Modine Manufacturing (MOD) 10-Q 5 Feb 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2020	Jan. 29, 2021
Cover [Abstract]
Entity Registrant Name	MODINE MANUFACTURING CO
Entity Central Index Key	0000067347
Current Fiscal Year End Date	--03-31
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Document Transition Report	false
Entity File Number	1-1373
Entity Incorporation, State or Country Code	WI
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
Title of 12(b) Security	Common Stock, $0.625 par value
Trading Symbol	MOD
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		51,421,276

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net sales	$ 484.3	$ 473.4	$ 1,293.5	$ 1,502.6
Cost of sales	401.6	399.9	1,083.9	1,270
Gross profit	82.7	73.5	209.6	232.6
Selling, general and administrative expenses	56.1	63.5	151.6	194.4
Restructuring expenses	0.9	2.6	7	6.7
Impairment charges	134.4	0	134.4	0
Gain on sale of assets	0	(0.8)	0	(0.8)
Operating (loss) income	(108.7)	8.2	(83.4)	32.3
Interest expense	(4.6)	(5.6)	(15.2)	(17.3)
Other (expense) income - net	(0.5)	0.1	(1)	(2.3)
(Loss) earnings before income taxes	(113.8)	2.7	(99.6)	12.7
Provision for income taxes	(81.6)	(1.7)	(95.3)	(8.3)
Net (loss) earnings	(195.4)	1	(194.9)	4.4
Net (earnings) loss attributable to noncontrolling interest	(0.3)	0.2	(0.8)	0.1
Net (loss) earnings attributable to Modine	$ (195.7)	$ 1.2	$ (195.7)	$ 4.5
Net (loss) earnings per share attributable to Modine shareholders:
Basic (in dollars per share)	$ (3.81)	$ 0.02	$ (3.82)	$ 0.09
Diluted (in dollars per share)	$ (3.81)	$ 0.02	$ (3.82)	$ 0.09
Weighted-average shares outstanding:
Basic (in shares)	51.3	50.8	51.2	50.8
Diluted (in shares)	51.3	51.1	51.2	51.1

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net (loss) earnings	$ (195.4)	$ 1	$ (194.9)	$ 4.4
Other comprehensive income (loss):
Foreign currency translation	18.4	14	41.2	(3.7)
Defined benefit plans, net of income taxes of $0.3, $0.4, $1.1 and $1.0 million	1.3	1	3.8	3.2
Cash flow hedges, net of income taxes of $0, $0.2, $0.5 and ($0.2) million	0	0.6	1.4	(0.4)
Total other comprehensive income (loss)	19.7	15.6	46.4	(0.9)
Comprehensive income (loss)	(175.7)	16.6	(148.5)	3.5
Comprehensive (income) loss attributable to noncontrolling interest	(0.7)	0	(1.4)	0.2
Comprehensive income (loss) attributable to Modine	$ (176.4)	$ 16.6	$ (149.9)	$ 3.7

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Other comprehensive income (loss):
Defined benefit plans, tax	$ 0.3	$ 0.4	$ 1.1	$ 1
Cash flow hedges, tax expense	$ 0	$ 0.2	$ 0.5	$ (0.2)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2020	Mar. 31, 2020
ASSETS
Cash and cash equivalents	$ 72.9	$ 70.9
Trade accounts receivable - net	233.5	292.5
Inventories	190.6	207.4
Assets held for sale	92.9	0
Other current assets	39.5	62.5
Total current assets	629.4	633.3
PropertyPlantAndEquipmentNet	305.2	448
Intangible assets - net	104.5	106.3
Goodwill	172.4	166.1
Deferred income taxes	25.2	104.8
OtherAssetsNoncurrent	70	77.6
Total assets	1,306.7	1,536.1
LIABILITIES AND SHAREHOLDERS' EQUITY
Short-term debt	0.6	14.8
LongTermDebtAndCapitalLeaseObligationsCurrent	22	15.6
Accounts payable	200.6	227.4
Accrued compensation and employee benefits	64.9	65
Liabilities held for sale	83.2	0
OtherLiabilitiesCurrent	49.7	49.2
Total current liabilities	421	372
LongTermDebtAndCapitalLeaseObligations	342	452
Deferred income taxes	6.1	8.1
Pensions	109.1	130.9
OtherLiabilitiesNoncurrent	79.9	79.5
Total liabilities	958.1	1,042.5
Commitments and contingencies (see Note 18)
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 53.8 million and 53.4 million shares	33.6	33.3
Additional paid-in capital	249.1	245.1
Retained earnings	274.2	469.9
Accumulated other comprehensive loss	(177.5)	(223.3)
Treasury stock, at cost, 2.7 million and 2.5 million shares	(37.9)	(37.1)
Total Modine shareholders' equity	341.5	487.9
Noncontrolling interest	7.1	5.7
Total equity	348.6	493.6
Total liabilities and equity	$ 1,306.7	$ 1,536.1

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Dec. 31, 2020	Mar. 31, 2020
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)	53.8	53.4
Treasury stock at cost (in shares)	2.7	2.5

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net (loss) earnings	$ (194.9)	$ 4.4
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities:
Depreciation and amortization	54.2	57.8
Impairment charges	134.4	0
Gain on sale of assets	0	(0.8)
Stock-based compensation expense	4.2	5.2
Deferred income taxes	77.5	0.2
Other - net	4.7	3.5
Changes in operating assets and liabilities:
Trade accounts receivable	24.5	52.6
Inventories	9.9	(23.6)
Accounts payable	1.1	(32.4)
Other assets and liabilities	30.9	(21)
Net cash provided by operating activities	146.5	45.9
Cash flows from investing activities:
Expenditures for property, plant and equipment	(23.7)	(58.2)
Proceeds from dispositions of assets	0.7	6.5
Proceeds from sale of investment in affiliate	0	3.8
Other - net	0.6	0.8
Net cash used for investing activities	(22.4)	(47.1)
Cash flows from financing activities:
Borrowings of debt	12	600.1
Repayments of debt	(134.5)	(601.3)
Borrowings on bank overdraft facilities - net	3.5	5
Financing fees paid	(0.8)	(1.1)
Purchase of treasury stock under share repurchase program	0	(2.4)
Dividend paid to noncontrolling interest	0	(1.3)
Other - net	(0.8)	(2.9)
Net cash used for financing activities	(120.6)	(3.9)
Effect of exchange rate changes on cash	3.6	(0.5)
Net increase (decrease) in cash, cash equivalents, restricted cash and cash held for sale	7.1	(5.6)
Cash, cash equivalents, restricted cash and cash held for sale - beginning of period	71.3	42.2
Cash, cash equivalents, restricted cash and cash held for sale - end of period	$ 78.4	$ 36.6

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, 2019	$ 33	$ 238.6	$ 472.1	$ (178.4)	$ (31.4)	$ 7.2	$ 541.1
Balance (in shares) at Mar. 31, 2019	52.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) 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 (loss) 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
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings attributable to Modine							4.5
Other comprehensive income (loss)							(0.9)
Net earnings (loss) attributable to noncontrolling interest							(0.1)
Balance at Dec. 31, 2019	$ 33.2	243.7	476.6	(179.2)	(37)	5.7	543
Balance (in shares) at Dec. 31, 2019	53.3
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings attributable to Modine	$ 0	0	(4.7)	0	0	0	(4.7)
Other comprehensive income (loss)	0	0	0	(18.4)	0	(0.2)	(18.6)
Stock-based compensation expense	0	2.7	0	0	0	0	2.7
Net earnings (loss) attributable to noncontrolling interest	0	0	0	0	0	(0.1)	(0.1)
Balance at Sep. 30, 2019	$ 33.2	242.9	475.4	(194.6)	(37)	5.7	525.6
Balance (in shares) at Sep. 30, 2019	53.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings attributable to Modine	$ 0	0	1.2	0	0	0	1.2
Other comprehensive income (loss)	0	0	0	15.4	0	0.2	15.6
Stock-based compensation expense	0	0.8	0	0	0	0	0.8
Net earnings (loss) attributable to noncontrolling interest	0	0	0	0	0	(0.2)	(0.2)
Balance at Dec. 31, 2019	$ 33.2	243.7	476.6	(179.2)	(37)	5.7	543
Balance (in shares) at Dec. 31, 2019	53.3
Balance at Mar. 31, 2020	$ 33.3	245.1	469.9	(223.3)	(37.1)	5.7	$ 493.6
Balance (in shares) at Mar. 31, 2020	53.4						53.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings attributable to Modine	$ 0	0	(8.6)	0	0	0	$ (8.6)
Other comprehensive income (loss)	0	0	0	7.5	0	0.1	7.6
Stock options and awards	$ 0.2	(0.2)	0	0	0	0	0
Stock options and awards (in shares)	0.3
Purchase of treasury stock	$ 0	0	0	0	(0.8)	0	(0.8)
Stock-based compensation expense	0	0.7	0	0	0	0	0.7
Net earnings (loss) attributable to noncontrolling interest	0	0	0	0	0	0.2	0.2
Balance at Jun. 30, 2020	$ 33.5	245.6	461.3	(215.8)	(37.9)	6	492.7
Balance (in shares) at Jun. 30, 2020	53.7
Balance at Mar. 31, 2020	$ 33.3	245.1	469.9	(223.3)	(37.1)	5.7	$ 493.6
Balance (in shares) at Mar. 31, 2020	53.4						53.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings attributable to Modine							$ (195.7)
Other comprehensive income (loss)							46.4
Net earnings (loss) attributable to noncontrolling interest							0.8
Balance at Dec. 31, 2020	$ 33.6	249.1	274.2	(177.5)	(37.9)	7.1	$ 348.6
Balance (in shares) at Dec. 31, 2020	53.8						53.8
Balance at Jun. 30, 2020	$ 33.5	245.6	461.3	(215.8)	(37.9)	6	$ 492.7
Balance (in shares) at Jun. 30, 2020	53.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings attributable to Modine	$ 0	0	8.6	0	0	0	8.6
Other comprehensive income (loss)	0	0	0	19	0	0.1	19.1
Stock options and awards	$ 0.1	0	0	0	0	0	0.1
Stock options and awards (in shares)	0.1
Stock-based compensation expense	$ 0	1.4	0	0	0	0	1.4
Net earnings (loss) attributable to noncontrolling interest	0	0	0	0	0	0.3	0.3
Balance at Sep. 30, 2020	$ 33.6	247	469.9	(196.8)	(37.9)	6.4	522.2
Balance (in shares) at Sep. 30, 2020	53.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings attributable to Modine	$ 0	0	(195.7)	0	0	0	(195.7)
Other comprehensive income (loss)	0	0	0	19.3	0	0.4	19.7
Stock-based compensation expense	0	2.1	0	0	0	0	2.1
Net earnings (loss) attributable to noncontrolling interest	0	0	0	0	0	0.3	0.3
Balance at Dec. 31, 2020	$ 33.6	$ 249.1	$ 274.2	$ (177.5)	$ (37.9)	$ 7.1	$ 348.6
Balance (in shares) at Dec. 31, 2020	53.8						53.8

General

General	9 Months Ended
	Dec. 31, 2020
General [Abstract]
General	Note 1: General The accompanying condensed consolidated financial statements of Modine Manufacturing Company (“Modine” or the “Company”) were prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes necessary for a comprehensive presentation of financial position, results of operations and cash flows required by GAAP for complete financial statements. The financial statements include all normal recurring adjustments that are, in the opinion of management, necessary for a fair statement of results for the interim periods. Results for the first nine months of fiscal 2021 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, 2020. COVID-19 In March 2020, the World Health Organization declared the outbreak of the novel coronavirus, COVID-19, a pandemic. See Note 18 for additional information regarding the risks and uncertainties to the Company resulting from this pandemic. Pending Disposition of Liquid-cooled Automotive Business On November 2, 2020, the Company signed a definitive agreement to sell its liquid-cooled automotive business to Dana Incorporated. In connection with the pending sale, the Company classified the liquid-cooled automotive business as held for sale and, accordingly, is reporting the assets and liabilities of this business as held for sale on the December 31, 2020 consolidated balance sheet. See Note 2 for additional information. Chief Executive Officer (“CEO”) Transition In August 2020, Thomas A. Burke stepped down from his position as President and CEO. The Board of Directors subsequently conducted a search for his successor and, effective December 1, 2020, appointed Neil D. Brinker as President and CEO. As a result of Mr. Burke's departure and in connection with the search for his successor, the Company recorded costs totaling $ million during the . These costs, which were recorded as selling, general and administrative (“SG&A”) expenses at Corporate, primarily consisted of severance and benefit-related expenses based upon the terms of Mr. Burke's transition and separation agreement and costs directly associated with the CEO search, partially offset by the impact of Mr. Burke's forfeited stock-based compensation awards. Sale of facility in Germany During the third quarter of fiscal 2020, the Company completed the sale of a previously-closed manufacturing facility in Germany for a selling price of $6.0 million. As a result of this transaction, the Company recorded a gain of $0.8 million within the Automotive segment. The Company reported this gain within the gain on sale of assets line on the consolidated statements of operations. Sale of Nikkei Heat Exchanger Company, Ltd. (“NEX”) During the second quarter of fiscal 2020, the Company completed the sale of its ownership interest in NEX for a selling price of $ million. Prior to the sale, the Company accounted for its investment in this non-consolidated affiliate using the equity method. As a result of this sale, the Company recorded a gain of $ million, which included the write-off of accumulated foreign currency translation gains of $ million, within other income and expense on the consolidated statements of operations. New Accounting Guidance In June 2016, the Financial Accounting Standards Board issued new guidance related to the accounting for credit losses for certain financial assets, including trade accounts receivable and contract assets. The new guidance modifies the credit loss model to measure and recognize credit losses based upon expected losses rather than incurred losses. The Company adopted this guidance as of April 1, 2020. The adoption did not have a material impact on the Company’s consolidated balance sheets, statements of operations or statements of cash flows.

Assets Held for Sale

Assets Held for Sale	9 Months Ended
	Dec. 31, 2020
Assets Held for Sale [Abstract]
Assets Held for Sale	Note 2: Assets Held for Sale On November 2, 2020, the Company signed a definitive agreement to sell its liquid-cooled automotive business to Dana Incorporated. The Company expects this transaction will close during the first quarter of fiscal 2022, subject to regulatory approvals and other customary closing conditions. The Company does not expect significant net cash proceeds from this transaction based upon the one dollar selling price and adjustments for cash, debt, and working capital, as defined within the definitive agreement. The Company reports financial results of the liquid-cooled automotive business within its Automotive segment. In connection with the pending sale, the Company classified the liquid-cooled automotive business (the “disposal group”) as held for sale beginning on November 2, 2020 and ceased depreciating long-lived assets in the disposal group. The Company evaluated the disposal group and determined that it did not qualify as a discontinued operation for reporting purposes under U.S. GAAP. As part of its evaluation, the Company considered anticipated future sales to automotive and light vehicle customers as well as sales to other vehicular customers with similar product offerings and using similar heat-transfer technology within the Automotive and Heavy Duty Equipment segments. In addition, the Company will continue to operate in the same major geographical areas as it does today. Upon classification as held for sale, the Company compared the disposal group’s carrying value with its fair value, less costs to sell. Through this review and based upon the selling price, the Company identified an implied loss in excess of the carrying value of the disposal group’s long-lived assets, which consist entirely of property, plant and equipment and right of use lease assets. As a result, the Company recorded a non-cash impairment charge of $132.7 million during the third quarter of fiscal 2021 to reduce the net carrying value of the disposal group’s long-lived assets to zero. Also during the third quarter of fiscal 2021, the Company recorded an impairment charge of $1.7 million within the Automotive segment related to equipment that will not convey to the buyer as part of the sale transaction and is not expected to be used within the Company’s other businesses. These charges are reported within the impairment charges line on the consolidated statements of operations. The Company separately classified the assets and liabilities of the liquid-cooled automotive business as held for sale on the December 31, 2020 consolidated balance sheet. The assets and liabilities held for sale are classified as current as the transaction is expected to close during the first quarter of fiscal 2022. The major classes of assets and liabilities held for sale were as follows: December 31, 2020 ASSETS Cash and cash equivalents $ 5.3 Trade accounts receivables - net 51.7 Inventories 17.7 Other current assets 11.6 Property, plant and equipment - net 132.0 Other noncurrent assets 7.3 Impairment of carrying value (132.7 ) Total assets held for sale $ 92.9 LIABILITIES Short-term debt $ 6.0 Accounts payable 36.9 Accrued compensation and employee benefits 10.2 Other current liabilities 12.7 Pensions 12.4 Other noncurrent liabilities 5.0 Total liabilities held for sale $ 83.2 The Company will reassess the disposal group’s fair value less costs to sell at each reporting period until the transaction is completed. The Company expects to record an additional loss on sale of approximately $15.0 million to $25.0 million upon transaction completion. The loss on sale recorded will be impacted by changes in working capital, costs to sell, and net actuarial losses in accumulated other comprehensive loss related to the disposal group’s pension plans. It is possible that the loss on sale recorded could differ materially from the Company’s estimate.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Dec. 31, 2020
Revenue Recognition [Abstract]
Revenue Recognition	Note 3: Revenue Recognition Disaggregation of Revenue The table below presents revenue for each of the Company’s business segments, Commercial and Industrial Solutions (“CIS”), Building HVAC Systems (“BHVAC”), Heavy Duty Equipment (“HDE”) and Automotive. Each segment’s revenue is disaggregated by primary end market, by geographic location and based upon the timing of revenue recognition, and includes inter-segment sales. Effective April 1, 2020, the Company realigned its segment structure. The segment revenue information presented in the table below for fiscal 2020 has been recast to conform to the fiscal 2021 presentation. See Note 20 for additional information regarding the Company’s operating segments. Three months ended December 31, 2020 Three months ended December 31, 2019 CIS BHVAC HDE Automotive Segment Total CIS BHVAC HDE Automotive Segment Total Primary end market: Commercial HVAC&R $ 103.8 $ 56.5 $ - $ - $ 160.3 $ 104.3 $ 53.1 $ - $ - $ 157.4 Data center cooling 11.8 12.2 - - 24.0 30.2 11.2 - - 41.4 Industrial cooling 12.0 - - - 12.0 10.4 - - - 10.4 Commercial vehicle - - 67.0 5.5 72.5 - - 63.2 5.1 68.3 Off-highway - - 68.3 0.8 69.1 - - 51.6 3.5 55.1 Automotive and light vehicle - - 28.8 105.4 134.2 - - 27.8 98.5 126.3 Other 1.4 - 21.5 2.2 25.1 2.6 0.6 22.3 3.4 28.9 Net sales $ 129.0 $ 68.7 $ 185.6 $ 113.9 $ 497.2 $ 147.5 $ 64.9 $ 164.9 $ 110.5 $ 487.8 Geographic location: Americas $ 66.4 $ 45.0 $ 107.9 $ 14.8 $ 234.1 $ 78.1 $ 43.2 $ 106.2 $ 17.2 $ 244.7 Europe 52.4 23.7 35.0 80.9 192.0 57.6 21.7 29.2 77.1 185.6 Asia 10.2 - 42.7 18.2 71.1 11.8 - 29.5 16.2 57.5 Net sales $ 129.0 $ 68.7 $ 185.6 $ 113.9 $ 497.2 $ 147.5 $ 64.9 $ 164.9 $ 110.5 $ 487.8 Timing of revenue recognition: Products transferred at a point in time $ 119.5 $ 68.7 $ 177.6 $ 113.9 $ 479.7 $ 119.3 $ 64.9 $ 156.8 $ 110.5 $ 451.5 Products transferred over time 9.5 - 8.0 - 17.5 28.2 - 8.1 - 36.3 Net sales $ 129.0 $ 68.7 $ 185.6 $ 113.9 $ 497.2 $ 147.5 $ 64.9 $ 164.9 $ 110.5 $ 487.8 Nine months ended December 31, 2020 Nine months ended December 31, 2019 CIS BHVAC HDE Automotive Segment Total CIS BHVAC HDE Automotive Segment Total Primary end market: Commercial HVAC&R $ 303.0 $ 137.1 $ - $ - $ 440.1 $ 351.1 $ 137.2 $ - $ - $ 488.3 Data center cooling 40.0 40.8 - - 80.8 81.1 31.3 - - 112.4 Industrial cooling 36.6 - - - 36.6 33.5 - - - 33.5 Commercial vehicle - - 174.8 11.4 186.2 - - 232.0 16.8 248.8 Off-highway - - 179.8 2.3 182.1 - - 178.5 10.1 188.6 Automotive and light vehicle - - 69.8 257.4 327.2 - - 85.0 305.6 390.6 Other 6.0 0.3 50.3 14.8 71.4 7.3 1.4 73.0 7.3 89.0 Net sales $ 385.6 $ 178.2 $ 474.7 $ 285.9 $ 1,324.4 $ 473.0 $ 169.9 $ 568.5 $ 339.8 $ 1,551.2 Geographic location: Americas $ 193.9 $ 109.5 $ 274.4 $ 39.2 $ 617.0 $ 261.2 $ 110.4 $ 369.7 $ 52.2 $ 793.5 Europe 156.3 68.7 91.2 195.9 512.1 173.7 59.5 107.3 242.7 583.2 Asia 35.4 - 109.1 50.8 195.3 38.1 - 91.5 44.9 174.5 Net sales $ 385.6 $ 178.2 $ 474.7 $ 285.9 $ 1,324.4 $ 473.0 $ 169.9 $ 568.5 $ 339.8 $ 1,551.2 Timing of revenue recognition: Products transferred at a point in time $ 351.7 $ 178.2 $ 456.3 $ 285.9 $ 1,272.1 $ 395.6 $ 169.9 $ 544.4 $ 339.8 $ 1,449.7 Products transferred over time 33.9 - 18.4 - 52.3 77.4 - 24.1 - 101.5 Net sales $ 385.6 $ 178.2 $ 474.7 $ 285.9 $ 1,324.4 $ 473.0 $ 169.9 $ 568.5 $ 339.8 $ 1,551.2 Contract Balances Contract assets and contract liabilities from contracts with customers were as follows: December 31, 2020 March 31, 2020 Contract assets $ 5.1 $ 21.7 Contract liabilities 6.0 5.6 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 $16.6 million decrease in contract assets during the first nine months of fiscal 2021 primarily resulted from a decrease in contract assets for revenue recognized over time. In addition, the March 31, 2020 balance included $7.2 million of contract assets of the liquid-cooled automotive business, which have since been classified as held for sale. See Note 2 for additional information regarding assets and liabilities held for sale as of December 31, 2020. 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 $0.4 million increase in contract liabilities during the first nine months of fiscal 2021 was primarily related to customer contracts for which payment was received in advance of the Company’s satisfaction of performance obligations. The March 31, 2020 balance included $1.3 million of contract liabilities of the liquid-cooled automotive business, which have since been classified as held for sale.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Dec. 31, 2020
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 4: 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. In addition, the Company assesses the fair value of a disposal group for each reporting period it is held for sale. See Note 2 for additional information regarding assets held for sale. The Company holds investments in deferred compensation trusts to fund obligations under certain non-qualified deferred compensation plans. The Company records the fair value of these investments within other noncurrent assets on its consolidated balance sheets. The Company classifies money market investments held by the trusts within Level 2 of the valuation hierarchy. The Company classifies all other investments held by the trusts within Level 1 of the valuation hierarchy, as it uses quoted market prices to determine the investments’ fair value. 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. At both December 31, 2020 and March 31, 2020, the fair values of the investments and obligations for the Company’s deferred compensation plans each totaled . The fair value of the Company’s long-term debt is disclosed in Note

Pensions

Pensions	9 Months Ended
	Dec. 31, 2020
Pensions [Abstract]
Pensions	Note 5: Pensions Pension cost included the following components: Three months ended December 31, Nine months ended December 31, 2020 2019 2020 2019 Service cost $ 0.1 $ 0.1 $ 0.3 $ 0.3 Interest cost 2.0 2.3 5.9 6.8 Expected return on plan assets (2.9 ) (3.0 ) (8.6 ) (8.9 ) Amortization of unrecognized net loss 1.7 1.5 5.2 4.5 Net periodic benefit cost $ 0.9 $ 0.9 $ 2.8 $ 2.7 During the nine months ended December 31, 2020 and 2019, the Company contributed $8.8 million and $ million, respectively, to its U.S. pension plans. The Company has deferred certain contributions to its U.S. pension plans during fiscal 2021, as permitted by the Coronavirus Aid, Relief and Economic Security Act. The Company expects to contribute approximately $ million to its U.S. pension plans during the fourth quarter of fiscal 2021.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Dec. 31, 2020
Stock-Based Compensation [Abstract]
Stock-Based Compensation	Note 6: Stock-Based Compensation The Company’s stock-based incentive programs consist of the following: (1) a long-term incentive plan (“LTIP”) 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 $2.1 million and $0.8 million for the three months ended December 31,2020 and 2019, respectively. The Company recognized stock-based compensation expense of $ million and $ million for the nine months ended Dec , respectively. The fair value of stock-based compensation awards granted during the nine months ended December 31, 2020 and 2019 were as follows: Nine months ended December 31, 2020 2019 Shares Fair Value Per Award Shares Fair Value Per Award Stock options 0.4 $ 3.46 0.3 $ 5.56 Restricted stock awards 0.6 $ 8.34 0.3 $ 13.26 Performance stock awards (a) - - 0.3 $ 13.26 Unrestricted stock awards 0.2 $ 5.21 0.1 $ 14.50 (a) In lieu of performance-based stock awards, the Company granted performance cash awards to the LTIP participants in fiscal 2021. The performance metrics for the cash awards are based upon 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 ending March 31, 2023. These performance metrics are the same as the metrics for the fiscal 2020 and 2019 performance-based stock awards. The Company used the following assumptions in determining fair value for stock options: Nine months ended December 31, 2020 2019 Expected life of awards in years 6.1 6.3 Risk-free interest rate 0.4 % 2.2 % Expected volatility of the Company's stock 54.1 % 39.2 % Expected dividend yield on the Company's stock 0.0 % 0.0 % As of December 31, 2020, unrecognized compensation expense related to non-vested stock-based compensation awards, which will be amortized over the remaining service periods, was as follows: Unrecognized Compensation Expense Weighted-Average Remaining Service Period in Years Stock options $ 2.3 3.0 Restricted stock awards 8.1 2.9 Performance stock awards 0.6 1.2 Total $ 11.0 2.8

Restructuring Activities

Restructuring Activities	9 Months Ended
	Dec. 31, 2020
Restructuring Activities [Abstract]
Restructuring Activities	Note 7: Restructuring Activities During fiscal 2021, the Company transferred production from its manufacturing facility in Zhongshan, China to another CIS segment manufacturing facility in China. As a result of this plant consolidation, the Company recorded $ million of severance expenses during the nine months ended December 31, 2020. In addition, the Company is in the process of transferring product lines to its CIS manufacturing facility in Mexico. The Company also implemented targeted headcount reductions in fiscal 2021, the most significant of which were in North America in the HDE and CIS segments. The headcount reductions were in response to lower market demand and supported the Company’s objective of reducing operational and SG&A cost structures. The Company’s restructuring actions during the first nine months of fiscal 2020 consisted primarily of targeted headcount reductions and plant consolidation activities. The fiscal 2020 headcount reductions were primarily in Europe within the Automotive segment and in the Americas within the HDE segment. Restructuring and repositioning expenses were as follows: Three months ended December 31, Nine months ended December 31, 2020 2019 2020 2019 Employee severance and related benefits $ 0.5 $ 2.2 $ 6.2 $ 5.5 Other restructuring and repositioning expenses 0.4 0.4 0.8 1.2 Total $ 0.9 $ 2.6 $ 7.0 $ 6.7 Other restructuring and repositioning expenses primarily consist of equipment transfers and plant consolidation costs. The Company accrues severance in accordance with its written plans, procedures, and relevant statutory requirements. Changes in accrued severance were as follows: Three months ended December 31, 2020 2019 Beginning balance $ 5.8 $ 7.4 Additions 0.5 2.2 Payments (2.5 ) (5.0 ) Reclassified as held for sale (0.8 ) - Effect of exchange rate changes 0.2 0.1 Ending balance $ 3.2 $ 4.7 Nine months ended December 31, 2020 2019 Beginning balance $ 5.0 $ 10.0 Additions 6.2 5.5 Payments (7.7 ) (10.7 ) Reclassified as held for sale (0.8 ) - Effect of exchange rate changes 0.5 (0.1 ) Ending balance $ 3.2 $ 4.7 In January 2021, the Company eliminated the Vice President, CIS and Chief Operating Officer senior executive position. As a result, the Company expects to record approximately $ million of severance-related expenses during the fourth quarter of fiscal 2021.

Other Income and Expense

Other Income and Expense	9 Months Ended
	Dec. 31, 2020
Other Income and Expense [Abstract]
Other Income and Expense	Note 8: Other Income and Expense Other income and expense consisted of the following: Three months ended December 31, Nine months ended December 31, 2020 2019 2020 2019 Interest income $ 0.1 $ 0.1 $ 0.4 $ 0.3 Foreign currency transactions (a) 0.2 0.7 0.9 (0.7 ) Net periodic benefit cost (b) (0.8 ) (0.7 ) (2.3 ) (2.1 ) Equity in earnings of non-consolidated affiliate (c) - - - 0.2 Total other (expense) income - net $ (0.5 ) $ 0.1 $ (1.0 ) $ (2.3 ) (a) Foreign currency transactions primarily consist of foreign currency transaction gains and losses on the re-measurement or settlement of foreign currency-denominated assets and liabilities, including intercompany loans and transactions denominated in a foreign currency, along with gains and losses on certain foreign currency exchange contracts . (b) Net periodic benefit cost for the Company’s pension and postretirement plans is exclusive of service cost. (c) The Company sold its ownership interest in NEX during the second quarter of fiscal 2020. See Note 1 for additional information.

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2020
Income Taxes [Abstract]
Income Taxes	Note : Income Taxes The Company’s effective tax rate for the months ended December and was and , respectively. The Company’s effective tax rate for the months ended December and was and , respectively. The effective tax rates for the fiscal periods were largely driven by both significant impairment charges and income tax charges related to valuation allowances. See Note for information regarding the of impairment charges recorded during the quarter of fiscal The income tax benefits associated with these impairment charges totaled and in the U.S. and in certain foreign jurisdictions, respectively, In the fiscal periods, the effective tax rates were negatively impacted by income tax charges recorded during the quarter of fiscal A income tax charge was recorded related to a valuation allowance on deferred tax assets in the U.S. and a net income tax charge totaling was recorded in connection with legal entity restructuring completed in preparation of the potential sale of the liquid-cooled automotive business. Partially offsetting the negative impacts of the income tax charges, the effective tax rates for the fiscal periods were favorably impacted by the recognition of a tax incentive in Italy during the quarter and by the release of an unrecognized tax benefit during the quarter. The Company records valuation allowances against its net deferred tax assets to the extent it determines it is more likely than not that such assets will not be realized in the future. Each quarter, the Company evaluates the probability that its deferred tax assets will be realized and determines whether valuation allowances or adjustments thereto are needed. This determination involves judgement and the use of significant estimates and assumptions, including expectations of future taxable income and tax planning strategies. In addition, the Company considers the duration of statutory carryforward periods and historical financial results. Based upon its analysis as of December 31, 2020, the Company determined it was more likely than not that its deferred tax assets in the U.S. and in certain foreign jurisdictions will not be realized in the future. As a result, the Company recorded income tax charges totaling $116.5 million in the third quarter of fiscal 2021 to increase the valuation allowance on deferred tax assets in the U.S. ($103.3 million) and in certain foreign jurisdictions ($13.2 million). Combined with the $6.6 million income tax charge recorded during the second quarter of fiscal 2021, the Company has now established a full valuation allowance on its U.S. deferred tax assets. Based upon the Company’s projections of future taxable income at the time, the Company previously believed it was more likely than not that these deferred tax assets would be realized in the future. The Company’s analysis for the third quarter of fiscal 2021 included consideration of the impairment charges recorded during the quarter in connection with the pending sale of the liquid-cooled automotive business; see Note 2 for additional information. These impairment charges contributed to the Company entering into a three-year cumulative loss position in the U.S. and in certain foreign jurisdictions as of December 31, 2020. The Company also considered year-to-date taxable income, which has been negatively impacted by the COVID-19 pandemic and lower sales to data center cooling customers, and current future projections of taxable income in the relevant jurisdictions. After considering both the positive and negative evidence, the Company determined it is more likely than not that these deferred tax assets will not be realized. As of December valuation allowances against deferred tax assets in the U.S. and in certain foreign jurisdictions totaled and , respectively. The Company will maintain the valuation allowances in each applicable tax jurisdiction until it determines it is more likely than not the deferred tax assets will be realized, thereby eliminating the need for a valuation allowance. As further discussed in Note the COVID- pandemic has resulted in risks and uncertainties to our business. Future events or circumstances, such as lower taxable income or unfavorable changes in the financial outlook of the Company’s operations in certain foreign jurisdictions, could necessitate the establishment of further valuation allowances. Accounting policies for interim reporting require the Company to adjust its effective tax rate each quarter to be consistent with its estimated annual effective tax rate. Under this methodology, the Company applies its estimated annual income tax rate to its year-to-date ordinary earnings to derive its income tax provision each quarter. The Company records the tax impacts of certain significant, unusual or infrequently occurring items in the period in which they occur. The Company excluded the impact of its operations in certain foreign locations from the overall effective tax rate methodology and recorded them discretely based upon year-to-date results because the Company anticipates net operating losses for the full fiscal year in these jurisdictions. The Company does not anticipate a significant change in unrecognized tax benefits during the remainder of fiscal

Earnings Per Share

Earnings Per Share	9 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Note : E The components of basic and diluted earnings per share were as follows: Three months ended December 31, Nine months ended December 31, 2020 2019 2020 2019 Net (loss) earnings attributable to Modine $ (195.7 ) $ 1.2 $ (195.7 ) $ 4.5 Weighted-average shares outstanding - basic 51.3 50.8 51.2 50.8 Effect of dilutive securities - 0.3 - 0.3 Weighted-average shares outstanding - diluted 51.3 51.1 51.2 51.1 (Loss) earnings per share: Net (loss) earnings per share - basic $ (3.81 ) $ 0.02 $ (3.82 ) $ 0.09 Net (loss) earnings per share - diluted $ (3.81 ) $ 0.02 $ (3.82 ) $ 0.09 For the three and nine months ended December 31, 2020, the calculation of diluted earnings per share excluded 1.4 million and 1.5 million stock options, respectively, because they were anti-dilutive. In addition, the calculation for the three and nine months ended December 31, 2020 excluded 0.5 million and 0.6 million restricted stock awards, respectively, because they were anti-dilutive. For the three months and nine months ended December 31, 2020, the total number of potentially-dilutive securities was 0.2 million and 0.1 million , respectively. However, these securities were not included in the computation of diluted net loss per share since to do so would have decreased the loss per share . For the and months ended December the calculation of diluted earnings per share excluded and stock options, respectively, because they were anti-dilutive. In addition, the calculation for both the and months ended December excluded restricted stock awards because they were anti-dilutive

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	9 Months Ended
	Dec. 31, 2020
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash, Cash Equivalents and Restricted Cash	Note 11: Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash consisted of the following: December 31, 2020 March 31, 2020 Cash and cash equivalents $ 72.9 $ 70.9 Restricted cash 0.1 0.4 Cash and restricted cash held for sale 5.4 - Total cash, cash equivalents, restricted cash and cash held for sale $ 78.4 $ 71.3 Restricted cash, which is reported within other current assets and other noncurrent assets in the consolidated balance sheets, consists primarily of deposits for contractual guarantees or commitments required for rents, import and export duties, and commercial agreements.

Inventories

Inventories	9 Months Ended
	Dec. 31, 2020
Inventories [Abstract]
Inventories	Note 12: Inventories Inventories consisted of the following: December 31, 2020 March 31, 2020 Raw materials $ 115.3 $ 123.6 Work in process 35.5 34.6 Finished goods 39.8 49.2 Total inventories $ 190.6 $ 207.4

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Note 13: Property, Plant and Equipment Property, plant and equipment, including depreciable lives, consisted of the following: December 31, 2020 March 31, 2020 Land $ 20.1 $ 19.7 Buildings and improvements (10-40 years) 227.4 276.7 Machinery and equipment (3-15 years) 689.2 870.3 Office equipment (3-10 years) 83.1 95.2 Construction in progress 15.7 40.5 1,035.5 1,302.4 Less: accumulated depreciation (730.3 ) (854.4 ) Net property, plant and equipment $ 305.2 $ 448.0

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets [Abstract]
Goodwill and Intangible Assets	Note 14: Goodwill and Intangible Assets Changes in the carrying amount of goodwill were as follows: CIS BHVAC Total Goodwill, March 31, 2020 $ 152.6 $ 13.5 $ 166.1 Effect of exchange rate changes 5.2 1.1 6.3 Goodwill, December 31, 2020 $ 157.8 $ 14.6 $ 172.4 Intangible assets consisted of the following: December 31, 2020 March 31, 2020 Gross Carrying Value Accumulated Amortization Net Intangible Assets Gross Carrying Value Accumulated Amortization Net Intangible Assets Customer relationships $ 64.0 $ (16.2 ) $ 47.8 $ 60.8 $ (12.6 ) $ 48.2 Trade names 60.3 (19.0 ) 41.3 58.3 (16.2 ) 42.1 Acquired technology 25.1 (9.7 ) 15.4 23.6 (7.6 ) 16.0 Total intangible assets $ 149.4 $ (44.9 ) $ 104.5 $ 142.7 $ (36.4 ) $ 106.3 The Company recorded amortization expense of and for the months ended December and respectively. The Company recorded amortization expense of and for the months ended December and respectively. The Company estimates that it will record of amortization expense during the remainder of fiscal and approximately of annual amortization expense in fiscal through .

Product Warranties

Product Warranties	9 Months Ended
	Dec. 31, 2020
Product Warranties [Abstract]
Product Warranties	Note 15: Product Warranties Changes in accrued warranty costs were as follows: Three months ended December 31, 2020 2019 Beginning balance $ 9.0 $ 8.1 Warranties recorded at time of sale 1.8 1.3 Adjustments to pre-existing warranties (0.4 ) (0.4 ) Settlements (1.1 ) (1.0 ) Reclassified as held for sale (1.5 ) - Effect of exchange rate changes 0.1 0.2 Ending balance $ 7.9 $ 8.2 Nine months ended December 31, 2020 2019 Beginning balance $ 7.9 $ 9.2 Warranties recorded at time of sale 4.3 3.9 Adjustments to pre-existing warranties (0.3 ) (1.3 ) Settlements (2.8 ) (3.6 ) Reclassified as held for sale (1.5 ) - Effect of exchange rate changes 0.3 - Ending balance $ 7.9 $ 8.2

Leases

Leases	9 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	Note 16: Leases Lease Assets and Liabilities The following table provides a summary of leases recorded on the consolidated balance sheets. - Balance Sheet Location December 31, 2020 March 31, 2020 Lease Assets Operating lease ROU assets Other noncurrent assets $ 56.2 $ 61.4 Finance lease ROU assets (a) Property, plant and equipment - net 8.6 8.5 Lease Liabilities Operating lease liabilities Other current liabilities $ 10.4 $ 10.9 Operating lease liabilities Other noncurrent liabilities 46.9 50.3 Finance lease liabilities Long-term debt - current portion 0.4 0.4 Finance lease liabilities Long-term debt 3.4 3.3 (a) Finance lease right of use (“ROU”) assets were recorded net of accumulated amortization of $2.3 million and $1.8 million as of December 31 Components of Lease Expense The components of lease expense were as follows: Three months ended December 31, Nine months ended December 31, 2020 2019 2020 2019 Operating lease expense (a) $ 4.8 $ 5.4 $ 14.9 $ 15.8 Finance lease expense: Depreciation of ROU assets 0.2 0.2 0.4 0.4 Interest on lease liabilities - - 0.1 0.1 Total lease expense $ 5.0 $ 5.6 $ 15.4 $ 16.3 (a) F December 31 December 31

Indebtedness

Indebtedness	9 Months Ended
	Dec. 31, 2020
Indebtedness [Abstract]
Indebtedness	Note 17: Indebtedness Long-term debt consisted of the following: _ Fiscal year of maturity December 31, 2020 March 31, 2020 Term loans 2025 $ 184.1 $ 189.4 Revolving credit facility 2025 30.7 127.2 5.9% Senior Notes 2029 100.0 100.0 5.8% Senior Notes 2027 50.0 50.0 Other (a) 3.8 6.0 368.6 472.6 Less: current portion (22.0 ) (15.6 ) Less: unamortized debt issuance costs (4.6 ) (5.0 ) Total long-term debt $ 342.0 $ 452.0 (a) Other long-term debt primarily includes finance lease obligations and borrowings by foreign subsidiaries. Long-term debt, including the current portion of long-term debt, matures as follows: Fiscal Year Remainder of 2021 $ 3.4 2022 22.0 2023 22.0 2024 22.0 2025 180.5 2026 & beyond 118.7 Total $ 368.6 Borrowings under both the revolving credit and term loan facilities bear interest at a variable rate, based upon the applicable reference rate and including a margin percentage dependent upon the Company’s leverage ratio, as described below. At December 31 December 31, The Company also maintains credit agreements for its foreign subsidiaries, with outstanding short-term borrowings of $0.6 million and $14.8 million at December 31 See Note 2 for information regarding short-term borrowings classified as held for sale at December 31, 2020. 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. Also, as specified in the credit agreement, the term loans may require prepayments in the event of certain asset sales. In addition, at the time of each incremental borrowing under the revolving credit facility, the Company is required to represent to the lenders that there has been no material adverse effect, as defined in the credit agreement, on its business, property, or results of operations. In May 2020, the Company executed amendments to its primary credit agreements in the U.S. Under the amended agreements, the leverage ratio covenant limit has been temporarily raised. The leverage ratio covenant requires the Company to limit the ratio of its consolidated indebtedness, less a portion of its cash balance, both as defined by the credit agreements, to its consolidated net earnings before interest, taxes, depreciation, amortization, and certain other adjustments (“Adjusted EBITDA”). The leverage ratio covenant limit for the third quarter of fiscal 2021 was . The leverage ratio covenant limit is of fiscal 2021. December 31 The Company estimates the fair value of long-term debt using discounted future cash flows at rates offered to the Company for similar debt instruments of comparable maturities. As of December 31

Risks, Uncertainties, Contingen

Risks, Uncertainties, Contingencies and Litigation	9 Months Ended
	Dec. 31, 2020
Risks, Uncertainties, Contingencies and Litigation [Abstract]
Risks, Uncertainties, Contingencies and Litigation	Note 18: Risks, Uncertainties, Contingencies and Litigation COVID-19 In March 2020 , the World Health Organization declared the outbreak of the novel coronavirus, COVID -19 , a pandemic. The spread of COVID -19 and the resulting work and travel restrictions, including international border closings, have disrupted, and may continue to disrupt, global supply chains and have negatively impacted the global economy. As a result of this pandemic, the Company experienced significant impacts on its operations. Local government requirements or customer shutdowns caused the Company to suspend production at many of its manufacturing facilities in March and April 2020 . All of the temporarily-closed facilities reopened in the first or second quarter and have generally returned to more normal production levels. The Company is continuing to focus on protecting the health and wellbeing of its employees and the communities in which it operates, while also ensuring the continuity of its business operations and timely delivery of quality products and services to its customers. Beginning largely in April 2020 and to mitigate the negative impacts of COVID -19 , the Company took actions including, but not limited to, production staffing adjustments, furloughs, shortened work weeks, and temporary salary reductions at all levels of the organization. As production has generally returned to more normal levels, the Company reduced the extent of furloughs, shortened work weeks and salary reductions during the third quarter of fiscal 2021, yet remains focused on controlling operating and administrative expenses. Based upon its current expectations, the Company believes that its sources of liquidity will generate sufficient cash flow to meet its obligations during the next twelve months. The Company’s consolidated financial statements reflect estimates and assumptions made by management, including assumptions regarding the future impacts of the COVID-19 pandemic, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting periods presented. For example, assets particularly sensitive to assumptions that could be adversely impacted by the COVID-19 pandemic include goodwill and deferred tax assets. While the Company believes it used appropriate estimates and assumptions to prepare the consolidated financial statements, actual amounts could differ materially and future events or circumstances could have a potential negative effect on the assumptions used. If the Company, its suppliers, or its customers experience further shutdowns or other significant business disruptions associated with the COVID-19 pandemic, its ability to conduct business in the manner and on the timelines presently planned could be materially and negatively impacted, which could have a material adverse effect on the Company’s business, financial position, results of operations and cash flows. Environmental The Company has recorded environmental investigation and remediation accruals related to soil and groundwater contamination at manufacturing facilities in the U.S., 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 U.S. 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 and as of December 31, 2020 and March 31, 2020 respectively. As additional information becomes available, the Company will re-assess the liabilities related to these matters and revise the estimated accruals, if necessary. Based upon currently available information, the Company believes the ultimate outcome of these matters, individually and in the aggregate, will not have a material adverse effect on its financial position. However, these matters are subject to inherent uncertainties, and unfavorable outcomes could occur, including significant monetary damages. Other Litigation In the normal course of business, the Company and its subsidiaries are named as defendants in various lawsuits and enforcement proceedings by private parties, governmental agencies and/or others in which claims are asserted against Modine. The Company believes that any additional loss in excess of amounts already accrued would not have a material effect on the Company’s consolidated balance sheet, results of operations, and cash flows. In addition, management expects that the liabilities which may ultimately result from such lawsuits or proceedings, if any, would not have a material adverse effect on the Company’s financial position.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Dec. 31, 2020
Accumulated Other Comprehensive Loss [Abstract]
Accumulated Other Comprehensive Loss	Note 19: Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss were as follows: Three months ended December 31, 2020 Nine months ended December 31, 2020 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (38.8 ) $ (158.4 ) $ 0.4 $ (196.8 ) $ (61.4 ) $ (160.9 ) $ (1.0 ) $ (223.3 ) Other comprehensive income before reclassifications 18.0 - 0.4 18.4 40.6 - 1.5 42.1 Reclassifications: Amortization of unrecognized net loss (a) - 1.6 - 1.6 - 4.9 - 4.9 Realized (gains) losses - net (b) - - (0.4 ) (0.4 ) - - 0.4 0.4 Income taxes - (0.3 ) - (0.3 ) - (1.1 ) (0.5 ) (1.6 ) Total other comprehensive income 18.0 1.3 - 19.3 40.6 3.8 1.4 45.8 Ending balance $ (20.8 ) $ (157.1 ) $ 0.4 $ (177.5 ) $ (20.8 ) $ (157.1 ) $ 0.4 $ (177.5 ) Three months ended December 31, 2019 Nine months ended December 31, 2019 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (60.0 ) $ (134.1 ) $ (0.5 ) $ (194.6 ) $ (42.6 ) $ (136.3 ) $ 0.5 $ (178.4 ) Other comprehensive income (loss) before reclassifications 13.8 - 0.3 14.1 (3.0 ) - (1.3 ) (4.3 ) Reclassifications: Amortization of unrecognized net loss (a) - 1.4 - 1.4 - 4.2 - 4.2 Realized losses - net (b) - - 0.5 0.5 - - 0.7 0.7 Foreign currency translation gains (c) - - - - (0.6 ) - - (0.6 ) Income taxes - (0.4 ) (0.2 ) (0.6 ) - (1.0 ) 0.2 (0.8 ) Total other comprehensive income (loss) 13.8 1.0 0.6 15.4 (3.6 ) 3.2 (0.4 ) (0.8 ) Ending balance $ (46.2 ) $ (133.1 ) $ 0.1 $ (179.2 ) $ (46.2 ) $ (133.1 ) $ 0.1 $ (179.2 ) (a) Amounts are included in the calculation of net periodic benefit cost for the Company’s defined benefit plans, which include pension and other postretirement plans. Refer to Note 5 for additional information about the Company’s pension plans. (b) Amounts represent net gains and losses associated with cash flow hedges that were reclassified to net earnings. (c) As a result of the sale of its investment in NEX during the second quarter of fiscal 2020, the Company wrote off $0.6 million of accumulated foreign currency translation gains.

Segment Information

Segment Information	9 Months Ended
	Dec. 31, 2020
Segment Information [Abstract]
Segment Information	Note 20: Segment Information Effective April 1, 2020, the Company began managing its global automotive business separate from the other businesses within the previously-reported Vehicular Thermal Solutions (“VTS”) segment. The Company is managing the automotive business as the Automotive segment as it targets the sale or eventual exit of its underlying automotive business operations. The other businesses of the VTS segment, including the commercial vehicle and off-highway businesses, are being managed as the Heavy Duty Equipment segment. The segment realignment had no impact on the CIS and BHVAC segments or on the Company’s consolidated financial position, results of operations, and cash flows. Segment financial information for fiscal 2020 has been recast to conform to the fiscal 2021 presentation. Each operating segment is managed by a vice president and has separate financial results reviewed by the Company’s chief operating decision maker. These results are used by management in evaluating the performance of each segment and in making decisions on the allocation of resources among the Company’s various businesses. The following is a summary of net sales, gross profit, operating income, and total assets by segment: Three months ended December 31, 2020 2019 External Sales Inter-segment Sales Total External Sales Inter-segment Sales Total Net sales: CIS $ 128.3 $ 0.7 $ 129.0 $ 146.3 $ 1.2 $ 147.5 BHVAC 68.7 - 68.7 64.3 0.6 64.9 HDE 173.7 11.9 185.6 152.8 12.1 164.9 Automotive 113.6 0.3 113.9 110.0 0.5 110.5 Segment total 484.3 12.9 497.2 473.4 14.4 487.8 Corporate and eliminations - (12.9 ) (12.9 ) - (14.4 ) (14.4 ) Net sales $ 484.3 $ - $ 484.3 $ 473.4 $ - $ 473.4 Nine months ended December 31, 2020 2019 External Sales Inter-segment Sales Total External Sales Inter-segment Sales Total Net sales: CIS $ 382.8 $ 2.8 $ 385.6 $ 469.9 $ 3.1 $ 473.0 BHVAC 178.0 0.2 178.2 168.5 1.4 169.9 HDE 449.6 25.1 474.7 526.4 42.1 568.5 Automotive 283.1 2.8 285.9 337.8 2.0 339.8 Segment total 1,293.5 30.9 1,324.4 1,502.6 48.6 1,551.2 Corporate and eliminations - (30.9 ) (30.9 ) - (48.6 ) (48.6 ) Net sales $ 1,293.5 $ - $ 1,293.5 $ 1,502.6 $ - $ 1,502.6 Three months ended December 31, Nine months ended December 31, 2020 2019 2020 2019 $'s % of sales $'s % of sales $'s % of sales $'s % of sales Gross profit: CIS $ 12.6 9.8 % $ 22.7 15.4 % $ 47.4 12.3 % $ 69.9 14.8 % BHVAC 25.7 37.3 % 23.1 35.5 % 61.9 34.7 % 54.5 32.1 % HDE 26.0 14.0 % 16.8 10.2 % 60.9 12.8 % 71.7 12.6 % Automotive 18.4 16.1 % 12.2 11.0 % 39.8 13.9 % 37.7 11.1 % Segment total 82.7 16.6 % 74.8 15.3 % 210.0 15.9 % 233.8 15.1 % Corporate and eliminations - - (1.3 ) - (0.4 ) - (1.2 ) - Gross profit $ 82.7 17.1 % $ 73.5 15.5 % $ 209.6 16.2 % $ 232.6 15.5 % Three months ended December 31, Nine months ended December 31, 2020 2019 2020 2019 Operating income: CIS $ (1.7 ) $ 8.3 $ 3.9 $ 25.8 BHVAC 15.8 13.5 36.0 27.6 HDE 12.8 2.8 23.6 27.2 Automotive (124.9 ) 1.6 (120.7 ) 2.0 Segment total (98.0 ) 26.2 (57.2 ) 82.6 Corporate and eliminations (10.7 ) (18.0 ) (26.2 ) (50.3 ) Operating (loss) income $ (108.7 ) $ 8.2 $ (83.4 ) $ 32.3 December 31, 2020 March 31, 2020 Total assets: CIS $ 601.8 $ 617.7 BHVAC 106.7 102.3 HDE 428.3 417.4 Automotive (a) 161.2 272.5 Corporate and eliminations (b) 8.7 126.2 Total assets $ 1,306.7 $ 1,536.1 (a) During the third quarter of fiscal 2021, the Company recorded impairment charges totaling $ million within the Automotive segment, primarily related to the property, plant and equipment of the liquid-cooled automotive business, the sale of which is pending. See Note 2 for additional information. (b) During the nine months ended December 31, 2020, the Company recorded income tax charges totaling $ million to increase the valuation allowance on deferred tax assets in the U.S, which are recorded at Corporate. See Note 9 for additional information.

General (Policies)

General (Policies)	9 Months Ended
	Dec. 31, 2020
General [Abstract]
Basis of Presentation	The accompanying condensed consolidated financial statements of Modine Manufacturing Company (“Modine” or the “Company”) were prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes necessary for a comprehensive presentation of financial position, results of operations and cash flows required by GAAP for complete financial statements. The financial statements include all normal recurring adjustments that are, in the opinion of management, necessary for a fair statement of results for the interim periods. Results for the first nine months of fiscal 2021 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, 2020.
New Accounting Guidance	New Accounting Guidance In June 2016, the Financial Accounting Standards Board issued new guidance related to the accounting for credit losses for certain financial assets, including trade accounts receivable and contract assets. The new guidance modifies the credit loss model to measure and recognize credit losses based upon expected losses rather than incurred losses. The Company adopted this guidance as of April 1, 2020. The adoption did not have a material impact on the Company’s consolidated balance sheets, statements of operations or statements of cash flows.

Assets Held for Sale (Tables)

Assets Held for Sale (Tables)	9 Months Ended
	Dec. 31, 2020
Assets Held for Sale [Abstract]
Assets and Liabilities Held for Sale	The Company separately classified the assets and liabilities of the liquid-cooled automotive business as held for sale on the December 31, 2020 consolidated balance sheet. The assets and liabilities held for sale are classified as current as the transaction is expected to close during the first quarter of fiscal 2022. The major classes of assets and liabilities held for sale were as follows: December 31, 2020 ASSETS Cash and cash equivalents $ 5.3 Trade accounts receivables - net 51.7 Inventories 17.7 Other current assets 11.6 Property, plant and equipment - net 132.0 Other noncurrent assets 7.3 Impairment of carrying value (132.7 ) Total assets held for sale $ 92.9 LIABILITIES Short-term debt $ 6.0 Accounts payable 36.9 Accrued compensation and employee benefits 10.2 Other current liabilities 12.7 Pensions 12.4 Other noncurrent liabilities 5.0 Total liabilities held for sale $ 83.2

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Dec. 31, 2020
Revenue Recognition [Abstract]
Disaggregation of Revenue	The table below presents revenue for each of the Company’s business segments, Commercial and Industrial Solutions (“CIS”), Building HVAC Systems (“BHVAC”), Heavy Duty Equipment (“HDE”) and Automotive. Each segment’s revenue is disaggregated by primary end market, by geographic location and based upon the timing of revenue recognition, and includes inter-segment sales. Effective April 1, 2020, the Company realigned its segment structure. The segment revenue information presented in the table below for fiscal 2020 has been recast to conform to the fiscal 2021 presentation. See Note 20 for additional information regarding the Company’s operating segments. Three months ended December 31, 2020 Three months ended December 31, 2019 CIS BHVAC HDE Automotive Segment Total CIS BHVAC HDE Automotive Segment Total Primary end market: Commercial HVAC&R $ 103.8 $ 56.5 $ - $ - $ 160.3 $ 104.3 $ 53.1 $ - $ - $ 157.4 Data center cooling 11.8 12.2 - - 24.0 30.2 11.2 - - 41.4 Industrial cooling 12.0 - - - 12.0 10.4 - - - 10.4 Commercial vehicle - - 67.0 5.5 72.5 - - 63.2 5.1 68.3 Off-highway - - 68.3 0.8 69.1 - - 51.6 3.5 55.1 Automotive and light vehicle - - 28.8 105.4 134.2 - - 27.8 98.5 126.3 Other 1.4 - 21.5 2.2 25.1 2.6 0.6 22.3 3.4 28.9 Net sales $ 129.0 $ 68.7 $ 185.6 $ 113.9 $ 497.2 $ 147.5 $ 64.9 $ 164.9 $ 110.5 $ 487.8 Geographic location: Americas $ 66.4 $ 45.0 $ 107.9 $ 14.8 $ 234.1 $ 78.1 $ 43.2 $ 106.2 $ 17.2 $ 244.7 Europe 52.4 23.7 35.0 80.9 192.0 57.6 21.7 29.2 77.1 185.6 Asia 10.2 - 42.7 18.2 71.1 11.8 - 29.5 16.2 57.5 Net sales $ 129.0 $ 68.7 $ 185.6 $ 113.9 $ 497.2 $ 147.5 $ 64.9 $ 164.9 $ 110.5 $ 487.8 Timing of revenue recognition: Products transferred at a point in time $ 119.5 $ 68.7 $ 177.6 $ 113.9 $ 479.7 $ 119.3 $ 64.9 $ 156.8 $ 110.5 $ 451.5 Products transferred over time 9.5 - 8.0 - 17.5 28.2 - 8.1 - 36.3 Net sales $ 129.0 $ 68.7 $ 185.6 $ 113.9 $ 497.2 $ 147.5 $ 64.9 $ 164.9 $ 110.5 $ 487.8 Nine months ended December 31, 2020 Nine months ended December 31, 2019 CIS BHVAC HDE Automotive Segment Total CIS BHVAC HDE Automotive Segment Total Primary end market: Commercial HVAC&R $ 303.0 $ 137.1 $ - $ - $ 440.1 $ 351.1 $ 137.2 $ - $ - $ 488.3 Data center cooling 40.0 40.8 - - 80.8 81.1 31.3 - - 112.4 Industrial cooling 36.6 - - - 36.6 33.5 - - - 33.5 Commercial vehicle - - 174.8 11.4 186.2 - - 232.0 16.8 248.8 Off-highway - - 179.8 2.3 182.1 - - 178.5 10.1 188.6 Automotive and light vehicle - - 69.8 257.4 327.2 - - 85.0 305.6 390.6 Other 6.0 0.3 50.3 14.8 71.4 7.3 1.4 73.0 7.3 89.0 Net sales $ 385.6 $ 178.2 $ 474.7 $ 285.9 $ 1,324.4 $ 473.0 $ 169.9 $ 568.5 $ 339.8 $ 1,551.2 Geographic location: Americas $ 193.9 $ 109.5 $ 274.4 $ 39.2 $ 617.0 $ 261.2 $ 110.4 $ 369.7 $ 52.2 $ 793.5 Europe 156.3 68.7 91.2 195.9 512.1 173.7 59.5 107.3 242.7 583.2 Asia 35.4 - 109.1 50.8 195.3 38.1 - 91.5 44.9 174.5 Net sales $ 385.6 $ 178.2 $ 474.7 $ 285.9 $ 1,324.4 $ 473.0 $ 169.9 $ 568.5 $ 339.8 $ 1,551.2 Timing of revenue recognition: Products transferred at a point in time $ 351.7 $ 178.2 $ 456.3 $ 285.9 $ 1,272.1 $ 395.6 $ 169.9 $ 544.4 $ 339.8 $ 1,449.7 Products transferred over time 33.9 - 18.4 - 52.3 77.4 - 24.1 - 101.5 Net sales $ 385.6 $ 178.2 $ 474.7 $ 285.9 $ 1,324.4 $ 473.0 $ 169.9 $ 568.5 $ 339.8 $ 1,551.2
Contract Assets and Contract Liabilities from Contracts with Customers	Contract assets and contract liabilities from contracts with customers were as follows: December 31, 2020 March 31, 2020 Contract assets $ 5.1 $ 21.7 Contract liabilities 6.0 5.6

Pensions (Tables)

Pensions (Tables)	9 Months Ended
	Dec. 31, 2020
Pensions [Abstract]
Pension Cost	Pension cost included the following components: Three months ended December 31, Nine months ended December 31, 2020 2019 2020 2019 Service cost $ 0.1 $ 0.1 $ 0.3 $ 0.3 Interest cost 2.0 2.3 5.9 6.8 Expected return on plan assets (2.9 ) (3.0 ) (8.6 ) (8.9 ) Amortization of unrecognized net loss 1.7 1.5 5.2 4.5 Net periodic benefit cost $ 0.9 $ 0.9 $ 2.8 $ 2.7

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Dec. 31, 2020
Stock-Based Compensation [Abstract]
Fair Market Value of Stock-Based Compensation Awards	The fair value of stock-based compensation awards granted during the nine months ended December 31, 2020 and 2019 were as follows: Nine months ended December 31, 2020 2019 Shares Fair Value Per Award Shares Fair Value Per Award Stock options 0.4 $ 3.46 0.3 $ 5.56 Restricted stock awards 0.6 $ 8.34 0.3 $ 13.26 Performance stock awards (a) - - 0.3 $ 13.26 Unrestricted stock awards 0.2 $ 5.21 0.1 $ 14.50 (a) In lieu of performance-based stock awards, the Company granted performance cash awards to the LTIP participants in fiscal 2021. The performance metrics for the cash awards are based upon 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 ending March 31, 2023. These performance metrics are the same as the metrics for the fiscal 2020 and 2019 performance-based stock awards.
Assumptions Used in Determining Fair Value of Stock Options	The Company used the following assumptions in determining fair value for stock options: Nine months ended December 31, 2020 2019 Expected life of awards in years 6.1 6.3 Risk-free interest rate 0.4 % 2.2 % Expected volatility of the Company's stock 54.1 % 39.2 % Expected dividend yield on the Company's stock 0.0 % 0.0 %
Unrecognized Compensation Expenses Related to Non-Vested Stock-Based Compensation Awards	As of December 31, 2020, unrecognized compensation expense related to non-vested stock-based compensation awards, which will be amortized over the remaining service periods, was as follows: Unrecognized Compensation Expense Weighted-Average Remaining Service Period in Years Stock options $ 2.3 3.0 Restricted stock awards 8.1 2.9 Performance stock awards 0.6 1.2 Total $ 11.0 2.8

Restructuring Activities (Table

Restructuring Activities (Tables)	9 Months Ended
	Dec. 31, 2020
Restructuring Activities [Abstract]
Restructuring and Repositioning Expenses	Restructuring and repositioning expenses were as follows: Three months ended December 31, Nine months ended December 31, 2020 2019 2020 2019 Employee severance and related benefits $ 0.5 $ 2.2 $ 6.2 $ 5.5 Other restructuring and repositioning expenses 0.4 0.4 0.8 1.2 Total $ 0.9 $ 2.6 $ 7.0 $ 6.7
Changes in Accrued Severance	The Company accrues severance in accordance with its written plans, procedures, and relevant statutory requirements. Changes in accrued severance were as follows: Three months ended December 31, 2020 2019 Beginning balance $ 5.8 $ 7.4 Additions 0.5 2.2 Payments (2.5 ) (5.0 ) Reclassified as held for sale (0.8 ) - Effect of exchange rate changes 0.2 0.1 Ending balance $ 3.2 $ 4.7 Nine months ended December 31, 2020 2019 Beginning balance $ 5.0 $ 10.0 Additions 6.2 5.5 Payments (7.7 ) (10.7 ) Reclassified as held for sale (0.8 ) - Effect of exchange rate changes 0.5 (0.1 ) Ending balance $ 3.2 $ 4.7

Other Income and Expense (Table

Other Income and Expense (Tables)	9 Months Ended
	Dec. 31, 2020
Other Income and Expense [Abstract]
Other Income and Expense	Other income and expense consisted of the following: Three months ended December 31, Nine months ended December 31, 2020 2019 2020 2019 Interest income $ 0.1 $ 0.1 $ 0.4 $ 0.3 Foreign currency transactions (a) 0.2 0.7 0.9 (0.7 ) Net periodic benefit cost (b) (0.8 ) (0.7 ) (2.3 ) (2.1 ) Equity in earnings of non-consolidated affiliate (c) - - - 0.2 Total other (expense) income - net $ (0.5 ) $ 0.1 $ (1.0 ) $ (2.3 ) (a) Foreign currency transactions primarily consist of foreign currency transaction gains and losses on the re-measurement or settlement of foreign currency-denominated assets and liabilities, including intercompany loans and transactions denominated in a foreign currency, along with gains and losses on certain foreign currency exchange contracts . (b) Net periodic benefit cost for the Company’s pension and postretirement plans is exclusive of service cost. (c) The Company sold its ownership interest in NEX during the second quarter of fiscal 2020. See Note 1 for additional information.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share	The components of basic and diluted earnings per share were as follows: Three months ended December 31, Nine months ended December 31, 2020 2019 2020 2019 Net (loss) earnings attributable to Modine $ (195.7 ) $ 1.2 $ (195.7 ) $ 4.5 Weighted-average shares outstanding - basic 51.3 50.8 51.2 50.8 Effect of dilutive securities - 0.3 - 0.3 Weighted-average shares outstanding - diluted 51.3 51.1 51.2 51.1 (Loss) earnings per share: Net (loss) earnings per share - basic $ (3.81 ) $ 0.02 $ (3.82 ) $ 0.09 Net (loss) earnings per share - diluted $ (3.81 ) $ 0.02 $ (3.82 ) $ 0.09

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	9 Months Ended
	Dec. 31, 2020
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash and Cash Equivalents and Restricted Cash	Cash, cash equivalents and restricted cash consisted of the following: December 31, 2020 March 31, 2020 Cash and cash equivalents $ 72.9 $ 70.9 Restricted cash 0.1 0.4 Cash and restricted cash held for sale 5.4 - Total cash, cash equivalents, restricted cash and cash held for sale $ 78.4 $ 71.3

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Dec. 31, 2020
Inventories [Abstract]
Inventories	Inventories consisted of the following: December 31, 2020 March 31, 2020 Raw materials $ 115.3 $ 123.6 Work in process 35.5 34.6 Finished goods 39.8 49.2 Total inventories $ 190.6 $ 207.4

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment, including depreciable lives, consisted of the following: December 31, 2020 March 31, 2020 Land $ 20.1 $ 19.7 Buildings and improvements (10-40 years) 227.4 276.7 Machinery and equipment (3-15 years) 689.2 870.3 Office equipment (3-10 years) 83.1 95.2 Construction in progress 15.7 40.5 1,035.5 1,302.4 Less: accumulated depreciation (730.3 ) (854.4 ) Net property, plant and equipment $ 305.2 $ 448.0

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets [Abstract]
Changes in Carrying Amount of Goodwill	Changes in the carrying amount of goodwill were as follows: CIS BHVAC Total Goodwill, March 31, 2020 $ 152.6 $ 13.5 $ 166.1 Effect of exchange rate changes 5.2 1.1 6.3 Goodwill, December 31, 2020 $ 157.8 $ 14.6 $ 172.4
Intangible Assets	Intangible assets consisted of the following: December 31, 2020 March 31, 2020 Gross Carrying Value Accumulated Amortization Net Intangible Assets Gross Carrying Value Accumulated Amortization Net Intangible Assets Customer relationships $ 64.0 $ (16.2 ) $ 47.8 $ 60.8 $ (12.6 ) $ 48.2 Trade names 60.3 (19.0 ) 41.3 58.3 (16.2 ) 42.1 Acquired technology 25.1 (9.7 ) 15.4 23.6 (7.6 ) 16.0 Total intangible assets $ 149.4 $ (44.9 ) $ 104.5 $ 142.7 $ (36.4 ) $ 106.3

Product Warranties (Tables)

Product Warranties (Tables)	9 Months Ended
	Dec. 31, 2020
Product Warranties [Abstract]
Changes in Accrued Warranty Costs	Changes in accrued warranty costs were as follows: Three months ended December 31, 2020 2019 Beginning balance $ 9.0 $ 8.1 Warranties recorded at time of sale 1.8 1.3 Adjustments to pre-existing warranties (0.4 ) (0.4 ) Settlements (1.1 ) (1.0 ) Reclassified as held for sale (1.5 ) - Effect of exchange rate changes 0.1 0.2 Ending balance $ 7.9 $ 8.2 Nine months ended December 31, 2020 2019 Beginning balance $ 7.9 $ 9.2 Warranties recorded at time of sale 4.3 3.9 Adjustments to pre-existing warranties (0.3 ) (1.3 ) Settlements (2.8 ) (3.6 ) Reclassified as held for sale (1.5 ) - Effect of exchange rate changes 0.3 - Ending balance $ 7.9 $ 8.2

Leases (Tables)

Leases (Tables)	9 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Lease Assets and Liabilities Recorded in Consolidated Balance Sheet	The following table provides a summary of leases recorded on the consolidated balance sheets. - Balance Sheet Location December 31, 2020 March 31, 2020 Lease Assets Operating lease ROU assets Other noncurrent assets $ 56.2 $ 61.4 Finance lease ROU assets (a) Property, plant and equipment - net 8.6 8.5 Lease Liabilities Operating lease liabilities Other current liabilities $ 10.4 $ 10.9 Operating lease liabilities Other noncurrent liabilities 46.9 50.3 Finance lease liabilities Long-term debt - current portion 0.4 0.4 Finance lease liabilities Long-term debt 3.4 3.3 (a) Finance lease right of use (“ROU”) assets were recorded net of accumulated amortization of $2.3 million and $1.8 million as of December 31
Components of Lease Expense	The components of lease expense were as follows: Three months ended December 31, Nine months ended December 31, 2020 2019 2020 2019 Operating lease expense (a) $ 4.8 $ 5.4 $ 14.9 $ 15.8 Finance lease expense: Depreciation of ROU assets 0.2 0.2 0.4 0.4 Interest on lease liabilities - - 0.1 0.1 Total lease expense $ 5.0 $ 5.6 $ 15.4 $ 16.3 (a) F December 31 December 31

Indebtedness (Tables)

Indebtedness (Tables)	9 Months Ended
	Dec. 31, 2020
Indebtedness [Abstract]
Long-Term Indebtedness	Long-term debt consisted of the following: _ Fiscal year of maturity December 31, 2020 March 31, 2020 Term loans 2025 $ 184.1 $ 189.4 Revolving credit facility 2025 30.7 127.2 5.9% Senior Notes 2029 100.0 100.0 5.8% Senior Notes 2027 50.0 50.0 Other (a) 3.8 6.0 368.6 472.6 Less: current portion (22.0 ) (15.6 ) Less: unamortized debt issuance costs (4.6 ) (5.0 ) Total long-term debt $ 342.0 $ 452.0 (a) Other long-term debt primarily includes finance lease obligations and borrowings by foreign subsidiaries.
Maturities of Long Term Debt and Capital Lease Obligations	Long-term debt, including the current portion of long-term debt, matures as follows: Fiscal Year Remainder of 2021 $ 3.4 2022 22.0 2023 22.0 2024 22.0 2025 180.5 2026 & beyond 118.7 Total $ 368.6

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Dec. 31, 2020
Accumulated Other Comprehensive Loss [Abstract]
Accumulated Other Comprehensive Loss	Changes in accumulated other comprehensive loss were as follows: Three months ended December 31, 2020 Nine months ended December 31, 2020 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (38.8 ) $ (158.4 ) $ 0.4 $ (196.8 ) $ (61.4 ) $ (160.9 ) $ (1.0 ) $ (223.3 ) Other comprehensive income before reclassifications 18.0 - 0.4 18.4 40.6 - 1.5 42.1 Reclassifications: Amortization of unrecognized net loss (a) - 1.6 - 1.6 - 4.9 - 4.9 Realized (gains) losses - net (b) - - (0.4 ) (0.4 ) - - 0.4 0.4 Income taxes - (0.3 ) - (0.3 ) - (1.1 ) (0.5 ) (1.6 ) Total other comprehensive income 18.0 1.3 - 19.3 40.6 3.8 1.4 45.8 Ending balance $ (20.8 ) $ (157.1 ) $ 0.4 $ (177.5 ) $ (20.8 ) $ (157.1 ) $ 0.4 $ (177.5 ) Three months ended December 31, 2019 Nine months ended December 31, 2019 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (60.0 ) $ (134.1 ) $ (0.5 ) $ (194.6 ) $ (42.6 ) $ (136.3 ) $ 0.5 $ (178.4 ) Other comprehensive income (loss) before reclassifications 13.8 - 0.3 14.1 (3.0 ) - (1.3 ) (4.3 ) Reclassifications: Amortization of unrecognized net loss (a) - 1.4 - 1.4 - 4.2 - 4.2 Realized losses - net (b) - - 0.5 0.5 - - 0.7 0.7 Foreign currency translation gains (c) - - - - (0.6 ) - - (0.6 ) Income taxes - (0.4 ) (0.2 ) (0.6 ) - (1.0 ) 0.2 (0.8 ) Total other comprehensive income (loss) 13.8 1.0 0.6 15.4 (3.6 ) 3.2 (0.4 ) (0.8 ) Ending balance $ (46.2 ) $ (133.1 ) $ 0.1 $ (179.2 ) $ (46.2 ) $ (133.1 ) $ 0.1 $ (179.2 ) (a) Amounts are included in the calculation of net periodic benefit cost for the Company’s defined benefit plans, which include pension and other postretirement plans. Refer to Note 5 for additional information about the Company’s pension plans. (b) Amounts represent net gains and losses associated with cash flow hedges that were reclassified to net earnings. (c) As a result of the sale of its investment in NEX during the second quarter of fiscal 2020, the Company wrote off $0.6 million of accumulated foreign currency translation gains.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Dec. 31, 2020
Segment Information [Abstract]
Net Sales, Gross Profit, Operating Income and Total Assets by Segment	The following is a summary of net sales, gross profit, operating income, and total assets by segment: Three months ended December 31, 2020 2019 External Sales Inter-segment Sales Total External Sales Inter-segment Sales Total Net sales: CIS $ 128.3 $ 0.7 $ 129.0 $ 146.3 $ 1.2 $ 147.5 BHVAC 68.7 - 68.7 64.3 0.6 64.9 HDE 173.7 11.9 185.6 152.8 12.1 164.9 Automotive 113.6 0.3 113.9 110.0 0.5 110.5 Segment total 484.3 12.9 497.2 473.4 14.4 487.8 Corporate and eliminations - (12.9 ) (12.9 ) - (14.4 ) (14.4 ) Net sales $ 484.3 $ - $ 484.3 $ 473.4 $ - $ 473.4 Nine months ended December 31, 2020 2019 External Sales Inter-segment Sales Total External Sales Inter-segment Sales Total Net sales: CIS $ 382.8 $ 2.8 $ 385.6 $ 469.9 $ 3.1 $ 473.0 BHVAC 178.0 0.2 178.2 168.5 1.4 169.9 HDE 449.6 25.1 474.7 526.4 42.1 568.5 Automotive 283.1 2.8 285.9 337.8 2.0 339.8 Segment total 1,293.5 30.9 1,324.4 1,502.6 48.6 1,551.2 Corporate and eliminations - (30.9 ) (30.9 ) - (48.6 ) (48.6 ) Net sales $ 1,293.5 $ - $ 1,293.5 $ 1,502.6 $ - $ 1,502.6 Three months ended December 31, Nine months ended December 31, 2020 2019 2020 2019 $'s % of sales $'s % of sales $'s % of sales $'s % of sales Gross profit: CIS $ 12.6 9.8 % $ 22.7 15.4 % $ 47.4 12.3 % $ 69.9 14.8 % BHVAC 25.7 37.3 % 23.1 35.5 % 61.9 34.7 % 54.5 32.1 % HDE 26.0 14.0 % 16.8 10.2 % 60.9 12.8 % 71.7 12.6 % Automotive 18.4 16.1 % 12.2 11.0 % 39.8 13.9 % 37.7 11.1 % Segment total 82.7 16.6 % 74.8 15.3 % 210.0 15.9 % 233.8 15.1 % Corporate and eliminations - - (1.3 ) - (0.4 ) - (1.2 ) - Gross profit $ 82.7 17.1 % $ 73.5 15.5 % $ 209.6 16.2 % $ 232.6 15.5 % Three months ended December 31, Nine months ended December 31, 2020 2019 2020 2019 Operating income: CIS $ (1.7 ) $ 8.3 $ 3.9 $ 25.8 BHVAC 15.8 13.5 36.0 27.6 HDE 12.8 2.8 23.6 27.2 Automotive (124.9 ) 1.6 (120.7 ) 2.0 Segment total (98.0 ) 26.2 (57.2 ) 82.6 Corporate and eliminations (10.7 ) (18.0 ) (26.2 ) (50.3 ) Operating (loss) income $ (108.7 ) $ 8.2 $ (83.4 ) $ 32.3 December 31, 2020 March 31, 2020 Total assets: CIS $ 601.8 $ 617.7 BHVAC 106.7 102.3 HDE 428.3 417.4 Automotive (a) 161.2 272.5 Corporate and eliminations (b) 8.7 126.2 Total assets $ 1,306.7 $ 1,536.1 (a) During the third quarter of fiscal 2021, the Company recorded impairment charges totaling $ million within the Automotive segment, primarily related to the property, plant and equipment of the liquid-cooled automotive business, the sale of which is pending. See Note 2 for additional information. (b) During the nine months ended December 31, 2020, the Company recorded income tax charges totaling $ million to increase the valuation allowance on deferred tax assets in the U.S, which are recorded at Corporate. See Note 9 for additional information.

General (Details)

General (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
Sale of Business [Abstract]
Gain on sale of assets	$ 0	$ 0.8		$ 0	$ 0.8
Nikkei Heat Exchanger Company, Ltd [Member]
Sale of Business [Abstract]
Ownership percentage			50.00%
Selling price			$ 3.8
Gain on write-off of accumulated foreign currency translation			0.6
Nikkei Heat Exchanger Company, Ltd [Member] | Other Income (Expense) [Member]
Sale of Business [Abstract]
Gain on sale of investment			$ 0.1
Chief Executive Officer [Member] | SG&A Expenses [Member]
Chief Executive Officer Transition [Abstract]
Employee severance and related benefits				$ 5.9
Automotive [Member]
Sale of Business [Abstract]
Selling price		6			$ 6
Gain on sale of assets		$ 0.8

Assets Held for Sale (Details)

Assets Held for Sale (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Assets Held for Sale [Abstract]
Impairment of carrying value		$ (134.4)	$ 0	$ (134.4)	$ 0
ASSETS [Abstract]
Total assets held for sale		92.9		92.9		$ 0
LIABILITIES [Abstract]
Total liabilities held for sale		83.2		83.2		$ 0
Liquid-Cooled Automotive Business [Member]
Assets Held for Sale [Abstract]
Impairment of carrying value		132.7
Long-lived assets		0		0
ASSETS [Abstract]
Cash and cash equivalents		5.3		5.3
Trade accounts receivables - net		51.7		51.7
Inventories		17.7		17.7
Other current assets		11.6		11.6
Property, plant and equipment - net		132		132
Other noncurrent assets		7.3		7.3
Impairment of carrying value		(132.7)		(132.7)
Total assets held for sale		92.9		92.9
LIABILITIES [Abstract]
Short-term debt		6		6
Accounts payable		36.9		36.9
Accrued compensation and employee benefits		10.2		10.2
Other current liabilities		12.7		12.7
Pensions		12.4		12.4
Other noncurrent liabilities		5		5
Total liabilities held for sale		83.2		$ 83.2
Liquid-Cooled Automotive Business [Member] | Forecast [Member] | Minimum [Member]
LIABILITIES [Abstract]
Loss on sale of transaction	$ 15
Liquid-Cooled Automotive Business [Member] | Forecast [Member] | Maximum [Member]
LIABILITIES [Abstract]
Loss on sale of transaction	$ 25
Automotive [Member]
Assets Held for Sale [Abstract]
Impairment of carrying value		$ 1.7

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Disaggregation of Revenue [Abstract]
Net sales	$ 484.3	$ 473.4	$ 1,293.5	$ 1,502.6
Contract with Customer, Asset and Liability [Abstract]
Contract assets	5.1		5.1		$ 21.7
Contract liabilities	6		6		5.6
Decrease in contract assets			(16.6)
Increase in contract liabilities			0.4
Liquid-Cooled Automotive Business [Member]
Contract with Customer, Asset and Liability [Abstract]
Contract assets held for sale					7.2
Contract liabilities held for sale					$ 1.3
Total Segments [Member]
Disaggregation of Revenue [Abstract]
Net sales	497.2	487.8	1,324.4	1,551.2
Total Segments [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	479.7	451.5	1,272.1	1,449.7
Total Segments [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	17.5	36.3	52.3	101.5
Total Segments [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	234.1	244.7	617	793.5
Total Segments [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	192	185.6	512.1	583.2
Total Segments [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	71.1	57.5	195.3	174.5
Total Segments [Member] | Commercial HVAC&R [Member]
Disaggregation of Revenue [Abstract]
Net sales	160.3	157.4	440.1	488.3
Total Segments [Member] | Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	24	41.4	80.8	112.4
Total Segments [Member] | Industrial Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	12	10.4	36.6	33.5
Total Segments [Member] | Commercial Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	72.5	68.3	186.2	248.8
Total Segments [Member] | Off-Highway [Member]
Disaggregation of Revenue [Abstract]
Net sales	69.1	55.1	182.1	188.6
Total Segments [Member] | Automotive and Light Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	134.2	126.3	327.2	390.6
Total Segments [Member] | Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	25.1	28.9	71.4	89
CIS [Member]
Disaggregation of Revenue [Abstract]
Net sales	129	147.5	385.6	473
CIS [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	119.5	119.3	351.7	395.6
CIS [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	9.5	28.2	33.9	77.4
CIS [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	66.4	78.1	193.9	261.2
CIS [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	52.4	57.6	156.3	173.7
CIS [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	10.2	11.8	35.4	38.1
CIS [Member] | Commercial HVAC&R [Member]
Disaggregation of Revenue [Abstract]
Net sales	103.8	104.3	303	351.1
CIS [Member] | Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	11.8	30.2	40	81.1
CIS [Member] | Industrial Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	12	10.4	36.6	33.5
CIS [Member] | Commercial Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0	0
CIS [Member] | Off-Highway [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0	0
CIS [Member] | Automotive and Light Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0	0
CIS [Member] | Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	1.4	2.6	6	7.3
BHVAC [Member]
Disaggregation of Revenue [Abstract]
Net sales	68.7	64.9	178.2	169.9
BHVAC [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	68.7	64.9	178.2	169.9
BHVAC [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0	0
BHVAC [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	45	43.2	109.5	110.4
BHVAC [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	23.7	21.7	68.7	59.5
BHVAC [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0	0
BHVAC [Member] | Commercial HVAC&R [Member]
Disaggregation of Revenue [Abstract]
Net sales	56.5	53.1	137.1	137.2
BHVAC [Member] | Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	12.2	11.2	40.8	31.3
BHVAC [Member] | Industrial Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0	0
BHVAC [Member] | Commercial Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0	0
BHVAC [Member] | Off-Highway [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0	0
BHVAC [Member] | Automotive and Light Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0	0
BHVAC [Member] | Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0.6	0.3	1.4
HDE [Member]
Disaggregation of Revenue [Abstract]
Net sales	185.6	164.9	474.7	568.5
HDE [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	177.6	156.8	456.3	544.4
HDE [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	8	8.1	18.4	24.1
HDE [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	107.9	106.2	274.4	369.7
HDE [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	35	29.2	91.2	107.3
HDE [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	42.7	29.5	109.1	91.5
HDE [Member] | Commercial HVAC&R [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0	0
HDE [Member] | Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0	0
HDE [Member] | Industrial Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0	0
HDE [Member] | Commercial Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	67	63.2	174.8	232
HDE [Member] | Off-Highway [Member]
Disaggregation of Revenue [Abstract]
Net sales	68.3	51.6	179.8	178.5
HDE [Member] | Automotive and Light Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	28.8	27.8	69.8	85
HDE [Member] | Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	21.5	22.3	50.3	73
Automotive [Member]
Disaggregation of Revenue [Abstract]
Net sales	113.9	110.5	285.9	339.8
Automotive [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	113.9	110.5	285.9	339.8
Automotive [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0	0
Automotive [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	14.8	17.2	39.2	52.2
Automotive [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	80.9	77.1	195.9	242.7
Automotive [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	18.2	16.2	50.8	44.9
Automotive [Member] | Commercial HVAC&R [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0	0
Automotive [Member] | Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0	0
Automotive [Member] | Industrial Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0	0
Automotive [Member] | Commercial Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	5.5	5.1	11.4	16.8
Automotive [Member] | Off-Highway [Member]
Disaggregation of Revenue [Abstract]
Net sales	0.8	3.5	2.3	10.1
Automotive [Member] | Automotive and Light Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	105.4	98.5	257.4	305.6
Automotive [Member] | Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	$ 2.2	$ 3.4	$ 14.8	$ 7.3

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Dec. 31, 2020	Mar. 31, 2020
Fair Value Measurements [Abstract]
Investments	$ 3.8	$ 3.8
Deferred compensation obligations	$ 3.8	$ 3.8

Pensions (Details)

Pensions (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Net Periodic Benefit Cost [Abstract]
Net periodic benefit cost	[1]	$ 0.8	$ 0.7	$ 2.3	$ 2.1
Pension [Member]
Net Periodic Benefit Cost [Abstract]
Service cost		0.1	0.1	0.3	0.3
Interest cost		2	2.3	5.9	6.8
Expected return on plan assets		(2.9)	(3)	(8.6)	(8.9)
Amortization of unrecognized net loss		1.7	1.5	5.2	4.5
Net periodic benefit cost		0.9	$ 0.9	2.8	2.7
Pension [Member] | United States [Member]
Employer Contributions [Abstract]
Employer contributions				8.8	$ 2.6
Remaining employer contributions expected to be contributed during fiscal 2021		$ 10		$ 10
[1]	Net periodic benefit cost for the Company’s pension and postretirement plans is exclusive of service cost.

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Stock-Based Compensation [Abstract]
Stock-based compensation expense		$ 2.1	$ 0.8	$ 4.2	$ 5.2
Stock-Based Compensation [Abstract]
Unrecognized compensation expense		11		$ 11
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)				0.4	0.3
Fair value of options granted (in dollars per share)				$ 3.46	$ 5.56
Assumptions used in determining fair value of options [Abstract]
Expected life of awards				6 years 1 month 6 days	6 years 3 months 18 days
Risk-free interest rate				0.40%	2.20%
Expected volatility of the Company's stock				54.10%	39.20%
Expected dividend yield on the Company's stock				0.00%	0.00%
Stock-Based Compensation [Abstract]
Unrecognized compensation expense		2.3		$ 2.3
Weighted-average remaining service period				3 years
Restricted Stock Awards [Member]
Type and fair value of stock-based compensation awards granted [Abstract]
Stock granted (in shares)				0.6	0.3
Fair value of stock granted (in dollars per share)				$ 8.34	$ 13.26
Stock-Based Compensation [Abstract]
Unrecognized compensation expense		8.1		$ 8.1
Weighted-average remaining service period				2 years 10 months 24 days
Performance Stock Awards [Member]
Type and fair value of stock-based compensation awards granted [Abstract]
Stock granted (in shares)	[1]			0	0.3
Fair value of stock granted (in dollars per share)	[1]			$ 0	$ 13.26
Period of time to average cash flow return on invested capital				3 years
Period of time to average revenue growth				3 years
Performance period				3 years
Stock-Based Compensation [Abstract]
Unrecognized compensation expense		$ 0.6		$ 0.6
Weighted-average remaining service period				1 year 2 months 12 days
Unrestricted Stock Awards [Member]
Type and fair value of stock-based compensation awards granted [Abstract]
Stock granted (in shares)				0.2	0.1
Fair value of stock granted (in dollars per share)				$ 5.21	$ 14.50
[1]	In lieu of performance-based stock awards, the Company granted performance cash awards to the LTIP participants in fiscal 2021. The performance metrics for the cash awards are based upon 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 ending March 31, 2023.  These performance metrics are the same as the metrics for the fiscal 2020 and 2019 performance-based stock awards.

Restructuring Activities (Detai

Restructuring Activities (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Restructuring and repositioning expenses [Abstract]
Employee severance and related benefits		$ 0.5	$ 2.2	$ 6.2	$ 5.5
Other restructuring and repositioning expenses		0.4	0.4	0.8	1.2
Total		0.9	2.6	7	6.7
Changes in accrued severance [Roll Forward]
Beginning balance	$ 3.2	5.8	7.4	5	10
Additions		0.5	2.2	6.2	5.5
Payments		(2.5)	(5)	(7.7)	(10.7)
Reclassified as held for sale		(0.8)	0	(0.8)	0
Effect of exchange rate changes		0.2	0.1	0.5	(0.1)
Ending balance		$ 3.2	$ 4.7	3.2	$ 4.7
Forecast [Member]
Restructuring and repositioning expenses [Abstract]
Employee severance and related benefits	$ 1
CIS [Member]
Restructuring and repositioning expenses [Abstract]
Employee severance and related benefits				$ 3.1

Other Income and Expense (Detai

Other Income and Expense (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Other Income and Expense [Abstract]
Interest income		$ 0.1	$ 0.1	$ 0.4	$ 0.3
Foreign currency transactions	[1]	0.2	0.7	0.9	(0.7)
Net periodic benefit cost	[2]	(0.8)	(0.7)	(2.3)	(2.1)
Equity in earnings of non-consolidated affiliate		0	0	0	0.2	[3]
Total other (expense) income - net		$ (0.5)	$ 0.1	$ (1)	$ (2.3)
[1]	Foreign currency transactions primarily consist of foreign currency transaction gains and losses on the re-measurement or settlement of foreign currency-denominated assets and liabilities, including intercompany loans and transactions denominated in a foreign currency, along with gains and losses on certain foreign currency exchange contracts.
[2]	Net periodic benefit cost for the Company’s pension and postretirement plans is exclusive of service cost.
[3]	The Company sold its ownership interest in NEX during the second quarter of fiscal 2020. See Note 1 for additional information.

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Income Taxes [Abstract]
Effective income tax rate	(71.70%)		63.00%	(95.70%)	65.40%
Impairment charges	$ 134.4		$ 0	$ 134.4	$ 0
Income Taxes [Abstract]
Increase in deferred tax asset valuation allowance	116.5	$ 6.6		$ 109.9
Income tax expense related to legal entity restructuring			2.7
U.S. [Member]
Income Taxes [Abstract]
Income tax benefits from impairment charges	(24.4)
Increase in deferred tax asset valuation allowance	103.3		$ 3
Term of cumulative loss position				3 years
Valuation allowance	121.7			$ 121.7
Foreign Jurisdictions [Member]
Income Taxes [Abstract]
Income tax benefits from impairment charges	(13.3)
Increase in deferred tax asset valuation allowance	13.2
Term of cumulative loss position				3 years
Valuation allowance	$ 55.5			$ 55.5

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
Components of basic and diluted earnings per share [Abstract]
Net (loss) earnings attributable to Modine	$ (195.7)	$ 8.6	$ (8.6)	$ 1.2	$ (4.7)	$ 8	$ (195.7)	$ 4.5
Weighted-average shares outstanding - basic (in shares)	51.3			50.8			51.2	50.8
Effect of dilutive securities (in shares)	0			0.3			0	0.3
Weighted-average shares outstanding - diluted (in shares)	51.3			51.1			51.2	51.1
(Loss) earnings per share [Abstract]
Net (loss) earnings per share - basic (in dollars per share)	$ (3.81)			$ 0.02			$ (3.82)	$ 0.09
Net (loss) earnings per share - diluted (in dollars per share)	$ (3.81)			$ 0.02			$ (3.82)	$ 0.09
Antidilutive securities excluded from computation of earning per share [Abstract]
Potentially dilutive securities not included in computation of diluted net loss per share (in shares)	0.2						0.1
Stock Options [Member]
Antidilutive securities excluded from computation of earning per share [Abstract]
Antidilutive securities excluded from computation of earning per share (in shares)	1.4			1.2			1.5	0.8
Restricted Stock [Member]
Antidilutive securities excluded from computation of earning per share [Abstract]
Antidilutive securities excluded from computation of earning per share (in shares)	0.5			0.5			0.6	0.5

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash and cash equivalents	$ 72.9	$ 70.9
Restricted cash	0.1	0.4
Cash and restricted cash held for sale	5.4	0
Total cash, cash equivalents, restricted cash and cash held for sale	$ 78.4	$ 71.3	$ 36.6	$ 42.2

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2020	Mar. 31, 2020
Inventories [Abstract]
Raw materials	$ 115.3	$ 123.6
Work in process	35.5	34.6
Finished goods	39.8	49.2
Total inventories	$ 190.6	$ 207.4

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020
Property, plant and equipment, including depreciable lives [Abstract]
Gross property, plant and equipment	$ 1,035.5	$ 1,302.4
Less: accumulated depreciation	(730.3)	(854.4)
Net property, plant and equipment	305.2	448
Land [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Gross property, plant and equipment	20.1	19.7
Buildings and Improvements [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Gross property, plant and equipment	$ 227.4	$ 276.7
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	$ 689.2	$ 870.3
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	$ 83.1	$ 95.2
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	$ 15.7	$ 40.5

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Goodwill [Roll Forward]
Goodwill, beginning balance			$ 166.1
Effect of exchange rate changes			6.3
Goodwill, ending balance	$ 172.4		172.4
Intangible Assets [Abstract]
Gross carrying value	149.4		149.4		$ 142.7
Accumulated amortization	(44.9)		(44.9)		(36.4)
Net intangible assets	104.5		104.5		106.3
Amortization expense	2.2	$ 2.3	6.4	$ 6.7
Estimated Future Amortization Expense [Abstract]
Remainder of fiscal 2021	2.1		2.1
2022	8		8
2023	8		8
2024	8		8
2025	8		8
2026	8		8
CIS [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance			152.6
Effect of exchange rate changes			5.2
Goodwill, ending balance	157.8		157.8
BHVAC [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance			13.5
Effect of exchange rate changes			1.1
Goodwill, ending balance	14.6		14.6
Customer Relationships [Member]
Intangible Assets [Abstract]
Gross carrying value	64		64		60.8
Accumulated amortization	(16.2)		(16.2)		(12.6)
Net intangible assets	47.8		47.8		48.2
Trade Names [Member]
Intangible Assets [Abstract]
Gross carrying value	60.3		60.3		58.3
Accumulated amortization	(19)		(19)		(16.2)
Net intangible assets	41.3		41.3		42.1
Acquired Technology [Member]
Intangible Assets [Abstract]
Gross carrying value	25.1		25.1		23.6
Accumulated amortization	(9.7)		(9.7)		(7.6)
Net intangible assets	$ 15.4		$ 15.4		$ 16

Product Warranties (Details)

Product Warranties (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Changes in accrued warranty costs [Roll Forward]
Beginning balance	$ 9	$ 8.1	$ 7.9	$ 9.2
Warranties recorded at time of sale	1.8	1.3	4.3	3.9
Adjustments to pre-existing warranties	(0.4)	(0.4)	(0.3)	(1.3)
Settlements	(1.1)	(1)	(2.8)	(3.6)
Reclassified as held for sale	(1.5)	0	(1.5)	0
Effect of exchange rate changes	0.1	0.2	0.3	0
Ending balance	$ 7.9	$ 8.2	$ 7.9	$ 8.2

Leases (Details)

Leases (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Lease Assets and Liabilities [Abstract]
Operating lease ROU assets		$ 56.2		$ 56.2		$ 61.4
Operating lease ROU assets, Statement of Financial Position [Extensible List]		us-gaap:OtherAssetsNoncurrent		us-gaap:OtherAssetsNoncurrent
Finance lease ROU assets	[1]	$ 8.6		$ 8.6		8.5
Finance lease ROU assets, Statement of Financial Position [Extensible List]		us-gaap:PropertyPlantAndEquipmentNet		us-gaap:PropertyPlantAndEquipmentNet
Operating lease liabilities, current		$ 10.4		$ 10.4		10.9
Operating lease liabilities, current, Statement of Financial Position [Extensible List]		us-gaap:OtherLiabilitiesCurrent		us-gaap:OtherLiabilitiesCurrent
Operating lease liabilities, Other noncurrent liabilities		$ 46.9		$ 46.9		50.3
Operating lease liabilities, noncurrent, Statement of Financial Position [Extensible List]		us-gaap:OtherLiabilitiesNoncurrent		us-gaap:OtherLiabilitiesNoncurrent
Finance lease liabilities, current		$ 0.4		$ 0.4		0.4
Finance lease liabilities, current, Statement of Financial Position [Extensible List]		us-gaap:LongTermDebtAndCapitalLeaseObligationsCurrent		us-gaap:LongTermDebtAndCapitalLeaseObligationsCurrent
Finance lease liabilities, noncurrent		$ 3.4		$ 3.4		3.3
Finance lease liabilities, noncurrent, Statement of Financial Position [Extensible List]		us-gaap:LongTermDebtAndCapitalLeaseObligations		us-gaap:LongTermDebtAndCapitalLeaseObligations
Accumulated amortization		$ 2.3		$ 2.3		$ 1.8
Components of Lease Expense [Abstract]
Operating lease expense	[2]	4.8	$ 5.4	14.9	$ 15.8
Finance lease expense [Abstract]
Depreciation of ROU assets		0.2	0.2	0.4	0.4
Interest on lease liabilities		0	0	0.1	0.1
Total lease expense		5	5.6	15.4	16.3
Short-term lease expense		$ 0.9	$ 1	$ 2.7	$ 2.9
[1]	Finance lease right of use (“ROU”) assets were recorded net of accumulated amortization of $2.3 million and $1.8 million as of December 31, 2020 and March 31, 2020, respectively.
[2]	For the three and nine months ended December 31, 2020, operating lease expense included short-term lease expense of $0.9 million and $2.7 million, respectively.  For the three and nine months ended December 31, 2019, operating lease expense included short-term lease expense of $1.0 million and $2.9 million, respectively. Variable lease expense was not significant.

Indebtedness (Details)

Indebtedness (Details) $ in Millions		3 Months Ended						9 Months Ended
		Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)
Indebtedness [Abstract]
Total debt							$ 368.6	$ 368.6	$ 472.6
Less: current portion							(22)	(22)	(15.6)
Less: unamortized debt issuance costs							(4.6)	(4.6)	(5)
Total long-term debt							342	342	452
Maturities of long term debt and capital lease obligations [Abstract]
Remainder of 2021							3.4	3.4
2022							22	22
2023							22	22
2024							22	22
2025							180.5	180.5
2026 & beyond							118.7	118.7
Total debt							368.6	368.6	472.6
Credit Facility [Abstract]
Short-term debt							$ 0.6	0.6	14.8
Leverage ratio covenant limit							5.25
Long-term debt, fair value							$ 140.4	140.4	131.3
Forecast [Member]
Credit Facility [Abstract]
Leverage ratio covenant limit		3.25	3.50	3.75	4.75	5.75
Term Loans [Member]
Indebtedness [Abstract]
Total debt							184.1	$ 184.1	189.4
Fiscal year of maturity								2025
Maturities of long term debt and capital lease obligations [Abstract]
Total debt							$ 184.1	$ 184.1	189.4
Term Loans [Member] | Weighted Average [Member]
Credit Facility [Abstract]
Weighted-average interest rate							2.50%	2.50%
Revolving Credit Facility [Member]
Indebtedness [Abstract]
Total debt							$ 30.7	$ 30.7	127.2
Fiscal year of maturity								2025
Maturities of long term debt and capital lease obligations [Abstract]
Total debt							$ 30.7	$ 30.7	127.2
Revolving Credit Facility [Member] | Weighted Average [Member]
Credit Facility [Abstract]
Weighted-average interest rate							2.50%	2.50%
Foreign Credit Agreements [Member]
Credit Facility [Abstract]
Short-term debt							$ 0.6	$ 0.6	14.8
Domestic Revolving Credit Facility [Member]
Credit Facility [Abstract]
Letters of credit outstanding							5.7	5.7
Available for future borrowings							213.6	213.6
5.9% Senior Notes [Member]
Indebtedness [Abstract]
Total debt							$ 100	$ 100	100
Interest rate percentage							5.90%	5.90%
Fiscal year of maturity								2029
Maturities of long term debt and capital lease obligations [Abstract]
Total debt							$ 100	$ 100	100
5.8% Senior Notes [Member]
Indebtedness [Abstract]
Total debt							$ 50	$ 50	50
Interest rate percentage							5.80%	5.80%
Fiscal year of maturity								2027
Maturities of long term debt and capital lease obligations [Abstract]
Total debt							$ 50	$ 50	50
Other [Member]
Indebtedness [Abstract]
Total debt	[1]						3.8	3.8	6
Maturities of long term debt and capital lease obligations [Abstract]
Total debt	[1]						$ 3.8	$ 3.8	$ 6
[1]	Other long-term debt primarily includes finance lease obligations and borrowings by foreign subsidiaries.

Risks, Uncertainties, Conting_2

Risks, Uncertainties, Contingencies and Litigation (Details) - USD ($) $ in Millions	Dec. 31, 2020	Mar. 31, 2020
Environmental loss contingencies [Abstract]
Reserves for environmental matters	$ 18.4	$ 18.2

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions		3 Months Ended			9 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
Other comprehensive loss [Abstract]
Beginning balance					$ 487.9
Other comprehensive income (loss) before reclassifications		$ 18.4	$ 14.1		42.1	$ (4.3)
Reclassifications for amortization of unrecognized net loss	[1]	1.6	1.4		4.9	4.2
Reclassifications for realized (gains) losses - net	[2]	(0.4)	0.5		0.4	0.7
Foreign currency translation gains			0			(0.6)	[3]
Income taxes		(0.3)	(0.6)		(1.6)	(0.8)
Total other comprehensive income (loss)		19.3	15.4		45.8	(0.8)
Ending balance		341.5			341.5
Nikkei Heat Exchanger Company, Ltd [Member]
Other comprehensive loss [Abstract]
Gain (loss) on write-off of accumulated foreign currency translation				$ 0.6
Accumulated Other Comprehensive Loss [Member]
Other comprehensive loss [Abstract]
Beginning balance		(196.8)	(194.6)		(223.3)	(178.4)
Ending balance		(177.5)	(179.2)	(194.6)	(177.5)	(179.2)
Foreign Currency Translation [Member]
Other comprehensive loss [Abstract]
Beginning balance		(38.8)	(60)		(61.4)	(42.6)
Other comprehensive income (loss) before reclassifications		18	13.8		40.6	(3)
Reclassifications for amortization of unrecognized net loss	[1]	0	0		0	0
Reclassifications for realized (gains) losses - net	[2]	0	0		0	0
Foreign currency translation gains			0			(0.6)	[3]
Income taxes		0	0		0	0
Total other comprehensive income (loss)		18	13.8		40.6	(3.6)
Ending balance		(20.8)	(46.2)	(60)	(20.8)	(46.2)
Defined Benefit Plans [Member]
Other comprehensive loss [Abstract]
Beginning balance		(158.4)	(134.1)		(160.9)	(136.3)
Other comprehensive income (loss) before reclassifications		0	0		0	0
Reclassifications for amortization of unrecognized net loss	[1]	1.6	1.4		4.9	4.2
Reclassifications for realized (gains) losses - net	[2]	0	0		0	0
Foreign currency translation gains			0			0
Income taxes		(0.3)	(0.4)		(1.1)	(1)
Total other comprehensive income (loss)		1.3	1		3.8	3.2
Ending balance		(157.1)	(133.1)	(134.1)	(157.1)	(133.1)
Cash Flow Hedges [Member]
Other comprehensive loss [Abstract]
Beginning balance		0.4	(0.5)		(1)	0.5
Other comprehensive income (loss) before reclassifications		0.4	0.3		1.5	(1.3)
Reclassifications for amortization of unrecognized net loss	[1]	0	0		0	0
Reclassifications for realized (gains) losses - net	[2]	(0.4)	0.5		0.4	0.7
Foreign currency translation gains			0			0
Income taxes		0	(0.2)		(0.5)	0.2
Total other comprehensive income (loss)		0	0.6		1.4	(0.4)
Ending balance		$ 0.4	$ 0.1	$ (0.5)	$ 0.4	$ 0.1
[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. Refer to Note 5 for additional information about the Company’s pension plans.
[2]	Amounts represent net gains and losses associated with cash flow hedges that were reclassified to net earnings.
[3]	As a result of the sale of its investment in NEX during the second quarter of fiscal 2020, the Company wrote off $0.6 million of accumulated foreign currency translation gains.

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Dec. 31, 2020		Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2020		Dec. 31, 2019	Mar. 31, 2020
Segment Reporting Information [Abstract]
Net sales	$ 484.3			$ 473.4	$ 1,293.5		$ 1,502.6
Gross profit	$ 82.7			$ 73.5	$ 209.6		$ 232.6
Gross profit (% of sales)	17.10%			15.50%	16.20%		15.50%
Operating (loss) income	$ (108.7)			$ 8.2	$ (83.4)		$ 32.3
Total assets	1,306.7				1,306.7			$ 1,536.1
Impairment charges	134.4			0	134.4		0
Change in deferred tax asset valuation allowance	116.5		$ 6.6		109.9
CIS [Member]
Segment Reporting Information [Abstract]
Net sales	129			147.5	385.6		473
BHVAC [Member]
Segment Reporting Information [Abstract]
Net sales	68.7			64.9	178.2		169.9
HDE [Member]
Segment Reporting Information [Abstract]
Net sales	185.6			164.9	474.7		568.5
Automotive [Member]
Segment Reporting Information [Abstract]
Net sales	113.9			110.5	285.9		339.8
Impairment charges	(1.7)
Total Segments [Member]
Segment Reporting Information [Abstract]
Net sales	497.2			487.8	1,324.4		1,551.2
Operating Segments [Member]
Segment Reporting Information [Abstract]
Net sales	484.3			473.4	1,293.5		1,502.6
Gross profit	$ 82.7			$ 74.8	$ 210		$ 233.8
Gross profit (% of sales)	16.60%			15.30%	15.90%		15.10%
Operating (loss) income	$ (98)			$ 26.2	$ (57.2)		$ 82.6
Operating Segments [Member] | CIS [Member]
Segment Reporting Information [Abstract]
Net sales	128.3			146.3	382.8		469.9
Gross profit	$ 12.6			$ 22.7	$ 47.4		$ 69.9
Gross profit (% of sales)	9.80%			15.40%	12.30%		14.80%
Operating (loss) income	$ (1.7)			$ 8.3	$ 3.9		$ 25.8
Total assets	601.8				601.8			617.7
Operating Segments [Member] | BHVAC [Member]
Segment Reporting Information [Abstract]
Net sales	68.7			64.3	178		168.5
Gross profit	$ 25.7			$ 23.1	$ 61.9		$ 54.5
Gross profit (% of sales)	37.30%			35.50%	34.70%		32.10%
Operating (loss) income	$ 15.8			$ 13.5	$ 36		$ 27.6
Total assets	106.7				106.7			102.3
Operating Segments [Member] | HDE [Member]
Segment Reporting Information [Abstract]
Net sales	173.7			152.8	449.6		526.4
Gross profit	$ 26			$ 16.8	$ 60.9		$ 71.7
Gross profit (% of sales)	14.00%			10.20%	12.80%		12.60%
Operating (loss) income	$ 12.8			$ 2.8	$ 23.6		$ 27.2
Total assets	428.3				428.3			417.4
Operating Segments [Member] | Automotive [Member]
Segment Reporting Information [Abstract]
Net sales	113.6			110	283.1		337.8
Gross profit	$ 18.4			$ 12.2	$ 39.8		$ 37.7
Gross profit (% of sales)	16.10%			11.00%	13.90%		11.10%
Operating (loss) income	$ (124.9)			$ 1.6	$ (120.7)		$ 2
Total assets	161.2	[1]			161.2	[1]		272.5
Corporate and Eliminations [Member]
Segment Reporting Information [Abstract]
Net sales	(12.9)			(14.4)	(30.9)		(48.6)
Gross profit	$ 0			$ (1.3)	$ (0.4)		$ (1.2)
Gross profit (% of sales)	0.00%			0.00%	0.00%		0.00%
Operating (loss) income	$ (10.7)			$ (18)	$ (26.2)		$ (50.3)
Total assets	8.7	[2]			8.7	[2]		$ 126.2
Inter-segment Sales [Member]
Segment Reporting Information [Abstract]
Net sales	12.9			14.4	30.9		48.6
Inter-segment Sales [Member] | CIS [Member]
Segment Reporting Information [Abstract]
Net sales	0.7			1.2	2.8		3.1
Inter-segment Sales [Member] | BHVAC [Member]
Segment Reporting Information [Abstract]
Net sales	0			0.6	0.2		1.4
Inter-segment Sales [Member] | HDE [Member]
Segment Reporting Information [Abstract]
Net sales	11.9			12.1	25.1		42.1
Inter-segment Sales [Member] | Automotive [Member]
Segment Reporting Information [Abstract]
Net sales	$ 0.3			$ 0.5	$ 2.8		$ 2
[1]	During the third quarter of fiscal 2021, the Company recorded impairment charges totaling $134.4 million within the Automotive segment, primarily related to the property, plant and equipment of the liquid-cooled automotive business, the sale of which is pending.  See Note 2 for additional information.
[2]	During the nine months ended December 31, 2020, the Company recorded income tax charges totaling $109.9 million to increase the valuation allowance on deferred tax assets in the U.S, which are recorded at Corporate.  See Note 9 for additional information.