Revenue Recognition (Tables)

6 Months Ended

Sep. 30, 2018

Revenue Recognition [Abstract]

Disaggregation of Revenue

The table below presents revenue to external customers for each of the Company’s business segments by primary end market, by geographic location and based upon the timing of revenue recognition.

	Three months ended September 30, 2018
	VTS		CIS		BHVAC		Segment Total
Primary end market:
Automotive	$	136.4	$	-	$	-	$	136.4
Commercial vehicle		95.8		-		-		95.8
Off-highway		76.9		-		-		76.9
Commercial HVAC		-		80.7		42.3		123.0
Commercial refrigeration		-		46.9		-		46.9
Data center cooling		-		36.0		8.4		44.4
Industrial cooling		-		13.1		-		13.1
Other		26.5		1.5		-		28.0
Net sales	$	335.6	$	178.2	$	50.7	$	564.5
Geographic location:
Americas	$	159.2	$	103.2	$	31.8	$	294.2
Europe		127.3		62.0		18.9		208.2
Asia		49.1		13.0		-		62.1
Net sales	$	335.6	$	178.2	$	50.7	$	564.5
Timing of revenue recognition:
Products transferred at a point in time	$	322.5	$	142.7	$	50.7	$	515.9
Products transferred over time		13.1		35.5		-		48.6
Net sales	$	335.6	$	178.2	$	50.7	$	564.5

	Six months ended September 30, 2018
	VTS		CIS		BHVAC		Segment Total
Primary end market:
Automotive	$	281.5	$	-	$	-	$	281.5
Commercial vehicle 195.5				-		-		195.5
Off-highway		160.7		-		-		160.7
Commercial HVAC		-		165.2		77.4		242.6
Commercial refrigeration		-		97.7		-		97.7
Data center cooling		-		70.1		18.3		88.4
Industrial cooling		-		24.6		-		24.6
Other		50.7		4.5		-		55.2
Net sales	$	688.4	$	362.1	$	95.7	$	1,146.2
Geographic location:
Americas	$	310.1	$	208.0	$	57.1	$	575.2
Europe		275.7		127.2		38.6		441.5
Asia		102.6		26.9		-		129.5
Net sales	$	688.4	$	362.1	$	95.7	$	1,146.2
Timing of revenue recognition:
Products transferred at a point in time	$	665.3	$	296.3	$	95.7	$	1,057.3
Products transferred over time		23.1		65.8		-		88.9
Net sales	$	688.4	$	362.1	$	95.7	$	1,146.2

Contract Assets and Contract Liabilities from Contracts with Customers

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

	September 30, 2018		March 31, 2018
Contract assets	$	20.5	$	13.5
Contract liabilities		4.6		6.8

Impacts of Adopting New Accounting Guidance

The impacts from the adoption of the new revenue recognition guidance to the Company’s consolidated statements of operations for the three and six months ended September 30, 2018 and its consolidated balance sheet as of September 30, 2018 were as follows:

	Three months ended September 30, 2018
	As Reported		Impact of New Accounting Guidance		Results Without Impact of New Accounting Guidance
Net sales	$	548.9	$	1.6	$	550.5
Net earnings attributable to Modine		38.5		0.3		38.8
Net earnings per share attributable to Modine shareholders:
Basic	$	0.76	$	-	$	0.76
Diluted		0.75		-		0.75

	Six months ended September 30, 2018
	As Reported		Impact of New Accounting Guidance		Results Without Impact of New Accounting Guidance
Net sales	$	1,115.0	$	0.4	$	1,115.4
Net earnings attributable to Modine		60.5		0.1		60.6
Net earnings per share attributable to Modine shareholders:
Basic	$	1.19	$	-	$	1.19
Diluted		1.18		-		1.18

	September 30, 2018
	As Reported		Impact of New Accounting Guidance			Balances Without Impact of New Accounting Guidance
ASSETS
Inventories	$	210.6	$	1.6		$	212.2
Other current assets		68.4		(2.6	)		65.8
Deferred income taxes		99.7		0.1			99.8
LIABILITIES AND SHAREHOLDERS' EQUITY
Deferred income taxes	$	8.7	$	(0.2	)	$	8.5
Retained earnings		447.8		(0.7	)		447.1