Modine Manufacturing (MOD) 10-Q 3 Feb 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2021	Jan. 28, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Document Transition Report	false
Entity File Number	1-1373
Entity Registrant Name	MODINE MANUFACTURING CO
Entity Central Index Key	0000067347
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	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		51,913,896

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net sales	$ 502.2	$ 484.3	$ 1,475.7	$ 1,293.5
Cost of sales	427.6	401.6	1,261.6	1,083.9
Gross profit	74.6	82.7	214.1	209.6
Selling, general and administrative expenses	50.3	56.1	161.6	151.6
Restructuring expenses	2.1	0.9	3	7
Impairment charges (reversals) - net	(57.2)	134.4	(55.7)	134.4
Loss on sale of assets	0	0	6.6	0
Operating income (loss)	79.4	(108.7)	98.6	(83.4)
Interest expense	(3.8)	(4.6)	(11.8)	(15.2)
Other expense - net	(1.1)	(0.5)	(1.6)	(1)
Earnings (loss) before income taxes	74.5	(113.8)	85.2	(99.6)
Provision for income taxes	(0.1)	(81.6)	(7.4)	(95.3)
Net earnings (loss)	74.4	(195.4)	77.8	(194.9)
Net earnings attributable to noncontrolling interest	(0.3)	(0.3)	(1)	(0.8)
Net earnings (loss) attributable to Modine	$ 74.1	$ (195.7)	$ 76.8	$ (195.7)
Net earnings (loss) per share attributable to Modine shareholders:
Basic (in dollars per share)	$ 1.42	$ (3.81)	$ 1.48	$ (3.82)
Diluted (in dollars per share)	$ 1.41	$ (3.81)	$ 1.46	$ (3.82)
Weighted-average shares outstanding:
Basic (in shares)	52	51.3	51.9	51.2
Diluted (in shares)	52.4	51.3	52.5	51.2

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net earnings (loss)	$ 74.4	$ (195.4)	$ 77.8	$ (194.9)
Other comprehensive income (loss):
Foreign currency translation	(3.3)	18.4	(6.1)	41.2
Defined benefit plans, net of income taxes of $0, $0.3, $0, and $1.1 million	1.6	1.3	6.6	3.8
Cash flow hedges, net of income taxes of $0, $0, $0.1, and $0.5 million	0.2	0	(0.2)	1.4
Total other comprehensive income (loss)	(1.5)	19.7	0.3	46.4
Comprehensive income (loss)	72.9	(175.7)	78.1	(148.5)
Comprehensive income attributable to noncontrolling interest	(0.4)	(0.7)	(0.9)	(1.4)
Comprehensive income (loss) attributable to Modine	$ 72.5	$ (176.4)	$ 77.2	$ (149.9)

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Other comprehensive income (loss):
Defined benefit plans, tax	$ 0	$ 0.3	$ 0	$ 1.1
Cash flow hedges, tax	$ 0	$ 0	$ 0.1	$ 0.5

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2021	Mar. 31, 2021
ASSETS
Cash and cash equivalents	$ 61.1	$ 37.8
Trade accounts receivable - net	309.3	267.9
Inventories	278.1	195.6
Assets held for sale	0	107.6
Other current assets	53.1	35.9
Total current assets	701.6	644.8
Property, plant and equipment - net	318.1	269.9
Intangible assets - net	93.2	100.6
Goodwill	169.5	170.7
Deferred income taxes	28.9	24.5
Other noncurrent assets	70.1	66.2
Total assets	1,381.4	1,276.7
LIABILITIES AND SHAREHOLDERS' EQUITY
Short-term debt	0	1.4
Long-term debt - current portion	21.8	21.9
Accounts payable	295.4	233.9
Accrued compensation and employee benefits	64.2	66.5
Liabilities held for sale	0	103.3
Other current liabilities	52.7	42.2
Total current liabilities	434.1	469.2
Long-term debt	368.8	311.2
Deferred income taxes	6	5.9
Pensions	61	58.6
Other noncurrent liabilities	73.9	75.7
Total liabilities	943.8	920.6
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 54.6 million and 54.3 million shares	34.2	33.9
Additional paid-in capital	260.5	255
Retained earnings	336	259.2
Accumulated other comprehensive loss	(160.8)	(161.2)
Treasury stock, at cost, 2.8 million and 2.7 million shares	(39.7)	(38.2)
Total Modine shareholders' equity	430.2	348.7
Noncontrolling interest	7.4	7.4
Total equity	437.6	356.1
Total liabilities and equity	$ 1,381.4	$ 1,276.7

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Dec. 31, 2021	Mar. 31, 2021
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)	54.6	54.3
Treasury stock at cost (in shares)	2.8	2.7

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net earnings (loss)	$ 77.8	$ (194.9)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization	40.4	54.2
Impairment charges (reversals) - net	(55.7)	134.4
Loss on sale of assets	6.6	0
Stock-based compensation expense	4.7	4.2
Deferred income taxes	(4.7)	77.5
Other - net	2	4.7
Changes in operating assets and liabilities:
Trade accounts receivable	5.8	24.5
Inventories	(66.6)	9.9
Accounts payable	24.9	1.1
Other assets and liabilities	(27.8)	30.9
Net cash provided by operating activities	7.4	146.5
Cash flows from investing activities:
Expenditures for property, plant and equipment	(30.7)	(23.7)
Proceeds from (payments for) disposition of assets	(7.6)	0.7
Disbursements for loan origination (see Note 1)	(4.7)	0
Other - net	1.3	0.6
Net cash used for investing activities	(41.7)	(22.4)
Cash flows from financing activities:
Borrowings of debt	278.6	12
Repayments of debt	(221.9)	(134.5)
Borrowings (repayments) on bank overdraft facilities - net	(5)	3.5
Financing fees paid	(0.2)	(0.8)
Dividend paid to noncontrolling interest	(0.9)	0
Other - net	(0.4)	(0.8)
Net cash provided by (used for) financing activities	50.2	(120.6)
Effect of exchange rate changes on cash	(0.7)	3.6
Net increase in cash, cash equivalents, restricted cash and cash held for sale	15.2	7.1
Cash, cash equivalents, restricted cash and cash held for sale - beginning of period	46.1	71.3
Cash, cash equivalents, restricted cash and cash held for sale - end of period	$ 61.3	$ 78.4

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, 2020	$ 33.3	$ 245.1	$ 469.9	$ (223.3)	$ (37.1)	$ 5.7	$ 493.6
Balance (in shares) at Mar. 31, 2020	53.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings	$ 0	0	(8.6)	0	0	0.2	(8.4)
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
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings							(194.9)
Other comprehensive income (loss)							46.4
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
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	$ 0	0	8.6	0	0	0.3	8.9
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
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	$ 0	0	(195.7)	0	0	0.3	(195.4)
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
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
Balance at Mar. 31, 2021	$ 33.9	255	259.2	(161.2)	(38.2)	7.4	$ 356.1
Balance (in shares) at Mar. 31, 2021	54.3						54.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings	$ 0	0	2.3	0	0	0.5	$ 2.8
Other comprehensive income (loss)	0	0	0	8	0	0.2	8.2
Stock options and awards	$ 0.1	0.7	0	0	0	0	0.8
Stock options and awards (in shares)	0.2
Purchase of treasury stock	$ 0	0	0	0	(1)	0	(1)
Stock-based compensation expense	0	1.2	0	0	0	0	1.2
Dividend paid to noncontrolling interest	0	0	0	0	0	(0.9)	(0.9)
Balance at Jun. 30, 2021	$ 34	256.9	261.5	(153.2)	(39.2)	7.2	367.2
Balance (in shares) at Jun. 30, 2021	54.5
Balance at Mar. 31, 2021	$ 33.9	255	259.2	(161.2)	(38.2)	7.4	$ 356.1
Balance (in shares) at Mar. 31, 2021	54.3						54.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings							$ 77.8
Other comprehensive income (loss)							0.3
Balance at Dec. 31, 2021	$ 34.2	260.5	336	(160.8)	(39.7)	7.4	$ 437.6
Balance (in shares) at Dec. 31, 2021	54.6						54.6
Balance at Jun. 30, 2021	$ 34	256.9	261.5	(153.2)	(39.2)	7.2	$ 367.2
Balance (in shares) at Jun. 30, 2021	54.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings	$ 0	0	0.4	0	0	0.2	0.6
Other comprehensive income (loss)	0	0	0	(6)	0	(0.4)	(6.4)
Stock options and awards	$ 0.1	0.1	0	0	0	0	0.2
Stock options and awards (in shares)	0
Stock-based compensation expense	$ 0	2.4	0	0	0	0	2.4
Balance at Sep. 30, 2021	$ 34.1	259.4	261.9	(159.2)	(39.2)	7	364
Balance (in shares) at Sep. 30, 2021	54.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings	$ 0	0	74.1	0	0	0.3	74.4
Other comprehensive income (loss)	0	0	0	(1.6)	0	0.1	(1.5)
Stock options and awards	$ 0.1	0	0	0	0	0	0.1
Stock options and awards (in shares)	0.1
Purchase of treasury stock	$ 0	0	0	0	(0.5)	0	(0.5)
Stock-based compensation expense	0	1.1	0	0	0	0	1.1
Balance at Dec. 31, 2021	$ 34.2	$ 260.5	$ 336	$ (160.8)	$ (39.7)	$ 7.4	$ 437.6
Balance (in shares) at Dec. 31, 2021	54.6						54.6

General

General	9 Months Ended
	Dec. 31, 2021
General [Abstract]
General	Note 1: General The accompanying unaudited 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 -Q and Rule - 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 nine months of fiscal 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 -K for the year ended March 1. Disposition of Air-cooled Automotive Business On April the Company sold its air-cooled automotive business to Schmid Metall GmbH. As a result of this transaction, the Company recorded a loss of during the quarter of fiscal which included the write-off of of net actuarial losses related to the business’s pension plan. The Company reported this loss within the loss on sale of assets line on the consolidated statement of operations. Upon transaction closing, of cash within the business transferred to the buyer. During the third quarter of fiscal 2022, a purchase price adjustment for net working capital and certain other items was finalized and the Company paid the buyer $2.4 million. The final purchase price adjustment was consistent with the Company’s prior estimate and no adjustment was required to the $6.6 million loss on sale recorded during the first quarter fiscal 2022. Prior to the disposition, the Company reported the financial results of this business within the Automotive segment. The air-cooled automotive business’s net sales were in fiscal In connection with the sale of the air-cooled automotive business, the Company provided the buyer with a 5-year, €4.0 million loan facility. Borrowings under the agreement currently bear interest at 2.6 percent. During the second quarter of fiscal 2022, the Company disbursed €4.0 million ($4.7 million) to the buyer under this facility. The Company recorded the loan receivable within other noncurrent assets on its consolidated balance sheet because the Company expects to receive the principal repayment more than twelve months from the balance sheet date. Disposition of Previously-Closed Facility During the first quarter of fiscal 2022, the Company signed a definitive agreement to sell a previously-closed manufacturing facility in the U.S. As a result, the Company recorded an impairment charge of $0.3 million within the Commercial and Industrial Solutions (“CIS”) segment to write down the property to fair value less costs to sell. During July 2021, the sale was completed and the Company received net cash proceeds of $0.7 million. Chief Executive Officer (“CEO”) Transition in Fiscal 2021 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 $5.9 million during the first nine months of fiscal 2021. 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.

Assets Held for Sale

Assets Held for Sale	9 Months Ended
	Dec. 31, 2021
Assets Held for Sale [Abstract]
Assets Held for Sale	Note 2: Assets Held for Sale Liquid-cooled Automotive Business On October the Company announced that it agreed with Dana Incorporated (“Dana”) to terminate an agreement for the sale of the liquid-cooled automotive business. Both companies had been actively engaged in the regulatory review process in Germany for many months and agreed that it was no longer in the best interest of either party to pursue the sale transaction further. In connection with the termination of the sale agreement, the Company determined that the liquid-cooled automotive business no longer met the requirements to be classified as held for sale during the quarter of fiscal As a result, the Company remeasured the long-lived assets reverting back to held and used classification at the lower of their (i) carrying value, as if held for sale classification had not been met; or (ii) fair value at the date of the decision not to sell. These long-lived assets consisted primarily of property, plant and equipment assets and were fully impaired while classified as held for sale. During the third quarter of fiscal 2022, the Company reversed $57.2 million of held for sale impairment charges based on the remeasurement of the long-lived assets of the liquid-cooled automotive business. The Company engaged third-party valuation specialists to assist in estimating the fair values of the assets. The Company primarily used the market and cost valuation approaches and utilized third-party information from various industry-accepted sources, including applicable government-published statistics and data from appraisal and resale service providers. The market approach focused on prices for comparable assets in arm’s length transactions. For land and building assets, for example, sales of similar properties near the Company’s facilities were analyzed. For machinery and equipment assets, the Company referenced available third-party information regarding the selling prices of similar equipment. The cost approach focused on the amount for which an asset could be replaced or reproduced. The cost of an asset was then adjusted downward based on various factors including, but not limited to, age, location, and physical condition. After estimating the fair values of the assets reverting back to held and used classification, the Company compared the fair value for each asset to its carrying value. Carrying value represented each asset’s carrying value before the initial impairment charge, reduced for depreciation that would have been recorded if the asset had not been classified as held for sale. The Company then adjusted each asset to the lower of fair value or carrying value, resulting in the reversal of $57.2 million of previous impairment charges. In addition, the Company resumed depreciating the property, plant and equipment assets of the liquid-cooled automotive business based on the remeasured asset values during the third quarter of fiscal 2022. On a year-to-date basis, the impairment reversal during the quarter of fiscal was partially offset by of net held for sale impairment charges recorded during the months of fiscal At both June and September while the liquid-cooled automotive business was held for sale, the Company reassessed its fair value less costs to sell. As a result of these evaluations, the Company recorded a total of of impairment charges during the and quarters of fiscal These impairment charges reduced the net carrying value of property, plant and equipment additions during each quarter to zero. In addition, in connection with a modification of the sale perimeter in the quarter of fiscal the Company determined that certain manufacturing operations no longer met the requirements to be classified as held for sale. As a result, the Company reversed of previous impairment charges to adjust the long-lived assets within the asset groups impacted by the sale perimeter change to their estimated fair value as of June The Company’s determination of fair value for the long-lived assets within these businesses involved judgement and the use of significant estimates and assumptions, including assumptions regarding future revenue projections and operating profit margins, risk-adjusted discount rates, business trends and market conditions. The Company’s fair value measurements of the property, plant and equipment assets within the liquid-cooled automotive business are categorized as Level within the fair value hierarchy. Refer to Note for the definition of a Level fair value measurement. The liquid-cooled automotive business was initially classified as held for sale during the quarter of fiscal At that time, the Company recorded of impairment charges primarily related to the long-lived assets within the liquid-cooled automotive business. Upon classification as held for sale, the Company assessed the disposal group’s fair value less costs to sell and reduced the net carrying value of the disposal group’s long-lived assets to zero. The Company reported all impairment charges and reversals during fiscal and within the impairment charges (reversals) line on the consolidated statements of operations. Assets and Liabilities Held for Sale As of March the Company presented the assets and liabilities of the liquid- and air-cooled automotive businesses as held for sale. See Note for additional information regarding the sale of the air-cooled automotive business, which was completed on April The major classes of assets and liabilities held for sale at March 31, 2021 were as follows: ASSETS Cash and cash equivalents $ 8.0 Trade accounts receivable – net 54.4 Inventories 24.7 Other current assets 12.8 Property, plant and equipment – net 164.0 Other noncurrent assets 8.8 Impairment of carrying value (165.1 ) Total assets held for sale $ 107.6 LIABILITIES Short-term debt $ 5.0 Accounts payable 46.3 Accrued compensation and employee benefits 15.5 Other current liabilities 12.2 Pensions 17.8 Other noncurrent liabilities 6.5 Total liabilities held for sale $ 103.3

Revenue Recognition

Revenue Recognition	9 Months Ended
	Dec. 31, 2021
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, Building HVAC Systems (“BHVAC”), CIS, 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 July 1, 2021, the Company aligned the data center businesses previously managed by and reported within the CIS segment under the BHVAC segment; see Note 20 for additional information regarding the Company’s operating segments. In connection with this segment realignment, the Company also reassessed end market classifications within the impacted businesses. The primary end market revenue information presented in the tables below for fiscal 2021 has been recast to conform to the Company’s new classifications for its end markets. Three months ended December 31, 2021 Three months ended December 31, 2020 BHVAC CIS HDE Automotive Segment Total BHVAC CIS HDE Automotive Segment Total Primary end market: Commercial HVAC&R $ 66.1 $ 129.6 $ - $ - $ 195.7 $ 60.9 $ 105.1 $ - $ - $ 166.0 Data center cooling 24.2 - - - 24.2 12.6 - - - 12.6 Industrial cooling - 16.9 - - 16.9 - 17.5 - - 17.5 Commercial vehicle - - 77.7 3.1 80.8 - - 67.0 5.5 72.5 Off-highway - - 80.6 1.1 81.7 - - 68.3 0.8 69.1 Automotive and light vehicle - - 21.1 66.7 87.8 - - 28.8 105.4 134.2 Other 0.3 2.1 21.4 1.5 25.3 0.2 2.3 21.5 2.2 26.2 Net sales $ 90.6 $ 148.6 $ 200.8 $ 72.4 $ 512.4 $ 73.7 $ 124.9 $ 185.6 $ 113.9 $ 498.1 Geographic location: Americas $ 55.0 $ 79.4 $ 124.7 $ 8.0 $ 267.1 $ 45.0 $ 66.8 $ 107.9 $ 14.8 $ 234.5 Europe 35.6 63.1 36.2 49.2 184.1 28.7 47.9 35.0 80.9 192.5 Asia - 6.1 39.9 15.2 61.2 - 10.2 42.7 18.2 71.1 Net sales $ 90.6 $ 148.6 $ 200.8 $ 72.4 $ 512.4 $ 73.7 $ 124.9 $ 185.6 $ 113.9 $ 498.1 Timing of revenue recognition: Products transferred at a point in time $ 86.6 $ 138.6 $ 192.2 $ 72.4 $ 489.8 $ 73.3 $ 115.8 $ 177.6 $ 113.9 $ 480.6 Products transferred over time 4.0 10.0 8.6 - 22.6 0.4 9.1 8.0 - 17.5 Net sales $ 90.6 $ 148.6 $ 200.8 $ 72.4 $ 512.4 $ 73.7 $ 124.9 $ 185.6 $ 113.9 $ 498.1 Nine months ended December 31, 2021 Nine months ended December 31, 2020 BHVAC CIS HDE Automotive Segment Total BHVAC CIS HDE Automotive Segment Total Primary end market: Commercial HVAC&R $ 173.4 $ 396.5 $ - $ - $ 569.9 $ 148.9 $ 309.0 $ - $ - $ 457.9 Data center cooling 59.7 - - - 59.7 46.7 - - - 46.7 Industrial cooling - 50.9 - - 50.9 - 53.2 - - 53.2 Commercial vehicle - - 233.8 10.8 244.6 - - 174.8 11.4 186.2 Off-highway - - 237.5 3.5 241.0 - - 179.8 2.3 182.1 Automotive and light vehicle - - 61.9 205.6 267.5 - - 69.8 257.4 327.2 Other 1.6 8.8 65.2 4.1 79.7 0.7 7.4 50.3 14.8 73.2 Net sales $ 234.7 $ 456.2 $ 598.4 $ 224.0 $ 1,513.3 $ 196.3 $ 369.6 $ 474.7 $ 285.9 $ 1,326.5 Geographic location: Americas $ 131.6 $ 244.7 $ 371.0 $ 25.0 $ 772.3 $ 109.5 $ 194.8 $ 274.4 $ 39.2 $ 617.9 Europe 103.1 189.4 112.8 158.1 563.4 86.8 139.4 91.2 195.9 513.3 Asia - 22.1 114.6 40.9 177.6 - 35.4 109.1 50.8 195.3 Net sales $ 234.7 $ 456.2 $ 598.4 $ 224.0 $ 1,513.3 $ 196.3 $ 369.6 $ 474.7 $ 285.9 $ 1,326.5 Timing of revenue recognition: Products transferred at a point in time $ 226.0 $ 421.8 $ 572.7 $ 224.0 $ 1,444.5 $ 190.6 $ 341.4 $ 456.3 $ 285.9 $ 1,274.2 Products transferred over time 8.7 34.4 25.7 - 68.8 5.7 28.2 18.4 - 52.3 Net sales $ 234.7 $ 456.2 $ 598.4 $ 224.0 $ 1,513.3 $ 196.3 $ 369.6 $ 474.7 $ 285.9 $ 1,326.5 Contract Balances Contract assets and contract liabilities from contracts with customers were as follows: December 31, 2021 March 31, 2021 Contract assets $ 18.0 $ 5.7 Contract liabilities 9.9 5.6 At March 31, 2021, $7.1 million and $2.9 million of contract assets and contract liabilities, respectively, were classified as held for sale and excluded from the amounts above. See Note 2 for additional information. 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 $12.3 million increase in contract assets during the first nine months of fiscal 2022 primarily resulted from the reclassification of contract assets previously held for sale and an increase in contract assets for revenue recognized over time. 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 $4.3 million increase in contract liabilities during the first nine months of fiscal 2022 primarily resulted from the reclassification of contract liabilities previously held for sale and payments received in advance of the Company’s satisfaction of performance obligations.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Dec. 31, 2021
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 for additional information regarding assets held for sale. The fair value of the Company’s long-term debt is disclosed in Note . 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 December 31, 2021 and March 31, 2021, the fair values of the investments and obligations for the Company’s deferred compensation plans each totaled $ million and $ million, respectively

Pensions

Pensions	9 Months Ended
	Dec. 31, 2021
Pensions [Abstract]
Pensions	Note 5: Pensions Pension cost included the following components: Three months ended December 31, Nine months ended December 31, 2021 2020 2021 2020 Service cost $ 0.1 $ 0.1 $ 0.2 $ 0.3 Interest cost 1.8 2.0 5.5 5.9 Expected return on plan assets (3.2 ) (2.9 ) (9.6 ) (8.6 ) Amortization of unrecognized net loss 1.7 1.7 5.1 5.2 Net periodic benefit cost $ 0.4 $ 0.9 $ 1.2 $ 2.8 During the nine months ended December 31, 2021, the Company contribute to its U.S. pension plans .

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Dec. 31, 2021
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 $1.1 million and $2.1 million for the three months ended December 31, 2021 and 2020, respectively. The Company recognized stock-based compensation expense of $4.7 million and $4.2 million for the nine months ended December 31, 2021 and 2020, respectively . The fair value of stock-based compensation awards granted during the nine months ended December 31, 2021 and 2020 were as follows: Nine months ended December 31, 2021 2020 Shares Fair Value Per Award Shares Fair Value Per Award Stock options 0.2 $ 8.79 0.4 $ 3.46 Restricted stock awards 0.3 $ 14.96 0.6 $ 8.34 Unrestricted stock awards 0.1 $ 15.93 0.2 $ 5.21 In lieu of performance-based stock awards, the Company granted performance cash awards to the LTIP participants during the first nine months of fiscal 2022. The performance metrics for the cash awards are based upon a target average cash flow return on invested capital and a target average growth in consolidated net earnings before interest, taxes, depreciation, amortization, and certain other adjustments (“Adjusted EBITDA ) at the end of the performance period ending March 31, 2024. The Company used the following assumptions in determining fair value for stock options: Nine months ended December 31, 2021 2020 Expected life of awards in years 6.1 6.1 Risk-free interest rate 1.1 % 0.4 % Expected volatility of the Company’s stock 56.5 % 54.1 % Expected dividend yield on the Company’s stock 0.0 % 0.0 % As of December 31, 2021 Unrecognized Compensation Expense Weighted-Average Remaining Service Period in Years Stock options $ 2.4 2.9 Restricted stock awards 7.2 2.5 Performance stock awards 0.1 0.3 Total $ 9.7 2.6

Restructuring Activities

Restructuring Activities	9 Months Ended
	Dec. 31, 2021
Restructuring Activities [Abstract]
Restructuring Activities	Note 7: Restructuring Activities D uring the first nine months of fiscal 2022, restructuring and repositioning expenses primarily consisted of severance-related costs associated with targeted headcount reductions in the CIS and Automotive segments and equipment transfer costs within the HDE segment. During the first nine months of fiscal 2021, the Company recorded million of severance expenses related to plant consolidation activities in China within the CIS segment. The Company also implemented targeted headcount reductions in the HDE and CIS segments Restructuring and repositioning expenses were as follows: Three months ended December 31, Nine months ended December 31, 2021 2020 2021 2020 Employee severance and related benefits $ 1.4 $ 0.5 $ 1.7 $ 6.2 Other restructuring and repositioning expenses 0.7 0.4 1.3 0.8 Total $ 2.1 $ 0.9 $ 3.0 $ 7.0 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, 2021 2020 Beginning balance $ 2.8 $ 5.8 Additions 1.4 0.5 Payments (0.9 ) (2.5 ) Reclassified from (to) held for sale 0.4 (0.8 ) Effect of exchange rate changes (0.1 ) 0.2 Ending balance $ 3.6 $ 3.2 Nine months ended December 31, 2021 2020 Beginning balance $ 4.0 $ 5.0 Additions 1.7 6.2 Payments (2.3 ) (7.7 ) Reclassified from (to) held for sale 0.4 (0.8 ) Effect of exchange rate changes (0.2 ) 0.5 Ending balance $ 3.6 $ 3.2

Other Income and Expense

Other Income and Expense	9 Months Ended
	Dec. 31, 2021
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, 2021 2020 2021 2020 Interest income $ 0.2 $ 0.1 $ 0.3 $ 0.4 Foreign currency transactions (a) (1.0 ) 0.2 (1.1 ) 0.9 Net periodic benefit cost (b) (0.3 ) (0.8 ) (0.8 ) (2.3 ) Total other expense – $ (1.1 ) $ (0.5 ) $ (1.6 ) $ (1.0 ) (a) Foreign currency transactions primarily consist of foreign currency transaction gains and losses on the re-measurement or settlement of foreign currency-denominated assets and liabilities, including intercompany loans and transactions denominated in a foreign currency, along with gains and losses on certain foreign currency exchange contracts . (b) Net periodic benefit cost for the Company’s pension and postretirement plans is exclusive of service cost.

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2021
Income Taxes [Abstract]
Income Taxes	Note 9: Income Taxes The Company’s effective tax rate for the three months ended December 31, 2021 and 2020 was and , respectively. The Company’s effective tax rate for the nine months ended December 31, 2021 and 2020 was 8.7 percent and (95.7) percent, respectively . The effective tax rates in the fiscal 2021 and 2022 periods were significantly impacted by the Company’s accounting for the liquid-cooled automotive business. During the third quarter of fiscal 2021, the Company initially classified its liquid-cooled automotive business as held for sale and recorded $134.4 million of impairment charges. The income tax benefits associated with these impairment charges totaled $37.7 million and increased the deferred tax assets in the applicable jurisdictions. Upon evaluating the deferred tax assets for realizability, the Company recorded income tax charges totaling $109.9 million related to valuation allowances in the third quarter of fiscal 2021. In fiscal 2022, the Company recorded net impairment reversals totaling $56.0 million related to this business, primarily driven by the remeasurement of its property, plant and equipment assets upon reverting back to held and used classification during the third quarter of fiscal 2022. In addition, the effective tax rates for the third quarter and the first nine months of fiscal 2022 were favorably impacted by $8.2 million and $11.4 million, respectively, from income tax benefits related to valuation allowances on deferred tax assets in foreign jurisdictions, as further described below. See Note 2 for additional information regarding the impairment charges and reversals related to the liquid-cooled automotive business. 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 quarterly analyses in fiscal 2022, the Company determined it was more likely than not that the deferred tax assets in certain foreign jurisdictions will be realized. As a result, the need for the valuation allowances recorded thereon was eliminated and the Company recorded income tax benefits of $ 4.8 8.2 1.6 11.4 Based upon its quarterly analyses for the first three quarters of fiscal 2021, the Company determined it was more likely than not that deferred tax assets in the U.S. and in certain foreign jurisdictions would not be realized and, as a result, recorded income tax charges of $6.6 million and $109.9 million during the second and third quarters of fiscal 2021, respectively. These fiscal 2021 valuation allowance adjustments resulted in income tax charges totaling $116.5 million during the first nine months of fiscal 2021. As of December 31, 2021, valuation allowances against deferred tax assets in the U.S. and in certain foreign jurisdictions totaled and , respectively. These totals include the valuation allowances recorded for certain net deferred tax assets of the liquid-cooled automotive business which was previously classified as held for sale. 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. 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 the U.S. and 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 2022

Earnings Per Share

Earnings Per Share	9 Months Ended
	Dec. 31, 2021
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, 2021 2020 2021 2020 Net earnings (loss) attributable to Modine $ 74.1 $ (195.7 ) $ 76.8 $ (195.7 ) Weighted-average shares outstanding - basic 52.0 51.3 51.9 51.2 Effect of dilutive securities 0.4 - 0.6 - Weighted-average shares outstanding - diluted 52.4 51.3 52.5 51.2 Earnings (loss) per share: Net earnings (loss) per share - basic $ 1.42 $ (3.81 ) $ 1.48 $ (3.82 ) Net earnings (loss) per share - diluted $ 1.41 $ (3.81 ) $ 1.46 $ (3.82 ) For both the three and nine months ended December 31, 2021, the calculation of diluted earnings per share excluded 0.6 million and 0.2 m illion stock options and restricted stock awards, respectively, because they were anti-dilutive. For the three and nine months ended December 31, 2020, the calculation of diluted earnings per share excluded and 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 and 0.6 million restricted stock awards, respectively, because they were anti-dilutive

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	9 Months Ended
	Dec. 31, 2021
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, 2021 March 31, 2021 Cash and cash equivalents $ 61.1 $ 37.8 Restricted cash 0.2 0.1 Cash and restricted cash held for sale - 8.2 Total cash, cash equivalents, restricted cash and cash held for sale $ 61.3 $ 46.1 Restricted cash, which is reported within other current 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, 2021
Inventories [Abstract]
Inventories	Note 12: Inventories Inventories consisted of the following: December 31, 2021 March 31, 2021 Raw materials $ 178.2 $ 117.1 Work in process 55.3 38.5 Finished goods 44.6 40.0 Total inventories $ 278.1 $ 195.6 Inventories in the table above as of March 31, 2021 exclude amounts classified as held for sale. See Note 2 for additional information.

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Dec. 31, 2021
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, 2021 March 31, 2021 Land $ 17.4 $ 16.4 Buildings and improvements ( 10 40 266.9 203.5 Machinery and equipment ( 3 15 866.9 623.2 Office equipment ( 3 10 98.1 81.3 Construction in progress 31.7 19.0 1,281.0 943.4 Less: accumulated depreciation (962.9 ) (673.5 ) Net property, plant and equipment $ 318.1 $ 269.9 Property, plant and equipment in the table above as of March 31, 2021 exclude amounts classified as held for sale. See Note 2 for additional information.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets [Abstract]
Goodwill and Intangible Assets	Note 14: Goodwill and Intangible Assets Effective July 1, 2021, the Company aligned the data center businesses previously managed by and reported within the CIS segment under the BHVAC segment; see Note 20 for additional information. As a result of this segment realignment, the Company reassigned a total of $32.5 million of goodwill from a reporting unit within the CIS The following table presents a rollforward of the carrying value of goodwill from March 31, 2021 to December 31, 2021. The Company has revised the March 31, 2021 goodwill balances to be comparable with the current segment structure. BHVAC CIS Total Goodwill, March 31 2021 $ 47.0 $ 123.7 $ 170.7 Effect of exchange rate changes (0.7 ) (0.5 ) (1.2 ) Goodwill, December 31 2021 $ 46.3 $ 123.2 $ 169.5 In conjunction with the goodwill reassignment evaluation described above, the Company tested its reporting units for potential impairment during the second quarter of fiscal 2022 and concluded that the estimated fair value of each reporting unit exceeded its respective carrying value. Although the Company concluded goodwill was not impaired, the Company identified that subsequent to the segment realignment, the estimated fair value of the Coils and Coolers reporting unit within the CIS segment exceeded its carrying value by approximately 8.0 percent. As such, there is a heightened risk of a future impairment charge with respect to the $63.0 million of goodwill recorded in this reporting unit as of December 31, 2021. In estimating the fair value of the Coils and Coolers reporting unit, the Company calculated the present value of its estimated future cash flows using a discounted cash flow model. The most significant estimates and assumptions inherent in the discounted cash flow model are forecasted financial results, the terminal growth rate, and the discount rate. These assumptions are classified as Level 3 inputs. Refer to Note 4 for the definition of a Level 3 fair value measurement. The Company utilized its multi-year projections for revenue and operating income margins and considered both historical revenue growth rates and earnings levels as well as its assessment of future market potential and expectations for the future financial performance of the reporting unit. The Company used a discount rate corresponding to its estimated cost of capital, adjusting for country-specific risks based upon the location of the businesses within the reporting unit. While the Company believes the assumptions it used in estimating the Coils and Coolers reporting unit’s fair value were appropriate and resulted in a reasonable estimate of its fair value, future events or circumstances could have a negative effect on its estimated fair value and could trigger an impairment charge. These potential future events or circumstances could include lower than forecasted revenues or earnings, market trends that fall below the Company’s current expectations, actions of key customers or suppliers, or increases in the discount rate. The Company cannot predict the occurrence of events or changes in circumstances that could adversely affect the reporting unit’s future revenue and operating income margins or increase the discount rate, thereby resulting in an impairment charge which could be material to the Company’s consolidated financial statements. Intangible assets consisted of the following: December 31, 2021 March 31, 2021 Gross Carrying Value Accumulated Amortization Net Intangible Assets Gross Carrying Value Accumulated Amortization Net Intangible Assets Customer relationships $ 61.9 $ (19.4 ) $ 42.5 $ 62.8 $ (16.9 ) $ 45.9 Trade names 51.1 (13.2 ) 37.9 51.5 (11.4 ) 40.1 Acquired technology 23.5 (10.7 ) 12.8 23.9 (9.3 ) 14.6 Total intangible assets $ 136.5 $ (43.3 ) $ 93.2 $ 138.2 $ (37.6 ) $ 100.6 The Company recorded amortization expense of $ million and $2.2 million for the three months ended December 31, 2021 and 2020, respectively. 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, 2021
Product Warranties [Abstract]
Product Warranties	Note 15: Product Warranties Changes in accrued warranty costs were as follows: Three months ended December 31, 2021 2020 Beginning balance $ 5.6 $ 9.0 Warranties recorded at time of sale 1.1 1.8 Adjustments to pre-existing warranties (0.3 ) (0.4 ) Settlements (1.1 ) (1.1 ) Reclassified from (to) held for sale 1.3 (1.5 ) Effect of exchange rate changes - 0.1 Ending balance $ 6.6 $ 7.9 Nine months ended December 31, 2021 2020 Beginning balance $ 5.2 $ 7.9 Warranties recorded at time of sale 4.1 4.3 Adjustments to pre-existing warranties (0.8 ) (0.3 ) Settlements (3.2 ) (2.8 ) Reclassified from (to) held for sale 1.3 (1.5 ) Effect of exchange rate changes - 0.3 Ending balance $ 6.6 $ 7.9

Leases

Leases	9 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Leases	Note 16: Leases Lease Assets and Liabilities The following table provides a summary of leases recorded on the consolidated balance sheets. The amounts as of March exclude operating lease right of use (“ROU”) assets and liabilities, which each totaled $6.1 million , that were classified as held for sale on the Company’s consolidated balance sheet; see Note for additional information. Balance Sheet Location December 31, 2021 March 31, 2021 Lease Assets Operating lease ROU assets Other noncurrent assets $ 52.8 $ 54.1 Finance lease ROU assets (a) Property, plant and equipment - net 8.0 8.3 Lease Liabilities Operating lease liabilities Other current liabilities $ 12.7 $ 11.2 Operating lease liabilities Other noncurrent liabilities 41.8 44.8 Finance lease liabilities Long-term debt - current portion 0.4 0.4 Finance lease liabilities Long-term debt 3.0 3.2 (a) Finance lease ROU assets were recorded net of accumulated amortization of $2.7 million and $2.4 million as of December 31 Components of Lease Expense The components of lease expense were as follows: Three months ended December 31, Nine December 31 2021 2020 2021 2020 Operating lease expense (a) $ 5.2 $ 4.8 $ 14.6 $ 14.9 Finance lease expense: Depreciation of ROU assets 0.1 0.2 0.4 0.4 Interest on lease liabilities - - 0.1 0.1 Total lease expense $ 5.3 $ 5.0 $ 15.1 $ 15.4 (a) F December 31 December 31

Indebtedness

Indebtedness	9 Months Ended
	Dec. 31, 2021
Indebtedness [Abstract]
Indebtedness	Note 17: Indebtedness Long-term debt consisted of the following: _ Fiscal year of maturity December 31, 2021 March 31, 2021 Term loans 2025 $ 167.9 $ 178.9 Revolving credit facility 2025 81.2 4.8 5.9% Senior Notes 2029 100.0 100.0 5.8% Senior Notes 2027 41.7 50.0 Other (a) 3.4 3.6 394.2 337.3 Less: current portion (21.8 ) (21.9 ) Less: unamortized debt issuance costs (3.6 ) (4.2 ) Total long-term debt $ 368.8 $ 311.2 (a) Other long-term debt primarily includes finance lease obligations. Long-term debt, including the current portion of long-term debt, matures as follows: Fiscal Year Remainder of 2022 $ 3.4 2023 21.8 2024 21.8 2025 228.6 2026 33.8 2027 & beyond 84.8 Total $ 394.2 The Company maintains a credit agreement with a syndicate of banks that provides for a multi-currency $250.0 million revolving credit facility expiring in June 2024. In addition, this credit agreement provides for both U.S. dollar- and euro-denominated term loan facilities and shorter-duration swingline loans. Borrowings under the revolving credit, swingline 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, 2021, the weighted-average interest rates for revolving credit facility borrowings and the term loans were 1.7 and 1.8 percent, . Based upon the terms of the credit agreement, the Company classifies borrowings under its revolving credit and swingline facilities as long-term and short-term debt, respectively, on its consolidated balance sheets. At December 31, 2021, the Company’s revolving credit facility borrowings totaled $81.2 million and domestic letters of credit totaled $5.7 million, resulting in available borrowings under the revolving credit facility of $163.1 million. At March swingline borrowings totaled . There were no swingline borrowings outstanding as of December The Company also maintains credit agreements for its foreign subsidiaries. There were no outstanding short-term borrowings related to these foreign credit agreements at December 31, 2021. At March 31, 2021, $5.0 million of outstanding short-term foreign borrowings were classified as held for sale. See Note 2 for additional information. 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. The leverage ratio covenant requires the Company to limit its consolidated indebtedness, less a portion of its cash balances, both as defined by the credit agreements, to no more than three and one-quarter 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, 2021 and March 31, 2021, the carrying value of the Company’s long-term debt approximated fair value, with the exception of the Senior Notes, which had an aggregate fair value of $146.5 million and $146.0 million, respectively. The fair value of the Company’s long-term debt is categorized as Level 2 within the fair value hierarchy. Refer to Note 4 for the definition of a Level 2 fair value measurement.

Risks, Uncertainties, Contingen

Risks, Uncertainties, Contingencies and Litigation	9 Months Ended
	Dec. 31, 2021
Risks, Uncertainties, Contingencies and Litigation [Abstract]
Risks, Uncertainties, Contingencies and Litigation	Note 18: Risks, Uncertainties, Contingencies and Litigation COVID- 19 Pandemic and Supply Chain Disruptions The COVID-19 pandemic has broadly impacted the global economy and the Company’s key end markets, which were most severely impacted during the first quarter of fiscal 2021. During fiscal 2022, the direct effects on the Company from the COVID-19 pandemic have lessened. Although the Company’s manufacturing locations are open and operating, production has been negatively affected at times by employee absences due to COVID-19 . The COVID- pandemic and other market and economic dynamics have contributed to global supply chain challenges and inflationary market conditions. The Company is focused on mitigating the negative impacts of labor shortages and supply chain challenges, which have included rising raw material and logistic prices as well as delays and shortages in certain purchased commodities and components. The Company has implemented selling price increases for its products in response to raw material and other price increases and is engaged with suppliers to ensure availability of purchased commodities and components. In addition, the Company’s Automotive segment has been impacted by lower order volume associated with semiconductor shortages, which have caused lower global automotive production. At this time, the Company cannot reasonably estimate the full impact of the COVID- pandemic or the ongoing supply chain challenges. If the Company, its suppliers, or its customers experience prolonged shutdowns or other significant business disruptions, it is possible that the Company’s 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 manufacturing facilities in the U.S., one of which the Company currently owns and operates, and a former manufacturing facility in the Netherlands. These accruals primarily relate to soil and groundwater contamination at 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. In instances where a range of loss can be reasonably estimated for a probable environmental liability, but no amount within the range is a better estimate than any other amount, the Company accrues the minimum of the range. The Company’s accruals for environmental matters totaled $18.7 million and $16.0 million as of December 31, 2021 and March 31, 2021, respectively. During the first quarter of fiscal 2022, the Company increased its remediation accrual related to a former manufacturing facility in the U.S. by $3.4 million. As additional information becomes available regarding the environmental matters, the Company will re-assess the liabilities and revise the estimated accruals, if necessary. While it is possible that the ultimate environmental remediation costs may be in excess of amounts accrued, the Company believes, based upon currently available information, that 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, 2021
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, 2021 Nine months ended December 31, 2021 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (33.6 ) $ (125.8 ) $ 0.2 $ (159.2 ) $ (31.0 ) $ (130.8 ) $ 0.6 $ (161.2 ) Other comprehensive income (loss) before reclassifications (3.4 ) - 0.4 (3.0 ) (6.0 ) - 1.1 (4.9 ) Reclassifications: Amortization of unrecognized net loss (a) - 1.6 - 1.6 - 4.9 - 4.9 Unrecognized net pension loss in disposed business (b) - - - - - 1.7 - 1.7 Realized gains - net (c) - - (0.2 ) (0.2 ) - - (1.2 ) (1.2 ) Income taxes - - - - - - (0.1 ) (0.1 ) Total other comprehensive income (loss) (3.4 ) 1.6 0.2 (1.6 ) (6.0 ) 6.6 (0.2 ) 0.4 Ending balance $ (37.0 ) $ (124.2 ) $ 0.4 $ (160.8 ) $ (37.0 ) $ (124.2 ) $ 0.4 $ (160.8 ) 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 (c) - - (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 ) (a) Amounts are included in the calculation of net periodic benefit cost for the Company’s defined benefit plans, which include pension and other postretirement plans. See Note 5 for additional information about the Company’s pension plans. (b) As a result of the sale of the air-cooled automotive business, the Company wrote-off $1.7 million of net actuarial losses related to the disposed business’s pension plan as a component of the loss on sale recorded during the first quarter of fiscal 2022. See Note 1 for additional information. (c) Amounts represent net gains and losses associated with cash flow hedges that were reclassified to net earnings.

Segment Information

Segment Information	9 Months Ended
	Dec. 31, 2021
Segment Information [Abstract]
Segment Information	Note 20: Segment Information Effective July 1, 2021, the Company aligned the data center businesses previously managed by and reported within the CIS segment under the BHVAC segment. The BHVAC segment assumed management of the Company’s business in Guadalajara, Spain and a portion of its business in Grenada, Missis sippi. Through this segment realignment, the Company has aligned all of its data center businesses under the BHVAC leadership team in order to accelerate commercial excellence, operational The following is a summary of net sales, gross profit, operating income, and total assets by segment: Three months ended December 31, 2021 2020 External Sales Inter-segment Sales Total External Sales Inter-segment Sales Total Net sales: BHVAC $ 90.3 $ 0.3 $ 90.6 $ 73.5 $ 0.2 $ 73.7 CIS 146.9 1.7 148.6 123.5 1.4 124.9 HDE 193.3 7.5 200.8 173.7 11.9 185.6 Automotive 71.7 0.7 72.4 113.6 0.3 113.9 Segment total 502.2 10.2 512.4 484.3 13.8 498.1 Corporate and eliminations - (10.2 ) (10.2 ) - (13.8 ) (13.8 ) Net sales $ 502.2 $ - $ 502.2 $ 484.3 $ - $ 484.3 Nine months ended December 31, 2021 2020 External Sales Inter-segment Sales Total External Sales Inter-segment Sales Total Net sales: BHVAC $ 233.1 $ 1.6 $ 234.7 $ 195.6 $ 0.7 $ 196.3 CIS 450.3 5.9 456.2 365.2 4.4 369.6 HDE 571.0 27.4 598.4 449.6 25.1 474.7 Automotive 221.3 2.7 224.0 283.1 2.8 285.9 Segment total 1,475.7 37.6 1,513.3 1,293.5 33.0 1,326.5 Corporate and eliminations - (37.6 ) (37.6 ) - (33.0 ) (33.0 ) Net sales $ 1,475.7 $ - $ 1,475.7 $ 1,293.5 $ - $ 1,293.5 Three months ended December 31, Nine months ended December 31, 2021 2020 2021 2020 $’s % of sales $’s % of sales $’s % of sales $’s % of sales Gross profit: BHVAC $ 27.4 30.3 % $ 25.4 34.5 % $ 65.2 27.8 % $ 64.5 32.9 % CIS 17.7 11.9 % 12.9 10.3 % 56.8 12.5 % 44.8 12.1 % HDE 22.2 11.1 % 26.0 14.0 % 63.1 10.5 % 60.9 12.8 % Automotive 7.5 10.4 % 18.4 16.1 % 27.9 12.4 % 39.8 13.9 % Segment total 74.8 14.6 % 82.7 16.6 % 213.0 14.1 % 210.0 15.8 % Corporate and eliminations (0.2 ) - - - 1.1 - (0.4 ) - Gross profit $ 74.6 14.9 % $ 82.7 17.1 % $ 214.1 14.5 % $ 209.6 16.2 % Three months ended December 31, Nine months ended December 31, 2021 2020 2021 2020 Operating income: BHVAC $ 14.4 $ 14.9 $ 30.1 $ 35.6 CIS 3.4 (0.7 ) 16.7 4.4 HDE 10.3 12.8 25.0 23.6 Automotive 55.0 (124.9 ) 53.6 (120.7 ) Segment total 83.1 (97.9 ) 125.4 (57.1 ) Corporate and eliminations (3.7 ) (10.8 ) (26.8 ) (26.3 ) Operating income (loss) $ 79.4 $ (108.7 ) $ 98.6 $ (83.4 ) December 31, 2021 March 31, 2021 Total assets: BHVAC $ 213.6 $ 181.1 CIS 520.7 540.1 HDE 473.7 438.7 Automotive 181.6 124.2 Corporate and eliminations (a) (8.2 ) (7.4 ) Total assets $ 1,381.4 $ 1,276.7 (a) At December 31, 2021 and March 31, 2021, Corporate assets totaled $21.4 million and $17.5 million, respectively and were more than offset by eliminations for intercompany balances, including accounts receivable .

Subsequent Event

Subsequent Event	9 Months Ended
	Dec. 31, 2021
Subsequent Event [Abstract]
Subsequent Event	Note 21: Subsequent Event The Company has committed to restructuring actions intended to reduce SG&A and operational expenses, particularly within the Automotive segment. Under this restructuring program, the Company is targeting approximately $20.0 million of annual cost savings on a consolidated basis. The Company is currently determining the specific actions necessary to achieve its objectives. At this time, the Company is unable to precisely estimate the timing and amount of the associated costs, but currently expects to record approximately $20.0 million to $25.0 million of restructuring expenses during either the fourth quarter of fiscal 2022 or early in fiscal 2023. The Company expects most of the restructuring expenses will be related to severance for headcount reductions.

General (Policies)

General (Policies)	9 Months Ended
	Dec. 31, 2021
General [Abstract]
Basis of Presentation	The accompanying unaudited 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 -Q and Rule - 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 nine months of fiscal 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 -K for the year ended March 1.

Assets Held for Sale (Tables)

Assets Held for Sale (Tables)	9 Months Ended
	Dec. 31, 2021
Assets Held for Sale [Abstract]
Assets and Liabilities Held for Sale	The major classes of assets and liabilities held for sale at March 31, 2021 were as follows: ASSETS Cash and cash equivalents $ 8.0 Trade accounts receivable – net 54.4 Inventories 24.7 Other current assets 12.8 Property, plant and equipment – net 164.0 Other noncurrent assets 8.8 Impairment of carrying value (165.1 ) Total assets held for sale $ 107.6 LIABILITIES Short-term debt $ 5.0 Accounts payable 46.3 Accrued compensation and employee benefits 15.5 Other current liabilities 12.2 Pensions 17.8 Other noncurrent liabilities 6.5 Total liabilities held for sale $ 103.3

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Dec. 31, 2021
Revenue Recognition [Abstract]
Disaggregation of Revenue	The table below presents revenue for each of the Company’s business segments, Building HVAC Systems (“BHVAC”), CIS, 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 July 1, 2021, the Company aligned the data center businesses previously managed by and reported within the CIS segment under the BHVAC segment; see Note 20 for additional information regarding the Company’s operating segments. In connection with this segment realignment, the Company also reassessed end market classifications within the impacted businesses. The primary end market revenue information presented in the tables below for fiscal 2021 has been recast to conform to the Company’s new classifications for its end markets. Three months ended December 31, 2021 Three months ended December 31, 2020 BHVAC CIS HDE Automotive Segment Total BHVAC CIS HDE Automotive Segment Total Primary end market: Commercial HVAC&R $ 66.1 $ 129.6 $ - $ - $ 195.7 $ 60.9 $ 105.1 $ - $ - $ 166.0 Data center cooling 24.2 - - - 24.2 12.6 - - - 12.6 Industrial cooling - 16.9 - - 16.9 - 17.5 - - 17.5 Commercial vehicle - - 77.7 3.1 80.8 - - 67.0 5.5 72.5 Off-highway - - 80.6 1.1 81.7 - - 68.3 0.8 69.1 Automotive and light vehicle - - 21.1 66.7 87.8 - - 28.8 105.4 134.2 Other 0.3 2.1 21.4 1.5 25.3 0.2 2.3 21.5 2.2 26.2 Net sales $ 90.6 $ 148.6 $ 200.8 $ 72.4 $ 512.4 $ 73.7 $ 124.9 $ 185.6 $ 113.9 $ 498.1 Geographic location: Americas $ 55.0 $ 79.4 $ 124.7 $ 8.0 $ 267.1 $ 45.0 $ 66.8 $ 107.9 $ 14.8 $ 234.5 Europe 35.6 63.1 36.2 49.2 184.1 28.7 47.9 35.0 80.9 192.5 Asia - 6.1 39.9 15.2 61.2 - 10.2 42.7 18.2 71.1 Net sales $ 90.6 $ 148.6 $ 200.8 $ 72.4 $ 512.4 $ 73.7 $ 124.9 $ 185.6 $ 113.9 $ 498.1 Timing of revenue recognition: Products transferred at a point in time $ 86.6 $ 138.6 $ 192.2 $ 72.4 $ 489.8 $ 73.3 $ 115.8 $ 177.6 $ 113.9 $ 480.6 Products transferred over time 4.0 10.0 8.6 - 22.6 0.4 9.1 8.0 - 17.5 Net sales $ 90.6 $ 148.6 $ 200.8 $ 72.4 $ 512.4 $ 73.7 $ 124.9 $ 185.6 $ 113.9 $ 498.1 Nine months ended December 31, 2021 Nine months ended December 31, 2020 BHVAC CIS HDE Automotive Segment Total BHVAC CIS HDE Automotive Segment Total Primary end market: Commercial HVAC&R $ 173.4 $ 396.5 $ - $ - $ 569.9 $ 148.9 $ 309.0 $ - $ - $ 457.9 Data center cooling 59.7 - - - 59.7 46.7 - - - 46.7 Industrial cooling - 50.9 - - 50.9 - 53.2 - - 53.2 Commercial vehicle - - 233.8 10.8 244.6 - - 174.8 11.4 186.2 Off-highway - - 237.5 3.5 241.0 - - 179.8 2.3 182.1 Automotive and light vehicle - - 61.9 205.6 267.5 - - 69.8 257.4 327.2 Other 1.6 8.8 65.2 4.1 79.7 0.7 7.4 50.3 14.8 73.2 Net sales $ 234.7 $ 456.2 $ 598.4 $ 224.0 $ 1,513.3 $ 196.3 $ 369.6 $ 474.7 $ 285.9 $ 1,326.5 Geographic location: Americas $ 131.6 $ 244.7 $ 371.0 $ 25.0 $ 772.3 $ 109.5 $ 194.8 $ 274.4 $ 39.2 $ 617.9 Europe 103.1 189.4 112.8 158.1 563.4 86.8 139.4 91.2 195.9 513.3 Asia - 22.1 114.6 40.9 177.6 - 35.4 109.1 50.8 195.3 Net sales $ 234.7 $ 456.2 $ 598.4 $ 224.0 $ 1,513.3 $ 196.3 $ 369.6 $ 474.7 $ 285.9 $ 1,326.5 Timing of revenue recognition: Products transferred at a point in time $ 226.0 $ 421.8 $ 572.7 $ 224.0 $ 1,444.5 $ 190.6 $ 341.4 $ 456.3 $ 285.9 $ 1,274.2 Products transferred over time 8.7 34.4 25.7 - 68.8 5.7 28.2 18.4 - 52.3 Net sales $ 234.7 $ 456.2 $ 598.4 $ 224.0 $ 1,513.3 $ 196.3 $ 369.6 $ 474.7 $ 285.9 $ 1,326.5
Contract Assets and Contract Liabilities from Contracts with Customers	Contract assets and contract liabilities from contracts with customers were as follows: December 31, 2021 March 31, 2021 Contract assets $ 18.0 $ 5.7 Contract liabilities 9.9 5.6

Pensions (Tables)

Pensions (Tables)	9 Months Ended
	Dec. 31, 2021
Pensions [Abstract]
Pension Cost	Pension cost included the following components: Three months ended December 31, Nine months ended December 31, 2021 2020 2021 2020 Service cost $ 0.1 $ 0.1 $ 0.2 $ 0.3 Interest cost 1.8 2.0 5.5 5.9 Expected return on plan assets (3.2 ) (2.9 ) (9.6 ) (8.6 ) Amortization of unrecognized net loss 1.7 1.7 5.1 5.2 Net periodic benefit cost $ 0.4 $ 0.9 $ 1.2 $ 2.8

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Dec. 31, 2021
Stock-Based Compensation [Abstract]
Fair Value of Stock-Based Compensation Awards	The fair value of stock-based compensation awards granted during the nine months ended December 31, 2021 and 2020 were as follows: Nine months ended December 31, 2021 2020 Shares Fair Value Per Award Shares Fair Value Per Award Stock options 0.2 $ 8.79 0.4 $ 3.46 Restricted stock awards 0.3 $ 14.96 0.6 $ 8.34 Unrestricted stock awards 0.1 $ 15.93 0.2 $ 5.21
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, 2021 2020 Expected life of awards in years 6.1 6.1 Risk-free interest rate 1.1 % 0.4 % Expected volatility of the Company’s stock 56.5 % 54.1 % Expected dividend yield on the Company’s stock 0.0 % 0.0 %
Unrecognized Compensation Expense Related to Non-Vested Stock-Based Compensation Awards	As of December 31, 2021 Unrecognized Compensation Expense Weighted-Average Remaining Service Period in Years Stock options $ 2.4 2.9 Restricted stock awards 7.2 2.5 Performance stock awards 0.1 0.3 Total $ 9.7 2.6

Restructuring Activities (Table

Restructuring Activities (Tables)	9 Months Ended
	Dec. 31, 2021
Restructuring Activities [Abstract]
Restructuring and Repositioning Expenses	Restructuring and repositioning expenses were as follows: Three months ended December 31, Nine months ended December 31, 2021 2020 2021 2020 Employee severance and related benefits $ 1.4 $ 0.5 $ 1.7 $ 6.2 Other restructuring and repositioning expenses 0.7 0.4 1.3 0.8 Total $ 2.1 $ 0.9 $ 3.0 $ 7.0
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, 2021 2020 Beginning balance $ 2.8 $ 5.8 Additions 1.4 0.5 Payments (0.9 ) (2.5 ) Reclassified from (to) held for sale 0.4 (0.8 ) Effect of exchange rate changes (0.1 ) 0.2 Ending balance $ 3.6 $ 3.2 Nine months ended December 31, 2021 2020 Beginning balance $ 4.0 $ 5.0 Additions 1.7 6.2 Payments (2.3 ) (7.7 ) Reclassified from (to) held for sale 0.4 (0.8 ) Effect of exchange rate changes (0.2 ) 0.5 Ending balance $ 3.6 $ 3.2

Other Income and Expense (Table

Other Income and Expense (Tables)	9 Months Ended
	Dec. 31, 2021
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, 2021 2020 2021 2020 Interest income $ 0.2 $ 0.1 $ 0.3 $ 0.4 Foreign currency transactions (a) (1.0 ) 0.2 (1.1 ) 0.9 Net periodic benefit cost (b) (0.3 ) (0.8 ) (0.8 ) (2.3 ) Total other expense – $ (1.1 ) $ (0.5 ) $ (1.6 ) $ (1.0 ) (a) Foreign currency transactions primarily consist of foreign currency transaction gains and losses on the re-measurement or settlement of foreign currency-denominated assets and liabilities, including intercompany loans and transactions denominated in a foreign currency, along with gains and losses on certain foreign currency exchange contracts . (b) Net periodic benefit cost for the Company’s pension and postretirement plans is exclusive of service cost.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Dec. 31, 2021
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, 2021 2020 2021 2020 Net earnings (loss) attributable to Modine $ 74.1 $ (195.7 ) $ 76.8 $ (195.7 ) Weighted-average shares outstanding - basic 52.0 51.3 51.9 51.2 Effect of dilutive securities 0.4 - 0.6 - Weighted-average shares outstanding - diluted 52.4 51.3 52.5 51.2 Earnings (loss) per share: Net earnings (loss) per share - basic $ 1.42 $ (3.81 ) $ 1.48 $ (3.82 ) Net earnings (loss) per share - diluted $ 1.41 $ (3.81 ) $ 1.46 $ (3.82 )

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	9 Months Ended
	Dec. 31, 2021
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, 2021 March 31, 2021 Cash and cash equivalents $ 61.1 $ 37.8 Restricted cash 0.2 0.1 Cash and restricted cash held for sale - 8.2 Total cash, cash equivalents, restricted cash and cash held for sale $ 61.3 $ 46.1

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Dec. 31, 2021
Inventories [Abstract]
Inventories	Inventories consisted of the following: December 31, 2021 March 31, 2021 Raw materials $ 178.2 $ 117.1 Work in process 55.3 38.5 Finished goods 44.6 40.0 Total inventories $ 278.1 $ 195.6

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment, including depreciable lives, consisted of the following: December 31, 2021 March 31, 2021 Land $ 17.4 $ 16.4 Buildings and improvements ( 10 40 266.9 203.5 Machinery and equipment ( 3 15 866.9 623.2 Office equipment ( 3 10 98.1 81.3 Construction in progress 31.7 19.0 1,281.0 943.4 Less: accumulated depreciation (962.9 ) (673.5 ) Net property, plant and equipment $ 318.1 $ 269.9

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets [Abstract]
Changes in Carrying Amount of Goodwill	The following table presents a rollforward of the carrying value of goodwill from March 31, 2021 to December 31, 2021. The Company has revised the March 31, 2021 goodwill balances to be comparable with the current segment structure. BHVAC CIS Total Goodwill, March 31 2021 $ 47.0 $ 123.7 $ 170.7 Effect of exchange rate changes (0.7 ) (0.5 ) (1.2 ) Goodwill, December 31 2021 $ 46.3 $ 123.2 $ 169.5
Intangible Assets	Intangible assets consisted of the following: December 31, 2021 March 31, 2021 Gross Carrying Value Accumulated Amortization Net Intangible Assets Gross Carrying Value Accumulated Amortization Net Intangible Assets Customer relationships $ 61.9 $ (19.4 ) $ 42.5 $ 62.8 $ (16.9 ) $ 45.9 Trade names 51.1 (13.2 ) 37.9 51.5 (11.4 ) 40.1 Acquired technology 23.5 (10.7 ) 12.8 23.9 (9.3 ) 14.6 Total intangible assets $ 136.5 $ (43.3 ) $ 93.2 $ 138.2 $ (37.6 ) $ 100.6

Product Warranties (Tables)

Product Warranties (Tables)	9 Months Ended
	Dec. 31, 2021
Product Warranties [Abstract]
Changes in Accrued Warranty Costs	Changes in accrued warranty costs were as follows: Three months ended December 31, 2021 2020 Beginning balance $ 5.6 $ 9.0 Warranties recorded at time of sale 1.1 1.8 Adjustments to pre-existing warranties (0.3 ) (0.4 ) Settlements (1.1 ) (1.1 ) Reclassified from (to) held for sale 1.3 (1.5 ) Effect of exchange rate changes - 0.1 Ending balance $ 6.6 $ 7.9 Nine months ended December 31, 2021 2020 Beginning balance $ 5.2 $ 7.9 Warranties recorded at time of sale 4.1 4.3 Adjustments to pre-existing warranties (0.8 ) (0.3 ) Settlements (3.2 ) (2.8 ) Reclassified from (to) held for sale 1.3 (1.5 ) Effect of exchange rate changes - 0.3 Ending balance $ 6.6 $ 7.9

Leases (Tables)

Leases (Tables)	9 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Lease Recorded on Consolidated Balance Sheets	The following table provides a summary of leases recorded on the consolidated balance sheets. The amounts as of March exclude operating lease right of use (“ROU”) assets and liabilities, which each totaled $6.1 million , that were classified as held for sale on the Company’s consolidated balance sheet; see Note for additional information. Balance Sheet Location December 31, 2021 March 31, 2021 Lease Assets Operating lease ROU assets Other noncurrent assets $ 52.8 $ 54.1 Finance lease ROU assets (a) Property, plant and equipment - net 8.0 8.3 Lease Liabilities Operating lease liabilities Other current liabilities $ 12.7 $ 11.2 Operating lease liabilities Other noncurrent liabilities 41.8 44.8 Finance lease liabilities Long-term debt - current portion 0.4 0.4 Finance lease liabilities Long-term debt 3.0 3.2 (a) Finance lease ROU assets were recorded net of accumulated amortization of $2.7 million and $2.4 million as of December 31
Components of Lease Expense	The components of lease expense were as follows: Three months ended December 31, Nine December 31 2021 2020 2021 2020 Operating lease expense (a) $ 5.2 $ 4.8 $ 14.6 $ 14.9 Finance lease expense: Depreciation of ROU assets 0.1 0.2 0.4 0.4 Interest on lease liabilities - - 0.1 0.1 Total lease expense $ 5.3 $ 5.0 $ 15.1 $ 15.4 (a) F December 31 December 31

Indebtedness (Tables)

Indebtedness (Tables)	9 Months Ended
	Dec. 31, 2021
Indebtedness [Abstract]
Long-Term Debt	Long-term debt consisted of the following: _ Fiscal year of maturity December 31, 2021 March 31, 2021 Term loans 2025 $ 167.9 $ 178.9 Revolving credit facility 2025 81.2 4.8 5.9% Senior Notes 2029 100.0 100.0 5.8% Senior Notes 2027 41.7 50.0 Other (a) 3.4 3.6 394.2 337.3 Less: current portion (21.8 ) (21.9 ) Less: unamortized debt issuance costs (3.6 ) (4.2 ) Total long-term debt $ 368.8 $ 311.2 (a) Other long-term debt primarily includes finance lease obligations.
Maturities of Long Term Debt	Long-term debt, including the current portion of long-term debt, matures as follows: Fiscal Year Remainder of 2022 $ 3.4 2023 21.8 2024 21.8 2025 228.6 2026 33.8 2027 & beyond 84.8 Total $ 394.2

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Dec. 31, 2021
Accumulated Other Comprehensive Loss [Abstract]
Accumulated Other Comprehensive Loss	Changes in accumulated other comprehensive loss were as follows: Three months ended December 31, 2021 Nine months ended December 31, 2021 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (33.6 ) $ (125.8 ) $ 0.2 $ (159.2 ) $ (31.0 ) $ (130.8 ) $ 0.6 $ (161.2 ) Other comprehensive income (loss) before reclassifications (3.4 ) - 0.4 (3.0 ) (6.0 ) - 1.1 (4.9 ) Reclassifications: Amortization of unrecognized net loss (a) - 1.6 - 1.6 - 4.9 - 4.9 Unrecognized net pension loss in disposed business (b) - - - - - 1.7 - 1.7 Realized gains - net (c) - - (0.2 ) (0.2 ) - - (1.2 ) (1.2 ) Income taxes - - - - - - (0.1 ) (0.1 ) Total other comprehensive income (loss) (3.4 ) 1.6 0.2 (1.6 ) (6.0 ) 6.6 (0.2 ) 0.4 Ending balance $ (37.0 ) $ (124.2 ) $ 0.4 $ (160.8 ) $ (37.0 ) $ (124.2 ) $ 0.4 $ (160.8 ) 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 (c) - - (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 ) (a) Amounts are included in the calculation of net periodic benefit cost for the Company’s defined benefit plans, which include pension and other postretirement plans. See Note 5 for additional information about the Company’s pension plans. (b) As a result of the sale of the air-cooled automotive business, the Company wrote-off $1.7 million of net actuarial losses related to the disposed business’s pension plan as a component of the loss on sale recorded during the first quarter of fiscal 2022. See Note 1 for additional information. (c) Amounts represent net gains and losses associated with cash flow hedges that were reclassified to net earnings.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Dec. 31, 2021
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, 2021 2020 External Sales Inter-segment Sales Total External Sales Inter-segment Sales Total Net sales: BHVAC $ 90.3 $ 0.3 $ 90.6 $ 73.5 $ 0.2 $ 73.7 CIS 146.9 1.7 148.6 123.5 1.4 124.9 HDE 193.3 7.5 200.8 173.7 11.9 185.6 Automotive 71.7 0.7 72.4 113.6 0.3 113.9 Segment total 502.2 10.2 512.4 484.3 13.8 498.1 Corporate and eliminations - (10.2 ) (10.2 ) - (13.8 ) (13.8 ) Net sales $ 502.2 $ - $ 502.2 $ 484.3 $ - $ 484.3 Nine months ended December 31, 2021 2020 External Sales Inter-segment Sales Total External Sales Inter-segment Sales Total Net sales: BHVAC $ 233.1 $ 1.6 $ 234.7 $ 195.6 $ 0.7 $ 196.3 CIS 450.3 5.9 456.2 365.2 4.4 369.6 HDE 571.0 27.4 598.4 449.6 25.1 474.7 Automotive 221.3 2.7 224.0 283.1 2.8 285.9 Segment total 1,475.7 37.6 1,513.3 1,293.5 33.0 1,326.5 Corporate and eliminations - (37.6 ) (37.6 ) - (33.0 ) (33.0 ) Net sales $ 1,475.7 $ - $ 1,475.7 $ 1,293.5 $ - $ 1,293.5 Three months ended December 31, Nine months ended December 31, 2021 2020 2021 2020 $’s % of sales $’s % of sales $’s % of sales $’s % of sales Gross profit: BHVAC $ 27.4 30.3 % $ 25.4 34.5 % $ 65.2 27.8 % $ 64.5 32.9 % CIS 17.7 11.9 % 12.9 10.3 % 56.8 12.5 % 44.8 12.1 % HDE 22.2 11.1 % 26.0 14.0 % 63.1 10.5 % 60.9 12.8 % Automotive 7.5 10.4 % 18.4 16.1 % 27.9 12.4 % 39.8 13.9 % Segment total 74.8 14.6 % 82.7 16.6 % 213.0 14.1 % 210.0 15.8 % Corporate and eliminations (0.2 ) - - - 1.1 - (0.4 ) - Gross profit $ 74.6 14.9 % $ 82.7 17.1 % $ 214.1 14.5 % $ 209.6 16.2 % Three months ended December 31, Nine months ended December 31, 2021 2020 2021 2020 Operating income: BHVAC $ 14.4 $ 14.9 $ 30.1 $ 35.6 CIS 3.4 (0.7 ) 16.7 4.4 HDE 10.3 12.8 25.0 23.6 Automotive 55.0 (124.9 ) 53.6 (120.7 ) Segment total 83.1 (97.9 ) 125.4 (57.1 ) Corporate and eliminations (3.7 ) (10.8 ) (26.8 ) (26.3 ) Operating income (loss) $ 79.4 $ (108.7 ) $ 98.6 $ (83.4 ) December 31, 2021 March 31, 2021 Total assets: BHVAC $ 213.6 $ 181.1 CIS 520.7 540.1 HDE 473.7 438.7 Automotive 181.6 124.2 Corporate and eliminations (a) (8.2 ) (7.4 ) Total assets $ 1,381.4 $ 1,276.7 (a) At December 31, 2021 and March 31, 2021, Corporate assets totaled $21.4 million and $17.5 million, respectively and were more than offset by eliminations for intercompany balances, including accounts receivable .

General (Details)

General (Details) € in Millions, $ in Millions	1 Months Ended	3 Months Ended					9 Months Ended		12 Months Ended
	Jul. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2021EUR (€)	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021EUR (€)	Apr. 30, 2021USD ($)
Disposition of Business [Abstract]
Loss on sale of business		$ 0				$ 0	$ (6.6)	$ 0
Payment for disposition of assets							7.6	(0.7)
Disbursements for loan origination							$ 4.7	0
Chief Executive Officer [Member] | SG&A Expenses [Member]
Chief Executive Officer Transition [Abstract]
Employee severance and related benefits								$ 5.9
Air-Cooled Automotive Business [Member]
Disposition of Business [Abstract]
Loss on sale of business					$ (6.6)
Write-off of net actuarial losses					1.7
Cash transferred to buyer											$ 5.9
Payment for disposition of assets		$ 2.4
Net sales									$ 63
Term of loan receivable							5 years
Interest rate							2.60%
Disbursements for loan origination			$ 4.7	€ 4
Air-Cooled Automotive Business [Member] | Other Noncurrent Assets [Member]
Disposition of Business [Abstract]
Loan receivable | €										€ 4
Previously-Closed Manufacturing Facility [Member]
Disposition of Business [Abstract]
Proceeds from disposition of assets	$ 0.7
Previously-Closed Manufacturing Facility [Member] | CIS [Member]
Disposition of Business [Abstract]
Impairment charges					$ 0.3

Assets Held for Sale (Details)

Assets Held for Sale (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended	9 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Assets Held for Sale [Abstract]
Impairment charges (reversals) - net	$ (57.2)			$ 134.4		$ (55.7)	$ 134.4
ASSETS [Abstract]
Total assets held for sale	0					0		$ 107.6
LIABILITIES [Abstract]
Total liabilities held for sale	0					0		103.3
Liquid-Cooled Automotive Business [Member]
Assets Held for Sale [Abstract]
Impairment charges	(57.2)		$ (7.4)	134.4	$ 8.6
Impairment charges (reversals) - net	$ (57.2)			134.4	$ 1.2	$ (56)
Net carrying value of additions to property, plant and equipment		$ 0	$ 0	$ 0
Liquid and Air-Cooled Automotive Businesses [Member]
ASSETS [Abstract]
Cash and cash equivalents								8
Trade accounts receivable - net								54.4
Inventories								24.7
Other current assets								12.8
Property, plant and equipment - net								164
Other noncurrent assets								8.8
Impairment of carrying value								(165.1)
Total assets held for sale								107.6
LIABILITIES [Abstract]
Short-term debt								5
Accounts payable								46.3
Accrued compensation and employee benefits								15.5
Other current liabilities								12.2
Pensions								17.8
Other noncurrent liabilities								6.5
Total liabilities held for sale								$ 103.3

Revenue Recognition, Disaggrega

Revenue Recognition, Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Disaggregation of Revenue [Abstract]
Net sales	$ 502.2	$ 484.3	$ 1,475.7	$ 1,293.5
Contract Balances [Abstract]
Contract assets	18		18		$ 5.7
Contract liabilities	9.9		9.9		5.6
Increase in contract assets			12.3
Increase in contract liabilities			4.3
Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	489.8	480.6	1,444.5	1,274.2
Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	22.6	17.5	68.8	52.3
Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	267.1	234.5	772.3	617.9
Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	184.1	192.5	563.4	513.3
Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	61.2	71.1	177.6	195.3
Commercial HVAC&R [Member]
Disaggregation of Revenue [Abstract]
Net sales	195.7	166	569.9	457.9
Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	24.2	12.6	59.7	46.7
Industrial Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	16.9	17.5	50.9	53.2
Commercial Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	80.8	72.5	244.6	186.2
Off-Highway [Member]
Disaggregation of Revenue [Abstract]
Net sales	81.7	69.1	241	182.1
Automotive and Light Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	87.8	134.2	267.5	327.2
Liquid-Cooled Automotive Business [Member] | Held for Sale [Member]
Contract Balances [Abstract]
Contract assets					7.1
Contract liabilities					$ 2.9
Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	25.3	26.2	79.7	73.2
Segment Total [Member]
Disaggregation of Revenue [Abstract]
Net sales	512.4	498.1	1,513.3	1,326.5
BHVAC [Member]
Disaggregation of Revenue [Abstract]
Net sales	90.6	73.7	234.7	196.3
BHVAC [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	86.6	73.3	226	190.6
BHVAC [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	4	0.4	8.7	5.7
BHVAC [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	55	45	131.6	109.5
BHVAC [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	35.6	28.7	103.1	86.8
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	66.1	60.9	173.4	148.9
BHVAC [Member] | Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	24.2	12.6	59.7	46.7
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	0.3	0.2	1.6	0.7
CIS [Member]
Disaggregation of Revenue [Abstract]
Net sales	148.6	124.9	456.2	369.6
CIS [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	138.6	115.8	421.8	341.4
CIS [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	10	9.1	34.4	28.2
CIS [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	79.4	66.8	244.7	194.8
CIS [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	63.1	47.9	189.4	139.4
CIS [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	6.1	10.2	22.1	35.4
CIS [Member] | Commercial HVAC&R [Member]
Disaggregation of Revenue [Abstract]
Net sales	129.6	105.1	396.5	309
CIS [Member] | Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0	0
CIS [Member] | Industrial Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	16.9	17.5	50.9	53.2
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	2.1	2.3	8.8	7.4
HDE [Member]
Disaggregation of Revenue [Abstract]
Net sales	200.8	185.6	598.4	474.7
HDE [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	192.2	177.6	572.7	456.3
HDE [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	8.6	8	25.7	18.4
HDE [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	124.7	107.9	371	274.4
HDE [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	36.2	35	112.8	91.2
HDE [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	39.9	42.7	114.6	109.1
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	77.7	67	233.8	174.8
HDE [Member] | Off-Highway [Member]
Disaggregation of Revenue [Abstract]
Net sales	80.6	68.3	237.5	179.8
HDE [Member] | Automotive and Light Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	21.1	28.8	61.9	69.8
HDE [Member] | Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	21.4	21.5	65.2	50.3
Automotive [Member]
Disaggregation of Revenue [Abstract]
Net sales	72.4	113.9	224	285.9
Automotive [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	72.4	113.9	224	285.9
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	8	14.8	25	39.2
Automotive [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	49.2	80.9	158.1	195.9
Automotive [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	15.2	18.2	40.9	50.8
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	3.1	5.5	10.8	11.4
Automotive [Member] | Off-Highway [Member]
Disaggregation of Revenue [Abstract]
Net sales	1.1	0.8	3.5	2.3
Automotive [Member] | Automotive and Light Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	66.7	105.4	205.6	257.4
Automotive [Member] | Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	$ 1.5	$ 2.2	$ 4.1	$ 14.8

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Dec. 31, 2021	Mar. 31, 2021
Fair Value Measurements [Abstract]
Investments	$ 3	$ 2.8
Deferred compensation obligations	$ 3	$ 2.8

Pensions (Details)

Pensions (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Net Periodic Benefit Cost [Abstract]
Net periodic benefit cost	[1]	$ 0.3	$ 0.8	$ 0.8	$ 2.3
Pension [Member]
Net Periodic Benefit Cost [Abstract]
Service cost		0.1	0.1	0.2	0.3
Interest cost		1.8	2	5.5	5.9
Expected return on plan assets		(3.2)	(2.9)	(9.6)	(8.6)
Amortization of unrecognized net loss		1.7	1.7	5.1	5.2
Net periodic benefit cost		$ 0.4	$ 0.9	1.2	$ 2.8
Pension [Member] | U.S. Plans [Member]
Employer Contributions [Abstract]
Employer contributions				$ 3.5
[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, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Stock-Based Compensation [Abstract]
Stock-based compensation expense	$ 1.1	$ 2.1	$ 4.7	$ 4.2
Stock-Based Compensation [Abstract]
Unrecognized compensation expense	9.7		$ 9.7
Weighted-average remaining service period			2 years 7 months 6 days
Stock Options [Member]
Type and fair value of stock-based compensation awards granted [Abstract]
Options granted (in shares)			0.2	0.4
Fair value of options granted (in dollars per share)			$ 8.79	$ 3.46
Assumptions for Stock Awards Granted [Abstract]
Expected life of awards in years			6 years 1 month 6 days	6 years 1 month 6 days
Risk-free interest rate			1.10%	0.40%
Expected volatility of the Company's stock			56.50%	54.10%
Expected dividend yield on the Company's stock			0.00%	0.00%
Stock-Based Compensation [Abstract]
Unrecognized compensation expense	2.4		$ 2.4
Weighted-average remaining service period			2 years 10 months 24 days
Restricted Stock Awards [Member]
Type and fair value of stock-based compensation awards granted [Abstract]
Stock granted (in shares)			0.3	0.6
Fair value of stock granted (in dollars per share)			$ 14.96	$ 8.34
Stock-Based Compensation [Abstract]
Unrecognized compensation expense	7.2		$ 7.2
Weighted-average remaining service period			2 years 6 months
Unrestricted Stock Awards [Member]
Type and fair value of stock-based compensation awards granted [Abstract]
Stock granted (in shares)			0.1	0.2
Fair value of stock granted (in dollars per share)			$ 15.93	$ 5.21
Performance Stock Awards [Member]
Type and fair value of stock-based compensation awards granted [Abstract]
Period of time to average cash flow return on invested capital			3 years
Period of time to average EBITDA growth			3 years
Performance period			3 years
Stock-Based Compensation [Abstract]
Unrecognized compensation expense	$ 0.1		$ 0.1
Weighted-average remaining service period			3 months 18 days

Restructuring Activities (Detai

Restructuring Activities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Restructuring and Repositioning Expenses [Abstract]
Employee severance and related benefits	$ 1.4	$ 0.5	$ 1.7	$ 6.2
Other restructuring and repositioning expenses	0.7	0.4	1.3	0.8
Total	2.1	0.9	3	7
Changes in accrued severance [Roll Forward]
Beginning balance	2.8	5.8	4	5
Additions	1.4	0.5	1.7	6.2
Payments	(0.9)	(2.5)	(2.3)	(7.7)
Reclassified from (to) held for sale	0.4	(0.8)	0.4	(0.8)
Effect of exchange rate changes	(0.1)	0.2	(0.2)	0.5
Ending balance	$ 3.6	$ 3.2	$ 3.6	3.2
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, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Other Income and Expense [Abstract]
Interest income		$ 0.2	$ 0.1	$ 0.3	$ 0.4
Foreign currency transactions	[1]	(1)	0.2	(1.1)	0.9
Net periodic benefit cost	[2]	(0.3)	(0.8)	(0.8)	(2.3)
Total other expense - net		$ (1.1)	$ (0.5)	$ (1.6)	$ (1)
[1]	Foreign currency transactions primarily consist of foreign currency transaction gains and losses on the re-measurement or settlement of foreign currency-denominated assets and liabilities, including intercompany loans and transactions denominated in a foreign currency, along with gains and losses on certain foreign currency exchange contracts.
[2]	Net periodic benefit cost for the Company’s pension and postretirement plans is exclusive of service cost.

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended					6 Months Ended	9 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Abstract]
Effective income tax rate	0.10%			(71.70%)			8.70%	(95.70%)
Income Taxes [Abstract]
Impairment charges (reversals) - net	$ (57.2)			$ 134.4			$ (55.7)	$ 134.4
Income tax benefits from impairment charges				(37.7)
Income Taxes [Abstract]
Income tax expense (benefit) related to change in deferred tax asset valuation allowance		$ 1.6		109.9	$ 6.6		(11.4)	$ 116.5
Foreign Jurisdictions [Member]
Income Taxes [Abstract]
Income tax expense (benefit) related to change in deferred tax asset valuation allowance	(8.2)		$ (4.8)				(13)
Valuation allowance	21.9						21.9
U.S. [Member]
Income Taxes [Abstract]
Valuation allowance	90.1						90.1
Liquid-Cooled Automotive Business [Member]
Income Taxes [Abstract]
Impairment charges (reversals) - net	$ (57.2)			$ 134.4		$ 1.2	$ (56)

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, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net earnings (loss) attributable to Modine	$ 74.1	$ (195.7)	$ 76.8	$ (195.7)
Weighted-average shares outstanding - basic (in shares)	52	51.3	51.9	51.2
Effect of dilutive securities (in shares)	0.4	0	0.6	0
Weighted-average shares outstanding - diluted (in shares)	52.4	51.3	52.5	51.2
Earnings (loss) per share [Abstract]
Net earnings (loss) per share - basic (in dollars per share)	$ 1.42	$ (3.81)	$ 1.48	$ (3.82)
Net earnings (loss) per share - diluted (in dollars per share)	$ 1.41	$ (3.81)	$ 1.46	$ (3.82)
Earnings 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]
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earning per share (in shares)	0.6	1.4	0.6	1.5
Restricted Stock [Member]
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earning per share (in shares)	0.2	0.5	0.2	0.6

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash and cash equivalents	$ 61.1	$ 37.8
Restricted cash	0.2	0.1
Cash and restricted cash held for sale	0	8.2
Total cash, cash equivalents, restricted cash and cash held for sale	$ 61.3	$ 46.1	$ 78.4	$ 71.3

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2021	Mar. 31, 2021
Inventories [Abstract]
Raw materials	$ 178.2	$ 117.1
Work in process	55.3	38.5
Finished goods	44.6	40
Total inventories	$ 278.1	$ 195.6

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Millions	9 Months Ended
	Dec. 31, 2021	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 1,281	$ 943.4
Less: accumulated depreciation	(962.9)	(673.5)
Net property, plant and equipment	318.1	269.9
Land [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment	17.4	16.4
Buildings and Improvements [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 266.9	203.5
Buildings and Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, depreciable lives	10 years
Buildings and Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, depreciable lives	40 years
Machinery and Equipment [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 866.9	623.2
Machinery and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, depreciable lives	3 years
Machinery and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, depreciable lives	15 years
Office Equipment [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 98.1	81.3
Office Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, depreciable lives	3 years
Office Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, depreciable lives	10 years
Construction in Progress [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 31.7	$ 19

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	Jul. 01, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Goodwill [Abstract]
Goodwill, beginning balance				$ 170.7
Effect of exchange rate changes				(1.2)
Goodwill, ending balance		$ 169.5		169.5
Intangible Assets [Abstract]
Gross carrying value		136.5		136.5		$ 138.2
Accumulated amortization		(43.3)		(43.3)		(37.6)
Net intangible assets		93.2		93.2		100.6
Amortization expense		2.1	$ 2.2	6.3	$ 6.4
Estimated Future Amortization Expense [Abstract]
Remainder of fiscal 2022		2.1		2.1
2023		8		8
2024		8		8
2025		8		8
2026		8		8
2027		8		8
BHVAC [Member]
Goodwill [Abstract]
Goodwill reassigned	$ 32.5
Goodwill, beginning balance				47
Effect of exchange rate changes				(0.7)
Goodwill, ending balance		46.3		46.3
CIS [Member]
Goodwill [Abstract]
Goodwill reassigned	$ (32.5)
Goodwill, beginning balance				123.7
Effect of exchange rate changes				(0.5)
Goodwill, ending balance		123.2		123.2
CIS [Member] | One Reporting Unit Within CIS Segment [Member]
Goodwill [Abstract]
Goodwill, ending balance		$ 63		$ 63
CIS [Member] | One Reporting Unit Within CIS Segment [Member] | Maximum [Member]
Goodwill [Abstract]
Percentage of excess fair value over book value		8.00%		8.00%
Customer Relationships [Member]
Intangible Assets [Abstract]
Gross carrying value		$ 61.9		$ 61.9		62.8
Accumulated amortization		(19.4)		(19.4)		(16.9)
Net intangible assets		42.5		42.5		45.9
Trade Names [Member]
Intangible Assets [Abstract]
Gross carrying value		51.1		51.1		51.5
Accumulated amortization		(13.2)		(13.2)		(11.4)
Net intangible assets		37.9		37.9		40.1
Acquired Technology [Member]
Intangible Assets [Abstract]
Gross carrying value		23.5		23.5		23.9
Accumulated amortization		(10.7)		(10.7)		(9.3)
Net intangible assets		$ 12.8		$ 12.8		$ 14.6

Product Warranties (Details)

Product Warranties (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Accrued Warranty Costs [Roll Forward]
Beginning balance	$ 5.6	$ 9	$ 5.2	$ 7.9
Warranties recorded at time of sale	1.1	1.8	4.1	4.3
Adjustments to pre-existing warranties	(0.3)	(0.4)	(0.8)	(0.3)
Settlements	(1.1)	(1.1)	(3.2)	(2.8)
Reclassified from (to) held for sale	1.3	(1.5)	1.3	(1.5)
Effect of exchange rate changes	0	0.1	0	0.3
Ending balance	$ 6.6	$ 7.9	$ 6.6	$ 7.9

Leases (Details)

Leases (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Lease Assets and Liabilities [Abstract]
Operating lease ROU assets		$ 52.8		$ 52.8		$ 54.1
Operating lease ROU assets, Statement of Financial Position [Extensible List]		Other noncurrent assets		Other noncurrent assets		Other noncurrent assets
Finance lease ROU assets	[1]	$ 8		$ 8		$ 8.3
Finance lease ROU assets, Statement of Financial Position [Extensible List]		Property, plant and equipment - net		Property, plant and equipment - net		Property, plant and equipment - net
Operating lease liabilities, current		$ 12.7		$ 12.7		$ 11.2
Operating lease liabilities, current, Statement of Financial Position [Extensible List]		Other current liabilities		Other current liabilities		Other current liabilities
Operating lease liabilities, noncurrent		$ 41.8		$ 41.8		$ 44.8
Operating lease liabilities, noncurrent, Statement of Financial Position [Extensible List]		Other noncurrent liabilities		Other noncurrent liabilities		Other noncurrent liabilities
Finance lease liabilities, current		$ 0.4		$ 0.4		$ 0.4
Finance lease liabilities, current, Statement of Financial Position [Extensible List]		Long-term debt - current portion		Long-term debt - current portion		Long-term debt - current portion
Finance lease liabilities, noncurrent		$ 3		$ 3		$ 3.2
Finance lease liabilities, noncurrent, Statement of Financial Position [Extensible List]		Long-term debt		Long-term debt		Long-term debt
Accumulated amortization		$ 2.7		$ 2.7		$ 2.4
Components of Lease Expense [Abstract]
Operating lease expense	[2]	5.2	$ 4.8	14.6	$ 14.9
Finance lease expense [Abstract]
Depreciation of ROU assets		0.1	0.2	0.4	0.4
Interest on lease liabilities		0	0	0.1	0.1
Total lease expense		5.3	5	15.1	15.4
Short-term lease expense		$ 1	$ 0.9	$ 2.8	$ 2.7
Assets Held for Sale [Member]
Lease Assets and Liabilities [Abstract]
Operating lease ROU assets						6.1
Liabilities Held for Sale [Member]
Lease Assets and Liabilities [Abstract]
Operating lease liabilities, current						$ 6.1
[1]	Finance lease ROU assets were recorded net of accumulated amortization of $2.7 million and $2.4 million as of December 31
[2]	For the three and nine months ended December 31, 2021, operating lease expense included short-term lease expense of $1.0million and $2.8 million, respectively.  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. Variable lease expense was not significant.

Indebtedness (Details)

Indebtedness (Details) $ in Millions		9 Months Ended
		Dec. 31, 2021USD ($)	Mar. 31, 2021USD ($)
Long-Term Debt [Abstract]
Long-term debt		$ 394.2	$ 337.3
Less: current portion		(21.8)	(21.9)
Less: unamortized debt issuance costs		(3.6)	(4.2)
Total long-term debt		368.8	311.2
Maturities of Long-Term Debt [Abstract]
Remainder of 2022		3.4
2023		21.8
2024		21.8
2025		228.6
2026		33.8
2027 & beyond		84.8
Long-term debt		394.2	337.3
Indebtedness [Abstract]
Short-term debt		$ 0	1.4
Leverage ratio		2.5
Interest coverage ratio		10
Maximum [Member]
Indebtedness [Abstract]
Leverage ratio		3.25
Level 2 [Member]
Indebtedness [Abstract]
Fair value of long-term debt		$ 146.5	146
Credit Agreement [Member]
Indebtedness [Abstract]
Letters of credit outstanding		5.7
Term Loans [Member]
Long-Term Debt [Abstract]
Long-term debt		$ 167.9	178.9
Fiscal year of maturity		2025
Maturities of Long-Term Debt [Abstract]
Long-term debt		$ 167.9	178.9
Indebtedness [Abstract]
Weighted-average interest rate for variable rate borrowings		1.80%
Revolving Credit Facility [Member]
Long-Term Debt [Abstract]
Long-term debt		$ 81.2	4.8
Fiscal year of maturity		2025
Maturities of Long-Term Debt [Abstract]
Long-term debt		$ 81.2	4.8
Indebtedness [Abstract]
Maximum borrowing capacity		$ 250
Weighted-average interest rate for variable rate borrowings		1.70%
Available for future borrowings		$ 163.1
Swingline Loans [Member]
Indebtedness [Abstract]
Short-term debt		0	1.4
5.9% Senior Notes [Member]
Long-Term Debt [Abstract]
Long-term debt		$ 100	100
Interest rate percentage		5.90%
Fiscal year of maturity		2029
Maturities of Long-Term Debt [Abstract]
Long-term debt		$ 100	100
5.8% Senior Notes [Member]
Long-Term Debt [Abstract]
Long-term debt		$ 41.7	50
Interest rate percentage		5.80%
Fiscal year of maturity		2027
Maturities of Long-Term Debt [Abstract]
Long-term debt		$ 41.7	50
Other [Member]
Long-Term Debt [Abstract]
Long-term debt	[1]	3.4	3.6
Maturities of Long-Term Debt [Abstract]
Long-term debt	[1]	3.4	3.6
Foreign Credit Agreements [Member]
Indebtedness [Abstract]
Short-term debt		$ 0
Foreign Credit Agreements [Member] | Liabilities Held for Sale [Member]
Indebtedness [Abstract]
Short-term debt			$ 5
[1]	Other long-term debt primarily includes finance lease obligations.

Risks, Uncertainties, Conting_2

Risks, Uncertainties, Contingencies and Litigation (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2021	Dec. 31, 2021	Mar. 31, 2021
Environmental loss contingencies [Abstract]
Reserves for environmental matters		$ 18.7	$ 16
Increase in remediation accrual related to former manufacturing facility	$ 3.4

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions		3 Months Ended			9 Months Ended
		Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Changes in Accumulated Other Comprehensive Loss [Abstract]
Beginning balance			$ 348.7		$ 348.7
Other comprehensive income (loss) before reclassifications		$ (3)		$ 18.4	(4.9)	$ 42.1
Reclassification from accumulated other comprehensive loss for unrecognized net pension loss in disposed business	[1]	0			1.7
Income taxes		0		(0.3)	(0.1)	(1.6)
Total other comprehensive income (loss)		(1.6)		19.3	0.4	45.8
Ending balance		430.2			430.2
Air-Cooled Automotive Business [Member]
Changes in Accumulated Other Comprehensive Loss [Abstract]
Write-off of net actuarial losses			1.7
Accumulated Other Comprehensive Loss [Member]
Changes in Accumulated Other Comprehensive Loss [Abstract]
Beginning balance		(159.2)	(161.2)	(196.8)	(161.2)	(223.3)
Ending balance		(160.8)		(177.5)	(160.8)	(177.5)
Foreign Currency Translation [Member]
Changes in Accumulated Other Comprehensive Loss [Abstract]
Beginning balance		(33.6)	(31)	(38.8)	(31)	(61.4)
Other comprehensive income (loss) before reclassifications		(3.4)		18	(6)	40.6
Income taxes		0		0	0	0
Total other comprehensive income (loss)		(3.4)		18	(6)	40.6
Ending balance		(37)		(20.8)	(37)	(20.8)
Defined Benefit Plans [Member]
Changes in Accumulated Other Comprehensive Loss [Abstract]
Beginning balance		(125.8)	(130.8)	(158.4)	(130.8)	(160.9)
Other comprehensive income (loss) before reclassifications		0		0	0	0
Reclassification from accumulated other comprehensive income (loss)	[2]	1.6		1.6	4.9	4.9
Reclassification from accumulated other comprehensive loss for unrecognized net pension loss in disposed business	[1]	0			1.7
Income taxes		0		(0.3)	0	(1.1)
Total other comprehensive income (loss)		1.6		1.3	6.6	3.8
Ending balance		(124.2)		(157.1)	(124.2)	(157.1)
Cash Flow Hedges [Member]
Changes in Accumulated Other Comprehensive Loss [Abstract]
Beginning balance		0.2	$ 0.6	0.4	0.6	(1)
Other comprehensive income (loss) before reclassifications		0.4		0.4	1.1	1.5
Reclassification from accumulated other comprehensive income (loss)	[3]	(0.2)		(0.4)	(1.2)	0.4
Income taxes		0		0	(0.1)	(0.5)
Total other comprehensive income (loss)		0.2		0	(0.2)	1.4
Ending balance		$ 0.4		$ 0.4	$ 0.4	$ 0.4
[1]	As a result of the sale of the air-cooled automotive business, the Company wrote-off $1.7 million of net actuarial losses related to the disposed business’s pension plan as a component of the loss on sale recorded during the first quarter of fiscal 2022. See Note 1 for additional information.
[2]	Amounts are included in the calculation of net periodic benefit cost for the Company’s defined benefit plans, which include pension and other postretirement plans. See Note 5 for additional information about the Company’s pension plans.
[3]	Amounts represent net gains and losses associated with cash flow hedges that were reclassified to net earnings.

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Segment Information [Abstract]
Net sales		$ 502.2	$ 484.3	$ 1,475.7	$ 1,293.5
Gross profit		$ 74.6	$ 82.7	$ 214.1	$ 209.6
Gross profit (% of sales)		14.90%	17.10%	14.50%	16.20%
Operating income (loss)		$ 79.4	$ (108.7)	$ 98.6	$ (83.4)
Total assets		1,381.4		1,381.4		$ 1,276.7
BHVAC [Member]
Segment Information [Abstract]
Net sales		90.6	73.7	234.7	196.3
CIS [Member]
Segment Information [Abstract]
Net sales		148.6	124.9	456.2	369.6
HDE [Member]
Segment Information [Abstract]
Net sales		200.8	185.6	598.4	474.7
Automotive [Member]
Segment Information [Abstract]
Net sales		72.4	113.9	224	285.9
Segment Total [Member]
Segment Information [Abstract]
Net sales		512.4	498.1	1,513.3	1,326.5
Operating Segments [Member]
Segment Information [Abstract]
Net sales		502.2	484.3	1,475.7	1,293.5
Gross profit		$ 74.8	$ 82.7	$ 213	$ 210
Gross profit (% of sales)		14.60%	16.60%	14.10%	15.80%
Operating income (loss)		$ 83.1	$ (97.9)	$ 125.4	$ (57.1)
Operating Segments [Member] | BHVAC [Member]
Segment Information [Abstract]
Net sales		90.3	73.5	233.1	195.6
Gross profit		$ 27.4	$ 25.4	$ 65.2	$ 64.5
Gross profit (% of sales)		30.30%	34.50%	27.80%	32.90%
Operating income (loss)		$ 14.4	$ 14.9	$ 30.1	$ 35.6
Total assets		213.6		213.6		181.1
Operating Segments [Member] | CIS [Member]
Segment Information [Abstract]
Net sales		146.9	123.5	450.3	365.2
Gross profit		$ 17.7	$ 12.9	$ 56.8	$ 44.8
Gross profit (% of sales)		11.90%	10.30%	12.50%	12.10%
Operating income (loss)		$ 3.4	$ (0.7)	$ 16.7	$ 4.4
Total assets		520.7		520.7		540.1
Operating Segments [Member] | HDE [Member]
Segment Information [Abstract]
Net sales		193.3	173.7	571	449.6
Gross profit		$ 22.2	$ 26	$ 63.1	$ 60.9
Gross profit (% of sales)		11.10%	14.00%	10.50%	12.80%
Operating income (loss)		$ 10.3	$ 12.8	$ 25	$ 23.6
Total assets		473.7		473.7		438.7
Operating Segments [Member] | Automotive [Member]
Segment Information [Abstract]
Net sales		71.7	113.6	221.3	283.1
Gross profit		$ 7.5	$ 18.4	$ 27.9	$ 39.8
Gross profit (% of sales)		10.40%	16.10%	12.40%	13.90%
Operating income (loss)		$ 55	$ (124.9)	$ 53.6	$ (120.7)
Total assets		181.6		181.6		124.2
Inter-segment Sales [Member]
Segment Information [Abstract]
Net sales		10.2	13.8	37.6	33
Inter-segment Sales [Member] | BHVAC [Member]
Segment Information [Abstract]
Net sales		0.3	0.2	1.6	0.7
Inter-segment Sales [Member] | CIS [Member]
Segment Information [Abstract]
Net sales		1.7	1.4	5.9	4.4
Inter-segment Sales [Member] | HDE [Member]
Segment Information [Abstract]
Net sales		7.5	11.9	27.4	25.1
Inter-segment Sales [Member] | Automotive [Member]
Segment Information [Abstract]
Net sales		0.7	0.3	2.7	2.8
Corporate and Eliminations [Member]
Segment Information [Abstract]
Net sales		(10.2)	(13.8)	(37.6)	(33)
Gross profit		$ (0.2)	$ 0	$ 1.1	$ (0.4)
Gross profit (% of sales)		0.00%	0.00%	0.00%	0.00%
Operating income (loss)		$ (3.7)	$ (10.8)	$ (26.8)	$ (26.3)
Total assets	[1]	(8.2)		(8.2)		(7.4)
Corporate [Member]
Segment Information [Abstract]
Total assets		$ 21.4		$ 21.4		$ 17.5
[1]	At December 31, 2021 and March 31, 2021, Corporate assets totaled $21.4 million and $17.5 million, respectively and were more than offset by eliminations for intercompany balances, including accounts receivable.

Subsequent Event (Details)

Subsequent Event (Details) $ in Millions	Feb. 03, 2022USD ($)
Plan [Member]
Subsequent Event [Abstract]
Targeted annual cost savings	$ 20
Forecast [Member] | Minimum [Member]
Subsequent Event [Abstract]
Expected restructuring expenses	20
Forecast [Member] | Maximum [Member]
Subsequent Event [Abstract]
Expected restructuring expenses	$ 25