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Revenue Recognition | 9 Months Ended
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Dec. 31, 2023
Revenue Recognition [Abstract] |
Revenue Recognition | Note 3: Revenue Recognition Disaggregation of revenue The tables below present revenue for each of the Company’s operating segments. Each segment’s revenue is disaggregated by product group, by geographic location and based upon the timing of revenue recognition. Beginning in fiscal 2024 and in connection with the Company’s strategic transformation and continued application of 80/20 principles across its businesses, the Company refined its reporting of disaggregated revenue within the Climate Solutions segment to be more consistent with how the segment has aligned its teams around three market-based verticals: i) heat transfer products; ii) HVAC & refrigeration; and iii) data center cooling. For the refined fiscal 2024 presentation, the Company reports revenue based upon the respective product lines and related customer relationships managed by each market-based vertical team. The disaggregated revenue information presented in the tables below for fiscal 2023 has been recast to be comparable with the fiscal 2024 presentation.
|  | Three months ended December 31, 2023 |  |  | Three months ended December 31, 2022 |
|  | Climate Solutions |  |  | Performance Technologies |  |  | Segment Total |  |  | Climate Solutions |  |  | Performance Technologies |  |  | Segment Total |
Product groups: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Heat transfer |  | $ | 90.0 |  |  | $ | - |  |  | $ | 90.0 |  |  | $ | 113.7 |  |  | $ | - |  |  | $ | 113.7 |
HVAC & refrigeration |  |  | 92.0 |  |  |  | - |  |  |  | 92.0 |  |  |  | 89.8 |  |  |  | - |  |  |  | 89.8 |
Data center cooling |  |  | 60.5 |  |  |  | - |  |  |  | 60.5 |  |  |  | 45.1 |  |  |  | - |  |  |  | 45.1 |
Air-cooled |  |  | - |  |  |  | 162.0 |  |  |  | 162.0 |  |  |  | - |  |  |  | 158.9 |  |  |  | 158.9 |
Liquid-cooled |  |  | - |  |  |  | 112.1 |  |  |  | 112.1 |  |  |  | - |  |  |  | 117.3 |  |  |  | 117.3 |
Advanced solutions |  |  | - |  |  |  | 44.8 |  |  |  | 44.8 |  |  |  | - |  |  |  | 35.2 |  |  |  | 35.2 |
Inter-segment sales |  |  | - |  |  |  | 4.1 |  |  |  | 4.1 |  |  |  | - |  |  |  | 6.4 |  |  |  | 6.4 |
Net sales |  | $ | 242.5 |  |  | $ | 323.0 |  |  | $ | 565.5 |  |  | $ | 248.6 |  |  | $ | 317.8 |  |  | $ | 566.4 |
Geographic location: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 145.2 |  |  | $ | 184.9 |  |  | $ | 330.1 |  |  | $ | 148.5 |  |  | $ | 167.2 |  |  | $ | 315.7 |
Europe |  |  | 89.1 |  |  |  | 89.9 |  |  |  | 179.0 |  |  |  | 94.4 |  |  |  | 97.6 |  |  |  | 192.0 |
Asia |  |  | 8.2 |  |  |  | 48.2 |  |  |  | 56.4 |  |  |  | 5.7 |  |  |  | 53.0 |  |  |  | 58.7 |
Net sales |  | $ | 242.5 |  |  | $ | 323.0 |  |  | $ | 565.5 |  |  | $ | 248.6 |  |  | $ | 317.8 |  |  | $ | 566.4 |
Timing of revenue recognition: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products transferred at a point in time |  | $ | 233.0 |  |  | $ | 309.4 |  |  | $ | 542.4 |  |  | $ | 233.3 |  |  | $ | 301.0 |  |  | $ | 534.3 |
Products transferred over time |  |  | 9.5 |  |  |  | 13.6 |  |  |  | 23.1 |  |  |  | 15.3 |  |  |  | 16.8 |  |  |  | 32.1 |
Net sales |  | $ | 242.5 |  |  | $ | 323.0 |  |  | $ | 565.5 |  |  | $ | 248.6 |  |  | $ | 317.8 |  |  | $ | 566.4 |
|  | Nine months ended December 31, 2023 |  |  | Nine months ended December 31, 2022 |
|  | Climate Solutions |  |  | Performance Technologies |  |  | Segment Total |  |  | Climate Solutions |  |  | Performance Technologies |  |  | Segment Total |
Product groups: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Heat transfer |  | $ | 321.7 |  |  | $ | - |  |  | $ | 321.7 |  |  | $ | 374.7 |  |  | $ | - |  |  | $ | 374.7 |
HVAC & refrigeration |  |  | 260.9 |  |  |  | - |  |  |  | 260.9 |  |  |  | 262.0 |  |  |  | - |  |  |  | 262.0 |
Data center cooling |  |  | 207.5 |  |  |  | - |  |  |  | 207.5 |  |  |  | 111.9 |  |  |  | - |  |  |  | 111.9 |
Air-cooled |  |  | - |  |  |  | 508.0 |  |  |  | 508.0 |  |  |  | - |  |  |  | 481.2 |  |  |  | 481.2 |
Liquid-cooled |  |  | - |  |  |  | 373.2 |  |  |  | 373.2 |  |  |  | - |  |  |  | 347.2 |  |  |  | 347.2 |
Advanced solutions |  |  | - |  |  |  | 133.0 |  |  |  | 133.0 |  |  |  | - |  |  |  | 102.8 |  |  |  | 102.8 |
Inter-segment sales |  |  | - |  |  |  | 19.4 |  |  |  | 19.4 |  |  |  | 0.3 |  |  |  | 20.9 |  |  |  | 21.2 |
Net sales |  | $ | 790.1 |  |  | $ | 1,033.6 |  |  | $ | 1,823.7 |  |  | $ | 748.9 |  |  | $ | 952.1 |  |  | $ | 1,701.0 |
Geographic location: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 450.0 |  |  | $ | 559.8 |  |  | $ | 1,009.8 |  |  | $ | 444.2 |  |  | $ | 514.3 |  |  | $ | 958.5 |
Europe |  |  | 319.4 |  |  |  | 326.3 |  |  |  | 645.7 |  |  |  | 284.3 |  |  |  | 285.0 |  |  |  | 569.3 |
Asia |  |  | 20.7 |  |  |  | 147.5 |  |  |  | 168.2 |  |  |  | 20.4 |  |  |  | 152.8 |  |  |  | 173.2 |
Net sales |  | $ | 790.1 |  |  | $ | 1,033.6 |  |  | $ | 1,823.7 |  |  | $ | 748.9 |  |  | $ | 952.1 |  |  | $ | 1,701.0 |
Timing of revenue recognition: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products transferred at a point in time |  | $ | 761.8 |  |  | $ | 986.0 |  |  | $ | 1,747.8 |  |  | $ | 707.1 |  |  | $ | 892.6 |  |  | $ | 1,599.7 |
Products transferred over time |  |  | 28.3 |  |  |  | 47.6 |  |  |  | 75.9 |  |  |  | 41.8 |  |  |  | 59.5 |  |  |  | 101.3 |
Net sales |  | $ | 790.1 |  |  | $ | 1,033.6 |  |  | $ | 1,823.7 |  |  | $ | 748.9 |  |  | $ | 952.1 |  |  | $ | 1,701.0 |
Contract balances Contract assets and contract liabilities from contracts with customers were as follows:
|  | December 31, 2023 |  |  | March 31, 2023 |
Contract assets |  | $ | 14.7 |  |  | $ | 19.3 |
Contract liabilities |  |  | 79.2 |  |  |  | 21.5 |
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 $4.6 million decrease in contract assets during the first nine months of fiscal 2024 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 customer deposits and other payments received in advance of satisfying performance obligations under customer contracts, including contracts for data center cooling products and customer-owned tooling. The $57.7 million increase in contract liabilities during the first nine months of fiscal 2024 primarily resulted from payments received in advance of the Company’s satisfaction of performance obligations, largely associated with contracts with long inventory lead times.

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