Revenue Recognition (Tables)

6 Months Ended

Sep. 30, 2024

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, by geographic location and based upon the timing of revenue recognition.

Effective April 1, 2024, the Company moved its Coatings business, which was previously managed by and reported within the Performance Technologies segment, under the leadership of the Climate Solutions segment. See Note 20 for additional segment financial information. The disaggregated revenue information presented in the tables below for fiscal 2024 has been recast to be comparable with the fiscal 2025 presentation.

	Three months ended September 30, 2024						Three months ended September 30, 2023
	Climate		Performance		Segment		Climate		Performance		Segment
	Solutions		Technologies		Total		Solutions		Technologies		Total
Product groups:
Data center cooling	$	158.9	$	—	$	158.9	$	78.8	$	—	$	78.8
Heat transfer		103.4		—		103.4		119.2		—		119.2
HVAC&R		104.1		—		104.1		91.2		—		91.2
Air-cooled		—		155.2		155.2		—		173.3		173.3
Liquid-cooled		—		99.1		99.1		—		126.4		126.4
Advanced solutions		—		37.3		37.3		—		31.6		31.6
Inter-segment sales		—		5.9		5.9		—		6.0		6.0
Net sales	$	366.4	$	297.5	$	663.9	$	289.2	$	337.3	$	626.5
Geographic location:
Americas	$	252.6	$	182.7	$	435.3	$	174.1	$	178.4	$	352.5
Europe		105.9		72.5		178.4		109.1		110.0		219.1
Asia		7.9		42.3		50.2		6.0		48.9		54.9
Net sales	$	366.4	$	297.5	$	663.9	$	289.2	$	337.3	$	626.5
Timing of revenue recognition:
Products transferred at a point in time	$	350.9	$	294.6	$	645.5	$	271.6	$	333.7	$	605.3
Products transferred over time		15.5		2.9		18.4		17.6		3.6		21.2
Net sales	$	366.4	$	297.5	$	663.9	$	289.2	$	337.3	$	626.5

	Six months ended September 30, 2024						Six months ended September 30, 2023
	Climate		Performance		Segment		Climate		Performance		Segment
	Solutions		Technologies		Total		Solutions		Technologies		Total
Product groups:
Data center cooling	$	321.5	$	—	$	321.5	$	147.0	$	—	$	147.0
Heat transfer		215.2		—		215.2		260.0		—		260.0
HVAC&R		186.9		—		186.9		168.9		—		168.9
Air-cooled		—		323.8		323.8		—		346.0		346.0
Liquid-cooled		—		203.1		203.1		—		261.1		261.1
Advanced solutions		—		69.0		69.0		—		59.9		59.9
Inter-segment sales		0.1		10.6		10.7		—		13.4		13.4
Net sales	$	723.7	$	606.5	$	1,330.2	$	575.9	$	680.4	$	1,256.3
Geographic location:
Americas	$	492.6	$	367.4	$	860.0	$	327.4	$	351.1	$	678.5
Europe		217.4		152.6		370.0		236.0		230.0		466.0
Asia		13.7		86.5		100.2		12.5		99.3		111.8
Net sales	$	723.7	$	606.5	$	1,330.2	$	575.9	$	680.4	$	1,256.3
Timing of revenue recognition:
Products transferred at a point in time	$	691.6	$	600.4	$	1,292.0	$	529.8	$	673.7	$	1,203.5
Products transferred over time		32.1		6.1		38.2		46.1		6.7		52.8
Net sales	$	723.7	$	606.5	$	1,330.2	$	575.9	$	680.4	$	1,256.3

Contract Assets and Contract Liabilities from Contracts with Customers

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

	September 30, 2024		March 31, 2024
Contract assets	$	14.5	$	12.9
Contract liabilities		51.9		79.4