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Revenue Recognition
 9 Months Ended
Dec. 31, 2024
Revenue Recognition  
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 tables below for fiscal 2024 has been recast to be comparable with the fiscal 2025 presentation.

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Three months ended December 31, 2024

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Three months ended December 31, 2023

​

    

Climate

    

Performance

    

Segment

    

Climate

    

Performance

    

Segment

​

​

Solutions

​

Technologies

​

Total

​

Solutions

​

Technologies

​

Total

Product groups:

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Data center cooling

​

$

166.9

​

$

—

​

$

166.9

​

$

60.5

​

$

—

​

$

60.5

Heat transfer

​

 

88.1

​

 

—

​

 

88.1

​

 

101.5

​

 

—

​

 

101.5

HVAC&R

​

 

105.7

​

 

—

​

 

105.7

​

 

92.0

​

 

—

​

 

92.0

Air-cooled

​

 

—

​

 

133.9

​

 

133.9

​

 

—

​

 

162.0

​

 

162.0

Liquid-cooled

​

 

—

​

 

91.3

​

 

91.3

​

 

—

​

 

112.1

​

 

112.1

Advanced solutions

​

 

—

​

 

30.9

​

 

30.9

​

 

—

​

 

33.3

​

 

33.3

Inter-segment sales

​

 

0.1

​

 

6.1

​

 

6.2

​

 

—

​

 

3.5

​

 

3.5

Net sales

​

$

360.8

​

$

262.2

​

$

623.0

​

$

254.0

​

$

310.9

​

$

564.9

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Geographic location:

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Americas

​

$

255.5

​

$

160.2

​

$

415.7

​

$

153.5

​

$

176.2

​

$

329.7

Europe

​

 

97.9

​

 

62.1

​

 

160.0

​

 

92.3

​

 

86.5

​

 

178.8

Asia

​

 

7.4

​

 

39.9

​

 

47.3

​

 

8.2

​

 

48.2

​

 

56.4

Net sales

​

$

360.8

​

$

262.2

​

$

623.0

​

$

254.0

​

$

310.9

​

$

564.9

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Timing of revenue recognition:

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​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Products transferred at a point in time

​

$

333.5

​

$

260.1

​

$

593.6

​

$

233.7

​

$

308.1

​

$

541.8

Products transferred over time

​

 

27.3

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2.1

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29.4

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20.3

​

 

2.8

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23.1

Net sales

​

$

360.8

​

$

262.2

​

$

623.0

​

$

254.0

​

$

310.9

​

$

564.9

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​

​

​

​

​

​

​

​

​

​

​

​

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​

​

​

​

​

​

​

​

Nine months ended December 31, 2024

​

Nine months ended December 31, 2023

​

    

Climate

    

Performance

    

Segment

    

Climate

    

Performance

    

Segment

​

​

Solutions

​

Technologies

​

Total

​

Solutions

​

Technologies

​

Total

Product groups:

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Data center cooling

​

$

488.4

​

$

—

​

$

488.4

​

$

207.5

​

$

—

​

$

207.5

Heat transfer

​

 

303.3

​

 

—

​

 

303.3

​

 

361.5

​

 

—

​

 

361.5

HVAC&R

​

 

292.6

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—

​

 

292.6

​

 

260.9

​

 

—

​

 

260.9

Air-cooled

​

 

—

​

 

457.7

​

 

457.7

​

 

—

​

 

508.0

​

 

508.0

Liquid-cooled

​

 

—

​

 

294.4

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294.4

​

 

—

​

 

373.2

​

 

373.2

Advanced solutions

​

 

—

​

 

99.9

​

 

99.9

​

 

—

​

 

93.2

​

 

93.2

Inter-segment sales

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0.2

​

 

16.7

​

 

16.9

​

 

—

​

 

16.9

​

 

16.9

Net sales

​

$

1,084.5

​

$

868.7

​

$

1,953.2

​

$

829.9

​

$

991.3

​

$

1,821.2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Geographic location:

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Americas

​

$

748.1

​

$

527.6

​

$

1,275.7

​

$

480.9

​

$

527.3

​

$

1,008.2

Europe

​

 

315.3

​

 

214.7

​

 

530.0

​

 

328.3

​

 

316.5

​

 

644.8

Asia

​

 

21.1

​

 

126.4

​

 

147.5

​

 

20.7

​

 

147.5

​

 

168.2

Net sales

​

$

1,084.5

​

$

868.7

​

$

1,953.2

​

$

829.9

​

$

991.3

​

$

1,821.2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Timing of revenue recognition:

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Products transferred at a point in time

​

$

1,025.1

​

$

860.5

​

$

1,885.6

​

$

763.5

​

$

981.8

​

$

1,745.3

Products transferred over time

​

 

59.4

​

 

8.2

​

 

67.6

​

 

66.4

​

 

9.5

​

 

75.9

Net sales

​

$

1,084.5

​

$

868.7

​

$

1,953.2

​

$

829.9

​

$

991.3

​

$

1,821.2

​

Contract balances

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

​

​

​

​

​

​

​

​

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December 31, 2024

    

March 31, 2024

Contract assets

​

$

11.3

​

$

12.9

Contract liabilities

​

 

44.1

​

 

79.4

​

Contract assets, included within other current assets on 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 $1.6 million decrease in contract assets during the first nine months of fiscal 2025 primarily resulted from decreases in capitalized costs related to the Company’s fulfillment of its performance obligations, partially offset by an increase in contract assets for revenue recognized over time.

Contract liabilities, included within other current liabilities on 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 $35.3 million decrease in contract liabilities during the first nine 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.