Revenue Recognition

6 Months Ended

Sep. 30, 2021

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, Building HVAC Systems (“BHVAC”), CIS, 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 July 1, 2021, the Company aligned the data center businesses previously managed by and reported within the CIS segment under the BHVAC segment; see Note 20 for additional information regarding the Company’s operating segments.  In connection with this segment realignment, the Company also reassessed end market classifications within the impacted businesses.  The primary end market revenue information presented in the tables below for fiscal 2021 has been recast to conform to the Company’s new classifications for its end markets.

	Three months ended September 30, 2021										Three months ended September 30, 2020
	BHVAC		CIS		HDE		Automotive		Segment Total		BHVAC		CIS		HDE		Automotive		Segment Total
Primary end market:
Commercial HVAC&R	$	60.1	$	133.6	$	-	$	-	$	193.7	$	52.5	$	107.3	$	-	$	-	$	159.8
Data center cooling		17.3		-		-		-		17.3		15.7		-		-		-		15.7
Industrial cooling		-		16.8		-		-		16.8		-		18.6		-		-		18.6
Commercial vehicle		-		-		76.9		3.6		80.5		-		-		61.5		3.8		65.3
Off-highway		-		-		77.0		1.1		78.1		-		-		58.1		0.8		58.9
Automotive and light vehicle		-		-		20.4		59.4		79.8		-		-		28.0		97.6		125.6
Other		0.1		3.1		21.5		1.3		26.0		0.3		2.3		18.0		7.7		28.3
Net sales	$	77.5	$	153.5	$	195.8	$	65.4	$	492.2	$	68.5	$	128.2	$	165.6	$	109.9	$	472.2
Geographic location:
Americas	$	45.1	$	83.2	$	126.7	$	7.7	$	262.7	$	38.5	$	67.8	$	98.6	$	16.9	$	221.8
Europe		32.4		60.8		35.4		45.4		174.0		30.0		46.9		32.1		75.4		184.4
Asia		-		9.5		33.7		12.3		55.5		-		13.5		34.9		17.6		66.0
Net sales	$	77.5	$	153.5	$	195.8	$	65.4	$	492.2	$	68.5	$	128.2	$	165.6	$	109.9	$	472.2
Timing of revenue recognition:
Products transferred at a point in time	$	74.3	$	141.8	$	187.1	$	65.4	$	468.6	$	66.4	$	119.1	$	157.4	$	109.9	$	452.8
Products transferred over time		3.2		11.7		8.7		-		23.6		2.1		9.1		8.2		-		19.4
Net sales	$	77.5	$	153.5	$	195.8	$	65.4	$	492.2	$	68.5	$	128.2	$	165.6	$	109.9	$	472.2

	Six months ended September 30, 2021										Six months ended September 30, 2020
	BHVAC		CIS		HDE		Automotive		Segment Total		BHVAC		CIS		HDE		Automotive		Segment Total
Primary end market:
Commercial HVAC&R	$	107.3	$	266.9	$	-	$	-	$	374.2	$	88.0	$	203.9	$	-	$	-	$	291.9
Data center cooling		35.5		-		-		-		35.5		34.1		-		-		-		34.1
Industrial cooling		-		34.0		-		-		34.0		-		35.7		-		-		35.7
Commercial vehicle		-		-		156.1		7.7		163.8		-		-		107.8		5.9		113.7
Off-highway		-		-		156.9		2.4		159.3		-		-		111.5		1.5		113.0
Automotive and light vehicle		-		-		40.8		138.9		179.7		-		-		41.0		152.0		193.0
Other		1.3		6.7		43.8		2.6		54.4		0.5		5.1		28.8		12.6		47.0
Net sales	$	144.1	$	307.6	$	397.6	$	151.6	$	1,000.9	$	122.6	$	244.7	$	289.1	$	172.0	$	828.4
Geographic location:
Americas	$	76.6	$	165.3	$	246.3	$	17.0	$	505.2	$	64.5	$	128.0	$	166.5	$	24.4	$	383.4
Europe		67.5		126.3		76.6		108.9		379.3		58.1		91.5		56.2		115.0		320.8
Asia		-		16.0		74.7		25.7		116.4		-		25.2		66.4		32.6		124.2
Net sales	$	144.1	$	307.6	$	397.6	$	151.6	$	1,000.9	$	122.6	$	244.7	$	289.1	$	172.0	$	828.4
Timing of revenue recognition:
Products transferred at a point in time	$	139.4	$	283.2	$	380.5	$	151.6	$	954.7	$	117.3	$	225.6	$	278.7	$	172.0	$	793.6
Products transferred over time		4.7		24.4		17.1		-		46.2		5.3		19.1		10.4		-		34.8
Net sales	$	144.1	$	307.6	$	397.6	$	151.6	$	1,000.9	$	122.6	$	244.7	$	289.1	$	172.0	$	828.4

Contract Balances

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

	September 30, 2021		March 31, 2021
Contract assets	$	10.4	$	5.7
Contract liabilities		7.1		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 $4.7 million increase in contract assets during the first six months of fiscal 2022 primarily resulted from an increase in contracts assets for revenue recognized over time and, to a lesser extent, an increase in capitalized costs related to customer-owned tooling contracts.

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 $1.5 million increase in contract liabilities during the first six months of fiscal 2022 was primarily related to customer contracts for which payment was received in advance of the Company’s satisfaction of performance obligations.