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Revenue Recognition | 3 Months Ended
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Jun. 30, 2024
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. Effective April 1, 2024, the Company moved its Coatings business, which was previously managed by and reported within the Performance Technologies segment, under the leadership of the Climate Solutions segment. See Note 20 for additional segment financial information. The disaggregated revenue information presented in the table below for fiscal 2024 has been recast to be comparable with the fiscal 2025 presentation.
|  | Three months ended June 30, 2024 |  |  | Three months ended June 30, 2023 |
|  | Climate Solutions |  |  | Performance Technologies |  |  | Segment Total |  |  | Climate Solutions |  |  | Performance Technologies |  |  | Segment Total |
Product groups: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Data center cooling |  | $ | 162.6 |  |  | $ | - |  |  | $ | 162.6 |  |  | $ | 68.2 |  |  | $ | - |  |  | $ | 68.2 |
Heat transfer |  |  | 111.8 |  |  |  | - |  |  |  | 111.8 |  |  |  | 140.8 |  |  |  | - |  |  |  | 140.8 |
HVAC&R |  |  | 82.8 |  |  |  | - |  |  |  | 82.8 |  |  |  | 77.7 |  |  |  | - |  |  |  | 77.7 |
Air-cooled |  |  | - |  |  |  | 168.6 |  |  |  | 168.6 |  |  |  | - |  |  |  | 172.7 |  |  |  | 172.7 |
Liquid-cooled |  |  | - |  |  |  | 104.0 |  |  |  | 104.0 |  |  |  | - |  |  |  | 134.7 |  |  |  | 134.7 |
Advanced solutions |  |  | - |  |  |  | 31.7 |  |  |  | 31.7 |  |  |  | - |  |  |  | 28.3 |  |  |  | 28.3 |
Inter-segment sales |  |  | 0.1 |  |  |  | 4.7 |  |  |  | 4.8 |  |  |  | - |  |  |  | 7.4 |  |  |  | 7.4 |
Net sales |  | $ | 357.3 |  |  | $ | 309.0 |  |  | $ | 666.3 |  |  | $ | 286.7 |  |  | $ | 343.1 |  |  | $ | 629.8 |
Geographic location: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 240.0 |  |  | $ | 184.7 |  |  | $ | 424.7 |  |  | $ | 153.3 |  |  | $ | 172.7 |  |  | $ | 326.0 |
Europe |  |  | 111.5 |  |  |  | 80.1 |  |  |  | 191.6 |  |  |  | 126.9 |  |  |  | 120.0 |  |  |  | 246.9 |
Asia |  |  | 5.8 |  |  |  | 44.2 |  |  |  | 50.0 |  |  |  | 6.5 |  |  |  | 50.4 |  |  |  | 56.9 |
Net sales |  | $ | 357.3 |  |  | $ | 309.0 |  |  | $ | 666.3 |  |  | $ | 286.7 |  |  | $ | 343.1 |  |  | $ | 629.8 |
Timing of revenue recognition: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products transferred at a point in time |  | $ | 340.7 |  |  | $ | 305.8 |  |  | $ | 646.5 |  |  | $ | 258.2 |  |  | $ | 340.0 |  |  | $ | 598.2 |
Products transferred over time |  |  | 16.6 |  |  |  | 3.2 |  |  |  | 19.8 |  |  |  | 28.5 |  |  |  | 3.1 |  |  |  | 31.6 |
Net sales |  | $ | 357.3 |  |  | $ | 309.0 |  |  | $ | 666.3 |  |  | $ | 286.7 |  |  | $ | 343.1 |  |  | $ | 629.8 |
Contract balances Contract assets and contract liabilities from contracts with customers were as follows:
|  | June 30, 2024 |  |  | March 31, 2024 |
Contract assets |  | $ | 10.8 |  |  | $ | 12.9 |
Contract liabilities |  |  | 66.4 |  |  |  | 79.4 |
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 $2.1 million decrease in contract assets during the first three months of fiscal 2025 primarily resulted from decreases in contract assets for revenue recognized over time and capitalized costs related to customer-owned tooling contracts. 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 data center cooling products and customer-owned tooling. The $13.0 million decrease in contract liabilities during the first three months of fiscal 2025 primarily resulted from the Company’s satisfaction of performance obligations under contracts that had required advanced payments, largely associated with long inventory lead times.

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