Modine Manufacturing (MOD) 10-Q 3 Aug 16 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2016	Jul. 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		47,781,070
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) [Abstract]
Net sales	$ 347.2	$ 346.1
Cost of sales	285.2	289.1
Gross profit	62	57
Selling, general and administrative expenses	44.6	42.8
Restructuring expenses	2.3	2.6
Operating income	15.1	11.6
Interest expense	(3)	(2.8)
Other expense - net	(0.2)	0
Earnings before income taxes	11.9	8.8
Provision for income taxes	(3)	(3.3)
Net earnings	8.9	5.5
Net earnings attributable to noncontrolling interest	(0.3)	(0.4)
Net earnings attributable to Modine	$ 8.6	$ 5.1
Net earnings per share attributable to Modine shareholders:
Basic (in dollars per share)	$ 0.18	$ 0.11
Diluted (in dollars per share)	$ 0.18	$ 0.11
Weighted-average shares outstanding:
Basic (in shares)	46.9	47.3
Diluted (in shares)	47.2	47.8

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract]
Net earnings	$ 8.9	$ 5.5
Other comprehensive income (loss):
Foreign currency translation	(4.9)	8.7
Defined benefit plans, net of income taxes of $0.4 and $0.6 million	0.9	1.2
Total other comprehensive income (loss)	(4)	9.9
Comprehensive income	4.9	15.4
Comprehensive income attributable to noncontrolling interest	(0.2)	(0.4)
Comprehensive income attributable to Modine	$ 4.7	$ 15

CONSOLIDATED STATEMENTS OF COM4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Other comprehensive income (loss):
Defined benefit plans, tax	$ 0.4	$ 0.6

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Jun. 30, 2016	Mar. 31, 2016
ASSETS
Cash and cash equivalents	$ 64.1	$ 68.9
Trade accounts receivable - net	195.7	189.1
Inventories	116.2	111
Other current assets	41.4	43.5
Total current assets	417.4	412.5
Property, plant and equipment - net	338.8	338.6
Intangible assets - net	7.5	8.2
Goodwill	14.9	15.8
Deferred income taxes	123.7	123.1
Other noncurrent assets	23.1	22.7
Total assets	925.4	920.9
LIABILITIES AND SHAREHOLDERS' EQUITY
Short-term debt	37.5	28.6
Long-term debt - current portion	12.5	8.5
Accounts payable	139.5	142.4
Accrued compensation and employee benefits	54.7	58.6
Other current liabilities	36.1	35.5
Total current liabilities	280.3	273.6
Long-term debt	121.3	125.5
Deferred income taxes	3.7	4.2
Pensions	115.9	118.6
Other noncurrent liabilities	16.4	16.3
Total liabilities	537.6	538.2
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 49.4 million and 49.0 million shares	30.9	30.6
Additional paid-in capital	186.7	185.6
Retained earnings	366.8	358.2
Accumulated other comprehensive loss	(178.1)	(174.2)
Treasury stock, at cost, 1.7 million and 1.6 million shares	(25.2)	(24)
Total Modine shareholders' equity	381.1	376.2
Noncontrolling interest	6.7	6.5
Total equity	387.8	382.7
Total liabilities and equity	$ 925.4	$ 920.9

CONSOLIDATED BALANCE SHEETS (U6

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares shares in Millions	Jun. 30, 2016	Mar. 31, 2016
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)	49.4	49
Treasury stock at cost (in shares)	1.7	1.6

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net earnings	$ 8.9	$ 5.5
Adjustments to reconcile net earnings to net cash provided by (used for) operating activities:
Depreciation and amortization	12.5	12.4
Insurance proceeds from Airedale fire	0	0.7
Other - net	0.8	3.4
Changes in operating assets and liabilities:
Trade accounts receivable	(9)	(2.8)
Inventories	(5.5)	(5.7)
Accounts payable	(1.7)	(6.4)
Other assets and liabilities	(4.4)	(7.2)
Net cash provided by (used for) operating activities	1.6	(0.1)
Cash flows from investing activities:
Expenditures for property, plant and equipment	(14.5)	(16)
Insurance proceeds from Airedale fire	3	14.6
Costs to replace building and equipment damaged in Airedale fire	(1)	(11)
Other - net	(0.9)	(0.1)
Net cash used for investing activities	(13.4)	(12.5)
Cash flows from financing activities:
Borrowings of debt	14.2	12.1
Repayments of debt	(4.9)	(9.4)
Dividend paid to noncontrolling interest	0	(0.9)
Other - net	(1.1)	(0.6)
Net cash provided by financing activities	8.2	1.2
Effect of exchange rate changes on cash	(1.2)	1.6
Net decrease in cash and cash equivalents	(4.8)	(9.8)
Cash and cash equivalents - beginning of period	68.9	70.5
Cash and cash equivalents - end of period	$ 64.1	$ 60.7

General

General	3 Months Ended
	Jun. 30, 2016
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, 2016. 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 three months of fiscal 2017 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, 2016. New accounting guidance: In February 2016, the FASB issued new comprehensive lease accounting guidance that supersedes existing lease accounting guidance. Upon adoption of this new guidance, the Company will be required to recognize most leases on its balance sheet. This guidance is effective for the Company’s first quarter of fiscal 2020. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. 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 is effective for the Company’s first quarter of fiscal 2019. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.

Airedale Facility Fire

Airedale Facility Fire	3 Months Ended
	Jun. 30, 2016
Airedale Facility Fire [Abstract]
Airedale Facility Fire	Note 2: Airedale Facility Fire In September 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 while it rebuilt the leased facility. The Company completed the reconstruction and relocation to the Rawdon facility in fiscal 2016. The Company’s insurance covered damage to the leased facility, equipment, inventory, and other assets, as well as business interruption and lost profits, and recovery-related expenses caused by the fire. Since the date of the fire, the Company has received cash proceeds totaling $99.0 million from its insurance provider for covered losses, and recorded losses and costs caused by the fire in the same statement of operations line as the related insurance recovery.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jun. 30, 2016
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 $3.3 million and $3.2 million at June 30, 2016 and March 31, 2016, respectively. The fair value of the Company’s long-term debt is disclosed in Note 14.

Pensions

Pensions	3 Months Ended
	Jun. 30, 2016
Pensions [Abstract]
Pensions	Note 4: Pensions During the three months ended June 30, 2016 and 2015, the Company contributed $1.5 million Three months ended June 30, 2016 2015 Service cost $ 0.1 $ 0.1 Interest cost 2.4 3.0 Expected return on plan assets (3.0 ) (4.3 ) Amortization of unrecognized net loss 1.4 1.8 Net periodic benefit cost $ 0.9 $ 0.6

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Jun. 30, 2016
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 $1.4 million and $1.1 million for the three months ended June 30, 2016 and 2015, respectively. The performance component of awards granted under the Company’s long-term incentive plan during the first quarter of fiscal 2017 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 three months ended June 30, 2016 and 2015 were as follows: Three months ended June 30, 2016 2015 Shares Fair Value Shares Fair Value Stock options 0.3 $ 4.60 0.2 $ 7.11 Restricted stock - retention 0.3 $ 10.00 0.3 $ 11.39 Restricted stock - performance based 0.3 $ 10.00 0.2 $ 11.39 The Company used the following assumptions in determining fair value for stock options: Three months ended June 30, 2016 2015 Expected life of awards in years 6.4 6.3 Risk-free interest rate 1.4 % 1.9 % Expected volatility of the Company's stock 45.5 % 66.9 % Expected dividend yield on the Company's stock 0.0 % 0.0 % As of June 30, 2016, 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 $ 3.1 3.0 Restricted stock - retention 7.0 3.0 Restricted stock - performance based 3.6 2.4 Total $ 13.7 2.8

Restructuring Activities

Restructuring Activities	3 Months Ended
	Jun. 30, 2016
Restructuring Activities [Abstract]
Restructuring Activities	Note 6: During the first quarter of fiscal 2017, the Company substantially completed a voluntary retirement program for certain U.S. salaried employees and implemented targeted headcount reductions at several locations. These restructuring activities are part of the Company’s Strengthen, Diversify and Grow transformational initiative and support the objective of reducing operational and selling, general and administrative (“SG&A”) cost structures. During the first quarter of fiscal 2016, the Company announced a plan to close its Washington, Iowa manufacturing facility and recorded severance costs as a result. The Company is currently transferring the facility’s production to other Americas segment manufacturing facilities, which it expects to complete in the second half of fiscal 2017. Also during the first quarter of fiscal 2016, the Company substantially completed the transfer of production from its McHenry, Illinois manufacturing facility, which is now closed. These restructuring activities reflect the Company’s focus on operating scale manufacturing facilities to improve overall competitiveness and profitability. In addition, the Company continues to execute restructuring activities within its Europe segment. These restructuring activities have included implementing headcount reductions, exiting certain non-core product lines based upon Modine’s global product strategy, reducing manufacturing costs, consolidating production facilities, 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 June 30, 2016 2015 Employee severance and related benefits $ 1.3 $ 1.9 Other restructuring and repositioning expenses 1.0 0.7 Total $ 2.3 $ 2.6 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 June 30, 2016 2015 Beginning balance $ 14.7 $ 9.9 Additions 1.3 1.9 Payments (3.1 ) (2.4 ) Effect of exchange rate changes (0.2 ) 0.4 Ending balance $ 12.7 $ 9.8 At both June 30, 2016 and March 31, 2016, assets held for sale, which consisted of facilities marketed for sale, totaled $8.5 million and were reported within other noncurrent assets.

Other Income and Expense

Other Income and Expense	3 Months Ended
	Jun. 30, 2016
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 June 30, 2016 2015 Equity in earnings of non-consolidated affiliate $ 0.1 $ 0.2 Interest income 0.1 0.1 Foreign currency transactions (a) (0.4 ) (0.3 ) Total other expense - net $ (0.2 ) $ - (a) 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	3 Months Ended
	Jun. 30, 2016
Income Taxes [Abstract]
Income Taxes	Note 8: Income Taxes For the three months ended June 30, 2016 and 2015, the Company’s effective income tax rate was 25.2 percent and 37.5 percent, respectively. The most significant factors impacting the effective tax rate for the three months ended June 30, 2016, as compared with the prior-year period, were changes in the valuation allowance related to certain foreign jurisdictions and changes in the mix of foreign and domestic earnings. At June 30, 2016, the Company continued to record a full valuation allowance against its net deferred tax assets in certain foreign jurisdictions ($44.3 million) and a valuation allowance against certain U.S. deferred tax assets ($5.4 million), as it is more likely than not that 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. It is possible that in fiscal 2017 or in fiscal 2018, the Company may release a portion (approximately $6.0 million) of its existing valuation allowance in a foreign jurisdiction if 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 its 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 excluded the impact of its operations in certain foreign locations from the overall effective tax rate methodology and recorded them discretely based upon year-to-date results because the Company anticipates net operating losses for the full fiscal year in these jurisdictions. The Company does not anticipate a significant change in unrecognized tax benefits during the next twelve months.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Jun. 30, 2016
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 June 30, 2016 2015 Net earnings attributable to Modine $ 8.6 $ 5.1 Less: Undistributed earnings attributable to unvested shares (0.1 ) (0.1 ) Net earnings available to Modine shareholders $ 8.5 $ 5.0 Weighted-average shares outstanding - basic 46.9 47.3 Effect of dilutive securities 0.3 0.5 Weighted-average shares outstanding - diluted 47.2 47.8 Earnings per share: Net earnings per share - basic $ 0.18 $ 0.11 Net earnings per share - diluted $ 0.18 $ 0.11 For the three months ended June 30, 2016 and 2015, the calculation of diluted earnings per share excluded 1.1 million and 0.9 million stock options, respectively, because they were anti-dilutive.

Inventories

Inventories	3 Months Ended
	Jun. 30, 2016
Inventories [Abstract]
Inventories	Note 10: Inventories consisted of the following: June 30, 2016 March 31, 2016 Raw materials and work in process $ 80.1 $ 79.5 Finished goods 36.1 31.5 Total inventories $ 116.2 $ 111.0

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Note 11: Property, plant and equipment consisted of the following: June 30, 2016 March 31, 2016 Gross property, plant and equipment $ 1,044.9 $ 1,043.6 Accumulated depreciation (706.1 ) (705.0 ) Net property, plant and equipment $ 338.8 $ 338.6

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets [Abstract]
Goodwill and Intangible Assets	Note 12: Changes in the carrying amount of goodwill were as follows: Asia Building Total Goodwill, March 31, 2016 $ 0.5 $ 15.3 $ 15.8 Effect of exchange rate changes - (0.9 ) (0.9 ) Goodwill, June 30, 2016 $ 0.5 $ 14.4 $ 14.9 Intangible assets consisted of the following: June 30, 2016 March 31, 2016 Gross Accumulated Net Gross Accumulated Net Trade names $ 8.5 $ (6.1 ) $ 2.4 $ 8.9 $ (6.3 ) $ 2.6 Acquired technology 5.4 (1.7 ) 3.7 5.5 (1.5 ) 4.0 Customer relationships 1.9 (0.5 ) 1.4 2.0 (0.4 ) 1.6 Total intangible assets $ 15.8 $ (8.3 ) $ 7.5 $ 16.4 $ (8.2 ) $ 8.2 The Company recorded $0.4 million of amortization expense during both the three months ended June 30, 2016 and 2015. Estimated future amortization expense is as follows: Fiscal Year Estimated Amortization Expense Remainder of 2017 $ 1.2 2018 1.5 2019 1.4 2020 1.3 2021 0.7 2022 & Beyond 1.4

Product Warranties

Product Warranties	3 Months Ended
	Jun. 30, 2016
Product Warranties [Abstract]
Product Warranties	Note 13: Product Warranties Changes in accrued warranty costs were as follows: Three months ended June 30, 2016 2015 Beginning balance $ 8.3 $ 10.4 Warranties recorded at time of sale 1.4 1.4 Adjustments to pre-existing warranties 0.1 0.8 Settlements (1.3 ) (1.5 ) Effect of exchange rate changes (0.1 ) 0.2 Ending balance $ 8.4 $ 11.3

Indebtedness

Indebtedness	3 Months Ended
	Jun. 30, 2016
Indebtedness [Abstract]
Indebtedness	Note 14: Indebtedness The Company holds $125.0 million of 6.8 percent Senior Notes, with principal repayments beginning in the third quarter of 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 June 30, 2016, the Company borrowed $5.0 million under this revolving credit facility. At March 31, 2016, the Company had no borrowings outstanding under this revolving credit facility. The Company also maintains credit agreements for its foreign subsidiaries, with outstanding short-term borrowings at June 30, 2016 and March 31, 2016 of $32.5 million and $28.6 million, respectively. At June 30, 2016, the Company’s foreign unused lines of credit totaled $28.0 million. In aggregate, the Company had total available lines of credit of $198.0 million at June 30, 2016. 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 June 30, 2016. 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 June 30, 2016 and March 31, 2016, 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 $138.0 million and $139.0 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	3 Months Ended
	Jun. 30, 2016
Contingencies and Litigation [Abstract]
Contingencies and Litigation	Note 15: Environmental: The Company has recorded environmental investigation and remediation accruals related to subsurface contamination at its former manufacturing facility in the Netherlands and groundwater contamination at its manufacturing facility in Brazil. In addition, the Company has recorded an environmental accrual for investigative work related to a previously-owned manufacturing facility in the United States, along with accruals for lesser environmental matters at certain other facilities 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 $4.5 million and $5.1 million at June 30, 2016 and March 31, 2016, respectively. As additional information becomes available, the Company will re-assess the liabilities related to these matters and revise the estimated accruals, 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 the Company’s subsidiary in Brazil (“Modine Brazil”), seeking remediation and certain other damages as a result of contamination allegedly attributable to its 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	3 Months Ended
	Jun. 30, 2016
Accumulated Other Comprehensive Loss [Abstract]
Accumulated Other Comprehensive Loss	Note 16: Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss were as follows: Foreign Currency Translation Defined Benefit Plans Total Balance, March 31, 2016 $ (36.0 ) $ (138.2 ) $ (174.2 ) Other comprehensive loss before reclassification (4.8 ) - (4.8 ) Reclassification for amortization of unrecognized net loss (a) - 1.3 1.3 Income taxes - (0.4 ) (0.4 ) Total other comprehensive income (loss) (4.8 ) 0.9 (3.9 ) Balance, June 30, 2016 $ (40.8 ) $ (137.3 ) $ (178.1 ) Foreign Currency Translation Defined Benefit Plans Total Balance, March 31, 2015 $ (40.7 ) $ (157.9 ) $ (198.6 ) Other comprehensive income before reclassification 8.7 - 8.7 Reclassification for amortization of unrecognized net loss (a) - 1.8 1.8 Income taxes - (0.6 ) (0.6 ) Total other comprehensive income 8.7 1.2 9.9 Balance, June 30, 2015 $ (32.0 ) $ (156.7 ) $ (188.7 ) (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	3 Months Ended
	Jun. 30, 2016
Segment Information [Abstract]
Segment Information	Note 17: Segment Information The following is a summary of net sales, gross profit, operating income, and total assets by segment: Three months ended June 30, Net sales: 2016 2015 Americas $ 140.0 $ 159.1 Europe 146.0 131.2 Asia 24.9 19.3 Building HVAC 39.9 41.3 Segment total 350.8 350.9 Corporate and eliminations (3.6 ) (4.8 ) Net sales $ 347.2 $ 346.1 Three months ended June 30, 2016 2015 Gross profit: $'s % of sales $'s % of sales Americas $ 25.1 17.9 % $ 26.7 16.8 % Europe 25.1 17.2 % 15.1 11.5 % Asia 4.4 17.6 % 3.5 18.1 % Building HVAC 10.0 25.1 % 11.4 27.7 % Segment total 64.6 18.4 % 56.7 16.2 % Corporate and eliminations (a) (2.6 ) - 0.3 - Gross profit $ 62.0 17.8 % $ 57.0 16.5 % Three months ended June 30, Operating income: 2016 2015 Americas $ 9.3 $ 9.3 Europe 15.0 5.7 Asia 1.5 0.4 Building HVAC 0.9 2.1 Segment total 26.7 17.5 Corporate and eliminations (a) (11.6 ) (5.9 ) Operating income $ 15.1 $ 11.6 June 30, 2016 March 31, 2016 Total assets: Americas $ 274.5 $ 267.2 Europe 306.7 301.9 Asia 103.6 104.0 Building HVAC 99.2 99.0 Corporate and eliminations 141.4 148.8 Total assets $ 925.4 $ 920.9 (a) During the three months ended June 30, 2016, the Company recorded expenses totaling $4.2 million at Corporate for professional services related to its procurement cost-reduction initiatives (within cost of sales) and business development activities (within SG&A).

Pensions (Tables)

Pensions (Tables)	3 Months Ended
	Jun. 30, 2016
Pensions [Abstract]
Components of pension cost	Pension cost included the following components: Three months ended June 30, 2016 2015 Service cost $ 0.1 $ 0.1 Interest cost 2.4 3.0 Expected return on plan assets (3.0 ) (4.3 ) Amortization of unrecognized net loss 1.4 1.8 Net periodic benefit cost $ 0.9 $ 0.6

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Jun. 30, 2016
Stock-Based Compensation [Abstract]
Fair market value of stock-based compensation awards	The fair value of stock-based compensation awards granted during the three months ended June 30, 2016 and 2015 were as follows: Three months ended June 30, 2016 2015 Shares Fair Value Shares Fair Value Stock options 0.3 $ 4.60 0.2 $ 7.11 Restricted stock - retention 0.3 $ 10.00 0.3 $ 11.39 Restricted stock - performance based 0.3 $ 10.00 0.2 $ 11.39
Assumptions used in determining fair value of options	The Company used the following assumptions in determining fair value for stock options: Three months ended June 30, 2016 2015 Expected life of awards in years 6.4 6.3 Risk-free interest rate 1.4 % 1.9 % Expected volatility of the Company's stock 45.5 % 66.9 % 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 June 30, 2016, 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 $ 3.1 3.0 Restricted stock - retention 7.0 3.0 Restricted stock - performance based 3.6 2.4 Total $ 13.7 2.8

Restructuring Activities (Table

Restructuring Activities (Tables)	3 Months Ended
	Jun. 30, 2016
Restructuring Activities [Abstract]
Restructuring costs	Restructuring and repositioning expenses were as follows: Three months ended June 30, 2016 2015 Employee severance and related benefits $ 1.3 $ 1.9 Other restructuring and repositioning expenses 1.0 0.7 Total $ 2.3 $ 2.6
Changes in accrued severance	Changes in accrued severance were as follows: Three months ended June 30, 2016 2015 Beginning balance $ 14.7 $ 9.9 Additions 1.3 1.9 Payments (3.1 ) (2.4 ) Effect of exchange rate changes (0.2 ) 0.4 Ending balance $ 12.7 $ 9.8

Other Income and Expense (Table

Other Income and Expense (Tables)	3 Months Ended
	Jun. 30, 2016
Other Income and Expense [Abstract]
Other income and expense	Other income and expense consisted of the following: Three months ended June 30, 2016 2015 Equity in earnings of non-consolidated affiliate $ 0.1 $ 0.2 Interest income 0.1 0.1 Foreign currency transactions (a) (0.4 ) (0.3 ) Total other expense - net $ (0.2 ) $ - (a) 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.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Jun. 30, 2016
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 June 30, 2016 2015 Net earnings attributable to Modine $ 8.6 $ 5.1 Less: Undistributed earnings attributable to unvested shares (0.1 ) (0.1 ) Net earnings available to Modine shareholders $ 8.5 $ 5.0 Weighted-average shares outstanding - basic 46.9 47.3 Effect of dilutive securities 0.3 0.5 Weighted-average shares outstanding - diluted 47.2 47.8 Earnings per share: Net earnings per share - basic $ 0.18 $ 0.11 Net earnings per share - diluted $ 0.18 $ 0.11

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Jun. 30, 2016
Inventories [Abstract]
Inventories	Inventories consisted of the following: June 30, 2016 March 31, 2016 Raw materials and work in process $ 80.1 $ 79.5 Finished goods 36.1 31.5 Total inventories $ 116.2 $ 111.0

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Property, plant and equipment	Property, plant and equipment consisted of the following: June 30, 2016 March 31, 2016 Gross property, plant and equipment $ 1,044.9 $ 1,043.6 Accumulated depreciation (706.1 ) (705.0 ) Net property, plant and equipment $ 338.8 $ 338.6

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets [Abstract]
Changes in the carrying amount of goodwill	Changes in the carrying amount of goodwill were as follows: Asia Building Total Goodwill, March 31, 2016 $ 0.5 $ 15.3 $ 15.8 Effect of exchange rate changes - (0.9 ) (0.9 ) Goodwill, June 30, 2016 $ 0.5 $ 14.4 $ 14.9
Schedule of intangible assets	Intangible assets consisted of the following: June 30, 2016 March 31, 2016 Gross Accumulated Net Gross Accumulated Net Trade names $ 8.5 $ (6.1 ) $ 2.4 $ 8.9 $ (6.3 ) $ 2.6 Acquired technology 5.4 (1.7 ) 3.7 5.5 (1.5 ) 4.0 Customer relationships 1.9 (0.5 ) 1.4 2.0 (0.4 ) 1.6 Total intangible assets $ 15.8 $ (8.3 ) $ 7.5 $ 16.4 $ (8.2 ) $ 8.2
Estimated future amortization expense	Estimated future amortization expense is as follows: Fiscal Year Estimated Amortization Expense Remainder of 2017 $ 1.2 2018 1.5 2019 1.4 2020 1.3 2021 0.7 2022 & Beyond 1.4

Product Warranties (Tables)

Product Warranties (Tables)	3 Months Ended
	Jun. 30, 2016
Product Warranties [Abstract]
Changes in accrued warranty costs	Changes in accrued warranty costs were as follows: Three months ended June 30, 2016 2015 Beginning balance $ 8.3 $ 10.4 Warranties recorded at time of sale 1.4 1.4 Adjustments to pre-existing warranties 0.1 0.8 Settlements (1.3 ) (1.5 ) Effect of exchange rate changes (0.1 ) 0.2 Ending balance $ 8.4 $ 11.3

Accumulated Other Comprehensi34

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Jun. 30, 2016
Accumulated Other Comprehensive Loss [Abstract]
Changes in accumulated other comprehensive loss	Changes in accumulated other comprehensive loss were as follows: Foreign Currency Translation Defined Benefit Plans Total Balance, March 31, 2016 $ (36.0 ) $ (138.2 ) $ (174.2 ) Other comprehensive loss before reclassification (4.8 ) - (4.8 ) Reclassification for amortization of unrecognized net loss (a) - 1.3 1.3 Income taxes - (0.4 ) (0.4 ) Total other comprehensive income (loss) (4.8 ) 0.9 (3.9 ) Balance, June 30, 2016 $ (40.8 ) $ (137.3 ) $ (178.1 ) Foreign Currency Translation Defined Benefit Plans Total Balance, March 31, 2015 $ (40.7 ) $ (157.9 ) $ (198.6 ) Other comprehensive income before reclassification 8.7 - 8.7 Reclassification for amortization of unrecognized net loss (a) - 1.8 1.8 Income taxes - (0.6 ) (0.6 ) Total other comprehensive income 8.7 1.2 9.9 Balance, June 30, 2015 $ (32.0 ) $ (156.7 ) $ (188.7 ) (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)	3 Months Ended
	Jun. 30, 2016
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 June 30, Net sales: 2016 2015 Americas $ 140.0 $ 159.1 Europe 146.0 131.2 Asia 24.9 19.3 Building HVAC 39.9 41.3 Segment total 350.8 350.9 Corporate and eliminations (3.6 ) (4.8 ) Net sales $ 347.2 $ 346.1 Three months ended June 30, 2016 2015 Gross profit: $'s % of sales $'s % of sales Americas $ 25.1 17.9 % $ 26.7 16.8 % Europe 25.1 17.2 % 15.1 11.5 % Asia 4.4 17.6 % 3.5 18.1 % Building HVAC 10.0 25.1 % 11.4 27.7 % Segment total 64.6 18.4 % 56.7 16.2 % Corporate and eliminations (a) (2.6 ) - 0.3 - Gross profit $ 62.0 17.8 % $ 57.0 16.5 % Three months ended June 30, Operating income: 2016 2015 Americas $ 9.3 $ 9.3 Europe 15.0 5.7 Asia 1.5 0.4 Building HVAC 0.9 2.1 Segment total 26.7 17.5 Corporate and eliminations (a) (11.6 ) (5.9 ) Operating income $ 15.1 $ 11.6 June 30, 2016 March 31, 2016 Total assets: Americas $ 274.5 $ 267.2 Europe 306.7 301.9 Asia 103.6 104.0 Building HVAC 99.2 99.0 Corporate and eliminations 141.4 148.8 Total assets $ 925.4 $ 920.9 (a) During the three months ended June 30, 2016, the Company recorded expenses totaling $4.2 million at Corporate for professional services related to its procurement cost-reduction initiatives (within cost of sales) and business development activities (within SG&A).

Airedale Facility Fire (Details

Airedale Facility Fire (Details) $ in Millions	34 Months Ended
	Jun. 30, 2016USD ($)
Loss by Fire [Member]
Unusual of Infrequent Item [Line Items]
Cash proceeds received from insurance provider	$ 99

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Jun. 30, 2016	Mar. 31, 2016
Fair Value Measurements [Abstract]
Trading securities	$ 3.3	$ 3.2
Deferred compensation obligations	$ 3.3	$ 3.2

Pensions (Details)

Pensions (Details) - Pension [Member] - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer	$ 1.5	$ 1.3
Components of net periodic benefit cost [Abstract]
Service cost	0.1	0.1
Interest cost	2.4	3
Expected return on plan assets	(3)	(4.3)
Amortization of unrecognized net loss	1.4	1.8
Net periodic benefit cost	$ 0.9	$ 0.6

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Stock-Based Compensation [Abstract]
Stock-based compensation cost	$ 1.4	$ 1.1
Unrecognized compensation cost and recognition period [Abstract]
Unrecognized compensation cost	$ 13.7
Weighted-average remaining service period	2 years 9 months 18 days
Stock Options [Member]
Type and fair value of stock-based compensation awards granted [Abstract]
Options granted (in shares)	0.3	0.2
Weighted-average fair value of options (in dollars per share)	$ 4.60	$ 7.11
Assumptions used in determining fair value of options [Abstract]
Expected life of awards	6 years 4 months 24 days	6 years 3 months 18 days
Risk-free interest rate	1.40%	1.90%
Expected volatility of the Company's stock	45.50%	66.90%
Expected dividend yield on the Company's stock	0.00%	0.00%
Unrecognized compensation cost and recognition period [Abstract]
Unrecognized compensation cost	$ 3.1
Weighted-average remaining service period	3 years
Restricted Stock - Retention [Member]
Type and fair value of stock-based compensation awards granted [Abstract]
Stock granted (in shares)	0.3	0.3
Fair value of stock granted (in dollars per share)	$ 10	$ 11.39
Unrecognized compensation cost and recognition period [Abstract]
Unrecognized compensation cost	$ 7
Weighted-average remaining service period	3 years
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)	0.3	0.2
Fair value of stock granted (in dollars per share)	$ 10	$ 11.39
Unrecognized compensation cost and recognition period [Abstract]
Unrecognized compensation cost	$ 3.6
Weighted-average remaining service period	2 years 4 months 24 days

Restructuring Activities (Detai

Restructuring Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016
Restructuring and repositioning expenses [Abstract]
Employee severance and related benefits	$ 1.3	$ 1.9
Other restructuring and repositioning expenses	1	0.7
Total	2.3	2.6
Changes in accrued severance [Roll Forward]
Beginning balance	14.7	9.9
Additions	1.3	1.9
Payments	(3.1)	(2.4)
Effect of exchange rate changes	(0.2)	0.4
Ending balance	12.7	$ 9.8
Assets Held-for-Sale [Abstract]
Assets held for sale	$ 8.5		$ 8.5

Other Income and Expense (Detai

Other Income and Expense (Details) - USD ($) $ in Millions		3 Months Ended
		Jun. 30, 2016	Jun. 30, 2015
Other Income and Expense [Abstract]
Equity in earnings of non-consolidated affiliate		$ 0.1	$ 0.2
Interest income		0.1	0.1
Foreign currency transactions	[1]	(0.4)	(0.3)
Total other expense - net		$ (0.2)	$ 0
[1]	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 (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Income Taxes [Abstract]
Effective income tax rate	25.20%	37.50%
Foreign Tax Jurisdiction [Member]
Valuation Allowance [Line Items]
Deferred tax asset, valuation allowance	$ 44.3
Possible future release of valuation allowance against certain tax assets	6
Domestic Tax Jurisdiction [Member]
Valuation Allowance [Line Items]
Deferred tax asset, valuation allowance	$ 5.4

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Components of basic and diluted earnings per share [Abstract]
Net earnings attributable to Modine	$ 8.6	$ 5.1
Less: Undistributed earnings attributable to unvested shares	(0.1)	(0.1)
Net earnings available to Modine shareholders	$ 8.5	$ 5
Weighted-average shares outstanding - basic (in shares)	46.9	47.3
Effect of dilutive securities (in shares)	0.3	0.5
Weighted-average shares outstanding - diluted (in shares)	47.2	47.8
Earnings per share [Abstract]
Net earnings per share - basic (in dollars per share)	$ 0.18	$ 0.11
Net earnings per share - diluted (in dollars per share)	$ 0.18	$ 0.11
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)	1.1	0.9

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2016	Mar. 31, 2016
Inventories [Abstract]
Raw materials and work in process	$ 80.1	$ 79.5
Finished goods	36.1	31.5
Total inventories	$ 116.2	$ 111

Property, Plant and Equipment45

Property, Plant and Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2016	Mar. 31, 2016
Property, plant and equipment [Abstract]
Gross property, plant and equipment	$ 1,044.9	$ 1,043.6
Accumulated depreciation	(706.1)	(705)
Net property, plant and equipment	$ 338.8	$ 338.6

Goodwill and Intangible Asset46

Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 15.8
Effect of exchange rate changes	(0.9)
Goodwill, ending balance	14.9
Amortized intangible assets [Abstract]
Gross carrying value	15.8		$ 16.4
Accumulated amortization	(8.3)		(8.2)
Net intangible assets	7.5		8.2
Amortization expense	0.4	$ 0.4
Estimated future amortization expense [Abstract]
Remainder of 2017	1.2
2,018	1.5
2,019	1.4
2,020	1.3
2,021	0.7
2022 & Beyond	1.4
Asia [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	0.5
Effect of exchange rate changes	0
Goodwill, ending balance	0.5
Building HVAC [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	15.3
Effect of exchange rate changes	(0.9)
Goodwill, ending balance	14.4
Trade Names [Member]
Amortized intangible assets [Abstract]
Gross carrying value	8.5		8.9
Accumulated amortization	(6.1)		(6.3)
Net intangible assets	2.4		2.6
Acquired Technology [Member]
Amortized intangible assets [Abstract]
Gross carrying value	5.4		5.5
Accumulated amortization	(1.7)		(1.5)
Net intangible assets	3.7		4
Customer Relationships [Member]
Amortized intangible assets [Abstract]
Gross carrying value	1.9		2
Accumulated amortization	(0.5)		(0.4)
Net intangible assets	$ 1.4		$ 1.6

Product Warranties (Details)

Product Warranties (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Changes in accrued warranty costs [Roll Forward]
Beginning balance	$ 8.3	$ 10.4
Warranties recorded at time of sale	1.4	1.4
Adjustments to pre-existing warranties	0.1	0.8
Settlements	(1.3)	(1.5)
Effect of exchange rate changes	(0.1)	0.2
Ending balance	$ 8.4	$ 11.3

Indebtedness (Details)

Indebtedness (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2016	Mar. 31, 2016
Debt Instrument [Line Items]
Short-term debt	$ 37.5	$ 28.6
Line of Credit Facility [Line Items]
Available for future borrowings	198
Foreign Credit Agreements [Member]
Debt Instrument [Line Items]
Short-term debt	32.5	28.6
Line of Credit Facility [Line Items]
Maximum borrowing capacity	28
Domestic Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, fair value	138	139
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 175
Expiration date	Aug. 31, 2018
Amount outstanding	$ 5	$ 0
6.8% Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt	$ 125
Interest rate percentage	6.80%

Contingencies and Litigation (D

Contingencies and Litigation (Details) BRL in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2016USD ($)Site	Jun. 30, 2016BRL	Mar. 31, 2016USD ($)	Mar. 31, 2016BRL
Environmental Matters [Abstract]
Number of sites remediation considered for potentially responsible party | Site	3
Reserves for environmental matters | $	$ 4.5		$ 5.1
Minimum [Member]
Legal Matters [Abstract]
Brazil legal matter	$ 3.1	BRL 10	$ 2.8	BRL 10

Accumulated Other Comprehensi50

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions		3 Months Ended
		Jun. 30, 2016	Jun. 30, 2015
Accumulated Other Comprehensive Loss [Line Items]
Beginning balance		$ 376.2
Other comprehensive (loss) income before reclassification		(4.8)	$ 8.7
Reclassification from accumulated other comprehensive loss	[1]	1.3	1.8
Income taxes		(0.4)	(0.6)
Total other comprehensive income (loss)		(3.9)	9.9
Ending balance		381.1
Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Loss [Line Items]
Beginning balance		(174.2)	(198.6)
Ending balance		(178.1)	(188.7)
Foreign Currency Translation [Member]
Accumulated Other Comprehensive Loss [Line Items]
Beginning balance		(36)	(40.7)
Other comprehensive (loss) income before reclassification		(4.8)	8.7
Reclassification from accumulated other comprehensive loss	[1]	0	0
Income taxes		0	0
Total other comprehensive income (loss)		(4.8)	8.7
Ending balance		(40.8)	(32)
Defined Benefit Plans [Member]
Accumulated Other Comprehensive Loss [Line Items]
Beginning balance		(138.2)	(157.9)
Other comprehensive (loss) income before reclassification		0	0
Income taxes		(0.4)	(0.6)
Total other comprehensive income (loss)		0.9	1.2
Ending balance		(137.3)	(156.7)
Unrecognized Net Loss [Member]
Accumulated Other Comprehensive Loss [Line Items]
Reclassification from accumulated other comprehensive loss	[1]	$ 1.3	$ 1.8
[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
		Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016
Segment Reporting Information [Abstract]
Net sales		$ 347.2	$ 346.1
Gross profit		$ 62	$ 57
Gross profit (% of sales)		17.80%	16.50%
Operating income		$ 15.1	$ 11.6
Total assets		925.4		$ 920.9
Operating Segments [Member]
Segment Reporting Information [Abstract]
Net sales		350.8	350.9
Gross profit		$ 64.6	$ 56.7
Gross profit (% of sales)		18.40%	16.20%
Operating income		$ 26.7	$ 17.5
Operating Segments [Member] | Americas [Member]
Segment Reporting Information [Abstract]
Net sales		140	159.1
Gross profit		$ 25.1	$ 26.7
Gross profit (% of sales)		17.90%	16.80%
Operating income		$ 9.3	$ 9.3
Total assets		274.5		267.2
Operating Segments [Member] | Europe [Member]
Segment Reporting Information [Abstract]
Net sales		146	131.2
Gross profit		$ 25.1	$ 15.1
Gross profit (% of sales)		17.20%	11.50%
Operating income		$ 15	$ 5.7
Total assets		306.7		301.9
Operating Segments [Member] | Asia [Member]
Segment Reporting Information [Abstract]
Net sales		24.9	19.3
Gross profit		$ 4.4	$ 3.5
Gross profit (% of sales)		17.60%	18.10%
Operating income		$ 1.5	$ 0.4
Total assets		103.6		104
Operating Segments [Member] | Building HVAC [Member]
Segment Reporting Information [Abstract]
Net sales		39.9	41.3
Gross profit		$ 10	$ 11.4
Gross profit (% of sales)		25.10%	27.70%
Operating income		$ 0.9	$ 2.1
Total assets		99.2		99
Corporate and Eliminations [Member]
Segment Reporting Information [Abstract]
Net sales		(3.6)	(4.8)
Gross profit	[1]	$ (2.6)	$ 0.3
Gross profit (% of sales)	[1]	0.00%	0.00%
Operating income	[1]	$ (11.6)	$ (5.9)
Total assets		141.4		$ 148.8
Corporate and Eliminations [Member] | Cost of Sales [Member]
Segment Reporting Information [Abstract]
Cost reduction initiatives expenses		4.2
Corporate and Eliminations [Member] | Selling, General and Administrative Expenses [Member]
Segment Reporting Information [Abstract]
Expenses recorded at corporate for procurement initiatives and business development		$ 4.2
[1]	During the three months ended June 30, 2016, the Company recorded expenses totaling $4.2 million at Corporate for professional services related to its procurement cost-reduction initiatives (within cost of sales) and business development activities (within SG&A).