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Revenue Recognition (Tables) | 12 Months Ended
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Mar. 31, 2019
Revenue Recognition [Abstract] |
Disaggregation of Revenue | The table below presents revenue to external customers for each of the Company’s business segments by primary end market, by geographic location and based upon the timing of revenue recognition:
|  | Year ended March 31, 2019 |
|  | VTS |  |  | CIS |  |  | BHVAC |  |  | Segment Total |
Primary end market: |  |  |  |  |  |  |  |  |  |  |  |
Automotive |  | $ | 542.8 |  |  | $ | - |  |  | $ | - |  |  | $ | 542.8 |
Commercial vehicle |  |  | 387.6 |  |  |  | - |  |  |  | - |  |  |  | 387.6 |
Off-highway |  |  | 314.1 |  |  |  | - |  |  |  | - |  |  |  | 314.1 |
Commercial HVAC&R |  |  | - |  |  |  | 506.3 |  |  |  | 167.7 |  |  |  | 674.0 |
Data center cooling |  |  | - |  |  |  | 145.7 |  |  |  | 41.3 |  |  |  | 187.0 |
Industrial cooling |  |  | - |  |  |  | 47.8 |  |  |  | - |  |  |  | 47.8 |
Other |  |  | 107.2 |  |  |  | 7.8 |  |  |  | 3.4 |  |  |  | 118.4 |
Net sales |  | $ | 1,351.7 |  |  | $ | 707.6 |  |  | $ | 212.4 |  |  | $ | 2,271.7 |
Geographic location: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 613.7 |  |  | $ | 413.6 |  |  | $ | 124.9 |  |  | $ | 1,152.2 |
Europe |  |  | 538.2 |  |  |  | 244.8 |  |  |  | 87.5 |  |  |  | 870.5 |
Asia |  |  | 199.8 |  |  |  | 49.2 |  |  |  | - |  |  |  | 249.0 |
Net sales |  | $ | 1,351.7 |  |  | $ | 707.6 |  |  | $ | 212.4 |  |  | $ | 2,271.7 |
Timing of revenue recognition: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products transferred at a point in time |  | $ | 1,308.5 |  |  | $ | 571.1 |  |  | $ | 212.4 |  |  | $ | 2,092.0 |
Products transferred over time |  |  | 43.2 |  |  |  | 136.5 |  |  |  | - |  |  |  | 179.7 |
Net sales |  | $ | 1,351.7 |  |  | $ | 707.6 |  |  | $ | 212.4 |  |  | $ | 2,271.7 |
Contract Assets and Contract Liabilities from Contracts with Customers | Contract assets and contract liabilities from contracts with customers were as follows:
|  | March 31, 2019 |  |  | March 31, 2018 |
Contract assets |  | $ | 22.6 |  |  | $ | 13.5 |
Contract liabilities |  |  | 4.0 |  |  |  | 6.8 |
Impacts of Adopting New Accounting Guidance | The impacts from the adoption of the new revenue recognition guidance to the Company’s consolidated statement of operations for the year ended March 31, 2019 and its consolidated balance sheet as of March 31, 2019 were as follows:
|  | Year ended March 31, 2019 |
|  | As Reported |  |  | Impact of New Accounting Guidance |  |  | Results Without Impact of New Accounting Guidance |
Net sales |  | $ | 2,212.7 |  |  | $ | (4.4 | ) |  | $ | 2,208.3 |
Net earnings attributable to Modine |  |  | 84.8 |  |  |  | (2.0 | ) |  |  | 82.8 |
Net earnings per share attributable to Modine shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 1.67 |  |  | $ | (0.04 | ) |  | $ | 1.63 |
Diluted |  |  | 1.65 |  |  |  | (0.04 | ) |  |  | 1.61 |
|  | March 31, 2019 |
|  | As Reported |  |  | Impact of New Accounting Guidance |  |  | Balances Without Impact of New Accounting Guidance |
ASSETS |  |  |  |  |  |  |  |  |
Inventories |  | $ | 200.7 |  |  | $ | 3.8 |  |  | $ | 204.5 |
Other current assets |  |  | 65.8 |  |  |  | (7.4 | ) |  |  | 58.4 |
Deferred income taxes |  |  | 97.1 |  |  |  | 0.6 |  |  |  | 97.7 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Deferred income taxes |  | $ | 8.2 |  |  | $ | (0.3 | ) |  | $ | 7.9 |
Retained earnings |  |  | 472.1 |  |  |  | (2.7 | ) |  |  | 469.4 |

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