Modine Manufacturing (MOD) 10-Q 1 Aug 19 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2019	Jul. 26, 2019
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Current Fiscal Year End Date	--03-31
Document Transition Report	false
Entity Registrant Name	MODINE MANUFACTURING CO
Entity Incorporation, State or Country Code	WI
Entity File Number	001-01373
Entity Tax Identification Number	39-0482000
Entity Address, Address Line One	1500 DeKoven Avenue
Entity Address, City or Town	Racine
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53403
City Area Code	262
Local Phone Number	636-1200
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		50,746,949
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000067347
Trading Symbol	MOD
Security Exchange Name	NYSE
Title of 12(b) Security	Common Stock, $0.625 par value

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net sales	$ 529	$ 566.1
Cost of sales	445.6	471.8
Gross profit	83.4	94.3
Selling, general and administrative expenses	63.5	59.3
Restructuring expenses	1.8	0.2
Operating income	18.1	34.8
Interest expense	(5.9)	(6.2)
Other expense - net	(1.1)	(1.1)
Earnings before income taxes	11.1	27.5
Provision for income taxes	(2.9)	(5)
Net earnings	8.2	22.5
Net earnings attributable to noncontrolling interest	(0.2)	(0.5)
Net earnings attributable to Modine	$ 8	$ 22
Net earnings per share attributable to Modine shareholders:
Basic (in dollars per share)	$ 0.16	$ 0.43
Diluted (in dollars per share)	$ 0.16	$ 0.43
Weighted-average shares outstanding:
Basic (in shares)	50.7	50.3
Diluted (in shares)	51.1	51.2

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract]
Net earnings	$ 8.2	$ 22.5
Other comprehensive income (loss):
Foreign currency translation	1.8	(25.1)
Defined benefit plans, net of income taxes	1.1	1
Cash flow hedges, net of income taxes	(0.8)	0.4
Total other comprehensive income (loss)	2.1	(23.7)
Comprehensive income (loss)	10.3	(1.2)
Comprehensive income attributable to noncontrolling interest	(0.1)	(0.1)
Comprehensive income (loss) attributable to Modine	$ 10.2	$ (1.3)

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Other comprehensive income (loss):
Defined benefit plans, tax	$ 0.3	$ 0.3
Cash flow hedges, tax expense	$ (0.3)	$ 0.1

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Jun. 30, 2019	Mar. 31, 2019
ASSETS
Cash and cash equivalents	$ 29.1	$ 41.7
Trade accounts receivable - net	336.9	338.6
Inventories	216.2	200.7
Other current assets	69.7	65.8
Total current assets	651.9	646.8
Property, plant and equipment - net	479.1	484.7
Intangible assets - net	114.4	116.2
Goodwill	168.5	168.5
Deferred income taxes	98.2	97.1
Other noncurrent assets	89.2	24.7
Total assets	1,601.3	1,538	[1]
LIABILITIES AND SHAREHOLDERS' EQUITY
Short-term debt	121.5	66
Long-term debt - current portion	33.5	48.6
Accounts payable	272.9	280.9
Accrued compensation and employee benefits	77.5	81.7
Other current liabilities	52.8	39.9
Total current liabilities	558.2	517.1
Long-term debt	302.2	335.1
Deferred income taxes	8.6	8.2
Pensions	100.2	101.7
Other noncurrent liabilities	85.8	34.8
Total liabilities	1,055	996.9
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 53.3 million and 52.8 million shares	33.2	33
Additional paid-in capital	240.2	238.6
Retained earnings	480.1	472.1
Accumulated other comprehensive loss	(176.2)	(178.4)
Treasury stock, at cost, 2.5 million and 2.1 million shares	(37)	(31.4)
Total Modine shareholders' equity	540.3	533.9
Noncontrolling interest	6	7.2
Total equity	546.3	541.1
Total liabilities and equity	$ 1,601.3	$ 1,538
[1]	The Company adopted new lease accounting guidance and, as a result, recorded $61.3 million of operating lease assets on its consolidated balance sheet on April 1, 2019.  See Note 1 for additional information.

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares shares in Millions	Jun. 30, 2019	Mar. 31, 2019
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)	53.3	52.8
Treasury stock at cost (in shares)	2.5	2.1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net earnings	$ 8.2	$ 22.5
Adjustments to reconcile net earnings to net cash provided by (used for) operating activities:
Depreciation and amortization	18.9	19.4
Stock-based compensation expense	1.7	2
Deferred income taxes	(0.5)	1
Other - net	0.9	0.6
Changes in operating assets and liabilities:
Trade accounts receivable	1.6	(18.6)
Inventories	(15)	(21.7)
Accounts payable	(3.8)	15.4
Other assets and liabilities	(11.5)	(24.7)
Net cash provided by (used for) operating activities	0.5	(4.1)
Cash flows from investing activities:
Expenditures for property, plant and equipment	(20.3)	(22.6)
Other - net	1.8	2.9
Net cash used for investing activities	(18.5)	(19.7)
Cash flows from financing activities:
Borrowings of debt	342.1	105.9
Repayments of debt	(329.1)	(72.7)
Dividend paid to noncontrolling interest	(1.3)	(1.8)
Purchases of treasury stock under share repurchase program	(2.4)	0
Financing fees paid	(1.1)	0
Other - net	(2.7)	(3.8)
Net cash provided by financing activities	5.5	27.6
Effect of exchange rate changes on cash	(0.1)	(1.8)
Net (decrease) increase in cash, cash equivalents and restricted cash	(12.6)	2
Cash, cash equivalents and restricted cash - beginning of period	42.2	40.3
Cash, cash equivalents and restricted cash - end of period	$ 29.6	$ 42.3

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Treasury Stock, at Cost [Member]	Non-controlling Interest [Member]	Total
Balance at Mar. 31, 2018	$ 32.7	$ 229.9	$ 394.9	$ (140.3)	$ (27.1)	$ 8.4	$ 498.5
Balance (in shares) at Mar. 31, 2018	52.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to Modine	$ 0	0	22	0	0	0	22
Other comprehensive income (loss)	0	0	0	(23.3)	0	(0.4)	(23.7)
Stock options and awards	$ 0.2	(0.2)	0	0	0	0	0
Stock options and awards (in shares)	0.4
Purchase of treasury stock	$ 0	0	0	0	(3.7)	0	(3.7)
Stock-based compensation expense	0	2	0	0	0	0	2
Dividend paid to noncontrolling interest	0	0	0	0	0	(1.8)	(1.8)
Net earnings attributable to noncontrolling interest	0	0	0	0	0	0.5	0.5
Balance at Jun. 30, 2018	$ 32.9	231.7	409.3	(163.6)	(30.8)	6.7	486.2
Balance (in shares) at Jun. 30, 2018	52.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of new accounting guidance (Note 1)	$ 0	0	(7.6)	0	0	0	(7.6)
Balance at Mar. 31, 2019	$ 33	238.6	472.1	(178.4)	(31.4)	7.2	$ 541.1
Balance (in shares) at Mar. 31, 2019	52.8						52.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to Modine	$ 0	0	8	0	0	0	$ 8
Other comprehensive income (loss)	0	0	0	2.2	0	(0.1)	2.1
Stock options and awards	$ 0.2	(0.1)	0	0	0	0	0.1
Stock options and awards (in shares)	0.5
Purchase of treasury stock	$ 0	0	0	0	(5.6)	0	(5.6)
Stock-based compensation expense	0	1.7	0	0	0	0	1.7
Dividend paid to noncontrolling interest	0	0	0	0	0	(1.3)	(1.3)
Net earnings attributable to noncontrolling interest	0	0	0	0	0	0.2	0.2
Balance at Jun. 30, 2019	$ 33.2	$ 240.2	$ 480.1	$ (176.2)	$ (37)	$ 6	$ 546.3
Balance (in shares) at Jun. 30, 2019	53.3						53.3

General

General	3 Months Ended
	Jun. 30, 2019
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, 2019, 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 three months of fiscal 2020 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, 2019. New Accounting Guidance Adopted in Fiscal 2020 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. The Company adopted this guidance effective April 1, 2019 using a modified-retrospective transition method, under which it elected not to adjust comparative periods. The Company elected the package of practical expedients permitted under the new guidance, and, as a result, the Company did not reassess the classification of existing leases or initial direct costs thereof, or whether existing contracts contain leases. In addition, the Company elected accounting policies to not record short-term leases on the balance sheet and to not separate lease and non-lease components. The Company did not elect the hindsight practical expedient. The Company assessed its global lease portfolio and implemented a new lease accounting software solution and new processes and controls to account for leases in accordance with the new guidance. The Company’s most significant leases represent leases of real estate, such as manufacturing facilities, warehouses, and office buildings. The Company also leases certain manufacturing and IT equipment and vehicles. Upon adoption of this new guidance on April 1, 2019, the Company recognized right-of-use assets for operating leases totaling $61.3 million and corresponding current and noncurrent operating lease liabilities of $12.4 million and $48.9 million, respectively. In addition, the Company assessed two existing build-to-suit arrangements, for which it had recorded property, plant and equipment and long-term debt on its consolidated balance sheet as of March 31, 2019. The Company determined these arrangements represent operating leases under the new accounting guidance. As a result, the Company derecognized the previously-recorded balances and recorded $5.2 million of operating lease right-of-use assets and corresponding lease liabilities. As a result of adopting the new guidance, there was not a significant impact on the Company’s accounting for its previously-recorded capital leases, which are now classified as finance leases under the new guidance. In addition, there was no impact to retained earnings. Also, 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 provided companies the option to reclassify stranded income tax effects to retained earnings. The Company adopted this guidance as of April 1, 2019 and chose not to reclassify stranded income tax effects; therefore, the adoption of this guidance did not impact the Company’s consolidated financial statements. New Accounting Guidance Adopted in Fiscal 2019 Revenue Recognition In May 2014, the FASB issued new guidance that outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The core principle of the new guidance is that companies are to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted this new guidance as of April 1, 2018, and, as a result, recorded an increase of $ million to retained earnings. 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 as of April 1, 2018, and, as a result, recorded a decrease to retained earnings of $ million.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Jun. 30, 2019
Revenue Recognition [Abstract]
Revenue Recognition	Note 2: Revenue Recognition Disaggregation of Revenue The table below presents revenue for each of the Company’s business segments, Vehicular Thermal Solutions (“VTS”), Commercial and Industrial Solutions (“CIS”) and Building HVAC Systems (“BHVAC”). Each segment’s revenue is disaggregated by primary end market, by geographic location and based upon the timing of revenue recognition. Three months ended June 30, 2019 VTS CIS BHVAC Segment Primary end market: Automotive $ 129.2 $ - $ - $ 129.2 Commercial vehicle 98.7 - - 98.7 Off-highway 73.9 - - 73.9 Commercial HVAC&R - 130.9 38.0 168.9 Data center cooling - 24.2 10.6 34.8 Industrial cooling - 11.4 - 11.4 Other 24.7 2.3 0.4 27.4 Net sales $ 326.5 $ 168.8 $ 49.0 $ 544.3 Geographic location: Americas $ 153.3 $ 97.1 $ 29.1 $ 279.5 Europe 126.1 58.6 19.9 204.6 Asia 47.1 13.1 - 60.2 Net sales $ 326.5 $ 168.8 $ 49.0 $ 544.3 Timing of revenue recognition: Products transferred at a point in time $ 319.1 $ 143.9 $ 49.0 $ 512.0 Products transferred over time 7.4 24.9 - 32.3 Net sales $ 326.5 $ 168.8 $ 49.0 $ 544.3 Three months ended June 30, 2018 VTS CIS BHVAC Segment Primary end market: Automotive $ 145.1 $ - $ - $ 145.1 Commercial vehicle 99.7 - - 99.7 Off-highway 83.8 - - 83.8 Commercial HVAC&R - 135.3 32.0 167.3 Data center cooling - 34.1 12.2 46.3 Industrial cooling - 11.5 - 11.5 Other 24.2 3.0 0.8 28.0 Net sales $ 352.8 $ 183.9 $ 45.0 $ 581.7 Geographic location: Americas $ 150.9 $ 104.8 $ 25.3 $ 281.0 Europe 148.4 65.2 19.7 233.3 Asia 53.5 13.9 - 67.4 Net sales $ 352.8 $ 183.9 $ 45.0 $ 581.7 Timing of revenue recognition: Products transferred at a point in time $ 342.8 $ 153.6 $ 45.0 $ 541.4 Products transferred over time 10.0 30.3 - 40.3 Net sales $ 352.8 $ 183.9 $ 45.0 $ 581.7 Contract Balances Contract assets and contract liabilities from contracts with customers were as follows: June 30, 2019 March 31, 2019 Contract assets $ 24.2 $ 22.6 Contract liabilities 4.9 4.0 Contract assets, included within other current assets in the consolidated balance sheets, 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 $1.6 million increase in contract assets during the first three months of fiscal 2020 primarily resulted from an increase in contract assets for revenue recognized over time and customer-owned tooling contracts, under which more costs were capitalized than reimbursed. Contract liabilities, included within other current liabilities in the consolidated balance sheets, consist of payments received in advance of satisfying performance obligations under customer contracts, including contracts for customer-owned tooling. The $0.9 million increase in contract liabilities during the first three months of fiscal 2020 was primarily related to customer contracts for which payment had been received in advance of the Company’s satisfaction of performance obligations.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jun. 30, 2019
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 $6.2 million and $6.0 million as of June 30, 2019 and March 31, 2019, respectively. The fair value of the Company’s long-term debt is disclosed in Note 16.

Pensions

Pensions	3 Months Ended
	Jun. 30, 2019
Pensions [Abstract]
Pensions	Note 4: Pensions Pension cost included the following components: Three months ended June 30, 2019 2018 Service cost $ 0.1 $ 0.1 Interest cost 2.3 2.4 Expected return on plan assets (3.0 ) (3.0 ) Amortization of unrecognized net loss 1.5 1.4 Net periodic benefit cost $ 0.9 $ 0.9 During the three months ended June 30, 2019 and 2018, the Company contributed $ million and $ million, respectively, to its U.S. pension plans.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Jun. 30, 2019
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 $1.7 million and $2.0 million for the three months ended June 30, 2019 and 2018, respectively. The performance component of awards granted under the Company’s long-term incentive plan during the first quarter of fiscal 2020 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 three months ended June 30, 2019 and 2018 were as follows: Three months ended June 30, 2019 2018 Shares Fair Value Per Award Shares Fair Value Per Award Stock options 0.3 $ 5.56 0.2 $ 7.81 Restricted stock awards 0.3 $ 13.26 0.2 $ 17.90 Performance stock awards 0.3 $ 13.26 0.2 $ 17.90 The Company used the following assumptions in determining fair value for stock options: Three months ended June 30, 2019 2018 Expected life of awards in years 6.3 6.3 Risk-free interest rate 2.2 % 2.8 % Expected volatility of the Company’s stock 39.2 % 39.7 % Expected dividend yield on the Company’s stock 0.0 % 0.0 % As of June 30, 2019, unrecognized compensation expense related to non-vested stock-based compensation awards, which will be amortized over the remaining service periods, was as follows: Unrecognized Compensation Expense Weighted-Average Remaining Service Period in Years Stock options $ 3.6 3.1 Restricted stock awards 8.4 3.0 Performance stock awards 4.8 2.2 Total $ 16.8 2.8

Restructuring Activities

Restructuring Activities	3 Months Ended
	Jun. 30, 2019
Restructuring Activities [Abstract]
Restructuring Activities	Note 6: Restructuring Activities The Company’s restructuring actions during the first quarter of fiscal 2020 and 2019 consisted primarily of targeted headcount reductions in Europe and the Americas within the VTS segment and plant consolidation activities. The headcount reductions support the Company’s objective to reduce operational and selling, general and administrative (“SG&A”) cost structures at certain locations. In addition, the Company is in process of transferring product lines associated with the merger of its North American coils business into the CIS segment in order to accelerate operational improvements and organizational efficiencies. Restructuring and repositioning expenses were as follows: Three months ended June 30, 2019 2018 Employee severance and related benefits $ 1.5 $ 0.1 Other restructuring and repositioning expenses 0.3 0.1 Total $ 1.8 $ 0.2 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 June 30, 2019 2018 Beginning balance $ 10.0 $ 11.0 Additions 1.5 0.1 Payments (3.7 ) (5.8 ) Effect of exchange rate changes - (0.5 ) Ending balance $ 7.8 $ 4.8

Other Income and Expense

Other Income and Expense	3 Months Ended
	Jun. 30, 2019
Other Income and Expense [Abstract]
Other Income and Expense	Note 7: Other Income and Expense Other income and expense consisted of the following: Three months ended June 30, 2019 2018 Equity in earnings of non-consolidated affiliate $ 0.1 $ 0.2 Interest income 0.1 0.2 Foreign currency transactions (a) (0.6 ) (0.8 ) Net periodic benefit cost (b) (0.7 ) (0.7 ) Total other expense - net $ (1.1 ) $ (1.1 ) (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 certain 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	3 Months Ended
	Jun. 30, 2019
Income Taxes [Abstract]
Income Taxes	Note : Income Taxes The Company’s effective tax rate for the months ended June and was and , respectively. The effective tax rate for the quarter of fiscal is higher than the quarter of the prior year, primarily due to the absence of a reversal of a valuation allowance on deferred tax assets in a foreign jurisdiction recorded during the quarter of fiscal and changes in the mix and amount of foreign and domestic earnings. As of June valuation allowances against deferred tax assets in certain foreign jurisdictions totaled and valuation allowances against certain U.S. deferred tax assets totaled , as it is more likely than not these assets will not be realized based upon historical financial results. The Company will continue to provide a valuation allowance against its net deferred tax assets in each of the applicable jurisdictions until the need for a valuation allowance is eliminated. The need for a valuation allowance is eliminated when the Company determines it is more likely than not the deferred tax assets will be realized. Accounting policies for interim reporting require the Company to adjust its effective tax rate each quarter to be consistent with 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 estimates that reductions to unrecognized tax benefits for the remainder of fiscal will total , primarily due to lapses in statutes of limitations, which, if recognized, would have a favorable impact on its effective tax rate.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Note 9: Earnings Per Share The components of basic and diluted earnings per share were as follows: Three months ended June 30, 2019 2018 Net earnings attributable to Modine $ 8.0 $ 22.0 Less: Undistributed earnings attributable to unvested shares - (0.1 ) Net earnings available to Modine shareholders $ 8.0 $ 21.9 Weighted-average shares outstanding - basic 50.7 50.3 Effect of dilutive securities 0.4 0.9 Weighted-average shares outstanding - diluted 51.1 51.2 Earnings per share: Net earnings per share - basic $ 0.16 $ 0.43 Net earnings per share - diluted $ 0.16 $ 0.43 For the three months ended June 30, 2019 and 2018, the calculation of diluted earnings per share excluded 0.8 million and 0.4 million stock options, respectively, because they were anti-dilutive.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	3 Months Ended
	Jun. 30, 2019
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: June 30, 2019 March 31, 2019 Cash and cash equivalents $ 29.1 $ 41.7 Restricted cash 0.5 0.5 Total cash, cash equivalents and restricted cash $ 29.6 $ 42.2 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	3 Months Ended
	Jun. 30, 2019
Inventories [Abstract]
Inventories	Note 11: Inventories Inventories consisted of the following: June 30, 2019 March 31, 2019 Raw materials $ 134.1 $ 122.8 Work in process 35.6 32.2 Finished goods 46.5 45.7 Total inventories $ 216.2 $ 200.7

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Jun. 30, 2019
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: June 30, 2019 March 31, 2019 Land $ 20.9 $ 20.7 Buildings and improvements (10-40 years) 281.0 285.9 Machinery and equipment (3-15 years) 858.7 848.7 Office equipment (3-10 years) 93.6 92.0 Construction in progress 62.6 57.4 1,316.8 1,304.7 Less: accumulated depreciation (837.7 ) (820.0 ) Net property, plant and equipment $ 479.1 $ 484.7

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Jun. 30, 2019
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 CIS BHVAC Total Goodwill, March 31, 2019 $ 0.5 $ 153.9 $ 14.1 $ 168.5 Effect of exchange rate changes - 0.3 (0.3 ) - Goodwill, June 30, 2019 $ 0.5 $ 154.2 $ 13.8 $ 168.5 Intangible assets consisted of the following: June 30, 2019 March 31, 2019 Gross Carrying Value Accumulated Amortization Net Intangible Assets Gross Carrying Value Accumulated Amortization Net Intangible Assets Customer relationships $ 61.7 $ (10.1 ) $ 51.6 $ 61.5 $ (9.1 ) $ 52.4 Trade names 58.9 (14.1 ) 44.8 58.9 (13.5 ) 45.4 Acquired technology 24.0 (6.0 ) 18.0 23.9 (5.5 ) 18.4 Total intangible assets $ 144.6 $ (30.2 ) $ 114.4 $ 144.3 $ (28.1 ) $ 116.2 The Company recorded amortization expense of $2.2 million and $2.3 million for the three months ended June 30, 2019 and 2018, respectively. The Company estimates that it will record $6.7 million of amortization expense during the remainder of fiscal 2020 and approximately $8.0 million of annual amortization expense in fiscal 2021 through 2025.

Product Warranties

Product Warranties	3 Months Ended
	Jun. 30, 2019
Product Warranties [Abstract]
Product Warranties	Note 14: Product Warranties Changes in accrued warranty costs were as follows: Three months ended June 30, 2019 2018 Beginning balance $ 9.2 $ 9.3 Warranties recorded at time of sale 1.4 1.4 Adjustments to pre-existing warranties (0.6 ) (0.4 ) Settlements (0.9 ) (1.3 ) Effect of exchange rate changes - (0.3 ) Ending balance $ 9.1 $ 8.7

Leases

Leases	3 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	Note 15: Leases Effective April 1, 2019, the Company adopted new lease accounting guidance and, as a result, recorded $61.3 million of right-of-use (“ROU”) assets and corresponding lease liabilities for operating leases on its consolidated balance sheet. The condensed consolidated financial statements for the three months ended June 30, 2019 reflect the adoption of this new guidance; however, the comparable prior-year period has not been adjusted. See Note 1 for additional information regarding the Company’s adoption of the new guidance. Significant Accounting Policy The Company determines if an arrangement is a lease at contract inception. The lease term begins upon lease commencement, which is when the Company takes possession of the asset, and may include options to extend or terminate the lease when it is reasonably certain that such options will be exercised. The Company uses the lease term within its determination of the appropriate lease classification, either as an operating lease or as a finance lease, and to calculate straight-line lease expense for its operating leases. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company recognizes ROU assets and lease liabilities at the commencement date, based upon the present value of lease payments over the lease term. As its lease agreements typically do not provide an implicit rate, the Company primarily uses an incremental borrowing rate based upon the information available at lease commencement. In determining the incremental borrowing rate, the Company considers its current borrowing rate, the term of the lease, and the economic environments where the lease activity is concentrated. The Company believes this method effectively estimates a borrowing rate that it could obtain for a debt instrument with similar terms as the lease agreement. Based upon its accounting policy, the Company does not separate lease and non-lease components for any asset class. In addition, the Company does not record short-term leases (i.e. leases with an initial term of 12 months or less) on its consolidated balance sheets and recognizes payments for these leases as lease expense. Certain leases require the Company to pay taxes, insurance, maintenance, and other operating expenses associated with the leased asset. Such amounts are not included in the measurement of the lease liability to the extent they are variable in nature. These variable lease costs are recognized as variable lease expense when incurred. The depreciable life of the ROU assets and related leasehold improvements are limited by the expected lease term, unless the lease contains a provision to transfer title to the Company or a purchase option that the Company expects to execute. The Company’s most significant leases represent leases of real estate, such as manufacturing facilities, warehouses, and office buildings. In addition, the Company leases certain manufacturing and IT equipment and vehicles. The Company’s most significant leases have remaining lease terms of 1 to 11 years. Certain leases contain renewal options for varying periods, which are at the Company’s discretion. If reasonably certain of exercise, the Company includes the renewal periods within the calculation of ROU assets and lease liabilities. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Lease assets and liabilities The following table provides a summary of leases recorded on the consolidated balance sheet. Balance Sheet Location June 30, 2019 Lease Assets Operating lease ROU assets Other noncurrent assets $ 64.9 Finance lease ROU assets (a) Property, plant and equipment - net 8.8 Lease Liabilities Operating lease liabilities Other current liabilities $ 12.9 Operating lease liabilities Other noncurrent liabilities 50.7 Finance lease liabilities Long-term debt - current portion 0.3 Finance lease liabilities Long-term debt 3.6 (a) Finance lease ROU assets are recorded net of accumulated amortization of $1.4 million as of June 30, 2019. Components of Lease Expense The Company records operating lease expense as either cost of sales or SG&A expenses within its consolidated statements of operations, depending upon the nature and use of the ROU assets. The Company records finance lease expense as depreciation expense within cost of sales or SG&A expenses, depending upon the nature and use of the ROU assets, and as interest expense in its consolidated statements of operations. The components of lease expense were as follows: Three months ended June 30, 2019 Operating lease expense (a) $ 5.2 Finance lease expense: Depreciation of ROU assets 0.1 Interest on lease liabilities - Total lease expense $ 5.3 (a) For the three months ended June 30, 2019, operating lease expense included $0.9 million of short-term lease expense. Variable lease expense was not significant. Supplemental Cash Flow Information Three months ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 3.7 Financing cash flows for finance leases 0.1 ROU assets obtained in exchange for lease liabilities Operating leases $ 0.3 Finance leases - Lease Term and Discount Rates June 30, 2019 Weighted-average remaining lease term: Operating leases 8.9 years Finance leases 9.7 years Weighted-average discount rate: Operating leases 3.4% Finance leases 2.0% Maturity of Lease Liabilities under New Lease Accounting Guidance Future minimum rental payments for leases with initial non-cancellable lease terms in excess of one year were as follows at June 30, 2019: Fiscal Year Operating Leases Finance Leases Remainder of fiscal 2020 $ 11.4 $ 0.4 2021 13.4 0.5 2022 9.9 0.5 2023 8.0 0.5 2024 5.5 0.5 2025 and beyond 24.8 2.5 Total lease payments 73.0 4.9 Less: Interest (9.4 ) (1.0 ) Present value of lease liabilities $ 63.6 $ 3.9 The table above excludes approximately $7.0 million of future lease payments associated with a 15-year operating lease of a manufacturing facility within the CIS segment that commenced in July 2019. Future minimum rental payments for operating leases with initial non-cancellable lease terms in excess of one year were as follows at March 31, 2019: Fiscal Year 2020 $ 14.2 2021 12.4 2022 9.1 2023 7.1 2024 4.7 2025 and beyond 22.9 Total $ 70.4 The Company recorded $19.3 million and $18.5 million of rental expense related to operating leases in fiscal 2019 and 2018, respectively.

Indebtedness

Indebtedness	3 Months Ended
	Jun. 30, 2019
Indebtedness [Abstract]
Indebtedness	Note 16: Indebtedness In June 2019, the Company executed an amended and restated credit agreement with a syndicate of banks that provides for a multi-currency $250.0 million revolving credit facility expiring in June 2024, which modified the Company’s then-existing revolver that would have expired in November 2021. As a result of the credit agreement modification, the Company deferred debt issuance costs of $ million, which will be amortized over the term of the debt. Long-term debt consisted of the following: Fiscal year of maturity June 30, 2019 March 31, 2019 Term loans 2025 $ 200.5 $ 238.4 6.8% Senior Notes 2021 81.0 85.0 5.8% Senior Notes 2027 50.0 50.0 Other (a) - 8.1 14.3 339.6 387.7 Less: current portion (33.5 ) (48.6 ) Less: unamortized debt issuance costs (3.9 ) (4.0 ) Total long-term debt $ 302.2 $ 335.1 (a) Other long-term debt primarily includes borrowings by foreign subsidiaries and finance lease obligations. Fiscal Year Remainder of 2020 $ 24.0 2021 84.7 2022 21.7 2023 21.7 2024 21.7 2025 & beyond 165.8 Total $ 339.6 As of June 30, 2019 and March 31, 2019, the Company reported its revolving credit facility borrowings of $101.6 million and $47.1 million, respectively, as short-term debt on the consolidated balance sheets. At June 30, 2019, domestic letters of credit totaled $5.3 million, resulting in available borrowings under the Company’s revolving credit facility of $143.1 million. The Company also maintains credit agreements for its foreign subsidiaries, with outstanding short-term borrowings at June 30, 2019 and March 31, 2019 of $19.9 million and $18.9 million, respectively. Provisions in the Company’s 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, as specified in the credit agreement, the term loans may require prepayments in the event of certain asset sales. The Company is also subject to a leverage ratio covenant, 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 June 30, 2019. 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 June 30, 2019 and March 31, 2019, 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 $134.0 million and $137.2 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	3 Months Ended
	Jun. 30, 2019
Contingencies and Litigation [Abstract]
Contingencies and Litigation	Note 17: 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 $18.9 million as of June 30, 2019 and March 31, 2019. 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	3 Months Ended
	Jun. 30, 2019
Accumulated Other Comprehensive Loss [Abstract]
Accumulated Other Comprehensive Loss	Note 18: Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss were as follows: Three months ended June 30, 2019 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (42.6 ) $ (136.3 ) $ 0.5 $ (178.4 ) Other comprehensive income (loss) before reclassifications 1.9 - (1.0 ) 0.9 Reclassifications: Amortization of unrecognized net loss (a) - 1.4 - 1.4 Realized gains - net (b) - - (0.1 ) (0.1 ) Income taxes - (0.3 ) 0.3 - Total other comprehensive income (loss) 1.9 1.1 (0.8 ) 2.2 Ending balance $ (40.7 ) $ (135.2 ) $ (0.3 ) $ (176.2 ) Three months ended June 30, 2018 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (5.5 ) $ (134.9 ) $ 0.1 $ (140.3 ) Other comprehensive income before reclassifications (24.7 ) - 0.5 (24.2 ) Reclassifications for amortization of unrecognized net loss (a) - 1.3 - 1.3 Income taxes - (0.3 ) (0.1 ) (0.4 ) Total other comprehensive income (24.7 ) 1.0 0.4 (23.3 ) Ending balance $ (30.2 ) $ (133.9 ) $ 0.5 $ (163.6 ) (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) Amount represent net gains and losses associated with cash flow hedges that were reclassified to net earnings.

Segment Information

Segment Information	3 Months Ended
	Jun. 30, 2019
Segment Information [Abstract]
Segment Information	Note 19: Segment Information The following is a summary of net sales, gross profit, operating income, and total assets by segment: Three months ended June 30, 2019 2018 External Sales Inter-segment Sales Total External Sales Inter-segment Sales Total Net sales: VTS $ 312.6 $ 13.9 $ 326.5 $ 338.3 $ 14.5 $ 352.8 CIS 167.9 0.9 168.8 183.5 0.4 183.9 BHVAC 48.5 0.5 49.0 44.3 0.7 45.0 Segment total 529.0 15.3 544.3 566.1 15.6 581.7 Corporate and eliminations - (15.3 ) (15.3 ) - (15.6 ) (15.6 ) Net sales $ 529.0 $ - $ 529.0 $ 566.1 $ - $ 566.1 Three months ended June 30, 2019 2018 $'s % of sales $'s % of sales Gross profit: VTS $ 45.0 13.8 % $ 54.0 15.3 % CIS 24.3 14.4 % 28.6 15.6 % BHVAC 13.7 27.9 % 11.6 25.9 % Segment total 83.0 15.2 % 94.2 16.2 % Corporate and eliminations 0.4 - 0.1 - Gross profit $ 83.4 15.8 % $ 94.3 16.7 % Three months ended June 30, 2019 2018 Operating income: VTS $ 17.3 $ 25.5 CIS 9.0 13.2 BHVAC 5.3 3.2 Segment total 31.6 41.9 Corporate and eliminations (13.5 ) (7.1 ) Operating income $ 18.1 $ 34.8 June 30, 2019 March 31, 2019 Total assets: (a) VTS $ 767.9 $ 749.9 CIS 628.2 604.2 BHVAC 107.0 89.4 Corporate and eliminations 98.2 94.5 Total assets $ 1,601.3 $ 1,538.0 (a) The Company adopted new lease accounting guidance and, as a result, recorded $61.3 million of operating lease assets on its consolidated balance sheet on April 1, 2019. See Note 1 for additional information.

General (Policies)

General (Policies)	3 Months Ended
	Jun. 30, 2019
General [Abstract]
New Accounting Guidance Adopted	New Accounting Guidance Adopted in Fiscal 2020 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. The Company adopted this guidance effective April 1, 2019 using a modified-retrospective transition method, under which it elected not to adjust comparative periods. The Company elected the package of practical expedients permitted under the new guidance, and, as a result, the Company did not reassess the classification of existing leases or initial direct costs thereof, or whether existing contracts contain leases. In addition, the Company elected accounting policies to not record short-term leases on the balance sheet and to not separate lease and non-lease components. The Company did not elect the hindsight practical expedient. The Company assessed its global lease portfolio and implemented a new lease accounting software solution and new processes and controls to account for leases in accordance with the new guidance. The Company’s most significant leases represent leases of real estate, such as manufacturing facilities, warehouses, and office buildings. The Company also leases certain manufacturing and IT equipment and vehicles. Upon adoption of this new guidance on April 1, 2019, the Company recognized right-of-use assets for operating leases totaling $61.3 million and corresponding current and noncurrent operating lease liabilities of $12.4 million and $48.9 million, respectively. In addition, the Company assessed two existing build-to-suit arrangements, for which it had recorded property, plant and equipment and long-term debt on its consolidated balance sheet as of March 31, 2019. The Company determined these arrangements represent operating leases under the new accounting guidance. As a result, the Company derecognized the previously-recorded balances and recorded $5.2 million of operating lease right-of-use assets and corresponding lease liabilities. As a result of adopting the new guidance, there was not a significant impact on the Company’s accounting for its previously-recorded capital leases, which are now classified as finance leases under the new guidance. In addition, there was no impact to retained earnings. Also, 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 provided companies the option to reclassify stranded income tax effects to retained earnings. The Company adopted this guidance as of April 1, 2019 and chose not to reclassify stranded income tax effects; therefore, the adoption of this guidance did not impact the Company’s consolidated financial statements. New Accounting Guidance Adopted in Fiscal 2019 Revenue Recognition In May 2014, the FASB issued new guidance that outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The core principle of the new guidance is that companies are to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted this new guidance as of April 1, 2018, and, as a result, recorded an increase of $ million to retained earnings. 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 as of April 1, 2018, and, as a result, recorded a decrease to retained earnings of $ million.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Jun. 30, 2019
Revenue Recognition [Abstract]
Disaggregation of Revenue	The table below presents revenue for each of the Company’s business segments, Vehicular Thermal Solutions (“VTS”), Commercial and Industrial Solutions (“CIS”) and Building HVAC Systems (“BHVAC”). Each segment’s revenue is disaggregated by primary end market, by geographic location and based upon the timing of revenue recognition. Three months ended June 30, 2019 VTS CIS BHVAC Segment Primary end market: Automotive $ 129.2 $ - $ - $ 129.2 Commercial vehicle 98.7 - - 98.7 Off-highway 73.9 - - 73.9 Commercial HVAC&R - 130.9 38.0 168.9 Data center cooling - 24.2 10.6 34.8 Industrial cooling - 11.4 - 11.4 Other 24.7 2.3 0.4 27.4 Net sales $ 326.5 $ 168.8 $ 49.0 $ 544.3 Geographic location: Americas $ 153.3 $ 97.1 $ 29.1 $ 279.5 Europe 126.1 58.6 19.9 204.6 Asia 47.1 13.1 - 60.2 Net sales $ 326.5 $ 168.8 $ 49.0 $ 544.3 Timing of revenue recognition: Products transferred at a point in time $ 319.1 $ 143.9 $ 49.0 $ 512.0 Products transferred over time 7.4 24.9 - 32.3 Net sales $ 326.5 $ 168.8 $ 49.0 $ 544.3 Three months ended June 30, 2018 VTS CIS BHVAC Segment Primary end market: Automotive $ 145.1 $ - $ - $ 145.1 Commercial vehicle 99.7 - - 99.7 Off-highway 83.8 - - 83.8 Commercial HVAC&R - 135.3 32.0 167.3 Data center cooling - 34.1 12.2 46.3 Industrial cooling - 11.5 - 11.5 Other 24.2 3.0 0.8 28.0 Net sales $ 352.8 $ 183.9 $ 45.0 $ 581.7 Geographic location: Americas $ 150.9 $ 104.8 $ 25.3 $ 281.0 Europe 148.4 65.2 19.7 233.3 Asia 53.5 13.9 - 67.4 Net sales $ 352.8 $ 183.9 $ 45.0 $ 581.7 Timing of revenue recognition: Products transferred at a point in time $ 342.8 $ 153.6 $ 45.0 $ 541.4 Products transferred over time 10.0 30.3 - 40.3 Net sales $ 352.8 $ 183.9 $ 45.0 $ 581.7
Contract Assets and Contract Liabilities from Contracts with Customers	Contract assets and contract liabilities from contracts with customers were as follows: June 30, 2019 March 31, 2019 Contract assets $ 24.2 $ 22.6 Contract liabilities 4.9 4.0

Pensions (Tables)

Pensions (Tables)	3 Months Ended
	Jun. 30, 2019
Pensions [Abstract]
Pension Cost	Pension cost included the following components: Three months ended June 30, 2019 2018 Service cost $ 0.1 $ 0.1 Interest cost 2.3 2.4 Expected return on plan assets (3.0 ) (3.0 ) Amortization of unrecognized net loss 1.5 1.4 Net periodic benefit cost $ 0.9 $ 0.9

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Jun. 30, 2019
Stock-Based Compensation [Abstract]
Fair Market Value of Stock-Based Compensation Awards	The fair value of stock-based compensation awards granted during the three months ended June 30, 2019 and 2018 were as follows: Three months ended June 30, 2019 2018 Shares Fair Value Per Award Shares Fair Value Per Award Stock options 0.3 $ 5.56 0.2 $ 7.81 Restricted stock awards 0.3 $ 13.26 0.2 $ 17.90 Performance stock awards 0.3 $ 13.26 0.2 $ 17.90
Assumptions Used in Determining Fair Value of Stock Options	The Company used the following assumptions in determining fair value for stock options: Three months ended June 30, 2019 2018 Expected life of awards in years 6.3 6.3 Risk-free interest rate 2.2 % 2.8 % Expected volatility of the Company’s stock 39.2 % 39.7 % 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 June 30, 2019, unrecognized compensation expense related to non-vested stock-based compensation awards, which will be amortized over the remaining service periods, was as follows: Unrecognized Compensation Expense Weighted-Average Remaining Service Period in Years Stock options $ 3.6 3.1 Restricted stock awards 8.4 3.0 Performance stock awards 4.8 2.2 Total $ 16.8 2.8

Restructuring Activities (Table

Restructuring Activities (Tables)	3 Months Ended
	Jun. 30, 2019
Restructuring Activities [Abstract]
Restructuring and Repositioning Expenses	Restructuring and repositioning expenses were as follows: Three months ended June 30, 2019 2018 Employee severance and related benefits $ 1.5 $ 0.1 Other restructuring and repositioning expenses 0.3 0.1 Total $ 1.8 $ 0.2
Changes in Accrued Severance	Three months ended June 30, 2019 2018 Beginning balance $ 10.0 $ 11.0 Additions 1.5 0.1 Payments (3.7 ) (5.8 ) Effect of exchange rate changes - (0.5 ) Ending balance $ 7.8 $ 4.8

Other Income and Expense (Table

Other Income and Expense (Tables)	3 Months Ended
	Jun. 30, 2019
Other Income and Expense [Abstract]
Other Income and Expense	Other income and expense consisted of the following: Three months ended June 30, 2019 2018 Equity in earnings of non-consolidated affiliate $ 0.1 $ 0.2 Interest income 0.1 0.2 Foreign currency transactions (a) (0.6 ) (0.8 ) Net periodic benefit cost (b) (0.7 ) (0.7 ) Total other expense - net $ (1.1 ) $ (1.1 ) (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 certain 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)	3 Months Ended
	Jun. 30, 2019
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 June 30, 2019 2018 Net earnings attributable to Modine $ 8.0 $ 22.0 Less: Undistributed earnings attributable to unvested shares - (0.1 ) Net earnings available to Modine shareholders $ 8.0 $ 21.9 Weighted-average shares outstanding - basic 50.7 50.3 Effect of dilutive securities 0.4 0.9 Weighted-average shares outstanding - diluted 51.1 51.2 Earnings per share: Net earnings per share - basic $ 0.16 $ 0.43 Net earnings per share - diluted $ 0.16 $ 0.43

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	3 Months Ended
	Jun. 30, 2019
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash and Cash Equivalents and Restricted Cash	Cash, cash equivalents and restricted cash consisted of the following: June 30, 2019 March 31, 2019 Cash and cash equivalents $ 29.1 $ 41.7 Restricted cash 0.5 0.5 Total cash, cash equivalents and restricted cash $ 29.6 $ 42.2

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Jun. 30, 2019
Inventories [Abstract]
Inventories	Inventories consisted of the following: June 30, 2019 March 31, 2019 Raw materials $ 134.1 $ 122.8 Work in process 35.6 32.2 Finished goods 46.5 45.7 Total inventories $ 216.2 $ 200.7

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Jun. 30, 2019
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment, including depreciable lives, consisted of the following: June 30, 2019 March 31, 2019 Land $ 20.9 $ 20.7 Buildings and improvements (10-40 years) 281.0 285.9 Machinery and equipment (3-15 years) 858.7 848.7 Office equipment (3-10 years) 93.6 92.0 Construction in progress 62.6 57.4 1,316.8 1,304.7 Less: accumulated depreciation (837.7 ) (820.0 ) Net property, plant and equipment $ 479.1 $ 484.7

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets [Abstract]
Changes in Carrying Amount of Goodwill	Changes in the carrying amount of goodwill were as follows: VTS CIS BHVAC Total Goodwill, March 31, 2019 $ 0.5 $ 153.9 $ 14.1 $ 168.5 Effect of exchange rate changes - 0.3 (0.3 ) - Goodwill, June 30, 2019 $ 0.5 $ 154.2 $ 13.8 $ 168.5
Intangible Assets	Intangible assets consisted of the following: June 30, 2019 March 31, 2019 Gross Carrying Value Accumulated Amortization Net Intangible Assets Gross Carrying Value Accumulated Amortization Net Intangible Assets Customer relationships $ 61.7 $ (10.1 ) $ 51.6 $ 61.5 $ (9.1 ) $ 52.4 Trade names 58.9 (14.1 ) 44.8 58.9 (13.5 ) 45.4 Acquired technology 24.0 (6.0 ) 18.0 23.9 (5.5 ) 18.4 Total intangible assets $ 144.6 $ (30.2 ) $ 114.4 $ 144.3 $ (28.1 ) $ 116.2

Product Warranties (Tables)

Product Warranties (Tables)	3 Months Ended
	Jun. 30, 2019
Product Warranties [Abstract]
Changes in Accrued Warranty Costs	Changes in accrued warranty costs were as follows: Three months ended June 30, 2019 2018 Beginning balance $ 9.2 $ 9.3 Warranties recorded at time of sale 1.4 1.4 Adjustments to pre-existing warranties (0.6 ) (0.4 ) Settlements (0.9 ) (1.3 ) Effect of exchange rate changes - (0.3 ) Ending balance $ 9.1 $ 8.7

Leases (Tables)

Leases (Tables)	3 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Lease Assets and Liabilities Recorded in Consolidated Balance Sheet	The following table provides a summary of leases recorded on the consolidated balance sheet. Balance Sheet Location June 30, 2019 Lease Assets Operating lease ROU assets Other noncurrent assets $ 64.9 Finance lease ROU assets (a) Property, plant and equipment - net 8.8 Lease Liabilities Operating lease liabilities Other current liabilities $ 12.9 Operating lease liabilities Other noncurrent liabilities 50.7 Finance lease liabilities Long-term debt - current portion 0.3 Finance lease liabilities Long-term debt 3.6 (a) Finance lease ROU assets are recorded net of accumulated amortization of $1.4 million as of June 30, 2019.
Components of Lease Expense	The components of lease expense were as follows: Three months ended June 30, 2019 Operating lease expense (a) $ 5.2 Finance lease expense: Depreciation of ROU assets 0.1 Interest on lease liabilities - Total lease expense $ 5.3 (a) For the three months ended June 30, 2019, operating lease expense included $0.9 million of short-term lease expense. Variable lease expense was not significant.
Supplemental Cash Flow Information	Supplemental Cash Flow Information Three months ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 3.7 Financing cash flows for finance leases 0.1 ROU assets obtained in exchange for lease liabilities Operating leases $ 0.3 Finance leases -
Lease Term and Discount Rates	Lease Term and Discount Rates June 30, 2019 Weighted-average remaining lease term: Operating leases 8.9 years Finance leases 9.7 years Weighted-average discount rate: Operating leases 3.4% Finance leases 2.0%
Maturity of Lease Liabilities under New Lease Accounting Guidance	Future minimum rental payments for leases with initial non-cancellable lease terms in excess of one year were as follows at June 30, 2019: Fiscal Year Operating Leases Finance Leases Remainder of fiscal 2020 $ 11.4 $ 0.4 2021 13.4 0.5 2022 9.9 0.5 2023 8.0 0.5 2024 5.5 0.5 2025 and beyond 24.8 2.5 Total lease payments 73.0 4.9 Less: Interest (9.4 ) (1.0 ) Present value of lease liabilities $ 63.6 $ 3.9
Maturity of Lease Liabilities under Previous Lease Accounting Guidance	Future minimum rental payments for operating leases with initial non-cancellable lease terms in excess of one year were as follows at March 31, 2019: Fiscal Year 2020 $ 14.2 2021 12.4 2022 9.1 2023 7.1 2024 4.7 2025 and beyond 22.9 Total $ 70.4

Indebtedness (Tables)

Indebtedness (Tables)	3 Months Ended
	Jun. 30, 2019
Indebtedness [Abstract]
Long-Term Indebtedness	Long-term debt consisted of the following: Fiscal year of maturity June 30, 2019 March 31, 2019 Term loans 2025 $ 200.5 $ 238.4 6.8% Senior Notes 2021 81.0 85.0 5.8% Senior Notes 2027 50.0 50.0 Other (a) - 8.1 14.3 339.6 387.7 Less: current portion (33.5 ) (48.6 ) Less: unamortized debt issuance costs (3.9 ) (4.0 ) Total long-term debt $ 302.2 $ 335.1 (a) Other long-term debt primarily includes borrowings by foreign subsidiaries and finance lease obligations.
Maturities of Long Term Debt and Capital Lease Obligations	Table of Contents Long-term debt matures as follows: Fiscal Year Remainder of 2020 $ 24.0 2021 84.7 2022 21.7 2023 21.7 2024 21.7 2025 & beyond 165.8 Total $ 339.6

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Jun. 30, 2019
Accumulated Other Comprehensive Loss [Abstract]
Components of Accumulated Other Comprehensive Loss	Changes in accumulated other comprehensive loss were as follows: Three months ended June 30, 2019 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (42.6 ) $ (136.3 ) $ 0.5 $ (178.4 ) Other comprehensive income (loss) before reclassifications 1.9 - (1.0 ) 0.9 Reclassifications: Amortization of unrecognized net loss (a) - 1.4 - 1.4 Realized gains - net (b) - - (0.1 ) (0.1 ) Income taxes - (0.3 ) 0.3 - Total other comprehensive income (loss) 1.9 1.1 (0.8 ) 2.2 Ending balance $ (40.7 ) $ (135.2 ) $ (0.3 ) $ (176.2 ) Three months ended June 30, 2018 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (5.5 ) $ (134.9 ) $ 0.1 $ (140.3 ) Other comprehensive income before reclassifications (24.7 ) - 0.5 (24.2 ) Reclassifications for amortization of unrecognized net loss (a) - 1.3 - 1.3 Income taxes - (0.3 ) (0.1 ) (0.4 ) Total other comprehensive income (24.7 ) 1.0 0.4 (23.3 ) Ending balance $ (30.2 ) $ (133.9 ) $ 0.5 $ (163.6 ) (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) Amount represent net gains and losses associated with cash flow hedges that were reclassified to net earnings.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Jun. 30, 2019
Segment Information [Abstract]
Net Sales, Gross Profit, Operating Income and Total Assets by Segment	The following is a summary of net sales, gross profit, operating income, and total assets by segment: Three months ended June 30, 2019 2018 External Sales Inter-segment Sales Total External Sales Inter-segment Sales Total Net sales: VTS $ 312.6 $ 13.9 $ 326.5 $ 338.3 $ 14.5 $ 352.8 CIS 167.9 0.9 168.8 183.5 0.4 183.9 BHVAC 48.5 0.5 49.0 44.3 0.7 45.0 Segment total 529.0 15.3 544.3 566.1 15.6 581.7 Corporate and eliminations - (15.3 ) (15.3 ) - (15.6 ) (15.6 ) Net sales $ 529.0 $ - $ 529.0 $ 566.1 $ - $ 566.1 Three months ended June 30, 2019 2018 $'s % of sales $'s % of sales Gross profit: VTS $ 45.0 13.8 % $ 54.0 15.3 % CIS 24.3 14.4 % 28.6 15.6 % BHVAC 13.7 27.9 % 11.6 25.9 % Segment total 83.0 15.2 % 94.2 16.2 % Corporate and eliminations 0.4 - 0.1 - Gross profit $ 83.4 15.8 % $ 94.3 16.7 % Three months ended June 30, 2019 2018 Operating income: VTS $ 17.3 $ 25.5 CIS 9.0 13.2 BHVAC 5.3 3.2 Segment total 31.6 41.9 Corporate and eliminations (13.5 ) (7.1 ) Operating income $ 18.1 $ 34.8 June 30, 2019 March 31, 2019 Total assets: (a) VTS $ 767.9 $ 749.9 CIS 628.2 604.2 BHVAC 107.0 89.4 Corporate and eliminations 98.2 94.5 Total assets $ 1,601.3 $ 1,538.0 (a) The Company adopted new lease accounting guidance and, as a result, recorded $61.3 million of operating lease assets on its consolidated balance sheet on April 1, 2019. See Note 1 for additional information.

General (Details)

General (Details) - USD ($) $ in Millions	Jun. 30, 2019	Mar. 31, 2019	Mar. 31, 2018
Leases [Abstract]
Right-of-use assets	$ 64.9	$ 61.3
Operating lease liabilities, Other current liabilities	12.9
Operating lease liabilities, Other noncurrent liabilities	50.7
Operating leases, right-of-use liabilitiess	63.6
New Accounting Guidance Adopted [Abstract]
Retained earnings	480.1	472.1
Real Estate Leases [Member]
Leases [Abstract]
Right-of-use assets		61.3
Operating lease liabilities, Other current liabilities		12.4
Operating lease liabilities, Other noncurrent liabilities		48.9
Build to Suit Arrangements [Member]
Leases [Abstract]
Right-of-use assets		$ 5.2
Operating leases, right-of-use liabilitiess	$ 5.2
ASU 2014-09 [Member]
New Accounting Guidance Adopted [Abstract]
Retained earnings			$ 0.7
ASU 2016-16 [Member]
New Accounting Guidance Adopted [Abstract]
Retained earnings			$ (8.3)

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2019
Disaggregation of Revenue [Abstract]
Net sales	$ 529	$ 566.1
Contract with Customer, Asset and Liability [Abstract]
Contract assets	24.2		$ 22.6
Contract liabilities	4.9		$ 4
Increase in contract assets	1.6
Increase in contract liabilities	0.9
VTS [Member]
Disaggregation of Revenue [Abstract]
Net sales	326.5	352.8
VTS [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	319.1	342.8
VTS [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	7.4	10
VTS [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	153.3	150.9
VTS [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	126.1	148.4
VTS [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	47.1	53.5
VTS [Member] | Automotive [Member]
Disaggregation of Revenue [Abstract]
Net sales	129.2	145.1
VTS [Member] | Commercial Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	98.7	99.7
VTS [Member] | Off-Highway [Member]
Disaggregation of Revenue [Abstract]
Net sales	73.9	83.8
VTS [Member] | Commercial HVAC&R [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	24.7	24.2
CIS [Member]
Disaggregation of Revenue [Abstract]
Net sales	168.8	183.9
CIS [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	143.9	153.6
CIS [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	24.9	30.3
CIS [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	97.1	104.8
CIS [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	58.6	65.2
CIS [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	13.1	13.9
CIS [Member] | Automotive [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0
CIS [Member] | Commercial Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0
CIS [Member] | Off-Highway [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0
CIS [Member] | Commercial HVAC&R [Member]
Disaggregation of Revenue [Abstract]
Net sales	130.9	135.3
CIS [Member] | Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	24.2	34.1
CIS [Member] | Industrial Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	11.4	11.5
CIS [Member] | Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	2.3	3
BHVAC [Member]
Disaggregation of Revenue [Abstract]
Net sales	49	45
BHVAC [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	49	45
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	29.1	25.3
BHVAC [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	19.9	19.7
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&R [Member]
Disaggregation of Revenue [Abstract]
Net sales	38	32
BHVAC [Member] | Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	10.6	12.2
BHVAC [Member] | Industrial Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0
BHVAC [Member] | Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	0.4	0.8
Total Segments [Member]
Disaggregation of Revenue [Abstract]
Net sales	544.3	581.7
Total Segments [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	512	541.4
Total Segments [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	32.3	40.3
Total Segments [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	279.5	281
Total Segments [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	204.6	233.3
Total Segments [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	60.2	67.4
Total Segments [Member] | Automotive [Member]
Disaggregation of Revenue [Abstract]
Net sales	129.2	145.1
Total Segments [Member] | Commercial Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	98.7	99.7
Total Segments [Member] | Off-Highway [Member]
Disaggregation of Revenue [Abstract]
Net sales	73.9	83.8
Total Segments [Member] | Commercial HVAC&R [Member]
Disaggregation of Revenue [Abstract]
Net sales	168.9	167.3
Total Segments [Member] | Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	34.8	46.3
Total Segments [Member] | Industrial Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	11.4	11.5
Total Segments [Member] | Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	$ 27.4	$ 28

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Jun. 30, 2019	Mar. 31, 2019
Fair Value Measurements [Abstract]
Trading securities	$ 6.2	$ 6
Deferred compensation obligations	$ 6.2	$ 6

Pensions (Details)

Pensions (Details) - USD ($) $ in Millions		3 Months Ended
		Jun. 30, 2019	Jun. 30, 2018
Components of net periodic benefit cost [Abstract]
Net periodic benefit cost	[1]	$ 0.7	$ 0.7
Pension [Member]
Components of net periodic benefit cost [Abstract]
Service cost		0.1	0.1
Interest cost		2.3	2.4
Expected return on plan assets		(3)	(3)
Amortization of unrecognized net loss		1.5	1.4
Net periodic benefit cost		0.9	0.9
Pension [Member] | United States [Member]
Defined benefit plan, plan assets [Abstract]
Employer contributions		$ 0.9	$ 1.9
[1]	Represents net periodic benefit cost, exclusive of service cost, for the Company's pension and postretirement plans.

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Stock-Based Compensation [Abstract]
Stock-based compensation cost	$ 1.7	$ 2
Unrecognized compensation expenses and recognition period [Abstract]
Unrecognized compensation expense	$ 16.8
Weighted-average remaining service period	2 years 9 months 18 days
Stock Options [Member]
Type and fair value of stock-based compensation awards granted [Abstract]
Options granted (in shares)	0.3	0.2
Fair value of options granted (in dollars per share)	$ 5.56	$ 7.81
Assumptions used in determining fair value of options [Abstract]
Expected life of awards	6 years 3 months 18 days	6 years 3 months 18 days
Risk-free interest rate	2.20%	2.80%
Expected volatility of the Company's stock	39.20%	39.70%
Expected dividend yield on the Company's stock	0.00%	0.00%
Unrecognized compensation expenses and recognition period [Abstract]
Unrecognized compensation expense	$ 3.6
Weighted-average remaining service period	3 years 1 month 6 days
Restricted Stock Awards [Member]
Type and fair value of stock-based compensation awards granted [Abstract]
Stock granted (in shares)	0.3	0.2
Fair value of stock granted (in dollars per share)	$ 13.26	$ 17.90
Unrecognized compensation expenses and recognition period [Abstract]
Unrecognized compensation expense	$ 8.4
Weighted-average remaining service period	3 years
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)	0.3	0.2
Fair value of stock granted (in dollars per share)	$ 13.26	$ 17.90
Unrecognized compensation expenses and recognition period [Abstract]
Unrecognized compensation expense	$ 4.8
Weighted-average remaining service period	2 years 2 months 12 days

Restructuring Activities (Detai

Restructuring Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Restructuring and repositioning expenses [Abstract]
Employee severance and related benefits	$ 1.5	$ 0.1
Other restructuring and repositioning expenses	0.3	0.1
Total	1.8	0.2
Changes in accrued severance [Roll Forward]
Beginning balance	10	11
Additions	1.5	0.1
Payments	(3.7)	(5.8)
Effect of exchange rate changes	0	(0.5)
Ending balance	$ 7.8	$ 4.8

Other Income and Expense (Detai

Other Income and Expense (Details) - USD ($) $ in Millions		3 Months Ended
		Jun. 30, 2019	Jun. 30, 2018
Other Income and Expense [Abstract]
Equity in earnings of non-consolidated affiliate		$ 0.1	$ 0.2
Interest income		0.1	0.2
Foreign currency transactions	[1]	(0.6)	(0.8)
Net periodic benefit cost	[2]	(0.7)	(0.7)
Total other expense - net		$ (1.1)	$ (1.1)
[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 certain foreign currency exchange contracts.(b)
[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
	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2020
Income Taxes [Abstract]
Effective income tax rate	26.10%	18.20%
Net of valuation allowance, classification [Abstract]
Unrecognized tax benefits that would impact effective tax rate	$ 2.2
Forecast [Member]
Net of valuation allowance, classification [Abstract]
Lapse of statute of limitations			$ (2.8)
Foreign Tax Jurisdiction [Member]
Net of valuation allowance, classification [Abstract]
Changes in deferred tax asset valuation allowances		$ (2)
Valuation allowance - deferred tax assets	38.1
Domestic Tax Jurisdiction [Member]
Net of valuation allowance, classification [Abstract]
Valuation allowance - deferred tax assets	$ 6.8

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Components of basic and diluted earnings per share [Abstract]
Net earnings attributable to Modine	$ 8	$ 22
Less: Undistributed earnings attributable to unvested shares	0	(0.1)
Net earnings available to Modine shareholders	$ 8	$ 21.9
Weighted-average shares outstanding - basic (in shares)	50.7	50.3
Effect of dilutive securities (in shares)	0.4	0.9
Weighted-average shares outstanding - diluted (in shares)	51.1	51.2
Earnings per share [Abstract]
Net earnings per share - basic (in dollars per share)	$ 0.16	$ 0.43
Net earnings per share - diluted (in dollars per share)	$ 0.16	$ 0.43
Stock Options [Member]
Antidilutive securities excluded from computation of earning per share [Abstract]
Antidilutive securities excluded from computation of earning per share (in shares)	0.8	0.4

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash and cash equivalents	$ 29.1	$ 41.7
Restricted cash	0.5	0.5
Total cash, cash equivalents and restricted cash	$ 29.6	$ 42.2	$ 42.3	$ 40.3

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2019	Mar. 31, 2019
Inventories [Abstract]
Raw materials	$ 134.1	$ 122.8
Work in process	35.6	32.2
Finished goods	46.5	45.7
Total inventories	$ 216.2	$ 200.7

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2019	Mar. 31, 2019
Property, plant and equipment, including depreciable lives [Abstract]
Gross property, plant and equipment	$ 1,316.8	$ 1,304.7
Less: accumulated depreciation	(837.7)	(820)
Net property, plant and equipment	479.1	484.7
Land [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Gross property, plant and equipment	20.9	20.7
Buildings and Improvements [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Gross property, plant and equipment	$ 281	$ 285.9
Buildings and Improvements [Member] | Minimum [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Property, plant and equipment, depreciable lives	10 years	10 years
Buildings and Improvements [Member] | Maximum [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Property, plant and equipment, depreciable lives	40 years	40 years
Machinery and Equipment [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Gross property, plant and equipment	$ 858.7	$ 848.7
Machinery and Equipment [Member] | Minimum [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Property, plant and equipment, depreciable lives	3 years	3 years
Machinery and Equipment [Member] | Maximum [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Property, plant and equipment, depreciable lives	15 years	15 years
Office Equipment [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Gross property, plant and equipment	$ 93.6	$ 92
Office Equipment [Member] | Minimum [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Property, plant and equipment, depreciable lives	3 years	3 years
Office Equipment [Member] | Maximum [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Property, plant and equipment, depreciable lives	10 years	10 years
Construction in Progress [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Gross property, plant and equipment	$ 62.6	$ 57.4

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2019
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 168.5
Effect of exchange rate changes	0
Goodwill, ending balance	168.5
Amortized intangible assets [Abstract]
Gross carrying value	144.6		$ 144.3
Accumulated amortization	(30.2)		(28.1)
Net intangible assets	114.4		116.2
Amortization expense	2.2	$ 2.3
Estimated future amortization expense [Abstract]
Remainder of fiscal 2020	6.7
2021	8
2022	8
2023	8
2024	8
2025	8
VTS [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	0.5
Effect of exchange rate changes	0
Goodwill, ending balance	0.5
CIS [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	153.9
Effect of exchange rate changes	0.3
Goodwill, ending balance	154.2
BHVAC [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	14.1
Effect of exchange rate changes	(0.3)
Goodwill, ending balance	13.8
Customer Relationships [Member]
Amortized intangible assets [Abstract]
Gross carrying value	61.7		61.5
Accumulated amortization	(10.1)		(9.1)
Net intangible assets	51.6		52.4
Trade Names [Member]
Amortized intangible assets [Abstract]
Gross carrying value	58.9		58.9
Accumulated amortization	(14.1)		(13.5)
Net intangible assets	44.8		45.4
Acquired Technology [Member]
Amortized intangible assets [Abstract]
Gross carrying value	24		23.9
Accumulated amortization	(6)		(5.5)
Net intangible assets	$ 18		$ 18.4

Product Warranties (Details)

Product Warranties (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Changes in accrued warranty costs [Roll Forward]
Beginning balance	$ 9.2	$ 9.3
Warranties recorded at time of sale	1.4	1.4
Adjustments to pre-existing warranties	(0.6)	(0.4)
Settlements	(0.9)	(1.3)
Effect of exchange rate changes	0	(0.3)
Ending balance	$ 9.1	$ 8.7

Leases (Details)

Leases (Details) - USD ($) $ in Millions		3 Months Ended	12 Months Ended
		Jun. 30, 2019	Mar. 31, 2019	Mar. 31, 2018
Lease Assets [Abstract]
Right-of-use assets		$ 64.9	$ 61.3
Finance lease ROU assets, Property, plant and equipment - net	[1]	8.8
Lease Liabilities [Abstract]
Operating lease liabilities, Other current liabilities		12.9
Operating lease liabilities, Other noncurrent liabilities		50.7
Finance lease liabilities, Long-term debt - current portion		0.3
Finance lease liabilities, Long-term debt		3.6
Accumulated amortization		1.4
Components of Lease Expense [Abstract]
Operating lease expense	[2]	5.2
Finance lease expense [Abstract]
Depreciation of ROU assets		0.1
Interest on lease liabilities		0
Total lease expense		5.3
Short-term lease expense		0.9
Cash paid for amounts included in measurement of lease liabilities [Abstract]
Operating cash flows for operating leases		3.7
Financing cash flows for finance leases		0.1
ROU assets obtained in exchange for lease liabilities [Abstract]
Operating leases		0.3
Finance leases		$ 0
Weighted-average remaining lease term [Abstract]
Operating leases		8 years 10 months 24 days
Finance leases		9 years 8 months 12 days
Weighted-average discount rate [Abstract]
Operating leases		3.40%
Finance leases		2.00%
Maturity of Operating Lease Liabilities [Abstract]
Remainder of fiscal 2020		$ 11.4
2021		13.4
2022		9.9
2023		8
2024		5.5
2025 and beyond		24.8
Total lease payments		73
Less: Interest		(9.4)
Present value of lease liabilities		63.6
Maturities of Finance Lease Liabilities [Abstract]
Remainder of fiscal 2020		0.4
2021		0.5
2022		0.5
2023		0.5
2024		0.5
2025 and beyond		2.5
Total lease payments		4.9
Less: Interest		(1)
Present value of lease liabilities		$ 3.9
Future minimum rental commitments under non-cancelable operating leases [Abstract]
2020			14.2
2021			12.4
2022			9.1
2023			7.1
2024			4.7
2025 and beyond			22.9
Total future minimum rental commitments			70.4
Rental expense			$ 19.3	$ 18.5
Minimum [Member]
Significant Accounting Policy [Abstract]
Remaining lease term		1 year
Maximum [Member]
Significant Accounting Policy [Abstract]
Remaining lease term		11 years
CIS [Member]
Maturity of Operating Lease Liabilities [Abstract]
Total lease payments		$ 7
Operating lease term		15 years
[1]	Finance lease ROU assets are recorded net of accumulated amortization of $1.4 million as of June 30, 2019.
[2]	For the three months ended June 30, 2019, operating lease expense included $0.9 million of short-term lease expense. Variable lease expense was not significant.

Indebtedness (Details)

Indebtedness (Details) - USD ($) $ in Millions		3 Months Ended
		Jun. 30, 2019	Mar. 31, 2019
Long-term Debt and Capital Lease Obligations [Abstract]
Total debt		$ 339.6	$ 387.7
Less: current portion		(33.5)	(48.6)
Less: unamortized debt issuance costs		(3.9)	(4)
Total long-term debt		302.2	335.1
Maturities of long term debt and capital lease obligations [Abstract]
Remainder of 2020		24
2021		84.7
2022		21.7
2023		21.7
2024		21.7
2025 & beyond		165.8
Total debt		339.6	387.7
Credit Facility [Abstract]
Short-term debt		121.5	66
Long-term debt, fair value		134	137.2
Term Loans [Member]
Long-term Debt and Capital Lease Obligations [Abstract]
Total debt		$ 200.5	238.4
Fiscal year of maturity		Mar. 31, 2025
Maturities of long term debt and capital lease obligations [Abstract]
Total debt		$ 200.5	238.4
Term Loans [Member] | Weighted Average [Member]
Credit Facility [Abstract]
Weighted-average interest rate		3.80%
Revolving Credit Facility [Member]
Credit Facility [Abstract]
Short-term debt		$ 101.6	47.1
Revolving Credit Facility [Member] | Weighted Average [Member]
Credit Facility [Abstract]
Weighted-average interest rate		3.40%
Multi Currency Revolving Credit Facility [Member]
Credit Facility [Abstract]
Maximum borrowing capacity		$ 250
Deferred debt issuance costs		$ 1.1
Expiration date		Jun. 30, 2024
Foreign Credit Agreements [Member]
Credit Facility [Abstract]
Short-term debt		$ 19.9	18.9
Domestic Revolving Credit Facility [Member]
Credit Facility [Abstract]
Letters of credit outstanding		5.3
Available for future borrowings		143.1
6.8% Senior Notes [Member]
Long-term Debt and Capital Lease Obligations [Abstract]
Total debt		$ 81	85
Interest rate percentage		6.80%
Fiscal year of maturity		Mar. 31, 2021
Maturities of long term debt and capital lease obligations [Abstract]
Total debt		$ 81	85
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
Maturities of long term debt and capital lease obligations [Abstract]
Total debt		$ 50	50
Other [Member]
Long-term Debt and Capital Lease Obligations [Abstract]
Total debt	[1]	8.1	14.3
Maturities of long term debt and capital lease obligations [Abstract]
Total debt	[1]	$ 8.1	$ 14.3
[1]	Other long-term debt primarily includes borrowings by foreign subsidiaries and finance lease obligations.

Contingencies and Litigation (D

Contingencies and Litigation (Details) - USD ($) $ in Millions	Jun. 30, 2019	Mar. 31, 2019
Environmental loss contingencies [Abstract]
Reserves for environmental matters	$ 18.9	$ 18.9

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions		3 Months Ended
		Jun. 30, 2019	Jun. 30, 2018
Other comprehensive loss [Abstract]
Beginning balance		$ 533.9
Other comprehensive income (loss) before reclassifications		0.9	$ (24.2)
Reclassifications for amortization of unrecognized net loss	[1]	1.4	1.3
Reclassifications for realized gains - net	[2]	(0.1)
Income taxes		0	(0.4)
Total other comprehensive income (loss)		2.2	(23.3)
Ending balance		540.3
Accumulated Other Comprehensive Loss [Member]
Other comprehensive loss [Abstract]
Beginning balance		(178.4)	(140.3)
Ending balance		(176.2)	(163.6)
Foreign Currency Translation [Member]
Other comprehensive loss [Abstract]
Beginning balance		(42.6)	(5.5)
Other comprehensive income (loss) before reclassifications		1.9	(24.7)
Reclassifications for amortization of unrecognized net loss	[1]	0	0
Reclassifications for realized gains - net	[2]	0
Income taxes		0	0
Total other comprehensive income (loss)		1.9	(24.7)
Ending balance		(40.7)	(30.2)
Defined Benefit Plans [Member]
Other comprehensive loss [Abstract]
Beginning balance		(136.3)	(134.9)
Other comprehensive income (loss) before reclassifications		0	0
Reclassifications for amortization of unrecognized net loss	[1]	1.4	1.3
Reclassifications for realized gains - net	[2]	0
Income taxes		(0.3)	(0.3)
Total other comprehensive income (loss)		1.1	1
Ending balance		(135.2)	(133.9)
Cash Flow Hedges [Member]
Other comprehensive loss [Abstract]
Beginning balance		0.5	0.1
Other comprehensive income (loss) before reclassifications		(1)	0.5
Reclassifications for amortization of unrecognized net loss	[1]	0	0
Reclassifications for realized gains - net	[2]	(0.1)
Income taxes		0.3	(0.1)
Total other comprehensive income (loss)		(0.8)	0.4
Ending balance		$ (0.3)	$ 0.5
[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]	Amount represent net gains and losses associated with cash flow hedges that were  reclassified to net earnings.

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2019
Segment Reporting Information [Abstract]
Net sales	$ 529	$ 566.1
Gross profit	$ 83.4	$ 94.3
Gross profit (% of sales)	15.80%	16.70%
Operating income	$ 18.1	$ 34.8
Total assets	1,601.3		$ 1,538	[1]
Operating lease assets	64.9		61.3
VTS [Member]
Segment Reporting Information [Abstract]
Net sales	326.5	352.8
CIS [Member]
Segment Reporting Information [Abstract]
Net sales	168.8	183.9
BHVAC [Member]
Segment Reporting Information [Abstract]
Net sales	49	45
Total Segments [Member]
Segment Reporting Information [Abstract]
Net sales	544.3	581.7
Operating Segments [Member]
Segment Reporting Information [Abstract]
Net sales	529	566.1
Gross profit	$ 83	$ 94.2
Gross profit (% of sales)	15.20%	16.20%
Operating income	$ 31.6	$ 41.9
Operating Segments [Member] | VTS [Member]
Segment Reporting Information [Abstract]
Net sales	312.6	338.3
Gross profit	$ 45	$ 54
Gross profit (% of sales)	13.80%	15.30%
Operating income	$ 17.3	$ 25.5
Total assets	767.9		749.9	[1]
Operating Segments [Member] | CIS [Member]
Segment Reporting Information [Abstract]
Net sales	167.9	183.5
Gross profit	$ 24.3	$ 28.6
Gross profit (% of sales)	14.40%	15.60%
Operating income	$ 9	$ 13.2
Total assets	628.2		604.2	[1]
Operating Segments [Member] | BHVAC [Member]
Segment Reporting Information [Abstract]
Net sales	48.5	44.3
Gross profit	$ 13.7	$ 11.6
Gross profit (% of sales)	27.90%	25.90%
Operating income	$ 5.3	$ 3.2
Total assets	107		89.4	[1]
Corporate and Eliminations [Member]
Segment Reporting Information [Abstract]
Net sales	(15.3)	(15.6)
Gross profit	$ 0.4	$ 0.1
Gross profit (% of sales)	0.00%	0.00%
Operating income	$ (13.5)	$ (7.1)
Total assets	98.2		$ 94.5	[1]
Inter-segment Sales [Member]
Segment Reporting Information [Abstract]
Net sales	15.3	15.6
Inter-segment Sales [Member] | VTS [Member]
Segment Reporting Information [Abstract]
Net sales	13.9	14.5
Inter-segment Sales [Member] | CIS [Member]
Segment Reporting Information [Abstract]
Net sales	0.9	0.4
Inter-segment Sales [Member] | BHVAC [Member]
Segment Reporting Information [Abstract]
Net sales	$ 0.5	$ 0.7
[1]	The Company adopted new lease accounting guidance and, as a result, recorded $61.3 million of operating lease assets on its consolidated balance sheet on April 1, 2019.  See Note 1 for additional information.