Modine Manufacturing (MOD) 10-Q 31 Oct 18 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2018	Oct. 26, 2018
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 Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		50,693,696
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) [Abstract]
Net sales	$ 548.9	$ 508.3	$ 1,115	$ 1,023.8
Cost of sales	461	422.2	932.8	849.2
Gross profit	87.9	86.1	182.2	174.6
Selling, general and administrative expenses	63.4	62.2	122.7	121.4
Restructuring expenses	0	0.4	0.2	2.1
Loss on sale of assets	1.7	0	1.7	0
Operating income	22.8	23.5	57.6	51.1
Interest expense	(6.5)	(6.6)	(12.7)	(13.2)
Other expense - net	(0.5)	(1.1)	(1.6)	(2)
Earnings before income taxes	15.8	15.8	43.3	35.9
Benefit (provision) for income taxes	22.9	0.5	17.9	(2.2)
Net earnings	38.7	16.3	61.2	33.7
Net earnings attributable to noncontrolling interest	(0.2)	(0.4)	(0.7)	(0.8)
Net earnings attributable to Modine	$ 38.5	$ 15.9	$ 60.5	$ 32.9
Net earnings per share attributable to Modine shareholders:
Basic (in dollars per share)	$ 0.76	$ 0.32	$ 1.19	$ 0.66
Diluted (in dollars per share)	$ 0.75	$ 0.31	$ 1.18	$ 0.65
Weighted-average shares outstanding:
Basic (in shares)	50.5	49.8	50.4	49.6
Diluted (in shares)	51.4	50.7	51.3	50.4

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract]
Net earnings	$ 38.7	$ 16.3	$ 61.2	$ 33.7
Other comprehensive income (loss):
Foreign currency translation	(5.4)	11.3	(30.5)	27.8
Defined benefit plans, net of income taxes of $0.3, $0.4, $0.6 and $0.9 million	1	0.9	2	1.7
Cash flow hedges, net of income taxes of $0.2 and $0.1 million	(0.5)	0	(0.1)	0
Total other comprehensive income (loss)	(4.9)	12.2	(28.6)	29.5
Comprehensive income	33.8	28.5	32.6	63.2
Comprehensive income attributable to noncontrolling interest	(0.1)	(0.4)	(0.2)	(0.8)
Comprehensive income attributable to Modine	$ 33.7	$ 28.1	$ 32.4	$ 62.4

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Other comprehensive income (loss):
Defined benefit plans, tax	$ 0.3	$ 0.4	$ 0.6	$ 0.9
Cash flow hedges, tax	$ 0.2		$ 0.1

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Sep. 30, 2018	Mar. 31, 2018
ASSETS
Cash and cash equivalents	$ 35.8	$ 39.3
Trade accounts receivable - net	339.1	342.4
Inventories	210.6	191.3
Other current assets	68.4	70.1
Total current assets	653.9	643.1
Property, plant and equipment - net	485.7	504.3
Intangible assets - net	122.2	129.9
Goodwill	169.7	173.8
Deferred income taxes	99.7	96.9
Other noncurrent assets	24.9	25.4
Total assets	1,556.1	1,573.4
LIABILITIES AND SHAREHOLDERS' EQUITY
Short-term debt	72.8	53.2
Long-term debt - current portion	43.1	39.9
Accounts payable	284.7	277.9
Accrued compensation and employee benefits	77.8	97.3
Other current liabilities	43.9	47.2
Total current liabilities	522.3	515.5
Long-term debt	364	386.3
Deferred income taxes	8.7	9.9
Pensions	101.5	109.6
Other noncurrent liabilities	36.2	53.6
Total liabilities	1,032.7	1,074.9
Commitments and contingencies (see Note 16)
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 52.7 million and 52.3 million shares	33	32.7
Additional paid-in capital	235	229.9
Retained earnings	447.8	394.9
Accumulated other comprehensive loss	(168.4)	(140.3)
Treasury stock, at cost, 2.0 million and 1.8 million shares	(30.8)	(27.1)
Total Modine shareholders' equity	516.6	490.1
Noncontrolling interest	6.8	8.4
Total equity	523.4	498.5
Total liabilities and equity	$ 1,556.1	$ 1,573.4

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares shares in Millions	Sep. 30, 2018	Mar. 31, 2018
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)	52.7	52.3
Treasury stock at cost (in shares)	2	1.8

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net earnings	$ 61.2	$ 33.7
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	38.5	37.8
Loss on sale of assets	1.7	0
Stock-based compensation expense	5.2	5.4
Deferred income taxes	(6.4)	(7.3)
Other - net	1.6	5.5
Changes in operating assets and liabilities:
Trade accounts receivable	(13.2)	1
Inventories	(30.4)	(9.1)
Accounts payable	25.5	20.2
Other assets and liabilities	(47)	(14.4)
Net cash provided by operating activities	36.7	72.8
Cash flows from investing activities:
Expenditures for property, plant and equipment	(37.9)	(36.8)
Other - net	0.9	(0.9)
Net cash used for investing activities	(37)	(37.7)
Cash flows from financing activities:
Borrowings of debt	146.7	82.5
Repayments of debt	(142.2)	(101.3)
Dividend paid to noncontrolling interest	(1.8)	(0.9)
Other - net	(3.6)	0.3
Net cash used for financing activities	(0.9)	(19.4)
Effect of exchange rate changes on cash	(2.5)	2.3
Net (decrease) increase in cash, cash equivalents and restricted cash	(3.7)	18
Cash and cash equivalents and restricted cash - beginning of period	40.3	34.8
Cash and cash equivalents and restricted cash - end of period	$ 36.6	$ 52.8

General

General	6 Months Ended
	Sep. 30, 2018
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, 2018, except in regard to the new accounting guidance adopted, as described below. 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 six months of fiscal 2019 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, 2018. Sale of AIAC Air Conditioning South Africa (Pty) Ltd. During the second quarter of fiscal 2019, the Company completed the sale of its AIAC Air Conditioning South Africa (Pty) Ltd. business, which was reported within the Building HVAC Systems segment, for a selling price of $0.5 million. As a result of this transaction, the Company recorded a loss of $1.7 million, which included the write-off of accumulated foreign currency translation losses of $0.8 million. The Company reported this loss on sale of assets as a separate line within the consolidated statements of operations. Annual net sales attributable to this disposed business were less than $2.0 million. New Accounting Guidance Revenue Recognition In May 2014, the Financial Accounting Standards Board (“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. The Company adopted this new guidance for fiscal 2019 using the modified-retrospective transition method. The Company assessed customer contracts and evaluated contractual provisions in light of the new guidance. Through its evaluation process, the Company identified a limited number of customer contracts that provide an enforceable right to payment for customized products, which require revenue recognition prior to the product being shipped to the customer. As a result of its adoption of the new guidance, the Company recorded an increase of $0.7 million to retained earnings as of April 1, 2018, along with related balance sheet reclassifications. The increase to retained earnings reflects $3.0 million of net sales that, had the new guidance been in effect, the Company would have recognized as of March 31, 2018. See Note 2 for additional information regarding revenue recognition. Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory In October 2016, the FASB issued new guidance related to income tax accounting for intercompany asset transfers. This new guidance requires companies to recognize the income tax effects of intercompany asset transfers other than inventory at the transaction date. The income tax effects of these transfers were previously deferred. The Company adopted this new guidance for fiscal 2019 using the modified-retrospective transition method. Upon adoption, the Company recorded a decrease to retained earnings of $8.3 million as of April 1, 2018. Statement of Cash Flows: Restricted Cash In November 2016, the FASB issued new guidance that requires restricted cash to be included with cash and cash equivalents when reconciling the beginning and ending balances presented within the statement of cash flows. The Company adopted this new guidance for fiscal 2019 using the retrospective transition method. As a result, all prior period information has been recast to be comparable to the new presentation requirements. See Note 10 for information regarding the Company’s restricted cash. Leases 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 has completed an initial assessment of its lease portfolio and is in the process of collecting data, implementing a new lease accounting software solution, and designing processes and controls to adopt the new guidance. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued new guidance related to the accounting for certain stranded income tax effects in accumulated other comprehensive income (loss) resulting from tax reform legislation that was enacted in the U.S. in December 2017. This guidance permits companies to reclassify stranded income tax effects to retained earnings and 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. The cumulative effects on the Company’s consolidated balance sheet, as of April 1, 2018, resulting from the adoption of new accounting guidance were as follows: Adjustments Due to New Accounting Guidance Balance as of March 31, 2018 Revenue Recognition Intra-entity Transfers of Assets Balance as of April 1, 2018 ASSETS Inventories $ 191.3 $ (2.0 ) $ - $ 189.3 Other current assets 70.1 3.0 (8.3 ) 64.8 Deferred income taxes 96.9 (0.2 ) - 96.7 LIABILITIES AND SHAREHOLDERS' EQUITY Deferred income taxes $ 9.9 $ 0.1 $ - $ 10.0 Retained earnings 394.9 0.7 (8.3 ) 387.3

Revenue Recognition

Revenue Recognition	6 Months Ended
	Sep. 30, 2018
Revenue Recognition [Abstract]
Revenue Recognition	Note 2: Revenue Recognition Effective April 1, 2018, the Company adopted new revenue recognition accounting guidance using the modified-retrospective transition method and, as a result, recorded a cumulative-effect adjustment to increase retained earnings by $0.7 million. The Company’s condensed consolidated financial statements for the three and six months ended September 30, 2018 reflect the adoption of this new guidance; however, the comparable prior-year periods have not been restated. See Note 1 for additional information regarding the adjustments to the Company’s consolidated balance sheet as of April 1, 2018. Significant Accounting Policy The Company generates revenue from selling innovative thermal management products and solutions to diversified global markets and customers. The Company recognizes revenue based upon consideration specified in a contract and as it satisfies performance obligations by transferring control over its products to its customers, which may be at a point in time or over time. The majority of the Company’s revenue is recognized at a point in time, based upon shipment terms. The Company records an allowance for doubtful accounts for estimated uncollectible receivables and accrues for estimated warranty costs at the time of sale. These estimates are based upon historical experience, current business trends, and current economic conditions. The Company accounts for shipping and handling activities as fulfilment costs rather than separate performance obligations, and records shipping and handling costs in cost of sales and related amounts billed to customers in net sales. The Company establishes payment terms with its customers based upon industry and regional practices, which typically do not exceed 90 days. As the Company expects to receive payment from its customers within one year from the time of sale, it disregards the effects of the time value of money in its determination of the transaction price. The Company has not disclosed the value of unsatisfied performance obligations because the original expected performance period is one year or less for the large majority of its customer contracts. Nature of Goods and Services and Significant Judgments The following is a description of the Company’s principal revenue-generating activities: Vehicular Thermal Solutions (“VTS”) The VTS segment principally generates revenue from providing engineered heat transfer systems and components for use in on- and off-highway original equipment. This segment provides powertrain and engine cooling products, including, but not limited to, radiators, charge air coolers, condensers, oil coolers, EGR coolers, and fuel coolers, to original equipment manufacturers (“OEMs”) in the automotive, commercial vehicle, and off-highway markets in the Americas, Europe, and Asia regions. In addition, the VTS segment designs customer-owned tooling for OEMs and also serves Brazil’s automotive and commercial vehicle aftermarkets. While the VTS segment provides customized production and service parts to customers under multi-year programs, these programs typically do not contain contractually-guaranteed volumes to be purchased by the customer. As a result, individual purchase orders typically represent the quantities ordered by the customer. With the exception of a small number of VTS customers, the terms within the customer agreement, purchase order, or customer-owned tooling contract do not provide the Company with an enforceable right to payment for performance completed to date. As a result, the VTS segment recognizes revenue primarily at the time control is transferred to the customer based upon shipping terms, which is generally upon shipment. In regard to VTS customers with contractual cancellation terms that provide an enforceable right to payment for performance completed to date, the Company recognizes revenue over time based upon its estimated progress towards satisfaction of the performance obligations. The VTS segment measures progress by evaluating the production status of ordered products not yet shipped to the customer. For certain customer programs, the Company agrees to provide annual price reductions based upon contract terms. For these scheduled price reductions, the Company evaluates whether the provisions represent a material right to the customer, and if so, defers associated revenue as a result. At times, the Company makes up-front incentive payments to certain customers related to future sales under multi-year programs. The Company capitalizes these incentive payments, which it expects to recover through future sales, and amortizes the assets as a reduction to revenue when the related products are sold to customers. Commercial and Industrial Solutions (“CIS”) The CIS segment principally generates revenue from providing thermal management products, including customized coils and coolers, to the heating, ventilating, air conditioning, and refrigeration (“HVAC&R”) markets in North America, Europe, and Asia. In addition, the segment applies corrosion protection solutions, which are referred to as coatings, to heat-transfer equipment. For the sale of coils and coolers, individual customer purchase orders generally represent the Company’s contract with its customers. With the exception of a small number of customers, the applicable customer contracts do not provide the Company with an enforceable right to payment for performance completed to date. As a result, the CIS segment recognizes revenue for its sale of coils and coolers primarily at the time control is transferred to the customer based upon shipping terms, which is generally upon shipment. For both sales to customers whose contract cancellation terms provide an enforceable right to payment and sales from the coatings businesses, in which the customers control the heat-transfer equipment being enhanced by the coating application, the CIS segment recognizes revenue over time based upon its estimated progress towards satisfaction of the performance obligations. The segment measures progress by evaluating the production status towards completion of ordered products or services not yet shipped to its customers. Building HVAC Systems (“BHVAC”) The BHVAC segment principally generates revenue from providing a variety of heating, ventilating, and air conditioning products, primarily for commercial buildings and related applications in North America and the U.K., as well as mainland Europe and the Middle East. Heating products are manufactured in the U.S. and are generally sold to independent distributors, who in turn market the heating products to end customers. Because these products are sold to many different customers without contractual or practical limitations, the BHVAC segment recognizes revenue at the time control is transferred to the customer based upon shipping terms, which is generally upon shipment. Ventilation and air conditioning products are highly-specified to a customer’s needs; however, the underlying sales contracts do not provide the Company with an enforceable right to payment for performance completed to date. As a result, the BHVAC segment recognizes revenue for these products at the time control is transferred to the customer based upon shipping terms, which is generally upon shipment. Disaggregation of Revenue The table below presents revenue to external customers for each of the Company’s business segments by primary end market, by geographic location and based upon the timing of revenue recognition. Three months ended September 30, 2018 VTS CIS BHVAC Segment Total Primary end market: Automotive $ 136.4 $ - $ - $ 136.4 Commercial vehicle 95.8 - - 95.8 Off-highway 76.9 - - 76.9 Commercial HVAC - 80.7 42.3 123.0 Commercial refrigeration - 46.9 - 46.9 Data center cooling - 36.0 8.4 44.4 Industrial cooling - 13.1 - 13.1 Other 26.5 1.5 - 28.0 Net sales $ 335.6 $ 178.2 $ 50.7 $ 564.5 Geographic location: Americas $ 159.2 $ 103.2 $ 31.8 $ 294.2 Europe 127.3 62.0 18.9 208.2 Asia 49.1 13.0 - 62.1 Net sales $ 335.6 $ 178.2 $ 50.7 $ 564.5 Timing of revenue recognition: Products transferred at a point in time $ 322.5 $ 142.7 $ 50.7 $ 515.9 Products transferred over time 13.1 35.5 - 48.6 Net sales $ 335.6 $ 178.2 $ 50.7 $ 564.5 Six months ended September 30, 2018 VTS CIS BHVAC Segment Total Primary end market: Automotive $ 281.5 $ - $ - $ 281.5 Commercial vehicle 195.5 - - 195.5 Off-highway 160.7 - - 160.7 Commercial HVAC - 165.2 77.4 242.6 Commercial refrigeration - 97.7 - 97.7 Data center cooling - 70.1 18.3 88.4 Industrial cooling - 24.6 - 24.6 Other 50.7 4.5 - 55.2 Net sales $ 688.4 $ 362.1 $ 95.7 $ 1,146.2 Geographic location: Americas $ 310.1 $ 208.0 $ 57.1 $ 575.2 Europe 275.7 127.2 38.6 441.5 Asia 102.6 26.9 - 129.5 Net sales $ 688.4 $ 362.1 $ 95.7 $ 1,146.2 Timing of revenue recognition: Products transferred at a point in time $ 665.3 $ 296.3 $ 95.7 $ 1,057.3 Products transferred over time 23.1 65.8 - 88.9 Net sales $ 688.4 $ 362.1 $ 95.7 $ 1,146.2 Contract Balances Contract assets and contract liabilities from contracts with customers were as follows: September 30, 2018 March 31, 2018 Contract assets $ 20.5 $ 13.5 Contract liabilities 4.6 6.8 Contract assets, included within other current assets in the consolidated balance sheet, primarily consist of capitalized costs related to customer-owned tooling contracts, wherein the customer has guaranteed reimbursement, and assets recorded for revenue recognized over time, which represent the Company’s rights to consideration for work completed but not yet billed. The $7.0 million increase in contract assets during the first six months of fiscal 2019 was primarily related to customer-owned tooling contracts, under which more costs were capitalized than reimbursed, and contract assets totaling $2.6 million as of September 30, 2018 for revenue recognized over time, which were recorded as a result of the Company’s adoption of the new revenue recognition accounting guidance. Contract liabilities, included within other current liabilities in the consolidated balance sheet, consist of payments received in advance of satisfying performance obligations under customer contracts, including contracts for customer-owned tooling. The $2.2 million decrease in contract liabilities during fiscal 2019 was primarily due to the Company’s satisfaction of performance obligations under customer contracts for which payment had been received in advance. Impacts of Adopting New Accounting Guidance The impacts from the adoption of the new revenue recognition guidance to the Company’s consolidated statements of operations for the three and six months ended September 30, 2018 and its consolidated balance sheet as of September 30, 2018 were as follows: Three months ended September 30, 2018 As Reported Impact of New Accounting Guidance Results Without Impact of New Accounting Guidance Net sales $ 548.9 $ 1.6 $ 550.5 Net earnings attributable to Modine 38.5 0.3 38.8 Net earnings per share attributable to Modine shareholders: Basic $ 0.76 $ - $ 0.76 Diluted 0.75 - 0.75 Six months ended September 30, 2018 As Reported Impact of New Accounting Guidance Results Without Impact of New Accounting Guidance Net sales $ 1,115.0 $ 0.4 $ 1,115.4 Net earnings attributable to Modine 60.5 0.1 60.6 Net earnings per share attributable to Modine shareholders: Basic $ 1.19 $ - $ 1.19 Diluted 1.18 - 1.18 September 30, 2018 As Reported Impact of New Accounting Guidance Balances Without Impact of New Accounting Guidance ASSETS Inventories $ 210.6 $ 1.6 $ 212.2 Other current assets 68.4 (2.6 ) 65.8 Deferred income taxes 99.7 0.1 99.8 LIABILITIES AND SHAREHOLDERS' EQUITY Deferred income taxes $ 8.7 $ (0.2 ) $ 8.5 Retained earnings 447.8 (0.7 ) 447.1

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Sep. 30, 2018
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, the Company determines fair value 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, cash equivalents, restricted cash, 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 deferred compensation trusts to fund obligations under certain non-qualified deferred compensation plans. The securities’ fair values, which are recorded as other noncurrent assets, are determined based upon 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 $5.9 million and $5.8 million as of September 30, 2018 and March 31, 2018, respectively. The fair value of the Company’s long-term debt is disclosed in Note 15.

Pensions

Pensions	6 Months Ended
	Sep. 30, 2018
Pensions [Abstract]
Pensions	Note 4: Pensions Pension cost included the following components: Three months ended September 30, Six months ended September 30, 2018 2017 2018 2017 Service cost $ 0.1 $ 0.2 $ 0.2 $ 0.3 Interest cost 2.4 2.4 4.8 4.9 Expected return on plan assets (3.1 ) (3.0 ) (6.1 ) (6.0 ) Amortization of unrecognized net loss 1.4 1.4 2.8 2.8 Net periodic benefit cost $ 0.8 $ 1.0 $ 1.7 $ 2.0 During the six months ended September 30, 2018 and 2017, the Company contributed $3.7 million and $4.5 million, respectively to its U.S. pension plans.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Sep. 30, 2018
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 other executives that consists of stock awards, stock options, and performance-based stock awards granted for retention and performance, (2) a discretionary equity program for other management and key employees, and (3) stock awards for non-employee directors. The Company calculates compensation expense based upon the fair value of the instruments at the time of grant and subsequently recognizes expense ratably over the respective vesting periods of the stock-based awards. The Company recognized stock-based compensation expense of $3.2 million and $3.1 million for the three months ended September 30, 2018 and 2017, respectively. The Company recognized stock-based compensation expense of $5.2 million and $5.4 million for the six months ended September 30, 2018 and 2017, respectively. The performance component of awards granted under the Company’s long-term incentive plan during the first quarter of fiscal 2019 is based upon both a target three-year average cash flow return on invested capital and a target three-year average revenue growth at the end of the three-year performance period. The fair value of stock-based compensation awards granted during the six months ended September 30, 2018 and 2017 were as follows: Six months ended September 30, 2018 2017 Shares Fair Value Per Award Shares Fair Value Per Award Stock options 0.2 $ 7.81 0.2 $ 7.30 Restricted stock awards 0.2 $ 17.90 0.2 $ 15.90 Performance stock awards 0.2 $ 17.90 0.2 $ 15.90 Unrestricted stock awards 0.1 $ 17.60 0.1 $ 16.95 The Company used the following assumptions in determining fair value for stock options: Six months ended September 30, 2018 2017 Expected life of awards in years 6.3 6.4 Risk-free interest rate 2.8 % 1.9 % Expected volatility of the Company's stock 39.7 % 44.3 % Expected dividend yield on the Company's stock 0.0 % 0.0 % As of September 30, 2018, unrecognized compensation expense related to non-vested stock-based compensation awards, which will be amortized over the remaining service periods, was as follows: Unrecognized Compensation Expense Weighted-Average Remaining Service Period in Years Stock options $ 3.3 2.9 Restricted stock awards 7.5 2.9 Performance stock awards 5.8 1.9 Total $ 16.6 2.6

Restructuring Activities

Restructuring Activities	6 Months Ended
	Sep. 30, 2018
Restructuring Activities [Abstract]
Restructuring Activities	Note 6: Restructuring Activities The Company’s restructuring actions during the first six months of fiscal 2019 and 2018 consisted primarily of plant consolidation activities and targeted headcount reductions in the VTS segment. Restructuring and repositioning expenses were as follows: Three months ended September 30, Six months ended September 30, 2018 2017 2018 2017 Employee severance and related benefits $ - $ 0.1 $ 0.1 $ 0.6 Other restructuring and repositioning expenses - 0.3 0.1 1.5 Total $ - $ 0.4 $ 0.2 $ 2.1 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 September 30, 2018 2017 Beginning balance $ 4.8 $ 4.0 Additions - 0.1 Payments (1.4 ) (1.2 ) Effect of exchange rate changes - 0.1 Ending balance $ 3.4 $ 3.0 Six months ended September 30, 2018 2017 Beginning balance $ 11.0 $ 6.5 Additions 0.1 0.6 Payments (7.2 ) (4.5 ) Effect of exchange rate changes (0.5 ) 0.4 Ending balance $ 3.4 $ 3.0

Other Income and Expense

Other Income and Expense	6 Months Ended
	Sep. 30, 2018
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 September 30, Six months ended September 30, 2018 2017 2018 2017 Equity in earnings (losses) of non-consolidated affiliate $ 0.2 $ (0.1 ) $ 0.4 $ (0.1 ) Interest income 0.1 0.1 0.3 0.2 Foreign currency transactions (a) (0.1 ) (0.3 ) (0.9 ) (0.5 ) Net periodic benefit cost (b) (0.7 ) (0.8 ) (1.4 ) (1.6 ) Total other expense - net $ (0.5 ) $ (1.1 ) $ (1.6 ) $ (2.0 ) (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. (b) Represents net periodic benefit cost, exclusive of service cost, for the Company’s pension and postretirement plans.

Income Taxes

Income Taxes	6 Months Ended
	Sep. 30, 2018
Income Taxes [Abstract]
Income Taxes	Note 8: Income Taxes The Company’s effective tax rate for the three months ended September 30, 2018 and 2017 was (144.9) percent and (3.2) percent, respectively. The Company’s effective tax rate for the six months ended September 30, 2018 and 2017 was (41.3) percent and 6.1 percent, respectively. The effective tax rates for the fiscal 2019 periods are lower than in the prior year, primarily due to second quarter benefits of $10.8 million related to adjustments to the Company’s provisional accounting for the Tax Cuts and Jobs Act (the “Tax Act”) and $13.6 million related to the recognition of tax assets for foreign tax credits. Other factors that impacted the Company’s effective tax rates for the three and six months ended September 30, 2018, as compared with the prior-year periods, were income tax benefits for a Hungarian development tax credit in fiscal 2018, adjustments to valuation allowances on deferred tax assets in foreign jurisdictions, and changes in the mix of foreign and domestic earnings. The Hungarian development tax credit resulted in tax benefits of $2.2 million and $5.7 million in the three and six months ended September 30, 2017, respectively. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Act. Shortly after the Tax Act was enacted, the SEC issued accounting guidance which provides a one-year measurement period during which a company may complete its accounting for the impacts of the Tax Act. To the extent a company’s accounting for certain income tax effects of the Tax Act is incomplete, the company may determine a reasonable estimate for those effects and record a provisional estimate in its financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply the provisions of the tax laws that were in effect immediately prior to the Tax Act being enacted. During the third and fourth quarters of fiscal 2018, the Company recorded provisional discrete tax charges totaling $38.0 million related to the Tax Act. The Company adjusted its U.S. deferred tax assets by $19.0 million due to the reduction in the U.S. federal corporate tax rate. This net reduction in deferred tax assets also included the estimated impact on the Company’s net state deferred tax assets. In addition, the Company recorded a $19.0 million charge for the transition tax required under the Tax Act. During the second quarter of fiscal 2019, the Company recorded adjustments to the provisional discrete tax charges totaling $10.8 million of tax benefit. The Company determined it will utilize its deferred tax attributes against the estimated transition tax. As a result, the Company decreased the charge for the reduction in the U.S. federal corporate tax rate by $9.4 million since more deferred tax assets are expected to be utilized to offset taxable income at a higher fiscal 2018 U.S. federal corporate tax rate. The Company also decreased the estimated transition tax to $15.9 million, a reduction of $3.1 million, primarily due to the technical treatment for fiscal-year taxpayers. In addition, the Company recorded a charge of $1.7 million for a reduction to state deferred tax assets. Also during the second quarter of fiscal 2019, the Company determined it would amend its tax returns from previous fiscal years to recognize foreign tax credits that are expected to be realized based on future sources of income. As a result, the Company recorded a $13.6 million income tax benefit during the second quarter of fiscal 2019. The Company has elected to record the tax effects of the global intangible low taxed income (“GILTI”) provision as a period expense in the applicable tax year. The Company has not yet completed its accounting for the income tax effects of certain elements of the Tax Act. In regard to the reduction in the U.S. corporate tax rate, the Company will continue to analyze the impacts of the Tax Act through the finalization of its fiscal 2018 U.S. federal tax return. In regard to the transition tax, the Company is awaiting further interpretative guidance, continuing to assess available tax methods and elections, and continuing to gather additional information in order to more precisely compute the amount of this tax. Previously, the Company’s practice and intention was to reinvest, with certain insignificant exceptions, the earnings of its non-U.S. subsidiaries outside of the U.S. As a result, the Company did not record U.S. deferred income taxes or foreign withholding taxes for these earnings. The Company is currently analyzing its global working capital requirements and the potential tax liabilities that would be incurred if its non-U.S. subsidiaries distribute cash to the U.S. parent, which include local country withholding taxes and potential U.S. state taxes. The Company expects to complete its analysis of the accounting guidance related to the Tax Act and its evaluation of the impacts of the Tax Act in the third quarter of fiscal 2019. The Company is continuing to analyze the provisions of the Tax Act to determine the impact on its fiscal 2019 effective tax rate. For the six months ended September 30, 2018, the Company has recorded estimates for GILTI, the foreign-derived intangible income and base erosion anti-abuse tax provisions of the Tax Act, new limits on the deductibility of executive compensation, and the state tax implications of these provisions. As of September 30, 2018, valuation allowances against deferred tax assets in certain foreign jurisdictions totaled $35.1 million and valuation allowances against certain U.S. deferred tax assets totaled $6.9 million, as it is more likely than not these assets will not be realized based upon historical financial results. During the first quarter of fiscal 2019, the Company recorded a benefit of $2.0 million related to the reversal of a valuation allowance for deferred tax assets in a foreign jurisdiction after determining it was more likely than not the deferred tax assets would be realized in the future. During the second quarter of fiscal 2019, the Company recorded a valuation allowance of $1.0 million on certain deferred tax assets in a foreign jurisdiction after determining it was more likely than not the deferred tax assets would not be realized. 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 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 remainder of fiscal 2019.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Sep. 30, 2018
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 September 30, Six months ended September 30, 2018 2017 2018 2017 Net earnings attributable to Modine $ 38.5 $ 15.9 $ 60.5 $ 32.9 Less: Undistributed earnings attributable to unvested shares (0.1 ) (0.1 ) (0.2 ) (0.3 ) Net earnings available to Modine shareholders $ 38.4 $ 15.8 $ 60.3 $ 32.6 Weighted-average shares outstanding - basic 50.5 49.8 50.4 49.6 Effect of dilutive securities 0.9 0.9 0.9 0.8 Weighted-average shares outstanding - diluted 51.4 50.7 51.3 50.4 Earnings per share: Net earnings per share - basic $ 0.76 $ 0.32 $ 1.19 $ 0.66 Net earnings per share - diluted $ 0.75 $ 0.31 $ 1.18 $ 0.65 For both the three and six months ended September 30, 2018, the calculation of diluted earnings per share excluded 0.4 million stock options because they were anti-dilutive. For both the three and six months ended September 30, 2017, the calculation of diluted earnings per share excluded 0.3 million stock options because they were anti-dilutive.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	6 Months Ended
	Sep. 30, 2018
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash, Cash Equivalents and Restricted Cash	Note 10: Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash consisted of the following: September 30, 2018 March 31, 2018 Cash and cash equivalents $ 35.8 $ 39.3 Restricted cash 0.8 1.0 $ 36.6 $ 40.3 Restricted cash, which is reported within other noncurrent assets in the consolidated balance sheets, consists primarily of deposits for contractual guarantees or commitments required for rents, import and export duties, and commercial agreements.

Inventories

Inventories	6 Months Ended
	Sep. 30, 2018
Inventories [Abstract]
Inventories	Note 11: Inventories Inventories consisted of the following: September 30, 2018 March 31, 2018 Raw materials $ 128.1 $ 114.4 Work in process 36.6 34.8 Finished goods 45.9 42.1 Total inventories $ 210.6 $ 191.3

Property, Plant and Equipment

Property, Plant and Equipment	6 Months Ended
	Sep. 30, 2018
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Note 12: Property, Plant and Equipment Property, plant and equipment, including depreciable lives, consisted of the following: September 30, 2018 March 31, 2018 Land $ 21.3 $ 22.6 Buildings and improvements (10-40 years) 289.3 295.6 Machinery and equipment (3-12 years) 829.0 840.8 Office equipment (3-10 years) 90.9 93.0 Construction in progress 55.9 50.2 1,286.4 1,302.2 Less: accumulated depreciation (800.7 ) (797.9 ) Net property, plant and equipment $ 485.7 $ 504.3

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Sep. 30, 2018
Goodwill and Intangible Assets [Abstract]
Goodwill and Intangible Assets	Note 13: Goodwill and Intangible Assets Changes in the carrying amount of goodwill were as follows: VTS Building HVAC CIS Total Goodwill, March 31, 2018 $ 0.5 $ 15.0 $ 158.3 $ 173.8 Effect of exchange rate changes - (0.9 ) (3.2 ) (4.1 ) Goodwill, September 30, 2018 $ 0.5 $ 14.1 $ 155.1 $ 169.7 Intangible assets consisted of the following: September 30, 2018 March 31, 2018 Gross Carrying Value Accumulated Amortization Net Intangible Assets Gross Carrying Value Accumulated Amortization Net Intangible Assets Customer relationships $ 62.4 $ (7.4 ) $ 55.0 $ 64.2 $ (5.7 ) $ 58.5 Trade names 59.3 (11.9 ) 47.4 60.6 (10.8 ) 49.8 Acquired technology 24.3 (4.5 ) 19.8 25.2 (3.6 ) 21.6 Total intangible assets $ 146.0 $ (23.8 ) $ 122.2 $ 150.0 $ (20.1 ) $ 129.9 The Company recorded amortization expense of $2.3 million and $2.4 million for the three months ended September 30, 2018 and 2017, respectively. The Company recorded amortization expense of $4.6 million and $4.8 million for the six months ended September 30, 2018 and 2017, respectively. The Company estimates that it will record $4.5 million of amortization expense during the remainder of fiscal 2019, $9.0 million of amortization expense in fiscal 2020 and approximately $8.0 million of annual amortization expense in fiscal 2021 through 2024.

Product Warranties

Product Warranties	6 Months Ended
	Sep. 30, 2018
Product Warranties [Abstract]
Product Warranties	Note 14: Product Warranties Changes in accrued warranty costs were as follows: Three months ended September 30, 2018 2017 Beginning balance $ 8.7 $ 10.1 Warranties recorded at time of sale 1.3 1.4 Adjustments to pre-existing warranties 0.2 0.3 Settlements (1.8 ) (1.5 ) Adjustments due to acquisition (a) - (1.0 ) Effect of exchange rate changes (0.1 ) 0.1 Ending balance $ 8.3 $ 9.4 Six months ended September 30, 2018 2017 Beginning balance $ 9.3 $ 10.0 Warranties recorded at time of sale 2.7 2.7 Adjustments to pre-existing warranties (0.2 ) (0.2 ) Settlements (3.1 ) (2.5 ) Adjustments due to acquisition (a) - (1.0 ) Effect of exchange rate changes (0.4 ) 0.4 Ending balance $ 8.3 $ 9.4 (a) During the second quarter of fiscal 2018, the Company decreased its liability for product warranties by $1.0 million as a result of measurement period adjustments made in connection with purchase accounting for the acquisition of the Luvata Heat Transfer Solutions business.

Indebtedness

Indebtedness	6 Months Ended
	Sep. 30, 2018
Indebtedness [Abstract]
Indebtedness	Note 15: Indebtedness Long-term debt consisted of the following: Fiscal year of maturity September 30, 2018 March 31, 2018 Term loans 2022 $ 251.1 $ 267.8 6.8% Senior Notes 2021 93.0 101.0 5.8% Senior Notes 2027 50.0 50.0 Other (a) 2034 17.7 12.8 411.8 431.6 Less: current portion (43.1 ) (39.9 ) Less: unamortized debt issuance costs (4.7 ) (5.4 ) Total long-term debt $ 364.0 $ 386.3 (a) Other long-term debt includes borrowings by foreign subsidiaries, capital lease obligations and other financing-type obligations. As of September 30, 2018 and March 31, 2018, the Company had $44.8 million and $21.3 million, respectively, of short-term borrowings under its $175.0 million multi-currency revolving credit facility, which expires in November 2021. As of September 30, 2018, domestic letters of credit totaled $4.3 million, resulting in available capacity under the Company’s revolving credit facility of $125.9 million. The Company also maintains credit agreements for its foreign subsidiaries, with outstanding short-term borrowings as of September 30, 2018 and March 31, 2018 of $28.0 million and $31.9 million, respectively. As of September 30, 2018, the Company’s foreign unused lines of credit totaled $1.2 million. In aggregate, the Company had total available lines of credit of $127.1 million as of September 30, 2018. Provisions in the Company’s amended and restated credit agreement, Senior Note agreements, and various foreign credit agreements require the Company to maintain compliance with various covenants and include certain cross-default clauses. Under its primary debt agreements in the U.S., the Company has provided liens on substantially all domestic assets. In addition, the term loans require prepayments, as defined in the credit agreement, in the event the Company’s annual excess cash flow exceeds defined levels or in the event of certain asset sales. The Company is also subject to leverage ratio covenants, the most restrictive of which requires the Company to limit its consolidated indebtedness, less a portion of its cash balance, both as defined by the credit agreements, to no more than three and one-quarter times consolidated net earnings before interest, taxes, depreciation, amortization, and certain other adjustments (“Adjusted EBITDA”). The Company is also subject to an interest expense coverage ratio covenant, which requires the Company to maintain Adjusted EBITDA of at least three times consolidated interest expense. The Company was in compliance with its debt covenants as of September 30, 2018. 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. As of September 30, 2018 and March 31, 2018, the carrying value of the Company’s long-term debt approximated fair value, with the exception of the Senior Notes, which had an aggregate fair value of approximately $145.0 million and $153.1 million, respectively. The fair value of the Company’s long-term debt 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	6 Months Ended
	Sep. 30, 2018
Contingencies and Litigation [Abstract]
Contingencies and Litigation	Note 16: Contingencies and Litigation Environmental The Company has recorded environmental investigation and remediation accruals related to soil and groundwater contamination at manufacturing facilities in the United States, one of which the Company currently owns and operates, and at its former manufacturing facility in the Netherlands, along with accruals for lesser environmental matters at certain other facilities in the United States and Brazil. 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 $18.7 million and $16.7 million as of September 30, 2018 and March 31, 2018, 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 upon 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. Other Litigation In the normal course of business, the Company and its subsidiaries are named as defendants in various lawsuits and enforcement proceedings by private parties, governmental agencies and/or others in which claims are asserted against Modine. In the opinion of management, the liabilities, if any, which may ultimately result from such lawsuits or proceedings are not expected to have a material adverse effect on the Company’s financial position.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Sep. 30, 2018
Accumulated Other Comprehensive Loss [Abstract]
Accumulated Other Comprehensive Loss	Note 17: Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss were as follows: Three months ended September 30, 2018 Six months ended September 30, 2018 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (30.2 ) $ (133.9 ) $ 0.5 $ (163.6 ) $ (5.5 ) $ (134.9 ) $ 0.1 $ (140.3 ) Other comprehensive loss before reclassifications (6.1 ) - (0.7 ) (6.8 ) (30.8 ) - (0.2 ) (31.0 ) Reclassifications: Amortization of unrecognized net loss (a) - 1.3 - 1.3 - 2.6 - 2.6 Foreign currency translation losses (b) 0.8 - - 0.8 0.8 - - 0.8 Income taxes - (0.3 ) 0.2 (0.1 ) - (0.6 ) 0.1 (0.5 ) Total other comprehensive income (loss) (5.3 ) 1.0 (0.5 ) (4.8 ) (30.0 ) 2.0 (0.1 ) (28.1 ) Ending balance $ (35.5 ) $ (132.9 ) $ - $ (168.4 ) $ (35.5 ) $ (132.9 ) $ - $ (168.4 ) Three months ended September 30, 2017 Six months ended September 30, 2017 Foreign Currency Translation Defined Benefit Plans Total Foreign Currency Translation Defined Benefit Plans Total Beginning balance $ (30.3 ) $ (134.2 ) $ (164.5 ) $ (46.8 ) $ (135.0 ) $ (181.8 ) Other comprehensive income before reclassifications 11.3 - 11.3 27.8 - 27.8 Reclassifications for amortization of unrecognized net loss (a) - 1.3 1.3 - 2.6 2.6 Income taxes - (0.4 ) (0.4 ) - (0.9 ) (0.9 ) Total other comprehensive income 11.3 0.9 12.2 27.8 1.7 29.5 Ending balance $ (19.0 ) $ (133.3 ) $ (152.3 ) $ (19.0 ) $ (133.3 ) $ (152.3 ) (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. (b) As a result of the sale of a business in South Africa during the second quarter of fiscal 2019, the Company wrote-off $0.8 million of accumulated foreign currency translation losses. See Note 1 for additional information about this transaction.

Segment Information

Segment Information	6 Months Ended
	Sep. 30, 2018
Segment Information [Abstract]
Segment Information	Note 18: Segment Information Effective April 1, 2018, the Company formed the VTS segment by combining its Americas, Europe, and Asia operations to enable it to operate as a more global, product-based organization. As part of this segment combination and its CIS integration activities, the Company also merged its Americas coils business into the CIS segment and expects to achieve operational improvements and organizational efficiencies as a result. The Company began reporting financial results for its new segments beginning in fiscal 2019. Segment financial information for fiscal 2018 has been recast to conform to the fiscal 2019 presentation. The following is a summary of net sales, gross profit, operating income, and total assets by segment: Three months ended September 30, 2018 2017 External Sales Inter-segment Sales Total External Sales Inter-segment Sales Total Net sales: Vehicular Thermal Solutions $ 321.5 $ 14.1 $ 335.6 $ 296.4 $ 14.2 $ 310.6 Commercial and Industrial Solutions 177.4 0.8 178.2 163.6 0.2 163.8 Building HVAC Systems 50.0 0.7 50.7 48.3 0.5 48.8 Segment total 548.9 15.6 564.5 508.3 14.9 523.2 Corporate and eliminations - (15.6 ) (15.6 ) - (14.9 ) (14.9 ) Net sales $ 548.9 $ - $ 548.9 $ 508.3 $ - $ 508.3 Six months ended September 30, 2018 2017 External Sales Inter-segment Sales Total External Sales Inter-segment Sales Total Net sales: Vehicular Thermal Solutions $ 659.8 $ 28.6 $ 688.4 $ 597.8 $ 28.1 $ 625.9 Commercial and Industrial Solutions 360.9 1.2 362.1 334.7 0.5 335.2 Building HVAC Systems 94.3 1.4 95.7 91.3 0.5 91.8 Segment total 1,115.0 31.2 1,146.2 1,023.8 29.1 1,052.9 Corporate and eliminations - (31.2 ) (31.2 ) - (29.1 ) (29.1 ) Net sales $ 1,115.0 $ - $ 1,115.0 $ 1,023.8 $ - $ 1,023.8 Three months ended September 30, Six months ended September 30, 2018 2017 2018 2017 $'s % of sales $'s % of sales $'s % of sales $'s % of sales Gross profit: Vehicular Thermal Solutions $ 44.6 13.3 % $ 47.1 15.2 % $ 98.6 14.3 % $ 97.9 15.6 % Commercial and Industrial Solutions 28.3 15.9 % 24.0 14.7 % 56.9 15.7 % 50.7 15.1 % Building HVAC Systems 15.0 29.5 % 14.9 30.5 % 26.6 27.8 % 26.0 28.3 % Segment total 87.9 15.6 % 86.0 16.4 % 182.1 15.9 % 174.6 16.6 % Corporate and eliminations - - 0.1 - 0.1 - - - Gross profit $ 87.9 16.0 % $ 86.1 17.0 % $ 182.2 16.3 % $ 174.6 17.1 % Three months ended September 30, Six months ended September 30, 2018 2017 2018 2017 Operating income: Vehicular Thermal Solutions $ 14.1 $ 18.9 $ 39.6 $ 41.1 Commercial and Industrial Solutions 12.9 9.0 26.1 20.4 Building HVAC Systems 4.8 6.3 8.0 9.4 Segment total 31.8 34.2 73.7 70.9 Corporate and eliminations (9.0 ) (10.7 ) (16.1 ) (19.8 ) Operating income $ 22.8 $ 23.5 $ 57.6 $ 51.1 September 30, 2018 March 31, 2018 Total assets: Vehicular Thermal Solutions $ 734.5 $ 754.8 Commercial and Industrial Solutions 635.5 630.2 Building HVAC Systems 90.2 88.1 Corporate and eliminations 95.9 100.3 Total assets $ 1,556.1 $ 1,573.4

General (Policies)

General (Policies)	6 Months Ended
	Sep. 30, 2018
General [Abstract]
New Accounting Guidance	New Accounting Guidance Revenue Recognition In May 2014, the Financial Accounting Standards Board (“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. The Company adopted this new guidance for fiscal 2019 using the modified-retrospective transition method. The Company assessed customer contracts and evaluated contractual provisions in light of the new guidance. Through its evaluation process, the Company identified a limited number of customer contracts that provide an enforceable right to payment for customized products, which require revenue recognition prior to the product being shipped to the customer. As a result of its adoption of the new guidance, the Company recorded an increase of $0.7 million to retained earnings as of April 1, 2018, along with related balance sheet reclassifications. The increase to retained earnings reflects $3.0 million of net sales that, had the new guidance been in effect, the Company would have recognized as of March 31, 2018. See Note 2 for additional information regarding revenue recognition. Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory In October 2016, the FASB issued new guidance related to income tax accounting for intercompany asset transfers. This new guidance requires companies to recognize the income tax effects of intercompany asset transfers other than inventory at the transaction date. The income tax effects of these transfers were previously deferred. The Company adopted this new guidance for fiscal 2019 using the modified-retrospective transition method. Upon adoption, the Company recorded a decrease to retained earnings of $8.3 million as of April 1, 2018. Statement of Cash Flows: Restricted Cash In November 2016, the FASB issued new guidance that requires restricted cash to be included with cash and cash equivalents when reconciling the beginning and ending balances presented within the statement of cash flows. The Company adopted this new guidance for fiscal 2019 using the retrospective transition method. As a result, all prior period information has been recast to be comparable to the new presentation requirements. See Note 10 for information regarding the Company’s restricted cash. Leases 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 has completed an initial assessment of its lease portfolio and is in the process of collecting data, implementing a new lease accounting software solution, and designing processes and controls to adopt the new guidance. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued new guidance related to the accounting for certain stranded income tax effects in accumulated other comprehensive income (loss) resulting from tax reform legislation that was enacted in the U.S. in December 2017. This guidance permits companies to reclassify stranded income tax effects to retained earnings and 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. The cumulative effects on the Company’s consolidated balance sheet, as of April 1, 2018, resulting from the adoption of new accounting guidance were as follows: Adjustments Due to New Accounting Guidance Balance as of March 31, 2018 Revenue Recognition Intra-entity Transfers of Assets Balance as of April 1, 2018 ASSETS Inventories $ 191.3 $ (2.0 ) $ - $ 189.3 Other current assets 70.1 3.0 (8.3 ) 64.8 Deferred income taxes 96.9 (0.2 ) - 96.7 LIABILITIES AND SHAREHOLDERS' EQUITY Deferred income taxes $ 9.9 $ 0.1 $ - $ 10.0 Retained earnings 394.9 0.7 (8.3 ) 387.3

General (Tables)

General (Tables)	6 Months Ended
	Sep. 30, 2018
General [Abstract]
Effect of Adoption of New Accounting Guidance on Consolidated Balance Sheet	The cumulative effects on the Company’s consolidated balance sheet, as of April 1, 2018, resulting from the adoption of new accounting guidance were as follows: Adjustments Due to New Accounting Guidance Balance as of March 31, 2018 Revenue Recognition Intra-entity Transfers of Assets Balance as of April 1, 2018 ASSETS Inventories $ 191.3 $ (2.0 ) $ - $ 189.3 Other current assets 70.1 3.0 (8.3 ) 64.8 Deferred income taxes 96.9 (0.2 ) - 96.7 LIABILITIES AND SHAREHOLDERS' EQUITY Deferred income taxes $ 9.9 $ 0.1 $ - $ 10.0 Retained earnings 394.9 0.7 (8.3 ) 387.3

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Sep. 30, 2018
Revenue Recognition [Abstract]
Disaggregation of Revenue	The table below presents revenue to external customers for each of the Company’s business segments by primary end market, by geographic location and based upon the timing of revenue recognition. Three months ended September 30, 2018 VTS CIS BHVAC Segment Total Primary end market: Automotive $ 136.4 $ - $ - $ 136.4 Commercial vehicle 95.8 - - 95.8 Off-highway 76.9 - - 76.9 Commercial HVAC - 80.7 42.3 123.0 Commercial refrigeration - 46.9 - 46.9 Data center cooling - 36.0 8.4 44.4 Industrial cooling - 13.1 - 13.1 Other 26.5 1.5 - 28.0 Net sales $ 335.6 $ 178.2 $ 50.7 $ 564.5 Geographic location: Americas $ 159.2 $ 103.2 $ 31.8 $ 294.2 Europe 127.3 62.0 18.9 208.2 Asia 49.1 13.0 - 62.1 Net sales $ 335.6 $ 178.2 $ 50.7 $ 564.5 Timing of revenue recognition: Products transferred at a point in time $ 322.5 $ 142.7 $ 50.7 $ 515.9 Products transferred over time 13.1 35.5 - 48.6 Net sales $ 335.6 $ 178.2 $ 50.7 $ 564.5 Six months ended September 30, 2018 VTS CIS BHVAC Segment Total Primary end market: Automotive $ 281.5 $ - $ - $ 281.5 Commercial vehicle 195.5 - - 195.5 Off-highway 160.7 - - 160.7 Commercial HVAC - 165.2 77.4 242.6 Commercial refrigeration - 97.7 - 97.7 Data center cooling - 70.1 18.3 88.4 Industrial cooling - 24.6 - 24.6 Other 50.7 4.5 - 55.2 Net sales $ 688.4 $ 362.1 $ 95.7 $ 1,146.2 Geographic location: Americas $ 310.1 $ 208.0 $ 57.1 $ 575.2 Europe 275.7 127.2 38.6 441.5 Asia 102.6 26.9 - 129.5 Net sales $ 688.4 $ 362.1 $ 95.7 $ 1,146.2 Timing of revenue recognition: Products transferred at a point in time $ 665.3 $ 296.3 $ 95.7 $ 1,057.3 Products transferred over time 23.1 65.8 - 88.9 Net sales $ 688.4 $ 362.1 $ 95.7 $ 1,146.2
Contract Assets and Contract Liabilities from Contracts with Customers	Contract assets and contract liabilities from contracts with customers were as follows: September 30, 2018 March 31, 2018 Contract assets $ 20.5 $ 13.5 Contract liabilities 4.6 6.8
Impacts of Adopting New Accounting Guidance	The impacts from the adoption of the new revenue recognition guidance to the Company’s consolidated statements of operations for the three and six months ended September 30, 2018 and its consolidated balance sheet as of September 30, 2018 were as follows: Three months ended September 30, 2018 As Reported Impact of New Accounting Guidance Results Without Impact of New Accounting Guidance Net sales $ 548.9 $ 1.6 $ 550.5 Net earnings attributable to Modine 38.5 0.3 38.8 Net earnings per share attributable to Modine shareholders: Basic $ 0.76 $ - $ 0.76 Diluted 0.75 - 0.75 Six months ended September 30, 2018 As Reported Impact of New Accounting Guidance Results Without Impact of New Accounting Guidance Net sales $ 1,115.0 $ 0.4 $ 1,115.4 Net earnings attributable to Modine 60.5 0.1 60.6 Net earnings per share attributable to Modine shareholders: Basic $ 1.19 $ - $ 1.19 Diluted 1.18 - 1.18 September 30, 2018 As Reported Impact of New Accounting Guidance Balances Without Impact of New Accounting Guidance ASSETS Inventories $ 210.6 $ 1.6 $ 212.2 Other current assets 68.4 (2.6 ) 65.8 Deferred income taxes 99.7 0.1 99.8 LIABILITIES AND SHAREHOLDERS' EQUITY Deferred income taxes $ 8.7 $ (0.2 ) $ 8.5 Retained earnings 447.8 (0.7 ) 447.1

Pensions (Tables)

Pensions (Tables)	6 Months Ended
	Sep. 30, 2018
Pensions [Abstract]
Pension Cost	Pension cost included the following components: Three months ended September 30, Six months ended September 30, 2018 2017 2018 2017 Service cost $ 0.1 $ 0.2 $ 0.2 $ 0.3 Interest cost 2.4 2.4 4.8 4.9 Expected return on plan assets (3.1 ) (3.0 ) (6.1 ) (6.0 ) Amortization of unrecognized net loss 1.4 1.4 2.8 2.8 Net periodic benefit cost $ 0.8 $ 1.0 $ 1.7 $ 2.0

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Sep. 30, 2018
Stock-Based Compensation [Abstract]
Fair Market Value of Stock-Based Compensation Awards	The fair value of stock-based compensation awards granted during the six months ended September 30, 2018 and 2017 were as follows: Six months ended September 30, 2018 2017 Shares Fair Value Per Award Shares Fair Value Per Award Stock options 0.2 $ 7.81 0.2 $ 7.30 Restricted stock awards 0.2 $ 17.90 0.2 $ 15.90 Performance stock awards 0.2 $ 17.90 0.2 $ 15.90 Unrestricted stock awards 0.1 $ 17.60 0.1 $ 16.95
Assumptions Used in Determining Fair Value of Options	The Company used the following assumptions in determining fair value for stock options: Six months ended September 30, 2018 2017 Expected life of awards in years 6.3 6.4 Risk-free interest rate 2.8 % 1.9 % Expected volatility of the Company's stock 39.7 % 44.3 % 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 September 30, 2018, unrecognized compensation expense related to non-vested stock-based compensation awards, which will be amortized over the remaining service periods, was as follows: Unrecognized Compensation Expense Weighted-Average Remaining Service Period in Years Stock options $ 3.3 2.9 Restricted stock awards 7.5 2.9 Performance stock awards 5.8 1.9 Total $ 16.6 2.6

Restructuring Activities (Table

Restructuring Activities (Tables)	6 Months Ended
	Sep. 30, 2018
Restructuring Activities [Abstract]
Restructuring and Repositioning Expenses	Restructuring and repositioning expenses were as follows: Three months ended September 30, Six months ended September 30, 2018 2017 2018 2017 Employee severance and related benefits $ - $ 0.1 $ 0.1 $ 0.6 Other restructuring and repositioning expenses - 0.3 0.1 1.5 Total $ - $ 0.4 $ 0.2 $ 2.1
Changes in Accrued Severance	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 September 30, 2018 2017 Beginning balance $ 4.8 $ 4.0 Additions - 0.1 Payments (1.4 ) (1.2 ) Effect of exchange rate changes - 0.1 Ending balance $ 3.4 $ 3.0 Six months ended September 30, 2018 2017 Beginning balance $ 11.0 $ 6.5 Additions 0.1 0.6 Payments (7.2 ) (4.5 ) Effect of exchange rate changes (0.5 ) 0.4 Ending balance $ 3.4 $ 3.0

Other Income and Expense (Table

Other Income and Expense (Tables)	6 Months Ended
	Sep. 30, 2018
Other Income and Expense [Abstract]
Other Income and Expense	Other income and expense consisted of the following: Three months ended September 30, Six months ended September 30, 2018 2017 2018 2017 Equity in earnings (losses) of non-consolidated affiliate $ 0.2 $ (0.1 ) $ 0.4 $ (0.1 ) Interest income 0.1 0.1 0.3 0.2 Foreign currency transactions (a) (0.1 ) (0.3 ) (0.9 ) (0.5 ) Net periodic benefit cost (b) (0.7 ) (0.8 ) (1.4 ) (1.6 ) Total other expense - net $ (0.5 ) $ (1.1 ) $ (1.6 ) $ (2.0 ) (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. (b) Represents net periodic benefit cost, exclusive of service cost, for the Company’s pension and postretirement plans.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share	The components of basic and diluted earnings per share were as follows: Three months ended September 30, Six months ended September 30, 2018 2017 2018 2017 Net earnings attributable to Modine $ 38.5 $ 15.9 $ 60.5 $ 32.9 Less: Undistributed earnings attributable to unvested shares (0.1 ) (0.1 ) (0.2 ) (0.3 ) Net earnings available to Modine shareholders $ 38.4 $ 15.8 $ 60.3 $ 32.6 Weighted-average shares outstanding - basic 50.5 49.8 50.4 49.6 Effect of dilutive securities 0.9 0.9 0.9 0.8 Weighted-average shares outstanding - diluted 51.4 50.7 51.3 50.4 Earnings per share: Net earnings per share - basic $ 0.76 $ 0.32 $ 1.19 $ 0.66 Net earnings per share - diluted $ 0.75 $ 0.31 $ 1.18 $ 0.65

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	6 Months Ended
	Sep. 30, 2018
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash and Cash Equivalents and Restricted Cash	Cash, cash equivalents and restricted cash consisted of the following: September 30, 2018 March 31, 2018 Cash and cash equivalents $ 35.8 $ 39.3 Restricted cash 0.8 1.0 $ 36.6 $ 40.3

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Sep. 30, 2018
Inventories [Abstract]
Inventories	Inventories consisted of the following: September 30, 2018 March 31, 2018 Raw materials $ 128.1 $ 114.4 Work in process 36.6 34.8 Finished goods 45.9 42.1 Total inventories $ 210.6 $ 191.3

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	6 Months Ended
	Sep. 30, 2018
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment, including depreciable lives, consisted of the following: September 30, 2018 March 31, 2018 Land $ 21.3 $ 22.6 Buildings and improvements (10-40 years) 289.3 295.6 Machinery and equipment (3-12 years) 829.0 840.8 Office equipment (3-10 years) 90.9 93.0 Construction in progress 55.9 50.2 1,286.4 1,302.2 Less: accumulated depreciation (800.7 ) (797.9 ) Net property, plant and equipment $ 485.7 $ 504.3

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Sep. 30, 2018
Goodwill and Intangible Assets [Abstract]
Changes in the Carrying Amount of Goodwill	Changes in the carrying amount of goodwill were as follows: VTS Building HVAC CIS Total Goodwill, March 31, 2018 $ 0.5 $ 15.0 $ 158.3 $ 173.8 Effect of exchange rate changes - (0.9 ) (3.2 ) (4.1 ) Goodwill, September 30, 2018 $ 0.5 $ 14.1 $ 155.1 $ 169.7
Intangible Assets	Intangible assets consisted of the following: September 30, 2018 March 31, 2018 Gross Carrying Value Accumulated Amortization Net Intangible Assets Gross Carrying Value Accumulated Amortization Net Intangible Assets Customer relationships $ 62.4 $ (7.4 ) $ 55.0 $ 64.2 $ (5.7 ) $ 58.5 Trade names 59.3 (11.9 ) 47.4 60.6 (10.8 ) 49.8 Acquired technology 24.3 (4.5 ) 19.8 25.2 (3.6 ) 21.6 Total intangible assets $ 146.0 $ (23.8 ) $ 122.2 $ 150.0 $ (20.1 ) $ 129.9

Product Warranties (Tables)

Product Warranties (Tables)	6 Months Ended
	Sep. 30, 2018
Product Warranties [Abstract]
Changes in Accrued Warranty Costs	Changes in accrued warranty costs were as follows: Three months ended September 30, 2018 2017 Beginning balance $ 8.7 $ 10.1 Warranties recorded at time of sale 1.3 1.4 Adjustments to pre-existing warranties 0.2 0.3 Settlements (1.8 ) (1.5 ) Adjustments due to acquisition (a) - (1.0 ) Effect of exchange rate changes (0.1 ) 0.1 Ending balance $ 8.3 $ 9.4 Six months ended September 30, 2018 2017 Beginning balance $ 9.3 $ 10.0 Warranties recorded at time of sale 2.7 2.7 Adjustments to pre-existing warranties (0.2 ) (0.2 ) Settlements (3.1 ) (2.5 ) Adjustments due to acquisition (a) - (1.0 ) Effect of exchange rate changes (0.4 ) 0.4 Ending balance $ 8.3 $ 9.4 (a) During the second quarter of fiscal 2018, the Company decreased its liability for product warranties by $1.0 million as a result of measurement period adjustments made in connection with purchase accounting for the acquisition of the Luvata Heat Transfer Solutions business.

Indebtedness (Tables)

Indebtedness (Tables)	6 Months Ended
	Sep. 30, 2018
Indebtedness [Abstract]
Long-Term Indebtedness	Long-term debt consisted of the following: Fiscal year of maturity September 30, 2018 March 31, 2018 Term loans 2022 $ 251.1 $ 267.8 6.8% Senior Notes 2021 93.0 101.0 5.8% Senior Notes 2027 50.0 50.0 Other (a) 2034 17.7 12.8 411.8 431.6 Less: current portion (43.1 ) (39.9 ) Less: unamortized debt issuance costs (4.7 ) (5.4 ) Total long-term debt $ 364.0 $ 386.3 (a) Other long-term debt includes borrowings by foreign subsidiaries, capital lease obligations and other financing-type obligations.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Sep. 30, 2018
Accumulated Other Comprehensive Loss [Abstract]
Changes in Accumulated Other Comprehensive Loss	Changes in accumulated other comprehensive loss were as follows: Three months ended September 30, 2018 Six months ended September 30, 2018 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (30.2 ) $ (133.9 ) $ 0.5 $ (163.6 ) $ (5.5 ) $ (134.9 ) $ 0.1 $ (140.3 ) Other comprehensive loss before reclassifications (6.1 ) - (0.7 ) (6.8 ) (30.8 ) - (0.2 ) (31.0 ) Reclassifications: Amortization of unrecognized net loss (a) - 1.3 - 1.3 - 2.6 - 2.6 Foreign currency translation losses (b) 0.8 - - 0.8 0.8 - - 0.8 Income taxes - (0.3 ) 0.2 (0.1 ) - (0.6 ) 0.1 (0.5 ) Total other comprehensive income (loss) (5.3 ) 1.0 (0.5 ) (4.8 ) (30.0 ) 2.0 (0.1 ) (28.1 ) Ending balance $ (35.5 ) $ (132.9 ) $ - $ (168.4 ) $ (35.5 ) $ (132.9 ) $ - $ (168.4 ) Three months ended September 30, 2017 Six months ended September 30, 2017 Foreign Currency Translation Defined Benefit Plans Total Foreign Currency Translation Defined Benefit Plans Total Beginning balance $ (30.3 ) $ (134.2 ) $ (164.5 ) $ (46.8 ) $ (135.0 ) $ (181.8 ) Other comprehensive income before reclassifications 11.3 - 11.3 27.8 - 27.8 Reclassifications for amortization of unrecognized net loss (a) - 1.3 1.3 - 2.6 2.6 Income taxes - (0.4 ) (0.4 ) - (0.9 ) (0.9 ) Total other comprehensive income 11.3 0.9 12.2 27.8 1.7 29.5 Ending balance $ (19.0 ) $ (133.3 ) $ (152.3 ) $ (19.0 ) $ (133.3 ) $ (152.3 ) (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. (b) As a result of the sale of a business in South Africa during the second quarter of fiscal 2019, the Company wrote-off $0.8 million of accumulated foreign currency translation losses. See Note 1 for additional information about this transaction.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Sep. 30, 2018
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 September 30, 2018 2017 External Sales Inter-segment Sales Total External Sales Inter-segment Sales Total Net sales: Vehicular Thermal Solutions $ 321.5 $ 14.1 $ 335.6 $ 296.4 $ 14.2 $ 310.6 Commercial and Industrial Solutions 177.4 0.8 178.2 163.6 0.2 163.8 Building HVAC Systems 50.0 0.7 50.7 48.3 0.5 48.8 Segment total 548.9 15.6 564.5 508.3 14.9 523.2 Corporate and eliminations - (15.6 ) (15.6 ) - (14.9 ) (14.9 ) Net sales $ 548.9 $ - $ 548.9 $ 508.3 $ - $ 508.3 Six months ended September 30, 2018 2017 External Sales Inter-segment Sales Total External Sales Inter-segment Sales Total Net sales: Vehicular Thermal Solutions $ 659.8 $ 28.6 $ 688.4 $ 597.8 $ 28.1 $ 625.9 Commercial and Industrial Solutions 360.9 1.2 362.1 334.7 0.5 335.2 Building HVAC Systems 94.3 1.4 95.7 91.3 0.5 91.8 Segment total 1,115.0 31.2 1,146.2 1,023.8 29.1 1,052.9 Corporate and eliminations - (31.2 ) (31.2 ) - (29.1 ) (29.1 ) Net sales $ 1,115.0 $ - $ 1,115.0 $ 1,023.8 $ - $ 1,023.8 Three months ended September 30, Six months ended September 30, 2018 2017 2018 2017 $'s % of sales $'s % of sales $'s % of sales $'s % of sales Gross profit: Vehicular Thermal Solutions $ 44.6 13.3 % $ 47.1 15.2 % $ 98.6 14.3 % $ 97.9 15.6 % Commercial and Industrial Solutions 28.3 15.9 % 24.0 14.7 % 56.9 15.7 % 50.7 15.1 % Building HVAC Systems 15.0 29.5 % 14.9 30.5 % 26.6 27.8 % 26.0 28.3 % Segment total 87.9 15.6 % 86.0 16.4 % 182.1 15.9 % 174.6 16.6 % Corporate and eliminations - - 0.1 - 0.1 - - - Gross profit $ 87.9 16.0 % $ 86.1 17.0 % $ 182.2 16.3 % $ 174.6 17.1 % Three months ended September 30, Six months ended September 30, 2018 2017 2018 2017 Operating income: Vehicular Thermal Solutions $ 14.1 $ 18.9 $ 39.6 $ 41.1 Commercial and Industrial Solutions 12.9 9.0 26.1 20.4 Building HVAC Systems 4.8 6.3 8.0 9.4 Segment total 31.8 34.2 73.7 70.9 Corporate and eliminations (9.0 ) (10.7 ) (16.1 ) (19.8 ) Operating income $ 22.8 $ 23.5 $ 57.6 $ 51.1 September 30, 2018 March 31, 2018 Total assets: Vehicular Thermal Solutions $ 734.5 $ 754.8 Commercial and Industrial Solutions 635.5 630.2 Building HVAC Systems 90.2 88.1 Corporate and eliminations 95.9 100.3 Total assets $ 1,556.1 $ 1,573.4

General (Details)

General (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Mar. 31, 2018
Sale of AIAC Air Conditioning South Africa (Pty) Ltd [Abstract]
Loss on sale of assets	$ (1.7)	$ 0	$ (1.7)	$ 0
ASSETS [Abstract]
Inventories	210.6		210.6		$ 191.3
Other current assets	68.4		68.4		70.1
Deferred income taxes	99.7		99.7		96.9
LIABILITIES AND SHAREHOLDERS' EQUITY [Abstract]
Deferred income taxes	8.7		8.7		9.9
Retained earnings	447.8		447.8		394.9
New Accounting Guidance [Member]
ASSETS [Abstract]
Inventories					189.3
Other current assets					64.8
Deferred income taxes					96.7
LIABILITIES AND SHAREHOLDERS' EQUITY [Abstract]
Deferred income taxes					10
Retained earnings					387.3
AIAC Air Conditioning South Africa (Pty) Ltd [Member]
Sale of AIAC Air Conditioning South Africa (Pty) Ltd [Abstract]
Selling price	0.5		$ 0.5
Loss on sale of assets	(1.7)
Loss on write-off of accumulated foreign currency translation	(0.8)
AIAC Air Conditioning South Africa (Pty) Ltd [Member] | Maximum [Member]
Sale of AIAC Air Conditioning South Africa (Pty) Ltd [Abstract]
Annual net sales attributable to disposed business	$ 2
ASU 2014-09 [Member] | New Accounting Guidance [Member]
ASSETS [Abstract]
Inventories					(2)
Other current assets					3
Deferred income taxes					(0.2)
LIABILITIES AND SHAREHOLDERS' EQUITY [Abstract]
Deferred income taxes					0.1
Retained earnings					0.7
ASU 2016-16 [Member] | New Accounting Guidance [Member]
ASSETS [Abstract]
Inventories					0
Other current assets					(8.3)
Deferred income taxes					0
LIABILITIES AND SHAREHOLDERS' EQUITY [Abstract]
Deferred income taxes					0
Retained earnings					$ (8.3)

Revenue Recognition, Disaggrega

Revenue Recognition, Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Mar. 31, 2018
Disaggregation of Revenue [Abstract]
Net sales	$ 548.9	$ 508.3	$ 1,115	$ 1,023.8
Contract with Customer, Asset and Liability [Abstract]
Contract assets	20.5		20.5		$ 13.5
Contract liabilities	4.6		4.6		$ 6.8
Increase in contract assets			7
Contract assets recorded for revenue recognized over time	2.6		2.6
Decrease in contract liabilities			(2.2)
VTS [Member]
Disaggregation of Revenue [Abstract]
Net sales	335.6	310.6	688.4	625.9
VTS [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	322.5		665.3
VTS [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	13.1		23.1
VTS [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	159.2		310.1
VTS [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	127.3		275.7
VTS [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	49.1		102.6
VTS [Member] | Automotive [Member]
Disaggregation of Revenue [Abstract]
Net sales	136.4		281.5
VTS [Member] | Commercial Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	95.8		195.5
VTS [Member] | Off-Highway [Member]
Disaggregation of Revenue [Abstract]
Net sales	76.9		160.7
VTS [Member] | Commercial HVAC [Member]
Disaggregation of Revenue [Abstract]
Net sales	0		0
VTS [Member] | Commercial Refrigeration [Member]
Disaggregation of Revenue [Abstract]
Net sales	0		0
VTS [Member] | Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	0		0
VTS [Member] | Industrial Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	0		0
VTS [Member] | Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	26.5		50.7
CIS [Member]
Disaggregation of Revenue [Abstract]
Net sales	178.2	163.8	362.1	335.2
CIS [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	142.7		296.3
CIS [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	35.5		65.8
CIS [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	103.2		208
CIS [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	62		127.2
CIS [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	13		26.9
CIS [Member] | Automotive [Member]
Disaggregation of Revenue [Abstract]
Net sales	0		0
CIS [Member] | Commercial Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	0		0
CIS [Member] | Off-Highway [Member]
Disaggregation of Revenue [Abstract]
Net sales	0		0
CIS [Member] | Commercial HVAC [Member]
Disaggregation of Revenue [Abstract]
Net sales	80.7		165.2
CIS [Member] | Commercial Refrigeration [Member]
Disaggregation of Revenue [Abstract]
Net sales	46.9		97.7
CIS [Member] | Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	36		70.1
CIS [Member] | Industrial Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	13.1		24.6
CIS [Member] | Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	1.5		4.5
BHVAC [Member]
Disaggregation of Revenue [Abstract]
Net sales	50.7	48.8	95.7	91.8
BHVAC [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	50.7		95.7
BHVAC [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	0		0
BHVAC [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	31.8		57.1
BHVAC [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	18.9		38.6
BHVAC [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	0		0
BHVAC [Member] | Automotive [Member]
Disaggregation of Revenue [Abstract]
Net sales	0		0
BHVAC [Member] | Commercial Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	0		0
BHVAC [Member] | Off-Highway [Member]
Disaggregation of Revenue [Abstract]
Net sales	0		0
BHVAC [Member] | Commercial HVAC [Member]
Disaggregation of Revenue [Abstract]
Net sales	42.3		77.4
BHVAC [Member] | Commercial Refrigeration [Member]
Disaggregation of Revenue [Abstract]
Net sales	0		0
BHVAC [Member] | Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	8.4		18.3
BHVAC [Member] | Industrial Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	0		0
BHVAC [Member] | Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	0		0
Total Segments [Member]
Disaggregation of Revenue [Abstract]
Net sales	564.5	$ 523.2	1,146.2	$ 1,052.9
Total Segments [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	515.9		1,057.3
Total Segments [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	48.6		88.9
Total Segments [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	294.2		575.2
Total Segments [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	208.2		441.5
Total Segments [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	62.1		129.5
Total Segments [Member] | Automotive [Member]
Disaggregation of Revenue [Abstract]
Net sales	136.4		281.5
Total Segments [Member] | Commercial Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	95.8		195.5
Total Segments [Member] | Off-Highway [Member]
Disaggregation of Revenue [Abstract]
Net sales	76.9		160.7
Total Segments [Member] | Commercial HVAC [Member]
Disaggregation of Revenue [Abstract]
Net sales	123		242.6
Total Segments [Member] | Commercial Refrigeration [Member]
Disaggregation of Revenue [Abstract]
Net sales	46.9		97.7
Total Segments [Member] | Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	44.4		88.4
Total Segments [Member] | Industrial Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	13.1		24.6
Total Segments [Member] | Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	$ 28		$ 55.2

Revenue Recognition, Impacts of

Revenue Recognition, Impacts of Adopting New Accounting Guidance (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Mar. 31, 2018
Consolidated Statement of Operations [Abstract]
Net sales	$ 548.9	$ 508.3	$ 1,115	$ 1,023.8
Net earnings attributable to Modine	$ 38.5	$ 15.9	$ 60.5	$ 32.9
Net earnings per share attributable to Modine shareholders [Abstract]
Basic (in dollars per share)	$ 0.76	$ 0.32	$ 1.19	$ 0.66
Diluted (in dollars per share)	$ 0.75	$ 0.31	$ 1.18	$ 0.65
ASSETS [Abstract]
Inventories	$ 210.6		$ 210.6		$ 191.3
Other current assets	68.4		68.4		70.1
Deferred income taxes	99.7		99.7		96.9
LIABILITIES AND SHAREHOLDERS' EQUITY [Abstract]
Deferred income taxes	8.7		8.7		9.9
Retained earnings	447.8		447.8		$ 394.9
Impact of New Accounting Guidance [Member] | ASU 2014-09 [Member]
Consolidated Statement of Operations [Abstract]
Net sales	1.6		0.4
Net earnings attributable to Modine	$ 0.3		$ 0.1
Net earnings per share attributable to Modine shareholders [Abstract]
Basic (in dollars per share)	$ 0		$ 0
Diluted (in dollars per share)	$ 0		$ 0
ASSETS [Abstract]
Inventories	$ 1.6		$ 1.6
Other current assets	(2.6)		(2.6)
Deferred income taxes	0.1		0.1
LIABILITIES AND SHAREHOLDERS' EQUITY [Abstract]
Deferred income taxes	(0.2)		(0.2)
Retained earnings	(0.7)		(0.7)
Results Without Impact of New Accounting Guidance [Member] | ASU 2014-09 [Member]
Consolidated Statement of Operations [Abstract]
Net sales	550.5		1,115.4
Net earnings attributable to Modine	$ 38.8		$ 60.6
Net earnings per share attributable to Modine shareholders [Abstract]
Basic (in dollars per share)	$ 0.76		$ 1.19
Diluted (in dollars per share)	$ 0.75		$ 1.18
ASSETS [Abstract]
Inventories	$ 212.2		$ 212.2
Other current assets	65.8		65.8
Deferred income taxes	99.8		99.8
LIABILITIES AND SHAREHOLDERS' EQUITY [Abstract]
Deferred income taxes	8.5		8.5
Retained earnings	$ 447.1		$ 447.1

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 30, 2018	Mar. 31, 2018
Fair Value Measurements [Abstract]
Trading securities	$ 5.9	$ 5.8
Deferred compensation obligations	$ 5.9	$ 5.8

Pensions (Details)

Pensions (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Components of net periodic benefit cost [Abstract]
Net periodic benefit cost	[1]	$ 0.7	$ 0.8	$ 1.4	$ 1.6
Pension [Member]
Components of net periodic benefit cost [Abstract]
Service cost		0.1	0.2	0.2	0.3
Interest cost		2.4	2.4	4.8	4.9
Expected return on plan assets		(3.1)	(3)	(6.1)	(6)
Amortization of unrecognized net loss		1.4	1.4	2.8	2.8
Net periodic benefit cost		$ 0.8	$ 1	1.7	2
Pension [Member] | United States [Member]
Defined benefit plan, plan assets [Abstract]
Employer contributions				$ 3.7	$ 4.5
[1]	Represents net periodic benefit cost, exclusive of service cost, for the Company's pension and postretirement plans.

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Stock-Based Compensation [Abstract]
Stock-based compensation cost	$ 3.2	$ 3.1	$ 5.2	$ 5.4
Unrecognized compensation cost and recognition period [Abstract]
Unrecognized compensation expense	16.6		$ 16.6
Weighted-average remaining service period			2 years 7 months 6 days
Stock Options [Member]
Type and fair value of stock-based compensation awards granted [Abstract]
Options granted (in shares)			0.2	0.2
Fair value of options granted (in dollars per share)			$ 7.81	$ 7.30
Assumptions used in determining fair value of options [Abstract]
Expected life of awards			6 years 3 months 18 days	6 years 4 months 24 days
Risk-free interest rate			2.80%	1.90%
Expected volatility of the Company's stock			39.70%	44.30%
Expected dividend yield on the Company's stock			0.00%	0.00%
Unrecognized compensation cost and recognition period [Abstract]
Unrecognized compensation expense	3.3		$ 3.3
Weighted-average remaining service period			2 years 10 months 24 days
Restricted Stock Awards [Member]
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)			$ 17.90	$ 15.90
Unrecognized compensation cost and recognition period [Abstract]
Unrecognized compensation expense	7.5		$ 7.5
Weighted-average remaining service period			2 years 10 months 24 days
Performance Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]
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)			$ 17.90	$ 15.90
Unrecognized compensation cost and recognition period [Abstract]
Unrecognized compensation expense	$ 5.8		$ 5.8
Weighted-average remaining service period			1 year 10 months 24 days
Unrestricted Stock Awards [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)			$ 17.60	$ 16.95

Restructuring Activities (Detai

Restructuring Activities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Restructuring and repositioning expenses [Abstract]
Employee severance and related benefits	$ 0	$ 0.1	$ 0.1	$ 0.6
Other restructuring and repositioning expenses	0	0.3	0.1	1.5
Total	0	0.4	0.2	2.1
Changes in accrued severance [Roll Forward]
Beginning balance	4.8	4	11	6.5
Additions	0	0.1	0.1	0.6
Payments	(1.4)	(1.2)	(7.2)	(4.5)
Effect of exchange rate changes	0	0.1	(0.5)	0.4
Ending balance	$ 3.4	$ 3	$ 3.4	$ 3

Other Income and Expense (Detai

Other Income and Expense (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Other Income and Expense [Abstract]
Equity in earnings (losses) of non-consolidated affiliate		$ 0.2	$ (0.1)	$ 0.4	$ (0.1)
Interest income		0.1	0.1	0.3	0.2
Foreign currency transactions	[1]	(0.1)	(0.3)	(0.9)	(0.5)
Net periodic benefit cost	[2]	(0.7)	(0.8)	(1.4)	(1.6)
Total other expense - net		$ (0.5)	$ (1.1)	$ (1.6)	$ (2)
[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.
[2]	Represents net periodic benefit cost, exclusive of service cost, for the Company's pension and postretirement plans.

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2017
Income Taxes [Abstract]
Effective income tax rate	(144.90%)		(3.20%)	(41.30%)		6.10%
Tax Credit Carryforward [Line Items]
Tax benefit from foreign development tax credit	$ (13.6)
Foreign Tax Reforms [Member]
Net of valuation allowance, classification [Abstract]
Valuation allowance - deferred tax assets	35.1			$ 35.1
Changes in deferred tax asset valuation allowances	1	$ (2)
Domestic Tax Jurisdiction [Member]
Net of valuation allowance, classification [Abstract]
Valuation allowance - deferred tax assets	6.9			$ 6.9
Research Tax Credit Carryforward [Member]
Tax Credit Carryforward [Line Items]
Tax benefit from foreign development tax credit			$ (2.2)			$ (5.7)
U.S Tax Reforms [Member]
Effective income tax rate reconciliation [Abstract]
Provisional discrete tax charges	(10.8)				$ 38
Deferred tax assets - change in amount	(9.4)				(19)
Transition tax charge	(3.1)				$ 19
Domestic Tax Jurisdiction [Member]
Effective income tax rate reconciliation [Abstract]
Provisional discrete tax charges	1.7
Transition tax charge	$ 15.9

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Components of basic and diluted earnings per share [Abstract]
Net earnings attributable to Modine	$ 38.5	$ 15.9	$ 60.5	$ 32.9
Less: Undistributed earnings attributable to unvested shares	(0.1)	(0.1)	(0.2)	(0.3)
Net earnings available to Modine shareholders	$ 38.4	$ 15.8	$ 60.3	$ 32.6
Weighted-average shares outstanding - basic (in shares)	50.5	49.8	50.4	49.6
Effect of dilutive securities (in shares)	0.9	0.9	0.9	0.8
Weighted-average shares outstanding - diluted (in shares)	51.4	50.7	51.3	50.4
Earnings per share [Abstract]
Net earnings per share - basic (in dollars per share)	$ 0.76	$ 0.32	$ 1.19	$ 0.66
Net earnings per share - diluted (in dollars per share)	$ 0.75	$ 0.31	$ 1.18	$ 0.65
Stock Options [Member]
Antidilutive securities excluded from computation of earning per share [Abstract]
Antidilutive securities excluded from computation of earning per share (in shares)	0.4	0.3	0.4	0.3

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Mar. 31, 2017
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash and cash equivalents	$ 35.8	$ 39.3
Restricted cash	0.8	1
Cash, Cash Equivalents and Restricted Cash	$ 36.6	$ 40.3	$ 52.8	$ 34.8

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2018	Mar. 31, 2018
Inventories [Abstract]
Raw materials	$ 128.1	$ 114.4
Work in process	36.6	34.8
Finished goods	45.9	42.1
Total inventories	$ 210.6	$ 191.3

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2018	Mar. 31, 2018
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	$ 1,286.4	$ 1,302.2
Less: accumulated depreciation	(800.7)	(797.9)
Net property, plant and equipment	485.7	504.3
Land [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	21.3	22.6
Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	$ 289.3	$ 295.6
Buildings and Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, depreciable lives	10 years	10 years
Buildings and Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, depreciable lives	40 years	40 years
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	$ 829	$ 840.8
Machinery and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, depreciable lives	3 years	3 years
Machinery and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, depreciable lives	12 years	12 years
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	$ 90.9	$ 93
Office Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, depreciable lives	3 years	3 years
Office Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, depreciable lives	10 years	10 years
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	$ 55.9	$ 50.2

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Mar. 31, 2018
Goodwill [Roll Forward]
Goodwill, beginning balance			$ 173.8
Effect of exchange rate changes			(4.1)
Goodwill, ending balance	$ 169.7		169.7
Amortized intangible assets [Abstract]
Gross carrying value	146		146		$ 150
Accumulated amortization	(23.8)		(23.8)		(20.1)
Net intangible assets	122.2		122.2		129.9
Amortization expense	2.3	$ 2.4	4.6	$ 4.8
Estimated future amortization expense [Abstract]
Remainder of fiscal 2019	4.5		4.5
2,020	9		9
2,021	8		8
2,022	8		8
2,023	8		8
2,024	8		8
VTS [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance			0.5
Effect of exchange rate changes			0
Goodwill, ending balance	0.5		0.5
BHVAC [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance			15
Effect of exchange rate changes			(0.9)
Goodwill, ending balance	14.1		14.1
CIS [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance			158.3
Effect of exchange rate changes			(3.2)
Goodwill, ending balance	155.1		155.1
Customer Relationships [Member]
Amortized intangible assets [Abstract]
Gross carrying value	62.4		62.4		64.2
Accumulated amortization	(7.4)		(7.4)		(5.7)
Net intangible assets	55		55		58.5
Trade Names [Member]
Amortized intangible assets [Abstract]
Gross carrying value	59.3		59.3		60.6
Accumulated amortization	(11.9)		(11.9)		(10.8)
Net intangible assets	47.4		47.4		49.8
Acquired Technology [Member]
Amortized intangible assets [Abstract]
Gross carrying value	24.3		24.3		25.2
Accumulated amortization	(4.5)		(4.5)		(3.6)
Net intangible assets	$ 19.8		$ 19.8		$ 21.6

Product Warranties (Details)

Product Warranties (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Sep. 30, 2018		Sep. 30, 2017	Sep. 30, 2018		Sep. 30, 2017
Changes in accrued warranty costs [Roll Forward]
Beginning balance	$ 8.7		$ 10.1	$ 9.3		$ 10
Warranties recorded at time of sale	1.3		1.4	2.7		2.7
Adjustments to pre-existing warranties	0.2		0.3	(0.2)		(0.2)
Settlements	(1.8)		(1.5)	(3.1)		(2.5)
Adjustments due to acquisition	0	[1]	(1)	0	[1]	(1)
Effect of exchange rate changes	(0.1)		0.1	(0.4)		0.4
Ending balance	8.3		$ 9.4	$ 8.3		$ 9.4
Decreased in liability for product warranties	$ (1)
[1]	During the second quarter of fiscal 2018, the Company decreased its liability for product warranties by $1.0 million as a result of measurement period adjustments made in connection with purchase accounting for the acquisition of the Luvata Heat Transfer Solutions business

Indebtedness (Details)

Indebtedness (Details) - USD ($) $ in Millions		6 Months Ended
		Sep. 30, 2018	Mar. 31, 2018
Long-term Debt and Capital Lease Obligations [Abstract]
Total debt		$ 411.8	$ 431.6
Less: current portion		(43.1)	(39.9)
Less: unamortized debt issuance costs		(4.7)	(5.4)
Total long-term debt		364	386.3
Credit Facility [Abstract]
Short-term debt		72.8	53.2
Available for future borrowings		127.1
Long-term debt, fair value		145	153.1
Domestic Revolving Credit Facility [Member]
Credit Facility [Abstract]
Letters of credit outstanding		4.3
Available for future borrowings		125.9
Foreign Credit Agreements [Member]
Credit Facility [Abstract]
Short-term debt		28	31.9
Available for future borrowings		1.2
Term Loans [Member]
Long-term Debt and Capital Lease Obligations [Abstract]
Total debt		$ 251.1	267.8
Fiscal year of maturity		Mar. 31, 2022
Multi Currency Revolving Credit Facility [Member]
Credit Facility [Abstract]
Short-term debt		$ 44.8	21.3
Maximum borrowing capacity		$ 175
Expiration date		Nov. 30, 2021
6.8% Senior Notes [Member]
Long-term Debt and Capital Lease Obligations [Abstract]
Total debt		$ 93	101
Interest rate percentage		6.80%
Fiscal year of maturity		Mar. 31, 2021
5.8% Senior Notes [Member]
Long-term Debt and Capital Lease Obligations [Abstract]
Total debt		$ 50	50
Interest rate percentage		5.80%
Fiscal year of maturity		Mar. 31, 2027
Other [Member]
Long-term Debt and Capital Lease Obligations [Abstract]
Total debt	[1]	$ 17.7	$ 12.8
Fiscal year of maturity	[1]	Mar. 31, 2034
[1]	Other long-term debt includes borrowings by foreign subsidiaries, capital lease obligations and other financing-type obligations.

Contingencies and Litigation (D

Contingencies and Litigation (Details) - USD ($) $ in Millions	Sep. 30, 2018	Mar. 31, 2018
Environmental loss contingencies [Abstract]
Reserves for environmental matters	$ 18.7	$ 16.7

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Other comprehensive income (Loss) [Abstract]
Beginning balance				$ 490.1
Other comprehensive income (loss) before reclassifications		$ (6.8)	$ 11.3	(31)	$ 27.8
Reclassifications for amortization of unrecognized net loss	[1]	1.3	1.3	2.6	2.6
Reclassifications for foreign currency translation losses	[2]	0.8		0.8
Income taxes		(0.1)	(0.4)	(0.5)	(0.9)
Total other comprehensive income (loss)		(4.8)	12.2	(28.1)	29.5
Ending balance		516.6		516.6
AIAC Air Conditioning South Africa Pty Ltd Member [Member]
Other comprehensive income (Loss) [Abstract]
Loss on write-off of accumulated foreign currency translation		(0.8)
Accumulated Other Comprehensive Loss [Member]
Other comprehensive income (Loss) [Abstract]
Beginning balance		(163.6)	(164.5)	(140.3)	(181.8)
Ending balance		(168.4)	(152.3)	(168.4)	(152.3)
Foreign Currency Translation [Member]
Other comprehensive income (Loss) [Abstract]
Beginning balance		(30.2)	(30.3)	(5.5)	(46.8)
Other comprehensive income (loss) before reclassifications		(6.1)	11.3	(30.8)	27.8
Reclassifications for amortization of unrecognized net loss	[1]	0	0	0	0
Reclassifications for foreign currency translation losses	[2]	0.8		0.8
Income taxes		0	0	0	0
Total other comprehensive income (loss)		(5.3)	11.3	(30)	27.8
Ending balance		(35.5)	(19)	(35.5)	(19)
Defined Benefit Plans [Member]
Other comprehensive income (Loss) [Abstract]
Beginning balance		(133.9)	(134.2)	(134.9)	(135)
Other comprehensive income (loss) before reclassifications		0	0	0	0
Reclassifications for amortization of unrecognized net loss	[1]	1.3	1.3	2.6	2.6
Reclassifications for foreign currency translation losses	[2]	0		0
Income taxes		(0.3)	(0.4)	(0.6)	(0.9)
Total other comprehensive income (loss)		1	0.9	2	1.7
Ending balance		(132.9)	$ (133.3)	(132.9)	$ (133.3)
Cash Flow Hedges [Member]
Other comprehensive income (Loss) [Abstract]
Beginning balance		0.5		0.1
Other comprehensive income (loss) before reclassifications		(0.7)		(0.2)
Reclassifications for amortization of unrecognized net loss	[1]	0		0
Reclassifications for foreign currency translation losses	[2]	0		0
Income taxes		0.2		0.1
Total other comprehensive income (loss)		(0.5)		(0.1)
Ending balance		$ 0		$ 0
[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.
[2]	As a result of the sale of a business in South Africa during the second quarter of fiscal 2019, the Company wrote-off $0.8 million of accumulated foreign currency translation losses. See Note 1 for additional information about this transaction.

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Mar. 31, 2018
Segment Reporting Information [Abstract]
Net sales	$ 548.9	$ 508.3	$ 1,115	$ 1,023.8
Gross profit	$ 87.9	$ 86.1	$ 182.2	$ 174.6
Gross profit (% of sales)	16.00%	17.00%	16.30%	17.10%
Operating income	$ 22.8	$ 23.5	$ 57.6	$ 51.1
Total assets	1,556.1		1,556.1		$ 1,573.4
Vehicular Thermal Solutions [Member]
Segment Reporting Information [Abstract]
Net sales	335.6	310.6	688.4	625.9
Commercial and Industrial Solutions [Member]
Segment Reporting Information [Abstract]
Net sales	178.2	163.8	362.1	335.2
Building HVAC Systems [Member]
Segment Reporting Information [Abstract]
Net sales	50.7	48.8	95.7	91.8
Total Segments [Member]
Segment Reporting Information [Abstract]
Net sales	564.5	523.2	1,146.2	1,052.9
Operating Segments [Member]
Segment Reporting Information [Abstract]
Net sales	548.9	508.3	1,115	1,023.8
Gross profit	$ 87.9	$ 86	$ 182.1	$ 174.6
Gross profit (% of sales)	15.60%	16.40%	15.90%	16.60%
Operating income	$ 31.8	$ 34.2	$ 73.7	$ 70.9
Operating Segments [Member] | Vehicular Thermal Solutions [Member]
Segment Reporting Information [Abstract]
Net sales	321.5	296.4	659.8	597.8
Gross profit	$ 44.6	$ 47.1	$ 98.6	$ 97.9
Gross profit (% of sales)	13.30%	15.20%	14.30%	15.60%
Operating income	$ 14.1	$ 18.9	$ 39.6	$ 41.1
Total assets	734.5		734.5		754.8
Operating Segments [Member] | Commercial and Industrial Solutions [Member]
Segment Reporting Information [Abstract]
Net sales	177.4	163.6	360.9	334.7
Gross profit	$ 28.3	$ 24	$ 56.9	$ 50.7
Gross profit (% of sales)	15.90%	14.70%	15.70%	15.10%
Operating income	$ 12.9	$ 9	$ 26.1	$ 20.4
Total assets	635.5		635.5		630.2
Operating Segments [Member] | Building HVAC Systems [Member]
Segment Reporting Information [Abstract]
Net sales	50	48.3	94.3	91.3
Gross profit	$ 15	$ 14.9	$ 26.6	$ 26
Gross profit (% of sales)	29.50%	30.50%	27.80%	28.30%
Operating income	$ 4.8	$ 6.3	$ 8	$ 9.4
Total assets	90.2		90.2		88.1
Corporate and Eliminations [Member]
Segment Reporting Information [Abstract]
Net sales	(15.6)	(14.9)	(31.2)	(29.1)
Gross profit	$ 0	$ 0.1	$ 0.1	$ 0
Gross profit (% of sales)	0.00%	0.00%	0.00%	0.00%
Operating income	$ (9)	$ (10.7)	$ (16.1)	$ (19.8)
Total assets	95.9		95.9		$ 100.3
Inter-segment Sales [Member]
Segment Reporting Information [Abstract]
Net sales	15.6	14.9	31.2	29.1
Inter-segment Sales [Member] | Vehicular Thermal Solutions [Member]
Segment Reporting Information [Abstract]
Net sales	14.1	14.2	28.6	28.1
Inter-segment Sales [Member] | Commercial and Industrial Solutions [Member]
Segment Reporting Information [Abstract]
Net sales	0.8	0.2	1.2	0.5
Inter-segment Sales [Member] | Building HVAC Systems [Member]
Segment Reporting Information [Abstract]
Net sales	$ 0.7	$ 0.5	$ 1.4	$ 0.5