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Revenue Recognition
 3 Months Ended
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.