Modine Manufacturing (MOD) 10-Q 31 Jul 24 2025 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2024	Jul. 26, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2025
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		52,413,580

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net sales	$ 661.5	$ 622.4
Cost of sales	498.9	494.5
Gross profit	162.6	127.9
Selling, general and administrative expenses	82.8	61.4
Restructuring expenses	5.4	0
Operating income	74.4	66.5
Interest expense	(7.5)	(5.9)
Other expense - net	(0.3)	(0.6)
Earnings before income taxes	66.6	60
Provision for income taxes	(18.8)	(14.7)
Net earnings	47.8	45.3
Net earnings attributable to noncontrolling interest	(0.5)	(0.5)
Net earnings attributable to Modine	$ 47.3	$ 44.8
Net earnings per share attributable to Modine shareholders:
Basic (in dollars per share)	$ 0.9	$ 0.86
Diluted (in dollars per share)	$ 0.88	$ 0.85
Weighted-average shares outstanding:
Basic (in shares)	52.5	52.3
Diluted (in shares)	53.9	53

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net earnings	$ 47.8	$ 45.3
Other comprehensive income (loss), net of income taxes:
Foreign currency translation	(7)	(0.8)
Defined benefit plans, net of income taxes of $0.3 and $0.2 million	0.8	0.8
Cash flow hedges, net of income taxes of $0 and ($0.2) million	0	(0.7)
Total other comprehensive income (loss)	(6.2)	(0.7)
Comprehensive income	41.6	44.6
Comprehensive income attributable to noncontrolling interest	(0.4)	(0.3)
Comprehensive income attributable to Modine	$ 41.2	$ 44.3

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Other comprehensive income (loss):
Defined benefit plans, tax	$ 0.3	$ 0.2
Cash flow hedges, tax	$ 0	$ (0.2)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024
ASSETS
Cash and cash equivalents	$ 72.9	$ 60.1
Trade accounts receivable - net	438.1	422.9
Inventories	350	357.9
Other current assets	52.8	53.1
Total current assets	913.8	894
Property, plant and equipment - net	363.7	365.7
Intangible assets - net	170.7	188.3
Goodwill	237.4	230.9
Deferred income taxes	67	75.1
Other noncurrent assets	113.8	97.5
Total assets	1,866.4	1,851.5
LIABILITIES AND SHAREHOLDERS' EQUITY
Short-term debt	4.3	12
Long-term debt - current portion	25.9	19.7
Accounts payable	274.3	283.4
Accrued compensation and employee benefits	85	101.6
Other current liabilities	118.8	129.1
Total current liabilities	508.3	545.8
Long-term debt	405.7	399.9
Deferred income taxes	26.4	30
Pensions	26	27.7
Other noncurrent liabilities	103.7	92.6
Total liabilities	1,070.1	1,096
Commitments and contingencies (see Note 18)
Shareholders' equity:
Preferred stock, $0.025 par value, authorized 16.0 million shares, issued - none	0	0
Common stock, $0.625 par value, authorized 80.0 million shares, issued 56.2 million and 56.1 million shares	35.1	35
Additional paid-in capital	287.9	283.7
Retained earnings	706.3	659
Accumulated other comprehensive loss	(169.5)	(163.4)
Treasury stock, at cost, 3.8 million and 3.7 million shares	(71.4)	(66.7)
Total Modine shareholders' equity	788.4	747.6
Noncontrolling interest	7.9	7.9
Total equity	796.3	755.5
Total liabilities and equity	$ 1,866.4	$ 1,851.5

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Jun. 30, 2024	Mar. 31, 2024
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)	56.2	56.1
Treasury stock at cost (in shares)	3.8	3.7

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net earnings	$ 47.8	$ 45.3
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	19.1	13.7
Stock-based compensation expense	4.2	1.5
Deferred income taxes	6.1	3.1
Other - net	1.5	1.4
Changes in operating assets and liabilities:
Trade accounts receivable	(18.1)	(2.7)
Inventories	6	(7.9)
Accounts payable	6.5	(9.5)
Other assets and liabilities	(32.6)	(3.2)
Net cash provided by operating activities	40.5	41.7
Cash flows from investing activities:
Expenditures for property, plant and equipment	(26.8)	(15.1)
Other - net	0.3	(3.3)
Net cash used for investing activities	(26.5)	(18.4)
Cash flows from financing activities:
Borrowings of debt	174	116.1
Repayments of debt	(163.8)	(107.8)
Repayments on bank overdraft facilities - net	(5.7)	(3.8)
Purchases of treasury stock	(4.7)	(1.2)
Dividend paid to noncontrolling interest	(0.4)	(0.5)
Other - net	0.6	0.9
Net cash provided by financing activities	0	3.7
Effect of exchange rate changes on cash	(1.1)	(0.2)
Net increase in cash, cash equivalents and restricted cash	12.9	26.8
Cash, cash equivalents and restricted cash - beginning of period	60.3	67.2
Cash, cash equivalents and restricted cash - end of period	$ 73.2	$ 94

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, 2023	$ 34.6	$ 270.8	$ 497.5	$ (161.1)	$ (49)	$ 6.8	$ 599.6
Balance (in shares) at Mar. 31, 2023	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
Balance at Mar. 31, 2024	$ 35	283.7	659	(163.4)	(66.7)	7.9	$ 755.5
Balance (in shares) at Mar. 31, 2024	56.1						56.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 0	0	47.3	0	0	0.5	$ 47.8
Other comprehensive loss	0	0	0	(6.1)	0	(0.1)	(6.2)
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	(4.7)	0	(4.7)
Stock-based compensation expense	0	4.2	0	0	0	0	4.2
Dividend paid to noncontrolling interest	0	0	0	0	0	(0.4)	(0.4)
Balance at Jun. 30, 2024	$ 35.1	$ 287.9	$ 706.3	$ (169.5)	$ (71.4)	$ 7.9	$ 796.3
Balance (in shares) at Jun. 30, 2024	56.2						56.2

General

General	3 Months Ended
	Jun. 30, 2024
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 2025 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, 2024. Supplier finance programs 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 June March New accounting guidance Segment reporting disclosures In November 2023, the Financial Accounting Standards Board issued new disclosure guidance for reportable segments. The new guidance will require disclosure of significant segment expenses, which are expenses that are (i) significant to the segment, (ii) regularly provided to the chief operating decision maker (“CODM”) and (iii) included in the reported measure of segment profit or loss. In addition, the new guidance will require companies to disclose the title and position of their CODM and expand interim disclosures to include the majority of the annual segment disclosures. The definition of and method for determining reportable segments is unchanged. The new disclosure requirements will become effective for the Company’s fiscal 2025 annual financial statements. The Company is currently evaluating disclosures

Acquisitions and Dispositions

Acquisitions and Dispositions	3 Months Ended
	Jun. 30, 2024
Acquisitions and Dispositions [Abstract]
Acquisitions and Dispositions	Note 2: Acquisitions and Dispositions Acquisition of Scott Springfield Mfg. Inc. On March 1, 2024, the Company acquired all of the issued and outstanding shares in the capital of Scott Springfield Mfg. Inc. (“Scott Springfield Manufacturing”) for consideration totaling $184.1 million. In July 2024 and upon finalization the working capital adjustment, the Based in Calgary, Canada, Scott Springfield Manufacturing is a leading manufacturer of air handling units to customers in the data center, telecommunications, healthcare, and aerospace markets. This acquisition expanded the Company’s product offerings and customer base in the high-growth data center and indoor air quality markets in the U.S. and Canada. Since the date of the acquisition, the Company has reported the financial results of the Scott Springfield Manufacturing business within the Climate Solutions segment. For the three months ended June 30, 2024, the Company included $39.7 million of net sales and $6.5 million of operating income within its consolidated statement of operations attributable to Scott Springfield Manufacturing. The $6.5 million of operating income for the first quarter of fiscal 2025 included a $1.6 million charge to cost of sales, recorded at Corporate, related to an inventory purchase accounting adjustment. The Company has preliminarily allocated the purchase price of Scott Springfield Manufacturing to the identifiable tangible and intangible assets acquired and the liabilities assumed based upon their estimated fair values as of the acquisition date. During the first quarter of fiscal 2025, the Company completed its market and trade name analyses and reduced the preliminary fair value of the trade name intangible asset by $9.6 million. This measurement period adjustment resulted in a corresponding decrease in the deferred income tax liability of $2.2 million and an increase in goodwill of $7.4 million. The preliminary purchase price allocation, as of June 30, 2024, was as follows: Cash and cash equivalents $ 0.3 Trade accounts receivable 27.5 Inventories 20.9 Property, plant and equipment 6.0 Intangible assets 92.7 Goodwill 72.6 Other assets 4.0 Accounts payable (8.6 ) Accrued compensation and employee benefits (1.3 ) Deferred income taxes (22.2 ) Other liabilities (7.8 ) Purchase price $ 184.1 At the time the June 30, 2024 financial statements were finalized, the Company was continuing its review of the fair value estimates for certain assets acquired, including intangible assets, and liabilities assumed. As part of its purchase accounting and integration activities, the Company is in the process of assessing, refining and harmonizing the internal controls and accounting processes of the acquired business with those of the Company. As part of this process, the Company is continuing to review the appropriateness of accruals and reserves, including those related to accounts receivable, inventory, and product warranties. As such, the allocation of purchase price above is considered preliminary. The Company expects to complete its accounting for the acquisition of Scott Springfield Manufacturing during the second quarter of fiscal 2025. The following unaudited supplemental pro forma information presents the Company’s consolidated results of operations as though the acquisition of Scott Springfield Manufacturing had occurred at the beginning of fiscal 2023. This pro forma financial information is presented for illustrative purposes only and is not considered to be indicative of the operating results that would have been achieved had the acquisition been completed as of the date indicated or the operating results that may be obtained in the future. Three months ended June 30, 2023 Net sales $ 651.7 Net earnings attributable to Modine 44.5 The supplemental pro forma financial information above is based upon the Company’s historical results and the historical results of Scott Springfield Manufacturing, which have been translated from Canadian dollars to U.S. dollars using the historical average foreign exchange rates. The pro forma information for the first quarter of fiscal 2024 includes adjustments for: (i) amortization and depreciation expense totaling $3.0 million for acquired tangible and intangible assets, (ii) estimated interest expense of $1.5 million resulting from acquisition-related borrowings, and (iii) the estimated income tax impacts related to the pro forma adjustments, considering the statutory tax rates within Canada. The pro forma financial information does not reflect any expected revenue or cost synergies. Acquisition of Napps Technology Corporation On July 1, 2023, the Company acquired substantially all of the net operating assets of Napps Technology Corporation (“Napps”), a Texas-based manufacturer of air- and water-cooled chillers, condensing units and heat pumps, for consideration totaling $5.8 million. The Company paid $4.8 million during the second quarter of fiscal 2024 and paid the remaining $1.0 million to the seller in July 2024. The Company has reported the financial results of the Napps business within the Climate Solutions segment since the date of the acquisition. For the first quarter of fiscal 2025, the Company included $1.4 million of net sales within its consolidated statement of operations attributable to Napps. Disposition of Germany automotive businesses In October 2023, the Company sold three automotive businesses based in Germany (the “disposal group”) to affiliates of Regent, L.P. Prior to the disposition, the Company reported the financial results of the disposal group within its Performance Technologies segment. Net sales of the disposal group included within the Company’s consolidated statement of operations for the first quarter of fiscal 2024 totaled $24.3 million.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Jun. 30, 2024
Revenue Recognition [Abstract]
Revenue Recognition	Note 3: Revenue Recognition Disaggregation of revenue The tables below present 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. Effective April 1, 2024, the Company moved its Coatings business, which was previously managed by and reported within the Performance Technologies segment, under the leadership of the Climate Solutions segment. See Note 20 for additional segment financial information. The disaggregated revenue information presented in the table below for fiscal 2024 has been recast to be comparable with the fiscal 2025 presentation. Three months ended , Three months ended , Climate Solutions Performance Technologies Segment Total Climate Solutions Performance Technologies Segment Total Product groups: Data center cooling $ 162.6 $ - $ 162.6 $ 68.2 $ - $ 68.2 Heat transfer 111.8 - 111.8 140.8 - 140.8 HVAC&R 82.8 - 82.8 77.7 - 77.7 Air-cooled - 168.6 168.6 - 172.7 172.7 Liquid-cooled - 104.0 104.0 - 134.7 134.7 Advanced solutions - 31.7 31.7 - 28.3 28.3 Inter-segment sales 0.1 4.7 4.8 - 7.4 7.4 Net sales $ 357.3 $ 309.0 $ 666.3 $ 286.7 $ 343.1 $ 629.8 Geographic location: Americas $ 240.0 $ 184.7 $ 424.7 $ 153.3 $ 172.7 $ 326.0 Europe 111.5 80.1 191.6 126.9 120.0 246.9 Asia 5.8 44.2 50.0 6.5 50.4 56.9 Net sales $ 357.3 $ 309.0 $ 666.3 $ 286.7 $ 343.1 $ 629.8 Timing of revenue recognition: Products transferred at a point in time $ 340.7 $ 305.8 $ 646.5 $ 258.2 $ 340.0 $ 598.2 Products transferred over time 16.6 3.2 19.8 28.5 3.1 31.6 Net sales $ 357.3 $ 309.0 $ 666.3 $ 286.7 $ 343.1 $ 629.8 Contract balances Contract assets and contract liabilities from contracts with customers were as follows: June 30, 2024 March 31, 2024 Contract assets $ 10.8 $ 12.9 Contract liabilities 66.4 79.4 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 $2.1 million decrease in contract assets during the first three months of fiscal 2025 primarily resulted from decreases in contract assets for revenue recognized over time and capitalized costs related to customer-owned tooling contracts. 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 data center cooling products and customer-owned tooling. The $13.0 million decrease in contract liabilities during the first three months of fiscal 2025 primarily resulted from the Company’s satisfaction of performance obligations under contracts that had required advanced payments, largely associated with long inventory lead times.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jun. 30, 2024
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 4: Fair Value Measurements Fair value is defined as the price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Fair value measurements are classified under the following hierarchy: • Level 1 – Quoted prices for identical instruments in active markets. • Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. • Level 3 – Model-derived valuations in which one or more significant inputs are not observable. When available, the Company uses quoted market prices to determine fair value and classifies such measurements as Level 1. In some cases, where market prices are not available, the Company uses observable market-based inputs to calculate fair value, in which case the measurements are classified as Level 2. If quoted or observable market prices are not available, the Company determines fair value based upon valuation models that use, where possible, market-based data such as interest rates, yield curves or currency rates. These measurements are classified as Level 3. The carrying values of cash, cash equivalents, restricted cash, 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 17 .

Pensions

Pensions	3 Months Ended
	Jun. 30, 2024
Pensions [Abstract]
Pensions	Note 5: Pensions Pension cost included the following components: Three months ended June 30, 2024 2023 Service cost $ - $ 0.1 Interest cost 2.3 2.4 Expected return on plan assets (2.2 ) (2.6 ) Amortization of unrecognized net loss 1.2 1.1 Net periodic benefit cost $ 1.3 $ 1.0 During the three months ended June 30, 2024, the Company contributed $1.5 million to its U.S. pension plan. In June 2024, the Company approved the termination of its U.S. pension plan, subject to approvals from the Internal Revenue Service and the Pension Benefit Guaranty Corporation. The Company intends to offer certain participants the option to receive their pension benefits in the form of a lump-sum distribution prior to purchasing annuity contracts to transfer its remaining obligations under the plan. In connection with the plan termination, the Company expects to make a cash contribution in the range of $15.0 million to $30.0 million to fully fund the plan, on a plan termination basis, and to record non-cash pension settlement charges totaling approximately $120.0 million to $130.0 million during fiscal 2026. The timing and amount of the final cash contribution and settlement charges could materially differ from the Company’s estimates due to the nature and timing of participant settlements, prevailing market and economic conditions, the duration of the termination process, or other factors.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Jun. 30, 2024
Stock-Based Compensation [Abstract]
Stock-Based Compensation	Note 6: Stock-Based Compensation The Company’s stock-based incentive programs consist of the following: (i) 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, (ii) a discretionary equity program for other management and key employees, and (iii) 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 $4.2 million and $1.5 million f or the three months ended June 30, 2024 and 2023, respectively. During the first quarter of fiscal 2025, 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, 2027. The fair value of stock-based compensation awards granted during the three months ended June 30, 2024 and 2023 were as follows: Three months ended June 30, 2024 2023 Fair Value Fair Value Shares Per Award Shares Per Award Performance stock awards 0.1 $ 103.77 0.3 $ 27.29 Restricted stock awards - $ 103.77 0.1 $ 27.29 As of June 30, 2024, 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 $ 34.1 2.5 Restricted stock awards 8.2 1.9 Stock options 0.8 0.9 Total $ 43.1 2.4

Restructuring Activities

Restructuring Activities	3 Months Ended
	Jun. 30, 2024
Restructuring Activities [Abstract]
Restructuring Activities	Note 7: Restructuring Activities During the first three months of fiscal 2025, restructuring and repositioning expenses primarily consisted of severance expenses recorded in the Performance Technologies segment. These severance charges were primarily related to the closure of a technical service center and other targeted headcount reductions in Europe. In addition, the Company incurred equipment transfer costs within the Performance Technologies and Climate Solutions segments. These restructuring activities are part of the Company’s transformational initiatives supported by 80/20 principles and include product line transfers intended to achieve production efficiency improvements in its manufacturing facilities. Restructuring and repositioning expenses were as follows: Three months ended June 30, 2024 2023 Employee severance and related benefits $ 4.8 $ - Other restructuring and repositioning expenses 0.6 - Total $ 5.4 $ - Other restructuring and repositioning expenses primarily consist of equipment transfer 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, 2024 2023 Beginning balance $ 13.0 $ 10.6 Additions 4.8 - Payments (9.2 ) (1.8 ) Effect of exchange rate changes - 0.1 Ending balance $ 8.6 $ 8.9

Other Income and Expense

Other Income and Expense	3 Months Ended
	Jun. 30, 2024
Other Income and Expense [Abstract]
Other Income and Expense	Note 8: Other Income and Expense Other income and expense consisted of the following: Three months ended June 30, 2024 2023 Interest income $ 0.7 $ 0.5 Foreign currency transactions (a) 0.2 (0.3 ) Net periodic benefit cost (b) (1.2 ) (0.8 ) Total other expense – net $ (0.3 ) $ (0.6 ) (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, 2024
Income Taxes [Abstract]
Income Taxes	Note 9: Income Taxes The Company’s effective tax rate for the three months ended June 30, 2024 and 2023 was 28.2 percent and 24.5 percent, respectively. The effective tax rate for the first quarter of fiscal 2025 is higher than the first quarter of the prior year, primarily due to changes in the mix and amount of foreign and U.S. earnings. 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. At June 30, 2024, valuation allowances against deferred tax assets in the U.S. and in certain foreign jurisdictions totaled $44.2 million and $22.8 million, respectively. The Company will maintain the valuation allowances in each applicable tax jurisdiction until it determines it is more likely than not the deferred tax assets will be realized, thereby eliminating the need for a valuation allowance. Future events or circumstances, such as lower taxable income or unfavorable changes in the financial outlook of the Company’s operations in the U.S. and certain foreign jurisdictions, could necessitate the establishment of further valuation allowances.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Note 10: Earnings Per Share The components of basic and diluted earnings per share were as follows: Three months ended June 30, 2024 2023 Net earnings attributable to Modine $ 47.3 $ 44.8 Weighted-average shares outstanding – basic 52.5 52.3 Effect of dilutive securities 1.4 0.7 Weighted-average shares outstanding – diluted 53.9 53.0 Earnings per share: Net earnings per share – basic $ 0.90 $ 0.86 Net earnings per share – diluted $ 0.88 $ 0.85 For the three months ended June 30, 2024, there were no anti-dilutive securities that impacted the calculation of diluted earnings per share. 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.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	3 Months Ended
	Jun. 30, 2024
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash, Cash Equivalents and Restricted Cash	Note 11: Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash consisted of the following: June 30, 2024 March 31, 2024 Cash and cash equivalents $ 72.9 $ 60.1 Restricted cash 0.3 0.2 Total cash, cash equivalents and restricted cash $ 73.2 $ 60.3 Restricted cash, which is reported within other current assets and other noncurrent assets in the consolidated balance sheets, consists primarily of deposits for contractual guarantees or commitments required for rents, import and export duties, and commercial agreements.

Inventories

Inventories	3 Months Ended
	Jun. 30, 2024
Inventories [Abstract]
Inventories	Note 12: Inventories Inventories consisted of the following: June 30, 2024 March 31, 2024 Raw materials $ 203.0 $ 207.8 Work in process 66.9 64.5 Finished goods 80.1 85.6 Total inventories $ 350.0 $ 357.9

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Note 13: Property, Plant and Equipment Property, plant and equipment, including depreciable lives, consisted of the following: June 30, 2024 March 31, 2024 Land $ 16.2 $ 16.3 Buildings and improvements ( 10 40 280.9 280.7 Machinery and equipment ( 3 15 833.3 824.4 Office equipment ( 3 10 92.6 97.0 Construction in progress 61.2 67.6 1,284.2 1,286.0 Less: accumulated depreciation (920.5 ) (920.3 ) Net property, plant and equipment $ 363.7 $ 365.7

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets [Abstract]
Goodwill and Intangible Assets	Note 14: Goodwill and Intangible Assets During the first quarter of fiscal 2025, the Company recorded a measurement period adjustment to reduce the fair value of the acquired Scott Springfield Manufacturing trade name by $9.6 million. This purchase accounting adjustment resulted in a $7.4 million increase in goodwill. See Note 2 for additional information. As a result of the segment realignment during the first quarter of fiscal 2025, the Company ’ The following table presents a roll forward of the carrying value of goodwill from March 31, 2024 to June 30, 2024 under the Company ’ s current segment structure. Climate Solutions Goodwill, March 31, 2024 $ 230.9 Acquisition adjustment 7.4 Effect of exchange rate changes (0.9 ) Goodwill, June 30 2024 $ 237.4 Intangible assets consisted of the following: June 30, 2024 March 31, 2024 Gross Net Gross Net Carrying Accumulated Intangible Carrying Accumulated Intangible Value Amortization Assets Value Amortization Assets Customer relationships $ 149.4 $ (31.7 ) $ 117.7 $ 150.5 $ (26.3 ) $ 124.2 Trade names 53.1 (19.1 ) 34.0 62.8 (18.5 ) 44.3 Acquired technology 32.4 (13.4 ) 19.0 32.5 (12.7 ) 19.8 Total intangible assets $ 234.9 $ (64.2 ) $ 170.7 $ 245.8 $ (57.5 ) $ 188.3 The Company recorded amortization expense of $6.9 million and $2.0 million for the three months ended June 30, 2024 and 2023, respectively .

Product Warranties

Product Warranties	3 Months Ended
	Jun. 30, 2024
Product Warranties [Abstract]
Product Warranties	Note 15: Product Warranties Changes in accrued warranty costs were as follows: Three months ended June 30, 2024 2023 Beginning balance $ 10.7 $ 6.9 Warranties recorded at time of sale 1.9 1.5 Adjustments to pre-existing warranties (0.1 ) 0.6 Settlements (1.7 ) (1.1 ) Effect of exchange rate changes - - Ending balance $ 10.8 $ 7.9

Leases

Leases	3 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	Note 16: Leases Lease assets and liabilities The following table provides a summary of leases recorded on the consolidated balance sheets. Balance Sheet Location June 30, 2024 March 31, 2024 Lease Assets Operating lease ROU assets Other noncurrent assets $ 91.4 $ 76.0 Finance lease ROU assets (a) Property, plant and equipment – net 6.4 6.5 Lease Liabilities Operating lease liabilities Other current liabilities $ 17.7 $ 15.3 Operating lease liabilities Other noncurrent liabilities 75.2 62.1 Finance lease liabilities Long-term debt – current portion 0.4 0.4 Finance lease liabilities Long-term debt 1.7 1.9 (a) Finance right of use (“ROU”) assets were recorded net of accumulated amortization of $ 3.8 $3.7 million as of June 30, 2024 and March 31, 2024, respectively. The increases in operating lease ROU assets and liabilities from March 31, 2024 to June 30, 2024 primarily resulted from the commencement of a 10-year manufacturing facility lease within the Climate Solutions segment. The Company entered into this new lease to increase production capacity for data center products. Components of lease expense The components of lease expense were as follows: Three months ended June 30, 2024 2023 Operating lease expense (a) $ 6.9 $ 5.9 Finance lease expense: Depreciation of ROU assets 0.1 0.1 Interest on lease liabilities - - Total lease expense $ 7.0 $ 6.0 (a) For the three months ended June 30, 2024 and 2023, operating lease expense included short-term lease expense of $1.3 million and $1.5 million, respectively. Variable lease expense was not significant. During July 2024, the Company signed a 10-year operating lease of a manufacturing facility with future lease payments totaling approximately $12.0 million.

Indebtedness

Indebtedness	3 Months Ended
	Jun. 30, 2024
Indebtedness [Abstract]
Indebtedness	Note 17: Indebtedness Long-term debt consisted of the following: Fiscal year of maturity June 30, 2024 March 31, 2024 Term loans 2028 $ 201.5 $ 204.5 Revolving credit facility 2028 105.0 90.0 5.9% Senior Notes 2029 100.0 100.0 5.8% Senior Notes 2027 25.0 25.0 Finance lease obligations 2.1 2.3 433.6 421.8 Less: current portion (25.9 ) (19.7 ) Less: unamortized debt issuance costs (2.0 ) (2.2 ) Total long-term debt $ 405.7 $ 399.9 Long-term debt, including the current portion of long-term debt, matures as follows: Fiscal Year Remainder of 2025 $ 16.8 2026 44.7 2027 44.7 2028 302.0 2029 25.4 Total $ 433.6 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, 2024, the weighted-average interest rate for revolving credit facility borrowings and the term loans was 6.8 and 6.5 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, 2024, the Company ’ ’ The Company also maintains credit agreements for its foreign subsidiaries. The outstanding short-term borrowings related to these foreign credit agreements totaled $4.3 million and $10.0 million at June 30, 2024 and March 31, 2024, respectively. 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 include a leverage ratio covenant, which 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, 2024 and March 31, 2024, 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 $122.0 million and $120.9 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 4 for the definition of a Level 2 fair value measurement

Risks, Uncertainties, Contingen

Risks, Uncertainties, Contingencies and Litigation	3 Months Ended
	Jun. 30, 2024
Risks, Uncertainties, Contingencies and Litigation [Abstract]
Risks, Uncertainties, Contingencies and Litigation	Note 18: Risks, Uncertainties, Contingencies and Litigation Environmental T he Company has recorded environmental monitoring 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, 2024
Accumulated Other Comprehensive Loss [Abstract]
Accumulated Other Comprehensive Loss	Note 19: Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss were as follows: Three months ended June 30, 2024 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (62.8 ) $ (100.7 ) $ 0.1 $ (163.4 ) Other comprehensive income (loss) before reclassifications (6.9 ) - - (6.9 ) Reclassifications: Amortization of unrecognized net loss (a) - 1.1 - 1.1 Income taxes - (0.3 ) - (0.3 ) Total other comprehensive income (loss) (6.9 ) 0.8 - (6.1 ) Ending balance $ (69.7 ) $ (99.9 ) $ 0.1 $ (169.5 ) 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 ) (a) Amounts are included in the calculation of net periodic benefit cost for the Company’s defined benefit plans, which include pension and other postretirement plans. See Note 5 for additional information about the Company’s pension plans. (b) 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, 2024
Segment Information [Abstract]
Segment Information	Note 20: Segment Information Effective April 1, 2024, the Company moved its Coatings business, which was previously managed by and reported within the Performance Technologies segment, under the leadership of the Climate Solutions segment. Under this refined organizational structure, the Coatings business is better aligned with the Climate Solution’s Heat Transfer Products business, which serves similar heating, ventilating, air conditioning, and refrigeration markets and customers. The Company believes that unifying these complementary businesses allows it to better focus resources on targeted growth and allow for a more efficient application of 80/20 principles to optimize profit margins and cash flow. 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, 2024 2023 External Sales Inter-segment Sales Total External Sales Inter-segment Sales Total Net sales: Climate Solutions $ 357.2 $ 0.1 $ 357.3 $ 286.7 $ - $ 286.7 Performance Technologies 304.3 4.7 309.0 335.7 7.4 343.1 Segment total 661.5 4.8 666.3 622.4 7.4 629.8 Corporate and eliminations - (4.8 ) (4.8 ) - (7.4 ) (7.4 ) Net sales $ 661.5 $ - $ 661.5 $ 622.4 $ - $ 622.4 Three months ended June 30, 2024 2023 _ % of sales _ % of sales Gross profit: Climate Solutions $ 100.8 28.2 % $ 75.8 26.4 % Performance Technologies 63.5 20.6 % 51.9 15.1 % Segment total 164.3 24.7 % 127.7 20.3 % Corporate and eliminations (1.7 ) - 0.2 - Gross profit $ 162.6 24.6 % $ 127.9 20.6 % Three months ended June 30, 2024 2023 Operating income: Climate Solutions $ 59.8 $ 48.6 Performance Technologies 31.5 27.6 Segment total 91.3 76.2 Corporate and eliminations (16.9 ) (9.7 ) Operating income $ 74.4 $ 66.5 The following is a summary of segment assets, comprised entirely of trade accounts receivable and inventories, and other assets: June 30, 2024 March 31, 2024 Assets: Climate Solutions $ 411.5 $ 412.7 Performance Technologies 376.6 368.1 Other (a) 1,078.3 1,070.7 Total assets $ 1,866.4 $ 1,851.5 (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.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
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, 2024
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 2025 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, 2024.
New Accounting Guidance	New accounting guidance Segment reporting disclosures In November 2023, the Financial Accounting Standards Board issued new disclosure guidance for reportable segments. The new guidance will require disclosure of significant segment expenses, which are expenses that are (i) significant to the segment, (ii) regularly provided to the chief operating decision maker (“CODM”) and (iii) included in the reported measure of segment profit or loss. In addition, the new guidance will require companies to disclose the title and position of their CODM and expand interim disclosures to include the majority of the annual segment disclosures. The definition of and method for determining reportable segments is unchanged. The new disclosure requirements will become effective for the Company’s fiscal 2025 annual financial statements. The Company is currently evaluating disclosures

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	3 Months Ended
	Jun. 30, 2024
Acquisitions and Dispositions [Abstract]
Allocation of Purchase Price for Acquisition of Scott Springfield Manufacturing	The preliminary purchase price allocation, as of June 30, 2024, was as follows: Cash and cash equivalents $ 0.3 Trade accounts receivable 27.5 Inventories 20.9 Property, plant and equipment 6.0 Intangible assets 92.7 Goodwill 72.6 Other assets 4.0 Accounts payable (8.6 ) Accrued compensation and employee benefits (1.3 ) Deferred income taxes (22.2 ) Other liabilities (7.8 ) Purchase price $ 184.1
Unaudited Supplemental Pro Forma Information	The following unaudited supplemental pro forma information presents the Company’s consolidated results of operations as though the acquisition of Scott Springfield Manufacturing had occurred at the beginning of fiscal 2023. This pro forma financial information is presented for illustrative purposes only and is not considered to be indicative of the operating results that would have been achieved had the acquisition been completed as of the date indicated or the operating results that may be obtained in the future. Three months ended June 30, 2023 Net sales $ 651.7 Net earnings attributable to Modine 44.5

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Jun. 30, 2024
Revenue Recognition [Abstract]
Disaggregation of Revenue	The tables below present 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. Effective April 1, 2024, the Company moved its Coatings business, which was previously managed by and reported within the Performance Technologies segment, under the leadership of the Climate Solutions segment. See Note 20 for additional segment financial information. The disaggregated revenue information presented in the table below for fiscal 2024 has been recast to be comparable with the fiscal 2025 presentation. Three months ended , Three months ended , Climate Solutions Performance Technologies Segment Total Climate Solutions Performance Technologies Segment Total Product groups: Data center cooling $ 162.6 $ - $ 162.6 $ 68.2 $ - $ 68.2 Heat transfer 111.8 - 111.8 140.8 - 140.8 HVAC&R 82.8 - 82.8 77.7 - 77.7 Air-cooled - 168.6 168.6 - 172.7 172.7 Liquid-cooled - 104.0 104.0 - 134.7 134.7 Advanced solutions - 31.7 31.7 - 28.3 28.3 Inter-segment sales 0.1 4.7 4.8 - 7.4 7.4 Net sales $ 357.3 $ 309.0 $ 666.3 $ 286.7 $ 343.1 $ 629.8 Geographic location: Americas $ 240.0 $ 184.7 $ 424.7 $ 153.3 $ 172.7 $ 326.0 Europe 111.5 80.1 191.6 126.9 120.0 246.9 Asia 5.8 44.2 50.0 6.5 50.4 56.9 Net sales $ 357.3 $ 309.0 $ 666.3 $ 286.7 $ 343.1 $ 629.8 Timing of revenue recognition: Products transferred at a point in time $ 340.7 $ 305.8 $ 646.5 $ 258.2 $ 340.0 $ 598.2 Products transferred over time 16.6 3.2 19.8 28.5 3.1 31.6 Net sales $ 357.3 $ 309.0 $ 666.3 $ 286.7 $ 343.1 $ 629.8
Contract Assets and Contract Liabilities from Contracts with Customers	Contract assets and contract liabilities from contracts with customers were as follows: June 30, 2024 March 31, 2024 Contract assets $ 10.8 $ 12.9 Contract liabilities 66.4 79.4

Pensions (Tables)

Pensions (Tables)	3 Months Ended
	Jun. 30, 2024
Pensions [Abstract]
Pension Cost	Pension cost included the following components: Three months ended June 30, 2024 2023 Service cost $ - $ 0.1 Interest cost 2.3 2.4 Expected return on plan assets (2.2 ) (2.6 ) Amortization of unrecognized net loss 1.2 1.1 Net periodic benefit cost $ 1.3 $ 1.0

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Jun. 30, 2024
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, 2024 and 2023 were as follows: Three months ended June 30, 2024 2023 Fair Value Fair Value Shares Per Award Shares Per Award Performance stock awards 0.1 $ 103.77 0.3 $ 27.29 Restricted stock awards - $ 103.77 0.1 $ 27.29
Unrecognized Compensation Expense Related to Non-Vested Stock-Based Compensation Awards	As of June 30, 2024, 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 $ 34.1 2.5 Restricted stock awards 8.2 1.9 Stock options 0.8 0.9 Total $ 43.1 2.4

Restructuring Activities (Table

Restructuring Activities (Tables)	3 Months Ended
	Jun. 30, 2024
Restructuring Activities [Abstract]
Restructuring and Repositioning Expenses	Restructuring and repositioning expenses were as follows: Three months ended June 30, 2024 2023 Employee severance and related benefits $ 4.8 $ - Other restructuring and repositioning expenses 0.6 - Total $ 5.4 $ -
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, 2024 2023 Beginning balance $ 13.0 $ 10.6 Additions 4.8 - Payments (9.2 ) (1.8 ) Effect of exchange rate changes - 0.1 Ending balance $ 8.6 $ 8.9

Other Income and Expense (Table

Other Income and Expense (Tables)	3 Months Ended
	Jun. 30, 2024
Other Income and Expense [Abstract]
Other Income and Expense	Other income and expense consisted of the following: Three months ended June 30, 2024 2023 Interest income $ 0.7 $ 0.5 Foreign currency transactions (a) 0.2 (0.3 ) Net periodic benefit cost (b) (1.2 ) (0.8 ) Total other expense – net $ (0.3 ) $ (0.6 ) (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, 2024
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, 2024 2023 Net earnings attributable to Modine $ 47.3 $ 44.8 Weighted-average shares outstanding – basic 52.5 52.3 Effect of dilutive securities 1.4 0.7 Weighted-average shares outstanding – diluted 53.9 53.0 Earnings per share: Net earnings per share – basic $ 0.90 $ 0.86 Net earnings per share – diluted $ 0.88 $ 0.85

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	3 Months Ended
	Jun. 30, 2024
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, 2024 March 31, 2024 Cash and cash equivalents $ 72.9 $ 60.1 Restricted cash 0.3 0.2 Total cash, cash equivalents and restricted cash $ 73.2 $ 60.3

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Jun. 30, 2024
Inventories [Abstract]
Inventories	Inventories consisted of the following: June 30, 2024 March 31, 2024 Raw materials $ 203.0 $ 207.8 Work in process 66.9 64.5 Finished goods 80.1 85.6 Total inventories $ 350.0 $ 357.9

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment, including depreciable lives, consisted of the following: June 30, 2024 March 31, 2024 Land $ 16.2 $ 16.3 Buildings and improvements ( 10 40 280.9 280.7 Machinery and equipment ( 3 15 833.3 824.4 Office equipment ( 3 10 92.6 97.0 Construction in progress 61.2 67.6 1,284.2 1,286.0 Less: accumulated depreciation (920.5 ) (920.3 ) Net property, plant and equipment $ 363.7 $ 365.7

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Jun. 30, 2024
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, 2024 to June 30, 2024 under the Company ’ s current segment structure. Climate Solutions Goodwill, March 31, 2024 $ 230.9 Acquisition adjustment 7.4 Effect of exchange rate changes (0.9 ) Goodwill, June 30 2024 $ 237.4
Intangible Assets	Intangible assets consisted of the following: June 30, 2024 March 31, 2024 Gross Net Gross Net Carrying Accumulated Intangible Carrying Accumulated Intangible Value Amortization Assets Value Amortization Assets Customer relationships $ 149.4 $ (31.7 ) $ 117.7 $ 150.5 $ (26.3 ) $ 124.2 Trade names 53.1 (19.1 ) 34.0 62.8 (18.5 ) 44.3 Acquired technology 32.4 (13.4 ) 19.0 32.5 (12.7 ) 19.8 Total intangible assets $ 234.9 $ (64.2 ) $ 170.7 $ 245.8 $ (57.5 ) $ 188.3

Product Warranties (Tables)

Product Warranties (Tables)	3 Months Ended
	Jun. 30, 2024
Product Warranties [Abstract]
Changes in Accrued Warranty Costs	Changes in accrued warranty costs were as follows: Three months ended June 30, 2024 2023 Beginning balance $ 10.7 $ 6.9 Warranties recorded at time of sale 1.9 1.5 Adjustments to pre-existing warranties (0.1 ) 0.6 Settlements (1.7 ) (1.1 ) Effect of exchange rate changes - - Ending balance $ 10.8 $ 7.9

Leases (Tables)

Leases (Tables)	3 Months Ended
	Jun. 30, 2024
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, 2024 March 31, 2024 Lease Assets Operating lease ROU assets Other noncurrent assets $ 91.4 $ 76.0 Finance lease ROU assets (a) Property, plant and equipment – net 6.4 6.5 Lease Liabilities Operating lease liabilities Other current liabilities $ 17.7 $ 15.3 Operating lease liabilities Other noncurrent liabilities 75.2 62.1 Finance lease liabilities Long-term debt – current portion 0.4 0.4 Finance lease liabilities Long-term debt 1.7 1.9 (a) Finance right of use (“ROU”) assets were recorded net of accumulated amortization of $ 3.8 $3.7 million as of June 30, 2024 and March 31, 2024, respectively.
Components of Lease Expense	The components of lease expense were as follows: Three months ended June 30, 2024 2023 Operating lease expense (a) $ 6.9 $ 5.9 Finance lease expense: Depreciation of ROU assets 0.1 0.1 Interest on lease liabilities - - Total lease expense $ 7.0 $ 6.0 (a) For the three months ended June 30, 2024 and 2023, operating lease expense included short-term lease expense of $1.3 million and $1.5 million, respectively. Variable lease expense was not significant.

Indebtedness (Tables)

Indebtedness (Tables)	3 Months Ended
	Jun. 30, 2024
Indebtedness [Abstract]
Long-Term Debt	Long-term debt consisted of the following: Fiscal year of maturity June 30, 2024 March 31, 2024 Term loans 2028 $ 201.5 $ 204.5 Revolving credit facility 2028 105.0 90.0 5.9% Senior Notes 2029 100.0 100.0 5.8% Senior Notes 2027 25.0 25.0 Finance lease obligations 2.1 2.3 433.6 421.8 Less: current portion (25.9 ) (19.7 ) Less: unamortized debt issuance costs (2.0 ) (2.2 ) Total long-term debt $ 405.7 $ 399.9
Maturities of Long-Term Debt	Long-term debt, including the current portion of long-term debt, matures as follows: Fiscal Year Remainder of 2025 $ 16.8 2026 44.7 2027 44.7 2028 302.0 2029 25.4 Total $ 433.6

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Jun. 30, 2024
Accumulated Other Comprehensive Loss [Abstract]
Accumulated Other Comprehensive Loss	Changes in accumulated other comprehensive loss were as follows: Three months ended June 30, 2024 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (62.8 ) $ (100.7 ) $ 0.1 $ (163.4 ) Other comprehensive income (loss) before reclassifications (6.9 ) - - (6.9 ) Reclassifications: Amortization of unrecognized net loss (a) - 1.1 - 1.1 Income taxes - (0.3 ) - (0.3 ) Total other comprehensive income (loss) (6.9 ) 0.8 - (6.1 ) Ending balance $ (69.7 ) $ (99.9 ) $ 0.1 $ (169.5 ) 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 ) (a) Amounts are included in the calculation of net periodic benefit cost for the Company’s defined benefit plans, which include pension and other postretirement plans. See Note 5 for additional information about the Company’s pension plans. (b) 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, 2024
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, 2024 2023 External Sales Inter-segment Sales Total External Sales Inter-segment Sales Total Net sales: Climate Solutions $ 357.2 $ 0.1 $ 357.3 $ 286.7 $ - $ 286.7 Performance Technologies 304.3 4.7 309.0 335.7 7.4 343.1 Segment total 661.5 4.8 666.3 622.4 7.4 629.8 Corporate and eliminations - (4.8 ) (4.8 ) - (7.4 ) (7.4 ) Net sales $ 661.5 $ - $ 661.5 $ 622.4 $ - $ 622.4 Three months ended June 30, 2024 2023 _ % of sales _ % of sales Gross profit: Climate Solutions $ 100.8 28.2 % $ 75.8 26.4 % Performance Technologies 63.5 20.6 % 51.9 15.1 % Segment total 164.3 24.7 % 127.7 20.3 % Corporate and eliminations (1.7 ) - 0.2 - Gross profit $ 162.6 24.6 % $ 127.9 20.6 % Three months ended June 30, 2024 2023 Operating income: Climate Solutions $ 59.8 $ 48.6 Performance Technologies 31.5 27.6 Segment total 91.3 76.2 Corporate and eliminations (16.9 ) (9.7 ) Operating income $ 74.4 $ 66.5 The following is a summary of segment assets, comprised entirely of trade accounts receivable and inventories, and other assets: June 30, 2024 March 31, 2024 Assets: Climate Solutions $ 411.5 $ 412.7 Performance Technologies 376.6 368.1 Other (a) 1,078.3 1,070.7 Total assets $ 1,866.4 $ 1,851.5 (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, 2024	Mar. 31, 2024
Supplier Finance Program [Abstract]
Notice period to terminate supplier finance program	90 days
Outstanding obligation under supplier finance program	$ 18.2	$ 23.6
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

Acquisitions and Dispositions,

Acquisitions and Dispositions, Acquisition of Scott Springfield Mfg. Inc. (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jul. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Allocation of Purchase Price [Abstract]
Goodwill		$ 237.4		$ 230.9
Scott Springfield Manufacturing [Member]
Acquisition of Scott Springfield Mfg. Inc. [Abstract]
Net sales since date of acquisition		39.7
Operating income since date of acquisition		6.5
Acquisition adjustment to deferred income tax liability		(2.2)
Acquisition adjustment to goodwill		7.4
Allocation of Purchase Price [Abstract]
Cash and cash equivalents		0.3
Trade accounts receivable		27.5
Inventories		20.9
Property, plant and equipment		6
Intangible assets		92.7
Goodwill		72.6
Other assets		4
Accounts payable		(8.6)
Accrued compensation and employee benefits		(1.3)
Deferred income taxes		(22.2)
Other liabilities		(7.8)
Purchase price		184.1
Unaudited Supplemental Pro Forma Information [Abstract]
Net sales			$ 651.7
Net earnings attributable to Modine			44.5
Pro forma adjustment for amortization and depreciation expense			3
Pro forma adjustment for estimated interest expense			$ 1.5
Scott Springfield Manufacturing [Member] | Trade Names [Member]
Acquisition of Scott Springfield Mfg. Inc. [Abstract]
Measurement period adjustment to intangible asset		(9.6)
Scott Springfield Manufacturing [Member] | Cost of Sales [Member]
Acquisition of Scott Springfield Mfg. Inc. [Abstract]
Inventory purchase accounting adjustment		$ 1.6
Scott Springfield Manufacturing [Member] | Subsequent Event [Member]
Acquisition of Scott Springfield Mfg. Inc. [Abstract]
Business acquisition, net of cash acquired	$ 2.4

Acquisitions and Dispositions_2

Acquisitions and Dispositions, Acquisition of Napps Technology Corporation (Details) - Napps [Member] - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jul. 31, 2024	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023
Acquisition of Napps Technology Corporation [Abstract]
Purchase price				$ 5.8
Payment for business acquisition			$ 4.8
Net sales since date of acquisition		$ 1.4
Subsequent Event [Member]
Acquisition of Napps Technology Corporation [Abstract]
Payment for business acquisition	$ 1

Acquisitions and Dispositions_3

Acquisitions and Dispositions, Disposition of Germany Automotive Businesses (Details) $ in Millions	1 Months Ended	3 Months Ended
	Oct. 31, 2023 Business	Jun. 30, 2023 USD ($)
Disposition of Germany Automotive Businesses [Abstract]
Number of automotive businesses sold | Business	3
Three Germany Automotive Businesses [Member]
Disposition of Germany Automotive Businesses [Abstract]
Net sales of disposal group | $		$ 24.3

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Disaggregation of Revenue [Abstract]
Net sales	$ 661.5	$ 622.4
Contract Balances [Abstract]
Contract assets	10.8		$ 12.9
Contract liabilities	66.4		$ 79.4
Decrease in contract assets	(2.1)
Decrease in contract liabilities	(13)
Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	646.5	598.2
Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	19.8	31.6
Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	424.7	326
Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	191.6	246.9
Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	50	56.9
Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	162.6	68.2
Heat Transfer [Member]
Disaggregation of Revenue [Abstract]
Net sales	111.8	140.8
HVAC&R [Member]
Disaggregation of Revenue [Abstract]
Net sales	82.8	77.7
Air-Cooled [Member]
Disaggregation of Revenue [Abstract]
Net sales	168.6	172.7
Liquid-Cooled [Member]
Disaggregation of Revenue [Abstract]
Net sales	104	134.7
Advanced Solutions [Member]
Disaggregation of Revenue [Abstract]
Net sales	31.7	28.3
Climate Solutions [Member]
Disaggregation of Revenue [Abstract]
Net sales	357.2	286.7
Climate Solutions [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	340.7	258.2
Climate Solutions [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	16.6	28.5
Climate Solutions [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	240	153.3
Climate Solutions [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	111.5	126.9
Climate Solutions [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	5.8	6.5
Climate Solutions [Member] | Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	162.6	68.2
Climate Solutions [Member] | Heat Transfer [Member]
Disaggregation of Revenue [Abstract]
Net sales	111.8	140.8
Climate Solutions [Member] | HVAC&R [Member]
Disaggregation of Revenue [Abstract]
Net sales	82.8	77.7
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	304.3	335.7
Performance Technologies [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	305.8	340
Performance Technologies [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	3.2	3.1
Performance Technologies [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	184.7	172.7
Performance Technologies [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	80.1	120
Performance Technologies [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	44.2	50.4
Performance Technologies [Member] | Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0
Performance Technologies [Member] | Heat Transfer [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0
Performance Technologies [Member] | HVAC&R [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0
Performance Technologies [Member] | Air-Cooled [Member]
Disaggregation of Revenue [Abstract]
Net sales	168.6	172.7
Performance Technologies [Member] | Liquid-Cooled [Member]
Disaggregation of Revenue [Abstract]
Net sales	104	134.7
Performance Technologies [Member] | Advanced Solutions [Member]
Disaggregation of Revenue [Abstract]
Net sales	31.7	28.3
Operating Segments [Member]
Disaggregation of Revenue [Abstract]
Net sales	666.3	629.8
Operating Segments [Member] | Climate Solutions [Member]
Disaggregation of Revenue [Abstract]
Net sales	357.3	286.7
Operating Segments [Member] | Performance Technologies [Member]
Disaggregation of Revenue [Abstract]
Net sales	309	343.1
Inter-segment Sales [Member]
Disaggregation of Revenue [Abstract]
Net sales	4.8	7.4
Inter-segment Sales [Member] | Climate Solutions [Member]
Disaggregation of Revenue [Abstract]
Net sales	0.1	0
Inter-segment Sales [Member] | Performance Technologies [Member]
Disaggregation of Revenue [Abstract]
Net sales	$ 4.7	$ 7.4

Pensions (Details)

Pensions (Details) - USD ($) $ in Millions		3 Months Ended		12 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2026
Net Periodic Benefit Cost [Abstract]
Net periodic benefit cost	[1]	$ 1.2	$ 0.8
Pension [Member]
Net Periodic Benefit Cost [Abstract]
Service cost		0	0.1
Interest cost		2.3	2.4
Expected return on plan assets		(2.2)	(2.6)
Amortization of unrecognized net loss		1.2	1.1
Net periodic benefit cost		1.3	$ 1
Pension [Member] | U.S Plans [Member]
Employer Contributions [Abstract]
Cash contributions by employer		1.5
Pension [Member] | U.S Plans [Member] | Minimum [Member]
Termination of U.S. Pension Plans [Abstract]
Expected employer contribution during fiscal 2026		15
Pension [Member] | U.S Plans [Member] | Maximum [Member]
Termination of U.S. Pension Plans [Abstract]
Expected employer contribution during fiscal 2026		$ 30
Pension [Member] | U.S Plans [Member] | Plan [Member] | Minimum [Member]
Termination of U.S. Pension Plans [Abstract]
Non-cash pension settlement charges				$ (120)
Pension [Member] | U.S Plans [Member] | Plan [Member] | Maximum [Member]
Termination of U.S. Pension Plans [Abstract]
Non-cash pension settlement charges				$ (130)
[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, 2024	Jun. 30, 2023
Stock-Based Compensation [Abstract]
Stock-based compensation expense	$ 4.2	$ 1.5
Stock-Based Compensation [Abstract]
Unrecognized compensation expense	$ 43.1
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)	0.1	0.3
Fair value of stock granted (in dollars per share)	$ 103.77	$ 27.29
Unrecognized compensation expense	$ 34.1
Weighted-average remaining service period	2 years 6 months
Restricted Stock Awards [Member]
Stock-Based Compensation [Abstract]
Stock granted (in shares)	0	0.1
Fair value of stock granted (in dollars per share)	$ 103.77	$ 27.29
Unrecognized compensation expense	$ 8.2
Weighted-average remaining service period	1 year 10 months 24 days
Stock Options [Member]
Stock-Based Compensation [Abstract]
Unrecognized compensation expense	$ 0.8
Weighted-average remaining service period	10 months 24 days

Restructuring Activities (Detai

Restructuring Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Restructuring and Repositioning Expenses [Abstract]
Employee severance and related benefits	$ 4.8	$ 0
Other restructuring and repositioning expenses	0.6	0
Total	5.4	0
Changes in Accrued Severance [Roll Forward]
Beginning balance	13	10.6
Additions	4.8	0
Payments	(9.2)	(1.8)
Effect of exchange rate changes	0	0.1
Ending balance	$ 8.6	$ 8.9

Other Income and Expense (Detai

Other Income and Expense (Details) - USD ($) $ in Millions		3 Months Ended
		Jun. 30, 2024	Jun. 30, 2023
Other Income and Expense [Abstract]
Interest income		$ 0.7	$ 0.5
Foreign currency transactions	[1]	0.2	(0.3)
Net periodic benefit cost	[2]	(1.2)	(0.8)
Total other expense - net		$ (0.3)	$ (0.6)
[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
	Jun. 30, 2024	Jun. 30, 2023
Income Taxes [Abstract]
Effective income tax rate	28.20%	24.50%
U.S. [Member]
Income Taxes [Abstract]
Valuation allowance	$ 44.2
Foreign Jurisdictions [Member]
Income Taxes [Abstract]
Valuation allowance	$ 22.8

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net earnings attributable to Modine	$ 47.3	$ 44.8
Weighted-average shares outstanding - basic (in shares)	52.5	52.3
Effect of dilutive securities (in shares)	1.4	0.7
Weighted-average shares outstanding - diluted (in shares)	53.9	53
Earnings per Share [Abstract]
Net earnings per share - basic (in dollars per share)	$ 0.9	$ 0.86
Net earnings per share - diluted (in dollars per share)	$ 0.88	$ 0.85
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	0
Restricted Stock [Member]
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)		0.1

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash and cash equivalents	$ 72.9	$ 60.1
Restricted cash	0.3	0.2
Total cash, cash equivalents and restricted cash	$ 73.2	$ 60.3	$ 94	$ 67.2

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024
Inventories [Abstract]
Raw materials	$ 203	$ 207.8
Work in process	66.9	64.5
Finished goods	80.1	85.6
Total inventories	$ 350	$ 357.9

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 1,284.2	$ 1,286
Less: accumulated depreciation	(920.5)	(920.3)
Net property, plant and equipment	363.7	365.7
Land [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment	16.2	16.3
Buildings and Improvements [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 280.9	280.7
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	$ 833.3	824.4
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	$ 92.6	97
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	$ 61.2	$ 67.6

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 230.9
Goodwill, ending balance	237.4
Intangible Assets [Abstract]
Gross carrying value	234.9		$ 245.8
Accumulated amortization	(64.2)		(57.5)
Net intangible assets	170.7		188.3
Amortization expense	6.9	$ 2
Estimated Future Amortization Expense [Abstract]
Remainder of fiscal 2025	21
2026	17
2027	16
2028	16
2029	15
Climate Solutions [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	230.9
Acquisition adjustment	7.4
Effect of exchange rate changes	(0.9)
Goodwill, ending balance	237.4
Trade Names [Member]
Intangible Assets [Abstract]
Gross carrying value	53.1		62.8
Accumulated amortization	(19.1)		(18.5)
Net intangible assets	34		44.3
Customer Relationships [Member]
Intangible Assets [Abstract]
Gross carrying value	149.4		150.5
Accumulated amortization	(31.7)		(26.3)
Net intangible assets	117.7		124.2
Acquired Technology [Member]
Intangible Assets [Abstract]
Gross carrying value	32.4		32.5
Accumulated amortization	(13.4)		(12.7)
Net intangible assets	19		$ 19.8
Scott Springfield Manufacturing [Member]
Goodwill [Roll Forward]
Acquisition adjustment	7.4
Goodwill, ending balance	72.6
Scott Springfield Manufacturing [Member] | Trade Names [Member]
Goodwill [Roll Forward]
Measurement period adjustment to intangible asset	$ (9.6)

Product Warranties (Details)

Product Warranties (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accrued Warranty Costs [Roll Forward]
Beginning balance	$ 10.7	$ 6.9
Warranties recorded at time of sale	1.9	1.5
Adjustments to pre-existing warranties	(0.1)	0.6
Settlements	(1.7)	(1.1)
Effect of exchange rate changes	0	0
Ending balance	$ 10.8	$ 7.9

Leases (Details)

Leases (Details) - USD ($) $ in Millions		3 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jul. 31, 2024	Mar. 31, 2024
Lease Assets and Liabilities [Abstract]
Operating lease ROU assets		$ 91.4			$ 76
Operating lease ROU assets, Statement of Financial Position [Extensible List]		Other noncurrent assets			Other noncurrent assets
Finance lease ROU assets	[1]	$ 6.4			$ 6.5
Finance lease ROU assets, Statement of Financial Position [Extensible List]		Property, plant and equipment - net			Property, plant and equipment - net
Operating lease liabilities, current		$ 17.7			$ 15.3
Operating lease liabilities, current, Statement of Financial Position [Extensible List]		Other current liabilities			Other current liabilities
Operating lease liabilities, noncurrent		$ 75.2			$ 62.1
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		$ 1.7			$ 1.9
Finance lease liabilities, noncurrent, Statement of Financial Position [Extensible List]		Long-term debt			Long-term debt
Accumulated amortization		$ 3.8			$ 3.7
Components of Lease Expense [Abstract]
Operating lease expense	[2]	6.9	$ 5.9
Finance lease expense: Depreciation of ROU assets		0.1	0.1
Finance lease expense: Interest on lease liabilities		0	0
Total lease expense		7	6
Short-term lease expense		$ 1.3	$ 1.5
Manufacturing Facility [Member] | Subsequent Event [Member]
Leases [Abstract]
Term of operating lease				10 years
Total future lease payments				$ 12
Manufacturing Facility [Member] | Climate Solutions [Member]
Leases [Abstract]
Term of operating lease		10 years
[1] Finance right of use (“ROU”) assets were recorded net of accumulated amortization of $ 3.8 $3.7 million as of June 30, 2024 and March 31, 2024, respectively. For the three months ended June 30, 2024 and 2023, operating lease expense included short-term lease expense of $1.3 million and $1.5 million, respectively. Variable lease expense was not significant.

Indebtedness (Details)

Indebtedness (Details) $ in Millions	3 Months Ended
	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)
Long-Term Debt [Abstract]
Long-term debt	$ 433.6	$ 421.8
Less: current portion	(25.9)	(19.7)
Less: unamortized debt issuance costs	(2)	(2.2)
Total long-term debt	405.7	399.9
Maturities of Long-Term Debt [Abstract]
Remainder of 2025	16.8
2026	44.7
2027	44.7
2028	302
2029	25.4
Long-term debt	433.6	421.8
Indebtedness [Abstract]
Short-term debt	$ 4.3	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	$ 122	120.9
Credit Agreement [Member]
Indebtedness [Abstract]
Letters of credit outstanding	6.2
Term Loans [Member]
Long-Term Debt [Abstract]
Long-term debt	$ 201.5	204.5
Fiscal year of maturity	2028
Maturities of Long-Term Debt [Abstract]
Long-term debt	$ 201.5	204.5
Indebtedness [Abstract]
Weighted-average interest rate for variable rate borrowings	6.50%
Revolving Credit Facility [Member]
Long-Term Debt [Abstract]
Long-term debt	$ 105	90
Fiscal year of maturity	2028
Maturities of Long-Term Debt [Abstract]
Long-term debt	$ 105	90
Indebtedness [Abstract]
Maximum borrowing capacity	$ 275
Weighted-average interest rate for variable rate borrowings	6.80%
Available borrowing capacity	$ 163.8
Swingline Loans [Member]
Indebtedness [Abstract]
Short-term debt		2
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	$ 25	25
Interest rate percentage	5.80%
Fiscal year of maturity	2027
Maturities of Long-Term Debt [Abstract]
Long-term debt	$ 25	25
Finance Lease Obligations [Member]
Long-Term Debt [Abstract]
Long-term debt	2.1	2.3
Maturities of Long-Term Debt [Abstract]
Long-term debt	2.1	2.3
Foreign Credit Agreements [Member]
Indebtedness [Abstract]
Short-term debt	$ 4.3	$ 10

Risks, Uncertainties, Conting_2

Risks, Uncertainties, Contingencies and Litigation (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024
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, 2024	Jun. 30, 2023
Changes in Accumulated Other Comprehensive Loss [Abstract]
Beginning balance		$ 747.6
Other comprehensive income (loss) before reclassifications		(6.9)	$ (1)
Income taxes		(0.3)	0
Total other comprehensive income (loss)		(6.1)	(0.5)
Ending balance		788.4
Accumulated Other Comprehensive Loss [Member]
Changes in Accumulated Other Comprehensive Loss [Abstract]
Beginning balance		(163.4)	(161.1)
Ending balance		(169.5)	(161.6)
Foreign Currency Translation [Member]
Changes in Accumulated Other Comprehensive Loss [Abstract]
Beginning balance		(62.8)	(57.5)
Other comprehensive income (loss) before reclassifications		(6.9)	(0.6)
Income taxes		0	0
Total other comprehensive income (loss)		(6.9)	(0.6)
Ending balance		(69.7)	(58.1)
Defined Benefit Plans [Member]
Changes in Accumulated Other Comprehensive Loss [Abstract]
Beginning balance		(100.7)	(104.4)
Other comprehensive income (loss) before reclassifications		0	0
Reclassification from accumulated other comprehensive income (loss)	[1]	1.1	1
Income taxes		(0.3)	(0.2)
Total other comprehensive income (loss)		0.8	0.8
Ending balance		(99.9)	(103.6)
Cash Flow Hedges [Member]
Changes in Accumulated Other Comprehensive Loss [Abstract]
Beginning balance		0.1	0.8
Other comprehensive income (loss) before reclassifications		0	(0.4)
Reclassification from accumulated other comprehensive income (loss)	[2]		(0.5)
Income taxes		0	0.2
Total other comprehensive income (loss)		0	(0.7)
Ending balance		$ 0.1	$ 0.1
[1] Amounts are included in the calculation of net periodic benefit cost for the Company’s defined benefit plans, which include pension and other postretirement plans. See Note 5 for additional information about the Company’s pension plans. mounts represent net gains and losses associated with cash flow hedges that were reclassified to net earnings

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions		3 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Segment Information [Abstract]
Net sales		$ 661.5	$ 622.4
Gross profit		$ 162.6	$ 127.9
Gross profit (% of sales)		24.60%	20.60%
Operating income		$ 74.4	$ 66.5
Total assets		1,866.4		$ 1,851.5
Climate Solutions [Member]
Segment Information [Abstract]
Net sales		357.2	286.7
Performance Technologies [Member]
Segment Information [Abstract]
Net sales		304.3	335.7
Other [Member]
Segment Information [Abstract]
Total assets	[1]	1,078.3		1,070.7
Operating Segments [Member]
Segment Information [Abstract]
Net sales		666.3	629.8
Gross profit		$ 164.3	$ 127.7
Gross profit (% of sales)		24.70%	20.30%
Operating income		$ 91.3	$ 76.2
Operating Segments [Member] | Climate Solutions [Member]
Segment Information [Abstract]
Net sales		357.3	286.7
Gross profit		$ 100.8	$ 75.8
Gross profit (% of sales)		28.20%	26.40%
Operating income		$ 59.8	$ 48.6
Total assets		411.5		412.7
Operating Segments [Member] | Performance Technologies [Member]
Segment Information [Abstract]
Net sales		309	343.1
Gross profit		$ 63.5	$ 51.9
Gross profit (% of sales)		20.60%	15.10%
Operating income		$ 31.5	$ 27.6
Total assets		376.6		$ 368.1
Inter-segment Sales [Member]
Segment Information [Abstract]
Net sales		4.8	7.4
Inter-segment Sales [Member] | Climate Solutions [Member]
Segment Information [Abstract]
Net sales		0.1	0
Inter-segment Sales [Member] | Performance Technologies [Member]
Segment Information [Abstract]
Net sales		4.7	7.4
Corporate and Eliminations [Member]
Segment Information [Abstract]
Net sales		(4.8)	(7.4)
Gross profit		$ (1.7)	$ 0.2
Gross profit (% of sales)		0%	0%
Operating income		$ (16.9)	$ (9.7)
[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.