Modine Manufacturing (MOD) 10-Q 1 Feb 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2018	Jan. 25, 2019
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		50,628,421
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2018

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) [Abstract]
Net sales	$ 541	$ 512.7	$ 1,656	$ 1,536.5
Cost of sales	449.3	427.3	1,382.1	1,276.5
Gross profit	91.7	85.4	273.9	260
Selling, general and administrative expenses	57.2	60.8	179.9	182.2
Restructuring expenses	0.5	9.4	0.7	11.5
Impairment charges	0.4	1.3	0.4	1.3
Loss on sale of assets	0	0	1.7	0
Operating income	33.6	13.9	91.2	65
Interest expense	(6.2)	(6.3)	(18.9)	(19.5)
Other expense - net	(0.5)	(0.3)	(2.1)	(2.3)
Earnings before income taxes	26.9	7.3	70.2	43.2
(Provision) benefit for income taxes	(8.6)	(35.2)	9.3	(37.4)
Net earnings (loss)	18.3	(27.9)	79.5	5.8
Net earnings attributable to noncontrolling interest	(0.3)	(0.4)	(1)	(1.2)
Net earnings (loss) attributable to Modine	$ 18	$ (28.3)	$ 78.5	$ 4.6
Net earnings (loss) per share attributable to Modine shareholders:
Basic (in dollars per share)	$ 0.36	$ (0.57)	$ 1.55	$ 0.09
Diluted (in dollars per share)	$ 0.35	$ (0.57)	$ 1.53	$ 0.09
Weighted-average shares outstanding:
Basic (in shares)	50.5	50	50.4	49.8
Diluted (in shares)	51.2	50	51.2	50.6

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract]
Net earnings (loss)	$ 18.3	$ (27.9)	$ 79.5	$ 5.8
Other comprehensive income (loss):
Foreign currency translation	(2.1)	5	(32.6)	32.8
Defined benefit plans, net of income taxes of $0.3, $0.4, $0.9 and $1.3 million	1	0.9	3	2.6
Cash flow hedges, net of income taxes of ($0.2), $0.2, ($0.3) and $0.2 million	(0.9)	0.4	(1)	0.4
Total other comprehensive income (loss)	(2)	6.3	(30.6)	35.8
Comprehensive income (loss)	16.3	(21.6)	48.9	41.6
Comprehensive income attributable to noncontrolling interest	(0.3)	(0.8)	(0.5)	(1.6)
Comprehensive income (loss) attributable to Modine	$ 16	$ (22.4)	$ 48.4	$ 40

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Other comprehensive income (loss):
Defined benefit plans, tax	$ 0.3	$ 0.4	$ 0.9	$ 1.3
Cash flow hedges, tax	$ (0.2)	$ 0.2	$ (0.3)	$ 0.2

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Dec. 31, 2018	Mar. 31, 2018
ASSETS
Cash and cash equivalents	$ 30.7	$ 39.3
Trade accounts receivable - net	301.5	342.4
Inventories	211	191.3
Other current assets	71.7	70.1
Total current assets	614.9	643.1
Property, plant and equipment - net	489.1	504.3
Intangible assets - net	119.5	129.9
Goodwill	169	173.8
Deferred income taxes	96.5	96.9
Other noncurrent assets	23.7	25.4
Total assets	1,512.7	1,573.4
LIABILITIES AND SHAREHOLDERS' EQUITY
Short-term debt	67.5	53.2
Long-term debt - current portion	45.7	39.9
Accounts payable	245.7	277.9
Accrued compensation and employee benefits	73.7	97.3
Other current liabilities	41.9	47.2
Total current liabilities	474.5	515.5
Long-term debt	354.2	386.3
Deferred income taxes	9.1	9.9
Pensions	99.1	109.6
Other noncurrent liabilities	35.1	53.6
Total liabilities	972	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	32.9	32.7
Additional paid-in capital	236.7	229.9
Retained earnings	465.8	394.9
Accumulated other comprehensive loss	(170.4)	(140.3)
Treasury stock, at cost, 2.1 million and 1.8 million shares	(31.4)	(27.1)
Total Modine shareholders' equity	533.6	490.1
Noncontrolling interest	7.1	8.4
Total equity	540.7	498.5
Total liabilities and equity	$ 1,512.7	$ 1,573.4

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares shares in Millions	Dec. 31, 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	1.8

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net earnings	$ 79.5	$ 5.8
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	57.6	56.8
Loss on sale of assets	1.7	0
Impairment charges	0.4	1.3
Stock-based compensation expense	6.8	7.6
Deferred income taxes	(2.9)	10.1
Other - net	2.4	6.6
Changes in operating assets and liabilities:
Trade accounts receivable	23.8	22.3
Inventories	(31.2)	(10.5)
Accounts payable	(11.8)	2.2
Other assets and liabilities	(58.9)	3.8
Net cash provided by operating activities	67.4	106
Cash flows from investing activities:
Expenditures for property, plant and equipment	(58.7)	(55)
Other - net	1	(0.8)
Net cash used for investing activities	(57.7)	(55.8)
Cash flows from financing activities:
Borrowings of debt	189.2	121.5
Repayments of debt	(199.3)	(162.5)
Dividend paid to noncontrolling interest	(1.8)	(0.9)
Other - net	(4.4)	2.7
Net cash used for financing activities	(16.3)	(39.2)
Effect of exchange rate changes on cash	(2.3)	3
Net (decrease) increase in cash, cash equivalents and restricted cash	(8.9)	14
Cash and cash equivalents and restricted cash - beginning of period	40.3	34.8
Cash and cash equivalents and restricted cash - end of period	$ 31.4	$ 48.8

General

General	9 Months Ended
	Dec. 31, 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 nine 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 and requires balance sheet recognition for most leases. This guidance is effective for the Company’s first quarter of fiscal 2020. The Company will apply a modified-retrospective transition method, under which it expects to elect not to adjust comparative periods. Upon adoption of this new guidance, the Company will recognize right-of-use assets and corresponding lease liabilities on its balance sheet. The Company has completed an initial assessment of its lease portfolio and is in the process of collecting data, testing a new lease accounting software solution, and implementing new processes and internal 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	9 Months Ended
	Dec. 31, 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 nine months ended December 31, 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 December 31, 2018 VTS CIS BHVAC Segment Primary end market: Automotive $ 130.4 $ - $ - $ 130.4 Commercial vehicle 92.0 - - 92.0 Off-highway 74.2 - - 74.2 Commercial HVAC - 72.2 53.2 125.4 Commercial refrigeration - 42.4 - 42.4 Data center cooling - 40.2 11.0 51.2 Industrial cooling - 11.8 - 11.8 Other 26.7 0.4 - 27.1 Net sales $ 323.3 $ 167.0 $ 64.2 $ 554.5 Geographic location: Americas $ 150.7 $ 96.0 $ 40.9 $ 287.6 Europe 124.9 59.8 23.3 208.0 Asia 47.7 11.2 - 58.9 Net sales $ 323.3 $ 167.0 $ 64.2 $ 554.5 Timing of revenue recognition: Products transferred at a point in time $ 309.4 $ 128.7 $ 64.2 $ 502.3 Products transferred over time 13.9 38.3 - 52.2 Net sales $ 323.3 $ 167.0 $ 64.2 $ 554.5 Nine months ended December 31, 2018 VTS CIS BHVAC Segment Total Primary end market: Automotive $ 411.9 $ - $ - $ 411.9 Commercial vehicle 287.5 - - 287.5 Off-highway 234.9 - - 234.9 Commercial HVAC - 237.4 130.6 368.0 Commercial refrigeration - 140.1 - 140.1 Data center cooling - 110.3 29.3 139.6 Industrial cooling - 36.4 - 36.4 Other 77.4 4.9 - 82.3 Net sales $ 1,011.7 $ 529.1 $ 159.9 $ 1,700.7 Geographic location: Americas $ 460.8 $ 304.0 $ 98.0 $ 862.8 Europe 400.6 187.0 61.9 649.5 Asia 150.3 38.1 - 188.4 Net sales $ 1,011.7 $ 529.1 $ 159.9 $ 1,700.7 Timing of revenue recognition: Products transferred at a point in time $ 974.7 $ 426.2 $ 159.9 $ 1,560.8 Products transferred over time 37.0 102.9 - 139.9 Net sales $ 1,011.7 $ 529.1 $ 159.9 $ 1,700.7 Contract Balances Contract assets and contract liabilities from contracts with customers were as follows: December 31, 2018 March 31, 2018 Contract assets $ 25.5 $ 13.5 Contract liabilities 5.6 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 $12.0 million increase in contract assets during the first nine months of fiscal 2019 was primarily related to contract assets totaling $8.2 million as of December 31, 2018 for revenue recognized over time, which were recorded as a result of the Company’s adoption of the new revenue recognition accounting guidance, and customer-owned tooling contracts, under which more costs were capitalized than reimbursed. 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 $1.2 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 nine months ended December 31, 2018 and its consolidated balance sheet as of December 31, 2018 were as follows: Three months ended December 31, 2018 As Reported Impact of New Accounting Guidance Results Without Impact of New Accounting Guidance Net sales $ 541.0 $ (5.6 ) $ 535.4 Net earnings attributable to Modine 18.0 (2.1 ) 15.9 Net earnings per share attributable to Modine shareholders: Basic $ 0.36 $ (0.04 ) $ 0.32 Diluted 0.35 (0.04 ) 0.31 Nine months ended December 31, 2018 As Reported Impact of New Accounting Guidance Results Without Impact of New Accounting Guidance Net sales $ 1,656.0 $ (5.2 ) $ 1,650.8 Net earnings attributable to Modine 78.5 (2.0 ) 76.5 Net earnings per share attributable to Modine shareholders: Basic $ 1.55 $ (0.04 ) $ 1.51 Diluted 1.53 (0.04 ) 1.49 December 31, 2018 As Reported Impact of New Accounting Guidance Balances Without Impact of New Accounting Guidance ASSETS Inventories $ 211.0 $ 4.3 $ 215.3 Other current assets 71.7 (8.2 ) 63.5 Deferred income taxes 96.5 0.1 96.6 LIABILITIES AND SHAREHOLDERS’ EQUITY Deferred income taxes $ 9.1 $ (0.9 ) $ 8.2 Retained earnings 465.8 (2.9 ) 462.9

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Dec. 31, 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 $5.5 million and $5.8 million as of December 31, 2018 and March 31, 2018, respectively. The fair value of the Company’s long-term debt is disclosed in Note 15.

Pensions

Pensions	9 Months Ended
	Dec. 31, 2018
Pensions [Abstract]
Pensions	Note 4: Pensions Pension cost included the following components: Three months ended December 31, Nine months ended December 31, 2018 2017 2018 2017 Service cost $ 0.2 $ 0.1 $ 0.4 $ 0.4 Interest cost 2.4 2.5 7.2 7.4 Expected return on plan assets (3.1 ) (2.9 ) (9.2 ) (8.9 ) Amortization of unrecognized net loss 1.4 1.4 4.2 4.2 Curtailment gain (a) - (0.3 ) - (0.3 ) Net periodic benefit cost $ 0.9 $ 0.8 $ 2.6 $ 2.8 (a) During the third quarter of fiscal 2018, the Company recorded a curtailment gain as a result of the closure of a manufacturing facility in Austria (CIS segment). See Note 6 for additional information regarding the closure of this facility. During the nine months ended December 31, 2018 and 2017, the Company contributed $4.6 million and $11.1 million, respectively to its U.S. pension plans.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Dec. 31, 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 $1.6 million and $2.2 million for the three months ended December 31, 2018 and 2017, respectively. The Company recognized stock-based compensation expense of $6.8 million and $7.6 million for the nine months ended December 31, 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 nine months ended December 31, 2018 and 2017 were as follows: Nine months ended December 31, 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: Nine months ended December 31, 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 December 31, 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 $ 2.5 2.7 Restricted stock awards 5.9 2.7 Performance stock awards 4.2 1.7 Total $ 12.6 2.4

Restructuring Activities

Restructuring Activities	9 Months Ended
	Dec. 31, 2018
Restructuring Activities [Abstract]
Restructuring Activities	Note 6: Restructuring Activities Restructuring and repositioning expenses for the first nine months of fiscal 2019 primarily resulted from restructuring activities within the VTS and CIS segments, including targeted headcount reductions. During fiscal 2018, the Company ceased production at its Gailtal, Austria manufacturing facility, primarily to reduce excess capacity and lower manufacturing costs in Europe. As a result of this facility closure, the Company recorded $8.2 million of restructuring expenses and a $1.3 million asset impairment charge during the third quarter of fiscal 2018 within the CIS segment. Fiscal 2018 restructuring activities also included plant consolidation activities, targeted headcount reductions, and certain product line transfers in Europe within the VTS segment. During the third quarter of fiscal 2019, the Company recorded an additional $0.4 million asset impairment charge related to the closed CIS Austrian facility to reduce its carrying value to its current estimated fair value, less costs to sell. Restructuring and repositioning expenses were as follows: Three months ended December 31, Nine months ended December 31, 2018 2017 2018 2017 Employee severance and related benefits $ 0.2 $ 8.6 $ 0.3 $ 9.2 Other restructuring and repositioning expenses 0.3 0.8 0.4 2.3 Total $ 0.5 $ 9.4 $ 0.7 $ 11.5 Other restructuring and repositioning expenses primarily consist of equipment transfers and plant consolidation costs. The Company accrues severance in accordance with its written plans, procedures, and relevant statutory requirements. Changes in accrued severance were as follows: Three months ended December 31, 2018 2017 Beginning balance $ 3.4 $ 3.0 Additions 0.2 8.6 Payments (0.9 ) (0.6 ) Effect of exchange rate changes (0.1 ) 0.2 Ending balance $ 2.6 $ 11.2 Nine months ended December 31, 2018 2017 Beginning balance $ 11.0 $ 6.5 Additions 0.3 9.2 Payments (8.1 ) (5.1 ) Effect of exchange rate changes (0.6 ) 0.6 Ending balance $ 2.6 $ 11.2

Other Income and Expense

Other Income and Expense	9 Months Ended
	Dec. 31, 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 December 31, Nine months ended December 31, 2018 2017 2018 2017 Equity in earnings of non-consolidated affiliate $ 0.3 $ 0.1 $ 0.7 $ - Interest income - 0.1 0.3 0.3 Foreign currency transactions (a) (0.2 ) 0.1 (1.1 ) (0.4 ) Net periodic benefit cost (b) (0.6 ) (0.6 ) (2.0 ) (2.2 ) Total other expense - net $ (0.5 ) $ (0.3 ) $ (2.1 ) $ (2.3 ) (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	9 Months Ended
	Dec. 31, 2018
Income Taxes [Abstract]
Income Taxes	Note 8: Income Taxes The Company’s effective tax rate for the three months ended December 31, 2018 and 2017 was 32.0 percent and 482.2 percent, respectively. The Company’s effective tax rate for the nine months ended December 31, 2018 and 2017 was (13.2) percent and 86.6 percent, respectively. The effective tax rates for the fiscal 2019 periods are lower than in the prior year, primarily due to $35.7 million of income tax charges recorded during the third quarter of fiscal 2018 related to the Company’s accounting for the Tax Cuts and Jobs Act (the “Tax Act”). The Company completed its accounting for the Tax Act during fiscal 2019 and, as a result, recorded adjustments to the provisional amounts that were recorded in prior periods. These adjustments resulted in income tax charges totaling $3.1 million during the third quarter of fiscal 2019 and tax benefits totaling $7.7 million during the first nine months of fiscal 2019. Other factors that impacted the Company’s effective tax rate for the three and nine months ended December 31, 2018, as compared with the prior-year periods, included fiscal 2019 income tax benefits from the recognition of tax assets for both foreign tax credits and a manufacturing deduction in the United States, fiscal 2018 income tax benefits from the recognition of a development tax credit in Hungary, changes in the valuation allowances related to certain foreign jurisdictions, and changes in the mix of foreign and domestic earnings. 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 provided a one-year measurement period during which a company could 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 was incomplete, the company could determine a reasonable estimate for those effects and record a provisional estimate in its financial statements. If a company could not determine a provisional estimate to be included in the financial statements, it was to continue applying the provisions of the tax laws that were in effect immediately prior to the Tax Act being enacted. The Company completed its accounting for the Tax Act during the third quarter of fiscal 2019. During 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 fiscal 2019, the Company completed its accounting for the Tax Act, which resulted in an income tax benefit totaling $7.7 million. The Company determined it will utilize its deferred tax attributes against the transition tax and finalized its fiscal 2018 U.S. federal income tax return. As a result, the Company decreased the provisional charge recorded for the reduction in the U.S. federal corporate tax rate by $9.3 million, since more deferred tax assets were utilized to offset taxable income at a higher fiscal 2018 U.S. federal corporate tax rate. The Company also decreased the transition tax liability to $18.9 million, a reduction of $0.1 million. In addition, the Company recorded a charge of $1.7 million for a reduction to state deferred tax assets. Also during fiscal 2019, the Company amended 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 income tax benefits totaling $0.9 million and $14.5 million in the three and nine months ended December 31, 2018, respectively. 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. 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 has not changed its practices or intentions with respect to these earnings. As of December 31, 2018, valuation allowances against deferred tax assets in certain foreign jurisdictions totaled $33.9 million and valuation allowances against certain U.S. deferred tax assets totaled $7.0 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	9 Months Ended
	Dec. 31, 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 December 31, Nine months ended December 31, 2018 2017 2018 2017 Net earnings (loss) attributable to Modine $ 18.0 $ (28.3 ) $ 78.5 $ 4.6 Less: Undistributed earnings attributable to unvested shares (0.1 ) - (0.3 ) - Net earnings (loss) available to Modine shareholders $ 17.9 $ (28.3 ) $ 78.2 $ 4.6 Weighted-average shares outstanding - basic 50.5 50.0 50.4 49.8 Effect of dilutive securities 0.7 - 0.8 0.8 Weighted-average shares outstanding - diluted 51.2 50.0 51.2 50.6 Earnings per share: Net earnings (loss) per share - basic $ 0.36 $ (0.57 ) $ 1.55 $ 0.09 Net earnings (loss) per share - diluted $ 0.35 $ (0.57 ) $ 1.53 $ 0.09 For the three and nine months ended December 31, 2018, the calculation of diluted earnings per share excluded 0.5 million and 0.4 million stock options, respectively, because they were anti-dilutive. For both the three and nine months ended December 31, 2017, the calculation of diluted earnings per share excluded 0.2 million stock options because they were anti-dilutive. For the three months ended December 31, 2017, the total number of potentially dilutive securities was 1.1 million. However, these securities were not included in the computation of diluted net loss per share since to do so would have decreased the loss per share.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	9 Months Ended
	Dec. 31, 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: December 31, 2018 March 31, 2018 Cash and cash equivalents $ 30.7 $ 39.3 Restricted cash 0.7 1.0 $ 31.4 $ 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	9 Months Ended
	Dec. 31, 2018
Inventories [Abstract]
Inventories	Note 11: Inventories Inventories consisted of the following: December 31, 2018 March 31, 2018 Raw materials $ 125.7 $ 114.4 Work in process 34.8 34.8 Finished goods 50.5 42.1 Total inventories $ 211.0 $ 191.3

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Dec. 31, 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: December 31, 2018 March 31, 2018 Land $ 21.1 $ 22.6 Buildings and improvements (10-40 years) 288.3 295.6 Machinery and equipment (3-12 years) 838.8 840.8 Office equipment (3-10 years) 91.8 93.0 Construction in progress 61.9 50.2 1,301.9 1,302.2 Less: accumulated depreciation (812.8 ) (797.9 ) Net property, plant and equipment $ 489.1 $ 504.3

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Dec. 31, 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 CIS Total Goodwill, March 31, 2018 $ 0.5 $ 15.0 $ 158.3 $ 173.8 Effect of exchange rate changes - (1.2 ) (3.6 ) (4.8 ) Goodwill, December 31, 2018 $ 0.5 $ 13.8 $ 154.7 $ 169.0 Intangible assets consisted of the following: December 31, 2018 March 31, 2018 Gross Carrying Value Accumulated Amortization Net Intangible Assets Gross Carrying Value Accumulated Amortization Net Intangible Assets Customer relationships $ 62.1 $ (8.3 ) $ 53.8 $ 64.2 $ (5.7 ) $ 58.5 Trade names 59.1 (12.6 ) 46.5 60.6 (10.8 ) 49.8 Acquired technology 24.2 (5.0 ) 19.2 25.2 (3.6 ) 21.6 Total intangible assets $ 145.4 $ (25.9 ) $ 119.5 $ 150.0 $ (20.1 ) $ 129.9 The Company recorded amortization expense of $2.2 million and $2.5 million for the three months ended December 31, 2018 and 2017, respectively. The Company recorded amortization expense of $6.8 million and $7.3 million for the nine months ended December 31, 2018 and 2017, respectively. The Company estimates that it will record $2.3 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	9 Months Ended
	Dec. 31, 2018
Product Warranties [Abstract]
Product Warranties	Note 14: Product Warranties Changes in accrued warranty costs were as follows: Three months ended December 31, 2018 2017 Beginning balance $ 8.3 $ 9.4 Warranties recorded at time of sale 1.3 2.0 Adjustments to pre-existing warranties 0.1 0.2 Settlements (1.5 ) (2.1 ) Effect of exchange rate changes - 0.1 Ending balance $ 8.2 $ 9.6 Nine months ended December 31, 2018 2017 Beginning balance $ 9.3 $ 10.0 Warranties recorded at time of sale 4.0 4.7 Adjustments to pre-existing warranties (0.1 ) - Settlements (4.6 ) (4.6 ) Adjustments due to acquisition (a) - (1.0 ) Effect of exchange rate changes (0.4 ) 0.5 Ending balance $ 8.2 $ 9.6 (a) During 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 November 2016 acquisition of the Luvata Heat Transfer Solutions business.

Indebtedness

Indebtedness	9 Months Ended
	Dec. 31, 2018
Indebtedness [Abstract]
Indebtedness	Note 15: Indebtedness Long-term debt consisted of the following: Fiscal year of maturity December 31, 2018 March 31, 2018 Term loans 2022 $ 244.8 $ 267.8 6.8% Senior Notes 2021 89.0 101.0 5.8% Senior Notes 2027 50.0 50.0 Other (a) 2034 20.4 12.8 404.2 431.6 Less: current portion (45.7 ) (39.9 ) Less: unamortized debt issuance costs (4.3 ) (5.4 ) Total long-term debt $ 354.2 $ 386.3 (a) Other long-term debt includes borrowings by foreign subsidiaries, capital lease obligations and other financing-type obligations. As of December 31, 2018 and March 31, 2018, the Company had $43.9 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 December 31, 2018, domestic letters of credit totaled $4.3 million, resulting in available capacity under the Company’s revolving credit facility of $126.8 million. The Company also maintains credit agreements for its foreign subsidiaries, with outstanding short-term borrowings as of December 31, 2018 and March 31, 2018 of $23.6 million and $31.9 million, respectively. As of December 31, 2018, the Company’s foreign unused lines of credit totaled $1.1 million. In aggregate, the Company had total available lines of credit of $127.9 million as of December 31, 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 December 31, 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 December 31, 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 $139.9 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	9 Months Ended
	Dec. 31, 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 $18.1 million and $16.7 million as of December 31, 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	9 Months Ended
	Dec. 31, 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 December 31, 2018 Nine months ended December 31, 2018 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (35.5 ) $ (132.9 ) $ - $ (168.4 ) $ (5.5 ) $ (134.9 ) $ 0.1 $ (140.3 ) Other comprehensive loss before reclassifications (2.1 ) - (1.1 ) (3.2 ) (32.9 ) - (1.3 ) (34.2 ) Reclassifications: Amortization of unrecognized net loss (a) - 1.3 - 1.3 - 3.9 - 3.9 Foreign currency translation losses (b) - - - - 0.8 - - 0.8 Income taxes - (0.3 ) 0.2 (0.1 ) - (0.9 ) 0.3 (0.6 ) Total other comprehensive income (loss) (2.1 ) 1.0 (0.9 ) (2.0 ) (32.1 ) 3.0 (1.0 ) (30.1 ) Ending balance $ (37.6 ) $ (131.9 ) $ (0.9 ) $ (170.4 ) $ (37.6 ) $ (131.9 ) $ (0.9 ) $ (170.4 ) Three months ended December 31, 2017 Nine months ended December 31, 2017 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (19.0 ) $ (133.3 ) $ - $ (152.3 ) $ (46.8 ) $ (135.0 ) $ - $ (181.8 ) Other comprehensive income before reclassifications 4.6 - 0.6 5.2 32.4 - 0.6 33.0 Reclassifications for amortization of unrecognized net loss (a) - 1.3 - 1.3 - 3.9 - 3.9 Income taxes - (0.4 ) (0.2 ) (0.6 ) - (1.3 ) (0.2 ) (1.5 ) Total other comprehensive income 4.6 0.9 0.4 5.9 32.4 2.6 0.4 35.4 Ending balance $ (14.4 ) $ (132.4 ) $ 0.4 $ (146.4 ) $ (14.4 ) $ (132.4 ) $ 0.4 $ (146.4 ) (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	9 Months Ended
	Dec. 31, 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. The Company also merged its Americas coils business into the CIS segment to accelerate operational improvements and organizational efficiencies. 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 December 31, 2018 2017 External Sales Inter-segment Sales Total External Sales Inter-segment Sales Total Net sales: Vehicular Thermal Solutions $ 311.5 $ 11.8 $ 323.3 $ 298.6 $ 14.4 $ 313.0 Commercial and Industrial Solutions 166.1 0.9 167.0 158.7 0.3 159.0 Building HVAC Systems 63.4 0.8 64.2 55.4 0.7 56.1 Segment total 541.0 13.5 554.5 512.7 15.4 528.1 Corporate and eliminations - (13.5 ) (13.5 ) - (15.4 ) (15.4 ) Net sales $ 541.0 $ - $ 541.0 $ 512.7 $ - $ 512.7 Nine months ended December 31, 2018 2017 External Sales Inter-segment Sales Total External Sales Inter-segment Sales Total Net sales: Vehicular Thermal Solutions $ 971.3 $ 40.4 $ 1,011.7 $ 896.4 $ 42.5 $ 938.9 Commercial and Industrial Solutions 527.0 2.1 529.1 493.4 0.8 494.2 Building HVAC Systems 157.7 2.2 159.9 146.7 1.2 147.9 Segment total 1,656.0 44.7 1,700.7 1,536.5 44.5 1,581.0 Corporate and eliminations - (44.7 ) (44.7 ) - (44.5 ) (44.5 ) Net sales $ 1,656.0 $ - $ 1,656.0 $ 1,536.5 $ - $ 1,536.5 Three months ended December 31, Nine months ended December 31, 2018 2017 2018 2017 $'s % of sales $'s % of sales $'s % of sales $'s % of sales Gross profit: Vehicular Thermal Solutions $ 41.4 12.8 % $ 46.5 14.9 % $ 140.0 13.8 % $ 144.4 15.4 % Commercial and Industrial Solutions 28.2 16.9 % 20.0 12.6 % 85.1 16.1 % 70.7 14.3 % Building HVAC Systems 22.0 34.3 % 19.0 33.8 % 48.6 30.4 % 45.0 30.4 % Segment total 91.6 16.5 % 85.5 16.2 % 273.7 16.1 % 260.1 16.5 % Corporate and eliminations 0.1 - (0.1 ) - 0.2 - (0.1 ) - Gross profit $ 91.7 16.9 % $ 85.4 16.7 % $ 273.9 16.5 % $ 260.0 16.9 % Three months ended December 31, Nine months ended December 31, 2018 2017 2018 2017 Operating income: Vehicular Thermal Solutions $ 15.5 $ 18.7 $ 55.1 $ 59.8 Commercial and Industrial Solutions 13.1 (3.9 ) 39.2 16.5 Building HVAC Systems 13.0 9.2 21.0 18.6 Segment total 41.6 24.0 115.3 94.9 Corporate and eliminations (8.0 ) (10.1 ) (24.1 ) (29.9 ) Operating income $ 33.6 $ 13.9 $ 91.2 $ 65.0 December 31, 2018 March 31, 2018 Total assets: Vehicular Thermal Solutions $ 711.4 $ 754.8 Commercial and Industrial Solutions 617.2 630.2 Building HVAC Systems 89.2 88.1 Corporate and eliminations 94.9 100.3 Total assets $ 1,512.7 $ 1,573.4

General (Policies)

General (Policies)	9 Months Ended
	Dec. 31, 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 and requires balance sheet recognition for most leases. This guidance is effective for the Company’s first quarter of fiscal 2020. The Company will apply a modified-retrospective transition method, under which it expects to elect not to adjust comparative periods. Upon adoption of this new guidance, the Company will recognize right-of-use assets and corresponding lease liabilities on its balance sheet. The Company has completed an initial assessment of its lease portfolio and is in the process of collecting data, testing a new lease accounting software solution, and implementing new processes and internal 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)	9 Months Ended
	Dec. 31, 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)	9 Months Ended
	Dec. 31, 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 December 31, 2018 VTS CIS BHVAC Segment Primary end market: Automotive $ 130.4 $ - $ - $ 130.4 Commercial vehicle 92.0 - - 92.0 Off-highway 74.2 - - 74.2 Commercial HVAC - 72.2 53.2 125.4 Commercial refrigeration - 42.4 - 42.4 Data center cooling - 40.2 11.0 51.2 Industrial cooling - 11.8 - 11.8 Other 26.7 0.4 - 27.1 Net sales $ 323.3 $ 167.0 $ 64.2 $ 554.5 Geographic location: Americas $ 150.7 $ 96.0 $ 40.9 $ 287.6 Europe 124.9 59.8 23.3 208.0 Asia 47.7 11.2 - 58.9 Net sales $ 323.3 $ 167.0 $ 64.2 $ 554.5 Timing of revenue recognition: Products transferred at a point in time $ 309.4 $ 128.7 $ 64.2 $ 502.3 Products transferred over time 13.9 38.3 - 52.2 Net sales $ 323.3 $ 167.0 $ 64.2 $ 554.5 Nine months ended December 31, 2018 VTS CIS BHVAC Segment Total Primary end market: Automotive $ 411.9 $ - $ - $ 411.9 Commercial vehicle 287.5 - - 287.5 Off-highway 234.9 - - 234.9 Commercial HVAC - 237.4 130.6 368.0 Commercial refrigeration - 140.1 - 140.1 Data center cooling - 110.3 29.3 139.6 Industrial cooling - 36.4 - 36.4 Other 77.4 4.9 - 82.3 Net sales $ 1,011.7 $ 529.1 $ 159.9 $ 1,700.7 Geographic location: Americas $ 460.8 $ 304.0 $ 98.0 $ 862.8 Europe 400.6 187.0 61.9 649.5 Asia 150.3 38.1 - 188.4 Net sales $ 1,011.7 $ 529.1 $ 159.9 $ 1,700.7 Timing of revenue recognition: Products transferred at a point in time $ 974.7 $ 426.2 $ 159.9 $ 1,560.8 Products transferred over time 37.0 102.9 - 139.9 Net sales $ 1,011.7 $ 529.1 $ 159.9 $ 1,700.7
Contract Assets and Contract Liabilities from Contracts with Customers	Contract assets and contract liabilities from contracts with customers were as follows: December 31, 2018 March 31, 2018 Contract assets $ 25.5 $ 13.5 Contract liabilities 5.6 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 nine months ended December 31, 2018 and its consolidated balance sheet as of December 31, 2018 were as follows: Three months ended December 31, 2018 As Reported Impact of New Accounting Guidance Results Without Impact of New Accounting Guidance Net sales $ 541.0 $ (5.6 ) $ 535.4 Net earnings attributable to Modine 18.0 (2.1 ) 15.9 Net earnings per share attributable to Modine shareholders: Basic $ 0.36 $ (0.04 ) $ 0.32 Diluted 0.35 (0.04 ) 0.31 Nine months ended December 31, 2018 As Reported Impact of New Accounting Guidance Results Without Impact of New Accounting Guidance Net sales $ 1,656.0 $ (5.2 ) $ 1,650.8 Net earnings attributable to Modine 78.5 (2.0 ) 76.5 Net earnings per share attributable to Modine shareholders: Basic $ 1.55 $ (0.04 ) $ 1.51 Diluted 1.53 (0.04 ) 1.49 December 31, 2018 As Reported Impact of New Accounting Guidance Balances Without Impact of New Accounting Guidance ASSETS Inventories $ 211.0 $ 4.3 $ 215.3 Other current assets 71.7 (8.2 ) 63.5 Deferred income taxes 96.5 0.1 96.6 LIABILITIES AND SHAREHOLDERS’ EQUITY Deferred income taxes $ 9.1 $ (0.9 ) $ 8.2 Retained earnings 465.8 (2.9 ) 462.9

Pensions (Tables)

Pensions (Tables)	9 Months Ended
	Dec. 31, 2018
Pensions [Abstract]
Pension Cost	Pension cost included the following components: Three months ended December 31, Nine months ended December 31, 2018 2017 2018 2017 Service cost $ 0.2 $ 0.1 $ 0.4 $ 0.4 Interest cost 2.4 2.5 7.2 7.4 Expected return on plan assets (3.1 ) (2.9 ) (9.2 ) (8.9 ) Amortization of unrecognized net loss 1.4 1.4 4.2 4.2 Curtailment gain (a) - (0.3 ) - (0.3 ) Net periodic benefit cost $ 0.9 $ 0.8 $ 2.6 $ 2.8 (a) During the third quarter of fiscal 2018, the Company recorded a curtailment gain as a result of the closure of a manufacturing facility in Austria (CIS segment). See Note 6 for additional information regarding the closure of this facility.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Dec. 31, 2018
Stock-Based Compensation [Abstract]
Fair Market Value of Stock-Based Compensation Awards	The fair value of stock-based compensation awards granted during the nine months ended December 31, 2018 and 2017 were as follows: Nine months ended December 31, 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 Stock Options	The Company used the following assumptions in determining fair value for stock options: Nine months ended December 31, 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 Expenses Related to Non-Vested Stock-Based Compensation Awards	As of December 31, 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 $ 2.5 2.7 Restricted stock awards 5.9 2.7 Performance stock awards 4.2 1.7 Total $ 12.6 2.4

Restructuring Activities (Table

Restructuring Activities (Tables)	9 Months Ended
	Dec. 31, 2018
Restructuring Activities [Abstract]
Restructuring and Repositioning Expenses	Restructuring and repositioning expenses were as follows: Three months ended December 31, Nine months ended December 31, 2018 2017 2018 2017 Employee severance and related benefits $ 0.2 $ 8.6 $ 0.3 $ 9.2 Other restructuring and repositioning expenses 0.3 0.8 0.4 2.3 Total $ 0.5 $ 9.4 $ 0.7 $ 11.5
Changes in Accrued Severance	Changes in accrued severance were as follows: Three months ended December 31, 2018 2017 Beginning balance $ 3.4 $ 3.0 Additions 0.2 8.6 Payments (0.9 ) (0.6 ) Effect of exchange rate changes (0.1 ) 0.2 Ending balance $ 2.6 $ 11.2 Nine months ended December 31, 2018 2017 Beginning balance $ 11.0 $ 6.5 Additions 0.3 9.2 Payments (8.1 ) (5.1 ) Effect of exchange rate changes (0.6 ) 0.6 Ending balance $ 2.6 $ 11.2

Other Income and Expense (Table

Other Income and Expense (Tables)	9 Months Ended
	Dec. 31, 2018
Other Income and Expense [Abstract]
Other Income and Expense	Other income and expense consisted of the following: Three months ended December 31, Nine months ended December 31, 2018 2017 2018 2017 Equity in earnings of non-consolidated affiliate $ 0.3 $ 0.1 $ 0.7 $ - Interest income - 0.1 0.3 0.3 Foreign currency transactions (a) (0.2 ) 0.1 (1.1 ) (0.4 ) Net periodic benefit cost (b) (0.6 ) (0.6 ) (2.0 ) (2.2 ) Total other expense - net $ (0.5 ) $ (0.3 ) $ (2.1 ) $ (2.3 ) (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)	9 Months Ended
	Dec. 31, 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 December 31, Nine months ended December 31, 2018 2017 2018 2017 Net earnings (loss) attributable to Modine $ 18.0 $ (28.3 ) $ 78.5 $ 4.6 Less: Undistributed earnings attributable to unvested shares (0.1 ) - (0.3 ) - Net earnings (loss) available to Modine shareholders $ 17.9 $ (28.3 ) $ 78.2 $ 4.6 Weighted-average shares outstanding - basic 50.5 50.0 50.4 49.8 Effect of dilutive securities 0.7 - 0.8 0.8 Weighted-average shares outstanding - diluted 51.2 50.0 51.2 50.6 Earnings per share: Net earnings (loss) per share - basic $ 0.36 $ (0.57 ) $ 1.55 $ 0.09 Net earnings (loss) per share - diluted $ 0.35 $ (0.57 ) $ 1.53 $ 0.09

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	9 Months Ended
	Dec. 31, 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: December 31, 2018 March 31, 2018 Cash and cash equivalents $ 30.7 $ 39.3 Restricted cash 0.7 1.0 $ 31.4 $ 40.3

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Dec. 31, 2018
Inventories [Abstract]
Inventories	Inventories consisted of the following: December 31, 2018 March 31, 2018 Raw materials $ 125.7 $ 114.4 Work in process 34.8 34.8 Finished goods 50.5 42.1 Total inventories $ 211.0 $ 191.3

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment, including depreciable lives, consisted of the following: December 31, 2018 March 31, 2018 Land $ 21.1 $ 22.6 Buildings and improvements (10-40 years) 288.3 295.6 Machinery and equipment (3-12 years) 838.8 840.8 Office equipment (3-10 years) 91.8 93.0 Construction in progress 61.9 50.2 1,301.9 1,302.2 Less: accumulated depreciation (812.8 ) (797.9 ) Net property, plant and equipment $ 489.1 $ 504.3

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Dec. 31, 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 CIS Total Goodwill, March 31, 2018 $ 0.5 $ 15.0 $ 158.3 $ 173.8 Effect of exchange rate changes - (1.2 ) (3.6 ) (4.8 ) Goodwill, December 31, 2018 $ 0.5 $ 13.8 $ 154.7 $ 169.0
Intangible Assets	Intangible assets consisted of the following: December 31, 2018 March 31, 2018 Gross Carrying Value Accumulated Amortization Net Intangible Assets Gross Carrying Value Accumulated Amortization Net Intangible Assets Customer relationships $ 62.1 $ (8.3 ) $ 53.8 $ 64.2 $ (5.7 ) $ 58.5 Trade names 59.1 (12.6 ) 46.5 60.6 (10.8 ) 49.8 Acquired technology 24.2 (5.0 ) 19.2 25.2 (3.6 ) 21.6 Total intangible assets $ 145.4 $ (25.9 ) $ 119.5 $ 150.0 $ (20.1 ) $ 129.9

Product Warranties (Tables)

Product Warranties (Tables)	9 Months Ended
	Dec. 31, 2018
Product Warranties [Abstract]
Changes in Accrued Warranty Costs	Changes in accrued warranty costs were as follows: Three months ended December 31, 2018 2017 Beginning balance $ 8.3 $ 9.4 Warranties recorded at time of sale 1.3 2.0 Adjustments to pre-existing warranties 0.1 0.2 Settlements (1.5 ) (2.1 ) Effect of exchange rate changes - 0.1 Ending balance $ 8.2 $ 9.6 Nine months ended December 31, 2018 2017 Beginning balance $ 9.3 $ 10.0 Warranties recorded at time of sale 4.0 4.7 Adjustments to pre-existing warranties (0.1 ) - Settlements (4.6 ) (4.6 ) Adjustments due to acquisition (a) - (1.0 ) Effect of exchange rate changes (0.4 ) 0.5 Ending balance $ 8.2 $ 9.6 (a) During 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 November 2016 acquisition of the Luvata Heat Transfer Solutions business.

Indebtedness (Tables)

Indebtedness (Tables)	9 Months Ended
	Dec. 31, 2018
Indebtedness [Abstract]
Long-Term Indebtedness	Long-term debt consisted of the following: Fiscal year of maturity December 31, 2018 March 31, 2018 Term loans 2022 $ 244.8 $ 267.8 6.8% Senior Notes 2021 89.0 101.0 5.8% Senior Notes 2027 50.0 50.0 Other (a) 2034 20.4 12.8 404.2 431.6 Less: current portion (45.7 ) (39.9 ) Less: unamortized debt issuance costs (4.3 ) (5.4 ) Total long-term debt $ 354.2 $ 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)	9 Months Ended
	Dec. 31, 2018
Accumulated Other Comprehensive Loss [Abstract]
Changes in Accumulated Other Comprehensive Loss	Changes in accumulated other comprehensive loss were as follows: Three months ended December 31, 2018 Nine months ended December 31, 2018 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (35.5 ) $ (132.9 ) $ - $ (168.4 ) $ (5.5 ) $ (134.9 ) $ 0.1 $ (140.3 ) Other comprehensive loss before reclassifications (2.1 ) - (1.1 ) (3.2 ) (32.9 ) - (1.3 ) (34.2 ) Reclassifications: Amortization of unrecognized net loss (a) - 1.3 - 1.3 - 3.9 - 3.9 Foreign currency translation losses (b) - - - - 0.8 - - 0.8 Income taxes - (0.3 ) 0.2 (0.1 ) - (0.9 ) 0.3 (0.6 ) Total other comprehensive income (loss) (2.1 ) 1.0 (0.9 ) (2.0 ) (32.1 ) 3.0 (1.0 ) (30.1 ) Ending balance $ (37.6 ) $ (131.9 ) $ (0.9 ) $ (170.4 ) $ (37.6 ) $ (131.9 ) $ (0.9 ) $ (170.4 ) Three months ended December 31, 2017 Nine months ended December 31, 2017 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (19.0 ) $ (133.3 ) $ - $ (152.3 ) $ (46.8 ) $ (135.0 ) $ - $ (181.8 ) Other comprehensive income before reclassifications 4.6 - 0.6 5.2 32.4 - 0.6 33.0 Reclassifications for amortization of unrecognized net loss (a) - 1.3 - 1.3 - 3.9 - 3.9 Income taxes - (0.4 ) (0.2 ) (0.6 ) - (1.3 ) (0.2 ) (1.5 ) Total other comprehensive income 4.6 0.9 0.4 5.9 32.4 2.6 0.4 35.4 Ending balance $ (14.4 ) $ (132.4 ) $ 0.4 $ (146.4 ) $ (14.4 ) $ (132.4 ) $ 0.4 $ (146.4 ) (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)	9 Months Ended
	Dec. 31, 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 December 31, 2018 2017 External Sales Inter-segment Sales Total External Sales Inter-segment Sales Total Net sales: Vehicular Thermal Solutions $ 311.5 $ 11.8 $ 323.3 $ 298.6 $ 14.4 $ 313.0 Commercial and Industrial Solutions 166.1 0.9 167.0 158.7 0.3 159.0 Building HVAC Systems 63.4 0.8 64.2 55.4 0.7 56.1 Segment total 541.0 13.5 554.5 512.7 15.4 528.1 Corporate and eliminations - (13.5 ) (13.5 ) - (15.4 ) (15.4 ) Net sales $ 541.0 $ - $ 541.0 $ 512.7 $ - $ 512.7 Nine months ended December 31, 2018 2017 External Sales Inter-segment Sales Total External Sales Inter-segment Sales Total Net sales: Vehicular Thermal Solutions $ 971.3 $ 40.4 $ 1,011.7 $ 896.4 $ 42.5 $ 938.9 Commercial and Industrial Solutions 527.0 2.1 529.1 493.4 0.8 494.2 Building HVAC Systems 157.7 2.2 159.9 146.7 1.2 147.9 Segment total 1,656.0 44.7 1,700.7 1,536.5 44.5 1,581.0 Corporate and eliminations - (44.7 ) (44.7 ) - (44.5 ) (44.5 ) Net sales $ 1,656.0 $ - $ 1,656.0 $ 1,536.5 $ - $ 1,536.5 Three months ended December 31, Nine months ended December 31, 2018 2017 2018 2017 $'s % of sales $'s % of sales $'s % of sales $'s % of sales Gross profit: Vehicular Thermal Solutions $ 41.4 12.8 % $ 46.5 14.9 % $ 140.0 13.8 % $ 144.4 15.4 % Commercial and Industrial Solutions 28.2 16.9 % 20.0 12.6 % 85.1 16.1 % 70.7 14.3 % Building HVAC Systems 22.0 34.3 % 19.0 33.8 % 48.6 30.4 % 45.0 30.4 % Segment total 91.6 16.5 % 85.5 16.2 % 273.7 16.1 % 260.1 16.5 % Corporate and eliminations 0.1 - (0.1 ) - 0.2 - (0.1 ) - Gross profit $ 91.7 16.9 % $ 85.4 16.7 % $ 273.9 16.5 % $ 260.0 16.9 % Three months ended December 31, Nine months ended December 31, 2018 2017 2018 2017 Operating income: Vehicular Thermal Solutions $ 15.5 $ 18.7 $ 55.1 $ 59.8 Commercial and Industrial Solutions 13.1 (3.9 ) 39.2 16.5 Building HVAC Systems 13.0 9.2 21.0 18.6 Segment total 41.6 24.0 115.3 94.9 Corporate and eliminations (8.0 ) (10.1 ) (24.1 ) (29.9 ) Operating income $ 33.6 $ 13.9 $ 91.2 $ 65.0 December 31, 2018 March 31, 2018 Total assets: Vehicular Thermal Solutions $ 711.4 $ 754.8 Commercial and Industrial Solutions 617.2 630.2 Building HVAC Systems 89.2 88.1 Corporate and eliminations 94.9 100.3 Total assets $ 1,512.7 $ 1,573.4

General (Details)

General (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2018
Sale of AIAC Air Conditioning South Africa (Pty) Ltd [Abstract]
Loss on sale of assets	$ 0		$ 0	$ (1.7)	$ 0
ASSETS [Abstract]
Inventories	211			211		$ 191.3
Other current assets	71.7			71.7		70.1
Deferred income taxes	96.5			96.5		96.9
LIABILITIES AND SHAREHOLDERS' EQUITY [Abstract]
Deferred income taxes	9.1			9.1		9.9
Retained earnings	$ 465.8			$ 465.8		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
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		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2018
Disaggregation of Revenue [Abstract]
Net sales	$ 541	$ 512.7	$ 1,656	$ 1,536.5
Contract with Customer, Asset and Liability [Abstract]
Contract assets	25.5		25.5		$ 13.5
Contract liabilities	5.6		5.6		$ 6.8
Increase in contract assets			12
Contract assets recorded for revenue recognized over time	8.2		8.2
(Decrease) in contract liabilities			(1.2)
VTS [Member]
Disaggregation of Revenue [Abstract]
Net sales	323.3	313	1,011.7	938.9
VTS [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	309.4		974.7
VTS [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	13.9		37
VTS [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	150.7		460.8
VTS [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	124.9		400.6
VTS [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	47.7		150.3
VTS [Member] | Automotive [Member]
Disaggregation of Revenue [Abstract]
Net sales	130.4		411.9
VTS [Member] | Commercial Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	92		287.5
VTS [Member] | Off-Highway [Member]
Disaggregation of Revenue [Abstract]
Net sales	74.2		234.9
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	26.7		77.4
CIS [Member]
Disaggregation of Revenue [Abstract]
Net sales	167	159	529.1	494.2
CIS [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	128.7		426.2
CIS [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	38.3		102.9
CIS [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	96		304
CIS [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	59.8		187
CIS [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	11.2		38.1
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	72.2		237.4
CIS [Member] | Commercial Refrigeration [Member]
Disaggregation of Revenue [Abstract]
Net sales	42.4		140.1
CIS [Member] | Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	40.2		110.3
CIS [Member] | Industrial Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	11.8		36.4
CIS [Member] | Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	0.4		4.9
BHVAC [Member]
Disaggregation of Revenue [Abstract]
Net sales	64.2	56.1	159.9	147.9
BHVAC [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	64.2		159.9
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	40.9		98
BHVAC [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	23.3		61.9
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	53.2		130.6
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	11		29.3
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	554.5	$ 528.1	1,700.7	$ 1,581
Total Segments [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	502.3		1,560.8
Total Segments [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	52.2		139.9
Total Segments [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	287.6		862.8
Total Segments [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	208		649.5
Total Segments [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	58.9		188.4
Total Segments [Member] | Automotive [Member]
Disaggregation of Revenue [Abstract]
Net sales	130.4		411.9
Total Segments [Member] | Commercial Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	92		287.5
Total Segments [Member] | Off-Highway [Member]
Disaggregation of Revenue [Abstract]
Net sales	74.2		234.9
Total Segments [Member] | Commercial HVAC [Member]
Disaggregation of Revenue [Abstract]
Net sales	125.4		368
Total Segments [Member] | Commercial Refrigeration [Member]
Disaggregation of Revenue [Abstract]
Net sales	42.4		140.1
Total Segments [Member] | Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	51.2		139.6
Total Segments [Member] | Industrial Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	11.8		36.4
Total Segments [Member] | Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	$ 27.1		$ 82.3

Revenue Recognition, Impacts of

Revenue Recognition, Impacts of Adopting New Accounting Guidance (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2018
Consolidated Statement of Operations [Abstract]
Net sales	$ 541	$ 512.7	$ 1,656	$ 1,536.5
Net earnings attributable to Modine	$ 18	$ (28.3)	$ 78.5	$ 4.6
Net earnings per share attributable to Modine shareholders [Abstract]
Basic (in dollars per share)	$ 0.36	$ (0.57)	$ 1.55	$ 0.09
Diluted (in dollars per share)	$ 0.35	$ (0.57)	$ 1.53	$ 0.09
ASSETS [Abstract]
Inventories	$ 211		$ 211		$ 191.3
Other current assets	71.7		71.7		70.1
Deferred income taxes	96.5		96.5		96.9
LIABILITIES AND SHAREHOLDERS' EQUITY [Abstract]
Deferred income taxes	9.1		9.1		9.9
Retained earnings	465.8		465.8		394.9
Impact of New Accounting Guidance [Member] | ASU 2014-09 [Member]
Consolidated Statement of Operations [Abstract]
Net sales	(5.6)		(5.2)
Net earnings attributable to Modine	$ (2.1)		$ (2)
Net earnings per share attributable to Modine shareholders [Abstract]
Basic (in dollars per share)	$ (0.04)		$ (0.04)
Diluted (in dollars per share)	$ (0.04)		$ (0.04)
ASSETS [Abstract]
Inventories	$ 4.3		$ 4.3
Other current assets	(8.2)		(8.2)
Deferred income taxes	0.1		0.1
LIABILITIES AND SHAREHOLDERS' EQUITY [Abstract]
Deferred income taxes	(0.9)		(0.9)
Retained earnings	(2.9)		(2.9)		$ 0.7
Results Without Impact of New Accounting Guidance [Member] | ASU 2014-09 [Member]
Consolidated Statement of Operations [Abstract]
Net sales	535.4		1,650.8
Net earnings attributable to Modine	$ 15.9		$ 76.5
Net earnings per share attributable to Modine shareholders [Abstract]
Basic (in dollars per share)	$ 0.32		$ 1.51
Diluted (in dollars per share)	$ 0.31		$ 1.49
ASSETS [Abstract]
Inventories	$ 215.3		$ 215.3
Other current assets	63.5		63.5
Deferred income taxes	96.6		96.6
LIABILITIES AND SHAREHOLDERS' EQUITY [Abstract]
Deferred income taxes	8.2		8.2
Retained earnings	$ 462.9		$ 462.9

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Dec. 31, 2018	Mar. 31, 2018
Fair Value Measurements [Abstract]
Trading securities	$ 5.5	$ 5.8
Deferred compensation obligations	$ 5.5	$ 5.8

Pensions (Details)

Pensions (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Components of net periodic benefit cost [Abstract]
Net periodic benefit cost	[1]	$ 0.6	$ 0.6	$ 2	$ 2.2
Pension [Member]
Components of net periodic benefit cost [Abstract]
Service cost		0.2	0.1	0.4	0.4
Interest cost		2.4	2.5	7.2	7.4
Expected return on plan assets		(3.1)	(2.9)	(9.2)	(8.9)
Amortization of unrecognized net loss		1.4	1.4	4.2	4.2
Curtailment gain	[2]	0	(0.3)	0	(0.3)
Net periodic benefit cost		$ 0.9	$ 0.8	2.6	2.8
Pension [Member] | United States [Member]
Defined benefit plan, plan assets [Abstract]
Employer contributions				$ 4.6	$ 11.1
[1]	Represents net periodic benefit cost, exclusive of service cost, for the Company's pension and postretirement plans.
[2]	During the third quarter of fiscal 2018, the Company recorded a curtailment gain as a result of the closure of a manufacturing facility in Austria (CIS segment). See Note 6 for additional information regarding the closure of this facility.

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Stock-Based Compensation [Abstract]
Stock-based compensation cost	$ 1.6	$ 2.2	$ 6.8	$ 7.6
Unrecognized compensation expenses and recognition period [Abstract]
Unrecognized compensation expense	12.6		$ 12.6
Weighted-average remaining service period			2 years 4 months 24 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 expenses and recognition period [Abstract]
Unrecognized compensation expense	2.5		$ 2.5
Weighted-average remaining service period			2 years 8 months 12 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 expenses and recognition period [Abstract]
Unrecognized compensation expense	5.9		$ 5.9
Weighted-average remaining service period			2 years 8 months 12 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 expenses and recognition period [Abstract]
Unrecognized compensation expense	$ 4.2		$ 4.2
Weighted-average remaining service period			1 year 8 months 12 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		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Other [Abstract]
Asset impairment charges	$ 0.4	$ 1.3	$ 0.4	$ 1.3
Restructuring and repositioning expenses [Abstract]
Employee severance and related benefits	0.2	8.6	0.3	9.2
Other restructuring and repositioning expenses	0.3	0.8	0.4	2.3
Total	0.5	9.4	0.7	11.5
Changes in accrued severance [Roll Forward]
Beginning balance	3.4	3	11	6.5
Additions	0.2	8.6	0.3	9.2
Payments	(0.9)	(0.6)	(8.1)	(5.1)
Effect of exchange rate changes	(0.1)	0.2	(0.6)	0.6
Ending balance	2.6	11.2	$ 2.6	$ 11.2
CIS [Member]
Other [Abstract]
Restructuring expense		8.2
Asset impairment charges	$ 0.4	$ 1.3

Other Income and Expense (Detai

Other Income and Expense (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Other Income and Expense [Abstract]
Equity in earnings of non-consolidated affiliate		$ 0.3	$ 0.1	$ 0.7	$ 0
Interest income		0	0.1	0.3	0.3
Foreign currency transactions	[1]	(0.2)	0.1	(1.1)	(0.4)
Net periodic benefit cost	[2]	(0.6)	(0.6)	(2)	(2.2)
Total other expense - net		$ (0.5)	$ (0.3)	$ (2.1)	$ (2.3)
[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				9 Months Ended		12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2018
Income Taxes [Abstract]
Effective income tax rate	32.00%			482.20%	(13.20%)	86.60%
Income Taxes [Abstract]
Provisional income tax expense (benefit) related to US Tax Reform				$ 35.7			$ 38
Income tax expense (benefit) related to US Tax Reform	$ 3.1				$ (7.7)
Deferred tax asset, Income tax expense (benefit)	(2.5)				(17)
Deferred tax assets - change in amount					(9.3)		(19)
Transition tax charge					(0.1)		$ 19
Transitional tax liability	18.9				18.9
Tax Credit Carryforward [Abstract]
Tax benefit from recognition of tax credits	(0.9)				(14.5)
Foreign Tax Jurisdiction [Member]
Net of valuation allowance, classification [Abstract]
Valuation allowance - deferred tax assets	33.9				33.9
Changes in deferred tax asset valuation allowances		$ 1	$ (2)
Domestic Tax Jurisdiction [Member]
Net of valuation allowance, classification [Abstract]
Valuation allowance - deferred tax assets	$ 7				7
Research Tax Credit Carryforward [Member]
Tax Credit Carryforward [Abstract]
Tax benefit from recognition of tax credits				$ (2.2)		$ (7.9)
Domestic Tax Jurisdiction [Member]
Income Taxes [Abstract]
Income tax expense (benefit) related to US Tax Reform					$ 1.7

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Components of basic and diluted earnings per share [Abstract]
Net earnings (loss) attributable to Modine	$ 18	$ (28.3)	$ 78.5	$ 4.6
Less: Undistributed earnings attributable to unvested shares	(0.1)	0	(0.3)	0
Net earnings (loss) available to Modine shareholders	$ 17.9	$ (28.3)	$ 78.2	$ 4.6
Weighted-average shares outstanding - basic (in shares)	50.5	50	50.4	49.8
Effect of dilutive securities (in shares)	0.7	0	0.8	0.8
Weighted-average shares outstanding - diluted (in shares)	51.2	50	51.2	50.6
Earnings per share [Abstract]
Net earnings (loss) per share - basic (in dollars per share)	$ 0.36	$ (0.57)	$ 1.55	$ 0.09
Net earnings (loss) per share - diluted (in dollars per share)	$ 0.35	$ (0.57)	$ 1.53	$ 0.09
Potential dilutive securities (in shares)		1.1
Stock Options [Member]
Antidilutive securities excluded from computation of earning per share [Abstract]
Antidilutive securities excluded from computation of earning per share (in shares)	0.5	0.2	0.4	0.2

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash and cash equivalents	$ 30.7	$ 39.3
Restricted cash	0.7	1
Cash, Cash Equivalents and Restricted Cash	$ 31.4	$ 40.3	$ 48.8	$ 34.8

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2018	Mar. 31, 2018
Inventories [Abstract]
Raw materials	$ 125.7	$ 114.4
Work in process	34.8	34.8
Finished goods	50.5	42.1
Total inventories	$ 211	$ 191.3

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Mar. 31, 2018
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	$ 1,301.9	$ 1,302.2
Less: accumulated depreciation	(812.8)	(797.9)
Net property, plant and equipment	489.1	504.3
Land [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	21.1	22.6
Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	$ 288.3	$ 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	$ 838.8	$ 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	$ 91.8	$ 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	$ 61.9	$ 50.2

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2018
Goodwill [Roll Forward]
Goodwill, beginning balance			$ 173.8
Effect of exchange rate changes			(4.8)
Goodwill, ending balance	$ 169		169
Amortized intangible assets [Abstract]
Gross carrying value	145.4		145.4		$ 150
Accumulated amortization	(25.9)		(25.9)		(20.1)
Net intangible assets	119.5		119.5		129.9
Amortization expense	2.2	$ 2.5	6.8	$ 7.3
Estimated future amortization expense [Abstract]
Remainder of fiscal 2019	2.3		2.3
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			(1.2)
Goodwill, ending balance	13.8		13.8
CIS [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance			158.3
Effect of exchange rate changes			(3.6)
Goodwill, ending balance	154.7		154.7
Customer Relationships [Member]
Amortized intangible assets [Abstract]
Gross carrying value	62.1		62.1		64.2
Accumulated amortization	(8.3)		(8.3)		(5.7)
Net intangible assets	53.8		53.8		58.5
Trade Names [Member]
Amortized intangible assets [Abstract]
Gross carrying value	59.1		59.1		60.6
Accumulated amortization	(12.6)		(12.6)		(10.8)
Net intangible assets	46.5		46.5		49.8
Acquired Technology [Member]
Amortized intangible assets [Abstract]
Gross carrying value	24.2		24.2		25.2
Accumulated amortization	(5)		(5)		(3.6)
Net intangible assets	$ 19.2		$ 19.2		$ 21.6

Product Warranties (Details)

Product Warranties (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended			12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018		Dec. 31, 2017	Mar. 31, 2018
Changes in accrued warranty costs [Roll Forward]
Beginning balance	$ 8.3	$ 9.4	$ 9.3		$ 10	$ 10
Warranties recorded at time of sale	1.3	2	4		4.7
Adjustments to pre-existing warranties	0.1	0.2	(0.1)		0
Settlements	(1.5)	(2.1)	(4.6)		(4.6)
Adjustments due to acquisition			0	[1]	(1)
Effect of exchange rate changes	0	0.1	(0.4)		0.5
Ending balance	$ 8.2	$ 9.6	$ 8.2		$ 9.6	9.3
Decrease in liability for product warranties						$ (1)
[1]	During 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 November 2016 acquisition of the Luvata Heat Transfer Solutions business.

Indebtedness (Details)

Indebtedness (Details) - USD ($) $ in Millions		9 Months Ended
		Dec. 31, 2018	Mar. 31, 2018
Long-term Debt and Capital Lease Obligations [Abstract]
Total debt		$ 404.2	$ 431.6
Less: current portion		(45.7)	(39.9)
Less: unamortized debt issuance costs		(4.3)	(5.4)
Total long-term debt		354.2	386.3
Credit Facility [Abstract]
Short-term debt		67.5	53.2
Available for future borrowings		127.9
Long-term debt, fair value		139.9	153.1
Domestic Revolving Credit Facility [Member]
Credit Facility [Abstract]
Letters of credit outstanding		4.3
Available for future borrowings		126.8
Foreign Credit Agreements [Member]
Credit Facility [Abstract]
Short-term debt		23.6	31.9
Available for future borrowings		1.1
Term Loans [Member]
Long-term Debt and Capital Lease Obligations [Abstract]
Total debt		$ 244.8	267.8
Fiscal year of maturity		Mar. 31, 2022
Multi Currency Revolving Credit Facility [Member]
Credit Facility [Abstract]
Short-term debt		$ 43.9	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		$ 89	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]	$ 20.4	$ 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	Dec. 31, 2018	Mar. 31, 2018
Environmental loss contingencies [Abstract]
Reserves for environmental matters	$ 18.1	$ 16.7

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions		3 Months Ended			9 Months Ended
		Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Other comprehensive loss [Abstract]
Beginning balance					$ 490.1
Other comprehensive loss before reclassifications		$ (3.2)		$ 5.2	(34.2)	$ 33
Reclassifications for amortization of unrecognized net loss	[1]	1.3		1.3	3.9	3.9
Reclassifications for foreign currency translation losses	[2]	0			0.8
Income taxes		(0.1)		(0.6)	(0.6)	(1.5)
Total other comprehensive income (loss)		(2)		5.9	(30.1)	35.4
Ending balance		533.6			533.6
AIAC Air Conditioning South Africa Pty Ltd Member [Member]
Other comprehensive loss [Abstract]
Loss on write-off of accumulated foreign currency translation			$ (0.8)
Accumulated Other Comprehensive Loss [Member]
Other comprehensive loss [Abstract]
Beginning balance		(168.4)		(152.3)	(140.3)	(181.8)
Ending balance		(170.4)	(168.4)	(146.4)	(170.4)	(146.4)
Foreign Currency Translation [Member]
Other comprehensive loss [Abstract]
Beginning balance		(35.5)		(19)	(5.5)	(46.8)
Other comprehensive loss before reclassifications		(2.1)		4.6	(32.9)	32.4
Reclassifications for amortization of unrecognized net loss	[1]	0		0	0	0
Reclassifications for foreign currency translation losses	[2]	0			0.8
Income taxes		0		0	0	0
Total other comprehensive income (loss)		(2.1)		4.6	(32.1)	32.4
Ending balance		(37.6)	(35.5)	(14.4)	(37.6)	(14.4)
Defined Benefit Plans [Member]
Other comprehensive loss [Abstract]
Beginning balance		(132.9)		(133.3)	(134.9)	(135)
Other comprehensive loss before reclassifications		0		0	0	0
Reclassifications for amortization of unrecognized net loss	[1]	1.3		1.3	3.9	3.9
Reclassifications for foreign currency translation losses	[2]	0			0
Income taxes		(0.3)		(0.4)	(0.9)	(1.3)
Total other comprehensive income (loss)		1		0.9	3	2.6
Ending balance		(131.9)	(132.9)	(132.4)	(131.9)	(132.4)
Cash Flow Hedges [Member]
Other comprehensive loss [Abstract]
Beginning balance		0		0	0.1	0
Other comprehensive loss before reclassifications		(1.1)		0.6	(1.3)	0.6
Reclassifications for amortization of unrecognized net loss	[1]	0		0	0	0
Reclassifications for foreign currency translation losses	[2]	0			0
Income taxes		0.2		(0.2)	0.3	(0.2)
Total other comprehensive income (loss)		(0.9)		0.4	(1)	0.4
Ending balance		$ (0.9)	$ 0	$ 0.4	$ (0.9)	$ 0.4
[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		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2018
Segment Reporting Information [Abstract]
Net sales	$ 541	$ 512.7	$ 1,656	$ 1,536.5
Gross profit	$ 91.7	$ 85.4	$ 273.9	$ 260
Gross profit (% of sales)	16.90%	16.70%	16.50%	16.90%
Operating income	$ 33.6	$ 13.9	$ 91.2	$ 65
Total assets	1,512.7		1,512.7		$ 1,573.4
Vehicular Thermal Solutions [Member]
Segment Reporting Information [Abstract]
Net sales	323.3	313	1,011.7	938.9
Commercial and Industrial Solutions [Member]
Segment Reporting Information [Abstract]
Net sales	167	159	529.1	494.2
Building HVAC Systems [Member]
Segment Reporting Information [Abstract]
Net sales	64.2	56.1	159.9	147.9
Total Segments [Member]
Segment Reporting Information [Abstract]
Net sales	554.5	528.1	1,700.7	1,581
Operating Segments [Member]
Segment Reporting Information [Abstract]
Net sales	541	512.7	1,656	1,536.5
Gross profit	$ 91.6	$ 85.5	$ 273.7	$ 260.1
Gross profit (% of sales)	16.50%	16.20%	16.10%	16.50%
Operating income	$ 41.6	$ 24	$ 115.3	$ 94.9
Operating Segments [Member] | Vehicular Thermal Solutions [Member]
Segment Reporting Information [Abstract]
Net sales	311.5	298.6	971.3	896.4
Gross profit	$ 41.4	$ 46.5	$ 140	$ 144.4
Gross profit (% of sales)	12.80%	14.90%	13.80%	15.40%
Operating income	$ 15.5	$ 18.7	$ 55.1	$ 59.8
Total assets	711.4		711.4		754.8
Operating Segments [Member] | Commercial and Industrial Solutions [Member]
Segment Reporting Information [Abstract]
Net sales	166.1	158.7	527	493.4
Gross profit	$ 28.2	$ 20	$ 85.1	$ 70.7
Gross profit (% of sales)	16.90%	12.60%	16.10%	14.30%
Operating income	$ 13.1	$ (3.9)	$ 39.2	$ 16.5
Total assets	617.2		617.2		630.2
Operating Segments [Member] | Building HVAC Systems [Member]
Segment Reporting Information [Abstract]
Net sales	63.4	55.4	157.7	146.7
Gross profit	$ 22	$ 19	$ 48.6	$ 45
Gross profit (% of sales)	34.30%	33.80%	30.40%	30.40%
Operating income	$ 13	$ 9.2	$ 21	$ 18.6
Total assets	89.2		89.2		88.1
Corporate and Eliminations [Member]
Segment Reporting Information [Abstract]
Net sales	(13.5)	(15.4)	(44.7)	(44.5)
Gross profit	$ 0.1	$ (0.1)	$ 0.2	$ (0.1)
Gross profit (% of sales)	0.00%	0.00%	0.00%	0.00%
Operating income	$ (8)	$ (10.1)	$ (24.1)	$ (29.9)
Total assets	94.9		94.9		$ 100.3
Inter-segment Sales [Member]
Segment Reporting Information [Abstract]
Net sales	13.5	15.4	44.7	44.5
Inter-segment Sales [Member] | Vehicular Thermal Solutions [Member]
Segment Reporting Information [Abstract]
Net sales	11.8	14.4	40.4	42.5
Inter-segment Sales [Member] | Commercial and Industrial Solutions [Member]
Segment Reporting Information [Abstract]
Net sales	0.9	0.3	2.1	0.8
Inter-segment Sales [Member] | Building HVAC Systems [Member]
Segment Reporting Information [Abstract]
Net sales	$ 0.8	$ 0.7	$ 2.2	$ 1.2