Segment Information

3 Months Ended

Jun. 30, 2025

Segment Information

Segment Information

Note 20: Segment Information

The Company’s chief operating decision maker (“CODM”), its President and Chief Executive Officer, reviews the separate financial results for each of its operating segments. The CODM uses segment operating income as a measure of profit and loss to evaluate the financial performance of each segment and as the basis for allocating company resources. The tables below present net sales and significant expense categories for each of the Company’s segments that are regularly provided to the CODM. Net sales for Corporate and eliminations primarily represent the elimination of inter-segment sales. Inter-segment sales are accounted for based upon an established markup over production costs.
​

	Three months ended June 30, 2025
	Climate		Performance		Corporate and
	Solutions		Technologies		eliminations		Total
External sales	$	397.3	$	285.5	$	—	$	682.8
Inter-segment sales		0.1		—		(0.1)		—
Net sales		397.4		285.5		(0.1)		682.8
Cost of sales		284.5		233.6		(0.7)		517.4
Gross profit		112.9		51.9		0.6		165.4
Selling, general and administrative expenses		44.7		21.9		18.3		84.9
Restructuring expenses		1.3		3.5		—		4.8
Operating income	$	66.9	$	26.5	$	(17.7)	$	75.7

	Three months ended June 30, 2024
	Climate		Performance		Corporate and
	Solutions		Technologies		eliminations		Total
External sales	$	357.2	$	304.3	$	—	$	661.5
Inter-segment sales		0.1		4.7		(4.8)		—
Net sales		357.3		309.0		(4.8)		661.5
Cost of sales		256.5		245.5		(3.1)		498.9
Gross profit		100.8		63.5		(1.7)		162.6
Selling, general and administrative expenses		40.8		26.8		15.2		82.8
Restructuring expenses		0.2		5.2		—		5.4
Operating income	$	59.8	$	31.5	$	(16.9)	$	74.4

SG&A expenses at Corporate include legal, finance, general corporate and central services expenses and other costs that are either not directly attributable to an operating segment or not considered when the CODM evaluates segment performance.

The following is a summary of capital expenditures and depreciation and amortization expense by segment:

	Three months ended June 30,
	2025		2024
Capital expenditures:
Climate Solutions	$	19.9	$	16.0
Performance Technologies		7.3		10.8
Corporate		0.3		—
Total capital expenditures	$	27.5	$	26.8

	Three months ended June 30,
	2025		2024
Depreciation and amortization expense:
Climate Solutions	$	11.2	$	11.9
Performance Technologies		7.5		7.0
Corporate		0.3		0.2
Total depreciation and amortization expense	$	19.0	$	19.1

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

	June 30, 2025		March 31, 2025
Assets:
Climate Solutions	$	585.4	$	448.7
Performance Technologies		366.0		371.1
Other (a)		1,277.1		1,097.8
Total assets	$	2,228.5	$	1,917.6
____

(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.