Modine Manufacturing (MOD) 10-Q 4 Aug 22 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2022	Jul. 29, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
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		52,011,473

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net sales	$ 541	$ 494.6
Cost of sales	457.6	421.4
Gross profit	83.4	73.2
Selling, general and administrative expenses	56.3	59.4
Restructuring expenses	1.5	0.3
Impairment charges (reversals) - net	0	(1.8)
Loss on sale of assets	0	6.6
Operating income	25.6	8.7
Interest expense	(4.1)	(4.2)
Other (expense) income - net	(2.3)	0.2
Earnings before income taxes	19.2	4.7
Provision for income taxes	(4.9)	(1.9)
Net earnings	14.3	2.8
Net earnings attributable to noncontrolling interest	0	(0.5)
Net earnings attributable to Modine	$ 14.3	$ 2.3
Net earnings per share attributable to Modine shareholders:
Basic (in dollars per share)	$ 0.27	$ 0.04
Diluted (in dollars per share)	$ 0.27	$ 0.04
Weighted-average shares outstanding:
Basic (in shares)	52.2	51.8
Diluted (in shares)	52.4	52.5

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net earnings	$ 14.3	$ 2.8
Other comprehensive income (loss), net of income taxes:
Foreign currency translation	(23.9)	5.2
Defined benefit plans	1.3	3.4
Cash flow hedges	(1.6)	(0.4)
Total other comprehensive income (loss)	(24.2)	8.2
Comprehensive income (loss)	(9.9)	11
Comprehensive loss (income) attributable to noncontrolling interest	0.4	(0.7)
Comprehensive income (loss) attributable to Modine	$ (9.5)	$ 10.3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2022	Mar. 31, 2022
ASSETS
Cash and cash equivalents	$ 58.7	$ 45.2
Trade accounts receivable - net	353.5	367.5
Inventories	310.8	281.2
Other current assets	58.6	63.7
Total current assets	781.6	757.6
Property, plant and equipment - net	299.5	315.4
Intangible assets - net	86.3	90.3
Goodwill	164.6	168.1
Deferred income taxes	25.7	27.2
Other noncurrent assets	66.9	68.4
Total assets	1,424.6	1,427
LIABILITIES AND SHAREHOLDERS' EQUITY
Short-term debt	6.5	7.7
Long-term debt - current portion	21.5	21.7
Accounts payable	318.5	325.8
Accrued compensation and employee benefits	90.4	85.1
Other current liabilities	59.4	54.2
Total current liabilities	496.3	494.5
Long-term debt	360.2	348.4
Deferred income taxes	4.4	5.9
Pensions	44.8	47.2
Other noncurrent liabilities	71.8	72.9
Total liabilities	977.5	968.9
Commitments and contingencies (see Note 17)
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 54.9 million and 54.8 million shares	34.3	34.2
Additional paid-in capital	262.7	261.6
Retained earnings	358.7	344.4
Accumulated other comprehensive loss	(173.3)	(149.5)
Treasury stock, at cost, 3.0 million and 2.8 million shares	(41.7)	(40)
Total Modine shareholders' equity	440.7	450.7
Noncontrolling interest	6.4	7.4
Total equity	447.1	458.1
Total liabilities and equity	$ 1,424.6	$ 1,427

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Jun. 30, 2022	Mar. 31, 2022
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)	54.9	54.8
Treasury stock at cost (in shares)	3	2.8

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net earnings	$ 14.3	$ 2.8
Adjustments to reconcile net earnings to net cash provided by (used for) operating activities:
Depreciation and amortization	13.9	13.5
Impairment charges (reversals) - net	0	(1.8)
Loss on sale of assets	0	6.6
Stock-based compensation expense	1.1	1.2
Deferred income taxes	(0.9)	(3.1)
Other - net	0.8	0.9
Changes in operating assets and liabilities:
Trade accounts receivable	0.7	(4.9)
Inventories	(38.5)	(26.7)
Accounts payable	6.8	9.2
Other assets and liabilities	16.3	(7.8)
Net cash provided by (used for) operating activities	14.5	(10.1)
Cash flows from investing activities:
Expenditures for property, plant and equipment	(10.4)	(11.4)
Payments for disposition of assets	0	(5.7)
Other - net	0	1.6
Net cash used for investing activities	(10.4)	(15.5)
Cash flows from financing activities:
Borrowings of debt	86.7	97.5
Repayments of debt	(74.3)	(62.5)
Borrowings on bank overdraft facilities - net	1.8	5.7
Purchases of treasury stock under share repurchase program	(1.1)	0
Dividend paid to noncontrolling interest	(0.6)	(0.9)
Other - net	(0.5)	(0.4)
Net cash provided by financing activities	12	39.4
Effect of exchange rate changes on cash	(2.6)	0.4
Net increase in cash, cash equivalents, and restricted cash	13.5	14.2
Cash, cash equivalents, and restricted cash - beginning of period	45.4	46.1
Cash, cash equivalents, and restricted cash - end of period	$ 58.9	$ 60.3

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Treasury Stock, at Cost [Member]	Non-controlling Interest [Member]	Total
Balance at Mar. 31, 2021	$ 33.9	$ 255	$ 259.2	$ (161.2)	$ (38.2)	$ 7.4	$ 356.1
Balance (in shares) at Mar. 31, 2021	54.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net 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, 2022	$ 34.2	261.6	344.4	(149.5)	(40)	7.4	$ 458.1
Balance (in shares) at Mar. 31, 2022	54.8						54.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 0	0	14.3	0	0	0	$ 14.3
Other comprehensive income (loss)	0	0	0	(23.8)	0	(0.4)	(24.2)
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	(1.7)	0	(1.7)
Stock-based compensation expense	0	1.1	0	0	0	0	1.1
Dividend paid to noncontrolling interest	0	0	0	0	0	(0.6)	(0.6)
Balance at Jun. 30, 2022	$ 34.3	$ 262.7	$ 358.7	$ (173.3)	$ (41.7)	$ 6.4	$ 447.1
Balance (in shares) at Jun. 30, 2022	54.9						54.9

General

General	3 Months Ended
	Jun. 30, 2022
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 three 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 2. Disposition of Austrian Air-cooled Automotive Business in Fiscal 2022 On April the Company sold its air-cooled automotive business in Austria 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 its 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. In connection with the sale of this business, the Company provided the buyer with a 5-year, €4.0 million loan facility. The buyer began borrowing under this facility during the second quarter of fiscal 2022. At both June 30,2022 and March 31, 2022, the Company recorded a €4.0 million 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. Borrowings under the agreement currently bear interest at 2.6 percent. Liquid-Cooled Automotive Business Held for Sale in Fiscal 2022 The Company previously agreed to sell its liquid-cooled automotive business. During the first quarter of fiscal 2022, the Company and the prospective buyer modified the transaction perimeter to remove certain manufacturing operations. U.S. GAAP requires companies to measure asset groups that revert 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. As a result, the Company evaluated the long-lived assets of these businesses that no longer met the requirements to be classified as held for sale and reversed $7.4 million of previously-recorded impairment charges during the first quarter of fiscal 2022 to adjust the long-lived assets to their estimated fair value. This impairment reversal was partially offset by $5.3 million of impairment charges recorded during the first quarter of fiscal 2022 related to other automotive assets held for sale. The Company reported the net $2.1 million impairment reversal during the first quarter of fiscal 2022 within the impairment charges (reversals) line on the consolidated statement of operations. The Company and the prospective buyer subsequently terminated the sale agreement during the third quarter of fiscal 2022. As a result, the liquid-cooled automotive business reverted back to held and used classification and the Company remeasured its long-lived assets during the third quarter of fiscal 2022. Disposition of Previously-Closed Facility in Fiscal 2022 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 Climate Solutions 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.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Jun. 30, 2022
Revenue Recognition [Abstract]
Revenue Recognition	Note 2: Revenue Recognition Effective April 1, 2022, the Company began managing its operations under two operating segments, Climate Solutions and Performance Technologies. The Climate Solutions segment includes the previously-reported Building HVAC Systems (“BHVAC”) and the Commercial and Industrial Solutions (“CIS”) segments, with the exception of CIS Coatings. The Performance Technologies segment includes the previously-reported Heavy Duty Equipment (“HDE”) and Automotive segments and the CIS Coatings business. See Note 19 for additional segment financial information. The Company’s segments and their principal revenue-generating activities are as follows: Climate Solutions The Climate Solutions segment provides energy-efficient, climate-controlled components and solutions for a wide array of applications. The Climate Solutions segment principally generates revenue from selling heat transfer products, heating, ventilating, air conditioning, and refrigeration (“HVAC & refrigeration”) products, and data center cooling solutions. Heat transfer products include heat transfer coils used in commercial and residential HVAC and refrigeration applications. HVAC and refrigeration products include commercial and residential unit heaters, vertical and horizontal unit ventilators, air conditioning chillers, low global warming potential unit coolers, air-cooled condensers, and dry coolers. Data center cooling solutions, which are integrated with system controls, include air- and liquid-cooled chillers, computer room air conditioner and air handler units, and fan walls. Performance Technologies The Performance Technologies segment provides products and solutions that enhance the performance of customer applications. The Performance Technologies segment designs and manufactures air- and liquid-cooled technology for vehicular, stationary power, and industrial applications. Air-cooled products include radiators, charge air coolers, condensers, and engine cooling modules. Liquid-cooled products include engine oil coolers, charge air coolers, condensers, and exhaust gas recirculation coolers. In addition, the Performance Technologies segment provides advanced solutions, which are designed to improve battery range and vehicle life, to zero-emission and hybrid commercial vehicle and automotive customers. These solutions include battery thermal management systems, electronics cooling packages, and battery chillers. The advanced solutions provided by the segment also include coating products and application services that extend the life of equipment and components by protecting against corrosion. Disaggregation of Revenue The table below presents revenue for each of the Company’s operating segments. Each segment’s revenue is disaggregated by product group, by geographic location and based upon the timing of revenue recognition. The disaggregated revenue information presented in the table below for fiscal 2022 has been recast to be comparable to the current period presentation. Three months ended , Three months ended , Climate Solutions Performance Technologies Segment Total Climate Solutions Performance Technologies Segment Total Product groups: Heat transfer $ 140.5 $ - $ 140.5 $ 117.7 $ - $ 117.7 HVAC & refrigeration 78.2 - 78.2 70.6 - 70.6 Data center cooling 25.5 - 25.5 18.2 - 18.2 Air-cooled - 153.0 153.0 - 141.5 141.5 Liquid-cooled - 110.9 110.9 - 118.7 118.7 Advanced solutions - 32.9 32.9 - 27.9 27.9 Inter-segment sales 0.2 7.5 7.7 - 9.0 9.0 Net sales $ 244.4 $ 304.3 $ 548.7 $ 206.5 $ 297.1 $ 503.6 Geographic location: Americas $ 139.4 $ 164.3 $ 303.7 $ 104.0 $ 138.3 $ 242.3 Europe 99.0 96.1 195.1 96.0 104.4 200.4 Asia 6.0 43.9 49.9 6.5 54.4 60.9 Net sales $ 244.4 $ 304.3 $ 548.7 $ 206.5 $ 297.1 $ 503.6 Timing of revenue recognition: Products transferred at a point in time $ 230.8 $ 281.8 $ 512.6 $ 203.4 $ 277.6 $ 481.0 Products transferred over time 13.6 22.5 36.1 3.1 19.5 22.6 Net sales $ 244.4 $ 304.3 $ 548.7 $ 206.5 $ 297.1 $ 503.6 Contract Balances Contract assets and contract liabilities from contracts with customers were as follows: June 30, 2022 March 31, 2022 Contract assets $ 18.2 $ 26.8 Contract liabilities 17.9 11.8 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 $8.6 million dec rease in contract assets during the first three months of fiscal 2023 primarily resulted from a decrease in contract assets 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 $6.1 million increase in contract liabilities during the first three months of fiscal 2023 primarily resulted from payments received in advance of the Company’s satisfaction of performance obligations.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jun. 30, 2022
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 3: Fair Value Measurements Fair value is defined as the price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Fair value measurements are classified under the following hierarchy: • Level 1 – Quoted prices for identical instruments in active markets. • Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. • Level 3 – Model-derived valuations in which one or more significant inputs are not observable. When available, the Company uses quoted market prices to determine fair value and classifies such measurements as Level 1. In some cases, where market prices are not available, the Company uses observable market-based inputs to calculate fair value, in which case the measurements are classified as Level 2. If quoted or observable market prices are not available, the Company determines fair value based upon valuation models that use, where possible, market-based data such as interest rates, yield curves or currency rates. These measurements are classified as Level 3. The carrying values of cash, cash equivalents, restricted cash, short-term investments, trade accounts receivable, accounts payable, and short-term debt approximate fair value due to the short-term nature of these instruments. The fair value of the Company’s long-term debt is disclosed in Note .

Pensions

Pensions	3 Months Ended
	Jun. 30, 2022
Pensions [Abstract]
Pensions	Note 4: Pensions Pension cost included the following components: Three months ended June 30, 2022 2021 Service cost $ 0.1 $ 0.1 Interest cost 2.0 1.8 Expected return on plan assets (2.9 ) (3.2 ) Amortization of unrecognized net loss 1.4 1.7 Net periodic benefit cost $ 0.6 $ 0.4 Our funding policy is to contribute annually, at a minimum, the amount necessary on an actuarial basis to provide for benefits in accordance with applicable laws and regulations. In connection with funding relief provisions within the American Rescue Plan Act of 2021, we do not expect to make cash contributions to our U.S. pension plans during fiscal 2023.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Jun. 30, 2022
Stock-Based Compensation [Abstract]
Stock-Based Compensation	Note 5: Stock-Based Compensation The Company’s stock-based incentive programs consist of the following: (1) a long-term incentive plan (“LTIP”) for officers and other executives that consists of stock awards, stock options, and performance-based 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 $1.2 million f or the three months ended June 30, 2022 and 2021, respectively. The fair value of stock-based compensation awards granted during the three months ended June 30, 2022 and 2021 were as follows: Three months ended June 30, 2022 2021 Shares Fair Value Per Award Shares Fair Value Per Award Stock options 0.2 $ 6.92 0.2 $ 9.39 Restricted stock awards 0.2 $ 12.28 0.2 $ 17.49 In lieu of performance-based stock awards, the Company granted performance cash awards to the LTIP participants during the first quarter of fiscal 2023. 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, 2025. The Company used the following assumptions in determining fair value for stock options: Three months ended June 30, 2022 2021 Expected life of awards in years 6.0 6.1 Risk-free interest rate 3.0 % 1.0 % Expected volatility of the Company’s stock 57.8 % 56.4 % Expected dividend yield on the Company’s stock 0.0 % 0.0 % As of June 30, 2022 Unrecognized Compensation Expense Weighted-Average Remaining Service Period in Years Stock options $ 3.2 2.7 Restricted stock awards 7.6 2.5 Total $ 10.8 2.6

Restructuring Activities

Restructuring Activities	3 Months Ended
	Jun. 30, 2022
Restructuring Activities [Abstract]
Restructuring Activities	Note 6: Restructuring Activities During the first quarter of fiscal 2023, restructuring and repositioning expenses primarily consisted of severance expenses related to targeted headcount reductions in Europe within the Performance Technologies segment. During Restructuring and repositioning expenses were as follows: Three months ended June 30, 2022 2021 Employee severance and related benefits $ 1.4 $ 0.1 Other restructuring and repositioning expenses 0.1 0.2 Total $ 1.5 $ 0.3 Other restructuring and repositioning expenses primarily consist of equipment transfers and plant consolidation costs. The Company accrues severance in accordance with its written plans, procedures, and relevant statutory requirements. Changes in accrued severance were as follows: Three months ended June 30, 2022 2021 Beginning balance $ 20.2 $ 4.0 Additions 1.4 0.1 Payments (3.3 ) (1.3 ) Effect of exchange rate changes (0.9 ) 0.1 Ending balance $ 17.4 $ 2.9

Other Income and Expense

Other Income and Expense	3 Months Ended
	Jun. 30, 2022
Other Income and Expense [Abstract]
Other Income and Expense	Note 7: Other Income and Expense Other income and expense consisted of the following: Three months ended June 30, 2022 2021 Interest income $ 0.1 $ - Foreign currency transactions (a) (2.0 ) 0.4 Net periodic benefit cost (b) (0.4 ) (0.2 ) Total other (expense) income – net $ (2.3 ) $ 0.2 (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	3 Months Ended
	Jun. 30, 2022
Income Taxes [Abstract]
Income Taxes	Note 8: Income Taxes The Company’s effective tax rate for the three months ended June 30, 2022 and 2021 was and , respectively. . 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 the Company’s analysis as of June 30, 2021, the Company determined it was more likely than not that the deferred tax assets in a foreign jurisdiction will be realized. As a result, the need for the valuation allowance recorded thereon was eliminated and the Company recorded an income tax benefit of $ 4.8 At June 30, 2022, valuation allowances against deferred tax assets in the U.S. and in certain foreign jurisdictions totaled and . Accounting

Earnings Per Share

Earnings Per Share	3 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Note 9: Earnings Per Share The components of basic and diluted earnings per share were as follows: Three months ended June 30, 2022 2021 Net earnings attributable to Modine $ 14.3 $ 2.3 Weighted-average shares outstanding – basic 52.2 51.8 Effect of dilutive securities 0.2 0.7 Weighted-average shares outstanding – diluted 52.4 52.5 Earnings per share: Net earnings per share – basic $ 0.27 $ 0.04 Net earnings per share – diluted $ 0.27 $ 0.04 For the three months ended June 30, 2022, the calculation of diluted earnings per share excluded million and million stock options and restricted stock awards, respectively, because they were anti-dilutive. For the three months ended June 30, 2021, the calculation of diluted earnings per share excluded million and million stock options and restricted stock awards, respectively, because they were anti-dilutive

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	3 Months Ended
	Jun. 30, 2022
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash, Cash Equivalents and Restricted Cash	Note 10: Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash consisted of the following: June 30, 2022 March 31, 2022 Cash and cash equivalents $ 58.7 $ 45.2 Restricted cash 0.2 0.2 Total cash, cash equivalents, and restricted cash $ 58.9 $ 45.4 Restricted cash, which is reported within other current assets and other noncurrent assets in the consolidated balance sheets, consists primarily of deposits for contractual guarantees or commitments required for rents, import and export duties, and commercial agreements.

Inventories

Inventories	3 Months Ended
	Jun. 30, 2022
Inventories [Abstract]
Inventories	Note 11: Inventories Inventories consisted of the following: June 30, 2022 March 31, 2022 Raw materials $ 210.1 $ 186.7 Work in process 55.3 55.1 Finished goods 45.4 39.4 Total inventories $ 310.8 $ 281.2

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Note 12: Property, Plant and Equipment Property, plant and equipment, including depreciable lives, consisted of the following: June 30, 2022 March 31, 2022 Land $ 15.9 $ 16.8 Buildings and improvements ( 10 40 259.8 264.6 Machinery and equipment ( 3 15 847.0 869.4 Office equipment ( 3 10 94.2 96.2 Construction in progress 28.9 31.2 1,245.8 1,278.2 Less: accumulated depreciation (946.3 ) (962.8 ) Net property, plant and equipment $ 299.5 $ 315.4

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets [Abstract]
Goodwill and Intangible Assets	Note 13: Goodwill and Intangible Assets The following table presents a rollforward of the carrying value of goodwill from March 31, 2022 to June 30, 2022. The Company has recast the March 31, 2022 goodwill balances to be comparable with the current segment structure. There was no impact to the underlying reporting units as a result of the segment realignment during the first quarter of fiscal 2023. Climate Solutions Performance Technologies Total Goodwill, March 31 2022 $ 108.1 $ 60.0 $ 168.1 Effect of exchange rate changes (3.3 ) (0.2 ) (3.5 ) Goodwill, June 30 2022 $ 104.8 $ 59.8 $ 164.6 Intangible assets consisted of the following: June 30, 2022 March 31, 2022 Gross Carrying Value Accumulated Amortization Net Intangible Assets Gross Carrying Value Accumulated Amortization Net Intangible Assets Customer relationships $ 59.6 $ (20.5 ) $ 39.1 $ 61.2 $ (20.1 ) $ 41.1 Trade names 50.1 (14.2 ) 35.9 50.8 (13.8 ) 37.0 Acquired technology 22.4 (11.1 ) 11.3 23.1 (10.9 ) 12.2 Total intangible assets $ 132.1 $ (45.8 ) $ 86.3 $ 135.1 $ (44.8 ) $ 90.3 The Company recorded amortization expense of $ 2.0 million and $2.1 million for the three months ended June 30, 2022 and 2021, respectively of amortization expense during the remainder of fiscal and approximately of annual amortization expense in fiscal through .

Product Warranties

Product Warranties	3 Months Ended
	Jun. 30, 2022
Product Warranties [Abstract]
Product Warranties	Note 14: Product Warranties Changes in accrued warranty costs were as follows: Three months ended June 30, 2022 2021 Beginning balance $ 6.3 $ 5.2 Warranties recorded at time of sale 1.4 1.4 Adjustments to pre-existing warranties (0.2 ) (0.2 ) Settlements (1.1 ) (0.8 ) Effect of exchange rate changes (0.2 ) - Ending balance $ 6.2 $ 5.6

Leases

Leases	3 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	Note 15: Leases Lease Assets and Liabilities The following table provides a summary of leases recorded on the consolidated balance sheets. Balance Sheet Location June 30, 2022 March 31, 2022 Lease Assets Operating lease ROU assets Other noncurrent assets $ 52.1 $ 52.1 Finance lease ROU assets (a) Property, plant and equipment – net 7.3 7.7 Lease Liabilities Operating lease liabilities Other current liabilities $ 11.9 $ 12.7 Operating lease liabilities Other noncurrent liabilities 41.9 41.2 Finance lease liabilities Long-term debt – current portion 0.4 0.4 Finance lease liabilities Long-term debt 2.5 2.8 (a) Finance lease right-of-use (“ROU”) assets were recorded net of accumulated amortization, which totaled $2.8 million at both June 30, 2022 and March 31, 2022. Components of Lease Expense The components of lease expense were as follows: Three months ended June 30, 2022 2021 Operating lease expense (a) $ 5.3 $ 4.6 Finance lease expense: Depreciation of ROU assets 0.1 0.1 Interest on lease liabilities - - Total lease expense $ 5.4 $ 4.7 (a) For the three months ended June 30, 2022 and 2021, operating lease expense included short-term lease expense of $1.3 million and $0.8 million, respectively. Variable lease expense was not significant.

Indebtedness

Indebtedness	3 Months Ended
	Jun. 30, 2022
Indebtedness [Abstract]
Indebtedness	Note 16: Indebtedness Long-term debt consisted of the following: _ Fiscal year of maturity June 30, 2022 March 31, 2022 Term loans 2025 $ 158.5 $ 163.7 Revolving credit facility 2025 81.7 64.9 5.9% Senior Notes 2029 100.0 100.0 5.8% Senior Notes 2027 41.7 41.7 Other (a) 2.9 3.2 384.8 373.5 Less: current portion (21.5 ) (21.7 ) Less: unamortized debt issuance costs (3.1 ) (3.4 ) Total long-term debt $ 360.2 $ 348.4 (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 2023 $ 18.2 2024 21.5 2025 226.6 2026 33.8 2027 33.8 2028 & beyond 50.9 Total $ 384.8 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 June 30, 2022, the weighted-average interest rates for revolving credit facility borrowings and the term loans were 2.8 and 3.4 percent, respectively . 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 June 30, 2022, the Company’s borrowings under its revolving credit and swingline facilities totaled $81.7 million and $4.0 million, respectively, and domestic letters of credit totaled $5.4 million. As a result, available borrowing capacity under the Company’s revolving credit facility was $158.9 million as of June 30, 2022. At March 31, 2022, the Company’s borrowings under its revolving credit and swingline facilities totaled $64.9 million and $7.0 million, respectively. The Company also maintains credit agreements for its foreign subsidiaries. The outstanding short-term borrowings related to these foreign credit agreements totaled $2.5 million at June 30, 2022. There were $0.7 million of short-term borrowings related to these foreign credit agreements at March 31, 2022. 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 June 30, 2022 and March 31, 2022, 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 $133.2 million and $138.9 million, respectively. The fair value of the Company’s long-term debt is categorized as Level 2 within the fair value hierarchy. Refer to Note 3 for the definition of a Level 2 fair value measurement.

Risks, Uncertainties, Contingen

Risks, Uncertainties, Contingencies and Litigation	3 Months Ended
	Jun. 30, 2022
Risks, Uncertainties, Contingencies and Litigation [Abstract]
Risks, Uncertainties, Contingencies and Litigation	Note 17: Risks, Uncertainties, Contingencies and Litigation COVID- 19 Pandemic and Supply Chain Disruptions T he COVID-19 pandemic and other market and economic dynamics have contributed to ongoing global supply chain challenges and inflationary market conditions. Since the fourth quarter of fiscal 2022, the military conflict between Russia and Ukraine and the related sanctions imposed by governments in the U.S. and abroad have also impacted these market conditions, particularly driving higher oil and gas prices. The Company is focused on mitigating the negative impacts of labor shortages, supply chain challenges and inflationary market conditions, including rising raw material and logistic prices as well as delays and shortages in certain purchased commodities and components. At this time, the Company cannot reasonably estimate the full impact of the COVID-19 pandemic or the ongoing supply chain challenges and other related economic or market dynamics. 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 T he 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 During the first three months of fiscal 2023 and 2022, the Company increased its remediation accrual related to a former manufacturing facility in the U.S. by 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	3 Months Ended
	Jun. 30, 2022
Accumulated Other Comprehensive Loss [Abstract]
Accumulated Other Comprehensive Loss	Note 18: Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss were as follows: Three months ended June 30, 2022 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (39.1 ) $ (111.1 ) $ 0.7 $ (149.5 ) Other comprehensive income (loss) before reclassifications (23.5 ) - (1.2 ) (24.7 ) Reclassifications: Amortization of unrecognized net loss (a) - 1.3 - 1.3 Realized gains – net (b) - - (0.4 ) (0.4 ) Income taxes - - - - Total other comprehensive income (loss) (23.5 ) 1.3 (1.6 ) (23.8 ) Ending balance $ (62.6 ) $ (109.8 ) $ (0.9 ) $ (173.3 ) Three months ended June 30, 2021 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (31.0 ) $ (130.8 ) $ 0.6 $ (161.2 ) Other comprehensive income before reclassifications 5.0 - 0.3 5.3 Reclassifications: Amortization of unrecognized net loss (a) - 1.7 - 1.7 Unrecognized net pension loss in disposed business (c) - 1.7 - 1.7 Realized gains – net (b) - - (0.7 ) (0.7 ) Income taxes - - - - Total other comprehensive income 5.0 3.4 (0.4 ) 8.0 Ending balance $ (26.0 ) $ (127.4 ) $ 0.2 $ (153.2 ) (a) Amounts are included in the calculation of net periodic benefit cost for the Company’s defined benefit plans, which include pension and other postretirement plans. See Note 4 for additional information about the Company’s pension plans. (b) A mounts represent net gains and losses associated with cash flow hedges that were reclassified to net earnings . (c) As a result of the sale of the air-cooled automotive business in Austria, the Company wrote off $ million of net actuarial losses related to its pension plan as a component of the loss on sale recorded during the first quarter of fiscal 2022. See Note 1 for additional information.

Segment Information

Segment Information	3 Months Ended
	Jun. 30, 2022
Segment Information [Abstract]
Segment Information	Note 19: Segment Information Effective April 1, 2022, the Company began managing its operations under two operating segments, Climate Solutions and Performance Technologies. The Climate Solutions segment includes the previously-reported BHVAC and CIS segments, with the exception of CIS Coatings. The Performance Technologies segment includes the previously-reported HDE and Automotive segments and the CIS Coatings business. See Note 2 for information regarding the primary operating activities of each segment. The Company’s new segment structure aligns businesses serving similar or complimentary end markets, products and technologies under common segment management. The Company expects this simplified segment structure will allow it to better focus resources on targeted growth opportunities and allow for a more efficient application of 80/20 principles across all product lines to optimize profit margins and cash flow. The segment realignment had no impact on the Company’s consolidated financial position, results of operations, and cash flows. Segment financial information for the prior periods has been recast to conform to the current presentation. The following is a summary of net sales, gross profit and operating income by segment: Three months ended June 30, 2022 2021 External Sales Inter-segment Sales Total External Sales Inter-segment Sales Total Net sales: Climate Solutions $ 244.2 $ 0.2 $ 244.4 $ 206.5 $ - $ 206.5 Performance Technologies 296.8 7.5 304.3 288.1 9.0 297.1 Segment total 541.0 7.7 548.7 494.6 9.0 503.6 Corporate and eliminations - (7.7 ) (7.7 ) - (9.0 ) (9.0 ) Net sales $ 541.0 $ - $ 541.0 $ 494.6 $ - $ 494.6 Three months ended June 30, 2022 2021 _ % of sales _ % of sales Gross profit: Climate Solutions $ 50.4 20.6 % $ 32.6 15.8 % Performance Technologies 33.0 10.8 % 40.2 13.5 % Segment total 83.4 15.2 % 72.8 14.5 % Corporate and eliminations - - 0.4 - Gross profit $ 83.4 15.4 % $ 73.2 14.8 % Three months ended June 30, 2022 2021 Operating income: Climate Solutions $ 27.0 $ 10.7 Performance Technologies 7.4 15.7 Segment total 34.4 26.4 Corporate and eliminations (8.8 ) (17.7 ) Operating income $ 25.6 $ 8.7 The following is a summary of segment assets, comprised entirely of trade accounts receivable and inventories, and other assets: June 30, 2022 March 31, 2022 Assets: Climate Solutions $ 325.0 $ 291.7 Performance Technologies 339.3 357.0 Other (a) 760.3 778.3 Total assets $ 1,424.6 $ 1,427.0 (a) Represents cash and cash equivalents, other current assets, property plant and equipment, intangible assets, goodwill, deferred income taxes, and other noncurrent assets for the Climate Solutions and Performance Technologies segments and Corporate.

General (Policies)

General (Policies)	3 Months Ended
	Jun. 30, 2022
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 three 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 2.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Jun. 30, 2022
Revenue Recognition [Abstract]
Disaggregation of Revenue	The table below presents revenue for each of the Company’s operating segments. Each segment’s revenue is disaggregated by product group, by geographic location and based upon the timing of revenue recognition. The disaggregated revenue information presented in the table below for fiscal 2022 has been recast to be comparable to the current period presentation. Three months ended , Three months ended , Climate Solutions Performance Technologies Segment Total Climate Solutions Performance Technologies Segment Total Product groups: Heat transfer $ 140.5 $ - $ 140.5 $ 117.7 $ - $ 117.7 HVAC & refrigeration 78.2 - 78.2 70.6 - 70.6 Data center cooling 25.5 - 25.5 18.2 - 18.2 Air-cooled - 153.0 153.0 - 141.5 141.5 Liquid-cooled - 110.9 110.9 - 118.7 118.7 Advanced solutions - 32.9 32.9 - 27.9 27.9 Inter-segment sales 0.2 7.5 7.7 - 9.0 9.0 Net sales $ 244.4 $ 304.3 $ 548.7 $ 206.5 $ 297.1 $ 503.6 Geographic location: Americas $ 139.4 $ 164.3 $ 303.7 $ 104.0 $ 138.3 $ 242.3 Europe 99.0 96.1 195.1 96.0 104.4 200.4 Asia 6.0 43.9 49.9 6.5 54.4 60.9 Net sales $ 244.4 $ 304.3 $ 548.7 $ 206.5 $ 297.1 $ 503.6 Timing of revenue recognition: Products transferred at a point in time $ 230.8 $ 281.8 $ 512.6 $ 203.4 $ 277.6 $ 481.0 Products transferred over time 13.6 22.5 36.1 3.1 19.5 22.6 Net sales $ 244.4 $ 304.3 $ 548.7 $ 206.5 $ 297.1 $ 503.6
Contract Assets and Contract Liabilities from Contracts with Customers	Contract assets and contract liabilities from contracts with customers were as follows: June 30, 2022 March 31, 2022 Contract assets $ 18.2 $ 26.8 Contract liabilities 17.9 11.8

Pensions (Tables)

Pensions (Tables)	3 Months Ended
	Jun. 30, 2022
Pensions [Abstract]
Pension Cost	Pension cost included the following components: Three months ended June 30, 2022 2021 Service cost $ 0.1 $ 0.1 Interest cost 2.0 1.8 Expected return on plan assets (2.9 ) (3.2 ) Amortization of unrecognized net loss 1.4 1.7 Net periodic benefit cost $ 0.6 $ 0.4

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Jun. 30, 2022
Stock-Based Compensation [Abstract]
Fair Value of Stock-Based Compensation Awards	The fair value of stock-based compensation awards granted during the three months ended June 30, 2022 and 2021 were as follows: Three months ended June 30, 2022 2021 Shares Fair Value Per Award Shares Fair Value Per Award Stock options 0.2 $ 6.92 0.2 $ 9.39 Restricted stock awards 0.2 $ 12.28 0.2 $ 17.49
Assumptions Used in Determining Fair Value of Stock Options	The Company used the following assumptions in determining fair value for stock options: Three months ended June 30, 2022 2021 Expected life of awards in years 6.0 6.1 Risk-free interest rate 3.0 % 1.0 % Expected volatility of the Company’s stock 57.8 % 56.4 % 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 June 30, 2022 Unrecognized Compensation Expense Weighted-Average Remaining Service Period in Years Stock options $ 3.2 2.7 Restricted stock awards 7.6 2.5 Total $ 10.8 2.6

Restructuring Activities (Table

Restructuring Activities (Tables)	3 Months Ended
	Jun. 30, 2022
Restructuring Activities [Abstract]
Restructuring and Repositioning Expenses	Restructuring and repositioning expenses were as follows: Three months ended June 30, 2022 2021 Employee severance and related benefits $ 1.4 $ 0.1 Other restructuring and repositioning expenses 0.1 0.2 Total $ 1.5 $ 0.3
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 June 30, 2022 2021 Beginning balance $ 20.2 $ 4.0 Additions 1.4 0.1 Payments (3.3 ) (1.3 ) Effect of exchange rate changes (0.9 ) 0.1 Ending balance $ 17.4 $ 2.9

Other Income and Expense (Table

Other Income and Expense (Tables)	3 Months Ended
	Jun. 30, 2022
Other Income and Expense [Abstract]
Other Income and Expense	Other income and expense consisted of the following: Three months ended June 30, 2022 2021 Interest income $ 0.1 $ - Foreign currency transactions (a) (2.0 ) 0.4 Net periodic benefit cost (b) (0.4 ) (0.2 ) Total other (expense) income – net $ (2.3 ) $ 0.2 (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)	3 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share	The components of basic and diluted earnings per share were as follows: Three months ended June 30, 2022 2021 Net earnings attributable to Modine $ 14.3 $ 2.3 Weighted-average shares outstanding – basic 52.2 51.8 Effect of dilutive securities 0.2 0.7 Weighted-average shares outstanding – diluted 52.4 52.5 Earnings per share: Net earnings per share – basic $ 0.27 $ 0.04 Net earnings per share – diluted $ 0.27 $ 0.04

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	3 Months Ended
	Jun. 30, 2022
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash and Cash Equivalents and Restricted Cash	Cash, cash equivalents and restricted cash consisted of the following: June 30, 2022 March 31, 2022 Cash and cash equivalents $ 58.7 $ 45.2 Restricted cash 0.2 0.2 Total cash, cash equivalents, and restricted cash $ 58.9 $ 45.4

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Jun. 30, 2022
Inventories [Abstract]
Inventories	Inventories consisted of the following: June 30, 2022 March 31, 2022 Raw materials $ 210.1 $ 186.7 Work in process 55.3 55.1 Finished goods 45.4 39.4 Total inventories $ 310.8 $ 281.2

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment, including depreciable lives, consisted of the following: June 30, 2022 March 31, 2022 Land $ 15.9 $ 16.8 Buildings and improvements ( 10 40 259.8 264.6 Machinery and equipment ( 3 15 847.0 869.4 Office equipment ( 3 10 94.2 96.2 Construction in progress 28.9 31.2 1,245.8 1,278.2 Less: accumulated depreciation (946.3 ) (962.8 ) Net property, plant and equipment $ 299.5 $ 315.4

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Jun. 30, 2022
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, 2022 to June 30, 2022. The Company has recast the March 31, 2022 goodwill balances to be comparable with the current segment structure. There was no impact to the underlying reporting units as a result of the segment realignment during the first quarter of fiscal 2023. Climate Solutions Performance Technologies Total Goodwill, March 31 2022 $ 108.1 $ 60.0 $ 168.1 Effect of exchange rate changes (3.3 ) (0.2 ) (3.5 ) Goodwill, June 30 2022 $ 104.8 $ 59.8 $ 164.6
Intangible Assets	Intangible assets consisted of the following: June 30, 2022 March 31, 2022 Gross Carrying Value Accumulated Amortization Net Intangible Assets Gross Carrying Value Accumulated Amortization Net Intangible Assets Customer relationships $ 59.6 $ (20.5 ) $ 39.1 $ 61.2 $ (20.1 ) $ 41.1 Trade names 50.1 (14.2 ) 35.9 50.8 (13.8 ) 37.0 Acquired technology 22.4 (11.1 ) 11.3 23.1 (10.9 ) 12.2 Total intangible assets $ 132.1 $ (45.8 ) $ 86.3 $ 135.1 $ (44.8 ) $ 90.3

Product Warranties (Tables)

Product Warranties (Tables)	3 Months Ended
	Jun. 30, 2022
Product Warranties [Abstract]
Changes in Accrued Warranty Costs	Changes in accrued warranty costs were as follows: Three months ended June 30, 2022 2021 Beginning balance $ 6.3 $ 5.2 Warranties recorded at time of sale 1.4 1.4 Adjustments to pre-existing warranties (0.2 ) (0.2 ) Settlements (1.1 ) (0.8 ) Effect of exchange rate changes (0.2 ) - Ending balance $ 6.2 $ 5.6

Leases (Tables)

Leases (Tables)	3 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Lease Recorded on Consolidated Balance Sheets	The following table provides a summary of leases recorded on the consolidated balance sheets. Balance Sheet Location June 30, 2022 March 31, 2022 Lease Assets Operating lease ROU assets Other noncurrent assets $ 52.1 $ 52.1 Finance lease ROU assets (a) Property, plant and equipment – net 7.3 7.7 Lease Liabilities Operating lease liabilities Other current liabilities $ 11.9 $ 12.7 Operating lease liabilities Other noncurrent liabilities 41.9 41.2 Finance lease liabilities Long-term debt – current portion 0.4 0.4 Finance lease liabilities Long-term debt 2.5 2.8 (a) Finance lease right-of-use (“ROU”) assets were recorded net of accumulated amortization, which totaled $2.8 million at both June 30, 2022 and March 31, 2022.
Components of Lease Expense	The components of lease expense were as follows: Three months ended June 30, 2022 2021 Operating lease expense (a) $ 5.3 $ 4.6 Finance lease expense: Depreciation of ROU assets 0.1 0.1 Interest on lease liabilities - - Total lease expense $ 5.4 $ 4.7 (a) For the three months ended June 30, 2022 and 2021, operating lease expense included short-term lease expense of $1.3 million and $0.8 million, respectively. Variable lease expense was not significant.

Indebtedness (Tables)

Indebtedness (Tables)	3 Months Ended
	Jun. 30, 2022
Indebtedness [Abstract]
Long-Term Debt	Long-term debt consisted of the following: _ Fiscal year of maturity June 30, 2022 March 31, 2022 Term loans 2025 $ 158.5 $ 163.7 Revolving credit facility 2025 81.7 64.9 5.9% Senior Notes 2029 100.0 100.0 5.8% Senior Notes 2027 41.7 41.7 Other (a) 2.9 3.2 384.8 373.5 Less: current portion (21.5 ) (21.7 ) Less: unamortized debt issuance costs (3.1 ) (3.4 ) Total long-term debt $ 360.2 $ 348.4 (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 2023 $ 18.2 2024 21.5 2025 226.6 2026 33.8 2027 33.8 2028 & beyond 50.9 Total $ 384.8

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Jun. 30, 2022
Accumulated Other Comprehensive Loss [Abstract]
Accumulated Other Comprehensive Loss	Changes in accumulated other comprehensive loss were as follows: Three months ended June 30, 2022 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (39.1 ) $ (111.1 ) $ 0.7 $ (149.5 ) Other comprehensive income (loss) before reclassifications (23.5 ) - (1.2 ) (24.7 ) Reclassifications: Amortization of unrecognized net loss (a) - 1.3 - 1.3 Realized gains – net (b) - - (0.4 ) (0.4 ) Income taxes - - - - Total other comprehensive income (loss) (23.5 ) 1.3 (1.6 ) (23.8 ) Ending balance $ (62.6 ) $ (109.8 ) $ (0.9 ) $ (173.3 ) Three months ended June 30, 2021 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (31.0 ) $ (130.8 ) $ 0.6 $ (161.2 ) Other comprehensive income before reclassifications 5.0 - 0.3 5.3 Reclassifications: Amortization of unrecognized net loss (a) - 1.7 - 1.7 Unrecognized net pension loss in disposed business (c) - 1.7 - 1.7 Realized gains – net (b) - - (0.7 ) (0.7 ) Income taxes - - - - Total other comprehensive income 5.0 3.4 (0.4 ) 8.0 Ending balance $ (26.0 ) $ (127.4 ) $ 0.2 $ (153.2 ) (a) Amounts are included in the calculation of net periodic benefit cost for the Company’s defined benefit plans, which include pension and other postretirement plans. See Note 4 for additional information about the Company’s pension plans. (b) A mounts represent net gains and losses associated with cash flow hedges that were reclassified to net earnings . (c) As a result of the sale of the air-cooled automotive business in Austria, the Company wrote off $ million of net actuarial losses related to its pension plan as a component of the loss on sale recorded during the first quarter of fiscal 2022. See Note 1 for additional information.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Jun. 30, 2022
Segment Information [Abstract]
Net Sales, Gross Profit, Operating Income and Assets by Segment	The following is a summary of net sales, gross profit and operating income by segment: Three months ended June 30, 2022 2021 External Sales Inter-segment Sales Total External Sales Inter-segment Sales Total Net sales: Climate Solutions $ 244.2 $ 0.2 $ 244.4 $ 206.5 $ - $ 206.5 Performance Technologies 296.8 7.5 304.3 288.1 9.0 297.1 Segment total 541.0 7.7 548.7 494.6 9.0 503.6 Corporate and eliminations - (7.7 ) (7.7 ) - (9.0 ) (9.0 ) Net sales $ 541.0 $ - $ 541.0 $ 494.6 $ - $ 494.6 Three months ended June 30, 2022 2021 _ % of sales _ % of sales Gross profit: Climate Solutions $ 50.4 20.6 % $ 32.6 15.8 % Performance Technologies 33.0 10.8 % 40.2 13.5 % Segment total 83.4 15.2 % 72.8 14.5 % Corporate and eliminations - - 0.4 - Gross profit $ 83.4 15.4 % $ 73.2 14.8 % Three months ended June 30, 2022 2021 Operating income: Climate Solutions $ 27.0 $ 10.7 Performance Technologies 7.4 15.7 Segment total 34.4 26.4 Corporate and eliminations (8.8 ) (17.7 ) Operating income $ 25.6 $ 8.7 The following is a summary of segment assets, comprised entirely of trade accounts receivable and inventories, and other assets: June 30, 2022 March 31, 2022 Assets: Climate Solutions $ 325.0 $ 291.7 Performance Technologies 339.3 357.0 Other (a) 760.3 778.3 Total assets $ 1,424.6 $ 1,427.0 (a) Represents cash and cash equivalents, other current assets, property plant and equipment, intangible assets, goodwill, deferred income taxes, and other noncurrent assets for the Climate Solutions and Performance Technologies segments and Corporate.

General (Details)

General (Details) € in Millions, $ in Millions	1 Months Ended	3 Months Ended
	Jul. 31, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 EUR (€)	Mar. 31, 2022 EUR (€)	Apr. 30, 2021 EUR (€)
Disposition of Business [Abstract]
Loss on sale of business		$ 0	$ (6.6)
Impairment charges (reversals) - net		$ 0	(1.8)
Austrian 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
Term of loan receivable		5 years
Borrowing capacity of buyer under loan receivable | €						€ 4
Interest rate		2.60%
Austrian Air-Cooled Automotive Business [Member] | Other Noncurrent Assets [Member]
Disposition of Business [Abstract]
Loan receivable | €				€ 4	€ 4
Liquid-Cooled Automotive Business [Member]
Disposition of Business [Abstract]
Impairment charges (reversals)			(7.4)
Impairment charges (reversals) - net			(2.1)
Other Automotive Assets Held for Sale [Member]
Disposition of Business [Abstract]
Impairment charges (reversals)			5.3
Previously-Closed Manufacturing Facility [Member]
Disposition of Business [Abstract]
Proceeds from disposition of assets	$ 0.7
Previously-Closed Manufacturing Facility [Member] | Climate Solutions [Member]
Disposition of Business [Abstract]
Impairment charges (reversals)			$ 0.3

Revenue Recognition (Details)

Revenue Recognition (Details) $ in Millions	3 Months Ended
	Jun. 30, 2022 USD ($) Segment	Jun. 30, 2021 USD ($)	Mar. 31, 2022 USD ($)
Revenue Recognition [Abstract]
Number of operating segments | Segment	2
Disaggregation of Revenue [Abstract]
Net sales	$ 541	$ 494.6
Contract Balances [Abstract]
Contract assets	18.2		$ 26.8
Contract liabilities	17.9		$ 11.8
Decrease in contract assets	(8.6)
Increase in contract liabilities	6.1
Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	512.6	481
Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	36.1	22.6
Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	303.7	242.3
Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	195.1	200.4
Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	49.9	60.9
Heat Transfer [Member]
Disaggregation of Revenue [Abstract]
Net sales	140.5	117.7
HVAC & Refrigeration [Member]
Disaggregation of Revenue [Abstract]
Net sales	78.2	70.6
Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	25.5	18.2
Air-Cooled [Member]
Disaggregation of Revenue [Abstract]
Net sales	153	141.5
Liquid-Cooled [Member]
Disaggregation of Revenue [Abstract]
Net sales	110.9	118.7
Advanced Solutions [Member]
Disaggregation of Revenue [Abstract]
Net sales	32.9	27.9
Inter-segment Sales [Member]
Disaggregation of Revenue [Abstract]
Net sales	7.7	9
Segment Total [Member]
Disaggregation of Revenue [Abstract]
Net sales	548.7	503.6
Climate Solutions [Member]
Disaggregation of Revenue [Abstract]
Net sales	244.4	206.5
Climate Solutions [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	230.8	203.4
Climate Solutions [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	13.6	3.1
Climate Solutions [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	139.4	104
Climate Solutions [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	99	96
Climate Solutions [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	6	6.5
Climate Solutions [Member] | Heat Transfer [Member]
Disaggregation of Revenue [Abstract]
Net sales	140.5	117.7
Climate Solutions [Member] | HVAC & Refrigeration [Member]
Disaggregation of Revenue [Abstract]
Net sales	78.2	70.6
Climate Solutions [Member] | Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	25.5	18.2
Climate Solutions [Member] | Air-Cooled [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0
Climate Solutions [Member] | Liquid-Cooled [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0
Climate Solutions [Member] | Advanced Solutions [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0
Climate Solutions [Member] | Inter-segment Sales [Member]
Disaggregation of Revenue [Abstract]
Net sales	0.2	0
Performance Technologies [Member]
Disaggregation of Revenue [Abstract]
Net sales	304.3	297.1
Performance Technologies [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	281.8	277.6
Performance Technologies [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	22.5	19.5
Performance Technologies [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	164.3	138.3
Performance Technologies [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	96.1	104.4
Performance Technologies [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	43.9	54.4
Performance Technologies [Member] | Heat Transfer [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0
Performance Technologies [Member] | HVAC & Refrigeration [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0
Performance Technologies [Member] | Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0
Performance Technologies [Member] | Air-Cooled [Member]
Disaggregation of Revenue [Abstract]
Net sales	153	141.5
Performance Technologies [Member] | Liquid-Cooled [Member]
Disaggregation of Revenue [Abstract]
Net sales	110.9	118.7
Performance Technologies [Member] | Advanced Solutions [Member]
Disaggregation of Revenue [Abstract]
Net sales	32.9	27.9
Performance Technologies [Member] | Inter-segment Sales [Member]
Disaggregation of Revenue [Abstract]
Net sales	$ 7.5	$ 9

Pensions (Details)

Pensions (Details) - USD ($) $ in Millions		3 Months Ended
		Jun. 30, 2022	Jun. 30, 2021
Net Periodic Benefit Cost [Abstract]
Net periodic benefit cost	[1]	$ 0.4	$ 0.2
Pension [Member]
Net Periodic Benefit Cost [Abstract]
Service cost		0.1	0.1
Interest cost		2	1.8
Expected return on plan assets		(2.9)	(3.2)
Amortization of unrecognized net loss		1.4	1.7
Net periodic benefit cost		0.6	$ 0.4
Pension [Member] | U.S. Plans [Member]
Employer Contributions [Abstract]
Employer cash contributions expected to be contributed in fiscal 2023		$ 0
[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
	Jun. 30, 2022	Jun. 30, 2021
Stock-Based Compensation [Abstract]
Stock-based compensation expense	$ 1.1	$ 1.2
Stock-Based Compensation [Abstract]
Unrecognized compensation expense	$ 10.8
Weighted-average remaining service period	2 years 7 months 6 days
Stock Options [Member]
Stock-Based Compensation [Abstract]
Options granted (in shares)	0.2	0.2
Fair value of options granted (in dollars per share)	$ 6.92	$ 9.39
Assumptions for Stock Awards Granted [Abstract]
Expected life of awards in years	6 years	6 years 1 month 6 days
Risk-free interest rate	3%	1%
Expected volatility of the Company's stock	57.80%	56.40%
Expected dividend yield on the Company's stock	0%	0%
Stock-Based Compensation [Abstract]
Unrecognized compensation expense	$ 3.2
Weighted-average remaining service period	2 years 8 months 12 days
Restricted Stock Awards [Member]
Stock-Based Compensation [Abstract]
Stock granted (in shares)	0.2	0.2
Fair value of stock granted (in dollars per share)	$ 12.28	$ 17.49
Stock-Based Compensation [Abstract]
Unrecognized compensation expense	$ 7.6
Weighted-average remaining service period	2 years 6 months
Performance Cash Awards [Member]
Performance Cash Awards [Abstract]
Period of time to average cash flow return on invested capital	3 years
Period of time to average EBITDA growth	3 years

Restructuring Activities (Detai

Restructuring Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Restructuring and Repositioning Expenses [Abstract]
Employee severance and related benefits	$ 1.4	$ 0.1
Other restructuring and repositioning expenses	0.1	0.2
Total	1.5	0.3
Changes in accrued severance [Roll Forward]
Beginning balance	20.2	4
Additions	1.4	0.1
Payments	(3.3)	(1.3)
Effect of exchange rate changes	(0.9)	0.1
Ending balance	$ 17.4	$ 2.9

Other Income and Expense (Detai

Other Income and Expense (Details) - USD ($) $ in Millions		3 Months Ended
		Jun. 30, 2022	Jun. 30, 2021
Other Income and Expense [Abstract]
Interest income		$ 0.1	$ 0
Foreign currency transactions	[1]	(2)	0.4
Net periodic benefit cost	[2]	(0.4)	(0.2)
Total other (expense) income - net		$ (2.3)	$ 0.2
[1]Foreign currency transactions primarily consist of foreign currency transaction gains and losses on the re-measurement or settlement of foreign currency-denominated assets and liabilities, including intercompany loans and transactions denominated in a foreign currency, along with gains and losses on 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
	Jun. 30, 2022	Jun. 30, 2021
Income Taxes [Abstract]
Effective income tax rate	25.50%	40.40%
U.S. [Member]
Income Taxes [Abstract]
Valuation allowance	$ 82.8
Foreign Jurisdictions [Member]
Income Taxes [Abstract]
Release of deferred tax asset valuation allowance		$ (4.8)
Income tax expense (benefit) related to change in deferred tax asset valuation allowance		$ (4.8)
Valuation allowance	$ 26.4

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net earnings attributable to Modine	$ 14.3	$ 2.3
Weighted-average shares outstanding - basic (in shares)	52.2	51.8
Effect of dilutive securities (in shares)	0.2	0.7
Weighted-average shares outstanding - diluted (in shares)	52.4	52.5
Earnings per Share [Abstract]
Net earnings per share - basic (in dollars per share)	$ 0.27	$ 0.04
Net earnings per share - diluted (in dollars per share)	$ 0.27	$ 0.04
Stock Options [Member]
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earning per share (in shares)	0.9	0.3
Restricted Stock [Member]
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earning per share (in shares)	0.5	0.2

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash and cash equivalents	$ 58.7	$ 45.2
Restricted cash	0.2	0.2
Total cash, cash equivalents, and restricted cash	$ 58.9	$ 45.4	$ 60.3	$ 46.1

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2022	Mar. 31, 2022
Inventories [Abstract]
Raw materials	$ 210.1	$ 186.7
Work in process	55.3	55.1
Finished goods	45.4	39.4
Total inventories	$ 310.8	$ 281.2

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 1,245.8	$ 1,278.2
Less: accumulated depreciation	(946.3)	(962.8)
Net property, plant and equipment	299.5	315.4
Land [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment	15.9	16.8
Buildings and Improvements [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 259.8	264.6
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	$ 847	869.4
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	$ 94.2	96.2
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	$ 28.9	$ 31.2

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 168.1
Effect of exchange rate changes	(3.5)
Goodwill, ending balance	164.6
Intangible Assets [Abstract]
Gross carrying value	132.1		$ 135.1
Accumulated amortization	(45.8)		(44.8)
Net intangible assets	86.3		90.3
Amortization expense	2	$ 2.1
Estimated Future Amortization Expense [Abstract]
Remainder of fiscal 2023	6
2024	8
2025	8
2026	8
2027	8
2028	8
Climate Solutions [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	108.1
Effect of exchange rate changes	(3.3)
Goodwill, ending balance	104.8
Performance Technologies [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	60
Effect of exchange rate changes	(0.2)
Goodwill, ending balance	59.8
Customer Relationships [Member]
Intangible Assets [Abstract]
Gross carrying value	59.6		61.2
Accumulated amortization	(20.5)		(20.1)
Net intangible assets	39.1		41.1
Trade Names [Member]
Intangible Assets [Abstract]
Gross carrying value	50.1		50.8
Accumulated amortization	(14.2)		(13.8)
Net intangible assets	35.9		37
Acquired Technology [Member]
Intangible Assets [Abstract]
Gross carrying value	22.4		23.1
Accumulated amortization	(11.1)		(10.9)
Net intangible assets	$ 11.3		$ 12.2

Product Warranties (Details)

Product Warranties (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Accrued Warranty Costs [Roll Forward]
Beginning balance	$ 6.3	$ 5.2
Warranties recorded at time of sale	1.4	1.4
Adjustments to pre-existing warranties	(0.2)	(0.2)
Settlements	(1.1)	(0.8)
Effect of exchange rate changes	(0.2)	0
Ending balance	$ 6.2	$ 5.6

Leases (Details)

Leases (Details) - USD ($) $ in Millions		3 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Lease Assets and Liabilities [Abstract]
Operating lease ROU assets		$ 52.1		$ 52.1
Operating lease ROU assets, Statement of Financial Position [Extensible List]		Other noncurrent assets		Other noncurrent assets
Finance lease ROU assets	[1]	$ 7.3		$ 7.7
Finance lease ROU assets, Statement of Financial Position [Extensible List]		Property, plant and equipment - net		Property, plant and equipment - net
Operating lease liabilities, current		$ 11.9		$ 12.7
Operating lease liabilities, current, Statement of Financial Position [Extensible List]		Other current liabilities		Other current liabilities
Operating lease liabilities, noncurrent		$ 41.9		$ 41.2
Operating lease liabilities, noncurrent, Statement of Financial Position [Extensible List]		Other noncurrent liabilities		Other noncurrent liabilities
Finance lease liabilities, current		$ 0.4		$ 0.4
Finance lease liabilities, current, Statement of Financial Position [Extensible List]		Long-term debt - current portion		Long-term debt - current portion
Finance lease liabilities, noncurrent		$ 2.5		$ 2.8
Finance lease liabilities, noncurrent, Statement of Financial Position [Extensible List]		Long-term debt - current portion		Long-term debt - current portion
Accumulated amortization		$ 2.8		$ 2.8
Components of Lease Expense [Abstract]
Operating lease expense	[2]	5.3	$ 4.6
Finance lease expense [Abstract]
Depreciation of ROU assets		0.1	0.1
Interest on lease liabilities		0	0
Total lease expense		5.4	4.7
Short-term lease expense		$ 1.3	$ 0.8
[1] Finance lease right-of-use (“ROU”) assets were recorded net of accumulated amortization, which totaled $2.8 million at both June 30, 2022 and March 31, 2022. For the three months ended June 30, 2022 and 2021, operating lease expense included short-term lease expense of $1.3 million and $0.8 million, respectively. Variable lease expense was not significant.

Indebtedness (Details)

Indebtedness (Details) $ in Millions		3 Months Ended
		Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)
Long-Term Debt [Abstract]
Long-term debt		$ 384.8	$ 373.5
Less: current portion		(21.5)	(21.7)
Less: unamortized debt issuance costs		(3.1)	(3.4)
Total long-term debt		360.2	348.4
Maturities of Long-Term Debt [Abstract]
Remainder of 2023		18.2
2024		21.5
2025		226.6
2026		33.8
2027		33.8
2028 & beyond		50.9
Long-term debt		384.8	373.5
Indebtedness [Abstract]
Short-term debt		$ 6.5	7.7
Leverage ratio		2.1
Interest coverage ratio		12
Maximum [Member]
Indebtedness [Abstract]
Leverage ratio		3.25
Minimum [Member]
Indebtedness [Abstract]
Interest coverage ratio		3
Level 2 [Member]
Indebtedness [Abstract]
Fair value of long-term debt		$ 133.2	138.9
Credit Agreement [Member]
Indebtedness [Abstract]
Letters of credit outstanding		5.4
Term Loans [Member]
Long-Term Debt [Abstract]
Long-term debt		$ 158.5	163.7
Fiscal year of maturity		2025
Maturities of Long-Term Debt [Abstract]
Long-term debt		$ 158.5	163.7
Indebtedness [Abstract]
Weighted-average interest rate for variable rate borrowings		3.40%
Revolving Credit Facility [Member]
Long-Term Debt [Abstract]
Long-term debt		$ 81.7	64.9
Fiscal year of maturity		2025
Maturities of Long-Term Debt [Abstract]
Long-term debt		$ 81.7	64.9
Indebtedness [Abstract]
Maximum borrowing capacity		$ 250
Weighted-average interest rate for variable rate borrowings		2.80%
Available for future borrowings		$ 158.9
Swingline Loans [Member]
Indebtedness [Abstract]
Short-term debt		4	7
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	41.7
Interest rate percentage		5.80%
Fiscal year of maturity		2027
Maturities of Long-Term Debt [Abstract]
Long-term debt		$ 41.7	41.7
Other [Member]
Long-Term Debt [Abstract]
Long-term debt	[1]	2.9	3.2
Maturities of Long-Term Debt [Abstract]
Long-term debt	[1]	2.9	3.2
Foreign Credit Agreements [Member]
Indebtedness [Abstract]
Short-term debt		$ 2.5	$ 0.7
[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	12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022
Environmental loss contingencies [Abstract]
Reserves for environmental matters	$ 18.8	$ 18.2
Increase in remediation accrual related to former manufacturing facility	$ 1	$ 3.4

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions		3 Months Ended
		Jun. 30, 2022		Jun. 30, 2021
Changes in Accumulated Other Comprehensive Loss [Abstract]
Beginning balance		$ 450.7
Other comprehensive income (loss) before reclassifications		(24.7)		$ 5.3
Reclassification from accumulated other comprehensive loss for unrecognized net pension loss in disposed business	[1]			1.7
Income taxes		0		0
Total other comprehensive income (loss)		(23.8)		8
Ending balance		440.7
Austrian 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		(149.5)		(161.2)
Ending balance		(173.3)		(153.2)
Foreign Currency Translation [Member]
Changes in Accumulated Other Comprehensive Loss [Abstract]
Beginning balance		(39.1)		(31)
Other comprehensive income (loss) before reclassifications		(23.5)		5
Income taxes		0		0
Total other comprehensive income (loss)		(23.5)		5
Ending balance		(62.6)		(26)
Defined Benefit Plans [Member]
Changes in Accumulated Other Comprehensive Loss [Abstract]
Beginning balance		(111.1)		(130.8)
Other comprehensive income (loss) before reclassifications		0		0
Reclassification from accumulated other comprehensive income (loss)	[2]	1.3		1.7
Reclassification from accumulated other comprehensive loss for unrecognized net pension loss in disposed business	[1]			1.7
Income taxes		0		0
Total other comprehensive income (loss)		1.3		3.4
Ending balance		(109.8)		(127.4)
Cash Flow Hedges [Member]
Changes in Accumulated Other Comprehensive Loss [Abstract]
Beginning balance		0.7		0.6
Other comprehensive income (loss) before reclassifications		(1.2)		0.3
Reclassification from accumulated other comprehensive income (loss)	[1]	(0.4)	[3]	(0.7)
Income taxes		0		0
Total other comprehensive income (loss)		(1.6)		(0.4)
Ending balance		$ (0.9)		$ 0.2
[1] As a result of the sale of the air-cooled automotive business in Austria, the Company wrote off $ million of net actuarial losses related to its pension plan as a component of the loss on sale recorded during the first quarter of fiscal 2022. See Note 1 for additional information. Amounts are included in the calculation of net periodic benefit cost for the Company’s defined benefit plans, which include pension and other postretirement plans. See Note 4 for additional information about the Company’s pension plans.

Segment Information (Details)

Segment Information (Details) $ in Millions		3 Months Ended
		Jun. 30, 2022 USD ($) Segment	Jun. 30, 2021 USD ($)	Mar. 31, 2022 USD ($)
Segment Information [Abstract]
Number of operating segments | Segment		2
Net sales		$ 541	$ 494.6
Gross profit		$ 83.4	$ 73.2
Gross profit (% of sales)		15.40%	14.80%
Operating income		$ 25.6	$ 8.7
Total assets		1,424.6		$ 1,427
Segment Total [Member]
Segment Information [Abstract]
Net sales		548.7	503.6
Climate Solutions [Member]
Segment Information [Abstract]
Net sales		244.4	206.5
Performance Technologies [Member]
Segment Information [Abstract]
Net sales		304.3	297.1
Other [Member]
Segment Information [Abstract]
Total assets	[1]	760.3		778.3
Operating Segments [Member]
Segment Information [Abstract]
Net sales		541	494.6
Gross profit		$ 83.4	$ 72.8
Gross profit (% of sales)		15.20%	14.50%
Operating income		$ 34.4	$ 26.4
Operating Segments [Member] | Climate Solutions [Member]
Segment Information [Abstract]
Net sales		244.2	206.5
Gross profit		$ 50.4	$ 32.6
Gross profit (% of sales)		20.60%	15.80%
Operating income		$ 27	$ 10.7
Total assets		325		291.7
Operating Segments [Member] | Performance Technologies [Member]
Segment Information [Abstract]
Net sales		296.8	288.1
Gross profit		$ 33	$ 40.2
Gross profit (% of sales)		10.80%	13.50%
Operating income		$ 7.4	$ 15.7
Total assets		339.3		$ 357
Inter-segment Sales [Member]
Segment Information [Abstract]
Net sales		7.7	9
Inter-segment Sales [Member] | Climate Solutions [Member]
Segment Information [Abstract]
Net sales		0.2	0
Inter-segment Sales [Member] | Performance Technologies [Member]
Segment Information [Abstract]
Net sales		7.5	9
Corporate and Eliminations [Member]
Segment Information [Abstract]
Net sales		(7.7)	(9)
Gross profit		$ 0	$ 0.4
Gross profit (% of sales)		0%	0%
Operating income		$ (8.8)	$ (17.7)
[1]Represents cash and cash equivalents, other current assets, property plant and equipment, intangible assets, goodwill, deferred income taxes, and other noncurrent assets for the Climate Solutions and Performance Technologies segments and Corporate.