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Revenue Recognition | 6 Months Ended
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Sep. 30, 2025
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 and by geographic location. ​ Effective April 1, 2025 and in connection with the Company’s strategic transformation and application of 80/20 principles, the Company realigned its segment teams around five market-based product groups, as summarized below. Accordingly, the Company has updated its disaggregated revenue disclosure to reflect the new product group structure. The disaggregated revenue information presented for fiscal 2025 has been recast to be comparable with the fiscal 2026 presentation. ​ Climate Solutions The Climate Solutions segment has aligned its teams around three product groups: i) Data Centers, ii) Heat Transfer Solutions and iii) HVAC Technologies. The Data Centers business provides sustainable cooling solutions for data center customers. Data center products include precision air conditioning units, computer room air conditioning and air handler units, fan coils and fan walls. The Heat Transfer Solutions business provides heat exchanger coils, commercial refrigeration coolers, and anti-corrosion coating products. The HVAC Technologies business provides a wide array of commercial and residential heating products, including unit heaters, roof-mounted makeup air units, duct furnaces, infrared units, and perimeter heating products. In addition, the HVAC Technologies business sells indoor air quality products for schools and commercial applications. ​ Performance Technologies The Performance Technologies segment has aligned its teams around two product groups: i) Heavy-Duty Equipment and ii) On-Highway Applications. The Heavy-Duty Equipment business provides heat exchangers and cooling modules for off-highway markets, including agricultural, construction, and mining. In addition, the Heavy-Duty Equipment business sells cooling module generator sets that provide mission critical stationary power. The On-Highway Applications business provides heat exchangers and cooling systems for commercial vehicle, automotive, and specialty vehicle customers. In addition to products for traditional powertrains, the On-Highway Applications business provides products and solutions for zero-emission and hybrid vehicles, primarily for commercial vehicle, bus and specialty vehicles. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended September 30, 2025 | ​ | Three months ended September 30, 2024
​ |  | Climate |  | Performance |  | Segment |  | Climate |  | Performance |  | Segment
​ | ​ | Solutions | ​ | Technologies | ​ | Total | ​ | Solutions | ​ | Technologies | ​ | Total
Product groups: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Data centers | ​ | $ | 226.3 | ​ | $ | — | ​ | $ | 226.3 | ​ | $ | 158.9 | ​ | $ | — | ​ | $ | 158.9
Heat transfer solutions | ​ |  | 141.2 | ​ |  | — | ​ |  | 141.2 | ​ |  | 138.0 | ​ |  | — | ​ |  | 138.0
HVAC technologies | ​ |  | 86.6 | ​ |  | — | ​ |  | 86.6 | ​ |  | 69.5 | ​ |  | — | ​ |  | 69.5
Heavy-duty equipment | ​ |  | — | ​ |  | 102.2 | ​ |  | 102.2 | ​ |  | — | ​ |  | 102.5 | ​ |  | 102.5
On-highway applications | ​ |  | — | ​ |  | 182.6 | ​ |  | 182.6 | ​ |  | — | ​ |  | 189.1 | ​ |  | 189.1
Inter-segment sales | ​ |  | 0.3 | ​ |  | 1.5 | ​ |  | 1.8 | ​ |  | — | ​ |  | 5.9 | ​ |  | 5.9
Net sales | ​ | $ | 454.4 | ​ | $ | 286.3 | ​ | $ | 740.7 | ​ | $ | 366.4 | ​ | $ | 297.5 | ​ | $ | 663.9
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Geographic location: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Americas | ​ | $ | 323.5 | ​ | $ | 156.6 | ​ | $ | 480.1 | ​ | $ | 252.6 | ​ | $ | 182.7 | ​ | $ | 435.3
Europe | ​ |  | 124.1 | ​ |  | 80.2 | ​ |  | 204.3 | ​ |  | 105.9 | ​ |  | 72.5 | ​ |  | 178.4
Asia | ​ |  | 6.8 | ​ |  | 49.5 | ​ |  | 56.3 | ​ |  | 7.9 | ​ |  | 42.3 | ​ |  | 50.2
Net sales | ​ | $ | 454.4 | ​ | $ | 286.3 | ​ | $ | 740.7 | ​ | $ | 366.4 | ​ | $ | 297.5 | ​ | $ | 663.9
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​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six months ended September 30, 2025 | ​ | Six months ended September 30, 2024
​ |  | Climate |  | Performance |  | Segment |  | Climate |  | Performance |  | Segment
​ | ​ | Solutions | ​ | Technologies | ​ | Total | ​ | Solutions | ​ | Technologies | ​ | Total
Product groups: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Data centers | ​ | $ | 413.2 | ​ | $ | — | ​ | $ | 413.2 | ​ | $ | 321.5 | ​ | $ | — | ​ | $ | 321.5
Heat transfer solutions | ​ |  | 284.4 | ​ |  | — | ​ |  | 284.4 | ​ |  | 282.6 | ​ |  | — | ​ |  | 282.6
HVAC technologies | ​ |  | 153.8 | ​ |  | — | ​ |  | 153.8 | ​ |  | 119.5 | ​ |  | — | ​ |  | 119.5
Heavy-duty equipment | ​ |  | — | ​ |  | 208.5 | ​ |  | 208.5 | ​ |  | — | ​ |  | 213.0 | ​ |  | 213.0
On-highway applications | ​ |  | — | ​ |  | 361.8 | ​ |  | 361.8 | ​ |  | — | ​ |  | 382.9 | ​ |  | 382.9
Inter-segment sales | ​ |  | 0.4 | ​ |  | 1.5 | ​ |  | 1.9 | ​ |  | 0.1 | ​ |  | 10.6 | ​ |  | 10.7
Net sales | ​ | $ | 851.8 | ​ | $ | 571.8 | ​ | $ | 1,423.6 | ​ | $ | 723.7 | ​ | $ | 606.5 | ​ | $ | 1,330.2
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Geographic location: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Americas | ​ | $ | 600.2 | ​ | $ | 309.6 | ​ | $ | 909.8 | ​ | $ | 492.6 | ​ | $ | 367.4 | ​ | $ | 860.0
Europe | ​ |  | 238.3 | ​ |  | 164.2 | ​ |  | 402.5 | ​ |  | 217.4 | ​ |  | 152.6 | ​ |  | 370.0
Asia | ​ |  | 13.3 | ​ |  | 98.0 | ​ |  | 111.3 | ​ |  | 13.7 | ​ |  | 86.5 | ​ |  | 100.2
Net sales | ​ | $ | 851.8 | ​ | $ | 571.8 | ​ | $ | 1,423.6 | ​ | $ | 723.7 | ​ | $ | 606.5 | ​ | $ | 1,330.2
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ Contract balances Contract assets and contract liabilities from contracts with customers were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | September 30, 2025 |  | March 31, 2025
Contract assets | ​ | ​ | $ | 11.7 | ​ | $ | 13.3
Contract liabilities | ​ | ​ |  | 30.0 | ​ |  | 35.1
​ ​ ​ Contract assets 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. Contract assets are included within other current assets on the Company’s consolidated balance sheets. The $1.6 million decrease in contract assets during the first six months of fiscal 2026 primarily resulted from a decrease 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 consist of payments received in advance of satisfying performance obligations under customer contracts, including contracts for data center cooling products and customer-owned tooling. Contract liabilities are included within other current liabilities on the Company’s consolidated balance sheets. The $5.1 million decrease in contract liabilities during the first six months of fiscal 2026 primarily resulted from the Company’s satisfaction of performance obligations.

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