Modine Manufacturing (MOD) 10-Q 5 Feb 25 2025 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2024	Jan. 31, 2025
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Document Transition Report	false
Securities Act 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		52,574,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net sales	$ 616.8	$ 561.4	$ 1,936.3	$ 1,804.3
Cost of sales	467.2	434.1	1,458.5	1,414
Gross profit	149.6	127.3	477.8	390.3
Selling, general and administrative expenses	82	68	250.6	198.3
Restructuring expenses	8.3	1.6	18.2	2.1
Gain on sale of assets		(4)		(4)
Operating income	59.3	61.7	209	193.9
Interest expense	(6.2)	(5.8)	(21.1)	(17.8)
Other income (expense) - net	1.1	(0.5)	(0.7)	(1)
Earnings before income taxes	54.2	55.4	187.2	175.1
Provision for income taxes	(13)	(10.3)	(51.8)	(37.8)
Net earnings	41.2	45.1	135.4	137.3
Net earnings attributable to noncontrolling interest	(0.2)	(0.7)	(1)	(1.6)
Net earnings attributable to Modine	$ 41	$ 44.4	$ 134.4	$ 135.7
Net earnings per share attributable to Modine shareholders:
Basic (in dollars per share)	$ 0.78	$ 0.85	$ 2.56	$ 2.59
Diluted (in dollars per share)	$ 0.76	$ 0.83	$ 2.49	$ 2.55
Weighted-average shares outstanding:
Basic (in shares)	52.7	52.3	52.6	52.4
Diluted (in shares)	53.9	53.2	53.9	53.2

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net earnings	$ 41.2	$ 45.1	$ 135.4	$ 137.3
Other comprehensive income (loss), net of income taxes:
Foreign currency translation	(48.9)	19.4	(34.8)	5.9
Defined benefit plans, net of income taxes of $0.3, $0.3, $0.8 and $0.8 million	0.8	0.1	2.4	1.7
Cash flow hedges, net of income taxes of ($0.1), $0.2, $0 and ($0.1) million	(0.1)	0.5	0.1	(0.4)
Total other comprehensive income (loss)	(48.2)	20	(32.3)	7.2
Comprehensive income (loss)	(7)	65.1	103.1	144.5
Comprehensive (income) loss attributable to noncontrolling interest	0.5	(0.8)	(0.6)	(1.5)
Comprehensive income (loss) attributable to Modine	$ (6.5)	$ 64.3	$ 102.5	$ 143

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Other comprehensive income (loss):
Defined benefit plans, tax	$ 0.3	$ 0.3	$ 0.8	$ 0.8
Cash flow hedges, tax	$ (0.1)	$ 0.2	$ 0	$ (0.1)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2024	Mar. 31, 2024
ASSETS
Cash and cash equivalents	$ 83.8	$ 60.1
Trade accounts receivable - net	423	422.9
Inventories	336.7	357.9
Other current assets	62.1	53.1
Total current assets	905.6	894
Property, plant and equipment - net	354.8	365.7
Intangible assets - net	152.3	188.3
Goodwill	232.6	230.9
Deferred income taxes	61.9	75.1
Other noncurrent assets	122.6	97.5
Total assets	1,829.8	1,851.5
LIABILITIES AND SHAREHOLDERS' EQUITY
Short-term debt	2.4	12
Long-term debt - current portion	38.4	19.7
Accounts payable	244	283.4
Accrued compensation and employee benefits	88.6	101.6
Other current liabilities	110.1	129.1
Total current liabilities	483.5	545.8
Long-term debt	330	399.9
Deferred income taxes	24.1	30
Pensions	20.3	27.7
Other noncurrent liabilities	108.7	92.6
Total liabilities	966.6	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 56.4 million and 56.1 million shares	35.3	35
Additional paid-in capital	300.7	283.7
Retained earnings	793.4	659
Accumulated other comprehensive loss	(195.3)	(163.4)
Treasury stock, at cost, 3.9 million and 3.7 million shares	(79)	(66.7)
Total Modine shareholders' equity	855.1	747.6
Noncontrolling interest	8.1	7.9
Total equity	863.2	755.5
Total liabilities and equity	$ 1,829.8	$ 1,851.5

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Dec. 31, 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)	56.4	56.1
Treasury stock at cost (in shares)	3.9	3.7

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net earnings	$ 135.4	$ 137.3
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	58.5	41.1
Gain on sale of assets		(4)
Stock-based compensation expense	16.7	7.7
Deferred income taxes	8.5	4.7
Other - net	5.2	4.7
Changes in operating assets and liabilities:
Trade accounts receivable	(11.6)	26.9
Inventories	13.2	(18.5)
Accounts payable	(19.3)	(67.8)
Other assets and liabilities	(48.1)	42.9
Net cash provided by operating activities	158.5	175
Cash flows from investing activities:
Expenditures for property, plant and equipment	(56.3)	(43.8)
Payments for business acquisitions	(3.4)	(4.8)
Proceeds from (payments for) disposition of assets	0.6	(0.6)
Other - net	0	(5.3)
Net cash used for investing activities	(59.1)	(54.5)
Cash flows from financing activities:
Borrowings of debt	355	176.6
Repayments of debt	(406)	(193.6)
Repayments on bank overdraft facilities - net	(9.6)	(3.7)
Purchases of treasury stock	(12.3)	(17.6)
Dividend paid to noncontrolling interest	(0.4)	(0.5)
Other - net	0.9	1.4
Net cash used for financing activities	(72.4)	(37.4)
Effect of exchange rate changes on cash	(3.2)	0.9
Net increase in cash, cash equivalents and restricted cash	23.8	84
Cash, cash equivalents and restricted cash - beginning of period	60.3	67.2
Cash, cash equivalents and restricted cash - end of period	$ 84.1	$ 151.2

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive loss	Treasury stock, at cost	Non-controlling interest	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, 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							137.3
Other comprehensive loss							7.2
Balance at Dec. 31, 2023	$ 35	279.6	633.2	(153.8)	(66.6)	7.8	735.2
Balance (in shares) at Dec. 31, 2023	55.9
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 0	0	46.5	0	0	0.4	46.9
Other comprehensive loss	0	0	0	(12.1)	0	0	(12.1)
Stock options and awards	$ 0.1	0.6	0	0	0	0	0.7
Stock options and awards (in shares)	0.1
Purchase of treasury stock	$ 0	0	0	0	(9.1)	0	(9.1)
Stock-based compensation expense	0	3.1	0	0	0	0	3.1
Balance at Sep. 30, 2023	$ 34.8	276.4	588.8	(173.7)	(59.3)	7	674
Balance (in shares) at Sep. 30, 2023	55.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 0	0	44.4	0	0	0.7	45.1
Other comprehensive loss	0	0	0	19.9	0	0.1	20
Stock options and awards	$ 0.2	0.1	0	0	0	0	0.3
Stock options and awards (in shares)	0.2
Purchase of treasury stock	$ 0	0	0	0	(7.3)	0	(7.3)
Stock-based compensation expense	0	3.1	0	0	0	0	3.1
Balance at Dec. 31, 2023	$ 35	279.6	633.2	(153.8)	(66.6)	7.8	735.2
Balance (in shares) at Dec. 31, 2023	55.9
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
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							$ 135.4
Other comprehensive loss							(32.3)
Balance at Dec. 31, 2024	$ 35.3	300.7	793.4	(195.3)	(79)	8.1	$ 863.2
Balance (in shares) at Dec. 31, 2024	56.4						56.4
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 0	0	46.1	0	0	0.3	46.4
Other comprehensive loss	0	0	0	21.7	0	0.4	22.1
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	(3.1)	0	(3.1)
Stock-based compensation expense	0	5.6	0	0	0	0	5.6
Balance at Sep. 30, 2024	$ 35.2	293.5	752.4	(147.8)	(74.5)	8.6	867.4
Balance (in shares) at Sep. 30, 2024	56.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 0	0	41	0	0	0.2	41.2
Other comprehensive loss	0	0	0	(47.5)	0	(0.7)	(48.2)
Stock options and awards	$ 0.1	0.3	0	0	0	0	0.4
Stock options and awards (in shares)	0.1
Purchase of treasury stock	$ 0	0	0	0	(4.5)	0	(4.5)
Stock-based compensation expense	0	6.9	0	0	0	0	6.9
Balance at Dec. 31, 2024	$ 35.3	$ 300.7	$ 793.4	$ (195.3)	$ (79)	$ 8.1	$ 863.2
Balance (in shares) at Dec. 31, 2024	56.4						56.4

General

General	9 Months Ended
	Dec. 31, 2024
General
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 nine 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 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 days. The outstanding obligations under this program, included within New accounting guidance Segment reporting disclosures In November 2023, the Financial Accounting Standards Board (“FASB”) 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 the new disclosures, but does not expect the guidance will have a material impact on its consolidated financial statements. Disaggregation of Income Statement Expenses In November 2024, the FASB issued new guidance that will require additional disclosure regarding the nature of expenses presented within expense captions on the consolidated statements of operations and selling expenses. The new disclosure requirements will become effective for the Company’s fiscal 2028 annual financial statements. The Company is currently evaluating the new disclosures, but does not expect the guidance will have a material impact on its consolidated financial statements. ​ ​

Acquisitions and Dispositions

Acquisitions and Dispositions	9 Months Ended
	Dec. 31, 2024
Acquisitions and Dispositions
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 of the working capital adjustment, the Company paid 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 and nine months ended December 31, 2024, the Company included The Company has completed the purchase price allocation for its acquisition of Scott Springfield Manufacturing. During the first quarter of fiscal 2025, the Company completed its market and trade name analyses and recorded a measurement period adjustment to reduce the fair value of the trade name intangible asset by million. This adjustment resulted in a corresponding decrease in the deferred income tax liability of The Company’s purchase price allocation for its acquisition of Scott Springfield Manufacturing is 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 ​ 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 Nine months ended ​ December 31, 2023 December 31, 2023 Net sales ​ $ 582.0 ​ $ 1,881.2 Net earnings attributable to Modine ​ 43.4 ​ 134.5 ​ 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 includes adjustments for: i) amortization and depreciation expense totaling approximately 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 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 2024. The Company has reported the financial results of the Napps business within the Climate Solutions segment since the date of the acquisition. Disposition of automotive businesses in Germany 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 three and nine months ended December 31, 2023 totaled Pending disposition of facilities in Germany In December 2024, the Company signed a definitive agreement to sell its technical service center and administrative support facility in Germany to a real estate investment firm for €11.5 million ( $11.9 million). Earlier this fiscal year, the Company closed the technical service center and reduced headcount in light of the sale of three automotive businesses in Germany during fiscal 2024. The Company expects the sale transaction will close during the first half of fiscal 2026, subject to remaining closing conditions. The Company expects to record a gain on sale, net of costs to sell, of approximately $3.0 million when the transaction is completed. As of December 31, 2024, the Company classified $7.8 million of building and related assets expected to transfer to the buyer as held for sale and presented them within other current assets on its consolidated balance sheet. ​

Revenue Recognition

Revenue Recognition	9 Months Ended
	Dec. 31, 2024
Revenue Recognition
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 tables below for fiscal 2024 has been recast to be comparable with the fiscal 2025 presentation. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, 2024 ​ Three months ended December 31, 2023 ​ Climate Performance Segment Climate Performance Segment ​ ​ Solutions ​ Technologies ​ Total ​ Solutions ​ Technologies ​ Total Product groups: ​ ​ ​ ​ ​ ​ Data center cooling ​ $ 166.9 ​ $ — ​ $ 166.9 ​ $ 60.5 ​ $ — ​ $ 60.5 Heat transfer ​ 88.1 ​ — ​ 88.1 ​ 101.5 ​ — ​ 101.5 HVAC&R ​ 105.7 ​ — ​ 105.7 ​ 92.0 ​ — ​ 92.0 Air-cooled ​ — ​ 133.9 ​ 133.9 ​ — ​ 162.0 ​ 162.0 Liquid-cooled ​ — ​ 91.3 ​ 91.3 ​ — ​ 112.1 ​ 112.1 Advanced solutions ​ — ​ 30.9 ​ 30.9 ​ — ​ 33.3 ​ 33.3 Inter-segment sales ​ 0.1 ​ 6.1 ​ 6.2 ​ — ​ 3.5 ​ 3.5 Net sales ​ $ 360.8 ​ $ 262.2 ​ $ 623.0 ​ $ 254.0 ​ $ 310.9 ​ $ 564.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Geographic location: ​ ​ ​ ​ ​ ​ Americas ​ $ 255.5 ​ $ 160.2 ​ $ 415.7 ​ $ 153.5 ​ $ 176.2 ​ $ 329.7 Europe ​ 97.9 ​ 62.1 ​ 160.0 ​ 92.3 ​ 86.5 ​ 178.8 Asia ​ 7.4 ​ 39.9 ​ 47.3 ​ 8.2 ​ 48.2 ​ 56.4 Net sales ​ $ 360.8 ​ $ 262.2 ​ $ 623.0 ​ $ 254.0 ​ $ 310.9 ​ $ 564.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Timing of revenue recognition: ​ ​ ​ ​ ​ ​ Products transferred at a point in time ​ $ 333.5 ​ $ 260.1 ​ $ 593.6 ​ $ 233.7 ​ $ 308.1 ​ $ 541.8 Products transferred over time ​ 27.3 ​ 2.1 ​ 29.4 ​ 20.3 ​ 2.8 ​ 23.1 Net sales ​ $ 360.8 ​ $ 262.2 ​ $ 623.0 ​ $ 254.0 ​ $ 310.9 ​ $ 564.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended December 31, 2024 ​ Nine months ended December 31, 2023 ​ Climate Performance Segment Climate Performance Segment ​ ​ Solutions ​ Technologies ​ Total ​ Solutions ​ Technologies ​ Total Product groups: ​ ​ ​ ​ ​ ​ Data center cooling ​ $ 488.4 ​ $ — ​ $ 488.4 ​ $ 207.5 ​ $ — ​ $ 207.5 Heat transfer ​ 303.3 ​ — ​ 303.3 ​ 361.5 ​ — ​ 361.5 HVAC&R ​ 292.6 ​ — ​ 292.6 ​ 260.9 ​ — ​ 260.9 Air-cooled ​ — ​ 457.7 ​ 457.7 ​ — ​ 508.0 ​ 508.0 Liquid-cooled ​ — ​ 294.4 ​ 294.4 ​ — ​ 373.2 ​ 373.2 Advanced solutions ​ — ​ 99.9 ​ 99.9 ​ — ​ 93.2 ​ 93.2 Inter-segment sales ​ 0.2 ​ 16.7 ​ 16.9 ​ — ​ 16.9 ​ 16.9 Net sales ​ $ 1,084.5 ​ $ 868.7 ​ $ 1,953.2 ​ $ 829.9 ​ $ 991.3 ​ $ 1,821.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Geographic location: ​ ​ ​ ​ ​ ​ Americas ​ $ 748.1 ​ $ 527.6 ​ $ 1,275.7 ​ $ 480.9 ​ $ 527.3 ​ $ 1,008.2 Europe ​ 315.3 ​ 214.7 ​ 530.0 ​ 328.3 ​ 316.5 ​ 644.8 Asia ​ 21.1 ​ 126.4 ​ 147.5 ​ 20.7 ​ 147.5 ​ 168.2 Net sales ​ $ 1,084.5 ​ $ 868.7 ​ $ 1,953.2 ​ $ 829.9 ​ $ 991.3 ​ $ 1,821.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Timing of revenue recognition: ​ ​ ​ ​ ​ ​ Products transferred at a point in time ​ $ 1,025.1 ​ $ 860.5 ​ $ 1,885.6 ​ $ 763.5 ​ $ 981.8 ​ $ 1,745.3 Products transferred over time ​ 59.4 ​ 8.2 ​ 67.6 ​ 66.4 ​ 9.5 ​ 75.9 Net sales ​ $ 1,084.5 ​ $ 868.7 ​ $ 1,953.2 ​ $ 829.9 ​ $ 991.3 ​ $ 1,821.2 ​ Contract balances Contract assets and contract liabilities from contracts with customers were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 March 31, 2024 Contract assets ​ $ 11.3 ​ $ 12.9 Contract liabilities ​ 44.1 ​ 79.4 ​ Contract assets, included within other current assets on 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 Contract liabilities, included within other current liabilities on 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

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Dec. 31, 2024
Fair Value Measurements
Fair Value Measurement	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	9 Months Ended
	Dec. 31, 2024
Pensions
Pensions	Note 5: Pensions Pension cost included the following components: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ Nine months ended December 31, ​ 2024 2023 2024 2023 Service cost ​ $ — ​ $ — ​ $ 0.1 ​ $ 0.1 Interest cost ​ 2.3 ​ 2.3 ​ 6.8 ​ 7.1 Expected return on plan assets ​ (2.2) ​ (2.5) ​ (6.5) ​ (7.7) Amortization of unrecognized net loss ​ 1.2 ​ 1.1 ​ 3.5 ​ 3.4 Net periodic benefit cost ​ $ 1.3 ​ $ 0.9 ​ $ 3.9 ​ $ 2.9 ​ During the nine months ended December 31, 2024, the Company contributed $6.5 million to its U.S. pension plan. The Company did 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 additional cash contributions in the range of 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	9 Months Ended
	Dec. 31, 2024
Stock-Based Compensation
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 2024 and 2023, respectively. The Company recognized stock-based compensation expense of During the first nine months 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 three The weighted-average fair value of stock-based compensation awards granted during the nine months ended December 31, 2024 and 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended December 31, ​ ​ 2024 ​ 2023 ​ ​ ​ ​ Fair Value ​ ​ ​ Fair Value ​ ​ Shares Per Award Shares Per Award Performance stock awards 0.1 ​ $ 103.98 0.3 ​ $ 27.52 Restricted stock awards 0.1 ​ $ 110.99 0.2 ​ $ 37.59 ​ As of December 31, 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 ​ Weighted-Average ​ ​ Compensation ​ Remaining Service ​ Expense Period in Years Performance stock awards ​ $ 26.6 2.0 Restricted stock awards ​ 7.8 1.7 Stock options ​ 0.3 0.5 Total ​ $ 34.7 1.9 ​ ​ ​ ​ ​ ​ ​ ​

Restructuring Activities

Restructuring Activities	9 Months Ended
	Dec. 31, 2024
Restructuring Activities
Restructuring Activities	Note 7: Restructuring Activities During the first nine months of fiscal 2025, restructuring and repositioning expenses primarily consisted of severance expenses, the majority of which were recorded in the Performance Technologies segment. The Performance Technologies severance charges were primarily recorded in Europe and North America and include severance related to the closure of a European technical service center and other targeted headcount reductions intended to reduce selling, general and administrative (“SG&A”) and operational expenses. In addition, as part of its transformational initiatives supported by 80/20 principles, the Company is taking steps to optimize the efficiency of its supply chain and manufacturing processes in order to improve profit margins in the Climate Solutions and Performance Technologies segments. These restructuring activities have included transferring the production and warehousing for certain product lines among its facilities. During the first nine months of fiscal 2024, restructuring and repositioning expenses primarily consisted of equipment transfer costs and severance expenses in the Climate Solutions and Performance Technologies segments. Restructuring and repositioning expenses were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, Nine months ended December 31, ​ 2024 2023 2024 2023 Employee severance and related benefits ​ $ 7.3 ​ $ 0.7 ​ $ 15.3 ​ $ 0.8 Other restructuring and repositioning expenses ​ 1.0 ​ 0.9 ​ 2.9 ​ 1.3 Total ​ $ 8.3 ​ $ 1.6 ​ $ 18.2 ​ $ 2.1 ​ ​ Other restructuring and repositioning expenses primarily consist of costs related to product line transfers. The Company accrues severance in accordance with its written plans, procedures, and relevant statutory requirements. Changes in accrued severance were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ 2024 2023 Beginning balance ​ $ 7.9 ​ $ 3.2 Additions (a) ​ 5.9 ​ 0.7 Payments ​ (7.5) ​ (1.0) Effect of exchange rate changes ​ (0.4) ​ 0.1 Ending balance ​ $ 5.9 ​ $ 3.0 ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended December 31, ​ 2024 2023 Beginning balance ​ $ 13.0 ​ $ 10.6 Additions (a) ​ 13.9 ​ 0.8 Payments ​ (20.8) ​ (5.9) Disposition of businesses (b) ​ ​ — ​ ​ (2.5) Effect of exchange rate changes ​ (0.2) ​ — Ending balance ​ $ 5.9 ​ $ 3.0 ____ ​ ​ ​ ​ ​ ​ ​ (a) The fiscal 2025 amounts exclude $1.4 million of non-cash severance expense resulting from the accelerated vesting of certain stock-based compensation awards in connection with restructuring actions. (b) The Company sold three automotive businesses based in Germany during the third quarter of fiscal 2024. Prior to the sale, the Company reclassified the severance liability related to these businesses as held for sale. See Note 2 for additional information regarding the sale.

Other Income and Expense

Other Income and Expense	9 Months Ended
	Dec. 31, 2024
Other Income and Expense
Other Income and Expense	Note 8: Other Income and Expense Other income and expense consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, Nine months ended December 31, ​ 2024 2023 2024 2023 Interest income ​ $ 0.5 ​ $ 1.4 ​ $ 2.0 ​ $ 3.1 Foreign currency transactions (a) ​ 1.8 ​ (1.1) ​ 0.8 ​ (1.6) Net periodic benefit cost (b) ​ (1.2) ​ (0.8) ​ (3.5) ​ (2.5) Total other income (expense) – net ​ $ 1.1 ​ $ (0.5) ​ $ (0.7) ​ $ (1.0) ____ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Foreign currency transactions primarily consist of foreign currency transaction gains and losses on the re-measurement or settlement of foreign currency-denominated assets and liabilities, including intercompany loans and transactions denominated in a foreign currency, along with gains and losses on certain foreign currency exchange contracts. (b) Net periodic benefit cost for the Company’s pension and postretirement plans is exclusive of service cost.

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2024
Income Taxes
Income Taxes	Note 9: Income Taxes The Company’s effective tax rate for the three months ended December 31, 2024 and 2023 was 24.0 percent and 18.6 percent, respectively. The Company’s effective tax rate for the nine months ended December 31, 2024 and 2023 was 27.7 percent and 21.6 percent, respectively. The effective tax rates for fiscal 2025 are higher than the prior year, primarily due to changes in the mix and amount of foreign and U.S. earnings. The effective tax rates for the prior-year periods were also favorably impacted by a $3.1 million tax benefit related to the sale of three automotive businesses based in Germany during the third quarter of fiscal 2024. See Note 2 for additional information regarding the sale. In addition, the effective tax rate for the first nine months of the prior-year period was favorably impacted by the release of a $1.8 million unrecognized tax benefit during the second quarter of fiscal 2024, due to a lapse in statute of limitations. ​ 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 judgment 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 December 31, 2024, valuation allowances against deferred tax assets in the U.S. and in certain foreign jurisdictions totaled $46.5 million and $22.5 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. ​ ​ ​ Accounting policies for interim reporting require the Company to adjust its effective tax rate each quarter to be consistent with its estimated annual effective tax rate. Under this methodology, the Company applies its estimated annual income tax rate to its year-to-date ordinary earnings to derive its income tax provision each quarter. The Company records the tax impacts of certain significant, unusual or infrequently occurring items in the period in which they occur. In addition, the Company excludes the impact of operations anticipated to generate net operating losses for the full fiscal year from the overall effective tax rate calculation and instead records them discretely based upon year-to-date results. The Company does not anticipate a significant change in unrecognized tax benefits during the remainder of fiscal 2025. ​

Earnings Per Share

Earnings Per Share	9 Months Ended
	Dec. 31, 2024
Earnings Per Share
Earnings Per Share	Note 10: Earnings Per Share The components of basic and diluted earnings per share were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ Nine months ended December 31, ​ 2024 2023 2024 2023 Net earnings attributable to Modine ​ $ 41.0 ​ $ 44.4 ​ $ 134.4 ​ $ 135.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding – basic ​ 52.7 ​ 52.3 ​ 52.6 ​ 52.4 Effect of dilutive securities ​ 1.2 ​ 0.9 ​ 1.3 ​ 0.8 Weighted-average shares outstanding – diluted ​ 53.9 ​ 53.2 ​ 53.9 ​ 53.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings per share – basic ​ $ 0.78 ​ $ 0.85 ​ $ 2.56 ​ $ 2.59 Net earnings per share – diluted ​ $ 0.76 ​ $ 0.83 ​ $ 2.49 ​ $ 2.55 ​ There were no securities that were anti-dilutive in the periods presented above.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	9 Months Ended
	Dec. 31, 2024
Cash, Cash Equivalents and Restricted Cash
Cash, Cash Equivalents and Restricted Cash	Note 11: Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 March 31, 2024 Cash and cash equivalents ​ $ 83.8 ​ $ 60.1 Restricted cash ​ 0.3 ​ 0.2 Total cash, cash equivalents and restricted cash ​ $ 84.1 ​ $ 60.3 ​ Restricted cash, which is reported within other current assets and other noncurrent assets on the consolidated balance sheets, consists primarily of deposits for contractual guarantees or commitments required for rents, import and export duties, and commercial agreements.

Inventories

Inventories	9 Months Ended
	Dec. 31, 2024
Inventories
Inventories	Note 12: Inventories Inventories consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 March 31, 2024 Raw materials ​ $ 215.7 ​ $ 207.8 Work in process ​ 68.1 ​ 64.5 Finished goods ​ 52.9 ​ 85.6 Total inventories ​ $ 336.7 ​ $ 357.9 ​

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment
Property, Plant and Equipment	Note 13: Property, Plant and Equipment Property, plant and equipment, including depreciable lives, consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 March 31, 2024 Land ​ $ 15.7 ​ $ 16.3 Buildings and improvements ( 10 - 40 years) ​ 246.7 ​ 280.7 Machinery and equipment ( 3 - 15 years) ​ 830.3 ​ 824.4 Office equipment ( 3 - 10 years) ​ 92.3 ​ 97.0 Construction in progress ​ 55.6 ​ 67.6 ​ ​ 1,240.6 ​ 1,286.0 Less: accumulated depreciation ​ (885.8) ​ (920.3) Net property, plant and equipment ​ $ 354.8 ​ $ 365.7 ​ The December 31, 2024 property, plant and equipment in the table above excludes amounts classified as held for sale. See Note 2 for additional information.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets
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 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’s goodwill now resides entirely within the Climate Solutions segment. The following table presents a roll forward of the carrying value of goodwill from March 31, 2024 to December 31, 2024. ​ ​ ​ ​ ​ ​ Climate Solutions Goodwill, March 31, 2024 ​ $ 230.9 Acquisition adjustment ​ 7.4 Effect of exchange rate changes ​ (5.7) Goodwill, December 31, 2024 ​ $ 232.6 ​ Intangible assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ March 31, 2024 ​ Gross ​ ​ Net Gross ​ Net ​ ​ Carrying ​ Accumulated ​ Intangible ​ Carrying ​ Accumulated ​ Intangible ​ ​ Value ​ Amortization ​ Assets ​ Value ​ Amortization ​ Assets Customer relationships ​ $ 144.3 ​ $ (41.7) ​ $ 102.6 ​ $ 150.5 ​ $ (26.3) ​ $ 124.2 Trade names ​ 52.5 ​ (20.3) ​ 32.2 ​ 62.8 ​ (18.5) ​ 44.3 Acquired technology ​ 32.1 ​ (14.6) ​ 17.5 ​ 32.5 ​ (12.7) ​ 19.8 Total intangible assets ​ $ 228.9 ​ $ (76.6) ​ $ 152.3 ​ $ 245.8 ​ $ (57.5) ​ $ 188.3 ​ ​ ​ ​ ​ The Company recorded amortization expense of $6.9 million and $2.1 million for the three months ended December 31, 2024 and 2023, respectively. The Company recorded amortization expense of 2024 and 2023, respectively. The Company estimates that it will record approximately million of amortization expense during the remainder of fiscal 2025. The Company estimates that it will record approximately

Product Warranties

Product Warranties	9 Months Ended
	Dec. 31, 2024
Product Warranties
Product Warranties	Note 15: Product Warranties Changes in accrued warranty costs were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ 2024 2023 Beginning balance ​ $ 11.1 ​ $ 10.3 Warranties recorded at time of sale ​ 1.8 ​ 1.6 Adjustments to pre-existing warranties ​ (0.3) ​ (0.4) Settlements ​ (1.5) ​ (1.4) Effect of exchange rate changes ​ (0.4) ​ 0.3 Ending balance ​ $ 10.7 ​ $ 10.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended December 31, ​ 2024 2023 Beginning balance ​ $ 10.7 ​ $ 6.9 Warranties recorded at time of sale ​ 5.6 ​ 4.7 Adjustments to pre-existing warranties ​ (0.7) ​ 2.7 Settlements ​ (4.8) ​ (3.9) Disposition of businesses (a) ​ ​ — ​ ​ (0.2) Effect of exchange rate changes ​ (0.1) ​ 0.2 Ending balance ​ $ 10.7 ​ $ 10.4 ____ ​ ​ ​ ​ ​ ​ ​ (a) The Company s old three automotive businesses based in Germany during the third quarter of fiscal 2024. Prior to the sale, the Company reclassified the warranty liability related to these businesses as held for sale. See Note 2 for additional information regarding the sale.

Leases

Leases	9 Months Ended
	Dec. 31, 2024
Leases
Leases	Note 16: Leases Lease assets and liabilities The following table provides a summary of leases recorded on the consolidated balance sheets. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance Sheet Location December 31, 2024 March 31, 2024 Lease Assets ​ ​ Operating lease ROU assets Other noncurrent assets ​ $ 96.4 ​ $ 76.0 Finance lease ROU assets (a) Property, plant and equipment - net ​ 6.8 ​ 6.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease Liabilities ​ ​ ​ Operating lease liabilities Other current liabilities ​ $ 19.7 ​ $ 15.3 Operating lease liabilities Other noncurrent liabilities ​ 78.5 ​ 62.1 Finance lease liabilities Long-term debt - current portion ​ 0.5 ​ 0.4 Finance lease liabilities Long-term debt ​ 2.2 ​ 1.9 ____ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Finance right of use ( “ ROU ” ) assets were recorded net of accumulated amortization of $4.0 million and $3.7 million as of December 31, 2024 and March 31, 2024, respectively. The increases in operating lease ROU assets and liabilities from March 31, 2024 to December 31, 2024 primarily resulted from the commencement of new facility leases. The Company is increasing its production capacity to support organic growth opportunities, including within its Data Center Cooling business. Components of lease expense The components of lease expense were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ Nine months ended December 31, ​ 2024 2023 2024 2023 Operating lease expense (a) ​ $ 8.5 ​ $ 6.1 ​ $ 23.1 ​ $ 17.6 Finance lease expense: ​ ​ ​ ​ Depreciation of ROU assets ​ 0.1 ​ 0.1 ​ 0.4 ​ 0.4 Interest on lease liabilities ​ — ​ — ​ 0.1 ​ 0.1 Total lease expense ​ $ 8.6 ​ $ 6.2 ​ $ 23.6 ​ $ 18.1 ____ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) For the three and nine months ended December 31, 2024, operating lease expense included short-term lease expense of $1.7 million and $4.8 million, respectively. For the three and nine months ended December 31, 2023, operating lease expense included short-term lease expense of $1.4 million and $4.3 million, respectively. Variable lease expense was not significant.

Indebtedness

Indebtedness	9 Months Ended
	Dec. 31, 2024
Indebtedness
Indebtedness	Note 17: Indebtedness Long-term debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal year ​ ​ ​ ​ ​ ​ of maturity ​ December 31, 2024 ​ March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term loans ​ 2028 ​ $ 194.8 ​ $ 204.5 5.9% Senior Notes ​ 2029 ​ 100.0 ​ 100.0 Revolving credit facility ​ 2028 ​ 56.0 ​ 90.0 5.8% Senior Notes ​ 2027 ​ 16.7 ​ 25.0 Finance lease obligations ​ ​ ​ ​ 2.7 ​ 2.3 ​ ​ ​ ​ ​ 370.2 ​ 421.8 Less: current portion ​ ​ ​ ​ (38.4) ​ (19.7) Less: unamortized debt issuance costs ​ ​ ​ ​ (1.8) ​ (2.2) Total long-term debt ​ ​ ​ ​ $ 330.0 ​ $ 399.9 ​ Long-term debt, including the current portion of long-term debt, matures as follows: ​ ​ ​ ​ ​ Fiscal Year ​ Remainder of 2025 ​ $ 2.8 2026 ​ 44.6 2027 ​ 44.6 2028 ​ 251.9 2029 ​ 25.6 2030 & beyond ​ ​ 0.7 Total ​ $ 370.2 ​ 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 variable rates, based upon the applicable reference rate and including a margin percentage dependent upon the Company’s leverage ratio, as described below. At December 31, 2024, the weighted-average interest rate for revolving credit facility borrowings and the term loans was Based upon the terms of the credit agreement, the Company classifies borrowings under its revolving credit and swingline facilities as long-term and short-term debt, respectively, on its consolidated balance sheets. At December 31, 2024, the Company’s borrowings under its revolving credit and swingline facilities totaled million. As a result, available borrowing capacity under the Company’s revolving credit facility was 2024. At March 31, 2024, the Company’s borrowings under its revolving credit and swingline facilities totaled The Company also maintains credit agreements for its foreign subsidiaries. The outstanding short-term borrowings related to these foreign credit agreements totaled Indebtedness under the Company’s credit agreement and Senior Notes 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 times consolidated net earnings before interest, taxes, depreciation, amortization, and certain other adjustments (“Adjusted EBITDA”). The Company must also maintain a ratio of Adjusted EBITDA of at least times consolidated interest expense. As of December 31, 2024, the Company was in compliance with its debt covenants. The Company estimates the fair value of long-term debt using discounted future cash flows at rates offered to the Company for similar debt instruments of comparable maturities. As of December 31, 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 million, respectively. The fair value of the Company’s long-term debt is categorized as Level 2 within the fair value hierarchy. Refer to Note 4 for the definition of a Level 2 fair value measurement.

Risks, Uncertainties, Contingen

Risks, Uncertainties, Contingencies and Litigation	9 Months Ended
	Dec. 31, 2024
Risks, Uncertainties, Contingencies and Litigation
Risks, Uncertainties, Contingencies and Litigation	Note 18: Risks, Uncertainties, Contingencies and Litigation Environmental The 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 2024, respectively. During the third quarter of fiscal 2024, the Company increased its remediation accrual related to a former manufacturing facility in the U.S. by million. As additional information becomes available regarding environmental matters, the Company will re-assess the liabilities and revise the estimated accruals, if necessary. While it is possible that the ultimate environmental remediation costs may be in excess of amounts accrued, the Company believes, based upon currently available information, that the ultimate outcome of these matters, individually and in the aggregate, will not have a material adverse effect on its financial position. However, these matters are subject to inherent uncertainties, and unfavorable outcomes could occur, including significant monetary damages. Other litigation In the normal course of business, the Company and its subsidiaries are named as defendants in various lawsuits and enforcement proceedings by private parties, governmental agencies and/or others in which claims are asserted against Modine. The Company believes that any additional loss in excess of amounts already accrued would not have a material effect on the Company’s consolidated balance sheet, results of operations, and cash flows. In addition, management expects that the liabilities which may ultimately result from such lawsuits or proceedings, if any, would not have a material adverse effect on the Company’s financial position.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Dec. 31, 2024
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss	Note 19: Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, 2024 ​ Nine months ended December 31, 2024 ​ Foreign ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ Defined ​ Cash Flow ​ ​ ​ Currency ​ Defined ​ Cash Flow ​ ​ ​ ​ Translation ​ Benefit Plans ​ Hedges ​ Total ​ Translation ​ Benefit Plans ​ Hedges ​ Total Beginning balance $ (49.0) $ (99.1) $ 0.3 $ (147.8) $ (62.8) $ (100.7) $ 0.1 $ (163.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss) before reclassifications ​ (48.2) ​ — ​ (0.1) ​ (48.3) ​ (34.4) ​ — ​ 0.3 ​ (34.1) Reclassifications: ​ ​ ​ ​ ​ ​ ​ ​ Amortization of unrecognized net loss (a) ​ — ​ 1.1 ​ — ​ 1.1 ​ — ​ 3.2 ​ — ​ 3.2 Realized gains - net (b) ​ — ​ — ​ (0.1) ​ (0.1) ​ — ​ — ​ (0.2) ​ (0.2) Income taxes ​ — ​ (0.3) ​ 0.1 ​ (0.2) ​ — ​ (0.8) ​ — ​ (0.8) Total other comprehensive income (loss) ​ (48.2) ​ 0.8 ​ (0.1) ​ (47.5) ​ (34.4) ​ 2.4 ​ 0.1 ​ (31.9) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance ​ $ (97.2) ​ $ (98.3) ​ $ 0.2 ​ $ (195.3) ​ $ (97.2) ​ $ (98.3) ​ $ 0.2 ​ $ (195.3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, 2023 ​ Nine months ended December 31, 2023 ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ Defined ​ Cash Flow ​ ​ ​ Currency ​ Defined ​ Cash Flow ​ ​ ​ Translation Benefit Plans Hedges Total Translation Benefit Plans Hedges Total Beginning balance ​ $ (70.8) ​ $ (102.8) ​ $ (0.1) ​ $ (173.7) ​ $ (57.5) ​ $ (104.4) ​ $ 0.8 ​ $ (161.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income before reclassifications ​ 19.3 ​ — ​ 0.6 ​ 19.9 ​ 6.0 ​ — ​ 0.2 ​ 6.2 Reclassifications: ​ ​ ​ ​ ​ ​ ​ ​ Amortization of unrecognized net loss (a) ​ — ​ 1.0 ​ — ​ 1.0 ​ — ​ 3.1 ​ — ​ 3.1 Realized losses (gains) - net (b) ​ ​ — ​ ​ — ​ ​ 0.1 ​ ​ 0.1 ​ ​ — ​ ​ — ​ ​ (0.7) ​ ​ (0.7) Unrecognized net pension gain in disposed businesses (c) ​ — ​ (0.6) ​ — ​ (0.6) ​ — ​ (0.6) ​ — ​ (0.6) Income taxes ​ — ​ (0.3) ​ (0.2) ​ (0.5) ​ — ​ (0.8) ​ 0.1 ​ (0.7) Total other comprehensive income (loss) ​ 19.3 ​ 0.1 ​ 0.5 ​ 19.9 ​ 6.0 ​ 1.7 ​ (0.4) ​ 7.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance ​ $ (51.5) ​ $ (102.7) ​ $ 0.4 ​ $ (153.8) ​ $ (51.5) ​ $ (102.7) ​ $ 0.4 ​ $ (153.8) ____ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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) Amounts represent net gains and losses associated with cash flow hedges that were reclassified to net earnings. (c) As a result of the sale of three automotive businesses based in Germany, the Company wrote-off $0.6 million of net actuarial gains related to the disposal group’s pension plans. See Note 2 for additional information regarding the sale.

Segment Information

Segment Information	9 Months Ended
	Dec. 31, 2024
Segment Information
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 is allowing it to better focus resources on targeted growth opportunities and more efficiently apply 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 December 31, ​ ​ 2024 ​ 2023 ​ ​ External ​ Inter-segment ​ ​ ​ ​ External ​ Inter-segment ​ ​ ​ ​ ​ Sales Sales Total Sales Sales Total Net sales: ​ ​ ​ ​ ​ ​ Climate Solutions ​ $ 360.7 ​ $ 0.1 ​ $ 360.8 ​ $ 254.0 ​ $ — ​ $ 254.0 Performance Technologies ​ 256.1 ​ 6.1 ​ 262.2 ​ 307.4 ​ 3.5 ​ 310.9 Segment total ​ 616.8 ​ 6.2 ​ 623.0 ​ 561.4 ​ 3.5 ​ 564.9 Corporate and eliminations ​ — ​ (6.2) ​ (6.2) ​ — ​ (3.5) ​ (3.5) Net sales ​ $ 616.8 ​ $ — ​ $ 616.8 ​ $ 561.4 ​ $ — ​ $ 561.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended December 31, ​ ​ 2024 ​ 2023 ​ ​ External ​ Inter-segment ​ ​ ​ ​ External ​ Inter-segment ​ ​ ​ ​ ​ Sales Sales Total Sales Sales Total Net sales: ​ ​ ​ ​ ​ ​ Climate Solutions ​ $ 1,084.3 ​ $ 0.2 ​ $ 1,084.5 ​ $ 829.9 ​ $ — ​ $ 829.9 Performance Technologies ​ 852.0 ​ 16.7 ​ 868.7 ​ 974.4 ​ 16.9 ​ 991.3 Segment total ​ 1,936.3 ​ 16.9 ​ 1,953.2 ​ 1,804.3 ​ 16.9 ​ 1,821.2 Corporate and eliminations ​ — ​ (16.9) ​ (16.9) ​ — ​ (16.9) ​ (16.9) Net sales ​ $ 1,936.3 ​ $ — ​ $ 1,936.3 ​ $ 1,804.3 ​ $ — ​ $ 1,804.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, Nine months ended December 31, ​ ​ 2024 ​ 2023 2024 ​ 2023 ​ ​ ​ ​ ​ % of ​ ​ ​ ​ % of ​ ​ ​ ​ ​ % of ​ ​ ​ ​ % of ​ ​ $’s sales $’s sales $’s sales $’s sales Gross profit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Climate Solutions ​ $ 103.1 ​ 28.6 % $ 70.1 ​ 27.6 % ​ $ 310.2 ​ 28.6 % $ 222.8 ​ 26.8 % Performance Technologies ​ 46.7 ​ 17.8 % 57.0 ​ 18.3 % ​ 170.3 ​ 19.6 % 166.5 ​ 16.8 % Segment total ​ 149.8 ​ 24.0 % 127.1 ​ 22.5 % ​ 480.5 ​ 24.6 % 389.3 ​ 21.4 % Corporate and eliminations ​ (0.2) ​ — ​ 0.2 ​ — ​ ​ (2.7) ​ — ​ 1.0 ​ — ​ Gross profit ​ $ 149.6 ​ 24.3 % $ 127.3 ​ 22.7 % ​ $ 477.8 ​ 24.7 % $ 390.3 ​ 21.6 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ Nine months ended December 31, ​ 2024 2023 2024 2023 Operating income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Climate Solutions ​ $ 62.4 ​ $ 40.4 ​ $ 186.9 ​ $ 136.1 Performance Technologies ​ 15.8 ​ 29.5 ​ 78.1 ​ 88.3 Segment total ​ 78.2 ​ 69.9 ​ 265.0 ​ 224.4 Corporate and eliminations ​ (18.9) ​ (8.2) ​ (56.0) ​ (30.5) Operating income ​ $ 59.3 ​ $ 61.7 ​ $ 209.0 ​ $ 193.9 ​ The following is a summary of segment assets, comprised entirely of trade accounts receivable and inventories, and other assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 March 31, 2024 Assets: ​ ​ ​ ​ Climate Solutions ​ $ 409.3 ​ $ 412.7 Performance Technologies ​ 350.4 ​ 368.1 Other (a) ​ 1,070.1 ​ 1,070.7 Total assets ​ $ 1,829.8 ​ $ 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 41	$ 44.4	$ 134.4	$ 135.7

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the three months ended December 31, 2024, each of Neil D. Brinker, President and Chief Executive Officer of the Company, Michael B. Lucareli, Executive Vice President, Chief Financial Officer of the Company, and Brian J. Agen, Vice President, Chief Human Resources Officer of the Company, adopted stock sale arrangements (each a “Plan”) intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended. Each Plan provides for the sale of shares of Modine common stock subject to a specified formula and other terms and conditions. The date of adoption, duration of sales period, and maximum number of shares to be sold under each Plan are as follows: ​ ​ ​ Date of Adoption Duration of Sales Period Maximum No. of Shares to be Sold Neil D. Brinker December 20, 2024 June 5, 2025 to December 31, 2025 3,400 + TBD (a) Michael B. Lucareli November 7, 2024 February 6, 2025 to September 30, 2026 174,402 Brian J. Agen December 18, 2024 March 19, 2025 to December 31, 2025 47,939 _________ (a) Maximum number of shares to be sold under Mr. Brinker ’ s Plan to be equal to 3,400 vested restricted stock units, plus 100% of the shares resulting from the vesting of certain currently unvested restricted stock units during the sales period, net of shares surrendered to the Company or sold to cover withholding taxes.
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Neil D. Brinker
Trading Arrangements, by Individual
Name	Neil D. Brinker
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 20, 2024
Arrangement Duration	6 months 26 days
Aggregate Available	3,400
Michael B. Lucareli
Trading Arrangements, by Individual
Name	Michael B. Lucareli
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 7, 2024
Arrangement Duration	19 months 25 days
Aggregate Available	174,402
Brian J. Agen
Trading Arrangements, by Individual
Name	Brian J. Agen
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 18, 2024
Arrangement Duration	9 months 12 days
Aggregate Available	47,939

General (Policies)

General (Policies)	9 Months Ended
	Dec. 31, 2024
General
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 nine 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	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 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 days. The outstanding obligations under this program, included within
New accounting guidance	New accounting guidance Segment reporting disclosures In November 2023, the Financial Accounting Standards Board (“FASB”) 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 the new disclosures, but does not expect the guidance will have a material impact on its consolidated financial statements. Disaggregation of Income Statement Expenses In November 2024, the FASB issued new guidance that will require additional disclosure regarding the nature of expenses presented within expense captions on the consolidated statements of operations and selling expenses. The new disclosure requirements will become effective for the Company’s fiscal 2028 annual financial statements. The Company is currently evaluating the new disclosures, but does not expect the guidance will have a material impact on its consolidated financial statements. ​ ​

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	9 Months Ended
	Dec. 31, 2024
Acquisitions and Dispositions
Allocation of Purchase Price for Acquisition of Scott Springfield Manufacturing	The Company’s purchase price allocation for its acquisition of Scott Springfield Manufacturing is 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 Nine months ended ​ December 31, 2023 December 31, 2023 Net sales ​ $ 582.0 ​ $ 1,881.2 Net earnings attributable to Modine ​ 43.4 ​ 134.5

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Dec. 31, 2024
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 tables below for fiscal 2024 has been recast to be comparable with the fiscal 2025 presentation. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, 2024 ​ Three months ended December 31, 2023 ​ Climate Performance Segment Climate Performance Segment ​ ​ Solutions ​ Technologies ​ Total ​ Solutions ​ Technologies ​ Total Product groups: ​ ​ ​ ​ ​ ​ Data center cooling ​ $ 166.9 ​ $ — ​ $ 166.9 ​ $ 60.5 ​ $ — ​ $ 60.5 Heat transfer ​ 88.1 ​ — ​ 88.1 ​ 101.5 ​ — ​ 101.5 HVAC&R ​ 105.7 ​ — ​ 105.7 ​ 92.0 ​ — ​ 92.0 Air-cooled ​ — ​ 133.9 ​ 133.9 ​ — ​ 162.0 ​ 162.0 Liquid-cooled ​ — ​ 91.3 ​ 91.3 ​ — ​ 112.1 ​ 112.1 Advanced solutions ​ — ​ 30.9 ​ 30.9 ​ — ​ 33.3 ​ 33.3 Inter-segment sales ​ 0.1 ​ 6.1 ​ 6.2 ​ — ​ 3.5 ​ 3.5 Net sales ​ $ 360.8 ​ $ 262.2 ​ $ 623.0 ​ $ 254.0 ​ $ 310.9 ​ $ 564.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Geographic location: ​ ​ ​ ​ ​ ​ Americas ​ $ 255.5 ​ $ 160.2 ​ $ 415.7 ​ $ 153.5 ​ $ 176.2 ​ $ 329.7 Europe ​ 97.9 ​ 62.1 ​ 160.0 ​ 92.3 ​ 86.5 ​ 178.8 Asia ​ 7.4 ​ 39.9 ​ 47.3 ​ 8.2 ​ 48.2 ​ 56.4 Net sales ​ $ 360.8 ​ $ 262.2 ​ $ 623.0 ​ $ 254.0 ​ $ 310.9 ​ $ 564.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Timing of revenue recognition: ​ ​ ​ ​ ​ ​ Products transferred at a point in time ​ $ 333.5 ​ $ 260.1 ​ $ 593.6 ​ $ 233.7 ​ $ 308.1 ​ $ 541.8 Products transferred over time ​ 27.3 ​ 2.1 ​ 29.4 ​ 20.3 ​ 2.8 ​ 23.1 Net sales ​ $ 360.8 ​ $ 262.2 ​ $ 623.0 ​ $ 254.0 ​ $ 310.9 ​ $ 564.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended December 31, 2024 ​ Nine months ended December 31, 2023 ​ Climate Performance Segment Climate Performance Segment ​ ​ Solutions ​ Technologies ​ Total ​ Solutions ​ Technologies ​ Total Product groups: ​ ​ ​ ​ ​ ​ Data center cooling ​ $ 488.4 ​ $ — ​ $ 488.4 ​ $ 207.5 ​ $ — ​ $ 207.5 Heat transfer ​ 303.3 ​ — ​ 303.3 ​ 361.5 ​ — ​ 361.5 HVAC&R ​ 292.6 ​ — ​ 292.6 ​ 260.9 ​ — ​ 260.9 Air-cooled ​ — ​ 457.7 ​ 457.7 ​ — ​ 508.0 ​ 508.0 Liquid-cooled ​ — ​ 294.4 ​ 294.4 ​ — ​ 373.2 ​ 373.2 Advanced solutions ​ — ​ 99.9 ​ 99.9 ​ — ​ 93.2 ​ 93.2 Inter-segment sales ​ 0.2 ​ 16.7 ​ 16.9 ​ — ​ 16.9 ​ 16.9 Net sales ​ $ 1,084.5 ​ $ 868.7 ​ $ 1,953.2 ​ $ 829.9 ​ $ 991.3 ​ $ 1,821.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Geographic location: ​ ​ ​ ​ ​ ​ Americas ​ $ 748.1 ​ $ 527.6 ​ $ 1,275.7 ​ $ 480.9 ​ $ 527.3 ​ $ 1,008.2 Europe ​ 315.3 ​ 214.7 ​ 530.0 ​ 328.3 ​ 316.5 ​ 644.8 Asia ​ 21.1 ​ 126.4 ​ 147.5 ​ 20.7 ​ 147.5 ​ 168.2 Net sales ​ $ 1,084.5 ​ $ 868.7 ​ $ 1,953.2 ​ $ 829.9 ​ $ 991.3 ​ $ 1,821.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Timing of revenue recognition: ​ ​ ​ ​ ​ ​ Products transferred at a point in time ​ $ 1,025.1 ​ $ 860.5 ​ $ 1,885.6 ​ $ 763.5 ​ $ 981.8 ​ $ 1,745.3 Products transferred over time ​ 59.4 ​ 8.2 ​ 67.6 ​ 66.4 ​ 9.5 ​ 75.9 Net sales ​ $ 1,084.5 ​ $ 868.7 ​ $ 1,953.2 ​ $ 829.9 ​ $ 991.3 ​ $ 1,821.2
Contract Assets and Contract Liabilities from Contracts with Customers	Contract assets and contract liabilities from contracts with customers were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 March 31, 2024 Contract assets ​ $ 11.3 ​ $ 12.9 Contract liabilities ​ 44.1 ​ 79.4

Pensions (Tables)

Pensions (Tables)	9 Months Ended
	Dec. 31, 2024
Pensions
Pension Cost	Pension cost included the following components: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ Nine months ended December 31, ​ 2024 2023 2024 2023 Service cost ​ $ — ​ $ — ​ $ 0.1 ​ $ 0.1 Interest cost ​ 2.3 ​ 2.3 ​ 6.8 ​ 7.1 Expected return on plan assets ​ (2.2) ​ (2.5) ​ (6.5) ​ (7.7) Amortization of unrecognized net loss ​ 1.2 ​ 1.1 ​ 3.5 ​ 3.4 Net periodic benefit cost ​ $ 1.3 ​ $ 0.9 ​ $ 3.9 ​ $ 2.9

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Dec. 31, 2024
Stock-Based Compensation
Fair Value of Stock-Based Compensation Awards	The weighted-average fair value of stock-based compensation awards granted during the nine months ended December 31, 2024 and 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended December 31, ​ ​ 2024 ​ 2023 ​ ​ ​ ​ Fair Value ​ ​ ​ Fair Value ​ ​ Shares Per Award Shares Per Award Performance stock awards 0.1 ​ $ 103.98 0.3 ​ $ 27.52 Restricted stock awards 0.1 ​ $ 110.99 0.2 ​ $ 37.59
Unrecognized Compensation Expense Related to Non-Vested Stock-Based Compensation Awards	As of December 31, 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 ​ Weighted-Average ​ ​ Compensation ​ Remaining Service ​ Expense Period in Years Performance stock awards ​ $ 26.6 2.0 Restricted stock awards ​ 7.8 1.7 Stock options ​ 0.3 0.5 Total ​ $ 34.7 1.9

Restructuring Activities (Table

Restructuring Activities (Tables)	9 Months Ended
	Dec. 31, 2024
Restructuring Activities
Restructuring and Repositioning Expenses	Restructuring and repositioning expenses were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, Nine months ended December 31, ​ 2024 2023 2024 2023 Employee severance and related benefits ​ $ 7.3 ​ $ 0.7 ​ $ 15.3 ​ $ 0.8 Other restructuring and repositioning expenses ​ 1.0 ​ 0.9 ​ 2.9 ​ 1.3 Total ​ $ 8.3 ​ $ 1.6 ​ $ 18.2 ​ $ 2.1
Changes in Accrued Severance	The Company accrues severance in accordance with its written plans, procedures, and relevant statutory requirements. Changes in accrued severance were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ 2024 2023 Beginning balance ​ $ 7.9 ​ $ 3.2 Additions (a) ​ 5.9 ​ 0.7 Payments ​ (7.5) ​ (1.0) Effect of exchange rate changes ​ (0.4) ​ 0.1 Ending balance ​ $ 5.9 ​ $ 3.0 ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended December 31, ​ 2024 2023 Beginning balance ​ $ 13.0 ​ $ 10.6 Additions (a) ​ 13.9 ​ 0.8 Payments ​ (20.8) ​ (5.9) Disposition of businesses (b) ​ ​ — ​ ​ (2.5) Effect of exchange rate changes ​ (0.2) ​ — Ending balance ​ $ 5.9 ​ $ 3.0 ____ ​ ​ ​ ​ ​ ​ ​ (a) The fiscal 2025 amounts exclude $1.4 million of non-cash severance expense resulting from the accelerated vesting of certain stock-based compensation awards in connection with restructuring actions. (b) The Company sold three automotive businesses based in Germany during the third quarter of fiscal 2024. Prior to the sale, the Company reclassified the severance liability related to these businesses as held for sale. See Note 2 for additional information regarding the sale.

Other Income and Expense (Table

Other Income and Expense (Tables)	9 Months Ended
	Dec. 31, 2024
Other Income and Expense
Other Income and Expense	Other income and expense consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, Nine months ended December 31, ​ 2024 2023 2024 2023 Interest income ​ $ 0.5 ​ $ 1.4 ​ $ 2.0 ​ $ 3.1 Foreign currency transactions (a) ​ 1.8 ​ (1.1) ​ 0.8 ​ (1.6) Net periodic benefit cost (b) ​ (1.2) ​ (0.8) ​ (3.5) ​ (2.5) Total other income (expense) – net ​ $ 1.1 ​ $ (0.5) ​ $ (0.7) ​ $ (1.0) ____ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Foreign currency transactions primarily consist of foreign currency transaction gains and losses on the re-measurement or settlement of foreign currency-denominated assets and liabilities, including intercompany loans and transactions denominated in a foreign currency, along with gains and losses on certain foreign currency exchange contracts. (b) Net periodic benefit cost for the Company’s pension and postretirement plans is exclusive of service cost.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Dec. 31, 2024
Earnings Per Share
Basic and Diluted Earnings Per Share	The components of basic and diluted earnings per share were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ Nine months ended December 31, ​ 2024 2023 2024 2023 Net earnings attributable to Modine ​ $ 41.0 ​ $ 44.4 ​ $ 134.4 ​ $ 135.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding – basic ​ 52.7 ​ 52.3 ​ 52.6 ​ 52.4 Effect of dilutive securities ​ 1.2 ​ 0.9 ​ 1.3 ​ 0.8 Weighted-average shares outstanding – diluted ​ 53.9 ​ 53.2 ​ 53.9 ​ 53.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings per share – basic ​ $ 0.78 ​ $ 0.85 ​ $ 2.56 ​ $ 2.59 Net earnings per share – diluted ​ $ 0.76 ​ $ 0.83 ​ $ 2.49 ​ $ 2.55

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	9 Months Ended
	Dec. 31, 2024
Cash, Cash Equivalents and Restricted Cash
Cash, Cash Equivalents and Restricted Cash	Cash, cash equivalents and restricted cash consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 March 31, 2024 Cash and cash equivalents ​ $ 83.8 ​ $ 60.1 Restricted cash ​ 0.3 ​ 0.2 Total cash, cash equivalents and restricted cash ​ $ 84.1 ​ $ 60.3

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Dec. 31, 2024
Inventories
Inventories	Inventories consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 March 31, 2024 Raw materials ​ $ 215.7 ​ $ 207.8 Work in process ​ 68.1 ​ 64.5 Finished goods ​ 52.9 ​ 85.6 Total inventories ​ $ 336.7 ​ $ 357.9 ​

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment
Property, Plant and Equipment	Property, plant and equipment, including depreciable lives, consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 March 31, 2024 Land ​ $ 15.7 ​ $ 16.3 Buildings and improvements ( 10 - 40 years) ​ 246.7 ​ 280.7 Machinery and equipment ( 3 - 15 years) ​ 830.3 ​ 824.4 Office equipment ( 3 - 10 years) ​ 92.3 ​ 97.0 Construction in progress ​ 55.6 ​ 67.6 ​ ​ 1,240.6 ​ 1,286.0 Less: accumulated depreciation ​ (885.8) ​ (920.3) Net property, plant and equipment ​ $ 354.8 ​ $ 365.7

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets
Changes in Carrying value of Goodwill	​ ​ ​ ​ ​ ​ Climate Solutions Goodwill, March 31, 2024 ​ $ 230.9 Acquisition adjustment ​ 7.4 Effect of exchange rate changes ​ (5.7) Goodwill, December 31, 2024 ​ $ 232.6
Intangible Assets	Intangible assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ March 31, 2024 ​ Gross ​ ​ Net Gross ​ Net ​ ​ Carrying ​ Accumulated ​ Intangible ​ Carrying ​ Accumulated ​ Intangible ​ ​ Value ​ Amortization ​ Assets ​ Value ​ Amortization ​ Assets Customer relationships ​ $ 144.3 ​ $ (41.7) ​ $ 102.6 ​ $ 150.5 ​ $ (26.3) ​ $ 124.2 Trade names ​ 52.5 ​ (20.3) ​ 32.2 ​ 62.8 ​ (18.5) ​ 44.3 Acquired technology ​ 32.1 ​ (14.6) ​ 17.5 ​ 32.5 ​ (12.7) ​ 19.8 Total intangible assets ​ $ 228.9 ​ $ (76.6) ​ $ 152.3 ​ $ 245.8 ​ $ (57.5) ​ $ 188.3

Product Warranties (Tables)

Product Warranties (Tables)	9 Months Ended
	Dec. 31, 2024
Product Warranties
Changes in Accrued Warranty Costs	Changes in accrued warranty costs were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ 2024 2023 Beginning balance ​ $ 11.1 ​ $ 10.3 Warranties recorded at time of sale ​ 1.8 ​ 1.6 Adjustments to pre-existing warranties ​ (0.3) ​ (0.4) Settlements ​ (1.5) ​ (1.4) Effect of exchange rate changes ​ (0.4) ​ 0.3 Ending balance ​ $ 10.7 ​ $ 10.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended December 31, ​ 2024 2023 Beginning balance ​ $ 10.7 ​ $ 6.9 Warranties recorded at time of sale ​ 5.6 ​ 4.7 Adjustments to pre-existing warranties ​ (0.7) ​ 2.7 Settlements ​ (4.8) ​ (3.9) Disposition of businesses (a) ​ ​ — ​ ​ (0.2) Effect of exchange rate changes ​ (0.1) ​ 0.2 Ending balance ​ $ 10.7 ​ $ 10.4 ____ ​ ​ ​ ​ ​ ​ ​ (a) The Company s old three automotive businesses based in Germany during the third quarter of fiscal 2024. Prior to the sale, the Company reclassified the warranty liability related to these businesses as held for sale. See Note 2 for additional information regarding the sale.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Dec. 31, 2024
Leases
Leases recorded on consolidated balance sheets	The following table provides a summary of leases recorded on the consolidated balance sheets. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance Sheet Location December 31, 2024 March 31, 2024 Lease Assets ​ ​ Operating lease ROU assets Other noncurrent assets ​ $ 96.4 ​ $ 76.0 Finance lease ROU assets (a) Property, plant and equipment - net ​ 6.8 ​ 6.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease Liabilities ​ ​ ​ Operating lease liabilities Other current liabilities ​ $ 19.7 ​ $ 15.3 Operating lease liabilities Other noncurrent liabilities ​ 78.5 ​ 62.1 Finance lease liabilities Long-term debt - current portion ​ 0.5 ​ 0.4 Finance lease liabilities Long-term debt ​ 2.2 ​ 1.9 ____ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Finance right of use ( “ ROU ” ) assets were recorded net of accumulated amortization of $4.0 million and $3.7 million as of December 31, 2024 and March 31, 2024, respectively.
Components of Lease Expense	Components of lease expense The components of lease expense were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ Nine months ended December 31, ​ 2024 2023 2024 2023 Operating lease expense (a) ​ $ 8.5 ​ $ 6.1 ​ $ 23.1 ​ $ 17.6 Finance lease expense: ​ ​ ​ ​ Depreciation of ROU assets ​ 0.1 ​ 0.1 ​ 0.4 ​ 0.4 Interest on lease liabilities ​ — ​ — ​ 0.1 ​ 0.1 Total lease expense ​ $ 8.6 ​ $ 6.2 ​ $ 23.6 ​ $ 18.1 ____ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) For the three and nine months ended December 31, 2024, operating lease expense included short-term lease expense of $1.7 million and $4.8 million, respectively. For the three and nine months ended December 31, 2023, operating lease expense included short-term lease expense of $1.4 million and $4.3 million, respectively. Variable lease expense was not significant.

Indebtedness (Tables)

Indebtedness (Tables)	9 Months Ended
	Dec. 31, 2024
Indebtedness
Long-term debt	Long-term debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal year ​ ​ ​ ​ ​ ​ of maturity ​ December 31, 2024 ​ March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term loans ​ 2028 ​ $ 194.8 ​ $ 204.5 5.9% Senior Notes ​ 2029 ​ 100.0 ​ 100.0 Revolving credit facility ​ 2028 ​ 56.0 ​ 90.0 5.8% Senior Notes ​ 2027 ​ 16.7 ​ 25.0 Finance lease obligations ​ ​ ​ ​ 2.7 ​ 2.3 ​ ​ ​ ​ ​ 370.2 ​ 421.8 Less: current portion ​ ​ ​ ​ (38.4) ​ (19.7) Less: unamortized debt issuance costs ​ ​ ​ ​ (1.8) ​ (2.2) Total long-term debt ​ ​ ​ ​ $ 330.0 ​ $ 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 ​ $ 2.8 2026 ​ 44.6 2027 ​ 44.6 2028 ​ 251.9 2029 ​ 25.6 2030 & beyond ​ ​ 0.7 Total ​ $ 370.2

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Dec. 31, 2024
Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss	Changes in accumulated other comprehensive loss were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, 2024 ​ Nine months ended December 31, 2024 ​ Foreign ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ Defined ​ Cash Flow ​ ​ ​ Currency ​ Defined ​ Cash Flow ​ ​ ​ ​ Translation ​ Benefit Plans ​ Hedges ​ Total ​ Translation ​ Benefit Plans ​ Hedges ​ Total Beginning balance $ (49.0) $ (99.1) $ 0.3 $ (147.8) $ (62.8) $ (100.7) $ 0.1 $ (163.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss) before reclassifications ​ (48.2) ​ — ​ (0.1) ​ (48.3) ​ (34.4) ​ — ​ 0.3 ​ (34.1) Reclassifications: ​ ​ ​ ​ ​ ​ ​ ​ Amortization of unrecognized net loss (a) ​ — ​ 1.1 ​ — ​ 1.1 ​ — ​ 3.2 ​ — ​ 3.2 Realized gains - net (b) ​ — ​ — ​ (0.1) ​ (0.1) ​ — ​ — ​ (0.2) ​ (0.2) Income taxes ​ — ​ (0.3) ​ 0.1 ​ (0.2) ​ — ​ (0.8) ​ — ​ (0.8) Total other comprehensive income (loss) ​ (48.2) ​ 0.8 ​ (0.1) ​ (47.5) ​ (34.4) ​ 2.4 ​ 0.1 ​ (31.9) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance ​ $ (97.2) ​ $ (98.3) ​ $ 0.2 ​ $ (195.3) ​ $ (97.2) ​ $ (98.3) ​ $ 0.2 ​ $ (195.3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, 2023 ​ Nine months ended December 31, 2023 ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ Defined ​ Cash Flow ​ ​ ​ Currency ​ Defined ​ Cash Flow ​ ​ ​ Translation Benefit Plans Hedges Total Translation Benefit Plans Hedges Total Beginning balance ​ $ (70.8) ​ $ (102.8) ​ $ (0.1) ​ $ (173.7) ​ $ (57.5) ​ $ (104.4) ​ $ 0.8 ​ $ (161.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income before reclassifications ​ 19.3 ​ — ​ 0.6 ​ 19.9 ​ 6.0 ​ — ​ 0.2 ​ 6.2 Reclassifications: ​ ​ ​ ​ ​ ​ ​ ​ Amortization of unrecognized net loss (a) ​ — ​ 1.0 ​ — ​ 1.0 ​ — ​ 3.1 ​ — ​ 3.1 Realized losses (gains) - net (b) ​ ​ — ​ ​ — ​ ​ 0.1 ​ ​ 0.1 ​ ​ — ​ ​ — ​ ​ (0.7) ​ ​ (0.7) Unrecognized net pension gain in disposed businesses (c) ​ — ​ (0.6) ​ — ​ (0.6) ​ — ​ (0.6) ​ — ​ (0.6) Income taxes ​ — ​ (0.3) ​ (0.2) ​ (0.5) ​ — ​ (0.8) ​ 0.1 ​ (0.7) Total other comprehensive income (loss) ​ 19.3 ​ 0.1 ​ 0.5 ​ 19.9 ​ 6.0 ​ 1.7 ​ (0.4) ​ 7.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance ​ $ (51.5) ​ $ (102.7) ​ $ 0.4 ​ $ (153.8) ​ $ (51.5) ​ $ (102.7) ​ $ 0.4 ​ $ (153.8) ____ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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) Amounts represent net gains and losses associated with cash flow hedges that were reclassified to net earnings. (c) As a result of the sale of three automotive businesses based in Germany, the Company wrote-off $0.6 million of net actuarial gains related to the disposal group’s pension plans. See Note 2 for additional information regarding the sale.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Dec. 31, 2024
Segment Information
Schedule of segment reporting information, by segment	The following is a summary of net sales, gross profit and operating income by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ ​ 2024 ​ 2023 ​ ​ External ​ Inter-segment ​ ​ ​ ​ External ​ Inter-segment ​ ​ ​ ​ ​ Sales Sales Total Sales Sales Total Net sales: ​ ​ ​ ​ ​ ​ Climate Solutions ​ $ 360.7 ​ $ 0.1 ​ $ 360.8 ​ $ 254.0 ​ $ — ​ $ 254.0 Performance Technologies ​ 256.1 ​ 6.1 ​ 262.2 ​ 307.4 ​ 3.5 ​ 310.9 Segment total ​ 616.8 ​ 6.2 ​ 623.0 ​ 561.4 ​ 3.5 ​ 564.9 Corporate and eliminations ​ — ​ (6.2) ​ (6.2) ​ — ​ (3.5) ​ (3.5) Net sales ​ $ 616.8 ​ $ — ​ $ 616.8 ​ $ 561.4 ​ $ — ​ $ 561.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended December 31, ​ ​ 2024 ​ 2023 ​ ​ External ​ Inter-segment ​ ​ ​ ​ External ​ Inter-segment ​ ​ ​ ​ ​ Sales Sales Total Sales Sales Total Net sales: ​ ​ ​ ​ ​ ​ Climate Solutions ​ $ 1,084.3 ​ $ 0.2 ​ $ 1,084.5 ​ $ 829.9 ​ $ — ​ $ 829.9 Performance Technologies ​ 852.0 ​ 16.7 ​ 868.7 ​ 974.4 ​ 16.9 ​ 991.3 Segment total ​ 1,936.3 ​ 16.9 ​ 1,953.2 ​ 1,804.3 ​ 16.9 ​ 1,821.2 Corporate and eliminations ​ — ​ (16.9) ​ (16.9) ​ — ​ (16.9) ​ (16.9) Net sales ​ $ 1,936.3 ​ $ — ​ $ 1,936.3 ​ $ 1,804.3 ​ $ — ​ $ 1,804.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, Nine months ended December 31, ​ ​ 2024 ​ 2023 2024 ​ 2023 ​ ​ ​ ​ ​ % of ​ ​ ​ ​ % of ​ ​ ​ ​ ​ % of ​ ​ ​ ​ % of ​ ​ $’s sales $’s sales $’s sales $’s sales Gross profit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Climate Solutions ​ $ 103.1 ​ 28.6 % $ 70.1 ​ 27.6 % ​ $ 310.2 ​ 28.6 % $ 222.8 ​ 26.8 % Performance Technologies ​ 46.7 ​ 17.8 % 57.0 ​ 18.3 % ​ 170.3 ​ 19.6 % 166.5 ​ 16.8 % Segment total ​ 149.8 ​ 24.0 % 127.1 ​ 22.5 % ​ 480.5 ​ 24.6 % 389.3 ​ 21.4 % Corporate and eliminations ​ (0.2) ​ — ​ 0.2 ​ — ​ ​ (2.7) ​ — ​ 1.0 ​ — ​ Gross profit ​ $ 149.6 ​ 24.3 % $ 127.3 ​ 22.7 % ​ $ 477.8 ​ 24.7 % $ 390.3 ​ 21.6 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ Nine months ended December 31, ​ 2024 2023 2024 2023 Operating income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Climate Solutions ​ $ 62.4 ​ $ 40.4 ​ $ 186.9 ​ $ 136.1 Performance Technologies ​ 15.8 ​ 29.5 ​ 78.1 ​ 88.3 Segment total ​ 78.2 ​ 69.9 ​ 265.0 ​ 224.4 Corporate and eliminations ​ (18.9) ​ (8.2) ​ (56.0) ​ (30.5) Operating income ​ $ 59.3 ​ $ 61.7 ​ $ 209.0 ​ $ 193.9 ​ The following is a summary of segment assets, comprised entirely of trade accounts receivable and inventories, and other assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 March 31, 2024 Assets: ​ ​ ​ ​ Climate Solutions ​ $ 409.3 ​ $ 412.7 Performance Technologies ​ 350.4 ​ 368.1 Other (a) ​ 1,070.1 ​ 1,070.7 Total assets ​ $ 1,829.8 ​ $ 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	9 Months Ended
	Dec. 31, 2024	Mar. 31, 2024
Supplier Finance Program [Abstract]
Notice period to terminate supplier finance program	90 days
Outstanding obligation under supplier finance program	$ 15	$ 23.6
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration]	Accounts Payable, Current	Accounts Payable, Current
Minimum
Supplier Finance Program [Abstract]
Payment period for supplier finance program	60 days
Maximum
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			9 Months Ended
	Jul. 31, 2024	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024	Mar. 01, 2024
Acquisition of Scott Springfield Mfg. Inc. [Abstract]
Business acquisition, net of cash acquired					$ 3.4	$ 4.8
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Goodwill		$ 232.6			232.6		$ 230.9
Scott Springfield Manufacturing
Acquisition of Scott Springfield Mfg. Inc. [Abstract]
Business acquisition, net of cash acquired	$ 2.4
Net sales since date of acquisition		73.6			166.7
Acquisition adjustment to deferred income tax liability			$ (2.2)
Acquisition adjustment to goodwill			7.4
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Cash and cash equivalents		0.3			0.3
Trade accounts receivable		27.5			27.5
Inventories		20.9			20.9
Property, plant and equipment		6			6
Intangible assets		92.7			92.7
Goodwill		72.6			72.6
Other assets		4			4
Accounts payable		(8.6)			(8.6)
Accrued compensation and employee benefits		(1.3)			(1.3)
Deferred income taxes		(22.2)			(22.2)
Other liabilities		(7.8)			(7.8)
Purchase price		$ 184.1			$ 184.1			$ 184.1
Unaudited Supplemental Pro Forma Information [Abstract]
Net sales				$ 582		1,881.2
Net earnings attributable to Modine				43.4		134.5
Pro forma adjustment for amortization and depreciation expense				$ 2		7
Pro forma adjustment for estimated interest expense						$ 1.5
Scott Springfield Manufacturing | Trade names
Acquisition of Scott Springfield Mfg. Inc. [Abstract]
Fair value of trade name intangible asset			$ (9.6)

Acquisitions and Dispositions_2

Acquisitions and Dispositions, Acquisition of Napps Technology Corporation (Details) - Napps - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jul. 31, 2024	Sep. 30, 2023	Jul. 01, 2023
Acquisition of Napps Technology Corporation [Abstract]
Purchase price			$ 5.8
Payment for business acquisition	$ 1	$ 4.8

Acquisitions and Dispositions_3

Acquisitions and Dispositions, Disposition of Automotive Businesses in Germany (Details) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Oct. 31, 2023 item	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Disposition of Automotive Businesses in Germany [Abstract]
Number of automotive businesses sold | item	3
Three Germany Automotive Businesses
Disposition of Automotive Businesses in Germany [Abstract]
Net sales of disposal group | $		$ 8	$ 54.2

Acquisitions and Dispositions_4

Acquisitions and Dispositions, Pending disposition of facilities in Germany (Details) - Pending disposition of facilities in germany - Disposal group held-for-sale not discontinued operations	6 Months Ended
	Sep. 30, 2025 USD ($)	Dec. 31, 2024 EUR (€)	Dec. 31, 2024 USD ($)
Acquisitions and Dispositions
Real estate investment firm		€ 11,500,000	$ 11,900,000
Related assets expected			$ 7,800,000
Forecast
Acquisitions and Dispositions
Net of costs to sell	$ 3,000,000

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	$ 616.8	$ 561.4	$ 1,936.3	$ 1,804.3
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract assets	11.3		11.3		$ 12.9
Contract liabilities	44.1		44.1		$ 79.4
Decrease in contract assets			(1.6)
Decrease in contract liabilities			(35.3)
Products transferred at a point in time
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	593.6	541.8	1,885.6	1,745.3
Products transferred over time
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	29.4	23.1	67.6	75.9
Americas
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	415.7	329.7	1,275.7	1,008.2
Europe
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	160	178.8	530	644.8
Asia
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	47.3	56.4	147.5	168.2
Data center cooling
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	166.9	60.5	488.4	207.5
Heat transfer
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	88.1	101.5	303.3	361.5
HVAC&R
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	105.7	92	292.6	260.9
Air-cooled
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	133.9	162	457.7	508
Liquid-cooled
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	91.3	112.1	294.4	373.2
Advanced solutions
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	30.9	33.3	99.9	93.2
Climate Solutions
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	360.7	254	1,084.3	829.9
Climate Solutions | Products transferred at a point in time
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	333.5	233.7	1,025.1	763.5
Climate Solutions | Products transferred over time
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	27.3	20.3	59.4	66.4
Climate Solutions | Americas
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	255.5	153.5	748.1	480.9
Climate Solutions | Europe
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	97.9	92.3	315.3	328.3
Climate Solutions | Asia
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	7.4	8.2	21.1	20.7
Climate Solutions | Data center cooling
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	166.9	60.5	488.4	207.5
Climate Solutions | Heat transfer
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	88.1	101.5	303.3	361.5
Climate Solutions | HVAC&R
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	105.7	92	292.6	260.9
Climate Solutions | Air-cooled
Disaggregation of Revenue [Abstract]
Disaggregation of revenue			0	0
Climate Solutions | Liquid-cooled
Disaggregation of Revenue [Abstract]
Disaggregation of revenue			0	0
Climate Solutions | Advanced solutions
Disaggregation of Revenue [Abstract]
Disaggregation of revenue			0	0
Performance Technologies
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	256.1	307.4	852	974.4
Performance Technologies | Products transferred at a point in time
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	260.1	308.1	860.5	981.8
Performance Technologies | Products transferred over time
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	2.1	2.8	8.2	9.5
Performance Technologies | Americas
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	160.2	176.2	527.6	527.3
Performance Technologies | Europe
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	62.1	86.5	214.7	316.5
Performance Technologies | Asia
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	39.9	48.2	126.4	147.5
Performance Technologies | Data center cooling
Disaggregation of Revenue [Abstract]
Disaggregation of revenue			0	0
Performance Technologies | Heat transfer
Disaggregation of Revenue [Abstract]
Disaggregation of revenue			0	0
Performance Technologies | HVAC&R
Disaggregation of Revenue [Abstract]
Disaggregation of revenue			0	0
Performance Technologies | Air-cooled
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	133.9	162	457.7	508
Performance Technologies | Liquid-cooled
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	91.3	112.1	294.4	373.2
Performance Technologies | Advanced solutions
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	30.9	33.3	99.9	93.2
Operating segments
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	623	564.9	1,953.2	1,821.2
Operating segments | Climate Solutions
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	360.8	254	1,084.5	829.9
Operating segments | Performance Technologies
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	262.2	310.9	868.7	991.3
Inter-segment Sales
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	6.2	3.5	16.9	16.9
Inter-segment Sales | Climate Solutions
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	0.1		0.2	0
Inter-segment Sales | Performance Technologies
Disaggregation of Revenue [Abstract]
Disaggregation of revenue	$ 6.1	$ 3.5	$ 16.7	$ 16.9

Pensions (Details)

Pensions (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2026
Net Periodic Benefit Cost [Abstract]
Net periodic benefit cost	[1]	$ 1.2	$ 0.8	$ 3.5	$ 2.5
Pension
Net Periodic Benefit Cost [Abstract]
Service cost		0	0	0.1	0.1
Interest cost		2.3	2.3	6.8	7.1
Expected return on plan assets		(2.2)	(2.5)	(6.5)	(7.7)
Amortization of unrecognized net loss		1.2	1.1	3.5	3.4
Net periodic benefit cost		1.3	$ 0.9	3.9	2.9
Pension | UNITED STATES
Defined Benefit Plan, Additional Information [Abstract]
Contribution U.S. pension plan				6.5	$ 0
Pension | UNITED STATES | Minimum
Termination of U.S. Pension Plans [Abstract]
Expected employer contribution during fiscal 2026		10		10
Pension | UNITED STATES | Maximum
Termination of U.S. Pension Plans [Abstract]
Expected employer contribution during fiscal 2026		$ 20		$ 20
Pension | UNITED STATES | Termination plan | Minimum
Termination of U.S. Pension Plans [Abstract]
Non-cash pension settlement charges						$ (115)
Pension | UNITED STATES | Termination plan | Maximum
Termination of U.S. Pension Plans [Abstract]
Non-cash pension settlement charges						$ (125)
[1] Net periodic benefit cost for the Company’s pension and postretirement plans is exclusive of service cost.

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Stock-Based Compensation [Abstract]
Stock-based compensation expense	$ 6.9	$ 3.1	$ 16.7	$ 7.7
Unrecognized compensation expense	34.7		$ 34.7
Weighted-average remaining service period			1 year 10 months 24 days
Performance stock awards
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)			$ 103.98	$ 27.52
Unrecognized compensation expense	26.6		$ 26.6
Weighted-average remaining service period			2 years
Restricted stock awards
Stock-Based Compensation [Abstract]
Stock granted (in shares)			0.1	0.2
Fair value of stock granted (in dollars per share)			$ 110.99	$ 37.59
Unrecognized compensation expense	7.8		$ 7.8
Weighted-average remaining service period			1 year 8 months 12 days
Employee Stock Option
Stock-Based Compensation [Abstract]
Unrecognized compensation expense	$ 0.3		$ 0.3
Weighted-average remaining service period			6 months

Restructuring Activities (Detai

Restructuring Activities (Details) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 31, 2023 USD ($) item	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Restructuring and Repositioning Expenses [Abstract]
Employee severance and related benefits		$ 7.3	$ 0.7	$ 15.3	$ 0.8
Other restructuring and repositioning expenses		1	0.9	2.9	1.3
Total		8.3	1.6	18.2	2.1
Changes in Accrued Severance [Roll Forward]
Beginning balance	$ 3.2	7.9	3.2	13	10.6
Additions		5.9	0.7	13.9	0.8
Payments		(7.5)	(1)	(20.8)	(5.9)
Disposition of businesses				0	2.5
Effect of exchange rate changes		(0.4)	0.1	(0.2)
Ending balance		$ 5.9	$ 3	5.9	$ 3
Non-cash severance expenses excluded from Fiscal 2025				$ 1.4
Number of automotive businesses sold | item	3

Other Income and Expense (Detai

Other Income and Expense (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Other Income and Expense
Interest income		$ 0.5	$ 1.4	$ 2	$ 3.1
Foreign currency transactions (a)	[1]	1.8	(1.1)	0.8	(1.6)
Net periodic benefit cost (b)	[2]	(1.2)	(0.8)	(3.5)	(2.5)
Total other income (expense) - net		$ 1.1	$ (0.5)	$ (0.7)	$ (1)
[1] Foreign currency transactions primarily consist of foreign currency transaction gains and losses on the re-measurement or settlement of foreign currency-denominated assets and liabilities, including intercompany loans and transactions denominated in a foreign currency, along with gains and losses on certain foreign currency exchange contracts. Net periodic benefit cost for the Company’s pension and postretirement plans is exclusive of service cost.

Income Taxes (Details)

Income Taxes (Details) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 31, 2023 item	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023	Sep. 30, 2023 USD ($)
Income Taxes [Abstract]
Effective income tax rate		24%	18.60%	27.70%	21.60%
Income tax benefit related to sale of automotive businesses			$ 3.1
Number of automotive businesses sold | item	3
Income tax benefit related to release of unrecognized tax benefit due to lapse in statute of limitations						$ 1.8
U.S.
Income Taxes [Abstract]
Valuation allowances against deferred tax assets		$ 46.5		$ 46.5
Foreign Jurisdictions
Income Taxes [Abstract]
Valuation allowances against deferred tax assets		$ 22.5		$ 22.5

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share
Net earnings attributable to Modine	$ 41	$ 44.4	$ 134.4	$ 135.7
Weighted-average shares outstanding - basic (in shares)	52.7	52.3	52.6	52.4
Effect of dilutive securities	1.2	0.9	1.3	0.8
Weighted-average shares outstanding - diluted (in shares)	53.9	53.2	53.9	53.2
Earnings per Share [Abstract]
Net earnings per share - basic (in dollars per share)	$ 0.78	$ 0.85	$ 2.56	$ 2.59
Net earnings per share - diluted (in dollars per share)	$ 0.76	$ 0.83	$ 2.49	$ 2.55
Anti-dilutive, Securities	0	0	0	0

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	$ 83.8	$ 60.1
Restricted cash	0.3	0.2
Total cash, cash equivalents and restricted cash	$ 84.1	$ 60.3	$ 151.2	$ 67.2

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2024	Mar. 31, 2024
Inventories
Raw materials	$ 215.7	$ 207.8
Work in process	68.1	64.5
Finished goods	52.9	85.6
Total inventories	$ 336.7	$ 357.9

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2024	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property, plant and equipment, Gross	$ 1,240.6	$ 1,286
Less: accumulated depreciation	(885.8)	(920.3)
Net property, plant and equipment	354.8	365.7
Land
Property, Plant and Equipment [Abstract]
Property, plant and equipment, Gross	15.7	16.3
Buildings and improvements
Property, Plant and Equipment [Abstract]
Property, plant and equipment, Gross	$ 246.7	280.7
Buildings and improvements | Minimum
Property, Plant and Equipment [Abstract]
Property, plant and equipment, Useful life	10 years
Buildings and improvements | Maximum
Property, Plant and Equipment [Abstract]
Property, plant and equipment, Useful life	40 years
Machinery and equipment
Property, Plant and Equipment [Abstract]
Property, plant and equipment, Gross	$ 830.3	824.4
Machinery and equipment | Minimum
Property, Plant and Equipment [Abstract]
Property, plant and equipment, Useful life	3 years
Machinery and equipment | Maximum
Property, Plant and Equipment [Abstract]
Property, plant and equipment, Useful life	15 years
Office equipment
Property, Plant and Equipment [Abstract]
Property, plant and equipment, Gross	$ 92.3	97
Office equipment | Minimum
Property, Plant and Equipment [Abstract]
Property, plant and equipment, Useful life	3 years
Office equipment | Maximum
Property, Plant and Equipment [Abstract]
Property, plant and equipment, Useful life	10 years
Construction in progress
Property, Plant and Equipment [Abstract]
Property, plant and equipment, Gross	$ 55.6	$ 67.6

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Goodwill [Roll Forward]
Goodwill, beginning balance		$ 230.9		$ 230.9
Goodwill, ending balance	$ 232.6			232.6
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Value	228.9			228.9		$ 245.8
Accumulated Amortization	(76.6)			(76.6)		(57.5)
Net Intangible Assets	152.3			152.3		188.3
Amortization expense	6.9		$ 2.1	20.7	$ 6.1
Estimated Future Amortization Expense [Abstract]
2025	7			7
2026	17			17
2027	15			15
2028	15			15
2029	15			15
2030	13			13
Climate Solutions
Goodwill [Roll Forward]
Goodwill, beginning balance		230.9		230.9
Acquisition adjustment		7.4		7.4
Effect of exchange rate changes				(5.7)
Goodwill, ending balance	232.6			232.6
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Value	144.3			144.3		150.5
Accumulated Amortization	(41.7)			(41.7)		(26.3)
Net Intangible Assets	102.6			102.6		124.2
Trade names
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Value	52.5			52.5		62.8
Accumulated Amortization	(20.3)			(20.3)		(18.5)
Net Intangible Assets	32.2			32.2		44.3
Acquired technology
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Value	32.1			32.1		32.5
Accumulated Amortization	(14.6)			(14.6)		(12.7)
Net Intangible Assets	17.5			17.5		$ 19.8
Scott Springfield Manufacturing
Goodwill [Roll Forward]
Acquisition adjustment		7.4
Goodwill, ending balance	$ 72.6			$ 72.6
Scott Springfield Manufacturing | Trade names
Goodwill [Roll Forward]
Measurement period adjustment to intangible asset		$ (9.6)

Product Warranties (Details)

Product Warranties (Details) $ in Millions		1 Months Ended	3 Months Ended		9 Months Ended
		Oct. 31, 2023 USD ($) item	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Product Warranties
Beginning balance		$ 10.3	$ 11.1	$ 10.3	$ 10.7	$ 6.9
Warranties recorded at time of sale			1.8	1.6	5.6	4.7
Adjustments to pre-existing warranties			(0.3)	(0.4)	(0.7)	2.7
Settlements			(1.5)	(1.4)	(4.8)	(3.9)
Reclassified to held for sale	[1]					(0.2)
Effect of exchange rate changes			(0.4)	0.3	(0.1)	0.2
Ending balance			$ 10.7	$ 10.4	$ 10.7	$ 10.4
Number of Automotive Businesses Sold | item		3
[1] The Company s old three automotive businesses based in Germany during the third quarter of fiscal 2024. Prior to the sale, the Company reclassified the warranty liability related to these businesses as held for sale. See Note 2 for additional information regarding the sale.

Leases (Details)

Leases (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Assets and Liabilities, Lessee [Abstract]
Operating lease ROU assets		$ 96.4		$ 96.4		$ 76
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Other Assets, Noncurrent		Other Assets, Noncurrent		Other Assets, Noncurrent
Finance lease ROU assets	[1]	$ 6.8		$ 6.8		$ 6.5
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	[1]	Property, Plant and Equipment, Net		Property, Plant and Equipment, Net		Property, Plant and Equipment, Net
Operating lease liabilities, current		$ 19.7		$ 19.7		$ 15.3
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Other Liabilities, Current		Other Liabilities, Current		Other Liabilities, Current
Operating lease liabilities, noncurrent		$ 78.5		$ 78.5		$ 62.1
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Other Liabilities, Noncurrent		Other Liabilities, Noncurrent		Other Liabilities, Noncurrent
Finance lease liabilities, current		$ 0.5		$ 0.5		$ 0.4
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Long-Term Debt and Lease Obligation, Current		Long-Term Debt and Lease Obligation, Current		Long-Term Debt and Lease Obligation, Current
Finance lease liabilities, noncurrent		$ 2.2		$ 2.2		$ 1.9
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Long-Term Debt and Lease Obligation		Long-Term Debt and Lease Obligation		Long-Term Debt and Lease Obligation
Accumulated amortization		$ 4		$ 4		$ 3.7
Lease, Cost [Abstract]
Operating lease expense	[2]	8.5	$ 6.1	23.1	$ 17.6
Finance lease expense: Depreciation of ROU assets		0.1	0.1	0.4	0.4
Finance lease expense: Interest on lease liabilities		0	0	0.1	0.1
Total lease expense		8.6	6.2	23.6	18.1
Short-term lease expense		$ 1.7	$ 1.4	$ 4.8	$ 4.3
[1] Finance right of use ( “ ROU ” ) assets were recorded net of accumulated amortization of $4.0 million and $3.7 million as of December 31, 2024 and March 31, 2024, respectively. For the three and nine months ended December 31, 2024, operating lease expense included short-term lease expense of $1.7 million and $4.8 million, respectively. For the three and nine months ended December 31, 2023, operating lease expense included short-term lease expense of $1.4 million and $4.3 million, respectively. Variable lease expense was not significant.

Indebtedness (Details)

Indebtedness (Details) $ in Millions	9 Months Ended
	Dec. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)
Long-Term Debt [Abstract]
Long-term debt	$ 370.2	$ 421.8
Less: current portion	(38.4)	(19.7)
Less: unamortized debt issuance costs	(1.8)	(2.2)
Total long-term debt	330	399.9
Maturities of Long-Term Debt [Abstract]
Remainder of 2025	2.8
2026	44.6
2027	44.6
2028	251.9
2029	25.6
2030 & beyond	0.7
Long-term debt	370.2	421.8
Indebtedness [Abstract]
Short-term debt	2.4	12
Level 2
Indebtedness [Abstract]
Fair value of long-term debt	$ 116.6	120.9
Minimum
Indebtedness [Abstract]
Interest coverage ratio	3
Maximum
Indebtedness [Abstract]
Leverage ratio	3.25
Credit agreement
Indebtedness [Abstract]
Letters of credit outstanding	$ 6.2
Term loans
Long-Term Debt [Abstract]
Long-term debt	$ 194.8	204.5
Fiscal year of maturity	2028
Maturities of Long-Term Debt [Abstract]
Long-term debt	$ 194.8	204.5
Indebtedness [Abstract]
Weighted-average interest rate for variable rate borrowings	5.50%
Revolving credit facility
Long-Term Debt [Abstract]
Long-term debt	$ 56	90
Fiscal year of maturity	2028
Maturities of Long-Term Debt [Abstract]
Long-term debt	$ 56	90
Indebtedness [Abstract]
Maximum borrowing capacity	$ 275
Weighted-average interest rate for variable rate borrowings	5.80%
Available borrowing capacity	$ 210.8
Swingline loans
Indebtedness [Abstract]
Short-term debt	2	2
5.9% Senior Notes
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
Long-Term Debt [Abstract]
Long-term debt	$ 16.7	25
Interest rate percentage	5.80%
Fiscal year of maturity	2027
Maturities of Long-Term Debt [Abstract]
Long-term debt	$ 16.7	25
Finance Lease obligations
Long-Term Debt [Abstract]
Long-term debt	2.7	2.3
Maturities of Long-Term Debt [Abstract]
Long-term debt	2.7	2.3
Foreign credit agreements
Indebtedness [Abstract]
Short-term debt	$ 0.4	$ 10

Risks, Uncertainties, Conting_2

Risks, Uncertainties, Contingencies and Litigation (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2024	Mar. 31, 2024
Risks, Uncertainties, Contingencies and Litigation
Reserves for environmental matters		$ 17.2	$ 17.6
Increase in remediation accrual related to a former manufacturing facility	$ 1

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 31, 2023 USD ($) item	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Changes in Accumulated Other Comprehensive Loss [Abstract]
Beginning balance				$ 747.6
Ending balance		$ 855.1		855.1
Number of automotive businesses sold | item	3
Accumulated other comprehensive loss
Changes in Accumulated Other Comprehensive Loss [Abstract]
Beginning balance	$ (173.7)	(147.8)	$ (173.7)	(163.4)	$ (161.1)
Other comprehensive income (loss) before reclassifications		(48.3)	19.9	(34.1)	6.2
Income taxes		(0.2)	(0.5)	(0.8)	(0.7)
Total other comprehensive income (loss)		(47.5)	19.9	(31.9)	7.3
Ending balance		(195.3)	(153.8)	(195.3)	(153.8)
Foreign Currency Translation
Changes in Accumulated Other Comprehensive Loss [Abstract]
Beginning balance	(70.8)	(49)	(70.8)	(62.8)	(57.5)
Other comprehensive income (loss) before reclassifications		(48.2)	19.3	(34.4)	6
Income taxes		0	0	0	0
Total other comprehensive income (loss)		(48.2)	19.3	(34.4)	6
Ending balance		(97.2)	(51.5)	(97.2)	(51.5)
Defined Benefit Plans
Changes in Accumulated Other Comprehensive Loss [Abstract]
Beginning balance	(102.8)	(99.1)	(102.8)	(100.7)	(104.4)
Other comprehensive income (loss) before reclassifications		0	0	0	0
Reclassification from accumulated other comprehensive income (loss)		1.1	1	3.2	3.1
Unrecognized net pension gain in disposed businesses			(0.6)		(0.6)
Income taxes		(0.3)	(0.3)	(0.8)	(0.8)
Total other comprehensive income (loss)		0.8	0.1	2.4	1.7
Ending balance		(98.3)	(102.7)	(98.3)	(102.7)
Write-off of net actuarial gains			0.6		0.6
Cash Flow Hedges
Changes in Accumulated Other Comprehensive Loss [Abstract]
Beginning balance	$ (0.1)	0.3	(0.1)	0.1	0.8
Other comprehensive income (loss) before reclassifications		(0.1)	0.6	0.3	0.2
Reclassification from accumulated other comprehensive income (loss)		(0.1)	0.1	(0.2)	(0.7)
Income taxes		0.1	(0.2)	0	0.1
Total other comprehensive income (loss)		(0.1)	0.5	0.1	(0.4)
Ending balance		$ 0.2	$ 0.4	$ 0.2	$ 0.4

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Segment Information [Abstract]
Net sales	$ 616.8	$ 561.4	$ 1,936.3	$ 1,804.3
Gross profit	$ 149.6	$ 127.3	$ 477.8	$ 390.3
Gross profit (% of sales)	24.30%	22.70%	24.70%	21.60%
Operating income	$ 59.3	$ 61.7	$ 209	$ 193.9
Total assets	1,829.8		1,829.8		$ 1,851.5
Climate Solutions
Segment Information [Abstract]
Net sales	360.7	254	1,084.3	829.9
Performance Technologies
Segment Information [Abstract]
Net sales	256.1	307.4	852	974.4
Other
Segment Information [Abstract]
Total assets	1,070.1		1,070.1		1,070.7
Operating segments
Segment Information [Abstract]
Net sales	623	564.9	1,953.2	1,821.2
Gross profit	$ 149.8	$ 127.1	$ 480.5	$ 389.3
Gross profit (% of sales)	24%	22.50%	24.60%	21.40%
Operating income	$ 78.2	$ 69.9	$ 265	$ 224.4
Operating segments | Climate Solutions
Segment Information [Abstract]
Net sales	360.8	254	1,084.5	829.9
Gross profit	$ 103.1	$ 70.1	$ 310.2	$ 222.8
Gross profit (% of sales)	28.60%	27.60%	28.60%	26.80%
Operating income	$ 62.4	$ 40.4	$ 186.9	$ 136.1
Total assets	409.3		409.3		412.7
Operating segments | Performance Technologies
Segment Information [Abstract]
Net sales	262.2	310.9	868.7	991.3
Gross profit	$ 46.7	$ 57	$ 170.3	$ 166.5
Gross profit (% of sales)	17.80%	18.30%	19.60%	16.80%
Operating income	$ 15.8	$ 29.5	$ 78.1	$ 88.3
Total assets	350.4		350.4		$ 368.1
Inter-segment Sales
Segment Information [Abstract]
Net sales	6.2	3.5	16.9	16.9
Inter-segment Sales | Climate Solutions
Segment Information [Abstract]
Net sales	0.1		0.2	0
Inter-segment Sales | Performance Technologies
Segment Information [Abstract]
Net sales	6.1	3.5	16.7	16.9
Corporate and eliminations
Segment Information [Abstract]
Net sales	(6.2)	(3.5)	(16.9)	(16.9)
Gross profit	$ (0.2)	$ 0.2	$ (2.7)	$ 1
Gross profit (% of sales)	0%	0%	0%	0%
Operating income	$ (18.9)	$ (8.2)	$ (56)	$ (30.5)