Modine Manufacturing (MOD) 10-Q 5 Aug 20 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Cover [Abstract]
Entity Registrant Name	MODINE MANUFACTURING CO
Entity Central Index Key	0000067347
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		51,147,640
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	1-1373
Entity Tax Identification Number	39-0482000
Entity Incorporation, State or Country Code	WI
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

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) [Abstract]
Net sales	$ 347.8	$ 529
Cost of sales	301.7	445.6
Gross profit	46.1	83.4
Selling, general and administrative expenses	44.7	63.5
Restructuring expenses	4.6	1.8
Operating (loss) income	(3.2)	18.1
Interest expense	(5.4)	(5.9)
Other expense - net	0	(1.1)
(Loss) earnings before income taxes	(8.6)	11.1
Benefit (provision) for income taxes	0.2	(2.9)
Net (loss) earnings	(8.4)	8.2
Net earnings attributable to noncontrolling interest	(0.2)	(0.2)
Net (loss) earnings attributable to Modine	$ (8.6)	$ 8
Net (loss) earnings per share attributable to Modine shareholders:
Basic (in dollars per share)	$ (0.17)	$ 0.16
Diluted (in dollars per share)	$ (0.17)	$ 0.16
Weighted-average shares outstanding:
Basic (in shares)	50.9	50.7
Diluted (in shares)	50.9	51.1

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract]
Net (loss) earnings	$ (8.4)	$ 8.2
Other comprehensive income (loss):
Foreign currency translation	5.4	1.8
Defined benefit plans, net of income taxes of $0.4 and $0.3 million	1.2	1.1
Cash flow hedges, net of income taxes of $0.3 and ($0.3) million	1	(0.8)
Total other comprehensive income	7.6	2.1
Comprehensive income (loss)	(0.8)	10.3
Comprehensive income attributable to noncontrolling interest	(0.3)	(0.1)
Comprehensive income (loss) attributable to Modine	$ (1.1)	$ 10.2

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Other comprehensive income (loss):
Defined benefit plans, tax	$ 0.4	$ 0.3
Cash flow hedges, tax expense	$ 0.3	$ (0.3)

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Jun. 30, 2020	Mar. 31, 2020
ASSETS
Cash and cash equivalents	$ 77.2	$ 70.9
Trade accounts receivable - net	272.6	292.5
Inventories	210.2	207.4
Other current assets	56.8	62.5
Total current assets	616.8	633.3
PropertyPlantAndEquipmentNet	439.4	448
Intangible assets - net	105.1	106.3
Goodwill	167	166.1
Deferred income taxes	109.2	104.8
OtherAssetsNoncurrent	79.2	77.6
Total assets	1,516.7	1,536.1
LIABILITIES AND SHAREHOLDERS' EQUITY
Short-term debt	25.2	14.8
LongTermDebtAndCapitalLeaseObligationsCurrent	13.4	15.6
Accounts payable	190.1	227.4
Accrued compensation and employee benefits	74.2	65
OtherLiabilitiesCurrent	54.1	49.2
Total current liabilities	357	372
Long-term debt	448.1	452
Deferred income taxes	7	8.1
Pensions	130.3	130.9
OtherLiabilitiesNoncurrent	81.6	79.5
Total liabilities	1,024	1,042.5
Commitments and contingencies (see Note 17)
Shareholders' equity:
Preferred stock, $0.025 par value, authorized 16.0 million shares, issued - none	0	0
Common stock, $0.625 par value, authorized 80.0 million shares, issued 53.7 million and 53.4 million shares	33.5	33.3
Additional paid-in capital	245.6	245.1
Retained earnings	461.3	469.9
Accumulated other comprehensive loss	(215.8)	(223.3)
Treasury stock, at cost, 2.7 million and 2.5 million shares	(37.9)	(37.1)
Total Modine shareholders' equity	486.7	487.9
Noncontrolling interest	6	5.7
Total equity	492.7	493.6
Total liabilities and equity	$ 1,516.7	$ 1,536.1

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares shares in Millions	Jun. 30, 2020	Mar. 31, 2020
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)	53.7	53.4
Treasury stock at cost (in shares)	2.7	2.5

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net (loss) earnings	$ (8.4)	$ 8.2
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities:
Depreciation and amortization	18.6	18.9
Stock-based compensation expense	0.7	1.7
Deferred income taxes	(5.9)	(0.5)
Other - net	1.3	0.9
Changes in operating assets and liabilities:
Trade accounts receivable	21.7	1.6
Inventories	(1.5)	(15)
Accounts payable	(34.1)	(3.8)
Other assets and liabilities	19.9	(11.5)
Net cash provided by operating activities	12.3	0.5
Cash flows from investing activities:
Expenditures for property, plant and equipment	(9.1)	(20.3)
Proceeds from dispositions of assets	0.6	0
Other - net	0	1.8
Net cash used for investing activities	(8.5)	(18.5)
Cash flows from financing activities:
Borrowings of debt	8.2	342.1
Repayments of debt	(17.1)	(329.1)
Borrowings on bank overdraft facilities - net	12.3	0
Financing fees paid	(0.8)	(1.1)
Purchase of treasury stock under share repurchase program	0	(2.4)
Dividend paid to noncontrolling interest	0	(1.3)
Other - net	(0.8)	(2.7)
Net cash provided by financing activities	1.8	5.5
Effect of exchange rate changes on cash	0.6	(0.1)
Net increase (decrease) in cash, cash equivalents and restricted cash	6.2	(12.6)
Cash, cash equivalents and restricted cash - beginning of period	71.3	42.2
Cash, cash equivalents and restricted cash - end of period	$ 77.5	$ 29.6

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) shares in Millions, $ in Millions	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Treasury Stock, at Cost [Member]	Non-controlling Interest [Member]	Total
Balance at Mar. 31, 2019	$ 33	$ 238.6	$ 472.1	$ (178.4)	$ (31.4)	$ 7.2	$ 541.1
Balance (in shares) at Mar. 31, 2019	52.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings attributable to Modine	$ 0	0	8	0	0	0	8
Other comprehensive income (loss)	0	0	0	2.2	0	(0.1)	2.1
Stock options and awards	$ 0.2	(0.1)	0	0	0	0	0.1
Stock options and awards (in shares)	0.5
Purchase of treasury stock	$ 0	0	0	0	(5.6)	0	(5.6)
Stock-based compensation expense	0	1.7	0	0	0	0	1.7
Dividend paid to noncontrolling interest	0	0	0	0	0	(1.3)	(1.3)
Net earnings attributable to noncontrolling interest	0	0	0	0	0	0.2	0.2
Balance at Jun. 30, 2019	$ 33.2	240.2	480.1	(176.2)	(37)	6	546.3
Balance (in shares) at Jun. 30, 2019	53.3
Balance at Mar. 31, 2020	$ 33.3	245.1	469.9	(223.3)	(37.1)	5.7	$ 493.6
Balance (in shares) at Mar. 31, 2020	53.4						53.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings attributable to Modine	$ 0	0	(8.6)	0	0	0	$ (8.6)
Other comprehensive income (loss)	0	0	0	7.5	0	0.1	7.6
Stock options and awards	$ 0.2	(0.2)	0	0	0	0	0
Stock options and awards (in shares)	0.3
Purchase of treasury stock	$ 0	0	0	0	(0.8)	0	(0.8)
Stock-based compensation expense	0	0.7	0	0	0	0	0.7
Net earnings attributable to noncontrolling interest	0	0	0	0	0	0.2	0.2
Balance at Jun. 30, 2020	$ 33.5	$ 245.6	$ 461.3	$ (215.8)	$ (37.9)	$ 6	$ 492.7
Balance (in shares) at Jun. 30, 2020	53.7						53.7

General

General	3 Months Ended
	Jun. 30, 2020
General [Abstract]
General	Note 1: General The accompanying condensed consolidated financial statements of Modine Manufacturing Company (“Modine” or the “Company”) were prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes necessary for a comprehensive presentation of financial position, results of operations and cash flows required by GAAP for complete financial statements. The financial statements include all normal recurring adjustments that are, in the opinion of management, necessary for a fair statement of results for the interim periods. Results for the first three months of fiscal 2021 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, 2020. COVID-19 In March 2020, the World Health Organization declared the outbreak of the novel coronavirus, COVID-19, a pandemic. See Note 17 for additional information regarding the risks and uncertainties to our business resulting from this global pandemic. New Accounting Guidance In June 2016, the Financial Accounting Standards Board issued new guidance related to the accounting for credit losses for certain financial assets, including trade accounts receivable and contract assets. The new guidance modifies the credit loss model to measure and recognize credit losses based upon expected losses rather than incurred losses. The Company adopted this guidance as of April 1, 2020. The adoption did not have a material impact on the Company’s consolidated balance sheets, statements of operations or statements of cash flows.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Jun. 30, 2020
Revenue Recognition [Abstract]
Revenue Recognition	Note 2: Revenue Recognition Disaggregation of Revenue The table below presents revenue for each of the Company’s business segments, Commercial and Industrial Solutions (“CIS”), Building HVAC Systems (“BHVAC”), Heavy Duty Equipment (“HDE”) and Automotive. Each segment’s revenue is disaggregated by primary end market, by geographic location and based upon the timing of revenue recognition, and includes inter-segment sales. Effective April 1, 2020, the Company realigned its segment structure. The segment revenue information presented in the table below for fiscal 2020 has been recast to conform to the fiscal 2021 presentation. See Note 19 for additional information regarding the Company’s operating segments. Three months ended , Three months ended , CIS BHVAC HDE Automotive Segment Total CIS BHVAC HDE Automotive Segment Total Primary end market: Commercial HVAC&R $ 93.9 $ 32.5 $ - $ - $ 126.4 $ 130.9 $ 38.0 $ - $ - $ 168.9 Data center cooling 13.8 15.0 - - 28.8 24.2 10.6 - - 34.8 Industrial cooling 11.9 - - - 11.9 11.4 - - - 11.4 Commercial vehicle - - 46.3 2.1 48.4 - - 92.7 6.0 98.7 Off-highway - - 53.4 0.7 54.1 - - 70.2 3.7 73.9 Automotive - - 13.0 54.4 67.4 - - 26.8 102.4 129.2 Other 2.9 0.1 10.8 4.9 18.7 2.3 0.4 26.7 1.5 30.9 Net sales $ 122.5 $ 47.6 $ 123.5 $ 62.1 $ 355.7 $ 168.8 $ 49.0 $ 216.4 $ 113.6 $ 547.8 Geographic location: Americas $ 59.9 $ 26.0 $ 67.9 $ 7.5 $ 161.3 $ 97.1 $ 29.1 $ 136.0 $ 17.4 $ 279.6 Europe 50.9 21.6 24.1 39.6 136.2 58.6 19.9 46.4 83.0 207.9 Asia 11.7 - 31.5 15.0 58.2 13.1 - 34.0 13.2 60.3 Net sales $ 122.5 $ 47.6 $ 123.5 $ 62.1 $ 355.7 $ 168.8 $ 49.0 $ 216.4 $ 113.6 $ 547.8 Timing of revenue recognition: Products transferred at a point in time $ 109.3 $ 47.6 $ 121.3 $ 62.1 $ 340.3 $ 143.9 $ 49.0 $ 209.0 $ 113.6 $ 515.5 Products transferred over time 13.2 - 2.2 - 15.4 24.9 - 7.4 - 32.3 Net sales $ 122.5 $ 47.6 $ 123.5 $ 62.1 $ 355.7 $ 168.8 $ 49.0 $ 216.4 $ 113.6 $ 547.8 Contract Balances Contract assets and contract liabilities from contracts with customers were as follows: June 30, 2020 March 31, 2020 Contract assets $ 18.3 $ 21.7 Contract liabilities 7.0 5.6 Contract assets, included within other current assets in the consolidated balance sheets, primarily consist of capitalized costs related to customer-owned tooling contracts, wherein the customer has guaranteed reimbursement, and assets recorded for revenue recognized over time, which represent the Company’s rights to consideration for work completed but not yet billed. The $3.4 million decrease in contract assets during the first three months of fiscal 2021 primarily resulted from a decrease in contract assets for revenue recognized over time. Contract liabilities, included within other current liabilities in the consolidated balance sheets, consist of payments received in advance of satisfying performance obligations under customer contracts, including contracts for customer-owned tooling. The $1.4 million increase in contract liabilities during the first three months of fiscal 2021 was primarily related to customer contracts for which payment was received in advance of the Company’s satisfaction of performance obligations.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jun. 30, 2020
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 3: Fair Value Measurements Fair value is defined as the price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Fair value measurements are classified under the following hierarchy: ● Level 1 – Quoted prices for identical instruments in active markets. ● Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. ● Level 3 – Model-derived valuations in which one or more significant inputs are not observable. When available, the Company uses quoted market prices to determine fair value and classifies such measurements as Level 1. In some cases, where market prices are not available, the Company uses observable market-based inputs to calculate fair value, in which case the measurements are classified as Level 2. If quoted or observable market prices are not available, the Company determines fair value based upon valuation models that use, where possible, market-based data such as interest rates, yield curves or currency rates. These measurements are classified as Level 3. The carrying values of cash, cash equivalents, restricted cash, short-term investments, trade accounts receivable, accounts payable, and short-term debt approximate fair value due to the short-term nature of these instruments. The Company holds investments in deferred compensation trusts to fund obligations under certain non-qualified deferred compensation plans. The Company records the fair value of these investments within other noncurrent assets on its consolidated balance sheets. The Company classifies money market investments held by the trusts within Level 2 of the valuation hierarchy. The Company classifies all other investments held by the trusts within Level 1 of the valuation hierarchy, as it uses quoted market prices to determine the investments’ fair value. The Company’s deferred compensation obligations, which are recorded as other noncurrent liabilities, are recorded at the fair values of the investments held by the trust. The fair values of the investments and obligations for the Company’s deferred compensation plans each totaled and as of June 30 and March respectively. The fair value of the Company’s long-term debt is disclosed in Note

Pensions

Pensions	3 Months Ended
	Jun. 30, 2020
Pensions [Abstract]
Pensions	Note 4: Pensions Pension cost included the following components: Three months ended June 30, 2020 2019 Service cost $ 0.1 $ 0.1 Interest cost 2.0 2.3 Expected return on plan assets (2.9 ) (3.0 ) Amortization of unrecognized net loss 1.7 1.5 Net periodic benefit cost $ 0.9 $ 0.9 During the three months ended June 30, 2019, the Company contributed $ million to its U.S. pension plans. The Company has t yet made contributions to its U.S. pension plans during fiscal 2021, as permitted by the Coronavirus Aid, Relief and Economic Security Act. The Company expects to contribute approximately $ million to its U.S. pension plans during fiscal 2021.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Jun. 30, 2020
Stock-Based Compensation [Abstract]
Stock-Based Compensation	Note 5: Stock-Based Compensation The Company’s stock-based incentive programs consist of the following: (1) a long-term incentive compensation program for officers and other executives that consists of stock awards, stock options, and performance-based stock awards granted for retention and performance, (2) a discretionary equity program for other management and key employees, and (3) stock awards for non-employee directors. The Company calculates compensation expense based upon the fair value of the instruments at the time of grant and subsequently recognizes expense ratably over the respective vesting periods of the stock-based awards. The Company recognized stock-based compensation expense of $ million and $ million for the three months ended June 30,2020 and 2019, respectively. The Company typically grants stock-based awards to officers and other executives during the quarter; however, for fiscal it has deferred these grants until later in the fiscal year. As of June 30, 2020, unrecognized compensation expense related to non-vested stock-based compensation awards, which will be amortized over the remaining service periods, was as follows: Unrecognized Compensation Expense Weighted-Average Remaining Service Period in Years Stock options $ 2.1 2.3 Restricted stock awards 4.5 2.4 Performance stock awards 0.7 1.7 Total $ 7.3 2.3

Restructuring Activities

Restructuring Activities	3 Months Ended
	Jun. 30, 2020
Restructuring Activities [Abstract]
Restructuring Activities	Note 6: Restructuring Activities During the quarter of fiscal the Company recorded of severance expenses related to plant consolidation activities in China within the CIS segment. The Company is currently transferring production from the manufacturing facility in Zhongshan, China to another CIS segment manufacturing facility in China, which it expects to complete in the or quarter of fiscal The Company also implemented targeted headcount reductions during the quarter of fiscal the most significant of which were in North America in the HDE and CIS segments. The headcount reductions were in response to lower market demand and support the Company’s objective of reducing operational and selling, general and administrative (“SG&A”) cost structures. In addition, the Company is in the process of transferring product lines to its CIS manufacturing facility in Mexico. The Company’s restructuring actions during the quarter of fiscal consisted primarily of targeted headcount reductions and plant consolidation activities. The fiscal headcount reductions were primarily in Europe within the Automotive segment and in the Americas within the HDE segment. Restructuring and repositioning expenses were as follows: Three months ended June 30, 2020 2019 Employee severance and related benefits $ 4.4 $ 1.5 Other restructuring and repositioning expenses 0.2 0.3 Total $ 4.6 $ 1.8 Other restructuring and repositioning expenses primarily consist of equipment transfers and plant consolidation costs. The Company accrues severance in accordance with its written plans, procedures, and relevant statutory requirements. Changes in accrued severance were as follows: Three months ended June 30, 2020 2019 Beginning balance $ 5.0 $ 10.0 Additions 4.4 1.5 Payments (2.6 ) (3.7 ) Effect of exchange rate changes 0.1 - Ending balance $ 6.9 $ 7.8

Other Income and Expense

Other Income and Expense	3 Months Ended
	Jun. 30, 2020
Other Income and Expense [Abstract]
Other Income and Expense	Note 7: Other Income and Expense Other income and expense consisted of the following: Three months ended June 30, 2020 2019 Interest income $ 0.3 $ 0.1 Foreign currency transactions (a) 0.5 (0.6 ) Net periodic benefit cost (b) (0.8 ) (0.7 ) Equity in earnings of non-consolidated affiliate (c) - 0.1 Total other income (expense) - net $ - $ (1.1 ) (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. (c) The Company sold its ownership interest in Nikkei Heat Exchanger Company, Ltd. during the second quarter of fiscal 2020.

Income Taxes

Income Taxes	3 Months Ended
	Jun. 30, 2020
Income Taxes [Abstract]
Income Taxes	Note : Income Taxes The Company’s effective tax rate for the months ended June 30, 2020 and was and , respectively. The effective tax rate for the quarter of fiscal is lower than the quarter of the prior year, primarily due to changes in the mix and amount of foreign and U.S. earnings. The Company has recorded valuation allowances against its net deferred tax assets to the extent it has determined it is more likely than not that such assets will not be realized in the future. As of June valuation allowances against deferred tax assets in certain foreign jurisdictions and the U.S. totaled and , 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. As further discussed in Note the COVID- pandemic has resulted in risks and uncertainties to our business. 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, which could have a material adverse effect on the Company’s results of operations and financial condition. Accounting policies for interim reporting require the Company to adjust its effective tax rate each quarter to be consistent with its estimated annual effective tax rate. Under this methodology, the Company applies its estimated annual income tax rate to its year-to-date ordinary earnings to derive its income tax provision each quarter. The Company records the tax impacts of certain significant, unusual or infrequently occurring items in the period in which they occur. The Company excluded the impact of its operations in certain foreign locations from the overall effective tax rate methodology and recorded them discretely based upon year-to-date results because the Company anticipates net operating losses for the full fiscal year in these jurisdictions. The Company does not anticipate a significant change in unrecognized tax benefits during the remainder of fiscal

Earnings Per Share

Earnings Per Share	3 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Note 9: Earnings Per Share The components of basic and diluted earnings per share were as follows: Three months ended June 30, 2020 2019 Net (loss) earnings attributable to Modine $ (8.6 ) $ 8.0 Weighted-average shares outstanding - basic 50.9 50.7 Effect of dilutive securities - 0.4 Weighted-average shares outstanding - diluted 50.9 51.1 (Loss) earnings per share: Net (loss) earnings per share - basic $ (0.17 ) $ 0.16 Net (loss) earnings per share - diluted $ (0.17 ) $ 0.16 For the three months ended June 30, 2020 and 2019, the calculation of diluted earnings per share excluded million and million stock options, respectively, because they were anti-dilutive. For the months ended June and the calculation of diluted earnings per share excluded and restricted stock awards, respectively, because they were anti-dilutive.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	3 Months Ended
	Jun. 30, 2020
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash, Cash Equivalents and Restricted Cash	Note 10: Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash consisted of the following: June 30, 2020 March 31, 2020 Cash and cash equivalents $ 77.2 $ 70.9 Restricted cash 0.3 0.4 Total cash, cash equivalents and restricted cash $ 77.5 $ 71.3 Restricted cash, which is reported within other current assets and other noncurrent assets in the consolidated balance sheets, consists primarily of deposits for contractual guarantees or commitments required for rents, import and export duties, and commercial agreement.

Inventories

Inventories	3 Months Ended
	Jun. 30, 2020
Inventories [Abstract]
Inventories	Note 11: Inventories Inventories consisted of the following: June 30, 2020 March 31, 2020 Raw materials $ 128.4 $ 123.6 Work in process 34.4 34.6 Finished goods 47.4 49.2 Total inventories $ 210.2 $ 207.4

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Note 12: Property, Plant and Equipment Property, plant and equipment, including depreciable lives, consisted of the following: June 30, 2020 March 31, 2020 Land $ 20.1 $ 19.7 Buildings and improvements (10-40 years) 279.7 276.7 Machinery and equipment (3-15 years) 893.0 870.3 Office equipment (3-10 years) 96.9 95.2 Construction in progress 33.1 40.5 1,322.8 1,302.4 Less: accumulated depreciation (883.4 ) (854.4 ) Net property, plant and equipment $ 439.4 $ 448.0

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets [Abstract]
Goodwill and Intangible Assets	Note 13: Goodwill and Intangible Assets Changes in the carrying amount of goodwill were as follows: CIS BHVAC Total Goodwill, March 31, 2020 $ 152.6 $ 13.5 $ 166.1 Effect of exchange rate changes 0.9 - 0.9 Goodwill, June 30, 2020 $ 153.5 $ 13.5 $ 167.0 Intangible assets consisted of the following: June 30, 2020 March 31, 2020 Gross Carrying Value Accumulated Amortization Net Intangible Assets Gross Carrying Value Accumulated Amortization Net Intangible Assets Customer relationships $ 61.4 $ (13.7 ) $ 47.7 $ 60.8 $ (12.6 ) $ 48.2 Trade names 58.5 (16.9 ) 41.6 58.3 (16.2 ) 42.1 Acquired technology 23.9 (8.1 ) 15.8 23.6 (7.6 ) 16.0 Total intangible assets $ 143.8 $ (38.7 ) $ 105.1 $ 142.7 $ (36.4 ) $ 106.3 The Company recorded amortization expense of $2.1 million and $2.2 million for the three months ended June 30, 2020 and 2019, respectively. The Company estimates that it will record $6.3 million of amortization expense during the remainder of fiscal 2021 and approximately $8.0 million of annual amortization expense in fiscal 2022 through 2026.

Product Warranties

Product Warranties	3 Months Ended
	Jun. 30, 2020
Product Warranties [Abstract]
Product Warranties	Note 14: Product Warranties Changes in accrued warranty costs were as follows: Three months ended June 30, 2020 2019 Beginning balance $ 7.9 $ 9.2 Warranties recorded at time of sale 1.1 1.4 Adjustments to pre-existing warranties - (0.6 ) Settlements (0.8 ) (0.9 ) Effect of exchange rate changes 0.1 - Ending balance $ 8.3 $ 9.1

Leases

Leases	3 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Leases	Note 15: Leases Lease Assets and Liabilities The following table provides a summary of leases recorded on the consolidated balance sheet. Balance Sheet Location June 30, 2020 March 31, 2020 Lease Assets Operating lease ROU assets Other noncurrent assets $ 63.6 $ 61.4 Finance lease ROU assets (a) Property, plant and equipment - net 8.4 8.5 Lease Liabilities Operating lease liabilities Other current liabilities $ 11.8 $ 10.9 Operating lease liabilities Other noncurrent liabilities 52.3 50.3 Finance lease liabilities Long-term debt - current portion 0.4 0.4 Finance lease liabilities Long-term debt 3.3 3.3 (a) Finance lease ROU assets were recorded net of accumulated amortization of $1.9 million and $1.8 million as of June 30, 2020 and March 31, 2020, respectively. Components of Lease Expense The components of lease expense were as follows: Three months ended June 30, 2020 2019 Operating lease expense (a) $ 4.9 $ 5.2 Finance lease expense: Depreciation of ROU assets 0.1 0.1 Interest on lease liabilities - - Total lease expense $ 5.0 $ 5.3 (a) For both the three months ended June 30, 2020 and 2019, operating lease expense included short-term lease expense of $0.9 million. Variable lease expense was not significant.

Indebtedness

Indebtedness	3 Months Ended
	Jun. 30, 2020
Indebtedness [Abstract]
Indebtedness	Note 16: Indebtedness Long-term debt consisted of the following: Fiscal year of maturity June 30, 2020 March 31, 2020 Term loans 2025 $ 186.9 $ 189.4 Revolving credit facility 2025 125.9 127.2 5.9% Senior Notes 2029 100.0 100.0 5.8% Senior Notes 2027 50.0 50.0 Other (a) 3.7 6.0 466.5 472.6 Less: current portion (13.4) (15.6) Less: unamortized debt issuance costs (5.0) (5.0) Total long-term debt $ 448.1 $ 452.0 (a) Other long-term debt primarily includes finance lease obligations and borrowings by foreign subsidiaries. Long-term debt, including the current portion of long-term debt, matures as follows: Fiscal Year Remainder of 2021 $ 10.0 2022 21.7 2023 21.7 2024 21.7 2025 272.9 2026 & beyond 118.5 Total $ 466.5 Borrowings under both the revolving credit and term loan facilities bear interest at a variable rate, based upon the applicable reference rate and including a margin percentage dependent upon the Company’s leverage ratio, as described below. At June 30, 2020, the weighted-average interest rates for revolving credit facility borrowings and the term loans were both 2.8 percent. At June 30, 2020, the Company’s revolving credit facility borrowings totaled $125.9 million and domestic letters of credit totaled $5.7 million, resulting in available borrowings under the revolving credit facility of $118.4 million. The Company also maintains credit agreements for its foreign subsidiaries, with outstanding short-term borrowings of $25.2 million and $14.8 million at June 30, 2020 and March 31, 2020, respectively. Provisions in the Company’s credit agreement, Senior Note agreements, and various foreign credit agreements require the Company to maintain compliance with various covenants and include certain cross-default clauses. Under its primary debt agreements in the U.S., the Company has provided liens on substantially all domestic assets. Also, as specified in the credit agreement, the term loans may require prepayments in the event of certain asset sales. In addition, at the time of each incremental borrowing under the revolving credit facility, the Company is required to represent to the lenders that there has been no material adverse effect, as defined in the credit agreement, on its business, property, or results of operations. In May 2020, the Company executed amendments to its primary credit agreements in the U.S. Under the amended agreements, the leverage ratio covenant limit has been temporarily raised. The leverage ratio covenant requires the Company to limit the ratio of its consolidated indebtedness, less a portion of its cash balance, both as defined by the credit agreements, to its consolidated net earnings before interest, taxes, depreciation, amortization, and certain other adjustments (“Adjusted EBITDA”). The leverage ratio covenant limit in fiscal 2021 is 4.00 to 1, 4.75 to 1, 5.25 to 1, and 5.75 to 1 for the first, second, third, and fourth quarters, respectively. In fiscal 2022, the leverage ratio covenant limit is 4.75 to 1, 3.75 to 1, and 3.50 to 1 for the first, second and third quarters, respectively, and subsequently returns to 3.25 to 1 for the fourth quarter of fiscal 2022. The Company is also subject to an interest expense coverage ratio covenant, which requires the Company to maintain Adjusted EBITDA of at least three times consolidated interest expense. The Company was in compliance with its debt covenants as of June 30, 2020. The Company estimates the fair value of long-term debt using discounted future cash flows at rates offered to the Company for similar debt instruments of comparable maturities. As of June 30, 2020 and March 31, 2020, 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 approximately $134.7 million and $131.3 million, respectively. The fair value of the Company’s long-term debt is categorized as Level 2 within the fair value hierarchy. Refer to Note 3 for the definition of a Level 2 fair value measurement.

Risks, Uncertainties, Contingen

Risks, Uncertainties, Contingencies and Litigation	3 Months Ended
	Jun. 30, 2020
Risks, Uncertainties, Contingencies and Litigation [Abstract]
Risks, Uncertainties, Contingencies and Litigation	Note 17: Risks, Uncertainties, Contingencies and Litigation COVID-19 In March 2020, the World Health Organization declared the outbreak of the novel coronavirus, COVID-19, a pandemic. The spread of COVID-19 and the resulting work and travel restrictions, including international border closings, have disrupted, and may continue to disrupt, global supply chains and have negatively impacted the global economy. As a result of this pandemic, the Company has experienced significant impacts on its operations. Local government requirements or customer shutdowns caused the Company to suspend production at many of its manufacturing facilities in March and April 2020. Although all of the temporarily-closed facilities reopened, many are currently operating at reduced production levels based upon customer demand. The Company is continuing to focus on protecting the health and wellbeing of its employees and the communities in which it operates, while also ensuring the continuity of its business operations and timely delivery of quality products and services to its customers. T o mitigate the negative impacts of COVID-19, the Company has taken actions, including, but not limited to, production staffing adjustments, furloughs, shortened work weeks, and temporary salary reductions at all levels of the organization. In addition, the Company is focused on reducing operating and administrative expenses. Based on its current expectations, the Company believes that its sources of liquidity will generate sufficient cash flow to meet its obligations during the next twelve months from the date these financial statements are issued. The Company’s consolidated financial statements reflect estimates and assumptions made by management, including assumptions regarding the future impacts of the COVID- pandemic, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting periods presented. For example, assets particularly sensitive to assumptions that could be adversely impacted by the COVID- pandemic include goodwill and deferred tax assets. While the Company believes it used appropriate estimates and assumptions to prepare the consolidated financial statements, actual amounts could differ materially and future events or circumstances could have a potential negative effect on the assumptions used. If the Company, its suppliers, or its customers experience further shutdowns or other significant business disruptions associated with the COVID- pandemic, its ability to conduct business in the manner and on the timelines presently planned could be materially and negatively impacted, which could have a material adverse effect on the Company’s business, financial position, results of operations and cash flows. Environmental The Company has recorded environmental investigation and remediation accruals related to soil and groundwater contamination at manufacturing facilities in the U.S., of which the Company currently owns and operates, and at its former manufacturing facility in the Netherlands, along with accruals for lesser environmental matters at certain other facilities in the U.S. These accruals generally relate to 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. The accruals for these environmental matters totaled and as of June and March respectively. As additional information becomes available, the Company will re-assess the liabilities related to these matters and revise the estimated accruals, if necessary. Based upon currently available information, the Company believes 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	3 Months Ended
	Jun. 30, 2020
Accumulated Other Comprehensive Loss [Abstract]
Accumulated Other Comprehensive Loss	Note 18: Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss were as follows: Three months ended June 30, 2020 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (61.4 ) $ (160.9 ) $ (1.0 ) $ (223.3 ) Other comprehensive income (loss) before reclassifications 5.3 - 0.8 6.1 Reclassifications: Amortization of unrecognized net loss (a) - 1.6 - 1.6 Realized losses - net (b) - - 0.5 0.5 Income taxes - (0.4 ) (0.3 ) (0.7 ) Total other comprehensive income (loss) 5.3 1.2 1.0 7.5 Ending balance $ (56.1 ) $ (159.7 ) $ - $ (215.8 ) Three months ended June 30, 2019 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (42.6 ) $ (136.3 ) $ 0.5 $ (178.4 ) Other comprehensive income (loss) before reclassifications 1.9 - (1.0 ) 0.9 Reclassifications: Amortization of unrecognized net loss (a) - 1.4 - 1.4 Realized gains - net (b) - - (0.1 ) (0.1 ) Income taxes - (0.3 ) 0.3 - Total other comprehensive income (loss) 1.9 1.1 (0.8 ) 2.2 Ending balance $ (40.7 ) $ (135.2 ) $ (0.3 ) $ (176.2 ) (a) Amounts are included in the calculation of net periodic benefit cost for the Company’s defined benefit plans, which include pension and other postretirement plans. Refer to Note 4 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.

Segment Information

Segment Information	3 Months Ended
	Jun. 30, 2020
Segment Information [Abstract]
Segment Information	Note 19: Segment Information Effective April the Company began managing its global automotive business separate from the other businesses within the previously-reported Vehicular Thermal Solutions (“VTS”) segment. The Company is managing the automotive business as the Automotive segment as it targets the sale or eventual exit of its underlying automotive business operations. The other businesses of the VTS segment, including the commercial vehicle and off-highway businesses, are being managed as the Heavy Duty Equipment segment. The segment realignment had no impact on the CIS and BHVAC segments or on the Company’s consolidated financial position, results of operations, and cash flows. Segment financial information for fiscal has been recast to conform to the fiscal presentation. Each operating segment is managed by a vice president and has separate financial results reviewed by the Company’s chief operating decision maker. These results are used by management in evaluating the performance of each segment and in making decisions on the allocation of resources among the Company’s various businesses. The following is a summary of net sales, gross profit, operating income, and total assets by segment: Three months ended June 30, 2020 2019 External Sales Inter-segment Sales Total External Sales Inter-segment Sales Total Net sales: CIS $ 121.3 $ 1.2 $ 122.5 $ 167.9 $ 0.9 $ 168.8 BHVAC 47.4 0.2 47.6 48.5 0.5 49.0 HDE 118.3 5.2 123.5 199.7 16.7 216.4 Automotive 60.8 1.3 62.1 112.9 0.7 113.6 Segment total 347.8 7.9 355.7 529.0 18.8 547.8 Corporate and eliminations - (7.9 ) (7.9 ) - (18.8 ) (18.8 ) Net sales $ 347.8 $ - $ 347.8 $ 529.0 $ - $ 529.0 Three months ended June 30, 2020 2019 $'s % of sales $'s % of sales Gross profit: CIS $ 15.5 12.6 % $ 24.3 14.4 % BHVAC 14.5 30.5 % 13.7 27.9 % HDE 11.3 9.2 % 32.5 15.0 % Automotive 4.8 7.7 % 12.5 11.0 % Segment total 46.1 13.0 % 83.0 15.2 % Corporate and eliminations - - 0.4 - Gross profit $ 46.1 13.3 % $ 83.4 15.8 % Three months ended June 30, 2020 2019 Operating income: CIS $ - $ 9.0 BHVAC 7.1 5.3 HDE (2.5 ) 17.3 Automotive (3.8 ) - Segment total 0.8 31.6 Corporate and eliminations (4.0 ) (13.5 ) Operating (loss) income $ (3.2 ) $ 18.1 June 30, 2020 March 31, 2020 Total assets: CIS $ 600.4 $ 617.7 BHVAC 109.2 102.3 HDE 427.5 417.4 Automotive 270.2 272.5 Corporate and eliminations 109.4 126.2 Total assets $ 1,516.7 $ 1,536.1

Subsequent Event

Subsequent Event	3 Months Ended
	Jun. 30, 2020
Subsequent Event [Abstract]
Subsequent Event	Note 20: Subsequent Event On August 4, 2020, the Company announced that Thomas A. Burke stepped down from his position as President and Chief Executive Officer ( “CEO” ’s ’s Company’s ’s

General (Policies)

General (Policies)	3 Months Ended
	Jun. 30, 2020
General [Abstract]
Basis of Presentation	The accompanying condensed consolidated financial statements of Modine Manufacturing Company (“Modine” or the “Company”) were prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes necessary for a comprehensive presentation of financial position, results of operations and cash flows required by GAAP for complete financial statements. The financial statements include all normal recurring adjustments that are, in the opinion of management, necessary for a fair statement of results for the interim periods. Results for the first three months of fiscal 2021 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, 2020.
New Accounting Guidance	New Accounting Guidance In June 2016, the Financial Accounting Standards Board issued new guidance related to the accounting for credit losses for certain financial assets, including trade accounts receivable and contract assets. The new guidance modifies the credit loss model to measure and recognize credit losses based upon expected losses rather than incurred losses. The Company adopted this guidance as of April 1, 2020. The adoption did not have a material impact on the Company’s consolidated balance sheets, statements of operations or statements of cash flows.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Jun. 30, 2020
Revenue Recognition [Abstract]
Disaggregation of Revenue	The table below presents revenue for each of the Company’s business segments, Commercial and Industrial Solutions (“CIS”), Building HVAC Systems (“BHVAC”), Heavy Duty Equipment (“HDE”) and Automotive. Each segment’s revenue is disaggregated by primary end market, by geographic location and based upon the timing of revenue recognition, and includes inter-segment sales. Effective April 1, 2020, the Company realigned its segment structure. The segment revenue information presented in the table below for fiscal 2020 has been recast to conform to the fiscal 2021 presentation. See Note 19 for additional information regarding the Company’s operating segments. Three months ended , Three months ended , CIS BHVAC HDE Automotive Segment Total CIS BHVAC HDE Automotive Segment Total Primary end market: Commercial HVAC&R $ 93.9 $ 32.5 $ - $ - $ 126.4 $ 130.9 $ 38.0 $ - $ - $ 168.9 Data center cooling 13.8 15.0 - - 28.8 24.2 10.6 - - 34.8 Industrial cooling 11.9 - - - 11.9 11.4 - - - 11.4 Commercial vehicle - - 46.3 2.1 48.4 - - 92.7 6.0 98.7 Off-highway - - 53.4 0.7 54.1 - - 70.2 3.7 73.9 Automotive - - 13.0 54.4 67.4 - - 26.8 102.4 129.2 Other 2.9 0.1 10.8 4.9 18.7 2.3 0.4 26.7 1.5 30.9 Net sales $ 122.5 $ 47.6 $ 123.5 $ 62.1 $ 355.7 $ 168.8 $ 49.0 $ 216.4 $ 113.6 $ 547.8 Geographic location: Americas $ 59.9 $ 26.0 $ 67.9 $ 7.5 $ 161.3 $ 97.1 $ 29.1 $ 136.0 $ 17.4 $ 279.6 Europe 50.9 21.6 24.1 39.6 136.2 58.6 19.9 46.4 83.0 207.9 Asia 11.7 - 31.5 15.0 58.2 13.1 - 34.0 13.2 60.3 Net sales $ 122.5 $ 47.6 $ 123.5 $ 62.1 $ 355.7 $ 168.8 $ 49.0 $ 216.4 $ 113.6 $ 547.8 Timing of revenue recognition: Products transferred at a point in time $ 109.3 $ 47.6 $ 121.3 $ 62.1 $ 340.3 $ 143.9 $ 49.0 $ 209.0 $ 113.6 $ 515.5 Products transferred over time 13.2 - 2.2 - 15.4 24.9 - 7.4 - 32.3 Net sales $ 122.5 $ 47.6 $ 123.5 $ 62.1 $ 355.7 $ 168.8 $ 49.0 $ 216.4 $ 113.6 $ 547.8
Contract Assets and Contract Liabilities from Contracts with Customers	Contract assets and contract liabilities from contracts with customers were as follows: June 30, 2020 March 31, 2020 Contract assets $ 18.3 $ 21.7 Contract liabilities 7.0 5.6

Pensions (Tables)

Pensions (Tables)	3 Months Ended
	Jun. 30, 2020
Pensions [Abstract]
Pension Cost	Pension cost included the following components: Three months ended June 30, 2020 2019 Service cost $ 0.1 $ 0.1 Interest cost 2.0 2.3 Expected return on plan assets (2.9 ) (3.0 ) Amortization of unrecognized net loss 1.7 1.5 Net periodic benefit cost $ 0.9 $ 0.9

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Jun. 30, 2020
Stock-Based Compensation [Abstract]
Unrecognized Compensation Expenses Related to Non-Vested Stock-Based Compensation Awards	As of June 30, 2020, unrecognized compensation expense related to non-vested stock-based compensation awards, which will be amortized over the remaining service periods, was as follows: Unrecognized Compensation Expense Weighted-Average Remaining Service Period in Years Stock options $ 2.1 2.3 Restricted stock awards 4.5 2.4 Performance stock awards 0.7 1.7 Total $ 7.3 2.3

Restructuring Activities (Table

Restructuring Activities (Tables)	3 Months Ended
	Jun. 30, 2020
Restructuring Activities [Abstract]
Restructuring and Repositioning Expenses	Restructuring and repositioning expenses were as follows: Three months ended June 30, 2020 2019 Employee severance and related benefits $ 4.4 $ 1.5 Other restructuring and repositioning expenses 0.2 0.3 Total $ 4.6 $ 1.8
Changes in Accrued Severance	The Company accrues severance in accordance with its written plans, procedures, and relevant statutory requirements. Changes in accrued severance were as follows: Three months ended June 30, 2020 2019 Beginning balance $ 5.0 $ 10.0 Additions 4.4 1.5 Payments (2.6 ) (3.7 ) Effect of exchange rate changes 0.1 - Ending balance $ 6.9 $ 7.8

Other Income and Expense (Table

Other Income and Expense (Tables)	3 Months Ended
	Jun. 30, 2020
Other Income and Expense [Abstract]
Other Income and Expense	Other income and expense consisted of the following: Three months ended June 30, 2020 2019 Interest income $ 0.3 $ 0.1 Foreign currency transactions (a) 0.5 (0.6 ) Net periodic benefit cost (b) (0.8 ) (0.7 ) Equity in earnings of non-consolidated affiliate (c) - 0.1 Total other income (expense) - net $ - $ (1.1 ) (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. (c) The Company sold its ownership interest in Nikkei Heat Exchanger Company, Ltd. during the second quarter of fiscal 2020.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share	The components of basic and diluted earnings per share were as follows: Three months ended June 30, 2020 2019 Net (loss) earnings attributable to Modine $ (8.6 ) $ 8.0 Weighted-average shares outstanding - basic 50.9 50.7 Effect of dilutive securities - 0.4 Weighted-average shares outstanding - diluted 50.9 51.1 (Loss) earnings per share: Net (loss) earnings per share - basic $ (0.17 ) $ 0.16 Net (loss) earnings per share - diluted $ (0.17 ) $ 0.16

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	3 Months Ended
	Jun. 30, 2020
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash and Cash Equivalents and Restricted Cash	Cash, cash equivalents and restricted cash consisted of the following: June 30, 2020 March 31, 2020 Cash and cash equivalents $ 77.2 $ 70.9 Restricted cash 0.3 0.4 Total cash, cash equivalents and restricted cash $ 77.5 $ 71.3

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Jun. 30, 2020
Inventories [Abstract]
Inventories	Inventories consisted of the following: June 30, 2020 March 31, 2020 Raw materials $ 128.4 $ 123.6 Work in process 34.4 34.6 Finished goods 47.4 49.2 Total inventories $ 210.2 $ 207.4

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment, including depreciable lives, consisted of the following: June 30, 2020 March 31, 2020 Land $ 20.1 $ 19.7 Buildings and improvements (10-40 years) 279.7 276.7 Machinery and equipment (3-15 years) 893.0 870.3 Office equipment (3-10 years) 96.9 95.2 Construction in progress 33.1 40.5 1,322.8 1,302.4 Less: accumulated depreciation (883.4 ) (854.4 ) Net property, plant and equipment $ 439.4 $ 448.0

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets [Abstract]
Changes in Carrying Amount of Goodwill	Changes in the carrying amount of goodwill were as follows: CIS BHVAC Total Goodwill, March 31, 2020 $ 152.6 $ 13.5 $ 166.1 Effect of exchange rate changes 0.9 - 0.9 Goodwill, June 30, 2020 $ 153.5 $ 13.5 $ 167.0
Intangible Assets	Intangible assets consisted of the following: June 30, 2020 March 31, 2020 Gross Carrying Value Accumulated Amortization Net Intangible Assets Gross Carrying Value Accumulated Amortization Net Intangible Assets Customer relationships $ 61.4 $ (13.7 ) $ 47.7 $ 60.8 $ (12.6 ) $ 48.2 Trade names 58.5 (16.9 ) 41.6 58.3 (16.2 ) 42.1 Acquired technology 23.9 (8.1 ) 15.8 23.6 (7.6 ) 16.0 Total intangible assets $ 143.8 $ (38.7 ) $ 105.1 $ 142.7 $ (36.4 ) $ 106.3

Product Warranties (Tables)

Product Warranties (Tables)	3 Months Ended
	Jun. 30, 2020
Product Warranties [Abstract]
Changes in Accrued Warranty Costs	Changes in accrued warranty costs were as follows: Three months ended June 30, 2020 2019 Beginning balance $ 7.9 $ 9.2 Warranties recorded at time of sale 1.1 1.4 Adjustments to pre-existing warranties - (0.6 ) Settlements (0.8 ) (0.9 ) Effect of exchange rate changes 0.1 - Ending balance $ 8.3 $ 9.1

Leases (Tables)

Leases (Tables)	3 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Lease Assets and Liabilities Recorded in Consolidated Balance Sheet	The following table provides a summary of leases recorded on the consolidated balance sheet. Balance Sheet Location June 30, 2020 March 31, 2020 Lease Assets Operating lease ROU assets Other noncurrent assets $ 63.6 $ 61.4 Finance lease ROU assets (a) Property, plant and equipment - net 8.4 8.5 Lease Liabilities Operating lease liabilities Other current liabilities $ 11.8 $ 10.9 Operating lease liabilities Other noncurrent liabilities 52.3 50.3 Finance lease liabilities Long-term debt - current portion 0.4 0.4 Finance lease liabilities Long-term debt 3.3 3.3 (a) Finance lease ROU assets were recorded net of accumulated amortization of $1.9 million and $1.8 million as of June 30, 2020 and March 31, 2020, respectively.
Components of Lease Expense	The components of lease expense were as follows: Three months ended June 30, 2020 2019 Operating lease expense (a) $ 4.9 $ 5.2 Finance lease expense: Depreciation of ROU assets 0.1 0.1 Interest on lease liabilities - - Total lease expense $ 5.0 $ 5.3 (a) For both the three months ended June 30, 2020 and 2019, operating lease expense included short-term lease expense of $0.9 million. Variable lease expense was not significant.

Indebtedness (Tables)

Indebtedness (Tables)	3 Months Ended
	Jun. 30, 2020
Indebtedness [Abstract]
Long-Term Indebtedness	Long-term debt consisted of the following: Fiscal year of maturity June 30, 2020 March 31, 2020 Term loans 2025 $ 186.9 $ 189.4 Revolving credit facility 2025 125.9 127.2 5.9% Senior Notes 2029 100.0 100.0 5.8% Senior Notes 2027 50.0 50.0 Other (a) 3.7 6.0 466.5 472.6 Less: current portion (13.4) (15.6) Less: unamortized debt issuance costs (5.0) (5.0) Total long-term debt $ 448.1 $ 452.0 (a) Other long-term debt primarily includes finance lease obligations and borrowings by foreign subsidiaries.
Maturities of Long Term Debt and Capital Lease Obligations	Long-term debt, including the current portion of long-term debt, matures as follows: Fiscal Year Remainder of 2021 $ 10.0 2022 21.7 2023 21.7 2024 21.7 2025 272.9 2026 & beyond 118.5 Total $ 466.5

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Jun. 30, 2020
Accumulated Other Comprehensive Loss [Abstract]
Accumulated Other Comprehensive Loss	Changes in accumulated other comprehensive loss were as follows: Three months ended June 30, 2020 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (61.4 ) $ (160.9 ) $ (1.0 ) $ (223.3 ) Other comprehensive income (loss) before reclassifications 5.3 - 0.8 6.1 Reclassifications: Amortization of unrecognized net loss (a) - 1.6 - 1.6 Realized losses - net (b) - - 0.5 0.5 Income taxes - (0.4 ) (0.3 ) (0.7 ) Total other comprehensive income (loss) 5.3 1.2 1.0 7.5 Ending balance $ (56.1 ) $ (159.7 ) $ - $ (215.8 ) Three months ended June 30, 2019 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (42.6 ) $ (136.3 ) $ 0.5 $ (178.4 ) Other comprehensive income (loss) before reclassifications 1.9 - (1.0 ) 0.9 Reclassifications: Amortization of unrecognized net loss (a) - 1.4 - 1.4 Realized gains - net (b) - - (0.1 ) (0.1 ) Income taxes - (0.3 ) 0.3 - Total other comprehensive income (loss) 1.9 1.1 (0.8 ) 2.2 Ending balance $ (40.7 ) $ (135.2 ) $ (0.3 ) $ (176.2 ) (a) Amounts are included in the calculation of net periodic benefit cost for the Company’s defined benefit plans, which include pension and other postretirement plans. Refer to Note 4 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.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Jun. 30, 2020
Segment Information [Abstract]
Net Sales, Gross Profit, Operating Income and Total Assets by Segment	The following is a summary of net sales, gross profit, operating income, and total assets by segment: Three months ended June 30, 2020 2019 External Sales Inter-segment Sales Total External Sales Inter-segment Sales Total Net sales: CIS $ 121.3 $ 1.2 $ 122.5 $ 167.9 $ 0.9 $ 168.8 BHVAC 47.4 0.2 47.6 48.5 0.5 49.0 HDE 118.3 5.2 123.5 199.7 16.7 216.4 Automotive 60.8 1.3 62.1 112.9 0.7 113.6 Segment total 347.8 7.9 355.7 529.0 18.8 547.8 Corporate and eliminations - (7.9 ) (7.9 ) - (18.8 ) (18.8 ) Net sales $ 347.8 $ - $ 347.8 $ 529.0 $ - $ 529.0 Three months ended June 30, 2020 2019 $'s % of sales $'s % of sales Gross profit: CIS $ 15.5 12.6 % $ 24.3 14.4 % BHVAC 14.5 30.5 % 13.7 27.9 % HDE 11.3 9.2 % 32.5 15.0 % Automotive 4.8 7.7 % 12.5 11.0 % Segment total 46.1 13.0 % 83.0 15.2 % Corporate and eliminations - - 0.4 - Gross profit $ 46.1 13.3 % $ 83.4 15.8 % Three months ended June 30, 2020 2019 Operating income: CIS $ - $ 9.0 BHVAC 7.1 5.3 HDE (2.5 ) 17.3 Automotive (3.8 ) - Segment total 0.8 31.6 Corporate and eliminations (4.0 ) (13.5 ) Operating (loss) income $ (3.2 ) $ 18.1 June 30, 2020 March 31, 2020 Total assets: CIS $ 600.4 $ 617.7 BHVAC 109.2 102.3 HDE 427.5 417.4 Automotive 270.2 272.5 Corporate and eliminations 109.4 126.2 Total assets $ 1,516.7 $ 1,536.1

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2020
Disaggregation of Revenue [Abstract]
Net sales	$ 347.8	$ 529
Contract with Customer, Asset and Liability [Abstract]
Contract assets	18.3		$ 21.7
Contract liabilities	7		$ 5.6
Decrease in contract assets	(3.4)
Increase in contract liabilities	1.4
CIS [Member]
Disaggregation of Revenue [Abstract]
Net sales	122.5	168.8
CIS [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	109.3	143.9
CIS [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	13.2	24.9
CIS [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	59.9	97.1
CIS [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	50.9	58.6
CIS [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	11.7	13.1
CIS [Member] | Commercial HVAC&R [Member]
Disaggregation of Revenue [Abstract]
Net sales	93.9	130.9
CIS [Member] | Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	13.8	24.2
CIS [Member] | Industrial Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	11.9	11.4
CIS [Member] | Commercial Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0
CIS [Member] | Off-Highway [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0
CIS [Member] | Automotive [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0
CIS [Member] | Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	2.9	2.3
BHVAC [Member]
Disaggregation of Revenue [Abstract]
Net sales	47.6	49
BHVAC [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	47.6	49
BHVAC [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0
BHVAC [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	26	29.1
BHVAC [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	21.6	19.9
BHVAC [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0
BHVAC [Member] | Commercial HVAC&R [Member]
Disaggregation of Revenue [Abstract]
Net sales	32.5	38
BHVAC [Member] | Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	15	10.6
BHVAC [Member] | Industrial Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0
BHVAC [Member] | Commercial Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0
BHVAC [Member] | Off-Highway [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0
BHVAC [Member] | Automotive [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0
BHVAC [Member] | Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	0.1	0.4
HDE [Member]
Disaggregation of Revenue [Abstract]
Net sales	123.5	216.4
HDE [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	121.3	209
HDE [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	2.2	7.4
HDE [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	67.9	136
HDE [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	24.1	46.4
HDE [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	31.5	34
HDE [Member] | Commercial HVAC&R [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0
HDE [Member] | Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0
HDE [Member] | Industrial Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0
HDE [Member] | Commercial Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	46.3	92.7
HDE [Member] | Off-Highway [Member]
Disaggregation of Revenue [Abstract]
Net sales	53.4	70.2
HDE [Member] | Automotive [Member]
Disaggregation of Revenue [Abstract]
Net sales	13	26.8
HDE [Member] | Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	10.8	26.7
Automotive [Member]
Disaggregation of Revenue [Abstract]
Net sales	62.1	113.6
Automotive [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	62.1	113.6
Automotive [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0
Automotive [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	7.5	17.4
Automotive [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	39.6	83
Automotive [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	15	13.2
Automotive [Member] | Commercial HVAC&R [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0
Automotive [Member] | Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0
Automotive [Member] | Industrial Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0
Automotive [Member] | Commercial Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	2.1	6
Automotive [Member] | Off-Highway [Member]
Disaggregation of Revenue [Abstract]
Net sales	0.7	3.7
Automotive [Member] | Automotive [Member]
Disaggregation of Revenue [Abstract]
Net sales	54.4	102.4
Automotive [Member] | Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	4.9	1.5
Total Segments [Member]
Disaggregation of Revenue [Abstract]
Net sales	355.7	547.8
Total Segments [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	340.3	515.5
Total Segments [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	15.4	32.3
Total Segments [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	161.3	279.6
Total Segments [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	136.2	207.9
Total Segments [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	58.2	60.3
Total Segments [Member] | Commercial HVAC&R [Member]
Disaggregation of Revenue [Abstract]
Net sales	126.4	168.9
Total Segments [Member] | Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	28.8	34.8
Total Segments [Member] | Industrial Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	11.9	11.4
Total Segments [Member] | Commercial Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	48.4	98.7
Total Segments [Member] | Off-Highway [Member]
Disaggregation of Revenue [Abstract]
Net sales	54.1	73.9
Total Segments [Member] | Automotive [Member]
Disaggregation of Revenue [Abstract]
Net sales	67.4	129.2
Total Segments [Member] | Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	$ 18.7	$ 30.9

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Jun. 30, 2020	Mar. 31, 2020
Fair Value Measurements [Abstract]
Investments	$ 3.7	$ 3.8
Deferred compensation obligations	$ 3.7	$ 3.8

Pensions (Details)

Pensions (Details) - USD ($) $ in Millions		3 Months Ended
		Jun. 30, 2020	Jun. 30, 2019
Net Periodic Benefit Cost [Abstract]
Net periodic benefit cost	[1]	$ 0.8	$ 0.7
Pension [Member]
Net Periodic Benefit Cost [Abstract]
Service cost		0.1	0.1
Interest cost		2	2.3
Expected return on plan assets		(2.9)	(3)
Amortization of unrecognized net loss		1.7	1.5
Net periodic benefit cost		0.9	0.9
Pension [Member] | United States [Member]
Employer Contributions [Abstract]
Employer contributions		0	$ 0.9
Employer contributions expected to be contributed during fiscal 2021		$ 20
[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 ($) $ in Millions	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Stock-Based Compensation [Abstract]
Stock-based compensation cost	$ 0.7	$ 1.7
Unrecognized compensation expenses and recognition period [Abstract]
Unrecognized compensation expense	$ 7.3
Weighted-average remaining service period	2 years 3 months 18 days
Stock Options [Member]
Unrecognized compensation expenses and recognition period [Abstract]
Unrecognized compensation expense	$ 2.1
Weighted-average remaining service period	2 years 3 months 18 days
Restricted Stock Awards [Member]
Unrecognized compensation expenses and recognition period [Abstract]
Unrecognized compensation expense	$ 4.5
Weighted-average remaining service period	2 years 4 months 24 days
Performance Stock Awards [Member]
Unrecognized compensation expenses and recognition period [Abstract]
Unrecognized compensation expense	$ 0.7
Weighted-average remaining service period	1 year 8 months 12 days

Restructuring Activities (Detai

Restructuring Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Restructuring and repositioning expenses [Abstract]
Employee severance and related benefits	$ 4.4	$ 1.5
Other restructuring and repositioning expenses	0.2	0.3
Total	4.6	1.8
Changes in accrued severance [Roll Forward]
Beginning balance	5	10
Additions	4.4	1.5
Payments	(2.6)	(3.7)
Effect of exchange rate changes	0.1	0
Ending balance	6.9	$ 7.8
CIS [Member]
Restructuring and repositioning expenses [Abstract]
Employee severance and related benefits	$ 1.7

Other Income and Expense (Detai

Other Income and Expense (Details) - USD ($) $ in Millions		3 Months Ended
		Jun. 30, 2020	Jun. 30, 2019
Other Income and Expense [Abstract]
Interest income		$ 0.3	$ 0.1
Foreign currency transactions	[1]	0.5	(0.6)
Net periodic benefit cost	[2]	(0.8)	(0.7)
Equity in earnings of non-consolidated affiliate	[3]	0	0.1
Total other income (expense) - net		$ 0	$ (1.1)
[1]	Foreign currency transactions primarily consist of foreign currency transaction gains and losses on the re-measurement or settlement of foreign currency-denominated assets and liabilities, including intercompany loans and transactions denominated in a foreign currency, along with gains and losses on certain foreign currency exchange contracts.
[2]	Net periodic benefit cost for the Company’s pension and postretirement plans is exclusive of service cost.
[3]	The Company sold its ownership interest in Nikkei Heat Exchanger Company, Ltd. during the second quarter of fiscal 2020.

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Income Taxes [Abstract]
Effective income tax rate	2.30%	26.10%
Foreign Tax Jurisdiction [Member]
Net of valuation allowance, classification [Abstract]
Valuation allowance - deferred tax assets	$ 34.1
Domestic Tax Jurisdiction [Member]
Net of valuation allowance, classification [Abstract]
Valuation allowance - deferred tax assets	$ 15.3

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Components of basic and diluted earnings per share [Abstract]
Net (loss) earnings attributable to Modine	$ (8.6)	$ 8
Weighted-average shares outstanding - basic (in shares)	50.9	50.7
Effect of dilutive securities (in shares)	0	0.4
Weighted-average shares outstanding - diluted (in shares)	50.9	51.1
(Loss) earnings per share [Abstract]
Net (loss) earnings per share - basic (in dollars per share)	$ (0.17)	$ 0.16
Net (loss) earnings per share - diluted (in dollars per share)	$ (0.17)	$ 0.16
Stock Options [Member]
Antidilutive securities excluded from computation of earning per share [Abstract]
Antidilutive securities excluded from computation of earning per share (in shares)	1.4	0.8
Restricted Stock [Member]
Antidilutive securities excluded from computation of earning per share [Abstract]
Antidilutive securities excluded from computation of earning per share (in shares)	0.4	0.2

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash and cash equivalents	$ 77.2	$ 70.9
Restricted cash	0.3	0.4
Total cash, cash equivalents and restricted cash	$ 77.5	$ 71.3	$ 29.6	$ 42.2

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2020	Mar. 31, 2020
Inventories [Abstract]
Raw materials	$ 128.4	$ 123.6
Work in process	34.4	34.6
Finished goods	47.4	49.2
Total inventories	$ 210.2	$ 207.4

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020
Property, plant and equipment, including depreciable lives [Abstract]
Gross property, plant and equipment	$ 1,322.8	$ 1,302.4
Less: accumulated depreciation	(883.4)	(854.4)
Net property, plant and equipment	439.4	448
Land [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Gross property, plant and equipment	20.1	19.7
Buildings and Improvements [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Gross property, plant and equipment	$ 279.7	$ 276.7
Buildings and Improvements [Member] | Minimum [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Property, plant and equipment, depreciable lives	10 years	10 years
Buildings and Improvements [Member] | Maximum [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Property, plant and equipment, depreciable lives	40 years	40 years
Machinery and Equipment [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Gross property, plant and equipment	$ 893	$ 870.3
Machinery and Equipment [Member] | Minimum [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Property, plant and equipment, depreciable lives	3 years	3 years
Machinery and Equipment [Member] | Maximum [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Property, plant and equipment, depreciable lives	15 years	15 years
Office Equipment [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Gross property, plant and equipment	$ 96.9	$ 95.2
Office Equipment [Member] | Minimum [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Property, plant and equipment, depreciable lives	3 years	3 years
Office Equipment [Member] | Maximum [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Property, plant and equipment, depreciable lives	10 years	10 years
Construction in Progress [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Gross property, plant and equipment	$ 33.1	$ 40.5

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2020
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 166.1
Effect of exchange rate changes	0.9
Goodwill, ending balance	167
Intangible Assets [Abstract]
Gross carrying value	143.8		$ 142.7
Accumulated amortization	(38.7)		(36.4)
Net intangible assets	105.1		106.3
Amortization expense	2.1	$ 2.2
Estimated Future Amortization Expense [Abstract]
Remainder of fiscal 2021	6.3
2022	8
2023	8
2024	8
2025	8
2026	8
CIS [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	152.6
Effect of exchange rate changes	0.9
Goodwill, ending balance	153.5
BHVAC [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	13.5
Effect of exchange rate changes	0
Goodwill, ending balance	13.5
Customer Relationships [Member]
Intangible Assets [Abstract]
Gross carrying value	61.4		60.8
Accumulated amortization	(13.7)		(12.6)
Net intangible assets	47.7		48.2
Trade Names [Member]
Intangible Assets [Abstract]
Gross carrying value	58.5		58.3
Accumulated amortization	(16.9)		(16.2)
Net intangible assets	41.6		42.1
Acquired Technology [Member]
Intangible Assets [Abstract]
Gross carrying value	23.9		23.6
Accumulated amortization	(8.1)		(7.6)
Net intangible assets	$ 15.8		$ 16

Product Warranties (Details)

Product Warranties (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Changes in accrued warranty costs [Roll Forward]
Beginning balance	$ 7.9	$ 9.2
Warranties recorded at time of sale	1.1	1.4
Adjustments to pre-existing warranties	0	(0.6)
Settlements	(0.8)	(0.9)
Effect of exchange rate changes	0.1	0
Ending balance	$ 8.3	$ 9.1

Leases (Details)

Leases (Details) - USD ($) $ in Millions		3 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2020
Lease Assets and Liabilities [Abstract]
Operating lease ROU assets		$ 63.6		$ 61.4
Operating lease ROU assets, Statement of Financial Position [Extensible List]		us-gaap:OtherAssetsNoncurrent
Finance lease ROU assets	[1]	$ 8.4		8.5
Finance lease ROU assets, Statement of Financial Position [Extensible List]		us-gaap:PropertyPlantAndEquipmentNet
Operating lease liabilities, current		$ 11.8		10.9
Operating lease liabilities, current, Statement of Financial Position [Extensible List]		us-gaap:OtherLiabilitiesCurrent
Operating lease liabilities, Other noncurrent liabilities		$ 52.3		50.3
Operating lease liabilities, noncurrent, Statement of Financial Position [Extensible List]		us-gaap:OtherLiabilitiesNoncurrent
Finance lease liabilities, current		$ 0.4		0.4
Finance lease liabilities, current, Statement of Financial Position [Extensible List]		us-gaap:LongTermDebtAndCapitalLeaseObligationsCurrent
Finance lease liabilities, noncurrent		$ 3.3		3.3
Finance lease liabilities, noncurrent, Statement of Financial Position [Extensible List]		us-gaap:LongTermDebtAndCapitalLeaseObligations
Accumulated amortization		$ 1.9		$ 1.8
Components of Lease Expense [Abstract]
Operating lease expense	[2]	4.9	$ 5.2
Finance lease expense [Abstract]
Depreciation of ROU assets		0.1	0.1
Interest on lease liabilities		0	0
Total lease expense		5	5.3
Short-term lease expense		$ 0.9	$ 0.9
[1]	Finance lease ROU assets were recorded net of accumulated amortization of $1.9 million and $1.8 million as of June 30, 2020 and March 31, 2020, respectively.
[2]	For both the three months ended June 30, 2020 and 2019, operating lease expense included short-term lease expense of $0.9 million. Variable lease expense was not significant.

Indebtedness (Details)

Indebtedness (Details) $ in Millions		3 Months Ended
		Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)
Indebtedness [Abstract]
Total debt									$ 466.5	$ 472.6
Less: current portion									(13.4)	(15.6)
Less: unamortized debt issuance costs									(5)	(5)
Total long-term debt									448.1	452
Maturities of long term debt and capital lease obligations [Abstract]
Remainder of 2021									10
2022									21.7
2023									21.7
2024									21.7
2025									272.9
2026 & beyond									118.5
Total debt									466.5	472.6
Credit Facility [Abstract]
Short-term debt									$ 25.2	14.8
Leverage ratio covenant limit									4
Long-term debt, fair value									$ 134.7	131.3
Forecast [Member]
Credit Facility [Abstract]
Leverage ratio covenant limit		3.25	3.50	3.75	4.75	5.75	5.25	4.75
Term Loans [Member]
Indebtedness [Abstract]
Total debt									$ 186.9	189.4
Fiscal year of maturity									Mar. 31, 2025
Maturities of long term debt and capital lease obligations [Abstract]
Total debt									$ 186.9	189.4
Term Loans [Member] | Weighted Average [Member]
Credit Facility [Abstract]
Weighted-average interest rate									2.80%
Revolving Credit Facility [Member]
Indebtedness [Abstract]
Total debt									$ 125.9	127.2
Fiscal year of maturity									Mar. 31, 2025
Maturities of long term debt and capital lease obligations [Abstract]
Total debt									$ 125.9	127.2
Revolving Credit Facility [Member] | Weighted Average [Member]
Credit Facility [Abstract]
Weighted-average interest rate									2.80%
Foreign Credit Agreements [Member]
Credit Facility [Abstract]
Short-term debt									$ 25.2	14.8
Domestic Revolving Credit Facility [Member]
Credit Facility [Abstract]
Letters of credit outstanding									5.7
Available for future borrowings									118.4
5.8% Senior Notes [Member]
Indebtedness [Abstract]
Total debt									$ 50	50
Interest rate percentage									5.80%
Fiscal year of maturity									Mar. 31, 2027
Maturities of long term debt and capital lease obligations [Abstract]
Total debt									$ 50	50
5.9% Senior Notes [Member]
Indebtedness [Abstract]
Total debt									$ 100	100
Interest rate percentage									5.90%
Fiscal year of maturity									Mar. 31, 2029
Maturities of long term debt and capital lease obligations [Abstract]
Total debt									$ 100	100
Other [Member]
Indebtedness [Abstract]
Total debt	[1]								3.7	6
Maturities of long term debt and capital lease obligations [Abstract]
Total debt	[1]								$ 3.7	$ 6
[1]	Other long-term debt primarily includes finance lease obligations and borrowings by foreign subsidiaries.

Risks, Uncertainties, Conting_2

Risks, Uncertainties, Contingencies and Litigation (Details) - USD ($) $ in Millions	Jun. 30, 2020	Mar. 31, 2020
Environmental loss contingencies [Abstract]
Reserves for environmental matters	$ 18.1	$ 18.2

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions		3 Months Ended
		Jun. 30, 2020	Jun. 30, 2019
Other comprehensive loss [Abstract]
Beginning balance		$ 487.9
Other comprehensive income (loss) before reclassifications		6.1	$ 0.9
Reclassifications for amortization of unrecognized net loss	[1]	1.6	1.4
Reclassifications for realized (gains) losses - net	[2]	0.5	(0.1)
Income taxes		(0.7)	0
Total other comprehensive income (loss)		7.5	2.2
Ending balance		486.7
Accumulated Other Comprehensive Loss [Member]
Other comprehensive loss [Abstract]
Beginning balance		(223.3)	(178.4)
Ending balance		(215.8)	(176.2)
Foreign Currency Translation [Member]
Other comprehensive loss [Abstract]
Beginning balance		(61.4)	(42.6)
Other comprehensive income (loss) before reclassifications		5.3	1.9
Reclassifications for amortization of unrecognized net loss	[1]	0	0
Reclassifications for realized (gains) losses - net	[2]	0	0
Income taxes		0	0
Total other comprehensive income (loss)		5.3	1.9
Ending balance		(56.1)	(40.7)
Defined Benefit Plans [Member]
Other comprehensive loss [Abstract]
Beginning balance		(160.9)	(136.3)
Other comprehensive income (loss) before reclassifications		0	0
Reclassifications for amortization of unrecognized net loss	[1]	1.6	1.4
Reclassifications for realized (gains) losses - net	[2]	0	0
Income taxes		(0.4)	(0.3)
Total other comprehensive income (loss)		1.2	1.1
Ending balance		(159.7)	(135.2)
Cash Flow Hedges [Member]
Other comprehensive loss [Abstract]
Beginning balance		(1)	0.5
Other comprehensive income (loss) before reclassifications		0.8	(1)
Reclassifications for amortization of unrecognized net loss	[1]	0	0
Reclassifications for realized (gains) losses - net	[2]	0.5	(0.1)
Income taxes		(0.3)	0.3
Total other comprehensive income (loss)		1	(0.8)
Ending balance		$ 0	$ (0.3)
[1]	Amounts are included in the calculation of net periodic benefit cost for the Company’s defined benefit plans, which include pension and other postretirement plans. Refer to Note 4 for additional information about the Company’s pension plans.
[2]	Amounts represent net gains and losses associated with cash flow hedges that were reclassified to net earnings.

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2020
Segment Reporting Information [Abstract]
Net sales	$ 347.8	$ 529
Gross profit	$ 46.1	$ 83.4
Gross profit (% of sales)	13.30%	15.80%
Operating income	$ (3.2)	$ 18.1
Total assets	1,516.7		$ 1,536.1
CIS [Member]
Segment Reporting Information [Abstract]
Net sales	122.5	168.8
BHVAC [Member]
Segment Reporting Information [Abstract]
Net sales	47.6	49
HDE [Member]
Segment Reporting Information [Abstract]
Net sales	123.5	216.4
Automotive [Member]
Segment Reporting Information [Abstract]
Net sales	62.1	113.6
Total Segments [Member]
Segment Reporting Information [Abstract]
Net sales	355.7	547.8
Operating Segments [Member]
Segment Reporting Information [Abstract]
Net sales	347.8	529
Gross profit	$ 46.1	$ 83
Gross profit (% of sales)	13.00%	15.20%
Operating income	$ 0.8	$ 31.6
Operating Segments [Member] | CIS [Member]
Segment Reporting Information [Abstract]
Net sales	121.3	167.9
Gross profit	$ 15.5	$ 24.3
Gross profit (% of sales)	12.60%	14.40%
Operating income	$ 0	$ 9
Total assets	600.4		617.7
Operating Segments [Member] | BHVAC [Member]
Segment Reporting Information [Abstract]
Net sales	47.4	48.5
Gross profit	$ 14.5	$ 13.7
Gross profit (% of sales)	30.50%	27.90%
Operating income	$ 7.1	$ 5.3
Total assets	109.2		102.3
Operating Segments [Member] | HDE [Member]
Segment Reporting Information [Abstract]
Net sales	118.3	199.7
Gross profit	$ 11.3	$ 32.5
Gross profit (% of sales)	9.20%	15.00%
Operating income	$ (2.5)	$ 17.3
Total assets	427.5		417.4
Operating Segments [Member] | Automotive [Member]
Segment Reporting Information [Abstract]
Net sales	60.8	112.9
Gross profit	$ 4.8	$ 12.5
Gross profit (% of sales)	7.70%	11.00%
Operating income	$ (3.8)	$ 0
Total assets	270.2		272.5
Corporate and Eliminations [Member]
Segment Reporting Information [Abstract]
Net sales	(7.9)	(18.8)
Gross profit	$ 0	$ 0.4
Gross profit (% of sales)	0.00%	0.00%
Operating income	$ (4)	$ (13.5)
Total assets	109.4		$ 126.2
Inter-segment Sales [Member]
Segment Reporting Information [Abstract]
Net sales	7.9	18.8
Inter-segment Sales [Member] | CIS [Member]
Segment Reporting Information [Abstract]
Net sales	1.2	0.9
Inter-segment Sales [Member] | BHVAC [Member]
Segment Reporting Information [Abstract]
Net sales	0.2	0.5
Inter-segment Sales [Member] | HDE [Member]
Segment Reporting Information [Abstract]
Net sales	5.2	16.7
Inter-segment Sales [Member] | Automotive [Member]
Segment Reporting Information [Abstract]
Net sales	$ 1.3	$ 0.7

Subsequent Event (Details)

Subsequent Event (Details) - USD ($) $ in Millions	Aug. 04, 2020	Sep. 30, 2020	Jun. 30, 2020	Jun. 30, 2019
Subsequent Event [Abstract]
Severance expense			$ 4.4	$ 1.5
Subsequent Event [Member]
Subsequent Event [Abstract]
Term of severance payments	3 years
Plan [Member]
Subsequent Event [Abstract]
Severance expense		$ 5