Modine Manufacturing (MOD) 10-Q 3 Aug 23 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2023	Jul. 28, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2024
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		52,283,256

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net sales	$ 622.4	$ 541
Cost of sales	494.5	457.6
Gross profit	127.9	83.4
Selling, general and administrative expenses	61.4	56.3
Restructuring expenses	0	1.5
Operating income	66.5	25.6
Interest expense	(5.9)	(4.1)
Other expense - net	(0.6)	(2.3)
Earnings before income taxes	60	19.2
Provision for income taxes	(14.7)	(4.9)
Net earnings	45.3	14.3
Net earnings attributable to noncontrolling interest	(0.5)	0
Net earnings attributable to Modine	$ 44.8	$ 14.3
Net earnings per share attributable to Modine shareholders:
Basic (in dollars per share)	$ 0.86	$ 0.27
Diluted (in dollars per share)	$ 0.85	$ 0.27
Weighted-average shares outstanding:
Basic (in shares)	52.3	52.2
Diluted (in shares)	53	52.4

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net earnings	$ 45.3	$ 14.3
Other comprehensive income (loss), net of income taxes:
Foreign currency translation	(0.8)	(23.9)
Defined benefit plans, net of income taxes of $0.2 and $0 million	0.8	1.3
Cash flow hedges, net of income taxes of ($0.2) and $0 million	(0.7)	(1.6)
Total other comprehensive income (loss)	(0.7)	(24.2)
Comprehensive income (loss)	44.6	(9.9)
Comprehensive (income) loss attributable to noncontrolling interest	(0.3)	0.4
Comprehensive income (loss) attributable to Modine	$ 44.3	$ (9.5)

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Other comprehensive income (loss):
Defined benefit plans, tax	$ 0.2	$ 0
Cash flow hedges, tax expense	$ (0.2)	$ 0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023
ASSETS
Cash and cash equivalents	$ 92.5	$ 67.1
Trade accounts receivable - net	399.8	398
Inventories	333.5	324.9
Other current assets	68.3	56.4
Total current assets	894.1	846.4
Property, plant and equipment - net	310.3	314.5
Intangible assets - net	79.1	81.1
Goodwill	165.6	165.6
Deferred income taxes	81.2	83.7
Other noncurrent assets	77.6	74.6
Total assets	1,607.9	1,565.9
LIABILITIES AND SHAREHOLDERS' EQUITY
Short-term debt	8	3.7
Long-term debt - current portion	19.7	19.7
Accounts payable	317.5	332.8
Accrued compensation and employee benefits	81.7	89.8
Other current liabilities	79.8	61.1
Total current liabilities	506.7	507.1
Long-term debt	330	329.3
Deferred income taxes	5.3	4.8
Pensions	39.7	40.2
Other noncurrent liabilities	81.7	84.9
Total liabilities	963.4	966.3
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 55.6 million and 55.4 million shares	34.7	34.6
Additional paid-in capital	272.7	270.8
Retained earnings	542.3	497.5
Accumulated other comprehensive loss	(161.6)	(161.1)
Treasury stock, at cost, 3.4 million and 3.3 million shares	(50.2)	(49)
Total Modine shareholders' equity	637.9	592.8
Noncontrolling interest	6.6	6.8
Total equity	644.5	599.6
Total liabilities and equity	$ 1,607.9	$ 1,565.9

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Jun. 30, 2023	Mar. 31, 2023
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)	55.6	55.4
Treasury stock at cost (in shares)	3.4	3.3

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net earnings	$ 45.3	$ 14.3
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	13.7	13.9
Stock-based compensation expense	1.5	1.1
Deferred income taxes	3.1	(0.9)
Other - net	1.4	0.8
Changes in operating assets and liabilities:
Trade accounts receivable	(2.7)	0.7
Inventories	(7.9)	(38.5)
Accounts payable	(9.5)	6.8
Other assets and liabilities	(3.2)	16.3
Net cash provided by operating activities	41.7	14.5
Cash flows from investing activities:
Expenditures for property, plant and equipment	(15.1)	(10.4)
Other - net	(3.3)	0
Net cash used for investing activities	(18.4)	(10.4)
Cash flows from financing activities:
Borrowings of debt	116.1	86.7
Repayments of debt	(107.8)	(74.3)
Borrowings (repayments) on bank overdraft facilities - net	(3.8)	1.8
Purchase of treasury stock under share repurchase program	0	(1.1)
Dividend paid to noncontrolling interest	(0.5)	(0.6)
Other - net	(0.3)	(0.5)
Net cash provided by financing activities	3.7	12
Effect of exchange rate changes on cash	(0.2)	(2.6)
Net increase in cash, cash equivalents and restricted cash	26.8	13.5
Cash, cash equivalents and restricted cash - beginning of period	67.2	45.4
Cash, cash equivalents and restricted cash - end of period	$ 94	$ 58.9

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, 2022	$ 34.2	$ 261.6	$ 344.4	$ (149.5)	$ (40)	$ 7.4	$ 458.1
Balance (in shares) at Mar. 31, 2022	54.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 0	0	14.3	0	0	0	14.3
Other comprehensive 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
Balance at Mar. 31, 2023	$ 34.6	270.8	497.5	(161.1)	(49)	6.8	$ 599.6
Balance (in shares) at Mar. 31, 2023	55.4						55.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 0	0	44.8	0	0	0.5	$ 45.3
Other comprehensive loss	0	0	0	(0.5)	0	(0.2)	(0.7)
Stock options and awards	$ 0.1	0.4	0	0	0	0	0.5
Stock options and awards (in shares)	0.2
Purchase of treasury stock	$ 0	0	0	0	(1.2)	0	(1.2)
Stock-based compensation expense	0	1.5	0	0	0	0	1.5
Dividend paid to noncontrolling interest	0	0	0	0	0	(0.5)	(0.5)
Balance at Jun. 30, 2023	$ 34.7	$ 272.7	$ 542.3	$ (161.6)	$ (50.2)	$ 6.6	$ 644.5
Balance (in shares) at Jun. 30, 2023	55.6						55.6

General

General	3 Months Ended
	Jun. 30, 2023
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 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes necessary for a comprehensive presentation of financial position, results of operations and cash flows required by GAAP for complete financial statements. The financial statements include all normal recurring adjustments that are, in the opinion of management, necessary for a fair statement of results for the interim periods. Results for the first three months of fiscal 2024 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the consolidated financial statements and related notes in Modine’s Annual Report on Form 10-K for the year ended March 31, 2023. New Accounting Guidance: Supplier Finance Programs In September 2022, the Financial Accounting Standards Board (“FASB”) issued new guidance regarding disclosure of supplier finance programs including the key terms, outstanding obligations, and where such obligations are presented within the financial statements. In addition, beginning for fiscal 2025, a roll forward of obligations under such programs will be required annually. The new guidance does not impact the recognition, measurement or financial statement presentation of supplier finance program obligations. The Company adopted this guidance as of April 1, 2023. The Company facilitates a voluntary supplier finance program through a financial institution that allows certain suppliers in the U.S. and Europe to request early payment for invoices, at a discount, from the financial institution. The Company or the financial institution may terminate the supplier finance program upon 90 days’ notice. The Company’s obligations to its suppliers, including amounts due and payment terms, are consistent, irrespective of whether a supplier participates in the program. The Company is not party to the arrangements between the participating suppliers and the financial institution. Under this program, the Company confirms the validity of supplier invoices to the financial institution and remits payments to it based on the original payment terms, which typically range from 60 to 120 days. The outstanding obligations under this program, included within accounts payable

Revenue Recognition

Revenue Recognition	3 Months Ended
	Jun. 30, 2023
Revenue Recognition [Abstract]
Revenue Recognition	Note 2: Revenue Recognition 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. Beginning in fiscal 2024 and in connection with the Company’s strategic transformation and continued application of 80/20 principles across its businesses, the Company has refined its reporting of disaggregated revenue within the Climate Solutions segment to be more consistent with how the segment has aligned its teams around three market-based verticals: i) heat transfer products; ii) HVAC & refrigeration; and iii) data center cooling. For the refined fiscal 2024 presentation, the Company reports revenue based upon the respective product lines and related customer relationships managed by each market-based vertical team. The disaggregated revenue information presented in the table below for fiscal 2023 has been recast to be comparable with the fiscal 2024 presentation. Three months ended , Three months ended , Climate Solutions Performance Technologies Segment Total Climate Solutions Performance Technologies Segment Total Product groups: Heat transfer $ 125.9 $ - $ 125.9 $ 134.7 $ - $ 134.7 HVAC & refrigeration 77.7 - 77.7 79.0 - 79.0 Data center cooling 68.2 - 68.2 30.5 - 30.5 Air-cooled - 172.7 172.7 - 153.0 153.0 Liquid-cooled - 134.7 134.7 - 110.9 110.9 Advanced solutions - 43.2 43.2 - 32.9 32.9 Inter-segment sales - 8.3 8.3 0.2 7.5 7.7 Net sales $ 271.8 $ 358.9 $ 630.7 $ 244.4 $ 304.3 $ 548.7 Geographic location: Americas $ 141.6 $ 185.0 $ 326.6 $ 139.4 $ 164.3 $ 303.7 Europe 123.7 123.5 247.2 99.0 96.1 195.1 Asia 6.5 50.4 56.9 6.0 43.9 49.9 Net sales $ 271.8 $ 358.9 $ 630.7 $ 244.4 $ 304.3 $ 548.7 Timing of revenue recognition: Products transferred at a point in time $ 257.7 $ 341.4 $ 599.1 $ 230.8 $ 281.8 $ 512.6 Products transferred over time 14.1 17.5 31.6 13.6 22.5 36.1 Net sales $ 271.8 $ 358.9 $ 630.7 $ 244.4 $ 304.3 $ 548.7 Contract Balances Contract assets and contract liabilities from contracts with customers were as follows: June 30, 2023 March 31, 2023 Contract assets $ 26.6 $ 19.3 Contract liabilities 35.5 21.5 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 $7.3 million inc rease in contract assets during the first three months of fiscal 2024 primarily resulted from an increase 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 $14.0 million increase in contract liabilities during the first three months of fiscal 2024 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, 2023
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, 2023
Pensions [Abstract]
Pensions	Note 4: Pensions Pension cost included the following components: Three months ended June 30, 2023 2022 Service cost $ 0.1 $ 0.1 Interest cost 2.4 2.0 Expected return on plan assets (2.6 ) (2.9 ) Amortization of unrecognized net loss 1.1 1.4 Net periodic benefit cost $ 1.0 $ 0.6 The Company’s 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, the Company does not expect to make cash contributions to its U.S. pension plans during fiscal 2024.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Jun. 30, 2023
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 authorizes grants of stock awards, stock options, and performance-based awards 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 awards 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 $1.5 million and $1.1 million f or the three months ended June 30, 2023 and 2022, respectively. During the first quarter of fiscal 2024, the Company granted performance-based stock awards and restricted stock awards. The performance metrics for the performance-based stock awards are based upon a target three-year average cash flow return on invested capital and a target three-year 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, 2026. During the first quarter of fiscal 2023, the Company granted restricted stock awards, stock options, and performance cash awards. The fair value of stock-based compensation awards granted during the three months ended June 30, 2023 and 2022 were as follows: Three months ended June 30, 2023 2022 Shares Fair Value Per Award Shares Fair Value Per Award Performance stock awards 0.3 $ 27.29 - - Restricted stock awards 0.1 $ 27.29 0.2 $ 12.28 Stock options - - 0.2 $ 6.92 As of June 30, 2023, unrecognized compensation expense related to non-vested stock-based compensation awards, which will be recognized as expense over the remaining service periods, was as follows: Unrecognized Compensation Expense Weighted-Average Remaining Service Period in Years Performance stock awards $ 12.9 2.7 Restricted stock awards 7.2 2.1 Stock options 1.9 1.9 Total $ 22.0 2.4

Restructuring Activities

Restructuring Activities	3 Months Ended
	Jun. 30, 2023
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. Restructuring and repositioning expenses were as follows: Three months ended June 30, 2023 2022 Employee severance and related benefits $ - $ 1.4 Other restructuring and repositioning expenses - 0.1 Total $ - $ 1.5 Other restructuring and repositioning expenses primarily consist of equipment transfer 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, 2023 2022 Beginning balance $ 10.6 $ 20.2 Additions - 1.4 Payments (1.8 ) (3.3 ) Effect of exchange rate changes 0.1 (0.9 ) Ending balance $ 8.9 $ 17.4

Other Income and Expense

Other Income and Expense	3 Months Ended
	Jun. 30, 2023
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, 2023 2022 Interest income $ 0.5 $ 0.1 Foreign currency transactions (a) (0.3 ) (2.0 ) Net periodic benefit cost (b) (0.8 ) (0.4 ) Total other expense – net $ (0.6 ) $ (2.3 ) (a) Foreign currency transactions primarily consist of foreign currency transaction gains and losses on the re-measurement or settlement of foreign currency-denominated assets and liabilities, including intercompany loans and transactions denominated in a foreign currency, along with gains and losses on certain foreign currency exchange contracts. (b) Net periodic benefit cost for the Company’s pension and postretirement plans is exclusive of service cost.

Income Taxes

Income Taxes	3 Months Ended
	Jun. 30, 2023
Income Taxes [Abstract]
Income Taxes	Note 8: Income Taxes The Company’s effective tax rate for the three months ended June 30, 2023 and 2022 was 24.5 25.5 At June 30, 2023, valuation allowances against deferred tax assets in the U.S. and in certain foreign jurisdictions totaled $ 35.5 27.6

Earnings Per Share

Earnings Per Share	3 Months Ended
	Jun. 30, 2023
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, 2023 2022 Net earnings attributable to Modine $ 44.8 $ 14.3 Weighted-average shares outstanding – basic 52.3 52.2 Effect of dilutive securities 0.7 0.2 Weighted-average shares outstanding – diluted 53.0 52.4 Earnings per share: Net earnings per share – basic $ 0.86 $ 0.27 Net earnings per share – diluted $ 0.85 $ 0.27 For the three months ended June 30, 2023, the calculation of diluted earnings per share excluded 0.1 million restricted stock awards because they were anti-dilutive. 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

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	3 Months Ended
	Jun. 30, 2023
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, 2023 March 31, 2023 Cash and cash equivalents $ 92.5 $ 67.1 Restricted cash 1.5 0.1 Total cash, cash equivalents and restricted cash $ 94.0 $ 67.2 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, 2023
Inventories [Abstract]
Inventories	Note 11: Inventories Inventories consisted of the following: June 30, 2023 March 31, 2023 Raw materials $ 216.8 $ 218.3 Work in process 52.7 49.9 Finished goods 64.0 56.7 Total inventories $ 333.5 $ 324.9

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Jun. 30, 2023
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, 2023 March 31, 2023 Land $ 16.5 $ 16.4 Buildings and improvements ( 10 40 265.2 264.0 Machinery and equipment ( 3 15 855.9 853.3 Office equipment ( 3 10 94.5 93.6 Construction in progress 46.6 47.5 1,278.7 1,274.8 Less: accumulated depreciation (968.4 ) (960.3 ) Net property, plant and equipment $ 310.3 $ 314.5

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets [Abstract]
Goodwill and Intangible Assets	Note 13: Goodwill and Intangible Assets The following table presents a roll forward of the carrying value of goodwill from March 31, 2023 to June 30, 2023. Climate Solutions Performance Technologies Total Goodwill, March 31 2023 $ 105.7 $ 59.9 $ 165.6 Effect of exchange rate changes - - - Goodwill, June 30 2023 $ 105.7 $ 59.9 $ 165.6 Intangible assets consisted of the following: June 30, 2023 March 31, 2023 Gross Net Gross Net Carrying Accumulated Intangible Carrying Accumulated Intangible Value Amortization Assets Value Amortization Assets Customer relationships $ 60.3 $ (24.3 ) $ 36.0 $ 60.3 $ (23.4 ) $ 36.9 Trade names 50.1 (16.5 ) 33.6 50.1 (15.9 ) 34.2 Acquired technology 22.6 (13.1 ) 9.5 22.6 (12.6 ) 10.0 Total intangible assets $ 133.0 $ (53.9 ) $ 79.1 $ 133.0 $ (51.9 ) $ 81.1 The Company recorded amortization expense of $2.0 million for both the three months ended June 30, 2023 and 2022 .

Product Warranties

Product Warranties	3 Months Ended
	Jun. 30, 2023
Product Warranties [Abstract]
Product Warranties	Note 14: Product Warranties Changes in accrued warranty costs were as follows: Three months ended June 30, 2023 2022 Beginning balance $ 6.9 $ 6.3 Warranties recorded at time of sale 1.5 1.4 Adjustments to pre-existing warranties 0.6 (0.2 ) Settlements (1.1 ) (1.1 ) Effect of exchange rate changes - (0.2 ) Ending balance $ 7.9 $ 6.2

Leases

Leases	3 Months Ended
	Jun. 30, 2023
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, 2023 March 31, 2023 Lease Assets Operating lease ROU assets Other noncurrent assets $ 57.4 $ 59.1 Finance lease ROU assets (a) Property, plant and equipment – net 7.0 7.1 Lease Liabilities Operating lease liabilities Other current liabilities $ 11.8 $ 11.8 Operating lease liabilities Other noncurrent liabilities 47.3 48.9 Finance lease liabilities Long-term debt – current portion 0.4 0.4 Finance lease liabilities Long-term debt 2.2 2.3 (a) Finance lease right-of-use (“ROU”) assets were recorded net of accumulated amortization of $ 3.3 $3.2 million as of June 30, 2023 and March 31, 2023, respectively. Components of Lease Expense The components of lease expense were as follows: Three months ended June 30, 2023 2022 Operating lease expense (a) $ 5.9 $ 5.3 Finance lease expense: Depreciation of ROU assets 0.1 0.1 Interest on lease liabilities - - Total lease expense $ 6.0 $ 5.4 (a) For the three months ended June 30, 2023 and 2022, operating lease expense included short-term lease expense of $1.5 million and $1.3 million, respectively. Variable lease expense was not significant.

Indebtedness

Indebtedness	3 Months Ended
	Jun. 30, 2023
Indebtedness [Abstract]
Indebtedness	Note 16: Indebtedness Long-term debt consisted of the following: Fiscal year of maturity June 30, 2023 March 31, 2023 Term loans 2028 $ 213.2 $ 215.7 5.9% Senior Notes 2029 100.0 100.0 5.8% Senior Notes 2027 33.3 33.3 Revolving credit facility 2028 3.2 - Other (a) 2.6 2.7 352.3 351.7 Less: current portion (19.7 ) (19.7 ) Less: unamortized debt issuance costs (2.6 ) (2.7 ) Total long-term debt $ 330.0 $ 329.3 (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 2024 $ 16.9 2025 19.7 2026 44.7 2027 44.7 2028 200.9 2029 & beyond 25.4 Total $ 352.3 The Company maintains a credit agreement with a syndicate of banks that provides for a multi-currency $275.0 million revolving credit facility and U.S. dollar- and euro-denominated term loan facilities maturing in October 2027. In addition, the credit agreement provides for 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, 2023, the weighted-average interest rates for revolving credit facility borrowings and the term loans were 6.3 and 6.4 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, 2023, the Company’s borrowings under its revolving credit and swingline facilities totaled $3.2 million and $8.0 million, respectively, and domestic letters of credit totaled $5.5 million. As a result, available borrowing capacity under the Company’s revolving credit facility was $258.3 million as of June 30, 2023 The Company also maintains credit agreements for its foreign subsidiaries. The outstanding short-term borrowings related to these foreign credit agreements totaled $3.7 million at March 31, 2023. There were no short-term borrowings related to these agreements at June 30, 2023. Indebtedness under the Company’s credit agreement and Senior Note agreements is secured by liens on substantially all domestic assets. These agreements further require compliance with various covenants that may limit the Company’s ability to incur additional indebtedness; grant liens; make investments, loans, or guarantees; engage in certain transactions with affiliates; and make restricted payments including dividends. In addition, the agreements may require prepayment in the event of certain asset sales. Financial covenants within its credit agreements require 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, 2023 and March 31, 2023, 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 $125.9 million at each reporting date. 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, 2023
Risks, Uncertainties, Contingencies and Litigation [Abstract]
Risks, Uncertainties, Contingencies and Litigation	Note 17: Risks, Uncertainties, Contingencies and Litigation 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 at its 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 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, 2023
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, 2023 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (57.5 ) $ (104.4 ) $ 0.8 $ (161.1 ) Other comprehensive income (loss) before reclassifications (0.6 ) - (0.4 ) (1.0 ) Reclassifications: Amortization of unrecognized net loss (a) - 1.0 - 1.0 Realized gains – net (b) - - (0.5 ) (0.5 ) Income taxes - (0.2 ) 0.2 - Total other comprehensive income (loss) (0.6 ) 0.8 (0.7 ) (0.5 ) Ending balance $ (58.1 ) $ (103.6 ) $ 0.1 $ (161.6 ) 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 ) (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 .

Segment Information

Segment Information	3 Months Ended
	Jun. 30, 2023
Segment Information [Abstract]
Segment Information	Note 19: Segment Information The following is a summary of net sales, gross profit and operating income by segment: Three months ended June 30, 2023 2022 External Sales Inter-segment Sales Total External Sales Inter-segment Sales Total Net sales: Climate Solutions $ 271.8 $ - $ 271.8 $ 244.2 $ 0.2 $ 244.4 Performance Technologies 350.6 8.3 358.9 296.8 7.5 304.3 Segment total 622.4 8.3 630.7 541.0 7.7 548.7 Corporate and eliminations - (8.3 ) (8.3 ) - (7.7 ) (7.7 ) Net sales $ 622.4 $ - $ 622.4 $ 541.0 $ - $ 541.0 Three months ended June 30, 2023 2022 _ % of sales _ % of sales Gross profit: Climate Solutions $ 69.0 25.4 % $ 50.4 20.6 % Performance Technologies 58.6 16.3 % 33.0 10.8 % Segment total 127.6 20.2 % 83.4 15.2 % Corporate and eliminations 0.3 - - - Gross profit $ 127.9 20.6 % $ 83.4 15.4 % Three months ended June 30, 2023 2022 Operating income: Climate Solutions $ 44.3 $ 27.0 Performance Technologies 32.0 7.4 Segment total 76.3 34.4 Corporate and eliminations (9.8 ) (8.8 ) Operating income $ 66.5 $ 25.6 The following is a summary of segment assets, comprised entirely of trade accounts receivable and inventories, and other assets: June 30, 2023 March 31, 2023 Assets: Climate Solutions $ 355.0 $ 334.8 Performance Technologies 378.3 388.1 Other (a) 874.6 843.0 Total assets $ 1,607.9 $ 1,565.9 (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.

Subsequent Event

Subsequent Event	3 Months Ended
	Jun. 30, 2023
Subsequent Event [Abstract]
Subsequent Event	Note 20: Subsequent Event On July 1, 2023, the Company acquired substantially all of the net operating assets of Napps Technology Corporation (“Napps”) for a purchase price of $5.3 million. Napps is a Texas-based manufacturer of air- and water-cooled chillers, condensing units and heat pumps primarily for the K-12 school market. This acquisition expands the Company’s indoor air quality product portfolio and supports its growth strategy and mission of improving indoor air quality. Napps has historical annual sales of approximately $5.0 million, and will be reported within the Company’s Climate Solutions segment beginning in the second quarter of fiscal 2024.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

General (Policies)

General (Policies)	3 Months Ended
	Jun. 30, 2023
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 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes necessary for a comprehensive presentation of financial position, results of operations and cash flows required by GAAP for complete financial statements. The financial statements include all normal recurring adjustments that are, in the opinion of management, necessary for a fair statement of results for the interim periods. Results for the first three months of fiscal 2024 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the consolidated financial statements and related notes in Modine’s Annual Report on Form 10-K for the year ended March 31, 2023.
New Accounting Guidance	In September 2022, the Financial Accounting Standards Board (“FASB”) issued new guidance regarding disclosure of supplier finance programs including the key terms, outstanding obligations, and where such obligations are presented within the financial statements. In addition, beginning for fiscal 2025, a roll forward of obligations under such programs will be required annually. The new guidance does not impact the recognition, measurement or financial statement presentation of supplier finance program obligations. The Company adopted this guidance as of April 1, 2023. The Company facilitates a voluntary supplier finance program through a financial institution that allows certain suppliers in the U.S. and Europe to request early payment for invoices, at a discount, from the financial institution. The Company or the financial institution may terminate the supplier finance program upon 90 days’ notice. The Company’s obligations to its suppliers, including amounts due and payment terms, are consistent, irrespective of whether a supplier participates in the program. The Company is not party to the arrangements between the participating suppliers and the financial institution. Under this program, the Company confirms the validity of supplier invoices to the financial institution and remits payments to it based on the original payment terms, which typically range from 60 to 120 days. The outstanding obligations under this program, included within accounts payable

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Jun. 30, 2023
Revenue Recognition [Abstract]
Disaggregation of Revenue	The disaggregated revenue information presented in the table below for fiscal 2023 has been recast to be comparable with the fiscal 2024 presentation. Three months ended , Three months ended , Climate Solutions Performance Technologies Segment Total Climate Solutions Performance Technologies Segment Total Product groups: Heat transfer $ 125.9 $ - $ 125.9 $ 134.7 $ - $ 134.7 HVAC & refrigeration 77.7 - 77.7 79.0 - 79.0 Data center cooling 68.2 - 68.2 30.5 - 30.5 Air-cooled - 172.7 172.7 - 153.0 153.0 Liquid-cooled - 134.7 134.7 - 110.9 110.9 Advanced solutions - 43.2 43.2 - 32.9 32.9 Inter-segment sales - 8.3 8.3 0.2 7.5 7.7 Net sales $ 271.8 $ 358.9 $ 630.7 $ 244.4 $ 304.3 $ 548.7 Geographic location: Americas $ 141.6 $ 185.0 $ 326.6 $ 139.4 $ 164.3 $ 303.7 Europe 123.7 123.5 247.2 99.0 96.1 195.1 Asia 6.5 50.4 56.9 6.0 43.9 49.9 Net sales $ 271.8 $ 358.9 $ 630.7 $ 244.4 $ 304.3 $ 548.7 Timing of revenue recognition: Products transferred at a point in time $ 257.7 $ 341.4 $ 599.1 $ 230.8 $ 281.8 $ 512.6 Products transferred over time 14.1 17.5 31.6 13.6 22.5 36.1 Net sales $ 271.8 $ 358.9 $ 630.7 $ 244.4 $ 304.3 $ 548.7
Contract Assets and Contract Liabilities from Contracts with Customers	Contract assets and contract liabilities from contracts with customers were as follows: June 30, 2023 March 31, 2023 Contract assets $ 26.6 $ 19.3 Contract liabilities 35.5 21.5

Pensions (Tables)

Pensions (Tables)	3 Months Ended
	Jun. 30, 2023
Pensions [Abstract]
Pension Cost	Pension cost included the following components: Three months ended June 30, 2023 2022 Service cost $ 0.1 $ 0.1 Interest cost 2.4 2.0 Expected return on plan assets (2.6 ) (2.9 ) Amortization of unrecognized net loss 1.1 1.4 Net periodic benefit cost $ 1.0 $ 0.6

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Jun. 30, 2023
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, 2023 and 2022 were as follows: Three months ended June 30, 2023 2022 Shares Fair Value Per Award Shares Fair Value Per Award Performance stock awards 0.3 $ 27.29 - - Restricted stock awards 0.1 $ 27.29 0.2 $ 12.28 Stock options - - 0.2 $ 6.92
Unrecognized Compensation Expense Related to Non-Vested Stock-Based Compensation Awards	As of June 30, 2023, unrecognized compensation expense related to non-vested stock-based compensation awards, which will be recognized as expense over the remaining service periods, was as follows: Unrecognized Compensation Expense Weighted-Average Remaining Service Period in Years Performance stock awards $ 12.9 2.7 Restricted stock awards 7.2 2.1 Stock options 1.9 1.9 Total $ 22.0 2.4

Restructuring Activities (Table

Restructuring Activities (Tables)	3 Months Ended
	Jun. 30, 2023
Restructuring Activities [Abstract]
Restructuring and Repositioning Expenses	Restructuring and repositioning expenses were as follows: Three months ended June 30, 2023 2022 Employee severance and related benefits $ - $ 1.4 Other restructuring and repositioning expenses - 0.1 Total $ - $ 1.5
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, 2023 2022 Beginning balance $ 10.6 $ 20.2 Additions - 1.4 Payments (1.8 ) (3.3 ) Effect of exchange rate changes 0.1 (0.9 ) Ending balance $ 8.9 $ 17.4

Other Income and Expense (Table

Other Income and Expense (Tables)	3 Months Ended
	Jun. 30, 2023
Other Income and Expense [Abstract]
Other Income and Expense	Other income and expense consisted of the following: Three months ended June 30, 2023 2022 Interest income $ 0.5 $ 0.1 Foreign currency transactions (a) (0.3 ) (2.0 ) Net periodic benefit cost (b) (0.8 ) (0.4 ) Total other expense – net $ (0.6 ) $ (2.3 ) (a) Foreign currency transactions primarily consist of foreign currency transaction gains and losses on the re-measurement or settlement of foreign currency-denominated assets and liabilities, including intercompany loans and transactions denominated in a foreign currency, along with gains and losses on certain foreign currency exchange contracts. (b) Net periodic benefit cost for the Company’s pension and postretirement plans is exclusive of service cost.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Jun. 30, 2023
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, 2023 2022 Net earnings attributable to Modine $ 44.8 $ 14.3 Weighted-average shares outstanding – basic 52.3 52.2 Effect of dilutive securities 0.7 0.2 Weighted-average shares outstanding – diluted 53.0 52.4 Earnings per share: Net earnings per share – basic $ 0.86 $ 0.27 Net earnings per share – diluted $ 0.85 $ 0.27

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	3 Months Ended
	Jun. 30, 2023
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash, Cash Equivalents and Restricted Cash	Cash, cash equivalents and restricted cash consisted of the following: June 30, 2023 March 31, 2023 Cash and cash equivalents $ 92.5 $ 67.1 Restricted cash 1.5 0.1 Total cash, cash equivalents and restricted cash $ 94.0 $ 67.2

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Jun. 30, 2023
Inventories [Abstract]
Inventories	Inventories consisted of the following: June 30, 2023 March 31, 2023 Raw materials $ 216.8 $ 218.3 Work in process 52.7 49.9 Finished goods 64.0 56.7 Total inventories $ 333.5 $ 324.9

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment, including depreciable lives, consisted of the following: June 30, 2023 March 31, 2023 Land $ 16.5 $ 16.4 Buildings and improvements ( 10 40 265.2 264.0 Machinery and equipment ( 3 15 855.9 853.3 Office equipment ( 3 10 94.5 93.6 Construction in progress 46.6 47.5 1,278.7 1,274.8 Less: accumulated depreciation (968.4 ) (960.3 ) Net property, plant and equipment $ 310.3 $ 314.5

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets [Abstract]
Changes in Carrying Amount of Goodwill	The following table presents a roll forward of the carrying value of goodwill from March 31, 2023 to June 30, 2023. Climate Solutions Performance Technologies Total Goodwill, March 31 2023 $ 105.7 $ 59.9 $ 165.6 Effect of exchange rate changes - - - Goodwill, June 30 2023 $ 105.7 $ 59.9 $ 165.6
Intangible Assets	Intangible assets consisted of the following: June 30, 2023 March 31, 2023 Gross Net Gross Net Carrying Accumulated Intangible Carrying Accumulated Intangible Value Amortization Assets Value Amortization Assets Customer relationships $ 60.3 $ (24.3 ) $ 36.0 $ 60.3 $ (23.4 ) $ 36.9 Trade names 50.1 (16.5 ) 33.6 50.1 (15.9 ) 34.2 Acquired technology 22.6 (13.1 ) 9.5 22.6 (12.6 ) 10.0 Total intangible assets $ 133.0 $ (53.9 ) $ 79.1 $ 133.0 $ (51.9 ) $ 81.1

Product Warranties (Tables)

Product Warranties (Tables)	3 Months Ended
	Jun. 30, 2023
Product Warranties [Abstract]
Changes in Accrued Warranty Costs	Changes in accrued warranty costs were as follows: Three months ended June 30, 2023 2022 Beginning balance $ 6.9 $ 6.3 Warranties recorded at time of sale 1.5 1.4 Adjustments to pre-existing warranties 0.6 (0.2 ) Settlements (1.1 ) (1.1 ) Effect of exchange rate changes - (0.2 ) Ending balance $ 7.9 $ 6.2

Leases (Tables)

Leases (Tables)	3 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases Recorded on Consolidated Balance Sheets	The following table provides a summary of leases recorded on the consolidated balance sheets. Balance Sheet Location June 30, 2023 March 31, 2023 Lease Assets Operating lease ROU assets Other noncurrent assets $ 57.4 $ 59.1 Finance lease ROU assets (a) Property, plant and equipment – net 7.0 7.1 Lease Liabilities Operating lease liabilities Other current liabilities $ 11.8 $ 11.8 Operating lease liabilities Other noncurrent liabilities 47.3 48.9 Finance lease liabilities Long-term debt – current portion 0.4 0.4 Finance lease liabilities Long-term debt 2.2 2.3 (a) Finance lease right-of-use (“ROU”) assets were recorded net of accumulated amortization of $ 3.3 $3.2 million as of June 30, 2023 and March 31, 2023, respectively.
Components of Lease Expense	The components of lease expense were as follows: Three months ended June 30, 2023 2022 Operating lease expense (a) $ 5.9 $ 5.3 Finance lease expense: Depreciation of ROU assets 0.1 0.1 Interest on lease liabilities - - Total lease expense $ 6.0 $ 5.4 (a) For the three months ended June 30, 2023 and 2022, operating lease expense included short-term lease expense of $1.5 million and $1.3 million, respectively. Variable lease expense was not significant.

Indebtedness (Tables)

Indebtedness (Tables)	3 Months Ended
	Jun. 30, 2023
Indebtedness [Abstract]
Long-Term Debt	Long-term debt consisted of the following: Fiscal year of maturity June 30, 2023 March 31, 2023 Term loans 2028 $ 213.2 $ 215.7 5.9% Senior Notes 2029 100.0 100.0 5.8% Senior Notes 2027 33.3 33.3 Revolving credit facility 2028 3.2 - Other (a) 2.6 2.7 352.3 351.7 Less: current portion (19.7 ) (19.7 ) Less: unamortized debt issuance costs (2.6 ) (2.7 ) Total long-term debt $ 330.0 $ 329.3 (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 2024 $ 16.9 2025 19.7 2026 44.7 2027 44.7 2028 200.9 2029 & beyond 25.4 Total $ 352.3

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Jun. 30, 2023
Accumulated Other Comprehensive Loss [Abstract]
Accumulated Other Comprehensive Loss	Changes in accumulated other comprehensive loss were as follows: Three months ended June 30, 2023 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (57.5 ) $ (104.4 ) $ 0.8 $ (161.1 ) Other comprehensive income (loss) before reclassifications (0.6 ) - (0.4 ) (1.0 ) Reclassifications: Amortization of unrecognized net loss (a) - 1.0 - 1.0 Realized gains – net (b) - - (0.5 ) (0.5 ) Income taxes - (0.2 ) 0.2 - Total other comprehensive income (loss) (0.6 ) 0.8 (0.7 ) (0.5 ) Ending balance $ (58.1 ) $ (103.6 ) $ 0.1 $ (161.6 ) 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 ) (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 .

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Jun. 30, 2023
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, 2023 2022 External Sales Inter-segment Sales Total External Sales Inter-segment Sales Total Net sales: Climate Solutions $ 271.8 $ - $ 271.8 $ 244.2 $ 0.2 $ 244.4 Performance Technologies 350.6 8.3 358.9 296.8 7.5 304.3 Segment total 622.4 8.3 630.7 541.0 7.7 548.7 Corporate and eliminations - (8.3 ) (8.3 ) - (7.7 ) (7.7 ) Net sales $ 622.4 $ - $ 622.4 $ 541.0 $ - $ 541.0 Three months ended June 30, 2023 2022 _ % of sales _ % of sales Gross profit: Climate Solutions $ 69.0 25.4 % $ 50.4 20.6 % Performance Technologies 58.6 16.3 % 33.0 10.8 % Segment total 127.6 20.2 % 83.4 15.2 % Corporate and eliminations 0.3 - - - Gross profit $ 127.9 20.6 % $ 83.4 15.4 % Three months ended June 30, 2023 2022 Operating income: Climate Solutions $ 44.3 $ 27.0 Performance Technologies 32.0 7.4 Segment total 76.3 34.4 Corporate and eliminations (9.8 ) (8.8 ) Operating income $ 66.5 $ 25.6 The following is a summary of segment assets, comprised entirely of trade accounts receivable and inventories, and other assets: June 30, 2023 March 31, 2023 Assets: Climate Solutions $ 355.0 $ 334.8 Performance Technologies 378.3 388.1 Other (a) 874.6 843.0 Total assets $ 1,607.9 $ 1,565.9 (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) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
Supplier Finance Program [Abstract]
Notice period to terminate supplier finance program	90 days
Outstanding obligation under supplier finance program	$ 18.5	$ 21.2
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration]	Accounts payable	Accounts payable
Minimum [Member]
Supplier Finance Program [Abstract]
Payment period for supplier finance program	60 days
Maximum [Member]
Supplier Finance Program [Abstract]
Payment period for supplier finance program	120 days

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Disaggregation of Revenue [Abstract]
Net sales	$ 622.4	$ 541
Contract Balances [Abstract]
Contract assets	26.6		$ 19.3
Contract liabilities	35.5		$ 21.5
Increase in contract assets	7.3
Increase in contract liabilities	14
Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	599.1	512.6
Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	31.6	36.1
Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	326.6	303.7
Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	247.2	195.1
Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	56.9	49.9
Heat Transfer [Member]
Disaggregation of Revenue [Abstract]
Net sales	125.9	134.7
HVAC & Refrigeration [Member]
Disaggregation of Revenue [Abstract]
Net sales	77.7	79
Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	68.2	30.5
Air-Cooled [Member]
Disaggregation of Revenue [Abstract]
Net sales	172.7	153
Liquid-Cooled [Member]
Disaggregation of Revenue [Abstract]
Net sales	134.7	110.9
Advanced Solutions [Member]
Disaggregation of Revenue [Abstract]
Net sales	43.2	32.9
Climate Solutions [Member]
Disaggregation of Revenue [Abstract]
Net sales	271.8	244.2
Climate Solutions [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	257.7	230.8
Climate Solutions [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	14.1	13.6
Climate Solutions [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	141.6	139.4
Climate Solutions [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	123.7	99
Climate Solutions [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	6.5	6
Climate Solutions [Member] | Heat Transfer [Member]
Disaggregation of Revenue [Abstract]
Net sales	125.9	134.7
Climate Solutions [Member] | HVAC & Refrigeration [Member]
Disaggregation of Revenue [Abstract]
Net sales	77.7	79
Climate Solutions [Member] | Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	68.2	30.5
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
Performance Technologies [Member]
Disaggregation of Revenue [Abstract]
Net sales	350.6	296.8
Performance Technologies [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	341.4	281.8
Performance Technologies [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	17.5	22.5
Performance Technologies [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	185	164.3
Performance Technologies [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	123.5	96.1
Performance Technologies [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	50.4	43.9
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	172.7	153
Performance Technologies [Member] | Liquid-Cooled [Member]
Disaggregation of Revenue [Abstract]
Net sales	134.7	110.9
Performance Technologies [Member] | Advanced Solutions [Member]
Disaggregation of Revenue [Abstract]
Net sales	43.2	32.9
Operating Segments [Member]
Disaggregation of Revenue [Abstract]
Net sales	630.7	548.7
Operating Segments [Member] | Climate Solutions [Member]
Disaggregation of Revenue [Abstract]
Net sales	271.8	244.4
Operating Segments [Member] | Performance Technologies [Member]
Disaggregation of Revenue [Abstract]
Net sales	358.9	304.3
Inter-segment Sales [Member]
Disaggregation of Revenue [Abstract]
Net sales	(8.3)	(7.7)
Inter-segment Sales [Member] | Climate Solutions [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0.2
Inter-segment Sales [Member] | Performance Technologies [Member]
Disaggregation of Revenue [Abstract]
Net sales	$ 8.3	$ 7.5

Pensions (Details)

Pensions (Details) - USD ($) $ in Millions		3 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
Net Periodic Benefit Cost [Abstract]
Net periodic benefit cost	[1]	$ 0.8	$ 0.4
Pension [Member]
Net Periodic Benefit Cost [Abstract]
Service cost		0.1	0.1
Interest cost		2.4	2
Expected return on plan assets		(2.6)	(2.9)
Amortization of unrecognized net loss		1.1	1.4
Net periodic benefit cost		$ 1	$ 0.6
[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, 2023	Jun. 30, 2022
Stock-Based Compensation [Abstract]
Stock-based compensation expense	$ 1.5	$ 1.1
Stock-Based Compensation [Abstract]
Unrecognized compensation expense	$ 22
Weighted-average remaining service period	2 years 4 months 24 days
Performance Stock Awards [Member]
Stock-Based Compensation [Abstract]
Period of time to average cash flow return on invested capital	3 years
Period of time to average EBITDA growth	3 years
Stock granted (in shares)	0.3	0
Fair value of stock granted (in dollars per share)	$ 27.29	$ 0
Unrecognized compensation expense	$ 12.9
Weighted-average remaining service period	2 years 8 months 12 days
Restricted Stock Awards [Member]
Stock-Based Compensation [Abstract]
Stock granted (in shares)	0.1	0.2
Fair value of stock granted (in dollars per share)	$ 27.29	$ 12.28
Unrecognized compensation expense	$ 7.2
Weighted-average remaining service period	2 years 1 month 6 days
Stock Options [Member]
Stock-Based Compensation [Abstract]
Options granted (in shares)	0	0.2
Fair value of options granted (in dollars per share)	$ 0	$ 6.92
Unrecognized compensation expense	$ 1.9
Weighted-average remaining service period	1 year 10 months 24 days

Restructuring Activities (Detai

Restructuring Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Restructuring and Repositioning Expenses [Abstract]
Employee severance and related benefits	$ 0	$ 1.4
Other restructuring and repositioning expenses	0	0.1
Total	0	1.5
Changes in accrued severance [Roll Forward]
Beginning balance	10.6	20.2
Additions	0	1.4
Payments	(1.8)	(3.3)
Effect of exchange rate changes	0.1	(0.9)
Ending balance	$ 8.9	$ 17.4

Other Income and Expense (Detai

Other Income and Expense (Details) - USD ($) $ in Millions		3 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
Other Income and Expense [Abstract]
Interest income		$ 0.5	$ 0.1
Foreign currency transactions	[1]	(0.3)	(2)
Net periodic benefit cost	[2]	(0.8)	(0.4)
Total other expense - net		$ (0.6)	$ (2.3)
[1] Foreign currency transactions primarily consist of foreign currency transaction gains and losses on the re-measurement or settlement of foreign currency-denominated assets and liabilities, including intercompany loans and transactions denominated in a foreign currency, along with gains and losses on certain foreign currency exchange contracts. 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		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2024
Income Taxes [Abstract]
Effective income tax rate	24.50%	25.50%
U.S. [Member]
Income Taxes [Abstract]
Valuation allowance	$ 35.5
Foreign Jurisdictions [Member]
Income Taxes [Abstract]
Valuation allowance	$ 27.6
Forecast [Member]
Income Taxes [Abstract]
Lapses in statutes of limitations			$ (2.1)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net earnings attributable to Modine	$ 44.8	$ 14.3
Weighted-average shares outstanding - basic (in shares)	52.3	52.2
Effect of dilutive securities (in shares)	0.7	0.2
Weighted-average shares outstanding - diluted (in shares)	53	52.4
Earnings per Share [Abstract]
Net earnings per share - basic (in dollars per share)	$ 0.86	$ 0.27
Net earnings per share - diluted (in dollars per share)	$ 0.85	$ 0.27
Stock Options [Member]
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)		0.9
Restricted Stock [Member]
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	0.1	0.5

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash and cash equivalents	$ 92.5	$ 67.1
Restricted cash	1.5	0.1
Total cash, cash equivalents and restricted cash	$ 94	$ 67.2	$ 58.9	$ 45.4

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023
Inventories [Abstract]
Raw materials	$ 216.8	$ 218.3
Work in process	52.7	49.9
Finished goods	64	56.7
Total inventories	$ 333.5	$ 324.9

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 1,278.7	$ 1,274.8
Less: accumulated depreciation	(968.4)	(960.3)
Net property, plant and equipment	310.3	314.5
Land [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment	16.5	16.4
Buildings and Improvements [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 265.2	264
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	$ 855.9	853.3
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	$ 94.5	93.6
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	$ 46.6	$ 47.5

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 165.6
Effect of exchange rate changes	0
Goodwill, ending balance	165.6
Intangible Assets [Abstract]
Gross carrying value	133		$ 133
Accumulated amortization	(53.9)		(51.9)
Net intangible assets	79.1		81.1
Amortization expense	2	$ 2
Estimated Future Amortization Expense [Abstract]
Remainder of fiscal 2024	6
2025	8
2026	8
2027	8
2028	8
2029	7
Climate Solutions [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	105.7
Effect of exchange rate changes	0
Goodwill, ending balance	105.7
Performance Technologies [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	59.9
Effect of exchange rate changes	0
Goodwill, ending balance	59.9
Customer Relationships [Member]
Intangible Assets [Abstract]
Gross carrying value	60.3		60.3
Accumulated amortization	(24.3)		(23.4)
Net intangible assets	36		36.9
Trade Names [Member]
Intangible Assets [Abstract]
Gross carrying value	50.1		50.1
Accumulated amortization	(16.5)		(15.9)
Net intangible assets	33.6		34.2
Acquired Technology [Member]
Intangible Assets [Abstract]
Gross carrying value	22.6		22.6
Accumulated amortization	(13.1)		(12.6)
Net intangible assets	$ 9.5		$ 10

Product Warranties (Details)

Product Warranties (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Accrued Warranty Costs [Roll Forward]
Beginning balance	$ 6.9	$ 6.3
Warranties recorded at time of sale	1.5	1.4
Adjustments to pre-existing warranties	0.6	(0.2)
Settlements	(1.1)	(1.1)
Effect of exchange rate changes	0	(0.2)
Ending balance	$ 7.9	$ 6.2

Leases (Details)

Leases (Details) - USD ($) $ in Millions		3 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Lease Assets and Liabilities [Abstract]
Operating lease ROU assets		$ 57.4		$ 59.1
Operating lease ROU assets, Statement of Financial Position [Extensible List]		Other noncurrent assets		Other noncurrent assets
Finance lease ROU assets	[1]	$ 7		$ 7.1
Finance lease ROU assets, Statement of Financial Position [Extensible List]		Property, plant and equipment - net		Property, plant and equipment - net
Operating lease liabilities, current		$ 11.8		$ 11.8
Operating lease liabilities, current, Statement of Financial Position [Extensible List]		Other current liabilities		Other current liabilities
Operating lease liabilities, noncurrent		$ 47.3		$ 48.9
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		$ 2.2		$ 2.3
Finance lease liabilities, noncurrent, Statement of Financial Position [Extensible List]		Long-term debt		Long-term debt
Accumulated amortization		$ 3.3		$ 3.2
Components of Lease Expense [Abstract]
Operating lease expense	[2]	5.9	$ 5.3
Finance lease expense [Abstract]
Depreciation of ROU assets		0.1	0.1
Interest on lease liabilities		0	0
Total lease expense		6	5.4
Short-term lease expense		$ 1.5	$ 1.3
[1] Finance lease right-of-use (“ROU”) assets were recorded net of accumulated amortization of $ 3.3 $3.2 million as of June 30, 2023 and March 31, 2023, respectively. For the three months ended June 30, 2023 and 2022, operating lease expense included short-term lease expense of $1.5 million and $1.3 million, respectively. Variable lease expense was not significant.

Indebtedness (Details)

Indebtedness (Details) $ in Millions		3 Months Ended
		Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)
Long-Term Debt [Abstract]
Long-term debt		$ 352.3	$ 351.7
Less: current portion		(19.7)	(19.7)
Less: unamortized debt issuance costs		(2.6)	(2.7)
Total long-term debt		330	329.3
Maturities of Long-Term Debt [Abstract]
Remainder of 2024		16.9
2025		19.7
2026		44.7
2027		44.7
2028		200.9
2029 & beyond		25.4
Long-term debt		352.3	351.7
Indebtedness [Abstract]
Short-term debt		$ 8	3.7
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		$ 125.9	125.9
Credit Agreement [Member]
Indebtedness [Abstract]
Letters of credit outstanding		5.5
Term Loans [Member]
Long-Term Debt [Abstract]
Long-term debt		$ 213.2	215.7
Fiscal year of maturity		2028
Maturities of Long-Term Debt [Abstract]
Long-term debt		$ 213.2	215.7
Indebtedness [Abstract]
Weighted-average interest rate for variable rate borrowings		6.40%
Revolving Credit Facility [Member]
Long-Term Debt [Abstract]
Long-term debt		$ 3.2	0
Fiscal year of maturity		2028
Maturities of Long-Term Debt [Abstract]
Long-term debt		$ 3.2	0
Indebtedness [Abstract]
Maximum borrowing capacity		$ 275
Weighted-average interest rate for variable rate borrowings		6.30%
Available borrowing capacity		$ 258.3
Swingline Loans [Member]
Indebtedness [Abstract]
Short-term debt		8	0
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		$ 33.3	33.3
Interest rate percentage		5.80%
Fiscal year of maturity		2027
Maturities of Long-Term Debt [Abstract]
Long-term debt		$ 33.3	33.3
Other [Member]
Long-Term Debt [Abstract]
Long-term debt	[1]	2.6	2.7
Maturities of Long-Term Debt [Abstract]
Long-term debt	[1]	2.6	2.7
Foreign Credit Agreements [Member]
Indebtedness [Abstract]
Short-term debt		$ 0	$ 3.7
[1]Other long-term debt primarily includes finance lease obligations.

Risks, Uncertainties, Conting_2

Risks, Uncertainties, Contingencies and Litigation (Details) - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023
Environmental loss contingencies [Abstract]
Reserves for environmental matters	$ 17.5	$ 17.6

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions		3 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
Changes in Accumulated Other Comprehensive Loss [Abstract]
Beginning balance		$ 592.8
Other comprehensive income (loss) before reclassifications		(1)	$ (24.7)
Income taxes		0	0
Total other comprehensive income (loss)		(0.5)	(23.8)
Ending balance		637.9
Accumulated Other Comprehensive Loss [Member]
Changes in Accumulated Other Comprehensive Loss [Abstract]
Beginning balance		(161.1)	(149.5)
Ending balance		(161.6)	(173.3)
Foreign Currency Translation [Member]
Changes in Accumulated Other Comprehensive Loss [Abstract]
Beginning balance		(57.5)	(39.1)
Other comprehensive income (loss) before reclassifications		(0.6)	(23.5)
Income taxes		0	0
Total other comprehensive income (loss)		(0.6)	(23.5)
Ending balance		(58.1)	(62.6)
Defined Benefit Plans [Member]
Changes in Accumulated Other Comprehensive Loss [Abstract]
Beginning balance		(104.4)	(111.1)
Other comprehensive income (loss) before reclassifications		0	0
Reclassification from accumulated other comprehensive income (loss)	[1]	1	1.3
Income taxes		(0.2)	0
Total other comprehensive income (loss)		0.8	1.3
Ending balance		(103.6)	(109.8)
Cash Flow Hedges [Member]
Changes in Accumulated Other Comprehensive Loss [Abstract]
Beginning balance		0.8	0.7
Other comprehensive income (loss) before reclassifications		(0.4)	(1.2)
Reclassification from accumulated other comprehensive income (loss)	[2]	(0.5)	(0.4)
Income taxes		0.2	0
Total other comprehensive income (loss)		(0.7)	(1.6)
Ending balance		$ 0.1	$ (0.9)
[1] Amounts are included in the calculation of net periodic benefit cost for the Company’s defined benefit plans, which include pension and other postretirement plans. See Note 4 for additional information about the Company’s pension plans.

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions		3 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Segment Information [Abstract]
Net sales		$ 622.4	$ 541
Gross profit		$ 127.9	$ 83.4
Gross profit (% of sales)		20.60%	15.40%
Operating income		$ 66.5	$ 25.6
Total assets		1,607.9		$ 1,565.9
Climate Solutions [Member]
Segment Information [Abstract]
Net sales		271.8	244.2
Performance Technologies [Member]
Segment Information [Abstract]
Net sales		350.6	296.8
Other [Member]
Segment Information [Abstract]
Total assets	[1]	874.6		843
Operating Segments [Member]
Segment Information [Abstract]
Net sales		630.7	548.7
Gross profit		$ 127.6	$ 83.4
Gross profit (% of sales)		20.20%	15.20%
Operating income		$ 76.3	$ 34.4
Operating Segments [Member] | Segment Total [Member]
Segment Information [Abstract]
Net sales		630.7	548.7
Operating Segments [Member] | Climate Solutions [Member]
Segment Information [Abstract]
Net sales		271.8	244.4
Gross profit		$ 69	$ 50.4
Gross profit (% of sales)		25.40%	20.60%
Operating income		$ 44.3	$ 27
Total assets		355		334.8
Operating Segments [Member] | Performance Technologies [Member]
Segment Information [Abstract]
Net sales		358.9	304.3
Gross profit		$ 58.6	$ 33
Gross profit (% of sales)		16.30%	10.80%
Operating income		$ 32	$ 7.4
Total assets		378.3		$ 388.1
Inter-segment Sales [Member]
Segment Information [Abstract]
Net sales		(8.3)	(7.7)
Inter-segment Sales [Member] | Climate Solutions [Member]
Segment Information [Abstract]
Net sales		0	0.2
Inter-segment Sales [Member] | Performance Technologies [Member]
Segment Information [Abstract]
Net sales		8.3	7.5
Corporate and Eliminations [Member]
Segment Information [Abstract]
Gross profit		$ 0.3	$ 0
Gross profit (% of sales)		0%	0%
Operating income		$ (9.8)	$ (8.8)
[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.

Subsequent Event (Details)

Subsequent Event (Details) - Napps [Member] - USD ($) $ in Millions		12 Months Ended
	Jul. 01, 2023	Dec. 31, 2022
Subsequent Event [Abstract]
Historical annual sales		$ 5
Subsequent Event [Member]
Subsequent Event [Abstract]
Purchase price	$ 5.3