Revenue Recognition

9 Months Ended

Dec. 31, 2020

Revenue Recognition [Abstract]

Revenue Recognition

Note 3: Revenue Recognition

Disaggregation of Revenue

The table below presents revenue for each of the Company’s business segments, Commercial and Industrial Solutions (“CIS”), Building HVAC Systems (“BHVAC”), Heavy Duty Equipment (“HDE”) and Automotive.  Each segment’s revenue is disaggregated by primary end market, by geographic location and based upon the timing of revenue recognition, and includes inter-segment sales.

Effective April 1, 2020, the Company realigned its segment structure.  The segment revenue information presented in the table below for fiscal 2020 has been recast to conform to the fiscal 2021 presentation.  See Note 20 for additional information regarding the Company’s operating segments.

	Three months ended December 31, 2020										Three months ended December 31, 2019
	CIS		BHVAC		HDE		Automotive		Segment Total		CIS		BHVAC		HDE		Automotive		Segment Total
Primary end market:
Commercial HVAC&R	$	103.8	$	56.5	$	-	$	-	$	160.3	$	104.3	$	53.1	$	-	$	-	$	157.4
Data center cooling		11.8		12.2		-		-		24.0		30.2		11.2		-		-		41.4
Industrial cooling		12.0		-		-		-		12.0		10.4		-		-		-		10.4
Commercial vehicle		-		-		67.0		5.5		72.5		-		-		63.2		5.1		68.3
Off-highway		-		-		68.3		0.8		69.1		-		-		51.6		3.5		55.1
Automotive and light vehicle		-		-		28.8		105.4		134.2		-		-		27.8		98.5		126.3
Other		1.4		-		21.5		2.2		25.1		2.6		0.6		22.3		3.4		28.9
Net sales	$	129.0	$	68.7	$	185.6	$	113.9	$	497.2	$	147.5	$	64.9	$	164.9	$	110.5	$	487.8
Geographic location:
Americas	$	66.4	$	45.0	$	107.9	$	14.8	$	234.1	$	78.1	$	43.2	$	106.2	$	17.2	$	244.7
Europe		52.4		23.7		35.0		80.9		192.0		57.6		21.7		29.2		77.1		185.6
Asia		10.2		-		42.7		18.2		71.1		11.8		-		29.5		16.2		57.5
Net sales	$	129.0	$	68.7	$	185.6	$	113.9	$	497.2	$	147.5	$	64.9	$	164.9	$	110.5	$	487.8
Timing of revenue recognition:
Products transferred at a point in time	$	119.5	$	68.7	$	177.6	$	113.9	$	479.7	$	119.3	$	64.9	$	156.8	$	110.5	$	451.5
Products transferred over time		9.5		-		8.0		-		17.5		28.2		-		8.1		-		36.3
Net sales	$	129.0	$	68.7	$	185.6	$	113.9	$	497.2	$	147.5	$	64.9	$	164.9	$	110.5	$	487.8

	Nine months ended December 31, 2020										Nine months ended December 31, 2019
	CIS		BHVAC		HDE		Automotive		Segment Total		CIS		BHVAC		HDE		Automotive		Segment Total
Primary end market:
Commercial HVAC&R	$	303.0	$	137.1	$	-	$	-	$	440.1	$	351.1	$	137.2	$	-	$	-	$	488.3
Data center cooling		40.0		40.8		-		-		80.8		81.1		31.3		-		-		112.4
Industrial cooling		36.6		-		-		-		36.6		33.5		-		-		-		33.5
Commercial vehicle		-		-		174.8		11.4		186.2		-		-		232.0		16.8		248.8
Off-highway		-		-		179.8		2.3		182.1		-		-		178.5		10.1		188.6
Automotive and light vehicle		-		-		69.8		257.4		327.2		-		-		85.0		305.6		390.6
Other		6.0		0.3		50.3		14.8		71.4		7.3		1.4		73.0		7.3		89.0
Net sales	$	385.6	$	178.2	$	474.7	$	285.9	$	1,324.4	$	473.0	$	169.9	$	568.5	$	339.8	$	1,551.2
Geographic location:
Americas	$	193.9	$	109.5	$	274.4	$	39.2	$	617.0	$	261.2	$	110.4	$	369.7	$	52.2	$	793.5
Europe		156.3		68.7		91.2		195.9		512.1		173.7		59.5		107.3		242.7		583.2
Asia		35.4		-		109.1		50.8		195.3		38.1		-		91.5		44.9		174.5
Net sales	$	385.6	$	178.2	$	474.7	$	285.9	$	1,324.4	$	473.0	$	169.9	$	568.5	$	339.8	$	1,551.2
Timing of revenue recognition:
Products transferred at a point in time	$	351.7	$	178.2	$	456.3	$	285.9	$	1,272.1	$	395.6	$	169.9	$	544.4	$	339.8	$	1,449.7
Products transferred over time		33.9		-		18.4		-		52.3		77.4		-		24.1		-		101.5
Net sales	$	385.6	$	178.2	$	474.7	$	285.9	$	1,324.4	$	473.0	$	169.9	$	568.5	$	339.8	$	1,551.2

Contract Balances

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

	December 31, 2020		March 31, 2020
Contract assets	$	5.1	$	21.7
Contract liabilities		6.0		5.6

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 $16.6 million decrease in contract assets during the first nine months of fiscal 2021 primarily resulted from a decrease in contract assets for revenue recognized over time.  In addition, the March 31, 2020 balance included $7.2 million of contract assets of the liquid-cooled automotive business, which have since been classified as held for sale.  See Note 2 for additional information regarding assets and liabilities held for sale as of December 31, 2020.

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 customer-owned tooling.  The $0.4 million increase in contract liabilities during the first nine months of fiscal 2021 was primarily related to customer contracts for which payment was received in advance of the Company’s satisfaction of performance obligations.  The March 31, 2020 balance included $1.3 million of contract liabilities of the liquid-cooled automotive business, which have since been classified as held for sale.