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Revenue Recognition
 6 Months Ended
Sep. 30, 2020
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, Commercial and Industrial Solutions (“CIS”), Building HVAC Systems (“BHVAC”), Heavy Duty Equipment (“HDE”) and Automotive.  Each segment’s revenue is disaggregated by primary end market, by geographic location and based upon the timing of revenue recognition, and includes inter-segment sales.

Effective April 1, 2020, the Company realigned its segment structure.  The segment revenue information presented in the table below for fiscal 2020 has been recast to conform to the fiscal 2021 presentation.  See Note 19 for additional information regarding the Company’s operating segments.

 
  
Three months ended September 30, 2020
    
Three months ended September 30, 2019
  
 
  
CIS
    
BHVAC
    
HDE
    
Automotive
    
Segment
Total
    
CIS
    
BHVAC
    
HDE
    
Automotive
    
Segment
Total
  
Primary end market:
                                                            
Commercial HVAC&R
  
$
105.3
    
$
48.1
    
$
-
    
$
-
    
$
153.4
    
$
115.9
    
$
46.1
    
$
-
    
$
-
    
$
162.0
  
Data center cooling
    
14.4
      
13.6
      
-
      
-
      
28.0
      
26.7
      
9.5
      
-
      
-
      
36.2
  
Industrial cooling
    
12.7
      
-
      
-
      
-
      
12.7
      
11.7
      
-
      
-
      
-
      
11.7
  
Commercial vehicle
    
-
      
-
      
61.5
      
3.8
      
65.3
      
-
      
-
      
76.1
      
5.7
      
81.8
  
Off-highway
    
-
      
-
      
58.1
      
0.8
      
58.9
      
-
      
-
      
56.7
      
2.9
      
59.6
  
Automotive and light vehicle
    
-
      
-
      
28.0
      
97.6
      
125.6
      
-
      
-
      
30.4
      
104.7
      
135.1
  
Other
    
1.7
      
0.2
      
18.0
      
7.7
      
27.6
      
2.4
      
0.4
      
24.0
      
2.4
      
29.2
  
Net sales
  
$
134.1
    
$
61.9
    
$
165.6
    
$
109.9
    
$
471.5
    
$
156.7
    
$
56.0
    
$
187.2
    
$
115.7
    
$
515.6
  
 
                                                                                
Geographic location:
                                                                                
Americas
  
$
67.6
    
$
38.5
    
$
98.6
    
$
16.9
    
$
221.6
    
$
86.0
    
$
38.1
    
$
127.5
    
$
17.6
    
$
269.2
  
Europe
    
53.0
      
23.4
      
32.1
      
75.4
      
183.9
      
57.5
      
17.9
      
31.7
      
82.6
      
189.7
  
Asia
    
13.5
      
-
      
34.9
      
17.6
      
66.0
      
13.2
      
-
      
28.0
      
15.5
      
56.7
  
Net sales
  
$
134.1
    
$
61.9
    
$
165.6
    
$
109.9
    
$
471.5
    
$
156.7
    
$
56.0
    
$
187.2
    
$
115.7
    
$
515.6
  
 
                                                                                
Timing of revenue recognition:
                                                                                
Products transferred at a point in time
  
$
122.9
    
$
61.9
    
$
157.4
    
$
109.9
    
$
452.1
    
$
132.4
    
$
56.0
    
$
178.6
    
$
115.7
    
$
482.7
  
Products transferred over time
    
11.2
      
-
      
8.2
      
-
      
19.4
      
24.3
      
-
      
8.6
      
-
      
32.9
  
Net sales
  
$
134.1
    
$
61.9
    
$
165.6
    
$
109.9
    
$
471.5
    
$
156.7
    
$
56.0
    
$
187.2
    
$
115.7
    
$
515.6
  

 
  
Six months ended September 30, 2020
    
Six months ended September 30, 2019
  
 
  
CIS
    
BHVAC
    
HDE
    
Automotive
    
Segment
Total
    
CIS
    
BHVAC
    
HDE
    
Automotive
    
Segment
Total
  
Primary end market:
                                                            
Commercial HVAC&R
  
$
199.2
    
$
80.6
    
$
-
    
$
-
    
$
279.8
    
$
246.8
    
$
84.1
    
$
-
    
$
-
    
$
330.9
  
Data center cooling
    
28.2
      
28.6
      
-
      
-
      
56.8
      
50.9
      
20.1
      
-
      
-
      
71.0
  
Industrial cooling
    
24.6
      
-
      
-
      
-
      
24.6
      
23.1
      
-
      
-
      
-
      
23.1
  
Commercial vehicle
    
-
      
-
      
107.8
      
5.9
      
113.7
      
-
      
-
      
168.8
      
11.7
      
180.5
  
Off-highway
    
-
      
-
      
111.5
      
1.5
      
113.0
      
-
      
-
      
126.9
      
6.6
      
133.5
  
Automotive and light vehicle
    
-
      
-
      
41.0
      
152.0
      
193.0
      
-
      
-
      
57.2
      
207.1
      
264.3
  
Other
    
4.6
      
0.3
      
28.8
      
12.6
      
46.3
      
4.7
      
0.8
      
50.7
      
3.9
      
60.1
  
Net sales
  
$
256.6
    
$
109.5
    
$
289.1
    
$
172.0
    
$
827.2
    
$
325.5
    
$
105.0
    
$
403.6
    
$
229.3
    
$
1,063.4
  
 
                                                                                
Geographic location:
                                                                                
Americas
  
$
127.5
    
$
64.5
    
$
166.5
    
$
24.4
    
$
382.9
    
$
183.1
    
$
67.2
    
$
263.5
    
$
35.0
    
$
548.8
  
Europe
    
103.9
      
45.0
      
56.2
      
115.0
      
320.1
      
116.1
      
37.8
      
78.1
      
165.6
      
397.6
  
Asia
    
25.2
      
-
      
66.4
      
32.6
      
124.2
      
26.3
      
-
      
62.0
      
28.7
      
117.0
  
Net sales
  
$
256.6
    
$
109.5
    
$
289.1
    
$
172.0
    
$
827.2
    
$
325.5
    
$
105.0
    
$
403.6
    
$
229.3
    
$
1,063.4
  
 
                                                                                
Timing of revenue recognition:
                                                                                
Products transferred at a point in time
  
$
232.2
    
$
109.5
    
$
278.7
    
$
172.0
    
$
792.4
    
$
276.3
    
$
105.0
    
$
387.6
    
$
229.3
    
$
998.2
  
Products transferred over time
    
24.4
      
-
      
10.4
      
-
      
34.8
      
49.2
      
-
      
16.0
      
-
      
65.2
  
Net sales
  
$
256.6
    
$
109.5
    
$
289.1
    
$
172.0
    
$
827.2
    
$
325.5
    
$
105.0
    
$
403.6
    
$
229.3
    
$
1,063.4
  

Contract Balances
Contract assets and contract liabilities from contracts with customers were as follows:

 
  
September 30, 2020
    
March 31, 2020
  
Contract assets
  
$
14.6
    
$
21.7
  
Contract liabilities
    
8.4
      
5.6
  

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 $7.1 million decrease in contract assets during the first six months of fiscal 2021 primarily resulted from a decrease 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 $2.8 million increase in contract liabilities during the first six months of fiscal 2021 was primarily related to customer contracts for which payment was received in advance of the Company’s satisfaction of performance obligations.