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Revenue Recognition | 9 Months Ended
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Dec. 31, 2019
Revenue Recognition [Abstract] |
Revenue Recognition | Note 2: Revenue Recognition Disaggregation of Revenue The table below presents revenue for each of the Company’s business segments, Vehicular Thermal Solutions (“VTS”), Commercial and Industrial Solutions (“CIS”) and Building HVAC Systems (“BHVAC”). Each segment’s revenue is disaggregated by primary end market, by geographic location and based upon the timing of revenue recognition.
|  | Three months ended December 31, 2019 |  |  | Three months ended December 31, 2018 |
|  | VTS |  |  | CIS |  |  | BHVAC |  |  | Segment Total |  |  | VTS |  |  | CIS |  |  | BHVAC |  |  | Segment Total |
Primary end market: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automotive |  | $ | 126.3 |  |  | $ | - |  |  | $ | - |  |  | $ | 126.3 |  |  | $ | 130.4 |  |  | $ | - |  |  | $ | - |  |  | $ | 130.4 |
Commercial vehicle |  |  | 68.3 |  |  |  | - |  |  |  | - |  |  |  | 68.3 |  |  |  | 92.0 |  |  |  | - |  |  |  | - |  |  |  | 92.0 |
Off-highway |  |  | 55.1 |  |  |  | - |  |  |  | - |  |  |  | 55.1 |  |  |  | 74.2 |  |  |  | - |  |  |  | - |  |  |  | 74.2 |
Commercial HVAC&R |  |  | - |  |  |  | 104.3 |  |  |  | 53.1 |  |  |  | 157.4 |  |  |  | - |  |  |  | 114.6 |  |  |  | 53.2 |  |  |  | 167.8 |
Data center cooling |  |  | - |  |  |  | 30.2 |  |  |  | 11.2 |  |  |  | 41.4 |  |  |  | - |  |  |  | 40.2 |  |  |  | 11.0 |  |  |  | 51.2 |
Industrial cooling |  |  | - |  |  |  | 10.4 |  |  |  | - |  |  |  | 10.4 |  |  |  | - |  |  |  | 11.8 |  |  |  | - |  |  |  | 11.8 |
Other |  |  | 22.2 |  |  |  | 2.6 |  |  |  | 0.6 |  |  |  | 25.4 |  |  |  | 26.7 |  |  |  | 0.4 |  |  |  | - |  |  |  | 27.1 |
Net sales |  | $ | 271.9 |  |  | $ | 147.5 |  |  | $ | 64.9 |  |  | $ | 484.3 |  |  | $ | 323.3 |  |  | $ | 167.0 |  |  | $ | 64.2 |  |  | $ | 554.5 |
Geographic location: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 123.3 |  |  | $ | 78.1 |  |  | $ | 43.2 |  |  | $ | 244.6 |  |  | $ | 150.7 |  |  | $ | 96.0 |  |  | $ | 40.9 |  |  | $ | 287.6 |
Europe |  |  | 102.9 |  |  |  | 57.6 |  |  |  | 21.7 |  |  |  | 182.2 |  |  |  | 124.9 |  |  |  | 59.8 |  |  |  | 23.3 |  |  |  | 208.0 |
Asia |  |  | 45.7 |  |  |  | 11.8 |  |  |  | - |  |  |  | 57.5 |  |  |  | 47.7 |  |  |  | 11.2 |  |  |  | - |  |  |  | 58.9 |
Net sales |  | $ | 271.9 |  |  | $ | 147.5 |  |  | $ | 64.9 |  |  | $ | 484.3 |  |  | $ | 323.3 |  |  | $ | 167.0 |  |  | $ | 64.2 |  |  | $ | 554.5 |
Timing of revenue recognition: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products transferred at a point in time |  | $ | 263.8 |  |  | $ | 119.3 |  |  | $ | 64.9 |  |  | $ | 448.0 |  |  | $ | 309.4 |  |  | $ | 128.7 |  |  | $ | 64.2 |  |  | $ | 502.3 |
Products transferred over time |  |  | 8.1 |  |  |  | 28.2 |  |  |  | - |  |  |  | 36.3 |  |  |  | 13.9 |  |  |  | 38.3 |  |  |  | - |  |  |  | 52.2 |
Net sales |  | $ | 271.9 |  |  | $ | 147.5 |  |  | $ | 64.9 |  |  | $ | 484.3 |  |  | $ | 323.3 |  |  | $ | 167.0 |  |  | $ | 64.2 |  |  | $ | 554.5 |
|  | Nine months ended December 31, 2019 |  |  | Nine months ended December 31, 2018 |
|  | VTS |  |  | CIS |  |  | BHVAC |  |  | Segment Total |  |  | VTS |  |  | CIS |  |  | BHVAC |  |  | Segment Total |
Primary end market: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automotive |  | $ | 390.6 |  |  | $ | - |  |  | $ | - |  |  | $ | 390.6 |  |  | $ | 411.9 |  |  | $ | - |  |  | $ | - |  |  | $ | 411.9 |
Commercial vehicle |  |  | 248.8 |  |  |  | - |  |  |  | - |  |  |  | 248.8 |  |  |  | 287.5 |  |  |  | - |  |  |  | - |  |  |  | 287.5 |
Off-highway |  |  | 188.6 |  |  |  | - |  |  |  | - |  |  |  | 188.6 |  |  |  | 234.9 |  |  |  | - |  |  |  | - |  |  |  | 234.9 |
Commercial HVAC&R |  |  | - |  |  |  | 351.1 |  |  |  | 137.2 |  |  |  | 488.3 |  |  |  | - |  |  |  | 377.5 |  |  |  | 130.6 |  |  |  | 508.1 |
Data center cooling |  |  | - |  |  |  | 81.1 |  |  |  | 31.3 |  |  |  | 112.4 |  |  |  | - |  |  |  | 110.3 |  |  |  | 29.3 |  |  |  | 139.6 |
Industrial cooling |  |  | - |  |  |  | 33.5 |  |  |  | - |  |  |  | 33.5 |  |  |  | - |  |  |  | 36.4 |  |  |  | - |  |  |  | 36.4 |
Other |  |  | 69.7 |  |  |  | 7.3 |  |  |  | 1.4 |  |  |  | 78.4 |  |  |  | 77.4 |  |  |  | 4.9 |  |  |  | - |  |  |  | 82.3 |
Net sales |  | $ | 897.7 |  |  | $ | 473.0 |  |  | $ | 169.9 |  |  | $ | 1,540.6 |  |  | $ | 1,011.7 |  |  | $ | 529.1 |  |  | $ | 159.9 |  |  | $ | 1,700.7 |
Geographic location: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 421.5 |  |  | $ | 261.2 |  |  | $ | 110.4 |  |  | $ | 793.1 |  |  | $ | 460.8 |  |  | $ | 304.0 |  |  | $ | 98.0 |  |  | $ | 862.8 |
Europe |  |  | 340.0 |  |  |  | 173.7 |  |  |  | 59.5 |  |  |  | 573.2 |  |  |  | 400.6 |  |  |  | 187.0 |  |  |  | 61.9 |  |  |  | 649.5 |
Asia |  |  | 136.2 |  |  |  | 38.1 |  |  |  | - |  |  |  | 174.3 |  |  |  | 150.3 |  |  |  | 38.1 |  |  |  | - |  |  |  | 188.4 |
Net sales |  | $ | 897.7 |  |  | $ | 473.0 |  |  | $ | 169.9 |  |  | $ | 1,540.6 |  |  | $ | 1,011.7 |  |  | $ | 529.1 |  |  | $ | 159.9 |  |  | $ | 1,700.7 |
Timing of revenue recognition: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products transferred at a point in time |  | $ | 873.6 |  |  | $ | 395.6 |  |  | $ | 169.9 |  |  | $ | 1,439.1 |  |  | $ | 974.7 |  |  | $ | 426.2 |  |  | $ | 159.9 |  |  | $ | 1,560.8 |
Products transferred over time |  |  | 24.1 |  |  |  | 77.4 |  |  |  | - |  |  |  | 101.5 |  |  |  | 37.0 |  |  |  | 102.9 |  |  |  | - |  |  |  | 139.9 |
Net sales |  | $ | 897.7 |  |  | $ | 473.0 |  |  | $ | 169.9 |  |  | $ | 1,540.6 |  |  | $ | 1,011.7 |  |  | $ | 529.1 |  |  | $ | 159.9 |  |  | $ | 1,700.7 |
Contract Balances Contract assets and contract liabilities from contracts with customers were as follows:
|  | December 31, 2019 |  |  | March 31, 2019 |
Contract assets |  | $ | 22.3 |  |  | $ | 22.6 |
Contract liabilities |  |  | 5.7 |  |  |  | 4.0 |
Contract assets, included within other current assets in the consolidated balance sheets, primarily consist of capitalized costs related to customer-owned tooling contracts, wherein the customer has guaranteed reimbursement, and assets recorded for revenue recognized over time, which represent the Company’s rights to consideration for work completed but not yet billed. The $0.3 million decrease in contract assets during the first nine months of fiscal 2020 primarily resulted from a decrease in capitalized costs related to customer-owned tooling contracts, partially offset by an increase in contract assets for revenue recognized over time. Contract liabilities, included within other current liabilities in the consolidated balance sheets, consist of payments received in advance of satisfying performance obligations under customer contracts, including contracts for customer-owned tooling. The $1.7 million increase in contract liabilities during the first nine months of fiscal 2020 was primarily related to customer contracts for which payment had been received in advance of the Company’s satisfaction of performance obligations.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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