Revenue Recognition (Tables)

9 Months Ended

Dec. 31, 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 December 31, 2018
	VTS		CIS		BHVAC		Segment Total
Primary end market:
Automotive	$	130.4	$	-	$	-	$	130.4
Commercial vehicle		92.0		-		-		92.0
Off-highway		74.2		-		-		74.2
Commercial HVAC		-		72.2		53.2		125.4
Commercial refrigeration		-		42.4		-		42.4
Data center cooling		-		40.2		11.0		51.2
Industrial cooling		-		11.8		-		11.8
Other		26.7		0.4		-		27.1
Net sales	$	323.3	$	167.0	$	64.2	$	554.5
Geographic location:
Americas	$	150.7	$	96.0	$	40.9	$	287.6
Europe		124.9		59.8		23.3		208.0
Asia		47.7		11.2		-		58.9
Net sales	$	323.3	$	167.0	$	64.2	$	554.5
Timing of revenue recognition:
Products transferred at a point in time	$	309.4	$	128.7	$	64.2	$	502.3
Products transferred over time		13.9		38.3		-		52.2
Net sales	$	323.3	$	167.0	$	64.2	$	554.5

	Nine months ended December 31, 2018
	VTS		CIS		BHVAC		Segment Total
Primary end market:
Automotive	$	411.9	$	-	$	-	$	411.9
Commercial vehicle		287.5		-		-		287.5
Off-highway		234.9		-		-		234.9
Commercial HVAC		-		237.4		130.6		368.0
Commercial refrigeration		-		140.1		-		140.1
Data center cooling		-		110.3		29.3		139.6
Industrial cooling		-		36.4		-		36.4
Other		77.4		4.9		-		82.3
Net sales	$	1,011.7	$	529.1	$	159.9	$	1,700.7
Geographic location:
Americas	$	460.8	$	304.0	$	98.0	$	862.8
Europe		400.6		187.0		61.9		649.5
Asia		150.3		38.1		-		188.4
Net sales	$	1,011.7	$	529.1	$	159.9	$	1,700.7
Timing of revenue recognition:
Products transferred at a point in time	$	974.7	$	426.2	$	159.9	$	1,560.8
Products transferred over time		37.0		102.9		-		139.9
Net sales	$	1,011.7	$	529.1	$	159.9	$	1,700.7

Contract Assets and Contract Liabilities from Contracts with Customers

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

	December 31, 2018		March 31, 2018
Contract assets	$	25.5	$	13.5
Contract liabilities		5.6		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 nine months ended December 31, 2018 and its consolidated balance sheet as of December 31, 2018 were as follows:

	Three months ended December 31, 2018
	As Reported		Impact of New Accounting Guidance			Results Without Impact of New Accounting Guidance
Net sales	$	541.0	$	(5.6	)	$	535.4
Net earnings attributable to Modine		18.0		(2.1	)		15.9
Net earnings per share attributable to Modine shareholders:
Basic	$	0.36	$	(0.04	)	$	0.32
Diluted		0.35		(0.04	)		0.31

	Nine months ended December 31, 2018
	As Reported		Impact of New Accounting Guidance			Results Without Impact of New Accounting Guidance
Net sales	$	1,656.0	$	(5.2	)	$	1,650.8
Net earnings attributable to Modine		78.5		(2.0	)		76.5
Net earnings per share attributable to Modine shareholders:
Basic	$	1.55	$	(0.04	)	$	1.51
Diluted		1.53		(0.04	)		1.49

	December 31, 2018
	As Reported		Impact of New Accounting Guidance			Balances Without Impact of New Accounting Guidance
ASSETS
Inventories	$	211.0	$	4.3		$	215.3
Other current assets		71.7		(8.2	)		63.5
Deferred income taxes		96.5		0.1			96.6
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deferred income taxes	$	9.1	$	(0.9	)	$	8.2
Retained earnings		465.8		(2.9	)		462.9