plan, however, the Company preliminarily estimates that closure costs will total approximately $8.0 million to $12.0 million. This estimate is subject to change as management completes the restructuring plan. The Company anticipates that severance expenses associated with this restructuring initiative will be recorded during the fourth quarter of fiscal 2024.