Modine Manufacturing (MOD) 10-Q 3 Feb 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2015	Jan. 29, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	MODINE MANUFACTURING CO
Entity Central Index Key	67,347
Current Fiscal Year End Date	--03-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		47,943,156
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2015

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) [Abstract]
Net sales	$ 328.7	$ 363.6	$ 1,008.8	$ 1,133.4
Cost of sales	270.1	304.2	847.5	949.6
Gross profit	58.6	59.4	161.3	183.8
Selling, general and administrative expenses	43.3	45.2	162.9	135.8
Restructuring expenses	1.6	1.9	5.2	3.7
Gain on sale of wind tunnel	0	(3.2)	0	(3.2)
Operating income (loss)	13.7	15.5	(6.8)	47.5
Interest expense	(2.7)	(2.8)	(8.2)	(8.9)
Other expense - net	(0.4)	(0.6)	(0.5)	(0.3)
Earnings (loss) from continuing operations before income taxes	10.6	12.1	(15.5)	38.3
(Provision) benefit for income taxes	(2.4)	(3)	6.7	(13.1)
Earnings (loss) from continuing operations	8.2	9.1	(8.8)	25.2
Earnings from discontinued operations, net of income taxes	0	0.6	0	0.6
Net earnings (loss)	8.2	9.7	(8.8)	25.8
Net earnings attributable to noncontrolling interest	0	(0.1)	(0.4)	(0.8)
Net earnings (loss) attributable to Modine	$ 8.2	$ 9.6	$ (9.2)	$ 25
Earnings (loss) per share from continuing operations attributable to Modine shareholders:
Basic (in dollars per share)	$ 0.17	$ 0.19	$ (0.19)	$ 0.51
Diluted (in dollars per share)	0.17	0.19	(0.19)	0.51
Net earnings (loss) per share attributable to Modine shareholders:
Basic (in dollars per share)	0.17	0.20	(0.19)	0.52
Diluted (in dollars per share)	$ 0.17	$ 0.20	$ (0.19)	$ 0.52
Weighted - average shares outstanding:
Basic (in shares)	47.4	47.2	47.4	47.2
Diluted (in shares)	47.8	47.7	47.4	47.7

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract]
Net earnings (loss)	$ 8.2	$ 9.7	$ (8.8)	$ 25.8
Other comprehensive income (loss):
Foreign currency translation	(6.2)	(15.2)	(6.1)	(38)
Defined benefit plans, net of income taxes of $1.7, $0.5, $14.3 and $1.4	2.9	0.8	23.3	2.6
Total other comprehensive income (loss)	(3.3)	(14.4)	17.2	(35.4)
Comprehensive income (loss)	4.9	(4.7)	8.4	(9.6)
Comprehensive income attributable to noncontrolling interest	0	0	(0.1)	(0.7)
Comprehensive income (loss) attributable to Modine	$ 4.9	$ (4.7)	$ 8.3	$ (10.3)

CONSOLIDATED STATEMENTS OF COM4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Other comprehensive income (loss):
Defined benefit plans, tax	$ 1.7	$ 0.5	$ 14.3	$ 1.4

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Dec. 31, 2015	Mar. 31, 2015
ASSETS
Cash and cash equivalents	$ 81.5	$ 70.5
Trade accounts receivable - net	148.8	192.9
Inventories	114.6	107.7
Deferred income taxes	11.8	13.4
Other current assets	85.2	79.7
Total current assets	441.9	464.2
Property, plant and equipment - net	328.2	322.1
Intangible assets - net	8.6	9.9
Goodwill	16.1	16.2
Deferred income taxes	104.8	102.7
Other noncurrent assets	22.2	16.5
Total assets	921.8	931.6
LIABILITIES AND SHAREHOLDERS' EQUITY
Short-term debt	21.8	18.6
Long-term debt - current portion	4.4	0.5
Accounts payable	130.8	152
Accrued compensation and employee benefits	44.6	56.7
Other current liabilities	92.7	83.4
Total current liabilities	294.3	311.2
Long-term debt	127.6	129.6
Deferred income taxes	3.6	3.4
Pensions	110.1	110.4
Other noncurrent liabilities	16.5	16.4
Total liabilities	$ 552.1	$ 571
Commitments and contingencies (see Note 15)
Shareholders' equity:
Preferred stock, $0.025 par value, authorized 16.0 million shares, issued - none	$ 0	$ 0
Common stock, $0.625 par value, authorized 80.0 million shares, issued 49.0 million and 48.6 million shares	30.6	30.4
Additional paid-in capital	185	180.6
Retained earnings	350.6	359.8
Accumulated other comprehensive loss	(181.1)	(198.6)
Treasury stock, at cost, 1.0 million and 0.7 million shares	(19.2)	(16.2)
Total Modine shareholders' equity	365.9	356
Noncontrolling interest	3.8	4.6
Total equity	369.7	360.6
Total liabilities and equity	$ 921.8	$ 931.6

CONSOLIDATED BALANCE SHEETS (U6

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares shares in Millions	Dec. 31, 2015	Mar. 31, 2015
Shareholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.025	$ 0.025
Preferred stock, shares authorized (in shares)	16	16
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.625	$ 0.625
Common stock, shares authorized (in shares)	80	80
Common stock, shares issued (in shares)	49	48.6
Treasury stock at cost (in shares)	1	0.7

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net (loss) earnings	$ (8.8)	$ 25.8
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities:
Depreciation and amortization	37.4	39.3
Insurance proceeds from Airedale fire	5.1	10.8
Gain on sale of wind tunnel	0	(3.2)
Pension and postretirement expense	42.4	1.7
Deferred income taxes	(14.4)	4.2
Other - net	4.4	3.9
Changes in operating assets and liabilities:
Trade accounts receivable	42.3	31.3
Inventories	(9.2)	(15)
Accounts payable	(19.9)	(24.7)
Other assets and liabilities	(13.9)	(30)
Net cash provided by operating activities	65.4	44.1
Cash flows from investing activities:
Expenditures for property, plant and equipment	(42.3)	(41.9)
Insurance proceeds from Airedale fire	25.3	12.2
Costs to replace building and equipment damaged in Airedale fire	(37.9)	(9.5)
Proceeds from dispositions of assets	0.2	7.5
Other - net	0.2	(4)
Net cash used for investing activities	(54.5)	(35.7)
Cash flows from financing activities:
Borrowings of debt	29	30
Repayments of debt	(24.8)	(40.1)
Purchases of treasury stock under share repurchase program	(2.1)	0
Dividend paid to noncontrolling interest	(0.9)	0
Other - net	(0.5)	0.2
Net cash provided by (used for) financing activities	0.7	(9.9)
Effect of exchange rate changes on cash	(0.6)	(5.8)
Net increase (decrease) in cash and cash equivalents	11	(7.3)
Cash and cash equivalents - beginning of period	70.5	87.2
Cash and cash equivalents - end of period	$ 81.5	$ 79.9

General

General	9 Months Ended
	Dec. 31, 2015
General [Abstract]
General	Note 1: General The accompanying condensed consolidated financial statements were prepared in conformity with generally accepted accounting principles (“GAAP”) in the United States applied on a basis consistent with those principles used in the preparation of the annual consolidated financial statements of Modine Manufacturing Company (“Modine” or the “Company”) for the fiscal year ended March 31, 2015. The financial statements include all normal recurring adjustments that are, in the opinion of management, necessary for a fair statement of results for the interim periods. Results for the first nine months of fiscal 2016 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the consolidated financial statements and related notes in Modine's Annual Report on Form 10-K for the year ended March 31, 2015. Discontinued operations New accounting guidance: In May 2014, the FASB issued new guidance that outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The core principle of the new guidance is that companies are to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance also includes a cohesive set of disclosure requirements intended to provide users of financial statements with comprehensive information about revenue arising from contracts with customers. This new guidance will be effective for the Company’s first quarter of fiscal 2019. The Company is currently evaluating the impact the new guidance will have on its consolidated financial statements.

Airedale Facility Fire

Airedale Facility Fire	9 Months Ended
	Dec. 31, 2015
Airedale Facility Fire [Abstract]
Airedale Facility Fire	Note 2: Airedale Facility Fire On September 6, 2013, a fire caused significant destruction to the Company’s Airedale manufacturing facility and offices in Rawdon (Leeds), United Kingdom. The Company reports Airedale’s financial results within the Building HVAC segment. There were no injuries caused by the fire. The Rawdon facility, which is leased, was used to manufacture cooling products and solutions for a variety of applications, including data centers, clean rooms, retail, leisure and process cooling. The Company suspended operations at the Rawdon site as a result of the fire; however, it transferred operations to temporary facilities and has been rebuilding the leased facility. During the third quarter of fiscal 2016, the Company transferred the majority of its operations back to the Rawdon site, which is nearing completion. The Company expects to complete the reconstruction and relocation to the facility in the fourth quarter of fiscal 2016. The Company maintains insurance coverage for damage to the leased facility, equipment, inventory, other assets, business interruption and lost profits, and recovery-related expenses caused by the fire. The Company believes that reimbursement from its insurance provider is probable for substantially all losses and costs directly attributable to the fire. As such, the Company records losses and costs in the same statement of operations line as the related insurance recovery. During the first quarter of fiscal 2015, the Company recorded $2.6 million of recoveries from business interruption insurance related to fiscal 2014 lost profits. During the third quarter of fiscal 2015, the Company recorded $2.0 million of recoveries from business interruption insurance related to fiscal 2015 lost profits. The Company recorded these recoveries for lost profits within selling, general and administrative (“SG&A”) expenses. Since the date of the fire, the Company has received cumulative cash proceeds of $93.1 million from its insurance provider for covered losses. The terms of the Rawdon lease agreement obligate the Company to rebuild the damaged facility. Through December 31, 2015, the Company capitalized reconstruction costs of $48.3 million, and recorded this asset on the consolidated balance sheet within other current assets. As of December 31, 2015, the Company recorded liabilities for the reconstruction costs of $48.3 million and an advance from its insurance provider of $6.7 million within other current liabilities. This $6.7 million advance primarily relates to equipment replacement costs that are covered by insurance. As of March 31, 2015, the other current liability to rebuild the facility was $48.0 million and the receivable from the Company’s insurance provider was $18.0 million.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Dec. 31, 2015
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 3: Fair Value Measurements Fair value is defined as the price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Fair value measurements are classified under the following hierarchy: · Level 1 – Quoted prices for identical instruments in active markets. · Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. · Level 3 – Model-derived valuations in which one or more significant inputs are not observable. When available, the Company uses quoted market prices to determine fair value and classifies such measurements as Level 1. In some cases, where market prices are not available, the Company uses observable market-based inputs to calculate fair value, in which case the measurements are classified as Level 2. If quoted or observable market prices are not available, fair value is based upon valuation models that use, where possible, market-based data such as interest rates, yield curves or currency rates. These measurements are classified as Level 3. The carrying values of cash and cash equivalents, short-term investments, trade accounts receivable, accounts payable, and short-term debt approximate fair value due to the short-term nature of these instruments. The Company holds trading securities in a deferred compensation trust to fund obligations under Modine’s non-qualified deferred compensation plan. The securities’ fair values, which are recorded as other noncurrent assets, are determined based on quoted prices from active markets and classified within Level 1 of the valuation hierarchy. The Company’s deferred compensation obligations, which are recorded as other noncurrent liabilities, are recorded at the fair values of the investments held by the trust. The fair values of the Company’s trading securities and deferred compensation obligations each totaled $3.1 million and $3.0 million at December 31, 2015 and March 31, 2015, respectively. The fair value of the Company’s long-term debt is disclosed in Note 14.

Pensions

Pensions	9 Months Ended
	Dec. 31, 2015
Pensions [Abstract]
Pensions	Note 4: Pensions During the three months ended December 31, 2015 and 2014, the Company contributed $2.4 million Three months ended December 31, Nine months ended December 31, 2015 2014 2015 2014 Service cost $ 0.1 $ 0.1 $ 0.4 $ 0.4 Interest cost 2.5 3.3 8.6 9.8 Expected return on plan assets (3.1 ) (4.2 ) (11.8 ) (12.6 ) Amortization of unrecognized net loss 1.4 1.4 5.0 4.2 Settlements (a) 1.1 - 40.3 - Net periodic benefit cost $ 2.0 $ 0.6 $ 42.5 $ 1.8 (a) During fiscal 2016, in an effort to reduce the size, volatility, mortality risk, and costs associated with its U.S. pension plans, the Company completed a voluntary lump-sum payout program offered to certain eligible former employees. Approximately 2,000 participants accepted the lump-sum settlement offer, with a total of $62.4 million paid from pension plan assets, which reduced the Company’s pension obligation by the same amount. In connection with this program, the Company remeasured the assets and liabilities of its U.S. pension plans at December 31, 2015 using a discount rate of 4.5 percent. The remeasurement resulted in a $1.2 million decrease in the plans’ underfunded status, as compared with March 31, 2015. The Company recorded $40.3 million of non-cash settlement losses related to the accelerated recognition of unamortized actuarial losses previously recorded on the consolidated balance sheets within accumulated other comprehensive loss. During the three and nine months ended December 31, 2015, the Company recorded $0.9 million and $31.8 million, respectively, of settlement losses as SG&A expenses and $0.2 million and $8.5 million, respectively, of settlement losses as cost of sales within the consolidated statements of operations.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Dec. 31, 2015
Stock-Based Compensation [Abstract]
Stock-Based Compensation	Note 5: Stock-Based Compensation The Company’s stock-based incentive programs consist of the following: (1) a long-term incentive compensation program for officers and executives that consists of restricted stock and stock options granted for retention and performance, (2) a discretionary equity program for management and other key employees, and (3) stock awards and/or stock options for non-employee directors. Compensation cost is calculated based on the fair value of the instrument at the time of grant, and is recognized as expense over the vesting period of the stock-based award. The Company recognized stock-based compensation cost of $1.2 million and $0.9 million for the three months ended December 31, 2015 and 2014, respectively. The Company recognized stock-based compensation cost of $4.2 million and $3.6 million for the nine months ended December 31, 2015 and 2014, respectively. The performance component of awards granted under the Company’s long-term incentive plan during the first quarter of fiscal 2016 is based upon a target three-year average consolidated return on average capital employed and three-year average revenue growth. The fair value of stock-based compensation awards granted during the nine months ended December 31, 2015 and 2014 were as follows: Nine months ended December 31, 2015 2014 Shares Fair Value Shares Fair Value Stock options 0.2 $ 7.11 0.1 $ 10.21 Restricted stock - retention 0.3 $ 11.39 0.2 $ 14.94 Restricted stock - performance based 0.2 $ 11.39 0.2 $ 14.94 Unrestricted stock 0.1 $ 10.45 0.1 $ 14.83 The Company used the following assumptions in determining fair value for stock options: Nine months ended December 31, 2015 2014 Expected life of awards in years 6.3 6.3 Risk-free interest rate 1.9 % 2.1 % Expected volatility of the Company's stock 66.9 % 76.1 % Expected dividend yield on the Company's stock 0.0 % 0.0 % As of December 31, 2015, unrecognized compensation cost related to non-vested stock-based compensation awards, which will be amortized over the remaining service periods, was as follows: Unrecognized Weighted-Average Remaining Service Period in Years Stock options $ 2.3 2.6 Restricted stock - retention 5.5 2.6 Restricted stock - performance based 2.6 2.0 Total $ 10.4 2.5

Restructuring Activities

Restructuring Activities	9 Months Ended
	Dec. 31, 2015
Restructuring Activities [Abstract]
Restructuring Activities	Note 6: Restructuring Activities During the third quarter of fiscal 2016, the Company offered a voluntary retirement program to certain U.S. salaried employees. The program was offered as part of the Company’s Strengthen, Diversify, and Grow transformational initiative and will support the objective of reducing operational and SG&A cost structures. During the first quarter of fiscal 2016, the Company announced a plan to close its Washington, Iowa manufacturing facility, and is in the process of transferring the facility’s production to other Americas segment manufacturing facilities. Also during fiscal 2016, the Company completed the transfer of production from its McHenry, Illinois manufacturing facility to other Americas segment manufacturing facilities. These restructuring activities reflect the Company’s focus on operating scale manufacturing facilities to improve overall competitiveness and profitability. During fiscal 2015, the Company initiated a headcount reduction plan for its Brazil manufacturing facility within its Americas segment. The headcount reductions were in response to the economic slowdown in Brazil and reflect the Company’s objective to maintain profitability in this business despite lower sales volume. In addition, the Company continues to execute restructuring activities within its Europe segment. These restructuring activities have included exiting certain non-core product lines based upon Modine’s global product strategy, reducing manufacturing costs, consolidating production facilities, implementing headcount reductions, and disposing of and selling certain underperforming or non-strategic assets. The Company designed these activities to align the cost structure of the segment with its strategic focus on the commercial vehicle, off-highway, automotive component, and engine product markets, while improving gross margin and return on average capital employed. Restructuring and repositioning expenses were as follows: Three months ended Nine months ended 2015 2014 2015 2014 Employee severance and related benefits $ 0.9 $ 0.8 $ 2.6 $ 1.2 Other restructuring and repositioning expenses 0.7 1.1 2.6 2.5 Total $ 1.6 $ 1.9 $ 5.2 $ 3.7 Other restructuring and repositioning expenses primarily consist of equipment transfer and plant consolidation costs. The Company accrues severance in accordance with its written plans, procedures, and relevant statutory requirements. Changes in accrued severance were as follows: Three months ended December 31, 2015 2014 Beginning balance $ 7.8 $ 16.0 Additions 0.9 0.8 Payments (0.9 ) (0.7 ) Effect of exchange rate changes (0.2 ) (1.0 ) Ending balance $ 7.6 $ 15.1 Nine months ended December 31, 2015 2014 Beginning balance $ 9.9 $ 19.4 Additions 2.6 1.2 Payments (5.1 ) (3.2 ) Effect of exchange rate changes 0.2 (2.3 ) Ending balance $ 7.6 $ 15.1 During the first quarter of fiscal 2016, the Company reclassified property, plant and equipment related to a manufacturing facility in the Europe segment to assets held for sale. At December 31, 2015 and March 31, 2015, assets held for sale of $8.5 million and $3.2 million, respectively, were included in other noncurrent assets and consisted of facilities that the Company is actively marketing for sale. During the third quarter of fiscal 2015, the Company sold a wind tunnel within the Europe segment, which was previously reported as an asset held for sale, for cash proceeds of $5.8 million and recognized a gain of $3.2 million.

Other Income and Expense

Other Income and Expense	9 Months Ended
	Dec. 31, 2015
Other Income and Expense [Abstract]
Other Income and Expense	Note 7: Other Income and Expense Other income and expense consisted of the following: Three months ended December 31, Nine months ended December 31, 2015 2014 2015 2014 Equity in earnings of non-consolidated affiliate $ 0.1 $ 0.2 $ 0.2 $ 0.6 Interest income 0.1 0.1 0.3 0.4 Foreign currency transactions (0.6 ) (0.9 ) (1.0 ) (1.3 ) Total other expense - net $ (0.4 ) $ (0.6 ) $ (0.5 ) $ (0.3 ) Foreign currency transactions primarily consist of foreign currency transaction gains and losses on the re-measurement or settlement of foreign currency-denominated assets and liabilities, including intercompany loans and transactions denominated in a foreign currency, along with gains and losses on foreign currency exchange contracts.

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2015
Income Taxes [Abstract]
Income Taxes	Note 8: Income Taxes For the three months ended December 31, 2015 and 2014, the Company’s effective income tax rate was 22.6 percent and 24.8 percent, respectively. For the nine months ended December 31, 2015 and 2014, the Company’s effective income tax rate was 43.2 percent and 34.2 percent, respectively. The most significant factors impacting the effective tax rate for the three and nine months ended December 31, 2015, as compared with the prior-year periods, were changes in the valuation allowance related to certain foreign jurisdictions and changes in the mix of foreign and domestic earnings. At December 31, 2015, the Company continued to record a full valuation allowance against its net deferred tax assets in certain foreign jurisdictions ($43.8 million) and a valuation allowance against certain U.S. deferred tax assets ($5.8 million), as it is more likely than not these assets will not be realized based on historical financial results. The Company will continue to provide a valuation allowance against its net deferred tax assets in each of the applicable jurisdictions until the need for a valuation allowance is eliminated. The need for a valuation allowance is eliminated when the Company determines it is more likely than not the deferred tax assets will be realized. Accounting policies for interim reporting require the Company to adjust its effective tax rate each quarter to be consistent with the estimated annual effective tax rate. Under this methodology, the Company applies its estimated annual income tax rate to its year-to-date ordinary earnings to derive its income tax provision each quarter. The Company records the tax impacts of certain significant, unusual or infrequently occurring items in the period in which they occur. The Company considered t

Earnings Per Share

Earnings Per Share	9 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share	Note 9: Earnings Per Share The components of basic and diluted earnings per share were as follows: Three months ended December 31, Nine months ended December 31, 2015 2014 2015 2014 Earnings (loss) from continuing operations $ 8.2 $ 9.1 $ (8.8 ) $ 25.2 Less: Net earnings attributable to noncontrolling interest - (0.1 ) (0.4 ) (0.8 ) Less: Undistributed earnings attributable to unvested shares (0.2 ) (0.1 ) - (0.3 ) Earnings (loss) from continuing operations available to Modine shareholders 8.0 8.9 (9.2 ) 24.1 Earnings from discontinued operations, net of income taxes - 0.6 - 0.6 Net earnings (loss) available to Modine shareholders $ 8.0 $ 9.5 $ (9.2 ) $ 24.7 Weighted-average shares outstanding - basic 47.4 47.2 47.4 47.2 Effect of dilutive securities 0.4 0.5 - 0.5 Weighted-average shares outstanding - diluted 47.8 47.7 47.4 47.7 Basic Earnings Per Share: Earnings (loss) per share - continuing operations $ 0.17 $ 0.19 $ (0.19 ) $ 0.51 Earnings per share - discontinued operations - 0.01 - 0.01 Net earnings (loss) per share - basic $ 0.17 $ 0.20 $ (0.19 ) $ 0.52 Diluted Earnings Per Share: Earnings (loss) per share - continuing operations $ 0.17 $ 0.19 $ (0.19 ) $ 0.51 Earnings per share - discontinued operations - 0.01 - 0.01 Net earnings (loss) per share - diluted $ 0.17 $ 0.20 $ (0.19 ) $ 0.52 For the three and nine months ended December 31, 2015, the calculation of diluted earnings per share excluded 1.0 million and 0.9 million stock options, respectively, because they were anti-dilutive. For the three and nine months ended December 31, 2014, the calculation of diluted earnings per share excluded 0.9 million and 0.7 million stock options, respectively, because they were anti-dilutive. For the nine months ended December 31, 2015, the total number of potential dilutive securities was 0.4 million. However, these securities were not included in the computation of diluted net loss per share since to do so would decrease the loss per share.

Inventories

Inventories	9 Months Ended
	Dec. 31, 2015
Inventories [Abstract]
Inventories	Note 10: Inventories Inventories consisted of the following: December 31, 2015 March 31, 2015 Raw materials and work in process $ 80.7 $ 80.7 Finished goods 33.9 27.0 Total inventories $ 114.6 $ 107.7

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Note 11: Property, Plant and Equipment Property, plant and equipment consisted of the following: December 31, 2015 March 31, 2015 Gross property, plant and equipment $ 1,006.4 $ 994.8 Accumulated depreciation (678.2 ) (672.7 ) Net property, plant and equipment $ 328.2 $ 322.1

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets [Abstract]
Goodwill and Intangible Assets	Note 12: Goodwill and Intangible Assets Changes in the carrying amount of goodwill were as follows: Building Asia HVAC Total Goodwill, March 31, 2015 $ 0.5 $ 15.7 $ 16.2 Effect of exchange rate changes - (0.1 ) (0.1 ) Goodwill, December 31, 2015 $ 0.5 $ 15.6 $ 16.1 Intangible assets consisted of the following: December 31, 2015 March 31, 2015 Gross Carrying Value Accumulated Amortization Net Intangible Assets Gross Carrying Value Accumulated Amortization Net Intangible Assets Trade names $ 8.9 $ (6.2 ) $ 2.7 $ 9.1 $ (5.8 ) $ 3.3 Acquired technology 5.6 (1.4 ) 4.2 5.6 (0.9 ) 4.7 Customer relationships 2.1 (0.4 ) 1.7 2.1 (0.2 ) 1.9 Total intangible assets $ 16.6 $ (8.0 ) $ 8.6 $ 16.8 $ (6.9 ) $ 9.9 Amortization expense for both the three months ended December 31, 2015 and 2014 was $0.4 million. Amortization expense for both the nine months ended December 31, 2015 and 2014 was $1.2 million. Estimated future amortization expense is as follows: Fiscal Year Estimated Amortization Expense Remainder of 2016 $ 0.4 2017 1.6 2018 1.6 2019 1.5 2020 1.4 2021 & Beyond 2.1

Product Warranties

Product Warranties	9 Months Ended
	Dec. 31, 2015
Product Warranties [Abstract]
Product Warranties	Note 13: Product Warranties Changes in accrued warranty costs were as follows: Three months ended December 31, 2015 2014 Beginning balance $ 10.0 $ 13.0 Accruals for warranties issued 1.3 1.3 Accruals (reversals) related to pre-existing warranties (0.2 ) (0.1 ) Settlements (1.0 ) (2.2 ) Effect of exchange rate changes (0.2 ) (0.3 ) Ending balance $ 9.9 $ 11.7 Nine months ended December 31, 2015 2014 Beginning balance $ 10.4 $ 14.0 Accruals for warranties issued 3.9 4.5 Accruals (reversals) related to pre-existing warranties (0.1 ) 1.2 Settlements (4.2 ) (7.0 ) Effect of exchange rate changes (0.1 ) (1.0 ) Ending balance $ 9.9 $ 11.7

Indebtedness

Indebtedness	9 Months Ended
	Dec. 31, 2015
Indebtedness [Abstract]
Indebtedness	Note 14: Indebtedness The Company holds $125.0 million of 6.8 percent Senior Notes, with principal repayments beginning in fiscal 2017 and continuing through fiscal 2021. The Company also maintains a $175.0 million domestic revolving credit facility, which expires in August 2018. At December 31, 2015 and March 31, 2015, no borrowings were outstanding under the revolving credit facility. The Company also maintains credit agreements for its foreign subsidiaries, with outstanding short-term borrowings at December 31, 2015 and March 31, 2015 of $21.8 million and $18.6 million, respectively. At December 31, 2015, the Company’s foreign unused lines of credit totaled $34.0 million. In aggregate, the Company had total available lines of credit of $209.0 million at December 31, 2015. Provisions in the Company’s revolving credit facility, Senior Note agreements, and various foreign credit agreements require the Company to maintain compliance with various covenants and include certain cross-default clauses. The Company was in compliance with its debt covenants as of December 31, 2015. The Company estimates the fair value of long-term debt using discounted future cash flows at rates offered to the Company for similar debt instruments of comparable maturities. At December 31, 2015 and March 31, 2015, the carrying value of Modine’s long-term debt approximated fair value, with the exception of the Senior Notes, which had a fair value of approximately $131.0 million and $141.0 million, respectively. The fair value of the Senior Notes is categorized as Level 2 within the fair value hierarchy. Refer to Note 3 for the definition of a Level 2 fair value measurement.

Contingencies and Litigation

Contingencies and Litigation	9 Months Ended
	Dec. 31, 2015
Contingencies and Litigation [Abstract]
Contingencies and Litigation	Note 15: Contingencies and Litigation Environmental: The Company has recorded environmental investigation and remediation accruals for subsurface contamination at its former manufacturing facility in the Netherlands and groundwater contamination at its manufacturing facility in its wholly-owned subsidiary in Brazil (“Modine Brazil”), along with other lesser environmental matters at certain facilities located in the United States. These accruals generally relate to facilities where past operations followed practices and procedures that were considered acceptable under then-existing regulations, or where the Company is a successor to the obligations of prior owners, and current laws and regulations require investigative and/or remedial work to ensure sufficient environmental compliance. The accruals for these environmental matters totaled $4.2 million and $3.8 million at December 31, 2015 and March 31, 2015, respectively. As additional information becomes available, the Company will re-assess any potential liability related to these matters and revise the estimated accrual, if necessary. Based on currently available information, the Company believes the ultimate outcome of these matters, individually and in the aggregate, will not have a material adverse effect on its financial position. However, these matters are subject to inherent uncertainties, and unfavorable outcomes could occur, including significant monetary damages. During fiscal 2011, one of the adjacent businesses to the Company’s facility in Brazil filed suit against Modine Brazil, seeking remediation and certain other damages as a result of contamination allegedly attributable to the Company’s operations. The Company is defending this suit and believes that the ultimate outcome of this matter will not be material. Brazil antitrust investigation Other litigation:

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Dec. 31, 2015
Accumulated Other Comprehensive Loss [Abstract]
Accumulated Other Comprehensive Loss	Note 16: Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss were as follows: Three months ended December 31, 2015 Nine months ended December 31, 2015 Foreign Currency Translation Defined Benefit Plans Total Foreign Currency Translation Defined Benefit Plans Total Beginning balance $ (40.3 ) $ (137.5 ) $ (177.8 ) $ (40.7 ) $ (157.9 ) $ (198.6 ) Other comprehensive income (loss) before reclassifications (6.2 ) 2.2 (4.0 ) (5.8 ) (7.5 ) (13.3 ) Reclassifications: Amortization of unrecognized net loss (a) - 2.5 2.5 - 45.3 45.3 Amortization of unrecognized prior service credit (a) - (0.1 ) (0.1 ) - (0.2 ) (0.2 ) Income taxes - (1.7 ) (1.7 ) - (14.3 ) (14.3 ) Total other comprehensive income (loss) (6.2 ) 2.9 (3.3 ) (5.8 ) 23.3 17.5 Ending balance $ (46.5 ) $ (134.6 ) $ (181.1 ) $ (46.5 ) $ (134.6 ) $ (181.1 ) Three months ended December 31, 2014 Nine months ended December 31, 2014 Foreign Currency Translation Defined Benefit Plans Total Foreign Currency Translation Defined Benefit Plans Total Beginning balance $ 4.5 $ (129.4 ) $ (124.9 ) $ 27.3 $ (131.2 ) $ (103.9 ) Other comprehensive income (loss) before reclassification (15.1 ) - (15.1 ) (37.9 ) - (37.9 ) Reclassification for amortization of unrecognized net loss (a) - 1.3 1.3 - 4.0 4.0 Income taxes - (0.5 ) (0.5 ) - (1.4 ) (1.4 ) Total other comprehensive income (loss) (15.1 ) 0.8 (14.3 ) (37.9 ) 2.6 (35.3 ) Ending balance $ (10.6 ) $ (128.6 ) $ (139.2 ) $ (10.6 ) $ (128.6 ) $ (139.2 ) (a) Amounts are included in the calculation of net periodic benefit cost for the Company’s defined benefit plans, which include pension and other postretirement plans. See Note 4 for additional information about the Company’s pension plans.

Segment Information

Segment Information	9 Months Ended
	Dec. 31, 2015
Segment Information [Abstract]
Segment Information	Note 17: Segment Information Effective April 1, 2015, the Company combined its North America and South America segments into the Americas segment to streamline operations, gain synergies and improve its cost structure. As a result, the Company recast the prior-period segment financial information to conform to the current-period presentation. There was no impact to the Company’s consolidated financial statements as a result. The following is a summary of net sales, gross profit, operating income, and total assets by segment: Three months ended December 31, Nine months ended December 31, Net sales: 2015 2014 2015 2014 Americas $ 137.1 $ 153.2 $ 440.4 $ 500.8 Europe 126.1 137.2 385.0 442.2 Asia 18.7 20.2 56.1 60.0 Building HVAC 50.9 56.3 141.0 142.5 Segment total 332.8 366.9 1,022.5 1,145.5 Corporate and eliminations (4.1 ) (3.3 ) (13.7 ) (12.1 ) Net sales $ 328.7 $ 363.6 $ 1,008.8 $ 1,133.4 Three months ended December 31, Nine months ended December 31, 2015 2014 2015 2014 Gross profit: $'s % of sales $'s % of sales $'s % of sales $'s % of sales Americas $ 22.7 16.5 % $ 22.4 14.6 % $ 72.8 16.5 % $ 78.5 15.7 % Europe 17.2 13.7 % 14.1 10.3 % 47.0 12.2 % 53.0 12.0 % Asia 2.6 13.9 % 2.7 13.6 % 8.2 14.7 % 8.4 14.1 % Building HVAC 17.3 34.0 % 19.6 34.7 % 43.3 30.8 % 42.7 30.0 % Segment total 59.8 18.0 % 58.8 16.0 % 171.3 16.8 % 182.6 15.9 % Corporate and eliminations (a) (1.2 ) - 0.6 - (10.0 ) - 1.2 - Gross profit $ 58.6 17.8 % $ 59.4 16.4 % $ 161.3 16.0 % $ 183.8 16.2 % Three months ended December 31, Nine months ended December 31, Operating income: 2015 2014 2015 2014 Americas $ 7.7 $ 5.6 $ 24.8 $ 29.7 Europe 7.6 5.9 18.3 20.9 Asia (0.1 ) (0.3 ) (0.9 ) (0.1 ) Building HVAC 6.7 9.8 12.7 16.2 Segment total 21.9 21.0 54.9 66.7 Corporate and eliminations (a) (8.2 ) (5.5 ) (61.7 ) (19.2 ) Operating income (loss) $ 13.7 $ 15.5 $ (6.8 ) $ 47.5 (a) During the nine months ended December 31, 2015, the Company recorded pension settlement losses of $40.3 million at Corporate, within SG&A expenses ($31.8 million) and cost of sales ($8.5 million). See Note 4 for additional information. December 31, 2015 March 31, 2015 Total assets: Americas $ 248.7 $ 277.9 Europe 291.1 283.1 Asia 88.5 92.4 Building HVAC 148.4 131.4 Corporate and eliminations 145.1 146.8 Total assets $ 921.8 $ 931.6

Pensions (Tables)

Pensions (Tables)	9 Months Ended
	Dec. 31, 2015
Pensions [Abstract]
Components of pension cost	Pension cost included the following components: Three months ended December 31, Nine months ended December 31, 2015 2014 2015 2014 Service cost $ 0.1 $ 0.1 $ 0.4 $ 0.4 Interest cost 2.5 3.3 8.6 9.8 Expected return on plan assets (3.1 ) (4.2 ) (11.8 ) (12.6 ) Amortization of unrecognized net loss 1.4 1.4 5.0 4.2 Settlements (a) 1.1 - 40.3 - Net periodic benefit cost $ 2.0 $ 0.6 $ 42.5 $ 1.8 (a) During fiscal 2016, in an effort to reduce the size, volatility, mortality risk, and costs associated with its U.S. pension plans, the Company completed a voluntary lump-sum payout program offered to certain eligible former employees. Approximately 2,000 participants accepted the lump-sum settlement offer, with a total of $62.4 million paid from pension plan assets, which reduced the Company’s pension obligation by the same amount. In connection with this program, the Company remeasured the assets and liabilities of its U.S. pension plans at December 31, 2015 using a discount rate of 4.5 percent. The remeasurement resulted in a $1.2 million decrease in the plans’ underfunded status, as compared with March 31, 2015. The Company recorded $40.3 million of non-cash settlement losses related to the accelerated recognition of unamortized actuarial losses previously recorded on the consolidated balance sheets within accumulated other comprehensive loss. During the three and nine months ended December 31, 2015, the Company recorded $0.9 million and $31.8 million, respectively, of settlement losses as SG&A expenses and $0.2 million and $8.5 million, respectively, of settlement losses as cost of sales within the consolidated statements of operations.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Dec. 31, 2015
Stock-Based Compensation [Abstract]
Fair market value of stock-based compensation awards	The fair value of stock-based compensation awards granted during the nine months ended December 31, 2015 and 2014 were as follows: Nine months ended December 31, 2015 2014 Shares Fair Value Shares Fair Value Stock options 0.2 $ 7.11 0.1 $ 10.21 Restricted stock - retention 0.3 $ 11.39 0.2 $ 14.94 Restricted stock - performance based 0.2 $ 11.39 0.2 $ 14.94 Unrestricted stock 0.1 $ 10.45 0.1 $ 14.83
Assumptions used in determining fair value of options	The Company used the following assumptions in determining fair value for stock options: Nine months ended December 31, 2015 2014 Expected life of awards in years 6.3 6.3 Risk-free interest rate 1.9 % 2.1 % Expected volatility of the Company's stock 66.9 % 76.1 % Expected dividend yield on the Company's stock 0.0 % 0.0 %
Unrecognized compensation cost related to non-vested stock-based compensation awards	As of December 31, 2015, unrecognized compensation cost related to non-vested stock-based compensation awards, which will be amortized over the remaining service periods, was as follows: Unrecognized Weighted-Average Remaining Service Period in Years Stock options $ 2.3 2.6 Restricted stock - retention 5.5 2.6 Restricted stock - performance based 2.6 2.0 Total $ 10.4 2.5

Restructuring Activities (Table

Restructuring Activities (Tables)	9 Months Ended
	Dec. 31, 2015
Restructuring Activities [Abstract]
Restructuring costs	Restructuring and repositioning expenses were as follows: Three months ended Nine months ended 2015 2014 2015 2014 Employee severance and related benefits $ 0.9 $ 0.8 $ 2.6 $ 1.2 Other restructuring and repositioning expenses 0.7 1.1 2.6 2.5 Total $ 1.6 $ 1.9 $ 5.2 $ 3.7
Changes in accrued severance	Changes in accrued severance were as follows: Three months ended December 31, 2015 2014 Beginning balance $ 7.8 $ 16.0 Additions 0.9 0.8 Payments (0.9 ) (0.7 ) Effect of exchange rate changes (0.2 ) (1.0 ) Ending balance $ 7.6 $ 15.1 Nine months ended December 31, 2015 2014 Beginning balance $ 9.9 $ 19.4 Additions 2.6 1.2 Payments (5.1 ) (3.2 ) Effect of exchange rate changes 0.2 (2.3 ) Ending balance $ 7.6 $ 15.1

Other Income and Expense (Table

Other Income and Expense (Tables)	9 Months Ended
	Dec. 31, 2015
Other Income and Expense [Abstract]
Other income and expense	Other income and expense consisted of the following: Three months ended December 31, Nine months ended December 31, 2015 2014 2015 2014 Equity in earnings of non-consolidated affiliate $ 0.1 $ 0.2 $ 0.2 $ 0.6 Interest income 0.1 0.1 0.3 0.4 Foreign currency transactions (0.6 ) (0.9 ) (1.0 ) (1.3 ) Total other expense - net $ (0.4 ) $ (0.6 ) $ (0.5 ) $ (0.3 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Components of basic and diluted earnings per share	The components of basic and diluted earnings per share were as follows: Three months ended December 31, Nine months ended December 31, 2015 2014 2015 2014 Earnings (loss) from continuing operations $ 8.2 $ 9.1 $ (8.8 ) $ 25.2 Less: Net earnings attributable to noncontrolling interest - (0.1 ) (0.4 ) (0.8 ) Less: Undistributed earnings attributable to unvested shares (0.2 ) (0.1 ) - (0.3 ) Earnings (loss) from continuing operations available to Modine shareholders 8.0 8.9 (9.2 ) 24.1 Earnings from discontinued operations, net of income taxes - 0.6 - 0.6 Net earnings (loss) available to Modine shareholders $ 8.0 $ 9.5 $ (9.2 ) $ 24.7 Weighted-average shares outstanding - basic 47.4 47.2 47.4 47.2 Effect of dilutive securities 0.4 0.5 - 0.5 Weighted-average shares outstanding - diluted 47.8 47.7 47.4 47.7 Basic Earnings Per Share: Earnings (loss) per share - continuing operations $ 0.17 $ 0.19 $ (0.19 ) $ 0.51 Earnings per share - discontinued operations - 0.01 - 0.01 Net earnings (loss) per share - basic $ 0.17 $ 0.20 $ (0.19 ) $ 0.52 Diluted Earnings Per Share: Earnings (loss) per share - continuing operations $ 0.17 $ 0.19 $ (0.19 ) $ 0.51 Earnings per share - discontinued operations - 0.01 - 0.01 Net earnings (loss) per share - diluted $ 0.17 $ 0.20 $ (0.19 ) $ 0.52

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Dec. 31, 2015
Inventories [Abstract]
Inventories	Inventories consisted of the following: December 31, 2015 March 31, 2015 Raw materials and work in process $ 80.7 $ 80.7 Finished goods 33.9 27.0 Total inventories $ 114.6 $ 107.7

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Property, plant and equipment	Property, plant and equipment consisted of the following: December 31, 2015 March 31, 2015 Gross property, plant and equipment $ 1,006.4 $ 994.8 Accumulated depreciation (678.2 ) (672.7 ) Net property, plant and equipment $ 328.2 $ 322.1

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets [Abstract]
Changes in the carrying amount of goodwill	Changes in the carrying amount of goodwill were as follows: Building Asia HVAC Total Goodwill, March 31, 2015 $ 0.5 $ 15.7 $ 16.2 Effect of exchange rate changes - (0.1 ) (0.1 ) Goodwill, December 31, 2015 $ 0.5 $ 15.6 $ 16.1
Schedule of intangible assets	Intangible assets consisted of the following: December 31, 2015 March 31, 2015 Gross Carrying Value Accumulated Amortization Net Intangible Assets Gross Carrying Value Accumulated Amortization Net Intangible Assets Trade names $ 8.9 $ (6.2 ) $ 2.7 $ 9.1 $ (5.8 ) $ 3.3 Acquired technology 5.6 (1.4 ) 4.2 5.6 (0.9 ) 4.7 Customer relationships 2.1 (0.4 ) 1.7 2.1 (0.2 ) 1.9 Total intangible assets $ 16.6 $ (8.0 ) $ 8.6 $ 16.8 $ (6.9 ) $ 9.9
Estimated future amortization expense	Estimated future amortization expense is as follows: Fiscal Year Estimated Amortization Expense Remainder of 2016 $ 0.4 2017 1.6 2018 1.6 2019 1.5 2020 1.4 2021 & Beyond 2.1

Product Warranties (Tables)

Product Warranties (Tables)	9 Months Ended
	Dec. 31, 2015
Product Warranties [Abstract]
Changes in accrued warranty costs	Changes in accrued warranty costs were as follows: Three months ended December 31, 2015 2014 Beginning balance $ 10.0 $ 13.0 Accruals for warranties issued 1.3 1.3 Accruals (reversals) related to pre-existing warranties (0.2 ) (0.1 ) Settlements (1.0 ) (2.2 ) Effect of exchange rate changes (0.2 ) (0.3 ) Ending balance $ 9.9 $ 11.7 Nine months ended December 31, 2015 2014 Beginning balance $ 10.4 $ 14.0 Accruals for warranties issued 3.9 4.5 Accruals (reversals) related to pre-existing warranties (0.1 ) 1.2 Settlements (4.2 ) (7.0 ) Effect of exchange rate changes (0.1 ) (1.0 ) Ending balance $ 9.9 $ 11.7

Accumulated Other Comprehensi34

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Dec. 31, 2015
Accumulated Other Comprehensive Loss [Abstract]
Changes in accumulated other comprehensive loss	Changes in accumulated other comprehensive loss were as follows: Three months ended December 31, 2015 Nine months ended December 31, 2015 Foreign Currency Translation Defined Benefit Plans Total Foreign Currency Translation Defined Benefit Plans Total Beginning balance $ (40.3 ) $ (137.5 ) $ (177.8 ) $ (40.7 ) $ (157.9 ) $ (198.6 ) Other comprehensive income (loss) before reclassifications (6.2 ) 2.2 (4.0 ) (5.8 ) (7.5 ) (13.3 ) Reclassifications: Amortization of unrecognized net loss (a) - 2.5 2.5 - 45.3 45.3 Amortization of unrecognized prior service credit (a) - (0.1 ) (0.1 ) - (0.2 ) (0.2 ) Income taxes - (1.7 ) (1.7 ) - (14.3 ) (14.3 ) Total other comprehensive income (loss) (6.2 ) 2.9 (3.3 ) (5.8 ) 23.3 17.5 Ending balance $ (46.5 ) $ (134.6 ) $ (181.1 ) $ (46.5 ) $ (134.6 ) $ (181.1 ) Three months ended December 31, 2014 Nine months ended December 31, 2014 Foreign Currency Translation Defined Benefit Plans Total Foreign Currency Translation Defined Benefit Plans Total Beginning balance $ 4.5 $ (129.4 ) $ (124.9 ) $ 27.3 $ (131.2 ) $ (103.9 ) Other comprehensive income (loss) before reclassification (15.1 ) - (15.1 ) (37.9 ) - (37.9 ) Reclassification for amortization of unrecognized net loss (a) - 1.3 1.3 - 4.0 4.0 Income taxes - (0.5 ) (0.5 ) - (1.4 ) (1.4 ) Total other comprehensive income (loss) (15.1 ) 0.8 (14.3 ) (37.9 ) 2.6 (35.3 ) Ending balance $ (10.6 ) $ (128.6 ) $ (139.2 ) $ (10.6 ) $ (128.6 ) $ (139.2 ) (a) Amounts are included in the calculation of net periodic benefit cost for the Company’s defined benefit plans, which include pension and other postretirement plans. See Note 4 for additional information about the Company’s pension plans.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Dec. 31, 2015
Segment Information [Abstract]
Net sales, gross profit, operating income and total assets by segment:	The following is a summary of net sales, gross profit, operating income, and total assets by segment: Three months ended December 31, Nine months ended December 31, Net sales: 2015 2014 2015 2014 Americas $ 137.1 $ 153.2 $ 440.4 $ 500.8 Europe 126.1 137.2 385.0 442.2 Asia 18.7 20.2 56.1 60.0 Building HVAC 50.9 56.3 141.0 142.5 Segment total 332.8 366.9 1,022.5 1,145.5 Corporate and eliminations (4.1 ) (3.3 ) (13.7 ) (12.1 ) Net sales $ 328.7 $ 363.6 $ 1,008.8 $ 1,133.4 Three months ended December 31, Nine months ended December 31, 2015 2014 2015 2014 Gross profit: $'s % of sales $'s % of sales $'s % of sales $'s % of sales Americas $ 22.7 16.5 % $ 22.4 14.6 % $ 72.8 16.5 % $ 78.5 15.7 % Europe 17.2 13.7 % 14.1 10.3 % 47.0 12.2 % 53.0 12.0 % Asia 2.6 13.9 % 2.7 13.6 % 8.2 14.7 % 8.4 14.1 % Building HVAC 17.3 34.0 % 19.6 34.7 % 43.3 30.8 % 42.7 30.0 % Segment total 59.8 18.0 % 58.8 16.0 % 171.3 16.8 % 182.6 15.9 % Corporate and eliminations (a) (1.2 ) - 0.6 - (10.0 ) - 1.2 - Gross profit $ 58.6 17.8 % $ 59.4 16.4 % $ 161.3 16.0 % $ 183.8 16.2 % Three months ended December 31, Nine months ended December 31, Operating income: 2015 2014 2015 2014 Americas $ 7.7 $ 5.6 $ 24.8 $ 29.7 Europe 7.6 5.9 18.3 20.9 Asia (0.1 ) (0.3 ) (0.9 ) (0.1 ) Building HVAC 6.7 9.8 12.7 16.2 Segment total 21.9 21.0 54.9 66.7 Corporate and eliminations (a) (8.2 ) (5.5 ) (61.7 ) (19.2 ) Operating income (loss) $ 13.7 $ 15.5 $ (6.8 ) $ 47.5 (a) During the nine months ended December 31, 2015, the Company recorded pension settlement losses of $40.3 million at Corporate, within SG&A expenses ($31.8 million) and cost of sales ($8.5 million). See Note 4 for additional information. December 31, 2015 March 31, 2015 Total assets: Americas $ 248.7 $ 277.9 Europe 291.1 283.1 Asia 88.5 92.4 Building HVAC 148.4 131.4 Corporate and eliminations 145.1 146.8 Total assets $ 921.8 $ 931.6

General (Details)

General (Details) - Electronics Cooling Business [Member] $ in Millions	3 Months Ended
	Dec. 31, 2014USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Final payment on promissory note	$ 1.5
Gain on sale (Pre-tax)	0.9
Gain on sale (After-tax)	$ 0.6

Airedale Facility Fire (Details

Airedale Facility Fire (Details) - Loss by Fire [Member] - USD ($) $ in Millions	3 Months Ended		28 Months Ended
	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2015	Mar. 31, 2015
Unusual of Infrequent Item [Line Items]
Recoveries from insurance included in selling, general and administrative expenses	$ 2	$ 2.6
Cash proceeds received from insurance provider			$ 93.1
Company paid reconstruction costs			48.3
Current liability to rebuild damaged facility			48.3	$ 48
Advance from insurance provider			$ 6.7
Insurance receivable				$ 18

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Dec. 31, 2015	Mar. 31, 2015
Fair Value Measurements [Abstract]
Trading securities	$ 3.1	$ 3
Deferred compensation obligations	$ 3.1	$ 3

Pensions (Details)

Pensions (Details) - Pension [Member] $ in Millions		3 Months Ended		9 Months Ended
		Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)Participant	Dec. 31, 2014USD ($)
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer		$ 2.4	$ 2.1	$ 5.2	$ 5.9
Pension plans [Abstract]
Service cost		0.1	0.1	0.4	0.4
Interest cost		2.5	3.3	8.6	9.8
Expected return on plan assets		(3.1)	(4.2)	(11.8)	(12.6)
Amortization of unrecognized net loss		1.4	1.4	5	4.2
Settlements	[1]	1.1	0	40.3	0
Net periodic benefit cost		$ 2	$ 0.6	$ 42.5	$ 1.8
Number of participants accepted lump-sum payout program | Participant				2,000
Amount paid for settlement lump-sum payout program				$ 62.4
Discount rate		4.50%		4.50%
Decrease in underfunded status				$ 1.2
Selling, General and Administrative Expenses [Member]
Pension plans [Abstract]
Settlements		$ 0.9		31.8
Cost of Sales [Member]
Pension plans [Abstract]
Settlements		$ 0.2		$ 8.5
[1]	During fiscal 2016, in an effort to reduce the size, volatility, mortality risk, and costs associated with its U.S. pension plans, the Company completed a voluntary lump-sum payout program offered to certain eligible former employees. Approximately 2,000 participants accepted the lump-sum settlement offer, with a total of $62.4 million paid from pension plan assets, which reduced the Company's pension obligation by the same amount. In connection with this program, the Company remeasured the assets and liabilities of its U.S. pension plans at December 31, 2015 using a discount rate of 4.5 percent. The remeasurement resulted in a $1.2 million decrease in the plans' underfunded status, as compared with March 31, 2015. The Company recorded $40.3 million of non-cash settlement losses related to the accelerated recognition of unamortized actuarial losses previously recorded on the consolidated balance sheets within accumulated other comprehensive loss. During the three and nine months ended December 31, 2015, the Company recorded $0.9 million and $31.8 million, respectively, of settlement losses as SG&A expenses and $0.2 million and $8.5 million, respectively, of settlement losses as cost of sales within the consolidated statements of operations.

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Stock-Based Compensation [Abstract]
Stock-based compensation cost	$ 1.2	$ 0.9	$ 4.2	$ 3.6
Assumptions used in determining fair value of options [Abstract]
Expected life of awards			6 years 3 months 18 days	6 years 3 months 18 days
Risk-free interest rate			1.90%	2.10%
Expected volatility of the Company's stock			66.90%	76.10%
Expected dividend yield on the Company's stock			0.00%	0.00%
Unrecognized compensation cost and recognition period [Abstract]
Unrecognized compensation cost	10.4		$ 10.4
Weighted-average remaining service period			2 years 6 months
Stock Options [Member]
Type and fair value of stock-based compensation awards granted [Abstract]
Options granted (in shares)			0.2	0.1
Options, grant date fair value (in dollars per share)			$ 7.11	$ 10.21
Unrecognized compensation cost and recognition period [Abstract]
Unrecognized compensation cost	2.3		$ 2.3
Weighted-average remaining service period			2 years 7 months 6 days
Restricted Stock - Retention [Member]
Type and fair value of stock-based compensation awards granted [Abstract]
Stock granted (in shares)			0.3	0.2
Fair value of stock granted (in dollars per share)			$ 11.39	$ 14.94
Unrecognized compensation cost and recognition period [Abstract]
Unrecognized compensation cost	5.5		$ 5.5
Weighted-average remaining service period			2 years 7 months 6 days
Restricted Stock - Performance Based [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award performance period			3 years
Type and fair value of stock-based compensation awards granted [Abstract]
Stock granted (in shares)			0.2	0.2
Fair value of stock granted (in dollars per share)			$ 11.39	$ 14.94
Unrecognized compensation cost and recognition period [Abstract]
Unrecognized compensation cost	$ 2.6		$ 2.6
Weighted-average remaining service period			2 years
Unrestricted Stock [Member]
Type and fair value of stock-based compensation awards granted [Abstract]
Stock granted (in shares)			0.1	0.1
Fair value of stock granted (in dollars per share)			$ 10.45	$ 14.83

Restructuring Activities (Detai

Restructuring Activities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2015
Restructuring and repositioning expenses [Abstract]
Employee severance and related benefits	$ 0.9	$ 0.8	$ 2.6	$ 1.2
Other restructuring and repositioning expenses	0.7	1.1	2.6	2.5
Total	1.6	1.9	5.2	3.7
Changes in accrued severance [Roll Forward]
Beginning Balance	7.8	16	9.9	19.4
Additions	0.9	0.8	2.6	1.2
Payments	(0.9)	(0.7)	(5.1)	(3.2)
Effect of exchange rate changes	(0.2)	(1)	0.2	(2.3)
Ending Balance	7.6	15.1	7.6	15.1
Assets Held-for-Sale [Abstract]
Assets held for sale	8.5		8.5		$ 3.2
Restructuring Cost and Reserve [Line Items]
Cash proceeds from sale of assets			0.2	7.5
Gain on sale of assets	$ 0	3.2	$ 0	3.2
Europe Segment [Member]
Restructuring Cost and Reserve [Line Items]
Cash proceeds from sale of assets		5.8		5.8
Gain on sale of assets		$ 3.2		$ 3.2

Other Income and Expense (Detai

Other Income and Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Other Income and Expense [Abstract]
Equity in earnings of non-consolidated affiliate	$ 0.1	$ 0.2	$ 0.2	$ 0.6
Interest income	0.1	0.1	0.3	0.4
Foreign currency transactions	(0.6)	(0.9)	(1)	(1.3)
Total other expense - net	$ (0.4)	$ (0.6)	$ (0.5)	$ (0.3)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Income Taxes [Abstract]
Effective income tax rate	22.60%	24.80%	43.20%	34.20%
Domestic Tax Jurisdiction [Member]
Valuation Allowance [Line Items]
Deferred tax asset, valuation allowance	$ 5.8		$ 5.8
Foreign Tax Jurisdiction [Member]
Valuation Allowance [Line Items]
Deferred tax asset, valuation allowance	43.8		43.8
Expected deferred tax asset, valuation allowance realizable	3		3
Pension [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension settlement loss, tax	$ 0.5		$ 15.7

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Components of basic and diluted earnings per share [Abstract]
Earnings (loss) from continuing operations	$ 8.2	$ 9.1	$ (8.8)	$ 25.2
Less: Net earnings attributable to noncontrolling interest	0	(0.1)	(0.4)	(0.8)
Less: Undistributed earnings attributable to unvested shares	(0.2)	(0.1)	0	(0.3)
Earnings (loss) from continuing operations available to Modine shareholders	8	8.9	(9.2)	24.1
Earnings from discontinued operations, net of income taxes	0	0.6	0	0.6
Net earnings (loss) available to Modine shareholders	$ 8	$ 9.5	$ (9.2)	$ 24.7
Weighted-average shares outstanding - basic (in shares)	47.4	47.2	47.4	47.2
Effect of dilutive securities (in shares)	0.4	0.5	0	0.5
Weighted-average shares outstanding - diluted (in shares)	47.8	47.7	47.4	47.7
Basic Earnings Per Share [Abstract]
Earnings (loss) per share - continuing operations (in dollars per share)	$ 0.17	$ 0.19	$ (0.19)	$ 0.51
Earnings per share - discontinued operations (in dollars per share)	0	0.01	0	0.01
Net earnings (loss) per share - basic (in dollars per share)	0.17	0.20	(0.19)	0.52
Diluted Earnings Per Share [Abstract]
Earnings (loss) per share - continuing operations (in dollars per share)	0.17	0.19	(0.19)	0.51
Earnings per share - discontinued operations (in dollars per share)	0	0.01	0	0.01
Net earnings (loss) per share - diluted (in dollars per share)	$ 0.17	$ 0.20	$ (0.19)	$ 0.52
Potential dilutive securities (in shares)			0.4
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earning per share (in shares)	1	0.9	0.9	0.7

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2015	Mar. 31, 2015
Inventories [Abstract]
Raw materials and work in process	$ 80.7	$ 80.7
Finished goods	33.9	27
Total inventories	$ 114.6	$ 107.7

Property, Plant and Equipment46

Property, Plant and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2015	Mar. 31, 2015
Property, plant and equipment [Abstract]
Gross property, plant and equipment	$ 1,006.4	$ 994.8
Accumulated depreciation	(678.2)	(672.7)
Net property, plant and equipment	$ 328.2	$ 322.1

Goodwill and Intangible Asset47

Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2015
Goodwill [Roll Forward]
Goodwill, beginning balance			$ 16.2
Effect of exchange rate changes			(0.1)
Goodwill, ending balance	$ 16.1		16.1
Amortized intangible assets [Abstract]
Gross Carrying Value	16.6		16.6		$ 16.8
Accumulated Amortization	(8)		(8)		(6.9)
Net Intangible Assets	8.6		8.6		9.9
Amortization expense	0.4	$ 0.4	1.2	$ 1.2
Estimated future amortization expense [Abstract]
Remainder of 2016	0.4		0.4
2,017	1.6		1.6
2,018	1.6		1.6
2,019	1.5		1.5
2,020	1.4		1.4
2021 & Beyond	2.1		2.1
Asia [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance			0.5
Effect of exchange rate changes			0
Goodwill, ending balance	0.5		0.5
Building HVAC [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance			15.7
Effect of exchange rate changes			(0.1)
Goodwill, ending balance	15.6		15.6
Trade Names [Member]
Amortized intangible assets [Abstract]
Gross Carrying Value	8.9		8.9		9.1
Accumulated Amortization	(6.2)		(6.2)		(5.8)
Net Intangible Assets	2.7		2.7		3.3
Acquired Technology [Member]
Amortized intangible assets [Abstract]
Gross Carrying Value	5.6		5.6		5.6
Accumulated Amortization	(1.4)		(1.4)		(0.9)
Net Intangible Assets	4.2		4.2		4.7
Customer Relationships [Member]
Amortized intangible assets [Abstract]
Gross Carrying Value	2.1		2.1		2.1
Accumulated Amortization	(0.4)		(0.4)		(0.2)
Net Intangible Assets	$ 1.7		$ 1.7		$ 1.9

Product Warranties (Details)

Product Warranties (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Changes in accrued warranty costs [Roll Forward]
Beginning balance	$ 10	$ 13	$ 10.4	$ 14
Accruals for warranties issued	1.3	1.3	3.9	4.5
Accruals (reversals) related to pre-existing warranties	(0.2)	(0.1)	(0.1)	1.2
Settlements	(1)	(2.2)	(4.2)	(7)
Effect of exchange rate changes	(0.2)	(0.3)	(0.1)	(1)
Ending balance	$ 9.9	$ 11.7	$ 9.9	$ 11.7

Indebtedness (Details)

Indebtedness (Details) - USD ($) $ in Millions	9 Months Ended
	Dec. 31, 2015	Mar. 31, 2015
Line of Credit Facility [Line Items]
Available for future borrowings	$ 209
Foreign Credit Agreements [Member]
Debt Instrument [Line Items]
Short-term debt	21.8	$ 18.6
Line of Credit Facility [Line Items]
Maximum borrowing capacity	34
Domestic Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, fair value	131	141
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 175
Expiration date	Aug. 31, 2018
Amount outstanding	$ 0	$ 0
6.8% Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt	$ 125
Stated interest rate	6.80%

Contingencies and Litigation (D

Contingencies and Litigation (Details) BRL in Millions, $ in Millions	9 Months Ended
	Dec. 31, 2015USD ($)Site	Dec. 31, 2015BRL	Mar. 31, 2015USD ($)	Mar. 31, 2015BRL
Environmental Matters [Abstract]
Number of sites remediation considered for potentially responsible party | Site	3
Reserves for environmental matters | $	$ 4.2		$ 3.8
Legal Matters [Abstract]
Brazil legal matter	$ 2.5	BRL 10	$ 3.2	BRL 10

Accumulated Other Comprehensi51

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance		$ (177.8)	$ (124.9)	$ (198.6)	$ (103.9)
Other comprehensive income (loss) before reclassifications		(4)	(15.1)	(13.3)	(37.9)
Reclassifications [Abstract]
Income taxes		(1.7)	(0.5)	(14.3)	(1.4)
Total other comprehensive income (loss)		(3.3)	(14.3)	17.5	(35.3)
Ending balance		(181.1)	(139.2)	(181.1)	(139.2)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassifications [Abstract]
Amortization of unrecognized net loss	[1]	2.5	1.3	45.3	4
Amortization of unrecognized prior service credit	[1]	(0.1)		(0.2)
Foreign Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance		(40.3)	4.5	(40.7)	27.3
Other comprehensive income (loss) before reclassifications		(6.2)	(15.1)	(5.8)	(37.9)
Reclassifications [Abstract]
Income taxes		0	0	0	0
Total other comprehensive income (loss)		(6.2)	(15.1)	(5.8)	(37.9)
Ending balance		(46.5)	(10.6)	(46.5)	(10.6)
Foreign Currency Translation [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassifications [Abstract]
Amortization of unrecognized net loss	[1]	0	0	0	0
Amortization of unrecognized prior service credit	[1]	0		0
Defined Benefit Plans [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance		(137.5)	(129.4)	(157.9)	(131.2)
Other comprehensive income (loss) before reclassifications		2.2	0	(7.5)	0
Reclassifications [Abstract]
Income taxes		(1.7)	(0.5)	(14.3)	(1.4)
Total other comprehensive income (loss)		2.9	0.8	23.3	2.6
Ending balance		(134.6)	(128.6)	(134.6)	(128.6)
Defined Benefit Plans [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassifications [Abstract]
Amortization of unrecognized net loss	[1]	2.5	$ 1.3	45.3	$ 4
Amortization of unrecognized prior service credit	[1]	$ (0.1)		$ (0.2)
[1]	Amounts are included in the calculation of net periodic benefit cost for the Company's defined benefit plans, which include pension and other postretirement plans. See Note 4 for additional information about the Company's pension plans.

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2015
Segment Reporting Information [Abstract]
Net sales		$ 328.7	$ 363.6	$ 1,008.8	$ 1,133.4
Gross profit		$ 58.6	$ 59.4	$ 161.3	$ 183.8
Gross profit as % of sales		17.80%	16.40%	16.00%	16.20%
Operating income (loss)		$ 13.7	$ 15.5	$ (6.8)	$ 47.5
Total assets		921.8		921.8		$ 931.6
Pension [Member]
Segment Reporting Information [Abstract]
Pension settlement loss	[1]	1.1	0	40.3	0
Selling, General and Administrative Expenses [Member] | Pension [Member]
Segment Reporting Information [Abstract]
Pension settlement loss		0.9		31.8
Cost of Sales [Member] | Pension [Member]
Segment Reporting Information [Abstract]
Pension settlement loss		0.2		8.5
Operating Segments [Member]
Segment Reporting Information [Abstract]
Net sales		332.8	366.9	1,022.5	1,145.5
Gross profit		$ 59.8	$ 58.8	$ 171.3	$ 182.6
Gross profit as % of sales		18.00%	16.00%	16.80%	15.90%
Operating income (loss)		$ 21.9	$ 21	$ 54.9	$ 66.7
Operating Segments [Member] | Americas [Member]
Segment Reporting Information [Abstract]
Net sales		137.1	153.2	440.4	500.8
Gross profit		$ 22.7	$ 22.4	$ 72.8	$ 78.5
Gross profit as % of sales		16.50%	14.60%	16.50%	15.70%
Operating income (loss)		$ 7.7	$ 5.6	$ 24.8	$ 29.7
Total assets		248.7		248.7		277.9
Operating Segments [Member] | Europe [Member]
Segment Reporting Information [Abstract]
Net sales		126.1	137.2	385	442.2
Gross profit		$ 17.2	$ 14.1	$ 47	$ 53
Gross profit as % of sales		13.70%	10.30%	12.20%	12.00%
Operating income (loss)		$ 7.6	$ 5.9	$ 18.3	$ 20.9
Total assets		291.1		291.1		283.1
Operating Segments [Member] | Asia [Member]
Segment Reporting Information [Abstract]
Net sales		18.7	20.2	56.1	60
Gross profit		$ 2.6	$ 2.7	$ 8.2	$ 8.4
Gross profit as % of sales		13.90%	13.60%	14.70%	14.10%
Operating income (loss)		$ (0.1)	$ (0.3)	$ (0.9)	$ (0.1)
Total assets		88.5		88.5		92.4
Operating Segments [Member] | Building HVAC [Member]
Segment Reporting Information [Abstract]
Net sales		50.9	56.3	141	142.5
Gross profit		$ 17.3	$ 19.6	$ 43.3	$ 42.7
Gross profit as % of sales		34.00%	34.70%	30.80%	30.00%
Operating income (loss)		$ 6.7	$ 9.8	$ 12.7	$ 16.2
Total assets		148.4		148.4		131.4
Corporate and Eliminations [Member]
Segment Reporting Information [Abstract]
Net sales		(4.1)	(3.3)	(13.7)	(12.1)
Gross profit	[2]	$ (1.2)	$ 0.6	$ (10)	$ 1.2
Gross profit as % of sales	[2]	0.00%	0.00%	0.00%	0.00%
Operating income (loss)	[2]	$ (8.2)	$ (5.5)	$ (61.7)	$ (19.2)
Total assets		$ 145.1		$ 145.1		$ 146.8
[1]	During fiscal 2016, in an effort to reduce the size, volatility, mortality risk, and costs associated with its U.S. pension plans, the Company completed a voluntary lump-sum payout program offered to certain eligible former employees. Approximately 2,000 participants accepted the lump-sum settlement offer, with a total of $62.4 million paid from pension plan assets, which reduced the Company's pension obligation by the same amount. In connection with this program, the Company remeasured the assets and liabilities of its U.S. pension plans at December 31, 2015 using a discount rate of 4.5 percent. The remeasurement resulted in a $1.2 million decrease in the plans' underfunded status, as compared with March 31, 2015. The Company recorded $40.3 million of non-cash settlement losses related to the accelerated recognition of unamortized actuarial losses previously recorded on the consolidated balance sheets within accumulated other comprehensive loss. During the three and nine months ended December 31, 2015, the Company recorded $0.9 million and $31.8 million, respectively, of settlement losses as SG&A expenses and $0.2 million and $8.5 million, respectively, of settlement losses as cost of sales within the consolidated statements of operations.
[2]	(a) During the nine months ended December 31, 2015, the Company recorded pension settlement losses of $40.3 million at Corporate, within SG&A expenses ($31.8 million) and cost of sales ($8.5 million). See Note 4 for additional information.