Modine Manufacturing (MOD) 10-K25 May 232023 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022	May 19, 2023	Sep. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Mar. 31, 2023
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Document Transition Report	false
Entity File Number	1-1373
Entity Registrant Name	MODINE MANUFACTURING CO
Entity Central Index Key	0000067347
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-0482000
Entity Address, Address Line One	1500 DeKoven Avenue
Entity Address, City or Town	Racine
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53403
City Area Code	262
Local Phone Number	636-1200
Title of 12(b) Security	Common Stock, $0.625 par value
Trading Symbol	MOD
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float				$ 662
Entity Common Stock, Shares Outstanding			52,065,078
Auditor Firm ID	185	238
Auditor Name	KPMG LLP	PricewaterhouseCoopers LLP
Auditor Location	Milwaukee, Wisconsin	Milwaukee, Wisconsin

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net sales	$ 2,297.9	$ 2,050.1	$ 1,808.4
Cost of sales	1,908.5	1,740.8	1,515
Gross profit	389.4	309.3	293.4
Selling, general and administrative expenses	234	215.1	210.9
Restructuring expenses	5	24.1	13.4
Impairment charges (reversals) - net	0	(55.7)	166.8
Loss on sale of assets	0	6.6	0
Operating income (loss)	150.4	119.2	(97.7)
Interest expense	(20.7)	(15.6)	(19.4)
Other expense - net	(4.4)	(2.1)	(2.2)
Earnings (loss) before income taxes	125.3	101.5	(119.3)
Benefit (provision) for income taxes	28.3	(15.2)	(90.2)
Net earnings (loss)	153.6	86.3	(209.5)
Net earnings attributable to noncontrolling interest	(0.5)	(1.1)	(1.2)
Net earnings (loss) attributable to Modine	$ 153.1	$ 85.2	$ (210.7)
Net earnings (loss) per share attributable to Modine shareholders:
Basic (in dollars per share)	$ 2.93	$ 1.64	$ (4.11)
Diluted (in dollars per share)	$ 2.9	$ 1.62	$ (4.11)
Weighted-average shares outstanding:
Basic (in shares)	52.3	52	51.3
Diluted (in shares)	52.8	52.5	51.3

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net earnings (loss)	$ 153.6	$ 86.3	$ (209.5)
Other comprehensive income (loss):
Foreign currency translation	(18.9)	(8.3)	30.9
Defined benefit plans, net of income taxes of $1.1, $0 and $10.4 million	6.7	19.7	30.1
Cash flow hedges, net of income taxes of $0, $0 and $0.6 million	0.1	0.1	1.6
Total other comprehensive income (loss)	(12.1)	11.5	62.6
Comprehensive income (loss)	141.5	97.8	(146.9)
Comprehensive income attributable to noncontrolling interest	0	(0.9)	(1.7)
Comprehensive income (loss) attributable to Modine	$ 141.5	$ 96.9	$ (148.6)

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Other comprehensive income (loss):
Defined benefit plans, tax	$ 1.1	$ 0	$ 10.4
Cash flow hedges, tax	$ 0	$ 0	$ 0.6

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
ASSETS
Cash and cash equivalents	$ 67.1	$ 45.2
Trade accounts receivable - net	398	367.5
Inventories	324.9	281.2
Other current assets	56.4	63.7
Total current assets	846.4	757.6
Property, plant and equipment - net	314.5	315.4
Intangible assets - net	81.1	90.3
Goodwill	165.6	168.1
Deferred income taxes	83.7	27.2
Other noncurrent assets	74.6	68.4
Total assets	1,565.9	1,427
LIABILITIES AND SHAREHOLDERS' EQUITY
Short-term debt	3.7	7.7
Long-term debt - current portion	19.7	21.7
Accounts payable	332.8	325.8
Accrued compensation and employee benefits	89.8	85.1
Other current liabilities	61.1	54.2
Total current liabilities	507.1	494.5
Long-term debt	329.3	348.4
Deferred income taxes	4.8	5.9
Pensions	40.2	47.2
Other noncurrent liabilities	84.9	72.9
Total liabilities	966.3	968.9
Commitments and contingencies (see Note 20)
Shareholders' equity:
Preferred stock, $0.025 par value, authorized 16.0 million shares, issued - none	0	0
Common stock, $0.625 par value, authorized 80.0 million shares, issued 55.4 million and 54.8 million shares	34.6	34.2
Additional paid-in capital	270.8	261.6
Retained earnings	497.5	344.4
Accumulated other comprehensive loss	(161.1)	(149.5)
Treasury stock, at cost, 3.3 million and 2.8 million shares	(49)	(40)
Total Modine shareholders' equity	592.8	450.7
Noncontrolling interest	6.8	7.4
Total equity	599.6	458.1
Total liabilities and equity	$ 1,565.9	$ 1,427

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Mar. 31, 2023	Mar. 31, 2022
Shareholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.025	$ 0.025
Preferred stock, shares authorized (in shares)	16	16
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.625	$ 0.625
Common stock, shares authorized (in shares)	80	80
Common stock, shares issued (in shares)	55.4	54.8
Treasury stock at cost (in shares)	3.3	2.8

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net earnings (loss)	$ 153.6	$ 86.3	$ (209.5)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization	54.5	54.8	68.6
Impairment charges (reversals) - net	0	(55.7)	166.8
Loss on sale of assets	0	6.6	0
Stock-based compensation expense	6.6	5.7	6.3
Deferred income taxes	(59.6)	(3.8)	67.9
Other - net	4.8	3.1	6.3
Changes in operating assets and liabilities:
Trade accounts receivable	(40.7)	(55.6)	(17.1)
Inventories	(49.4)	(70.7)	(5)
Accounts payable	10.2	55.1	44
Accrued compensation and employee benefits	6.4	9.8	15.7
Other assets	19.6	(2.4)	27.5
Other liabilities	1.5	(21.7)	(21.7)
Net cash provided by operating activities	107.5	11.5	149.8
Cash flows from investing activities:
Expenditures for property, plant and equipment	(50.7)	(40.3)	(32.7)
Proceeds from (payments for) dispositions of assets	0.3	(7.6)	0.7
Disbursements for loan origination (see Note 1)	0	(4.7)	0
Proceeds from maturities of short-term investments	3.4	3.6	3.4
Purchases of short-term investments	(3.4)	(3.9)	(3.6)
Other - net	0	1.9	0.9
Net cash used for investing activities	(50.4)	(51)	(31.3)
Cash flows from financing activities:
Borrowings of debt	374.3	351.8	32.7
Repayments of debt	(403.4)	(306.7)	(183.6)
Borrowings (repayments) on bank overdraft facilities - net	3	(4.3)	3.6
Purchase of treasury stock under share repurchase program	(7.3)	0	0
Dividend paid to noncontrolling interest	(0.6)	(0.9)	0
Financing fees paid	(0.6)	(0.2)	(0.8)
Other - net	1.3	(0.5)	3
Net cash (used for) provided by financing activities	(33.3)	39.2	(145.1)
Effect of exchange rate changes on cash	(2)	(0.4)	1.4
Net increase (decrease) in cash, cash equivalents and restricted cash	21.8	(0.7)	(25.2)
Cash, cash equivalents and restricted cash - beginning of year	45.4	46.1	71.3
Cash, cash equivalents and restricted cash - end of year	$ 67.2	$ 45.4	$ 46.1

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Treasury Stock, at Cost [Member]	Non-controlling Interest [Member]	Total
Balance at Mar. 31, 2020	$ 33.3	$ 245.1	$ 469.9	$ (223.3)	$ (37.1)	$ 5.7	$ 493.6
Balance (in shares) at Mar. 31, 2020	53.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings	$ 0	0	(210.7)	0	0	1.2	(209.5)
Other comprehensive income (loss)	0	0	0	62.1	0	0.5	62.6
Stock options and awards	$ 0.6	3.6	0	0	0	0	4.2
Stock options and awards (in shares)	0.9
Purchase of treasury stock	$ 0	0	0	0	(1.1)	0	(1.1)
Stock-based compensation expense	0	6.3	0	0	0	0	6.3
Balance at Mar. 31, 2021	$ 33.9	255	259.2	(161.2)	(38.2)	7.4	356.1
Balance (in shares) at Mar. 31, 2021	54.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings	$ 0	0	85.2	0	0	1.1	86.3
Other comprehensive income (loss)	0	0	0	11.7	0	(0.2)	11.5
Stock options and awards	$ 0.3	0.9	0	0	0	0	1.2
Stock options and awards (in shares)	0.5
Purchase of treasury stock	$ 0	0	0	0	(1.8)	0	(1.8)
Stock-based compensation expense	0	5.7	0	0	0	0	5.7
Dividend paid to noncontrolling interest	0	0	0	0	0	(0.9)	(0.9)
Balance at Mar. 31, 2022	$ 34.2	261.6	344.4	(149.5)	(40)	7.4	$ 458.1
Balance (in shares) at Mar. 31, 2022	54.8						54.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings	$ 0	0	153.1	0	0	0.5	$ 153.6
Other comprehensive income (loss)	0	0	0	(11.6)	0	(0.5)	(12.1)
Stock options and awards	$ 0.4	2.6	0	0	0	0	3
Stock options and awards (in shares)	0.6
Purchase of treasury stock	$ 0	0	0	0	(9)	0	(9)
Stock-based compensation expense	0	6.6	0	0	0	0	6.6
Dividend paid to noncontrolling interest	0	0	0	0	0	(0.6)	(0.6)
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						55.4

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Mar. 31, 2023
Significant Accounting Policies [Abstract]
Significant Accounting Policies	Note 1: Significant Accounting Policies Nature of Operations Modine Manufacturing Company (“Modine” or the “Company”) specializes in providing innovative and environmentally responsible thermal management products and solutions to diversified global markets and customers in a wide array of commercial, industrial, and building heating, ventilating, air conditioning, and refrigeration (“HVAC&R”) markets. In addition, the Company is a leading provider of engineered heat transfer systems and high-quality heat transfer components for use in on- and off-highway original equipment manufacturer (“OEM”) vehicular applications. The Company’s primary product groups include i) heat transfer; ii) HVAC & refrigeration; iii) data center cooling; iv) air-cooled; v) liquid-cooled; and vi) advanced solutions. Disposition of Austrian Air-cooled Automotive Business in Fiscal 2022 On April 30, 2021, the Company sold i ts Austrian a In connection with the sale of this business, the Company provided the buyer with a 5-year, €4.0 million loan facility. Borrowings under the agreement currently bear interest at 5.4 percent. During fiscal 2022, the Company disbursed €4.0 million ($4.7 million) to the buyer under this facility. At both March 31, 2023 and 2022, the Company recorded the loan receivable within other noncurrent assets on its consolidated balance sheet because the Company expects to receive the principal repayment more than twelve months from the balance sheet date. Disposition of Previously-Closed Facility in Fiscal 2022 During fiscal 2022, the Company sold a previously-closed manufacturing facility in the U.S. and received net cash proceeds of $0.7 million. As a result of the sale, the Company recorded an impairment charge of $0.3 million within the Climate Solutions segment to write down the property to fair value less costs to sell. Chief Executive Officer (“CEO”) Transition in Fiscal 2021 In August 2020 Thomas A. Burke stepped down from his position as President and CEO. The Board of Directors subsequently conducted a search for his successor and, effective December 1, 2020 appointed Neil D. Brinker as President and CEO. As a result of Mr. Burke’s departure and in connection with the search for and transition to his successor, the Company recorded costs totaling during fiscal 2021 These costs, which were recorded as selling, general and administrative (“SG&A”) expenses at Corporate, primarily consisted of severance and benefit-related expenses based upon the terms of Mr. Burke’s transition and separation agreement and costs directly associated with the CEO search, partially offset by the impact of Mr. Burke’s forfeited stock-based compensation awards. Basis of Presentation The Company prepares its consolidated financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States. These principles require management to make certain estimates and assumptions in determining assets, liabilities, revenue, expenses and related disclosures. Actual amounts could differ materially from those estimates. Consolidation Principles The consolidated financial statements include the accounts of Modine Manufacturing Company and its majority-owned or Modine-controlled subsidiaries. The Company eliminates intercompany transactions and balances in consolidation. Revenue Recognition The Company recognizes revenue based upon consideration specified in a contract and as it satisfies performance obligations by transferring control over its products to its customers, which may be at a point in time or over time. The majority of the Company’s revenue is recognized at a point in time, based upon shipment terms. A portion of the Company’s revenue is recognized over time, based upon estimated progress toward satisfaction of the contractual performance obligations. See Note 3 for additional information. Shipping and Handling Costs The Company records shipping and handling costs incurred upon the shipment of products to its customers in cost of sales, and related amounts billed to these customers in net sales. Trade Accounts Receivable The Company records trade receivables at the invoiced amount. Trade receivables do not bear interest if paid according to the original terms. The Company maintains an allowance for credit losses, representing its estimate of expected losses associated with its trade accounts receivable. The Company bases its estimate using historical loss experience and considers the aging of the receivables and risks specific to customers where appropriate. At March 31, 2023 and 2022, the allowance for credit losses was $2.2 million and $1.7 million, respectively. The changes to the Company’s allowance for credit losses during fiscal 2023 and 2022 were not material and primarily consisted of current-period provisions, write-offs charged against the allowance, recoveries collected, and foreign currency translation. The Company enters into supply chain financing programs from time to time to sell accounts receivable, without recourse, to third-party financial institutions. Sales of accounts receivable are reflected as a reduction of accounts receivable on the consolidated balance sheets and the proceeds are included in cash flows from operating activities in the consolidated statements of cash flows. During fiscal 2023, 2022, and 2021, the Company sold $150.6 million, $126.4 million, and $88.7 million, respectively, of accounts receivable to accelerate cash receipts. During fiscal 2023, 2022, and 2021, the Company recorded costs totaling related to selling accounts receivable Warranty The Company provides product warranties for specific product lines and accrues for estimated future warranty costs in the period in which the sale is recorded. The Company records warranty expense, within cost of sales, based upon historical and current claims data or based upon estimated future claims. Accrual balances, which are recorded within other current liabilities, are monitored and adjusted if it is probable that expected claims will differ from previous estimates. See Note 15 for additional information. Tooling The Company accounts for production tooling costs as a component of property, plant and equipment when it owns title to the tooling and amortizes the capitalized cost to cost of sales over the estimated life of the asset, which is generally . At March 31, 2023 and 2022 Company-owned tooling totaled and , respectively. In certain instances, tooling is owned by the customer. At the time customer-owned tooling is completed and customer acceptance is obtained, the Company records tooling revenue and related production costs within net sales and cost of sales, respectively, in the consolidated statements of operations. If the customer has agreed to reimburse the Company, unbilled customer-owned tooling costs are recorded as a receivable within other current assets. No significant arrangements exist where customer-owned tooling costs were not accompanied by guaranteed reimbursement. At March 31, 2023 and 2022 customer-owned tooling receivables totaled and , respectively. Stock-based Compensation The Company recognizes stock-based compensation using the fair value method. Accordingly, compensation expense for stock options, restricted stock and performance-based stock awards is calculated based upon the fair value of the instruments at the time of grant and is recognized as expense over the respective vesting periods. See Note 5 for additional information. Research and Development The Company expenses research and development costs as incurred within SG&A expenses. During fiscal , research and development costs totaled Translation of Foreign Currencies The Company translates assets and liabilities of foreign subsidiaries into U.S. dollars at the period-end exchange rates and translates income and expense items at the monthly average exchange rate for the period in which the transactions occur. The Company reports resulting translation adjustments within accumulated other comprehensive income (loss) within shareholders’ equity. The Company includes foreign currency transaction gains or losses in the statement of operations within other income and expense. Derivative Instruments The Company enters into derivative financial instruments from time to time to manage certain financial risks. The Company enters into forward contracts to reduce exposure to changing future purchase prices for aluminum and copper and into foreign currency exchange contracts to hedge specific foreign currency-denominated assets and liabilities as well as forecasted transactions. The Company designates certain derivative financial instruments as cash flow hedges for accounting purposes. These instruments are used to manage financial risks and are not speculative. See Note 19 for additional information. Income Taxes The Company determines deferred tax assets and liabilities based upon the difference between the amounts reported in the financial statements and the tax basis of assets and liabilities, using enacted tax rates in effect in the years in which the differences are expected to reverse. The Company establishes a valuation allowance if it is more likely than not that a deferred tax asset, or portion thereof, will not be realized. The Company records the tax effects of global intangible low-taxed income (“GILTI”) as a period expense in the applicable tax year. The Company uses the portfolio approach for releasing income tax effects from accumulated other comprehensive income (loss). See Note 8 for additional information. Earnings per Share The Company calculates basic earnings per share based upon the weighted-average number of common shares outstanding during the period, while the calculation of diluted earnings per share includes the dilutive effect of potential common shares outstanding during the period. The calculation of diluted earnings per share excludes potential common shares if their inclusion would have an anti-dilutive effect. See Note 9 for additional information. Cash and Cash Equivalents The Company considers all highly-liquid investments with original maturities of three months or less to be cash equivalents. Short-term Investments The Company invests in time deposits with original maturities of more than three months but not more than one year. The Company records these short-term investments at cost, which approximates fair value, within other current assets in the consolidated balance sheets. As of March 31, 2023 and 2022, the Company’s short-term investments totaled $3.5 million and $3.7 million, respectively. Inventories The Company values inventories using a first-in, first-out or weighted-average basis, at the lower of cost and net realizable value. Property, Plant and Equipment The Company records property, plant and equipment at cost. For financial reporting purposes, the Company computes depreciation using the straight-line method over the expected useful lives of the assets. The Company expenses maintenance and repair costs as incurred. The Company capitalizes costs of improvements. Upon the sale or other disposition of an asset, the Company removes the cost and related accumulated depreciation from the accounts and includes the gain or loss in the consolidated statements of operations. Capital expenditures of , and were accrued within accounts payable at March 31, 2023, 2022 and 2021 respectively. Leases The Company’s most significant leases represent leases of real estate, such as manufacturing facilities, warehouses, and office buildings. The Company also leases manufacturing and information technology equipment and vehicles. The Company recognizes right-of-use (“ROU”) assets and lease liabilities at the lease commencement date, based upon the present value of lease payments over the lease term. See Note 16 for additional information. Goodwill The Company does not amortize goodwill; rather, it tests for impairment annually unless conditions exist that would require a more frequent evaluation. The Company performs an assessment of the fair value of its reporting units for goodwill impairment testing based upon, among other things, the present value of expected future cash flows. The Company performed its goodwill impairment test as of March 31, 2023 and determined the fair value of each of its reporting units exceeded the respective book value. See Note 14 for additional information. I mpairment of Held and Used Long-lived Assets The Company reviews held and used long-lived assets, including property, plant and equipment and intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be fully recoverable. In these instances, the Company compares the undiscounted future cash flows expected to be generated from the asset with its carrying value. If the asset’s carrying value exceeds expected future cash flows, the Company measures and records an impairment loss, if any, as the amount by which the carrying value of the asset exceeds its fair value. The Company estimates fair value using a variety of valuation techniques, including discounted cash flows, market values and comparison values for similar assets. Assets Held for Sale The Company classifies an asset as held for sale when (i) management approves and commits to a formal plan to actively market the asset for sale at a reasonable price in relation to its fair value; (ii) the asset is available for immediate sale in its present condition; (iii) an active program to locate a buyer and other actions required to complete the sale have been initiated; (iv) the sale of the asset is expected to be completed within one year; and (v) it is unlikely that significant changes will be made to the plan. Upon classification as held for sale, the Company records the carrying value of the asset at the lower of its carrying value or its estimated fair value, less costs to sell. In addition, the Company ceases to record depreciation for assets held for sale. See Note 2 for additional information. Deferred Compensation Trusts The Company maintains deferred compensation trusts to fund future obligations under its non-qualified deferred compensation plans. The trusts’ investments in third-party debt and equity securities are presented within other noncurrent assets in the consolidated balance sheets. Self-insurance Reserves The Company retains a portion of the financial risk for certain insurance coverage, including property, general liability, workers compensation, and employee healthcare, and therefore maintains reserves that estimate the impact of unreported and under-reported claims that fall below various stop-loss limits and deductibles under its insurance policies. The Company maintains reserves for the estimated settlement cost of known claims, as well as estimates of incurred but not reported claims. The Company charges costs of claims, including the impact of changes in reserves due to claim experience and severity, to cost of sales or SG&A expenses. The Company reviews and updates the amount of its insurance-related reserves on a quarterly basis. Environmental Liabilities The Company records liabilities for environmental assessments and remediation activities in the period in which its responsibility is probable and the costs can be reasonably estimated. The Company records environmental indemnification assets from third parties, including prior owners, when recovery is probable. To the extent that the required remediation procedures change, or additional contamination is identified, the Company’s estimated environmental liabilities may also change. See Note 20 for additional information. S upplemental Cash Flow Information Years ended March 31, 2023 2022 2021 Interest paid $ 18.4 $ 14.1 $ 17.9 Income taxes paid 31.9 21.8 19.7 See Note for supplemental cash flow information related to the Company’s leases. New Accounting Guidance Supplier Finance Programs In September 2022, the Financial Accounting Standards Board (“FASB”) issued new guidance that will require companies that use supplier finance programs to disclose information about the programs, including key terms, outstanding obligations under such programs and where outstanding amounts are presented within their financial statements. In addition, a roll forward of obligations under supplier finance programs will be required annually. The new guidance is effective for the Company’s fiscal 2024 financial statements, with the exception of the roll forward disclosure requirement, which will become effective one year later. The Company is currently evaluating the new disclosures, but does not expect the guidance will have a material impact on its consolidated financial statements. Income Tax Simplification In December 2019, the FASB issued new guidance designed to simplify the accounting for income taxes. The new guidance eliminated certain exceptions related to the approach for intraperiod tax allocations and the methodology for deferred tax liabilities. The Company adopted this guidance as of April 1, 2021. The adoption did not have a material impact on the Company’s consolidated financial statements. Credit Losses In June 2016, the FASB issued new guidance related to the accounting for credit losses for certain financial assets, including trade accounts receivable and contract assets. The new guidance modified 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.

Assets Held for Sale

Assets Held for Sale	12 Months Ended
Assets Held for Sale	Mar. 31, 2023
Assets Held for Sale [Abstract]
Assets Held for Sale	Note 2: Assets Held for Sale On November 2, 2020, the Company signed a definitive agreement to sell its liquid-cooled automotive business to Dana Incorporated (“Dana”). Beginning at that time, the Company classified this business as held for sale and ceased recording depreciation expense for its long-lived assets. On October 25, 2021, the Company announced that it agreed with Dana to terminate the sale agreement. Both companies had been actively engaged in the regulatory review process in Germany for many months and agreed that it was no longer in the best interest of either party to pursue the sale transaction further. In connection with the termination of the sale agreement, the Company determined that the liquid-cooled automotive business no longer met the requirements to be classified as held for sale. As a result, the Company remeasured the long-lived assets reverting back to held and used classification at the lower of their (i) carrying value, as if held for sale classification had not been met; or (ii) fair value at the date of the decision not to sell and reversed $57.2 million of held for sale impairment charges during the third quarter of fiscal 2022. The long-lived assets primarily consisted of property, plant and equipment assets and were fully impaired while classified as held for sale. For purposes of the remeasurement, the Company engaged third-party valuation specialists to assist in estimating the fair values of the assets. The Company primarily used the market and cost valuation approaches and utilized third-party information from various industry-accepted sources, including applicable government-published statistics and data from appraisal and resale service providers. The market approach focused on prices for comparable assets in arm’s length transactions. For land and building assets, for example, sales of similar properties near the Company’s facilities were analyzed. For machinery and equipment assets, the Company referenced available third-party information regarding the selling prices of similar equipment. The cost approach focused on the amount for which an asset could be replaced or reproduced. The cost of an asset was then adjusted downward based on various factors including, but not limited to, age, location, and physical condition. After estimating the fair values of the assets reverting back to held and used classification, the Company compared the fair value for each asset to its carrying value. Carrying value represented each asset’s carrying value before the initial impairment charge, reduced for depreciation that would have been recorded if the asset had not been classified as held for sale. The Company then adjusted each asset to the lower of fair value or carrying value, resulting in the reversal of $57.2 million of previous impairment charges. In addition, the Company resumed depreciating the property, plant and equipment assets of the liquid-cooled automotive business based on the remeasured asset values during the third quarter of fiscal 2022. The $57.2 million held for sale impairment reversal during the third quarter of fiscal 2022 was partially offset by $1.2 million of net held for sale impairment charges recorded earlier in fiscal 2022. At both June 30, 2021 and September 30, 2021, while the liquid-cooled automotive business was held for sale, the Company reassessed its fair value less costs to sell. As a result of these evaluations, the Company recorded a total of $8.6 million of impairment charges during the first and second quarters of fiscal 2022. These impairment charges reduced the net carrying value of property, plant and equipment additions during each quarter to zero. In addition, in connection with a modification of the sale perimeter in the first quarter of fiscal 2022, the Company determined that certain manufacturing operations no longer met the requirements to be classified as held for sale. As a result, the Company reversed $7.4 million of previous impairment charges to adjust the long-lived assets within the asset groups impacted by the sale perimeter change to their estimated fair value. The Company’s determination of fair value for the long-lived assets within the impacted by the sale perimeter change in the first quarter and When the liquid-cooled automotive business was initially classified as held for sale during the third quarter of fiscal 2021, the Company assessed the disposal group’s fair value less costs to sell and reduced the net carrying value of the disposal group’s long-lived assets to zero. During fiscal 2021, the Company recorded impairment charges totaling $138.3 million related to the long-lived assets within the liquid-cooled automotive business. Also during fiscal 2021, the Company signed a definitive agreement to sell its Austrian air-cooled automotive business to Schmid Metall GmbH. Upon classification as held for sale, the Company estimated an implied loss in excess of the carrying value of the disposal group’s long-lived assets, which primarily consisted of property, plant and equipment assets. As a result, the Company recorded a $26.8 million impairment charge related to this business, reducing the carrying value of the disposal group’s long-lived assets to zero. In addition, the Company recorded an impairment charge of $1.7 million related to other equipment within the Performance Technologies segment. See Note 1 for additional information regarding the accounting for the sale of the Austrian air-cooled automotive business, which was completed in fiscal 2022. The Company reported the impairment charges and reversals during fiscal 2022 and 2021 within the impairment charges (reversals) line on the consolidated statements of operations.

Revenue Recognition

Revenue Recognition	12 Months Ended
Revenue Recognition	Mar. 31, 2023
Revenue Recognition [Abstract]
Revenue Recognition	Note 3: Revenue Recognition The Company generates revenue from selling innovative thermal management products and solutions to diversified global markets and customers. The Company recognizes revenue based upon consideration specified in a contract and as it satisfies performance obligations by transferring control over its products to its customers, which may be at a point in time or over time. The majority of the Company’s revenue is recognized at a point in time, based upon shipment terms. The Company records an allowance for credit losses and accrues for estimated warranty costs at the time of sale. These estimates are based upon historical experience, current business trends, and current economic conditions. The Company accounts for shipping and handling activities as fulfilment costs rather than separate performance obligations and records shipping and handling costs in cost of sales and related amounts billed to customers in net sales. The Company establishes payment terms with its customers based upon industry and regional practices, which typically do not exceed 90 days. As the Company expects to receive payment from its customers within one year from the time of sale, it disregards the effects of the time value of money in its determination of the transaction price. The Company has not disclosed the value of unsatisfied performance obligations because the revenue associated with customer contracts for which the original expected performance period is greater than one year is immaterial. The following is a description of the Company’s principal revenue-generating activities: Climate Solutions The Climate Solutions segment principally generates revenue from selling heat transfer products, heating, ventilating, air conditioning, and refrigeration (“HVAC & refrigeration”) products, and data center cooling solutions. Heating products are manufactured in the U.S. and are largely sold to independent distributors, who in turn market the heating products to end customers. Because these products are sold to many different customers without contractual or practical limitations, the Climate Solutions segment recognizes revenue at the time control is transferred to the customer, generally the independent distributor, based upon shipping terms, which is generally upon shipment. Ventilation and air conditioning products are highly-specified to a customer’s needs; the majority of the underlying sales contracts do not provide the Company with an enforceable right to payment for performance completed to date. As a result, the Climate Solutions segment recognizes revenue for the majority of its products at the time control is transferred to the customer based upon shipping terms, which is generally upon shipment. For the sale of heat transfer products, refrigeration products, and data center cooling solutions, individual customer purchase orders generally represent the Company’s contract with its customers. With the exception of a small number of customers, the applicable customer contracts do not provide the Company with an enforceable right to payment for performance completed to date. As a result, the Climate Solutions segment recognizes revenue for these products primarily at the time control is transferred to the customer based upon shipping terms, which is generally upon shipment. For sales to customers whose contract cancellation terms provide an enforceable right to payment, the Climate Solutions segment recognizes revenue over time based upon its estimated progress toward satisfaction of the performance obligations. The segment measures progress by evaluating the production status toward completion of ordered products not yet shipped to its customers. Performance Technologies The Performance Technologies segment provides products and solutions that enhance the performance of customer applications. The Performance Technologies segment designs and manufactures air- and liquid-cooled technology for vehicular, stationary power, and industrial applications. Air-cooled products include radiators, charge air coolers, condensers, and engine cooling modules. Liquid-cooled products include engine oil coolers, charge air coolers, condensers, and exhaust gas recirculation coolers. In addition, the Performance Technologies segment provides advanced solutions, which are designed to improve battery range and vehicle life, to zero-emission and hybrid commercial vehicle, automotive, bus and specialty vehicle customers. These solutions include battery thermal management systems, electronics cooling packages, and battery chillers. The advanced solutions provided by the segment also include coating products and application services that extend the life of equipment and components by protecting against corrosion. While the Performance Technologies segment provides customized production and service parts to customers under multi-year programs, these programs typically do not contain contractually-guaranteed volumes to be purchased by the customer. As a result, individual purchase orders typically represent the quantities ordered by the customer. With the exception of a small number of customers, the terms within the customer agreement, purchase order, or customer-owned tooling contract do not provide the Company with an enforceable right to payment for performance completed to date. As a result, the Performance Technologies segment recognizes revenue primarily at the time control is transferred to the customer based upon shipping terms, which is generally upon shipment. In regard to the Performance Technologies customers with contractual cancellation terms that provide an enforceable right to payment for performance completed to date, the Company recognizes revenue over time based upon its estimated progress toward satisfaction of the performance obligations. The Performance Technologies segment measures progress by evaluating the production status of ordered products not yet shipped to the customer. For sales of coatings products, in which the customers control the equipment being enhanced by the coating application, the Performance Technologies segment recognizes revenue over time based upon its estimated progress toward satisfaction of the performance obligations. The segment measures progress by evaluating the production status toward completion of ordered products or services not yet shipped to its customers. For certain customer programs, the Company agrees to provide annual price reductions based upon contract terms. For these scheduled price reductions, the Company evaluates whether the provisions represent a material right to the customer, and if so, defers associated revenue as a result. At times, the Company makes up-front incentive payments to certain customers related to future sales under multi-year programs. The Company capitalizes these incentive payments, which it expects to recover through future sales, and amortizes the assets as a reduction to revenue when the related products are sold to customers. Disaggregation of Revenue The tables below present revenue for each of the Company’s operating segments, Climate Solutions and Performance Technologies. Each segment’s revenue is disaggregated by product group, by geographic location and based upon the timing of revenue recognition. Effective April 1, 2022, the Company began managing its operations under two operating segments, Climate Solutions and Performance Technologies. The Climate Solutions segment includes the previously-reported Building HVAC Systems (“BHVAC”) and the Commercial and Industrial Solutions (“CIS”) segments, with the exception of CIS Coatings. The Performance Technologies segment includes the previously-reported Heavy Duty Equipment (“HDE”) and Automotive segments and the CIS Coatings business. See Note 22 for additional information regarding the Company’s operating segments. The disaggregated revenue information presented in the tables below for fiscal 2022 and 2021 has been recast to be comparable with the fiscal 2023 presentation. Year ended March 31, 2023 Climate Solutions Performance Technologies Segment Total Product groups: Heat transfer $ 521.2 $ - $ 521.2 HVAC & refrigeration 336.3 - 336.3 Data center cooling 154.0 - 154.0 Air-cooled - 658.6 658.6 Liquid-cooled - 483.9 483.9 Advanced solutions - 143.9 143.9 Inter-segment sales 0.4 29.8 30.2 Net sales $ 1,011.9 $ 1,316.2 $ 2,328.1 Geographic location: Americas $ 580.9 $ 702.0 $ 1,282.9 Europe 406.0 408.5 814.5 Asia 25.0 205.7 230.7 Net sales $ 1,011.9 $ 1,316.2 $ 2,328.1 Timing of revenue recognition: Products transferred at a point in time $ 959.8 $ 1,242.3 $ 2,202.1 Products transferred over time 52.1 73.9 126.0 Net sales $ 1,011.9 $ 1,316.2 $ 2,328.1 Year ended March 31, 2022 Climate Solutions Performance Technologies Segment Total Product groups: Heat transfer $ 488.3 $ - $ 488.3 HVAC & refrigeration 325.5 - 325.5 Data center cooling 96.3 - 96.3 Air-cooled - 572.3 572.3 Liquid-cooled - 448.3 448.3 Advanced solutions - 119.4 119.4 Inter-segment sales 0.4 32.4 32.8 Net sales $ 910.5 $ 1,172.4 $ 2,082.9 Geographic location: Americas $ 485.9 $ 585.6 $ 1,071.5 Europe 396.7 375.7 772.4 Asia 27.9 211.1 239.0 Net sales $ 910.5 $ 1,172.4 $ 2,082.9 Timing of revenue recognition: Products transferred at a point in time $ 889.3 $ 1,093.7 $ 1,983.0 Products transferred over time 21.2 78.7 99.9 Net sales $ 910.5 $ 1,172.4 $ 2,082.9 Year ended March 31, 2021 Climate Solutions Performance Technologies Segment Total Product groups: Heat transfer $ 386.9 $ - $ 386.9 HVAC & refrigeration 279.7 - 279.7 Data center cooling 64.5 - 64.5 Air-cooled - 520.3 520.3 Liquid-cooled - 458.9 458.9 Advanced solutions - 98.1 98.1 Inter-segment sales 0.1 31.5 31.6 Net sales $ 731.2 $ 1,108.8 $ 1,840.0 Geographic location: Americas $ 379.7 $ 472.0 $ 851.7 Europe 307.0 411.1 718.1 Asia 44.5 225.7 270.2 Net sales $ 731.2 $ 1,108.8 $ 1,840.0 Timing of revenue recognition: Products transferred at a point in time $ 722.7 $ 1,044.7 $ 1,767.4 Products transferred over time 8.5 64.1 72.6 Net sales $ 731.2 $ 1,108.8 $ 1,840.0 Contract Balances Contract assets and contract liabilities from contracts with customers were as follows: March 31, 2023 March 31, 2022 Contract assets $ 19.3 $ 26.8 Contract liabilities 21.5 11.8 Contract assets, included within other current assets in the consolidated balance sheets, primarily consist of capitalized costs related to customer-owned tooling contracts, wherein the customer has guaranteed reimbursement, and assets recorded for revenue recognized over time, which represent the Company’s rights to consideration for work completed but not yet billed. The $7.5 million decrease in contract assets during fiscal 2023 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 $9.7 million increase in contract liabilities during fiscal 2023 primarily resulted from payments received in advance of the Company’s satisfaction of performance obligations.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
Fair Value Measurements	Mar. 31, 2023
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 4: Fair Value Measurements Fair value is defined as the price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Fair value measurements are classified under the following hierarchy: • Level 1 – Quoted prices for identical instruments in active markets. • Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. • Level 3 – Model-derived valuations in which one or more significant inputs are not observable. When available, the Company uses quoted market prices to determine fair value and classifies such measurements as Level 1. In some cases, where market prices are not available, the Company uses observable market-based inputs to calculate fair value, in which case the measurements are classified as Level 2. If quoted or observable market prices are not available, the Company determines fair value based upon valuation models that use, where possible, market-based data such as interest rates, yield curves or currency rates. These measurements are classified as Level 3. The carrying values of cash, cash equivalents, restricted cash, short-term investments, trade accounts receivable, accounts payable, and short-term debt approximate fair value due to the short-term nature of these instruments. In addition, the Company assesses the fair value of a disposal group for each reporting period it is held for sale. See Note 2 for additional information regarding assets held for sale. The fair value of the Company’s long-term debt is disclosed in Note 17. 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. At March 31, 2023 and 2022, the fair values of the investments and obligations for the Company’s deferred compensation plans each totaled $2.3 million and $2.9 million, respectively. Plan assets related to the Company’s pension plans were classified as follows: March 31, 2023 Level 1 Level 2 Total Money market investments $ - $ 1.9 $ 1.9 Pooled equity funds 34.9 - 34.9 Other - 0.4 0.4 Fair value excluding investments measured at net asset value 34.9 2.3 37.2 Investments measured at net asset value 116.1 Total fair value $ 153.3 March 31, 2022 Level 1 Level 2 Total Money market investments $ - $ 2.2 $ 2.2 Fixed income securities - 9.1 9.1 Pooled equity funds 40.4 - 40.4 U.S. government and agency securities - 11.8 11.8 Other 0.1 1.4 1.5 Fair value excluding investment measured at net asset value 40.5 24.5 65.0 Investments measured at net asset value 114.9 Total fair value $ 179.9 The Company determined the fair value of money market investments to approximate their net asset values, without discounts for credit quality or liquidity restrictions, and classified them within Level 2 of the valuation hierarchy. The Company determined the fair value of pooled equity funds based upon quoted prices from active markets and classified them within Level 1 of the valuation hierarchy. The Company determined the fair value of fixed income securities and U.S. government and agency securities based upon recent bid prices or the average of recent bid and asking prices when available and, if not available, the Company valued them through matrix pricing models developed by sources considered by management to be reliable. The Company classified these assets within Level 2 of the valuation hierarchy. As of March 31, 2023 and 2022, the Company held no Level 3 assets within its pension plans. As a practical expedient, the Company valued certain investments, including pooled equity, fixed income and real estate funds, using their net asset value (“NAV”) per unit, and therefore, has not classified these investments within the fair value hierarchy. The terms and conditions for redemptions vary for the investments valued at NAV. The real estate investment fund may be redeemed quarterly with a notice period. Other investments valued at NAV do not have significantly-restrictive redemption frequency or notice period requirements. The Company does not intend to sell or otherwise dispose of these investments at prices different than the NAV per unit.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
Stock-Based Compensation	Mar. 31, 2023
Stock-Based Compensation [Abstract]
Stock-Based Compensation	Note 5: Stock-Based Compensation The Company’s stock-based incentive programs consist of the following: (1) a long-term incentive plan (“LTIP”) for officers and other executives that consists of stock awards, stock options, and performance-based awards granted for retention and performance, (2) a discretionary equity program for other management and key employees, and (3) stock awards for non-employee directors. The Company’s Board of Directors and the Human Capital and Compensation Committee, as applicable, have discretionary authority to set the terms of the stock-based awards. Grants to employees during fiscal 2023 were issued under the Company’s Amended and Restated 2020 Incentive Compensation Plan. In lieu of performance-based stock awards, the Company granted performance cash awards to the LTIP participants in fiscal 2023, 2022, and 2021. At present, the Company accomplishes the fulfillment of equity-based grants through the issuance of new common shares. As of March 31, 2023, approximately shares authorized under the Amended and Restated 2020 Incentive Compensation Plan remain available for future grants. Employee participants have the opportunity to deliver back to the Company the number of shares from the vesting of stock awards sufficient to satisfy the individual’s minimum tax withholding obligations. These shares are held as treasury shares. The Company recorded stock-based compensation expense of , , and in fiscal 2023, 2022 respectively. Stock Options The Company recorded , , and of compensation expense related to stock options in fiscal 2023, 2022 respectively. The grant date fair value of stock options that vested during fiscal 2023, 2022 was , , and , respectively. As of March 31, 2023 the total compensation expense not yet recognized related to non-vested stock options was and the weighted-average period in which the remaining expense is expected to be recognized was years. The Company estimated the fair value of option awards on the date of grant using the Black-Scholes option valuation model and the following assumptions: Years ended March 31, 2023 2022 2021 Fair value of options $ 6.99 $ 8.79 $ 3.46 Expected life of awards in years 6.0 6.1 6.1 Risk-free interest rate 3.0 % 1.1 % 0.4 % Expected volatility of the Company’s stock 57.8 % 56.5 % 54.1 % Expected dividend yield on the Company’s stock 0.0 % 0.0 % 0.0 % Stock options expire no later than after the grant date and have an exercise price equal to the fair market value of Modine’s common stock on the date of grant. The risk-free interest rate was based upon yields of U.S. Treasury zero-coupon issues with a term corresponding to the expected life of the options. The expected volatility assumption was based upon changes in the Company’s historical common stock prices over the same time period as the expected life of the awards. The expected dividend yield is zero, as the Company currently does not anticipate paying dividends over the expected life of the options. The expected lives of the awards are based upon historical patterns and the terms of the options. A summary of stock option activity for fiscal 2023 was as follows: Shares Weighted-average exercise price Weighted-average remaining contractual term (years) Aggregate intrinsic value Outstanding, beginning of year 1.0 $ 12.12 Granted 0.2 12.40 Exercised (0.2 ) 11.77 Forfeited or expired (0.1 ) 12.26 Outstanding, end of year 0.9 $ 12.28 7.1 $ 9.6 Exercisable, March 31, 2023 0.4 $ 12.46 5.5 $ 4.3 The aggregate intrinsic value represents the difference between the closing price of Modine’s common shares on the last trading day of fiscal 2023 over the exercise price of the stock options, multiplied by the number of options outstanding or exercisable. The aggregate intrinsic value is not recorded for financial statement purposes, and this value will change based upon daily changes in the price of Modine’s common shares. Additional information related to stock options exercised is as follows: Years ended March 31, 2023 2022 2021 Intrinsic value of stock options exercised $ 1.5 $ 0.1 $ 1.4 Proceeds from stock options exercised 2.9 1.4 4.1 Restricted Stock The Company recorded $ million, $ million, and $ million of compensation expense related to restricted stock in fiscal 2023, 2022, and 2021, respectively. The grant date fair value of restricted stock awards that vested during fiscal 2023, 2022, and 2021 was $ million, $ million, and $ million, respectively. At March 31, 2023, the Company had $ million of unrecognized compensation expense related to non-vested restricted stock, which it expects to recognize over a weighted-average period of years. The Company values restricted stock awards using the closing market price of its common shares on the date of grant. A summary of restricted stock activity for fiscal 2023 was as follows: Shares Weighted-average price Non-vested balance, beginning of year 0.7 $ 11.61 Granted 0.5 13.60 Vested (0.3 ) 11.85 Forfeited (0.1 ) 10.58 Non-vested balance, end of year 0.8 $ 12.95 Restricted Stock – Performance-Based Shares The Company granted performance-based cash awards in fiscal 2023, 2022, and 2021 in lieu of performance-based stock awards. For performance-based stock awards, the Company values the awards using the closing market price of its common shares on the date of grant. During fiscal 2023 all performance-based awards were cash-based, therefore, the Company did not recognize compensation expense related to performance-based stock awards. In fiscal 2022, the Company recorded a $0.4 million benefit related to the performance-based stock awards granted in fiscal 2020. The payout earned for the fiscal 2020 awards was less than previously estimated. In fiscal 2021, the Company recorded $ The payouts earned under the performance portion of the award program are based upon the attainment of certain financial targets over a three-year

Restructuring Activities

Restructuring Activities	12 Months Ended
Restructuring Activities	Mar. 31, 2023
Restructuring Activities [Abstract]
Restructuring Activities	Note 6: Restructuring Activities During fiscal 2023, restructuring and repositioning expenses primarily consisted of severance-related expenses for targeted headcount reductions in each the Climate Solutions and Performance Technologies segments and supported the Company’s objective of reducing operational and SG&A cost structures. In addition, the Performance Technologies and Climate Solutions segments incurred equipment transfer costs in Europe and closure costs related to a previously-leased facility in the U.S., respectively. During fiscal 2022, the Company committed to restructuring actions intended to reduce SG&A and operational expenses, particularly within the Performance Technologies segment. During fiscal 2022, the Company recorded $22.1 million of severance expenses, of which $20.3 million were recorded in the Performance Technologies segment and primarily . implemented targeted headcount reductions During fiscal 2021, restructuring actions consisted primarily of targeted headcount reductions and plant consolidation activities. The headcount reductions were primarily in Europe and in the Americas within the Performance Technologies segment and supported the Company’s objective of reducing operational and SG&A cost structures. During fiscal 2021, the Company transferred production from its manufacturing facility in Zhongshan, China to another Climate Solutions segment manufacturing facility in China. As a result of this plant consolidation, the Company recorded $3.7 million of severance expenses during fiscal 2021. Other plant consolidation activities in fiscal 2021 included transferring product lines to the Company’s Climate Solutions manufacturing facility in Mexico. Restructuring and repositioning expenses were as follows: Years ended March 31, 2023 2022 2021 Employee severance and related benefits $ 3.5 $ 22.1 $ 11.7 Other restructuring and repositioning expenses 1.5 2.0 1.7 Total $ 5.0 $ 24.1 $ 13.4 Other restructuring and repositioning expenses primarily consist of equipment transfer and plant consolidation costs. The Company accrues severance in accordance with its written plans, procedures, and relevant statutory requirements. Changes in accrued severance were as follows: Years ended March 31, 2023 2022 Beginning balance $ 20.2 $ 4.0 Additions 3.5 22.1 Payments (12.4 ) (5.7 ) Reclassified from held for sale - 0.4 Effect of exchange rate changes (0.7 ) (0.6 ) Ending balance $ 10.6 $ 20.2 During fiscal 2022 and 2021, the Company recorded $ million of a net asset impairment reversal and $166.8 million of impairment charges, respectively, within its Performance Technologies segment. See Note 2 for additional information. Also during fiscal 2022, the Company recorded an impairment charge of $0.3 million to reduce the carrying value of a previously closed Climate Solutions facility to its estimated fair value, less costs to sell.

Other Income and Expense

Other Income and Expense	12 Months Ended
Other Income and Expense	Mar. 31, 2023
Other Income and Expense [Abstract]
Other Income and Expense	Note : Other Income and Expense Other income and expense consisted of the following: Years ended March 31, 2023 2022 2021 Interest income $ 1.3 $ 0.4 $ 0.5 Foreign currency transactions (a) (3.7 ) (1.4 ) 0.6 Net periodic benefit cost (b) (2.0 ) (1.1 ) (3.3 ) Total other expense - net $ (4.4 ) $ (2.1 ) $ (2.2 ) (a) Foreign currency transactions primarily consist of foreign currency transaction gains and losses on the re-measurement or settlement of foreign currency-denominated assets and liabilities, including transactions denominated in a foreign currency and intercompany loans (b) Net periodic benefit cost for the Company’s pension and postretirement plans is exclusive of service cost .

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Mar. 31, 2023
Income Taxes [Abstract]
Income Taxes	Note 8: Income Taxes The U.S. and foreign components of earnings or loss before income taxes and the benefit or provision for income taxes consisted of the following: Years ended March 31, 2023 2022 2021 Components of earnings (loss) before income taxes: United States $ 12.5 $ 0.4 $ (48.7 ) Foreign 112.8 101.1 (70.6 ) Total earnings (loss) before income taxes $ 125.3 $ 101.5 $ (119.3 ) Income tax (benefit) provision: Federal: Current $ 1.5 $ 0.1 $ (0.1 ) Deferred (47.5 ) - 58.3 State: Current 2.3 1.1 0.4 Deferred (11.4 ) - 9.2 Foreign: Current 27.5 17.8 22.0 Deferred (0.7 ) (3.8 ) 0.4 Total income tax (benefit) provision $ (28.3 ) $ 15.2 $ 90.2 The reconciliation between the U.S. federal statutory rate and the Company’s effective tax rate was as follows: Years ended March 31, 2023 2022 2021 Statutory federal tax 21.0 % 21.0 % 21.0 % State taxes, net of federal benefit (0.1 ) 1.4 0.9 Taxes on non-U.S. earnings and losses 5.8 3.5 (9.1 ) Valuation allowances (42.9 ) (8.8 ) (92.9 ) Tax credits (4.5 ) (3.4 ) 2.2 Compensation 0.7 0.6 (1.3 ) Tax rate or law changes (0.2 ) 0.6 (0.2 ) Uncertain tax positions, net of settlements 0.4 (0.2 ) 0.1 Notional interest deductions (1.7 ) (2.7 ) 1.3 Dividends and taxable foreign inclusions 0.9 1.6 3.0 Other (2.0 ) 1.4 (0.6 ) Effective tax rate (22.6 %) 15.0 % (75.6 %) The Company’s fiscal 2023 effective tax rate was favorably impacted by an income tax benefit related to the valuation allowance on deferred tax assets in the U.S. The effective tax rates in both fiscal 2022 and 2021 were significantly impacted by impairment charges or reversals, largely related to the liquid-cooled automotive business, and income tax charges or benefits related to valuation allowances. See Note 2 for information regarding the impairment charges and reversals. The income tax charges or benefits related to valuation allowances are described below The Company records valuation allowances against its net deferred tax assets to the extent it determines it is more likely than not that such assets will not be realized in the future. Each quarter, the Company evaluates the probability that its deferred tax assets will be realized and determines whether valuation allowances or adjustments thereto are needed. This determination involves judgement and the use of significant estimates and assumptions, including expectations of future taxable income and tax planning strategies. In addition, the Company considers the duration of statutory carryforward periods and historical financial results. Since the third quarter of fiscal 2021, the Company has maintained a full valuation allowance against net deferred tax assets in the U.S. since the Company determined, at that time, it was more likely than not that the net deferred tax assets would not be realized. In the fourth quarter of fiscal 2023, based on the Company’s recent history of earnings, coupled with its forecasted profitability, the Company determined it was more likely than not that certain deferred tax assets in the U.S. will be realized. As a result, the Company reversed the valuation allowance related to these deferred tax assets and recorded an income tax benefit of $57.3 million. The Company evaluated both positive and negative objectively verifiable evidence and placed substantial weight on its fiscal 2022 and 2023 earnings, which resulted in a significant cumulative three-year income position. The Company also considered its forecasts for future earnings in certain key businesses. The Company has determined it is more likely than not that a portion of the deferred tax assets in the U.S. related to certain federal and state tax attributes will not be realized prior to expiration and, as such, has maintained a valuation allowance against these assets. In addition, the Company recorded a net increase of other deferred tax asset valuation allowances totaling $3.6 million Based upon its analyses during fiscal 2022, the Company determined it was more likely than not that the deferred tax assets in certain foreign jurisdictions would be realized. As a result, the Company reversed the valuation allowances related to these deferred tax assets and recorded income tax benefits totaling $13.0 million. The Company’s analyses included consideration of the transaction perimeter modification and the termination of the sale agreement for the liquid-cooled automotive business and the related impairment reversals. Separately, the Company determined it was more likely than not that the deferred tax assets in a foreign jurisdiction would not be realized. As a result, the Company recorded an income tax charge of $1.6 million. Together, these fiscal 2022 valuation allowance adjustments resulted in a net income tax benefit of $11.4 million during fiscal 2022. In addition, the Company recorded a net increase of other deferred tax asset valuation allowances totaling $2.5 million. Based upon its analyses during fiscal 2021, the Company determined it was more likely than not that its deferred tax assets in the U.S. and in certain foreign jurisdictions would not be realized. As a result, the Company recorded income tax charges totaling $116.5 million to increase the valuation allowances on deferred tax assets in the U.S. ($103.3 million) and in certain foreign jurisdictions ($13.2 million). The Company’s analyses during fiscal 2021 included consideration of the impairment charges recorded for the liquid-cooled automotive business, which contributed to the Company entering into a three-year cumulative loss position in the U.S. and in certain foreign jurisdictions as of December 31, 2020. Also during fiscal 2021, the Company recorded a net increase of other deferred tax asset valuation allowances totaling $22.0 million and recorded a $9.3 million income tax benefit resulting from allocation of the income tax provision between net earnings and other comprehensive income At March 31, 2023, valuation allowances against deferred tax assets in the U.S. and in certain foreign jurisdictions totaled $33.9 million and $27.7 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 certain jurisdictions, could necessitate the establishment of further valuation allowances. The tax effects of temporary differences that gave rise to deferred tax assets and liabilities were as follows: March 31, 2023 2022 Deferred tax assets: Accounts receivable $ 0.9 $ 0.8 Inventories 6.0 6.5 Plant and equipment 17.2 19.9 Lease liabilities 15.9 13.5 Pension and employee benefits 24.1 27.5 Net operating and capital losses 55.4 53.9 Credit carryforwards 49.0 48.5 Research and experimental expenditures 8.0 - Other, principally accrued liabilities 13.2 13.5 Total gross deferred tax assets 189.7 184.1 Less: valuation allowances (61.6 ) (112.2 ) Net deferred tax assets 128.1 71.9 Deferred tax liabilities: Plant and equipment 7.5 8.6 Lease assets 15.7 13.2 Goodwill 4.8 4.9 Intangible assets 20.1 22.4 Other 1.1 1.5 Total gross deferred tax liabilities 49.2 50.6 Net deferred tax assets $ 78.9 $ 21.3 Unrecognized tax benefits were as follows: Years ended March 31, 2023 2022 Beginning balance $ 9.3 $ 9.6 Gross increases - tax positions in prior period 0.2 0.1 Gross decreases - tax positions in prior period (0.1 ) (0.2 ) Gross increases - tax positions in current period 0.9 1.0 Lapse of statute of limitations (0.6 ) (1.2 ) Ending balance $ 9.7 $ 9.3 The Company’s liability for unrecognized tax benefits as of March 31, 2023 was $9.7 million and, if recognized, $7.8 million would have an effective tax rate impact. The Company estimates a $2.0 million net decrease in unrecognized tax benefits during fiscal 2024 mainly due to lapses in statutes of limitations. If recognized, these reductions would have an impact on the Company’s effective tax rate. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. During fiscal 2023, 2022 and 2021, interest and penalties included within income tax expense in the consolidated statements of operations were not significant. At March 31, 2023 and 2022, accrued interest and penalties totaled $0.8 million and $0.7 million, respectively. The Company files income tax returns in multiple jurisdictions and is subject to examination by taxing authorities throughout the world. At March 31, 2023, the Company was under income tax examination in a number of jurisdictions. The following tax years remain subject to examination for the Company’s major tax jurisdictions: Germany Fiscal 2017 2022 Italy Fiscal 2018 2022 United States Fiscal 2020 2022 At March 31, 2023, the Company had federal and state tax credits of $60.4 million that, if not utilized against U.S. taxes, will expire between fiscal 2024 2043 2024 2042 2024 2034 The Company’s practice and intention is to reinvest, with certain insignificant exceptions, the earnings of its non-U.S. subsidiaries outside of the U.S., and therefore, the Company has not recorded foreign withholding taxes or deferred income taxes for these earnings. The Company has estimated the net amount of unrecognized foreign withholding tax and deferred tax liabilities would total approximately $12.0 million if the accumulated foreign earnings were distributed; however, the actual tax cost would be dependent on circumstances existing when remittance occurs.

Earnings Per Share

Earnings Per Share	12 Months Ended
Earnings Per Share	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Note 9: Earnings Per Share The components of basic and diluted earnings per share were as follows: Years ended March 31, 2023 2022 2021 Basic Earnings Per Share: Net earnings (loss) attributable to Modine $ 153.1 $ 85.2 $ (210.7 ) Weighted-average shares outstanding – basic 52.3 52.0 51.3 Net earnings (loss) per share – basic $ 2.93 $ 1.64 $ (4.11 ) Diluted Earnings Per Share: Net earnings (loss) attributable to Modine $ 153.1 $ 85.2 $ (210.7 ) Weighted-average shares outstanding – basic 52.3 52.0 51.3 Effect of dilutive securities 0.5 0.5 - Weighted-average shares outstanding – diluted 52.8 52.5 51.3 Net earnings (loss) per share – diluted $ 2.90 $ 1.62 $ (4.11 ) For fiscal 2023, 2022 and 2021, the calculation of diluted earnings per share excluded 0.5 million, 0.5 million, and 1.0 million, stock options, respectively, because they were anti-dilutive. For fiscal 2023, 2022 and 2021, the calculation of diluted earnings per share excluded 0.2 million, 0.2 million, and 0.4 million restricted stock awards, respectively, because they were anti-dilutive. For fiscal 2021 the total number of potentially-dilutive securities was 0.2 million. However, these securities were not included in the computation of diluted net loss per share since to do so would have decreased the loss per share.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	12 Months Ended
Cash, Cash Equivalents and Restricted Cash	Mar. 31, 2023
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash, Cash Equivalents and Restricted Cash	Note 10: Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash consisted of the following: March 31, 2023 2022 Cash and cash equivalents $ 67.1 $ 45.2 Restricted cash 0.1 0.2 Total cash, cash equivalents and restricted cash $ 67.2 $ 45.4 Restricted cash, which is reported within other current assets and other noncurrent assets in the consolidated balance sheets, consists primarily of deposits for contractual guarantees or commitments required for rents, import and export duties, and commercial agreements.

Inventories

Inventories	12 Months Ended
Inventories	Mar. 31, 2023
Inventories [Abstract]
Inventories	Note 11: Inventories Inventories consisted of the following: March 31, 2023 2022 Raw materials $ 218.3 $ 186.7 Work in process 49.9 55.1 Finished goods 56.7 39.4 Total inventories $ 324.9 $ 281.2

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
Property, Plant and Equipment	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Note 12: Property, Plant and Equipment Property, plant and equipment, including depreciable lives, consisted of the following: March 31, 2023 2022 Land $ 16.4 $ 16.8 Buildings and improvements ( 10 40 264.0 264.6 Machinery and equipment ( 3 15 853.3 869.4 Office equipment ( 3 10 93.6 96.2 Construction in progress 47.5 31.2 1,274.8 1,278.2 Less: accumulated depreciation (960.3 ) (962.8 ) Net property, plant and equipment $ 314.5 $ 315.4 Depreciation expense totaled $46.5 million, $46.4 million, and $60.1 million for fiscal 2023, 2022, and 2021, respectively. Gains and losses related to the disposal of property, plant and equipment are recorded within SG&A expenses. For fiscal 2023 and 2021, losses related to the disposal of property, plant and equipment totaled $0.1 million and $0.7 million, respectively. For fiscal 2022, gains related to the disposal of property, plant and equipment totaled $0.1 million.

Intangible Assets

Intangible Assets	12 Months Ended
Intangible Assets	Mar. 31, 2023
Intangible Assets [Abstract]
Intangible Assets	Note 13: Intangible Assets Intangible assets consisted of the following: March 31, 2023 March 31, 2022 Gross Carrying Value Accumulated Amortization Net Intangible Assets Gross Carrying Value Accumulated Amortization Net Intangible Assets Customer relationships $ 60.3 $ (23.4 ) $ 36.9 $ 61.2 $ (20.1 ) $ 41.1 Trade names 50.1 (15.9 ) 34.2 50.8 (13.8 ) 37.0 Acquired technology 22.6 (12.6 ) 10.0 23.1 (10.9 ) 12.2 Total intangible assets $ 133.0 $ (51.9 ) $ 81.1 $ 135.1 $ (44.8 ) $ 90.3 The Company recorded $8.0 million, $8.4 million, and $8.5 million of amortization expense during fiscal 2023, 2022, and 2021, respectively. The Company estimates that it will record approximately $8.0 million of annual amortization expense in fiscal 2024 through 2028.

Goodwill

Goodwill	12 Months Ended
Goodwill	Mar. 31, 2023
Goodwill [Abstract]
Goodwill	Note 14: Goodwill The following table presents a roll forward of the carrying value of goodwill from March 31, 2021 to March 31, 2023 The Company has recast the March 31, 2022 and 2021 goodwill balances to be comparable with the current segment structure. There was no impact to the underlying reporting units as a result of the segment realignment during fiscal 2023. Climate Solutions Performance Technologies Total Balance, March 31, 2021 $ 110.5 $ 60.2 $ 170.7 Effect of exchange rate changes (2.4 ) (0.2 ) (2.6 ) Balance, March 31, 2022 108.1 60.0 168.1 Effect of exchange rate changes (2.4 ) (0.1 ) (2.5 ) Balance, March 31, 2023 $ 105.7 $ 59.9 $ 165.6 The Company tests goodwill for impairment annually, as of March 31, or more frequently if events or circumstances change that would, more likely than not, reduce the fair value of a reporting unit below its carrying value. To test goodwill for impairment, the Company determines the fair value of each reporting unit based upon the present value of estimated future cash flows and compares the fair value of each reporting unit with its carrying value. The Company’s determination of fair value involves judgment and the use of estimates and assumptions, including assumptions regarding the revenue growth rates and operating profit margins used to calculate estimated future cash flows and As a result of its annual goodwill impairment tests performed as of March 31, 2023, the Company determined that the fair value of each of the reporting units within its Climate Solutions and Performance Technologies segments exceeded their respective book values. At both March 31, 2023 and 2022, accumulated goodwill impairment losses totaled $40.8 million within the Performance Technologies segment .

Product Warranties and Other Co

Product Warranties and Other Commitments	12 Months Ended
Product Warranties and Other Commitments	Mar. 31, 2023
Product Warranties and Other Commitments [Abstract]
Product Warranties and Other Commitments	Note 15: Product Warranties and Other Commitments Product Warranties Many of the Company’s products are covered under a warranty period ranging from one Changes in accrued warranty costs were as follows: Years ended March 31, 2023 2022 Beginning balance $ 6.3 $ 5.2 Warranties recorded at time of sale 5.4 5.5 Adjustments to pre-existing warranties 0.9 (1.3 ) Settlements (5.6 ) (4.4 ) Reclassified from held for sale - 1.3 Effect of exchange rate changes (0.1 ) - Ending balance $ 6.9 $ 6.3 Indemnification Agreements From time to time, the Company provides indemnification agreements related to the sale or purchase of an entity or facility. These indemnification agreements cover customary representations and warranties typically provided in conjunction with such transactions, including income, sales, excise or other tax matters, environmental matters and other third-party claims. The indemnification periods provided generally range from less than one year to fifteen years. In addition, standard indemnification provisions reside in many commercial agreements to which the Company is a party and relate to responsibility in the event of potential third-party claims. The fair value of the Company’s outstanding indemnification obligations at March 31, 2023 was not material. Commitments At March 31, 2023, the Company had capital expenditure commitments of $ million Significant commitments include equipment expenditures to support expanding manufacturing capacity in the Climate Solutions segment and tooling and equipment expenditures for new and renewal programs with vehicular customers in the Performance Technologies segment. The Company utilizes inventory arrangements with certain vendors in the normal course of business under which the vendors maintain inventory stock at the Company’s facilities or at outside facilities. Title passes to the Company at the time goods are withdrawn for use in production. The Company has agreements with the vendors to use the material within a specific period of time. In some cases, the Company bears the risk of loss for the inventory because Modine is required to insure the inventory against damage and/or theft. This inventory is included within the Company’s consolidated balance sheets as raw materials inventory.

Leases

Leases	12 Months Ended
Leases	Mar. 31, 2023
Leases [Abstract]
Leases	Note 16: Leases The Company determines if an arrangement is a lease at contract inception. The lease term begins upon lease commencement, which is when the Company takes possession of the asset, and may include options to extend or terminate the lease when it is reasonably certain that such options will be exercised. The Company uses the lease term within its determination of the appropriate lease classification, either as an operating lease or as a finance lease, and to calculate straight-line lease expense for its operating leases. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company recognizes ROU assets and lease liabilities at the lease commencement date, based upon the present value of lease payments over the lease term. As its lease agreements typically do not provide an implicit interest rate, the Company primarily uses an incremental borrowing rate to calculate the ROU asset and lease liability. In determining the incremental borrowing rate, the Company considers its current collateralized borrowing rate, the term of the lease, and the economic environment where the lease activity is concentrated. The Company believes this method effectively estimates a borrowing rate that it could obtain for a debt instrument with similar terms as the lease agreement. Based upon its accounting policy, the Company does not separate lease and non-lease components for any asset class. In addition, the Company does not record short-term leases (i.e. leases with an initial term of 12 months or less) on its consolidated balance sheets. Certain leases require the Company to pay taxes, insurance, maintenance, and other operating expenses associated with the leased asset. Such amounts are not included in the measurement of the lease liability to the extent they are variable in nature. These variable lease costs are recognized as variable lease expense when incurred. The depreciable life of the ROU assets and related leasehold improvements are limited by the expected lease term, unless the lease contains a provision to transfer title to the Company or a purchase option that the Company expects to execute. The Company’s most significant leases represent leases of real estate, such as manufacturing facilities, warehouses, and offices. In addition, the Company leases manufacturing and IT equipment and vehicles. The Company’s most significant leases have remaining lease terms of 1 to 11 years. Certain leases contain renewal options for varying periods, which are at the Company’s discretion. If reasonably certain of exercise, the Company includes the renewal periods within the calculation of ROU assets and lease liabilities. The Company’s lease agreements do not contain material residual value guarantees or material restrictive covenants. Lease Assets and Liabilities The following table provides a summary of leases recorded on the consolidated balance sheets. Balance Sheet Location March 31, 2023 March 31, 2022 Lease Assets Operating lease ROU assets Other noncurrent assets $ 59.1 $ 52.1 Finance lease ROU assets (a) Property, plant and equipment - net 7.1 7.7 Lease Liabilities Operating lease liabilities Other current liabilities $ 11.8 $ 12.7 Operating lease liabilities Other noncurrent liabilities 48.9 41.2 Finance lease liabilities Long-term debt - current portion 0.4 0.4 Finance lease liabilities Long-term debt 2.3 2.8 (a) Finance lease ROU assets were recorded net of accumulated amortization of $3.2 million and $2.8 million as of March 31, 2023 and 2022, respectively. Components of Lease Expense The Company records operating lease expense as either cost of sales or SG&A expenses within its consolidated statements of operations, depending upon the nature and use of the ROU assets. The Company records finance lease expense as depreciation expense within cost of sales or SG&A expenses, depending upon the nature and use of the ROU assets, and as interest expense in its consolidated statements of operations. The components of lease expense were as follows: Years ended March 31, 2023 2022 2021 Operating lease expense (a) $ 21.9 $ 20.0 $ 19.5 Finance lease expense: Depreciation of ROU assets 0.5 0.5 0.5 Interest on lease liabilities 0.1 0.2 0.2 Total lease expense $ 22.5 $ 20.7 $ 20.2 (a) In fiscal 2023, 2022, and 2021 operating lease expense included short-term lease expense of $5.7 million, $4.2 million, and $3.5 million respectively. Variable lease expense was not significant. Supplemental Cash Flow Information Years ended March 31, 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 14.6 $ 15.7 $ 14.2 Financing cash flows for finance leases 0.5 0.6 0.6 ROU assets obtained in exchange for lease liabilities: Operating leases $ 21.2 $ 7.8 $ 9.8 Finance leases - 0.1 0.1 Lease Term and Discount Rates March 31, 2023 March 31, 2022 Weighted-average remaining lease term: Operating leases 8.3 years 8.5 years Finance leases 5.8 years 6.8 years Weighted-average discount rate: Operating leases 3.7 % 3.4 % Finance leases 4.6 % 4.6 % Maturity of Lease Liabilities Future minimum rental payments for leases with initial non-cancellable lease terms in excess of one year were as follows at March 31, 2023: Fiscal Year Operating Leases Finance Leases 2024 $ 13.8 $ 0.5 2025 11.5 0.5 2026 10.1 0.5 2027 8.4 0.5 2028 7.3 0.5 2029 19.2 0.6 Total lease payments 70.3 3.1 Less: Interest (9.6 ) (0.4 ) Present value of lease liabilities $ 60.7 $ 2.7

Indebtedness

Indebtedness	12 Months Ended
Indebtedness	Mar. 31, 2023
Indebtedness [Abstract]
Indebtedness	Note 17: Indebtedness In October 2022, the Company executed an amended and restated 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. This credit agreement modified the Company’s then existing $250.0 million revolver and term loan facilities, which would have matured in June 2024. In connection with the credit agreement modification during fiscal 2023, the Company incurred $2.2 million of debt issuance costs. Of these costs, the Company deferred $1.5 million, which will be amortized as interest expense over the term of the debt, and recorded $0.7 million as interest expense on the consolidated statement of operations. The Company paid $0.6 million for debt issuance costs during fiscal 2023 and the remaining issuance costs were added to the new term loan principal at the time of the modification. Long-term debt consisted of the following: Fiscal year of maturity March 31, 2023 March 31, 2022 Term loans 2028 $ 215.7 $ 163.7 5.9 2029 100.0 100.0 5.8 2027 33.3 41.7 Revolving credit facility 2028 - 64.9 Other (a) 2.7 3.2 351.7 373.5 Less: current portion (19.7 ) (21.7 ) Less: unamortized debt issuance costs (2.7 ) (3.4 ) Total long-term debt $ 329.3 $ 348.4 (a) Other long-term debt primarily includes finance lease obligations. Long-term debt, including the current portion of long-term debt, matures as follows: Fiscal Year 2024 $ 19.7 2025 19.7 2026 44.7 2027 44.7 2028 197.4 2029 25.5 Total $ 351.7 Borrowings under the revolving credit, swingline and term loan facilities bear interest at a variable rate, based upon the applicable reference rate and including a margin percentage dependent upon the Company’s leverage ratio, as described below. At March 31, 2023, the weighted-average interest rate for the term loans was 6.0 percent. 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 March 31, 2023, the Company had no outstanding borrowings related to the revolving credit and swingling facilities and domestic letters of credit totaled $5.4 million. As a result, available borrowing capacity under the Company’s revolving credit facility was $269.6 million as of March 31, 2023. At March 31, 2022, the Company’s borrowings under its revolving credit and swingline facilities totaled $64.9 million and $7.0 million, respectively. The Company also maintains credit agreements for its foreign subsidiaries. The outstanding short-term borrowings related to these foreign credit agreements totaled $3.7 million and $0.7 million at March 31, 2023 and March 31, 2022, respectively. Indebtedness under the Company’s credit agreement and Senior Note agreements is secured by liens on substantially all domestic assets. These agreements further require compliance with various covenants that may limit the Company’s ability to incur additional indebtedness; grant liens; make investments, loans, or guarantees; engage in certain transactions with affiliates; and make restricted payments including dividends. In addition, the agreements may require prepayment in the event of certain asset sales. Financial covenants within its credit agreements require the Company to limit its consolidated indebtedness, less a portion of its cash balances, both as defined by the credit agreements, to no more than three and one-quarter The Company estimates the fair value of long-term debt using discounted future cash flows at rates offered to the Company for similar debt instruments of comparable maturities. As of March 31, 2023 and 2022, the carrying value of the Company’s long-term debt approximated fair value, with the exception of the Senior Notes, which had an aggregate fair value of approximately $125.9 million and $138.9 million, respectively. The fair value of the Company’s long-term debt is categorized as Level 2 within the fair value hierarchy. Refer to Note 4 for the definition of a Level 2 fair value measurement.

Pension and Employee Benefit Pl

Pension and Employee Benefit Plans	12 Months Ended
Pension and Employee Benefit Plans	Mar. 31, 2023
Pension and Employee Benefit Plans [Abstract]
Pension and Employee Benefit Plans	Note 18: Pension and Employee Benefit Plans Defined Contribution Employee Benefit Plans The Company maintains a domestic 401(k) plan that allows employees to contribute a portion of their salary to help them save for retirement. The Company currently matches employee contributions up to 4.5 percent of their compensation. During fiscal 2021, as part of its response to the negative impacts of the COVID-19 pandemic, the Company suspended matching employee contributions for part of the year. The Company’s expense for defined contribution employee benefit plans during fiscal 2023, 2022, and 2021 was In addition, the Company maintains non-qualified deferred compensation plans for eligible employees, and various non-U.S. subsidiaries have government-required defined contribution plans in place, under which they contribute a percentage of employee earnings into accounts, consistent with local laws. Statutory Termination Plans Certain non-U.S. subsidiaries have statutory termination indemnity plans covering eligible employees. The benefits under these plans are based upon years of service and final average compensation levels or a monthly retirement benefit amount. These programs are substantially unfunded in accordance with local laws. Pension Plans The Company maintains non-contributory defined benefit pension plans that cover eligible domestic employees. These plans are closed to new participants. The primary domestic plans cover most domestic employees hired on or before December 31, 2003 and provide benefits based primarily upon years of service and average compensation for salaried and some hourly employees. Benefits for other hourly employees are based upon a monthly retirement benefit amount. Currently, the Company’s domestic pension plans do not include increases in annual earnings or future service in calculating the average annual earnings and years of credited service under the pension plan benefit formula. Certain non-U.S. subsidiaries of the Company also have legacy defined benefit plans which cover a smaller number of active employees and are substantially unfunded. The primary non-U.S. plans are maintained in Germany and Italy and are closed to new participants. The Company previously maintained a pension plan in Austria that conveyed to the buyer of the air-cooled automotive business during fiscal 2022; see Note 1 for additional information. In connection with funding relief provisions within the American Rescue Plan Act of 2021, the Company did not make cash contributions to its U.S. pension plans during fiscal 2023. during fiscal 2022 and 2021, respectively. during fiscal 2023, 2022, and 2021, respectively. Postretirement Plans The Company provides selected healthcare and life insurance benefits for eligible retired domestic employees. The Company periodically amends these unfunded plans to change the contribution rate of retirees and the amounts and forms of coverage. An annual limit on the Company’s cost is defined for the majority of these plans. The Company’s net periodic income for its postretirement plans in each of fiscal 2023, 2022, and 2021 was $0.3 million. Measurement Date The Company uses March 31 as the measurement date for its pension and postretirement plans. Changes in benefit obligations and plan assets, as well as the funded status of the Company’s global pension plans, were as follows: Years ended March 31, 2023 2022 Change in benefit obligation: Benefit obligation at beginning of year $ 228.6 $ 260.6 Service cost 0.2 0.3 Interest cost 8.1 7.3 Actuarial gain (25.8 ) (16.5 ) Benefits paid (16.1 ) (16.0 ) Disposition of air-cooled automotive business - (5.5 ) Effect of exchange rate changes (0.1 ) (1.6 ) Benefit obligation at end of year $ 194.9 $ 228.6 Change in plan assets: Fair value of plan assets at beginning of year $ 179.9 $ 183.3 Actual return on plan assets (12.0 ) 7.6 Benefits paid (16.1 ) (16.0 ) Employer contributions 1.5 5.0 Fair value of plan assets at end of year $ 153.3 $ 179.9 Funded status at end of year $ (41.6 ) $ (48.7 ) Amounts recognized in the consolidated balance sheets: Current liability $ (1.4 ) $ (1.5 ) Noncurrent liability (40.2 ) (47.2 ) $ (41.6 ) $ (48.7 ) As of March 31, 2023, 2022, and 2021, the benefit obligation associated with the Company’s non-U.S. pension plans totaled $21.2 million, $26.5 million, and $36.4 million, respectively. The $5.3 million decrease in the benefit obligation associated with non-U.S. pension plans as of March 31, 2023, compared with the prior year, was primarily due to net actuarial gains during the year from an increase in discount rates and employer contributions for benefits paid to plan participants which decreased the obligation by $4.4 million and $1.5 million, respectively, and to a lesser extent, the impact of foreign currency exchange rates. The decreases were partially offset by service and interest cost totaling $0.7 million. In fiscal 2022, the $9.9 million decrease was primarily due to the sale of the air-cooled automotive business in Austria, which resulted in a $5.5 million decrease. In addition, net actuarial gains during the year, the impact of foreign currency exchange rate changes, and employer contributions for benefits paid to plan participants decreased the obligation by $1.9 million, $1.6 million, and $1.5 million, respectively. The decreases were partially offset by service and interest cost totaling $0.6 million. The accumulated benefit obligation for pension plans was $194.4 million and $228.1 million as of March 31, 2023 and 2022, respectively. The net actuarial loss related to the pension plans recognized in accumulated other comprehensive loss was $123.5 million and $131.5 million as of March 31, 2023 and 2022, respectively. Costs for the Company’s global pension plans included the following components: Years ended March 31, 2023 2022 2021 Components of net periodic benefit cost: Service cost $ 0.2 $ 0.3 $ 0.4 Interest cost 8.1 7.3 7.9 Expected return on plan assets (11.6 ) (12.9 ) (11.5 ) Amortization of net actuarial loss 5.7 6.9 6.9 Settlements (a) - - 0.2 Net periodic benefit cost $ 2.4 $ 1.6 $ 3.9 Other changes in benefit obligation recognized in other comprehensive income: Net actuarial gain $ 2.1 $ 11.4 $ 33.8 Amortization of net actuarial loss (b) 5.7 8.6 7.1 Total recognized in other comprehensive income $ 7.8 $ 20.0 $ 40.9 (a) The settlement charges resulted from activity associated with the Company’s non-U.S. pension plans. (b) The fiscal amount includes of net actuarial losses written-off as a result of the sale of the Austrian for additional information. The Company amortized $ million, $ million, and $ million of net actuarial loss in fiscal 2023, 2022, and 2021, respectively. written-off in fiscal upon the sale of the Austrian million of the amortization was attributable to the Company’s non-U.S. pension plans in each of these years. The Company used a discount rate of 5.2% and 3.9% as of March 31, 2023 and 2022, respectively, for determining its benefit obligations under its U.S. pension plans. The Company used a weighted-average discount rate of 3.8% and 1.8% as of March 31, 2023 and 2022, respectively, for determining its benefit obligations under its non-U.S. pension plans. The Company used a discount rate of 3.9%, 3.2%, and 3.4% to determine its costs under its U.S. pension plans for fiscal 2023, 2022, and 2021, respectively. The Company used a weighted-average discount rate of 2.9%, 1.6%, and 1.4% to determine its costs under its non-U.S. pension plans for fiscal 2023, 2022, and 2021, respectively. The Company determined the discount rates used for its U.S. pension plans by modeling a portfolio of high-quality corporate bonds, with appropriate consideration given to expected defined benefit payment terms and duration of the respective pension obligations. The Company used a similar process to determine the discount rate for its non-U.S. pension obligations. Plan assets in the Company’s U.S. pension plans comprise 100 percent of the Company’s world-wide pension plan assets. The Company’s U.S. pension plan weighted-average asset allocations at the measurement dates of March 31, 2023 and 2022 were as follows: Target allocation Plan assets 2023 2022 Equity securities 76 % 76 % 74 % Debt securities 18 % 15 % 17 % Real estate investments 5 % 8 % 8 % Cash and cash equivalents 1 % 1 % 1 % 100 % 100 % 100 % Due to market conditions and other factors, including timing of benefit payments and other transactions, actual asset allocation may vary from the target allocation outlined above. The Company periodically rebalances the assets to the target allocations. As of March 31, 2023 and 2022, the Company’s pension plans did not directly own shares of Modine common stock. The Company employs a total return investment approach, whereby a mix of investments are used to maximize the long-term growth of principal, while avoiding excessive risk. The Company has established pension plan guidelines based upon an evaluation of market conditions, tolerance for risk and cash requirements for benefit payments. The Company measures and monitors investment risk on an ongoing basis through quarterly investment portfolio reviews, annual liability measurements and periodic asset/liability studies. The expected rate of return on U.S. plan assets is based upon historical return experience and forward-looking return expectations for major asset class categories. For fiscal 2023, U.S. pension plan expense, the expected rate of return on plan assets was 7.0 percent. For fiscal 2022, and 2021 U.S. pension plan expense, the expected rate of return on plan assets was 7.5 percent. For fiscal 2024 U.S. pension plan expense, the Company has assumed a rate of return on plan assets of 6.5 percent. The Company’s funding policy for its U.S. pension plans is to contribute annually, at a minimum, the amount necessary on an actuarial basis to provide for benefits in accordance with applicable laws and regulations. As a result of funding relief provisions within the American Rescue Plan Act of 2021, the Company does not expect to make cash contributions to its U.S. plans during fiscal 2024. Estimated pension benefit payments for the next ten fiscal years are as follows: Fiscal Year Estimated Pension Benefit Payments 2024 $ 15.5 2025 15.7 2026 15.6 2027 15.5 2028 15.4 2029 2033 72.4

Derivative Instruments

Derivative Instruments	12 Months Ended
Derivative Instruments	Mar. 31, 2023
Derivative Instruments [Abstract]
Derivative Instruments	Note 19: Derivative Instruments The Company uses derivative financial instruments from time to time as a tool to manage certain financial risks. The Company’s policy prohibits the use of leveraged derivatives. Accounting for derivatives and hedging activities requires derivative financial instruments to be measured at fair value and recognized as assets or liabilities in the consolidated balance sheets. All of the Company’s derivative financial instruments are categorized within Level 2 of the fair value hierarchy. Refer to Note 4 for the definition of a Level 2 fair value measurement. Commodity Derivatives The Company periodically enters into over-the-counter forward contracts related to forecasted purchases of aluminum and copper. The Company’s strategy in entering into these contracts is to reduce its exposure to changing market prices of these commodities. The Company designates certain commodity forward contracts as cash flow hedges for accounting purposes. Accordingly, for these designated hedges, the Company records unrealized gains and losses related to the change in the fair value of the contracts in accumulated other comprehensive income (loss) (“AOCI”) within shareholders’ equity and subsequently recognizes the gains and losses within cost of sales as the underlying inventory is sold. Foreign Exchange Contracts The Company’s foreign exchange risk management strategy uses derivative financial instruments to mitigate foreign currency exchange risk. The Company periodically enters into foreign currency forward contracts to hedge specific foreign currency-denominated assets and liabilities as well as forecasted transactions. The Company designates certain hedges of forecasted transactions as cash flow hedges for accounting purposes. Accordingly, for these designated hedges, the Company records unrealized gains and losses related to the change in the fair value of the contracts in AOCI within shareholders’ equity and subsequently recognizes the gains and losses as a component of earnings at the same time and in the same financial statement line that the underlying transactions impact earnings. The Company has not designated forward contracts related to foreign currency-denominated assets and liabilities as hedges. Accordingly, for these non-designated contracts, the Company records unrealized gains and losses related to changes in fair value in other income and expense. Gains and losses on these foreign currency contracts are offset by foreign currency gains and losses associated with the related assets and liabilities. The fair value of the Company’s derivative financial instruments recorded in the consolidated balance sheets were as follows: _ Balance Sheet Location March 31, 2023 March 31, 2022 Derivatives designated as hedges: Commodity derivatives Other current assets $ - $ 0.5 Foreign exchange contracts Other current assets 1.3 0.3 Derivatives not designated as hedges: Foreign exchange contracts Other current liabilities $ 0.2 $ 0.3 The amounts associated with derivative financial instruments that the Company designated for hedge accounting during the years ended March 31 were as follows: Gain (loss) recognized in other comprehensive income Statement of Operations Gain (loss) reclassified from AOCI 2023 2022 2021 Location 2023 2022 2021 Commodity derivatives $ (1.6 ) $ 1.1 $ 2.2 Cost of sales $ (1.0 ) $ 1.2 $ - Foreign exchange contracts 1.6 - - Net sales 0.6 - - Foreign exchange contracts 0.4 0.6 (0.1 ) Cost of sales 0.7 0.4 (0.1 ) Total gains (losses) $ 0.4 $ 1.7 $ 2.1 $ 0.3 $ 1.6 $ (0.1 ) The amounts associated with derivative financial instruments that the Company did not designate for hedge accounting were as follows: _ Statement of Operations Years ended March 31, _ Location 2023 2022 2021 Foreign exchange contracts Net sales $ (0.5 ) $ (0.6 ) $ - Foreign exchange contracts Other income (expense) - net (2.6 ) (0.8 ) 0.6 Total gains (losses) $ (3.1 ) $ (1.4 ) $ 0.6

Risks, Uncertainties, Contingen

Risks, Uncertainties, Contingencies and Litigation	12 Months Ended
Risks, Uncertainties, Contingencies and Litigation	Mar. 31, 2023
Risks, Uncertainties, Contingencies and Litigation [Abstract]
Risks, Uncertainties, Contingencies and Litigation	Note 20: Risks, Uncertainties, Contingencies and Litigation Supply Chain Disruptions and Inflationary Market Conditions Market and economic dynamics, including the impacts of the COVID-19 pandemic, have contributed to global supply chain challenges and inflationary market conditions. Since the fourth quarter of fiscal 2022, the military conflict between Russia and Ukraine and the related sanctions imposed by governments in the U.S. and abroad have also impacted these market conditions. The Company is focused on mitigating the negative impacts of labor shortages, supply chain challenges and inflationary market conditions, including changing raw material, energy and logistic costs, as well as delays and shortages in certain purchased commodities and components. At this time, the Company cannot reasonably estimate the full impact that the supply chain challenges and other related economic and market dynamics will have on the Company’s business, results of operations and cash flows in the future. Credit Risk The Company invests excess cash primarily in investment quality, short-term liquid debt instruments. Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of accounts receivable. The Company sells a broad range of products that provide thermal solutions to customers operating throughout the world. In fiscal 2023 and 2022, no customers accounted for more than ten percent of the Company’s total sales. In fiscal 2021, one vehicular customer accounted for more than ten percent of the Company’s total sales. Sales to the Company’s top ten customers were 39 percent, 39 percent, and 43 percent of total sales in fiscal 2023, 2022, and 2021, respectively. At March 31, 2023 and 2022, 37 percent and 29 percent, respectively, of the Company’s trade accounts receivable were due from the Company’s top ten customers. These customers operate primarily in the commercial vehicle, off-highway, automotive and light vehicle, data center cooling, and commercial air conditioning and refrigeration markets. The Company generally does not require collateral or advanced payments from its customers. The Company has not experienced significant credit losses to customers in the markets served. The Company manages credit risk through its focus on the following: • Cash and investments – reviewing cash deposits and short-term investments to ensure banks have credit ratings acceptable to the Company and that short-term investments are maintained in secured or guaranteed instruments; • Accounts receivable – performing periodic customer credit evaluations and actively monitoring their financial condition and applicable business news; • Pension assets – ensuring that investments within pension plans provide appropriate diversification, monitoring of investment teams, ensuring that portfolio managers adhere to the Company’s investment policies and directives, and ensuring that exposure to high risk investments is limited; and • Insurance – ensuring that insurance providers maintain financial ratings that are acceptable to the Company. Counterparty Risk The Company manages counterparty risk through its focus on the following: • Customers – performing thorough reviews of customer credit reports and accounts receivable aging reports by internal credit committees; • Suppliers – maintaining a supplier risk management program and utilizing industry sources to identify and mitigate high risk situations; and • Derivatives – ensuring that counterparties to derivative instruments maintain credit ratings that are acceptable to the Company. Environmental The Company has recorded environmental investigation and remediation accruals related to manufacturing facilities in the U.S., one of which the Company currently owns and operates, and at its former manufacturing facility in the Netherlands. These accruals primarily relate to soil and groundwater contamination at facilities where past operations followed practices and procedures that were considered acceptable under then-existing regulations, or where the Company is a successor to the obligations of prior owners, and current laws and regulations require investigative and/or remedial work to ensure sufficient environmental compliance. In instances where a range of loss can be reasonably estimated for a probable environmental liability, but no amount within the range is a better estimate than any other amount, the Company accrues the minimum of the range. The Company’s accruals for environmental matters totaled $17.6 million and $18.2 million at March 31, 2023 and 2022, respectively. During fiscal 2023 and 2022, the Company increased its remediation accrual related to a former manufacturing facility in the U.S. by $1.0 million and $3.4 million, respectively. 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	12 Months Ended
Accumulated Other Comprehensive Loss	Mar. 31, 2023
Accumulated Other Comprehensive Loss [Abstract]
Accumulated Other Comprehensive Loss	Note 21: Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss were as follows: Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Balance, March 31, 2022 $ (39.1 ) $ (111.1 ) $ 0.7 $ (149.5 ) Other comprehensive income (loss) before reclassifications (18.4 ) 2.5 0.4 (15.5 ) Reclassifications: Amortization of unrecognized net loss (a) - 5.3 - 5.3 Realized gains - net (b) - - (0.3 ) (0.3 ) Income taxes - (1.1 ) - (1.1 ) Total other comprehensive income (loss) (18.4 ) 6.7 0.1 (11.6 ) Balance, March 31, 2023 $ (57.5 ) $ (104.4 ) $ 0.8 $ (161.1 ) Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Balance, March 31, 2021 $ (31.0 ) $ (130.8 ) $ 0.6 $ (161.2 ) Other comprehensive income (loss) before reclassifications (8.1 ) 11.5 1.7 5.1 Reclassifications: Amortization of unrecognized net loss (a) - 6.5 - 6.5 Unrecognized net pension loss in disposed business (c) - 1.7 - 1.7 Realized gains - net (b) - - (1.6 ) (1.6 ) Income taxes - - - - Total other comprehensive income (loss) (8.1 ) 19.7 0.1 11.7 Balance, March 31, 2022 $ (39.1 ) $ (111.1 ) $ 0.7 $ (149.5 ) (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 18 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. See Note 19 for additional information regarding derivative instruments. (c) As a result of the sale of the Austrian air-cooled automotive business, the Company wrote-off $1.7 million of net actuarial losses related to its pension plan as a component of the loss on sale recorded during fiscal 2022. See Note 1 for additional information.

Segment and Geographic Informat

Segment and Geographic Information	12 Months Ended
Segment and Geographic Information	Mar. 31, 2023
Segment and Geographic Information [Abstract]
Segment and Geographic Information	Note 22: Segment and Geographic Information The Company’s product lines consist of heat-transfer systems and components. The Company serves commercial, industrial, and building HVAC&R markets and vehicular markets. The Company’s Climate Solutions segment provides heat transfer products, heating, ventilating, air conditioning and refrigeration products and data center cooling solutions to global customers. The Company’s Performance Technologies segment designs and manufactures air-and liquid-cooled technology for vehicular, stationary power, and industrial applications. In addition, the Performance Technologies segment provides advanced thermal solutions to zero-emission and hybrid commercial vehicle and automotive customers and coatings products and application services. Each operating segment is managed by a president and has separate financial results reviewed by the Company’s chief operating decision maker. Financial results, including net sales, gross profit, gross margin and operating income, together with other considerations, are used by the chief operating decision maker in evaluating the performance of each segment and in making decisions on the allocation of resources among the Company’s various businesses. Effective April 1, 2022, the Company began managing its operations under two operating segments, Climate Solutions and Performance Technologies. The Climate Solutions segment includes the previously-reported BHVAC and CIS segments, with the exception of CIS Coatings. The Performance Technologies segment includes the previously-reported HDE and Automotive segments and the CIS Coatings business. See Note 3 for information regarding the primary operating activities of each segment. The Company’s new segment structure aligns businesses serving similar or complimentary end markets, products and technologies under common segment management. The Company believes this simplified segment structure allows it to better focus resources on targeted growth opportunities and allows for an efficient application of 80/20 principles across all product lines to optimize profit margins and cash flow. The segment realignment had no impact on the Company’s consolidated financial position, results of operations, and cash flows. Segment financial information for the prior periods has been recast to conform to the current presentation. The following is a summary of net sales, gross profit, and operating income by segment. See Note 3 for additional information regarding net sales by product groups within each segment. Year ended March 31, 2023 External Sales Inter-segment Sales Total Net sales: Climate Solutions $ 1,011.5 $ 0.4 $ 1,011.9 Performance Technologies 1,286.4 29.8 1,316.2 Segment total 2,297.9 30.2 2,328.1 Corporate and eliminations - (30.2 ) (30.2 ) Net sales $ 2,297.9 $ - $ 2,297.9 Year ended March 31, 2022 External Sales Inter-segment Sales Total Net sales: Climate Solutions $ 910.1 $ 0.4 $ 910.5 Performance Technologies 1,140.0 32.4 1,172.4 Segment total 2,050.1 32.8 2,082.9 Corporate and eliminations - (32.8 ) (32.8 ) Net sales $ 2,050.1 $ - $ 2,050.1 Year ended March 31, 2021 External Sales Inter-segment Sales Total Net sales: Climate Solutions $ 731.1 $ 0.1 $ 731.2 Performance Technologies 1,077.3 31.5 1,108.8 Segment total 1,808.4 31.6 1,840.0 Corporate and eliminations - (31.6 ) (31.6 ) Net sales $ 1,808.4 $ - $ 1,808.4 Inter-segment sales are accounted for based upon an established markup over production costs. Net sales for Corporate and eliminations primarily represent the elimination of inter-segment sales. Years ended March 31, 2023 2022 2021 Gross profit: _ $’s % of sales _ $’s % of sales _ $’s % of sales Climate Solutions $ 223.6 22.1 % $ 166.3 18.3 % $ 136.6 18.7 % Performance Technologies 166.1 12.6 % 142.2 12.1 % 157.1 14.2 % Segment total 389.7 16.7 % 308.5 14.8 % 293.7 16.0 % Corporate and eliminations (0.3 ) - 0.8 - (0.3 ) - Gross profit $ 389.4 16.9 % $ 309.3 15.1 % $ 293.4 16.2 % Years ended March 31, Operating income: 2023 2022 2021 Climate Solutions $ 124.1 $ 73.4 $ 49.9 Performance Technologies 65.6 77.4 (109.1 ) Segment total 189.7 150.8 (59.2 ) Corporate and eliminations (a) (39.3 ) (31.6 ) (38.5 ) Operating income (loss) $ 150.4 $ 119.2 $ (97.7 ) (a) The operating loss for Corporate includes certain research and development costs, legal, finance and other general corporate and central services expenses, and other costs that are either not directly attributable to an operating segment or not considered when management evaluates segment performance. The following is a summary of segment assets, comprised entirely of trade accounts receivable and inventories, and other assets: March 31, Assets: 2023 2022 Climate Solutions $ 334.8 $ 291.7 Performance Technologies 388.1 357.0 Other (a) 843.0 778.3 Total assets $ 1,565.9 $ 1,427.0 (a) Represents cash and cash equivalents, other current assets, property plant and equipment, intangible assets, goodwill, deferred income taxes, and other noncurrent assets for the Climate Solutions and Performance Technologies segments and Corporate. The following is a summary of capital expenditures and depreciation and amortization expense by segment: Years ended March 31, Capital expenditures: 2023 2022 2021 Climate Solutions $ 24.2 $ 9.9 $ 7.2 Performance Technologies 25.2 29.2 25.0 Corporate 1.3 1.2 0.5 Total capital expenditures $ 50.7 $ 40.3 $ 32.7 Years ended March 31, Depreciation and amortization expense: 2023 2022 2021 Climate Solutions $ 21.7 $ 23.6 $ 24.9 Performance Technologies (a) 31.8 29.9 42.1 Corporate 1.0 1.3 1.6 Total depreciation and amortization expense $ 54.5 $ 54.8 $ 68.6 (a) During fiscal 2021, upon classifying the liquid- and air-cooled automotive businesses as held for sale, the Company ceased depreciating the long-lived assets within the disposal groups. In fiscal 2022, the Company resumed depreciating the long-lived assets within the liquid-cooled automotive business when it no longer met the requirements to be classified as held for sale. See Note 2 for additional information. The following is a summary of net sales by geographic area, based upon the location of the selling unit: Years ended March 31, 2023 2022 2021 United States $ 1,139.3 $ 949.6 $ 765.7 Italy 249.5 232.0 188.6 Hungary 210.7 185.2 153.7 China 151.6 166.0 217.6 Brazil 103.6 81.2 48.5 United Kingdom 93.6 118.6 96.4 Other 349.6 317.5 337.9 Net sales $ 2,297.9 $ 2,050.1 $ 1,808.4 The following is a summary of property, plant and equipment by geographic area: March 31, 2023 2022 United States $ 96.4 $ 83.6 Hungary 40.8 44.0 China 40.2 45.6 Mexico 34.0 38.5 Italy 32.8 33.2 Other 70.3 70.5 Total property, plant and equipment $ 314.5 $ 315.4

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
Schedule II - Valuation and Qualifying Accounts	Mar. 31, 2023
Schedule II - Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	MODINE MANUFACTURING COMPANY AND SUBSIDIARIES (A Wisconsin Corporation) SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS For the years ended March 31, 2023, 2022 and 2021 (In millions) Additions Description Balance at Beginning of Period Charged (Benefit) to Costs and Expenses Charged to Other Accounts Reclassified from (to) Held for Sale Balance at End of Period 2023: Valuation Allowance for Deferred Tax Assets $ 112.2 $ (49.7 ) $ (0.9 ) (a) $ - $ 61.6 2022: Valuation Allowance for Deferred Tax Assets $ 90.7 $ (4.6 ) $ (1.0 ) (a) $ 27.1 $ 112.2 2021: Valuation Allowance for Deferred Tax Assets $ 46.9 $ 86.2 $ 2.8 (a) $ (45.2 ) $ 90.7 (a) Foreign currency translation and other adjustments.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2023
Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company prepares its consolidated financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States. These principles require management to make certain estimates and assumptions in determining assets, liabilities, revenue, expenses and related disclosures. Actual amounts could differ materially from those estimates.
Consolidation Principles	Consolidation Principles The consolidated financial statements include the accounts of Modine Manufacturing Company and its majority-owned or Modine-controlled subsidiaries. The Company eliminates intercompany transactions and balances in consolidation.
Revenue Recognition	Revenue Recognition The Company recognizes revenue based upon consideration specified in a contract and as it satisfies performance obligations by transferring control over its products to its customers, which may be at a point in time or over time. The majority of the Company’s revenue is recognized at a point in time, based upon shipment terms. A portion of the Company’s revenue is recognized over time, based upon estimated progress toward satisfaction of the contractual performance obligations. See Note 3 for additional information.
Shipping and Handling Costs	Shipping and Handling Costs The Company records shipping and handling costs incurred upon the shipment of products to its customers in cost of sales, and related amounts billed to these customers in net sales.
Trade Accounts Receivable	Trade Accounts Receivable The Company records trade receivables at the invoiced amount. Trade receivables do not bear interest if paid according to the original terms. The Company maintains an allowance for credit losses, representing its estimate of expected losses associated with its trade accounts receivable. The Company bases its estimate using historical loss experience and considers the aging of the receivables and risks specific to customers where appropriate. At March 31, 2023 and 2022, the allowance for credit losses was $2.2 million and $1.7 million, respectively. The changes to the Company’s allowance for credit losses during fiscal 2023 and 2022 were not material and primarily consisted of current-period provisions, write-offs charged against the allowance, recoveries collected, and foreign currency translation. The Company enters into supply chain financing programs from time to time to sell accounts receivable, without recourse, to third-party financial institutions. Sales of accounts receivable are reflected as a reduction of accounts receivable on the consolidated balance sheets and the proceeds are included in cash flows from operating activities in the consolidated statements of cash flows. During fiscal 2023, 2022, and 2021, the Company sold $150.6 million, $126.4 million, and $88.7 million, respectively, of accounts receivable to accelerate cash receipts. During fiscal 2023, 2022, and 2021, the Company recorded costs totaling related to selling accounts receivable
Warranty	Warranty The Company provides product warranties for specific product lines and accrues for estimated future warranty costs in the period in which the sale is recorded. The Company records warranty expense, within cost of sales, based upon historical and current claims data or based upon estimated future claims. Accrual balances, which are recorded within other current liabilities, are monitored and adjusted if it is probable that expected claims will differ from previous estimates. See Note 15 for additional information.
Tooling	Tooling The Company accounts for production tooling costs as a component of property, plant and equipment when it owns title to the tooling and amortizes the capitalized cost to cost of sales over the estimated life of the asset, which is generally . At March 31, 2023 and 2022 Company-owned tooling totaled and , respectively. In certain instances, tooling is owned by the customer. At the time customer-owned tooling is completed and customer acceptance is obtained, the Company records tooling revenue and related production costs within net sales and cost of sales, respectively, in the consolidated statements of operations. If the customer has agreed to reimburse the Company, unbilled customer-owned tooling costs are recorded as a receivable within other current assets. No significant arrangements exist where customer-owned tooling costs were not accompanied by guaranteed reimbursement. At March 31, 2023 and 2022 customer-owned tooling receivables totaled and , respectively.
Stock-based Compensation	Stock-based Compensation The Company recognizes stock-based compensation using the fair value method. Accordingly, compensation expense for stock options, restricted stock and performance-based stock awards is calculated based upon the fair value of the instruments at the time of grant and is recognized as expense over the respective vesting periods. See Note 5 for additional information.
Research and Development	Research and Development The Company expenses research and development costs as incurred within SG&A expenses. During fiscal , research and development costs totaled
Translation of Foreign Currencies	Translation of Foreign Currencies The Company translates assets and liabilities of foreign subsidiaries into U.S. dollars at the period-end exchange rates and translates income and expense items at the monthly average exchange rate for the period in which the transactions occur. The Company reports resulting translation adjustments within accumulated other comprehensive income (loss) within shareholders’ equity. The Company includes foreign currency transaction gains or losses in the statement of operations within other income and expense.
Derivative Instruments	Derivative Instruments The Company enters into derivative financial instruments from time to time to manage certain financial risks. The Company enters into forward contracts to reduce exposure to changing future purchase prices for aluminum and copper and into foreign currency exchange contracts to hedge specific foreign currency-denominated assets and liabilities as well as forecasted transactions. The Company designates certain derivative financial instruments as cash flow hedges for accounting purposes. These instruments are used to manage financial risks and are not speculative. See Note 19 for additional information.
Income Taxes	Income Taxes The Company determines deferred tax assets and liabilities based upon the difference between the amounts reported in the financial statements and the tax basis of assets and liabilities, using enacted tax rates in effect in the years in which the differences are expected to reverse. The Company establishes a valuation allowance if it is more likely than not that a deferred tax asset, or portion thereof, will not be realized. The Company records the tax effects of global intangible low-taxed income (“GILTI”) as a period expense in the applicable tax year. The Company uses the portfolio approach for releasing income tax effects from accumulated other comprehensive income (loss). See Note 8 for additional information.
Earnings per Share	Earnings per Share The Company calculates basic earnings per share based upon the weighted-average number of common shares outstanding during the period, while the calculation of diluted earnings per share includes the dilutive effect of potential common shares outstanding during the period. The calculation of diluted earnings per share excludes potential common shares if their inclusion would have an anti-dilutive effect. See Note 9 for additional information.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly-liquid investments with original maturities of three months or less to be cash equivalents.
Short-term Investments	Short-term Investments The Company invests in time deposits with original maturities of more than three months but not more than one year. The Company records these short-term investments at cost, which approximates fair value, within other current assets in the consolidated balance sheets. As of March 31, 2023 and 2022, the Company’s short-term investments totaled $3.5 million and $3.7 million, respectively.
Inventories	Inventories The Company values inventories using a first-in, first-out or weighted-average basis, at the lower of cost and net realizable value.
Property, Plant and Equipment	Property, Plant and Equipment The Company records property, plant and equipment at cost. For financial reporting purposes, the Company computes depreciation using the straight-line method over the expected useful lives of the assets. The Company expenses maintenance and repair costs as incurred. The Company capitalizes costs of improvements. Upon the sale or other disposition of an asset, the Company removes the cost and related accumulated depreciation from the accounts and includes the gain or loss in the consolidated statements of operations. Capital expenditures of , and were accrued within accounts payable at March 31, 2023, 2022 and 2021 respectively.
Leases	Leases The Company’s most significant leases represent leases of real estate, such as manufacturing facilities, warehouses, and office buildings. The Company also leases manufacturing and information technology equipment and vehicles. The Company recognizes right-of-use (“ROU”) assets and lease liabilities at the lease commencement date, based upon the present value of lease payments over the lease term. See Note 16 for additional information.
Goodwill	Goodwill The Company does not amortize goodwill; rather, it tests for impairment annually unless conditions exist that would require a more frequent evaluation. The Company performs an assessment of the fair value of its reporting units for goodwill impairment testing based upon, among other things, the present value of expected future cash flows. The Company performed its goodwill impairment test as of March 31, 2023 and determined the fair value of each of its reporting units exceeded the respective book value. See Note 14 for additional information.
Impairment of Held and Used Long-lived Assets	I mpairment of Held and Used Long-lived Assets The Company reviews held and used long-lived assets, including property, plant and equipment and intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be fully recoverable. In these instances, the Company compares the undiscounted future cash flows expected to be generated from the asset with its carrying value. If the asset’s carrying value exceeds expected future cash flows, the Company measures and records an impairment loss, if any, as the amount by which the carrying value of the asset exceeds its fair value. The Company estimates fair value using a variety of valuation techniques, including discounted cash flows, market values and comparison values for similar assets.
Assets Held for Sale	Assets Held for Sale The Company classifies an asset as held for sale when (i) management approves and commits to a formal plan to actively market the asset for sale at a reasonable price in relation to its fair value; (ii) the asset is available for immediate sale in its present condition; (iii) an active program to locate a buyer and other actions required to complete the sale have been initiated; (iv) the sale of the asset is expected to be completed within one year; and (v) it is unlikely that significant changes will be made to the plan. Upon classification as held for sale, the Company records the carrying value of the asset at the lower of its carrying value or its estimated fair value, less costs to sell. In addition, the Company ceases to record depreciation for assets held for sale. See Note 2 for additional information.
Deferred Compensation Trusts	Deferred Compensation Trusts The Company maintains deferred compensation trusts to fund future obligations under its non-qualified deferred compensation plans. The trusts’ investments in third-party debt and equity securities are presented within other noncurrent assets in the consolidated balance sheets.
Self-insurance Reserves	Self-insurance Reserves The Company retains a portion of the financial risk for certain insurance coverage, including property, general liability, workers compensation, and employee healthcare, and therefore maintains reserves that estimate the impact of unreported and under-reported claims that fall below various stop-loss limits and deductibles under its insurance policies. The Company maintains reserves for the estimated settlement cost of known claims, as well as estimates of incurred but not reported claims. The Company charges costs of claims, including the impact of changes in reserves due to claim experience and severity, to cost of sales or SG&A expenses. The Company reviews and updates the amount of its insurance-related reserves on a quarterly basis.
Environmental Liabilities	Environmental Liabilities The Company records liabilities for environmental assessments and remediation activities in the period in which its responsibility is probable and the costs can be reasonably estimated. The Company records environmental indemnification assets from third parties, including prior owners, when recovery is probable. To the extent that the required remediation procedures change, or additional contamination is identified, the Company’s estimated environmental liabilities may also change. See Note 20 for additional information.
New Accounting Guidance	New Accounting Guidance Supplier Finance Programs In September 2022, the Financial Accounting Standards Board (“FASB”) issued new guidance that will require companies that use supplier finance programs to disclose information about the programs, including key terms, outstanding obligations under such programs and where outstanding amounts are presented within their financial statements. In addition, a roll forward of obligations under supplier finance programs will be required annually. The new guidance is effective for the Company’s fiscal 2024 financial statements, with the exception of the roll forward disclosure requirement, which will become effective one year later. The Company is currently evaluating the new disclosures, but does not expect the guidance will have a material impact on its consolidated financial statements. Income Tax Simplification In December 2019, the FASB issued new guidance designed to simplify the accounting for income taxes. The new guidance eliminated certain exceptions related to the approach for intraperiod tax allocations and the methodology for deferred tax liabilities. The Company adopted this guidance as of April 1, 2021. The adoption did not have a material impact on the Company’s consolidated financial statements. Credit Losses In June 2016, the FASB issued new guidance related to the accounting for credit losses for certain financial assets, including trade accounts receivable and contract assets. The new guidance modified 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.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
Significant Accounting Policies (Tables)	Mar. 31, 2023
Significant Accounting Policies [Abstract]
Supplemental Cash Flow Information	S upplemental Cash Flow Information Years ended March 31, 2023 2022 2021 Interest paid $ 18.4 $ 14.1 $ 17.9 Income taxes paid 31.9 21.8 19.7

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
Revenue Recognition (Tables)	Mar. 31, 2023
Revenue Recognition [Abstract]
Disaggregation of Revenue	The tables below present revenue for each of the Company’s operating segments, Climate Solutions and Performance Technologies. Each segment’s revenue is disaggregated by product group, by geographic location and based upon the timing of revenue recognition. Effective April 1, 2022, the Company began managing its operations under two operating segments, Climate Solutions and Performance Technologies. The Climate Solutions segment includes the previously-reported Building HVAC Systems (“BHVAC”) and the Commercial and Industrial Solutions (“CIS”) segments, with the exception of CIS Coatings. The Performance Technologies segment includes the previously-reported Heavy Duty Equipment (“HDE”) and Automotive segments and the CIS Coatings business. See Note 22 for additional information regarding the Company’s operating segments. The disaggregated revenue information presented in the tables below for fiscal 2022 and 2021 has been recast to be comparable with the fiscal 2023 presentation. Year ended March 31, 2023 Climate Solutions Performance Technologies Segment Total Product groups: Heat transfer $ 521.2 $ - $ 521.2 HVAC & refrigeration 336.3 - 336.3 Data center cooling 154.0 - 154.0 Air-cooled - 658.6 658.6 Liquid-cooled - 483.9 483.9 Advanced solutions - 143.9 143.9 Inter-segment sales 0.4 29.8 30.2 Net sales $ 1,011.9 $ 1,316.2 $ 2,328.1 Geographic location: Americas $ 580.9 $ 702.0 $ 1,282.9 Europe 406.0 408.5 814.5 Asia 25.0 205.7 230.7 Net sales $ 1,011.9 $ 1,316.2 $ 2,328.1 Timing of revenue recognition: Products transferred at a point in time $ 959.8 $ 1,242.3 $ 2,202.1 Products transferred over time 52.1 73.9 126.0 Net sales $ 1,011.9 $ 1,316.2 $ 2,328.1 Year ended March 31, 2022 Climate Solutions Performance Technologies Segment Total Product groups: Heat transfer $ 488.3 $ - $ 488.3 HVAC & refrigeration 325.5 - 325.5 Data center cooling 96.3 - 96.3 Air-cooled - 572.3 572.3 Liquid-cooled - 448.3 448.3 Advanced solutions - 119.4 119.4 Inter-segment sales 0.4 32.4 32.8 Net sales $ 910.5 $ 1,172.4 $ 2,082.9 Geographic location: Americas $ 485.9 $ 585.6 $ 1,071.5 Europe 396.7 375.7 772.4 Asia 27.9 211.1 239.0 Net sales $ 910.5 $ 1,172.4 $ 2,082.9 Timing of revenue recognition: Products transferred at a point in time $ 889.3 $ 1,093.7 $ 1,983.0 Products transferred over time 21.2 78.7 99.9 Net sales $ 910.5 $ 1,172.4 $ 2,082.9 Year ended March 31, 2021 Climate Solutions Performance Technologies Segment Total Product groups: Heat transfer $ 386.9 $ - $ 386.9 HVAC & refrigeration 279.7 - 279.7 Data center cooling 64.5 - 64.5 Air-cooled - 520.3 520.3 Liquid-cooled - 458.9 458.9 Advanced solutions - 98.1 98.1 Inter-segment sales 0.1 31.5 31.6 Net sales $ 731.2 $ 1,108.8 $ 1,840.0 Geographic location: Americas $ 379.7 $ 472.0 $ 851.7 Europe 307.0 411.1 718.1 Asia 44.5 225.7 270.2 Net sales $ 731.2 $ 1,108.8 $ 1,840.0 Timing of revenue recognition: Products transferred at a point in time $ 722.7 $ 1,044.7 $ 1,767.4 Products transferred over time 8.5 64.1 72.6 Net sales $ 731.2 $ 1,108.8 $ 1,840.0
Contract Assets and Contract Liabilities from Contracts with Customers	Contract assets and contract liabilities from contracts with customers were as follows: March 31, 2023 March 31, 2022 Contract assets $ 19.3 $ 26.8 Contract liabilities 21.5 11.8

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2023
Fair Value Measurements [Abstract]
Fair Value of Pension Plan Assets	Plan assets related to the Company’s pension plans were classified as follows: March 31, 2023 Level 1 Level 2 Total Money market investments $ - $ 1.9 $ 1.9 Pooled equity funds 34.9 - 34.9 Other - 0.4 0.4 Fair value excluding investments measured at net asset value 34.9 2.3 37.2 Investments measured at net asset value 116.1 Total fair value $ 153.3 March 31, 2022 Level 1 Level 2 Total Money market investments $ - $ 2.2 $ 2.2 Fixed income securities - 9.1 9.1 Pooled equity funds 40.4 - 40.4 U.S. government and agency securities - 11.8 11.8 Other 0.1 1.4 1.5 Fair value excluding investment measured at net asset value 40.5 24.5 65.0 Investments measured at net asset value 114.9 Total fair value $ 179.9

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
Stock-Based Compensation (Tables)	Mar. 31, 2023
Stock-Based Compensation [Abstract]
Assumptions Used in Determining Fair Value of Options	The Company estimated the fair value of option awards on the date of grant using the Black-Scholes option valuation model and the following assumptions: Years ended March 31, 2023 2022 2021 Fair value of options $ 6.99 $ 8.79 $ 3.46 Expected life of awards in years 6.0 6.1 6.1 Risk-free interest rate 3.0 % 1.1 % 0.4 % Expected volatility of the Company’s stock 57.8 % 56.5 % 54.1 % Expected dividend yield on the Company’s stock 0.0 % 0.0 % 0.0 %
Stock Option Activity	A summary of stock option activity for fiscal 2023 was as follows: Shares Weighted-average exercise price Weighted-average remaining contractual term (years) Aggregate intrinsic value Outstanding, beginning of year 1.0 $ 12.12 Granted 0.2 12.40 Exercised (0.2 ) 11.77 Forfeited or expired (0.1 ) 12.26 Outstanding, end of year 0.9 $ 12.28 7.1 $ 9.6 Exercisable, March 31, 2023 0.4 $ 12.46 5.5 $ 4.3
Information Related to Stock Options Exercised	Additional information related to stock options exercised is as follows: Years ended March 31, 2023 2022 2021 Intrinsic value of stock options exercised $ 1.5 $ 0.1 $ 1.4 Proceeds from stock options exercised 2.9 1.4 4.1
Restricted Stock Activity	A summary of restricted stock activity for fiscal 2023 was as follows: Shares Weighted-average price Non-vested balance, beginning of year 0.7 $ 11.61 Granted 0.5 13.60 Vested (0.3 ) 11.85 Forfeited (0.1 ) 10.58 Non-vested balance, end of year 0.8 $ 12.95

Restructuring Activities (Table

Restructuring Activities (Tables)	12 Months Ended
Restructuring Activities (Tables)	Mar. 31, 2023
Restructuring Activities [Abstract]
Restructuring and Repositioning Expenses	Restructuring and repositioning expenses were as follows: Years ended March 31, 2023 2022 2021 Employee severance and related benefits $ 3.5 $ 22.1 $ 11.7 Other restructuring and repositioning expenses 1.5 2.0 1.7 Total $ 5.0 $ 24.1 $ 13.4
Changes in Accrued Severance	The Company accrues severance in accordance with its written plans, procedures, and relevant statutory requirements. Changes in accrued severance were as follows: Years ended March 31, 2023 2022 Beginning balance $ 20.2 $ 4.0 Additions 3.5 22.1 Payments (12.4 ) (5.7 ) Reclassified from held for sale - 0.4 Effect of exchange rate changes (0.7 ) (0.6 ) Ending balance $ 10.6 $ 20.2

Other Income and Expense (Table

Other Income and Expense (Tables)	12 Months Ended
Other Income and Expense (Tables)	Mar. 31, 2023
Other Income and Expense [Abstract]
Other Income and Expense	Other income and expense consisted of the following: Years ended March 31, 2023 2022 2021 Interest income $ 1.3 $ 0.4 $ 0.5 Foreign currency transactions (a) (3.7 ) (1.4 ) 0.6 Net periodic benefit cost (b) (2.0 ) (1.1 ) (3.3 ) Total other expense - net $ (4.4 ) $ (2.1 ) $ (2.2 ) (a) Foreign currency transactions primarily consist of foreign currency transaction gains and losses on the re-measurement or settlement of foreign currency-denominated assets and liabilities, including transactions denominated in a foreign currency and intercompany loans (b) Net periodic benefit cost for the Company’s pension and postretirement plans is exclusive of service cost .

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Mar. 31, 2023
Income Taxes [Abstract]
Earnings (Loss) Before Income Taxes	Years ended March 31, 2023 2022 2021 Components of earnings (loss) before income taxes: United States $ 12.5 $ 0.4 $ (48.7 ) Foreign 112.8 101.1 (70.6 ) Total earnings (loss) before income taxes $ 125.3 $ 101.5 $ (119.3 )
Income Tax (Benefit) Provision	Income tax (benefit) provision: Federal: Current $ 1.5 $ 0.1 $ (0.1 ) Deferred (47.5 ) - 58.3 State: Current 2.3 1.1 0.4 Deferred (11.4 ) - 9.2 Foreign: Current 27.5 17.8 22.0 Deferred (0.7 ) (3.8 ) 0.4 Total income tax (benefit) provision $ (28.3 ) $ 15.2 $ 90.2
Reconciliation of U.S. Federal Statutory Rate to Effective Tax Rate	The reconciliation between the U.S. federal statutory rate and the Company’s effective tax rate was as follows: Years ended March 31, 2023 2022 2021 Statutory federal tax 21.0 % 21.0 % 21.0 % State taxes, net of federal benefit (0.1 ) 1.4 0.9 Taxes on non-U.S. earnings and losses 5.8 3.5 (9.1 ) Valuation allowances (42.9 ) (8.8 ) (92.9 ) Tax credits (4.5 ) (3.4 ) 2.2 Compensation 0.7 0.6 (1.3 ) Tax rate or law changes (0.2 ) 0.6 (0.2 ) Uncertain tax positions, net of settlements 0.4 (0.2 ) 0.1 Notional interest deductions (1.7 ) (2.7 ) 1.3 Dividends and taxable foreign inclusions 0.9 1.6 3.0 Other (2.0 ) 1.4 (0.6 ) Effective tax rate (22.6 %) 15.0 % (75.6 %)
Deferred Tax Assets and Liabilities	The tax effects of temporary differences that gave rise to deferred tax assets and liabilities were as follows: March 31, 2023 2022 Deferred tax assets: Accounts receivable $ 0.9 $ 0.8 Inventories 6.0 6.5 Plant and equipment 17.2 19.9 Lease liabilities 15.9 13.5 Pension and employee benefits 24.1 27.5 Net operating and capital losses 55.4 53.9 Credit carryforwards 49.0 48.5 Research and experimental expenditures 8.0 - Other, principally accrued liabilities 13.2 13.5 Total gross deferred tax assets 189.7 184.1 Less: valuation allowances (61.6 ) (112.2 ) Net deferred tax assets 128.1 71.9 Deferred tax liabilities: Plant and equipment 7.5 8.6 Lease assets 15.7 13.2 Goodwill 4.8 4.9 Intangible assets 20.1 22.4 Other 1.1 1.5 Total gross deferred tax liabilities 49.2 50.6 Net deferred tax assets $ 78.9 $ 21.3
Unrecognized Tax Benefits	Unrecognized tax benefits were as follows: Years ended March 31, 2023 2022 Beginning balance $ 9.3 $ 9.6 Gross increases - tax positions in prior period 0.2 0.1 Gross decreases - tax positions in prior period (0.1 ) (0.2 ) Gross increases - tax positions in current period 0.9 1.0 Lapse of statute of limitations (0.6 ) (1.2 ) Ending balance $ 9.7 $ 9.3
Tax Years Subject to Examination	The Company files income tax returns in multiple jurisdictions and is subject to examination by taxing authorities throughout the world. At March 31, 2023, the Company was under income tax examination in a number of jurisdictions. The following tax years remain subject to examination for the Company’s major tax jurisdictions: Germany Fiscal 2017 2022 Italy Fiscal 2018 2022 United States Fiscal 2020 2022

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2023
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share	The components of basic and diluted earnings per share were as follows: Years ended March 31, 2023 2022 2021 Basic Earnings Per Share: Net earnings (loss) attributable to Modine $ 153.1 $ 85.2 $ (210.7 ) Weighted-average shares outstanding – basic 52.3 52.0 51.3 Net earnings (loss) per share – basic $ 2.93 $ 1.64 $ (4.11 ) Diluted Earnings Per Share: Net earnings (loss) attributable to Modine $ 153.1 $ 85.2 $ (210.7 ) Weighted-average shares outstanding – basic 52.3 52.0 51.3 Effect of dilutive securities 0.5 0.5 - Weighted-average shares outstanding – diluted 52.8 52.5 51.3 Net earnings (loss) per share – diluted $ 2.90 $ 1.62 $ (4.11 )

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	12 Months Ended
Cash, Cash Equivalents and Restricted Cash (Tables)	Mar. 31, 2023
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash, Cash Equivalents and Restricted Cash	Cash, cash equivalents and restricted cash consisted of the following: March 31, 2023 2022 Cash and cash equivalents $ 67.1 $ 45.2 Restricted cash 0.1 0.2 Total cash, cash equivalents and restricted cash $ 67.2 $ 45.4

Inventories (Tables)

Inventories (Tables)	12 Months Ended
Inventories (Tables)	Mar. 31, 2023
Inventories [Abstract]
Inventories	Inventories consisted of the following: March 31, 2023 2022 Raw materials $ 218.3 $ 186.7 Work in process 49.9 55.1 Finished goods 56.7 39.4 Total inventories $ 324.9 $ 281.2

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
Property, Plant and Equipment (Tables)	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment, including depreciable lives, consisted of the following: March 31, 2023 2022 Land $ 16.4 $ 16.8 Buildings and improvements ( 10 40 264.0 264.6 Machinery and equipment ( 3 15 853.3 869.4 Office equipment ( 3 10 93.6 96.2 Construction in progress 47.5 31.2 1,274.8 1,278.2 Less: accumulated depreciation (960.3 ) (962.8 ) Net property, plant and equipment $ 314.5 $ 315.4

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
Intangible Assets (Tables)	Mar. 31, 2023
Intangible Assets [Abstract]
Intangible Assets	Intangible assets consisted of the following: March 31, 2023 March 31, 2022 Gross Carrying Value Accumulated Amortization Net Intangible Assets Gross Carrying Value Accumulated Amortization Net Intangible Assets Customer relationships $ 60.3 $ (23.4 ) $ 36.9 $ 61.2 $ (20.1 ) $ 41.1 Trade names 50.1 (15.9 ) 34.2 50.8 (13.8 ) 37.0 Acquired technology 22.6 (12.6 ) 10.0 23.1 (10.9 ) 12.2 Total intangible assets $ 133.0 $ (51.9 ) $ 81.1 $ 135.1 $ (44.8 ) $ 90.3

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
Goodwill (Tables)	Mar. 31, 2023
Goodwill [Abstract]
Changes in Carrying Amount of Goodwill	The following table presents a roll forward of the carrying value of goodwill from March 31, 2021 to March 31, 2023 The Company has recast the March 31, 2022 and 2021 goodwill balances to be comparable with the current segment structure. There was no impact to the underlying reporting units as a result of the segment realignment during fiscal 2023. Climate Solutions Performance Technologies Total Balance, March 31, 2021 $ 110.5 $ 60.2 $ 170.7 Effect of exchange rate changes (2.4 ) (0.2 ) (2.6 ) Balance, March 31, 2022 108.1 60.0 168.1 Effect of exchange rate changes (2.4 ) (0.1 ) (2.5 ) Balance, March 31, 2023 $ 105.7 $ 59.9 $ 165.6

Product Warranties and Other _2

Product Warranties and Other Commitments (Tables)	12 Months Ended
Product Warranties and Other Commitments (Tables)	Mar. 31, 2023
Product Warranties and Other Commitments [Abstract]
Changes in Accrued Warranty Costs	Changes in accrued warranty costs were as follows: Years ended March 31, 2023 2022 Beginning balance $ 6.3 $ 5.2 Warranties recorded at time of sale 5.4 5.5 Adjustments to pre-existing warranties 0.9 (1.3 ) Settlements (5.6 ) (4.4 ) Reclassified from held for sale - 1.3 Effect of exchange rate changes (0.1 ) - Ending balance $ 6.9 $ 6.3

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Mar. 31, 2023
Leases [Abstract]
Leases Recorded on Consolidated Balance Sheets	The following table provides a summary of leases recorded on the consolidated balance sheets. Balance Sheet Location March 31, 2023 March 31, 2022 Lease Assets Operating lease ROU assets Other noncurrent assets $ 59.1 $ 52.1 Finance lease ROU assets (a) Property, plant and equipment - net 7.1 7.7 Lease Liabilities Operating lease liabilities Other current liabilities $ 11.8 $ 12.7 Operating lease liabilities Other noncurrent liabilities 48.9 41.2 Finance lease liabilities Long-term debt - current portion 0.4 0.4 Finance lease liabilities Long-term debt 2.3 2.8 (a) Finance lease ROU assets were recorded net of accumulated amortization of $3.2 million and $2.8 million as of March 31, 2023 and 2022, respectively.
Components of Lease Expense	The components of lease expense were as follows: Years ended March 31, 2023 2022 2021 Operating lease expense (a) $ 21.9 $ 20.0 $ 19.5 Finance lease expense: Depreciation of ROU assets 0.5 0.5 0.5 Interest on lease liabilities 0.1 0.2 0.2 Total lease expense $ 22.5 $ 20.7 $ 20.2 (a) In fiscal 2023, 2022, and 2021 operating lease expense included short-term lease expense of $5.7 million, $4.2 million, and $3.5 million respectively. Variable lease expense was not significant.
Supplemental Cash Flow Information	Supplemental Cash Flow Information Years ended March 31, 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 14.6 $ 15.7 $ 14.2 Financing cash flows for finance leases 0.5 0.6 0.6 ROU assets obtained in exchange for lease liabilities: Operating leases $ 21.2 $ 7.8 $ 9.8 Finance leases - 0.1 0.1
Lease Term and Discount Rates	Lease Term and Discount Rates March 31, 2023 March 31, 2022 Weighted-average remaining lease term: Operating leases 8.3 years 8.5 years Finance leases 5.8 years 6.8 years Weighted-average discount rate: Operating leases 3.7 % 3.4 % Finance leases 4.6 % 4.6 %
Maturity of Lease Liabilities	Future minimum rental payments for leases with initial non-cancellable lease terms in excess of one year were as follows at March 31, 2023: Fiscal Year Operating Leases Finance Leases 2024 $ 13.8 $ 0.5 2025 11.5 0.5 2026 10.1 0.5 2027 8.4 0.5 2028 7.3 0.5 2029 19.2 0.6 Total lease payments 70.3 3.1 Less: Interest (9.6 ) (0.4 ) Present value of lease liabilities $ 60.7 $ 2.7

Indebtedness (Tables)

Indebtedness (Tables)	12 Months Ended
Indebtedness (Tables)	Mar. 31, 2023
Indebtedness [Abstract]
Long-Term Debt	Long-term debt consisted of the following: Fiscal year of maturity March 31, 2023 March 31, 2022 Term loans 2028 $ 215.7 $ 163.7 5.9 2029 100.0 100.0 5.8 2027 33.3 41.7 Revolving credit facility 2028 - 64.9 Other (a) 2.7 3.2 351.7 373.5 Less: current portion (19.7 ) (21.7 ) Less: unamortized debt issuance costs (2.7 ) (3.4 ) Total long-term debt $ 329.3 $ 348.4 (a) Other long-term debt primarily includes finance lease obligations.
Maturities of Long Term Debt	Long-term debt, including the current portion of long-term debt, matures as follows: Fiscal Year 2024 $ 19.7 2025 19.7 2026 44.7 2027 44.7 2028 197.4 2029 25.5 Total $ 351.7

Pension and Employee Benefit _2

Pension and Employee Benefit Plans (Tables)	12 Months Ended
Pension and Employee Benefit Plans (Tables)	Mar. 31, 2023
Pension and Employee Benefit Plans [Abstract]
Changes in Benefit Obligations and Plan Assets	Changes in benefit obligations and plan assets, as well as the funded status of the Company’s global pension plans, were as follows: Years ended March 31, 2023 2022 Change in benefit obligation: Benefit obligation at beginning of year $ 228.6 $ 260.6 Service cost 0.2 0.3 Interest cost 8.1 7.3 Actuarial gain (25.8 ) (16.5 ) Benefits paid (16.1 ) (16.0 ) Disposition of air-cooled automotive business - (5.5 ) Effect of exchange rate changes (0.1 ) (1.6 ) Benefit obligation at end of year $ 194.9 $ 228.6 Change in plan assets: Fair value of plan assets at beginning of year $ 179.9 $ 183.3 Actual return on plan assets (12.0 ) 7.6 Benefits paid (16.1 ) (16.0 ) Employer contributions 1.5 5.0 Fair value of plan assets at end of year $ 153.3 $ 179.9 Funded status at end of year $ (41.6 ) $ (48.7 ) Amounts recognized in the consolidated balance sheets: Current liability $ (1.4 ) $ (1.5 ) Noncurrent liability (40.2 ) (47.2 ) $ (41.6 ) $ (48.7 )
Pension Benefit Plans	Costs for the Company’s global pension plans included the following components: Years ended March 31, 2023 2022 2021 Components of net periodic benefit cost: Service cost $ 0.2 $ 0.3 $ 0.4 Interest cost 8.1 7.3 7.9 Expected return on plan assets (11.6 ) (12.9 ) (11.5 ) Amortization of net actuarial loss 5.7 6.9 6.9 Settlements (a) - - 0.2 Net periodic benefit cost $ 2.4 $ 1.6 $ 3.9 Other changes in benefit obligation recognized in other comprehensive income: Net actuarial gain $ 2.1 $ 11.4 $ 33.8 Amortization of net actuarial loss (b) 5.7 8.6 7.1 Total recognized in other comprehensive income $ 7.8 $ 20.0 $ 40.9 (a) The settlement charges resulted from activity associated with the Company’s non-U.S. pension plans. (b) The fiscal amount includes of net actuarial losses written-off as a result of the sale of the Austrian for additional information.
Target and Plan Asset Allocations	Plan assets in the Company’s U.S. pension plans comprise 100 percent of the Company’s world-wide pension plan assets. The Company’s U.S. pension plan weighted-average asset allocations at the measurement dates of March 31, 2023 and 2022 were as follows: Target allocation Plan assets 2023 2022 Equity securities 76 % 76 % 74 % Debt securities 18 % 15 % 17 % Real estate investments 5 % 8 % 8 % Cash and cash equivalents 1 % 1 % 1 % 100 % 100 % 100 %
Estimated Future Benefit Payments	Estimated pension benefit payments for the next ten fiscal years are as follows: Fiscal Year Estimated Pension Benefit Payments 2024 $ 15.5 2025 15.7 2026 15.6 2027 15.5 2028 15.4 2029 2033 72.4

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
Derivative Instruments (Tables)	Mar. 31, 2023
Derivative Instruments [Abstract]
Derivative Financial Instruments Recorded in Consolidated Balance Sheets	The fair value of the Company’s derivative financial instruments recorded in the consolidated balance sheets were as follows: _ Balance Sheet Location March 31, 2023 March 31, 2022 Derivatives designated as hedges: Commodity derivatives Other current assets $ - $ 0.5 Foreign exchange contracts Other current assets 1.3 0.3 Derivatives not designated as hedges: Foreign exchange contracts Other current liabilities $ 0.2 $ 0.3
Derivative Financial Instruments Designated for Hedge Accounting	The amounts associated with derivative financial instruments that the Company designated for hedge accounting during the years ended March 31 were as follows: Gain (loss) recognized in other comprehensive income Statement of Operations Gain (loss) reclassified from AOCI 2023 2022 2021 Location 2023 2022 2021 Commodity derivatives $ (1.6 ) $ 1.1 $ 2.2 Cost of sales $ (1.0 ) $ 1.2 $ - Foreign exchange contracts 1.6 - - Net sales 0.6 - - Foreign exchange contracts 0.4 0.6 (0.1 ) Cost of sales 0.7 0.4 (0.1 ) Total gains (losses) $ 0.4 $ 1.7 $ 2.1 $ 0.3 $ 1.6 $ (0.1 )
Derivative Financial Instruments Not Designated for Hedge Accounting	The amounts associated with derivative financial instruments that the Company did not designate for hedge accounting were as follows: _ Statement of Operations Years ended March 31, _ Location 2023 2022 2021 Foreign exchange contracts Net sales $ (0.5 ) $ (0.6 ) $ - Foreign exchange contracts Other income (expense) - net (2.6 ) (0.8 ) 0.6 Total gains (losses) $ (3.1 ) $ (1.4 ) $ 0.6

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
Accumulated Other Comprehensive Loss (Tables)	Mar. 31, 2023
Accumulated Other Comprehensive Loss [Abstract]
Accumulated Other Comprehensive Loss	Changes in accumulated other comprehensive loss were as follows: Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Balance, March 31, 2022 $ (39.1 ) $ (111.1 ) $ 0.7 $ (149.5 ) Other comprehensive income (loss) before reclassifications (18.4 ) 2.5 0.4 (15.5 ) Reclassifications: Amortization of unrecognized net loss (a) - 5.3 - 5.3 Realized gains - net (b) - - (0.3 ) (0.3 ) Income taxes - (1.1 ) - (1.1 ) Total other comprehensive income (loss) (18.4 ) 6.7 0.1 (11.6 ) Balance, March 31, 2023 $ (57.5 ) $ (104.4 ) $ 0.8 $ (161.1 ) Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Balance, March 31, 2021 $ (31.0 ) $ (130.8 ) $ 0.6 $ (161.2 ) Other comprehensive income (loss) before reclassifications (8.1 ) 11.5 1.7 5.1 Reclassifications: Amortization of unrecognized net loss (a) - 6.5 - 6.5 Unrecognized net pension loss in disposed business (c) - 1.7 - 1.7 Realized gains - net (b) - - (1.6 ) (1.6 ) Income taxes - - - - Total other comprehensive income (loss) (8.1 ) 19.7 0.1 11.7 Balance, March 31, 2022 $ (39.1 ) $ (111.1 ) $ 0.7 $ (149.5 ) (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 18 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. See Note 19 for additional information regarding derivative instruments. (c) As a result of the sale of the Austrian air-cooled automotive business, the Company wrote-off $1.7 million of net actuarial losses related to its pension plan as a component of the loss on sale recorded during fiscal 2022. See Note 1 for additional information.

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	12 Months Ended
Segment and Geographic Information (Tables)	Mar. 31, 2023
Segment and Geographic Information [Abstract]
Net Sales, Gross Profit, Operating Income and Assets by Segment	The following is a summary of net sales, gross profit, and operating income by segment. See Note 3 for additional information regarding net sales by product groups within each segment. Year ended March 31, 2023 External Sales Inter-segment Sales Total Net sales: Climate Solutions $ 1,011.5 $ 0.4 $ 1,011.9 Performance Technologies 1,286.4 29.8 1,316.2 Segment total 2,297.9 30.2 2,328.1 Corporate and eliminations - (30.2 ) (30.2 ) Net sales $ 2,297.9 $ - $ 2,297.9 Year ended March 31, 2022 External Sales Inter-segment Sales Total Net sales: Climate Solutions $ 910.1 $ 0.4 $ 910.5 Performance Technologies 1,140.0 32.4 1,172.4 Segment total 2,050.1 32.8 2,082.9 Corporate and eliminations - (32.8 ) (32.8 ) Net sales $ 2,050.1 $ - $ 2,050.1 Year ended March 31, 2021 External Sales Inter-segment Sales Total Net sales: Climate Solutions $ 731.1 $ 0.1 $ 731.2 Performance Technologies 1,077.3 31.5 1,108.8 Segment total 1,808.4 31.6 1,840.0 Corporate and eliminations - (31.6 ) (31.6 ) Net sales $ 1,808.4 $ - $ 1,808.4 Inter-segment sales are accounted for based upon an established markup over production costs. Net sales for Corporate and eliminations primarily represent the elimination of inter-segment sales. Years ended March 31, 2023 2022 2021 Gross profit: _ $’s % of sales _ $’s % of sales _ $’s % of sales Climate Solutions $ 223.6 22.1 % $ 166.3 18.3 % $ 136.6 18.7 % Performance Technologies 166.1 12.6 % 142.2 12.1 % 157.1 14.2 % Segment total 389.7 16.7 % 308.5 14.8 % 293.7 16.0 % Corporate and eliminations (0.3 ) - 0.8 - (0.3 ) - Gross profit $ 389.4 16.9 % $ 309.3 15.1 % $ 293.4 16.2 % Years ended March 31, Operating income: 2023 2022 2021 Climate Solutions $ 124.1 $ 73.4 $ 49.9 Performance Technologies 65.6 77.4 (109.1 ) Segment total 189.7 150.8 (59.2 ) Corporate and eliminations (a) (39.3 ) (31.6 ) (38.5 ) Operating income (loss) $ 150.4 $ 119.2 $ (97.7 ) (a) The operating loss for Corporate includes certain research and development costs, legal, finance and other general corporate and central services expenses, and other costs that are either not directly attributable to an operating segment or not considered when management evaluates segment performance. The following is a summary of segment assets, comprised entirely of trade accounts receivable and inventories, and other assets: March 31, Assets: 2023 2022 Climate Solutions $ 334.8 $ 291.7 Performance Technologies 388.1 357.0 Other (a) 843.0 778.3 Total assets $ 1,565.9 $ 1,427.0 (a) Represents cash and cash equivalents, other current assets, property plant and equipment, intangible assets, goodwill, deferred income taxes, and other noncurrent assets for the Climate Solutions and Performance Technologies segments and Corporate.
Capital Expenditures and Depreciation and Amortization Expense by Segment	The following is a summary of capital expenditures and depreciation and amortization expense by segment: Years ended March 31, Capital expenditures: 2023 2022 2021 Climate Solutions $ 24.2 $ 9.9 $ 7.2 Performance Technologies 25.2 29.2 25.0 Corporate 1.3 1.2 0.5 Total capital expenditures $ 50.7 $ 40.3 $ 32.7 Years ended March 31, Depreciation and amortization expense: 2023 2022 2021 Climate Solutions $ 21.7 $ 23.6 $ 24.9 Performance Technologies (a) 31.8 29.9 42.1 Corporate 1.0 1.3 1.6 Total depreciation and amortization expense $ 54.5 $ 54.8 $ 68.6 (a) During fiscal 2021, upon classifying the liquid- and air-cooled automotive businesses as held for sale, the Company ceased depreciating the long-lived assets within the disposal groups. In fiscal 2022, the Company resumed depreciating the long-lived assets within the liquid-cooled automotive business when it no longer met the requirements to be classified as held for sale. See Note 2 for additional information.
Net Sales by Geographic Area	The following is a summary of net sales by geographic area, based upon the location of the selling unit: Years ended March 31, 2023 2022 2021 United States $ 1,139.3 $ 949.6 $ 765.7 Italy 249.5 232.0 188.6 Hungary 210.7 185.2 153.7 China 151.6 166.0 217.6 Brazil 103.6 81.2 48.5 United Kingdom 93.6 118.6 96.4 Other 349.6 317.5 337.9 Net sales $ 2,297.9 $ 2,050.1 $ 1,808.4
Property, Plant and Equipment by Geographic Area	The following is a summary of property, plant and equipment by geographic area: March 31, 2023 2022 United States $ 96.4 $ 83.6 Hungary 40.8 44.0 China 40.2 45.6 Mexico 34.0 38.5 Italy 32.8 33.2 Other 70.3 70.5 Total property, plant and equipment $ 314.5 $ 315.4

Significant Accounting Polici_4

Significant Accounting Policies, Disposition of Austrian Air-Cooled Automotive Business (Details) € in Millions, $ in Millions	12 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2022 EUR (€)	Mar. 31, 2021 USD ($)	Mar. 31, 2023 EUR (€)	Mar. 31, 2022 EUR (€)
Disposition of Business [Abstract]
Loss on sale of business	$ 0	$ (6.6)		$ 0
Payment for disposition of assets	(0.3)	7.6		(0.7)
Disbursements for loan origination	$ 0	4.7		0
Austrian Air-Cooled Automotive Business [Member]
Disposition of Business [Abstract]
Loss on sale of business		(6.6)
Write-off of net actuarial losses		1.7
Cash transferred to buyer		5.9
Payment for disposition of assets		2.4
Net sales				$ 63
Term of loan receivable	5 years
Interest rate	5.40%
Disbursements for loan origination		$ 4.7	€ 4
Austrian Air-Cooled Automotive Business [Member] \| Other Noncurrent Assets [Member]
Disposition of Business [Abstract]
Loan receivable \| €					€ 4	€ 4

Significant Accounting Polici_5

Significant Accounting Policies, Disposition of Previously-Closed Facility (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Disposition of Previously-Closed Facility [Abstract]
Proceeds from disposition of assets	$ 0.3	$ (7.6)	$ 0.7
Previously-Closed Manufacturing Facility [Member]
Disposition of Previously-Closed Facility [Abstract]
Proceeds from disposition of assets		0.7
Previously-Closed Manufacturing Facility [Member] \| Climate Solutions [Member]
Disposition of Previously-Closed Facility [Abstract]
Impairment charges		$ 0.3

Significant Accounting Polici_6

Significant Accounting Policies, Chief Executive Officer Transition (Details) $ in Millions	12 Months Ended
	Mar. 31, 2021 USD ($)
Chief Executive Officer [Member] \| SG&A Expenses [Member]
Chief Executive Officer Transition [Abstract]
Employee severance and related benefits	$ 6.7

Significant Accounting Polici_7

Significant Accounting Policies, Trade Accounts Receivable (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Trade Accounts Receivable [Abstract]
Trade receivables, allowance for credit losses	$ (2.2)	$ (1.7)
Trade receivables sold without recourse	150.6	126.4	$ 88.7
Costs related to selling accounts receivables	$ (1.2)	$ (0.3)	$ (0.2)

Significant Accounting Polici_8

Significant Accounting Policies, Tooling and Research and Development (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Tooling [Abstract]
Property, plant and equipment - net	$ 314.5	$ 315.4
Customer owned tooling receivables	10.9	12.3
Research and Development [Abstract]
Research and development cost	$ 44	50.3	$ 46.3
Tooling [Member]
Tooling [Abstract]
Property, plant and equipment, depreciable lives	3 years
Property, plant and equipment - net	$ 17.1	$ 18.3

Significant Accounting Polici_9

Significant Accounting Policies, Short-term Investments and Property, Plant and Equipment (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Short-Term Investments [Abstract]
Short-term investments	$ 3.5	$ 3.7
Property, Plant and Equipment [Abstract]
Accrued capital expenditures	$ 13.6	$ 9	$ 7.9

Significant Accounting Polic_10

Significant Accounting Policies, Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Supplemental Cash Flow Information [Abstract]
Interest paid	$ 18.4	$ 14.1	$ 17.9
Income taxes paid	$ 31.9	$ 21.8	$ 19.7

Assets Held for Sale (Details)

Assets Held for Sale (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended	12 Months Ended
Assets Held for Sale (Details) - USD ($) $ in Millions	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2021	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2020
Assets Held for Sale [Abstract]
Impairment charges (reversals) - net					$ 0	$ (55.7)	$ 166.8
Performance Technologies [Member]
Assets Held for Sale [Abstract]
Impairment charges							1.7
Impairment charges (reversals) - net						$ (56)	166.8
Liquid-Cooled Automotive Business [Member]
Assets Held for Sale [Abstract]
Impairment charges	$ (57.2)		$ (7.4)	$ 8.6			138.3
Impairment charges (reversals) - net	$ (57.2)			$ 1.2
Net carrying value of additions to property, plant and equipment		$ 0	$ 0
Long-lived assets								$ 0
Austrian Air-Cooled Automotive Business [Member]
Assets Held for Sale [Abstract]
Impairment charges							$ 26.8

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	12 Months Ended
Revenue Recognition (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Abstract]
Net sales	$ 2,297.9	$ 2,050.1	$ 1,808.4
Contract Balances [Abstract]
Contract assets	19.3	26.8
Contract liabilities	21.5	11.8
Decrease in contract assets	(7.5)
Increase in contract liabilities	9.7
Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	2,202.1	1,983	1,767.4
Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	126	99.9	72.6
Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	1,282.9	1,071.5	851.7
Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	814.5	772.4	718.1
Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	$ 230.7	239	270.2
Maximum [Member]
Revenue Recognition [Abstract]
Period of time after billing when payment is received	90 days
Heat Transfer [Member]
Disaggregation of Revenue [Abstract]
Net sales	$ 521.2	488.3	386.9
HVAC & Refrigeration [Member]
Disaggregation of Revenue [Abstract]
Net sales	336.3	325.5	279.7
Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	154	96.3	64.5
Air-Cooled [Member]
Disaggregation of Revenue [Abstract]
Net sales	658.6	572.3	520.3
Liquid-Cooled [Member]
Disaggregation of Revenue [Abstract]
Net sales	483.9	448.3	458.9
Advanced Solutions [Member]
Disaggregation of Revenue [Abstract]
Net sales	143.9	119.4	98.1
Climate Solutions [Member]
Disaggregation of Revenue [Abstract]
Net sales	1,011.5	910.1	731.1
Climate Solutions [Member] \| Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	959.8	889.3	722.7
Climate Solutions [Member] \| Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	52.1	21.2	8.5
Climate Solutions [Member] \| Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	580.9	485.9	379.7
Climate Solutions [Member] \| Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	406	396.7	307
Climate Solutions [Member] \| Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	25	27.9	44.5
Climate Solutions [Member] \| Heat Transfer [Member]
Disaggregation of Revenue [Abstract]
Net sales	521.2	488.3	386.9
Climate Solutions [Member] \| HVAC & Refrigeration [Member]
Disaggregation of Revenue [Abstract]
Net sales	336.3	325.5	279.7
Climate Solutions [Member] \| Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	154	96.3	64.5
Climate Solutions [Member] \| Air-Cooled [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0
Climate Solutions [Member] \| Liquid-Cooled [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0
Climate Solutions [Member] \| Advanced Solutions [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0
Performance Technologies [Member]
Disaggregation of Revenue [Abstract]
Net sales	1,286.4	1,140	1,077.3
Performance Technologies [Member] \| Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	1,242.3	1,093.7	1,044.7
Performance Technologies [Member] \| Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	73.9	78.7	64.1
Performance Technologies [Member] \| Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	702	585.6	472
Performance Technologies [Member] \| Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	408.5	375.7	411.1
Performance Technologies [Member] \| Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	205.7	211.1	225.7
Performance Technologies [Member] \| Heat Transfer [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0
Performance Technologies [Member] \| HVAC & Refrigeration [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0
Performance Technologies [Member] \| Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0
Performance Technologies [Member] \| Air-Cooled [Member]
Disaggregation of Revenue [Abstract]
Net sales	658.6	572.3	520.3
Performance Technologies [Member] \| Liquid-Cooled [Member]
Disaggregation of Revenue [Abstract]
Net sales	483.9	448.3	458.9
Performance Technologies [Member] \| Advanced Solutions [Member]
Disaggregation of Revenue [Abstract]
Net sales	143.9	119.4	98.1
Operating Segments [Member]
Disaggregation of Revenue [Abstract]
Net sales	2,328.1	2,082.9	1,840
Operating Segments [Member] \| Climate Solutions [Member]
Disaggregation of Revenue [Abstract]
Net sales	1,011.9	910.5	731.2
Operating Segments [Member] \| Performance Technologies [Member]
Disaggregation of Revenue [Abstract]
Net sales	1,316.2	1,172.4	1,108.8
Inter-segment Sales [Member]
Disaggregation of Revenue [Abstract]
Net sales	(30.2)	(32.8)	(31.6)
Inter-segment Sales [Member] \| Climate Solutions [Member]
Disaggregation of Revenue [Abstract]
Net sales	(0.4)	(0.4)	(0.1)
Inter-segment Sales [Member] \| Performance Technologies [Member]
Disaggregation of Revenue [Abstract]
Net sales	$ (29.8)	$ (32.4)	$ (31.5)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	12 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Fair Value Measurements [Abstract]
Investments	$ 2.3	$ 2.9
Deferred compensation obligations	$ 2.3	2.9
Notice period for redeeming real estate investment funds	90 days
U.S. Pension Plans [Member]
Fair Value Measurements [Abstract]
Fair value of plan assets	$ 153.3	179.9	$ 183.3
U.S. Pension Plans [Member] \| Money Market Investments [Member]
Fair Value Measurements [Abstract]
Fair value of plan assets	1.9	2.2
U.S. Pension Plans [Member] \| Fixed Income Securities [Member]
Fair Value Measurements [Abstract]
Fair value of plan assets		9.1
U.S. Pension Plans [Member] \| Pooled Equity Funds [Member]
Fair Value Measurements [Abstract]
Fair value of plan assets	34.9	40.4
U.S. Pension Plans [Member] \| U.S. Government and Agency Securities [Member]
Fair Value Measurements [Abstract]
Fair value of plan assets		11.8
U.S. Pension Plans [Member] \| Other [Member]
Fair Value Measurements [Abstract]
Fair value of plan assets	0.4	1.5
U.S. Pension Plans [Member] \| Total [Member]
Fair Value Measurements [Abstract]
Fair value of plan assets	37.2	65
U.S. Pension Plans [Member] \| Level 1 [Member]
Fair Value Measurements [Abstract]
Fair value of plan assets	34.9	40.5
U.S. Pension Plans [Member] \| Level 1 [Member] \| Money Market Investments [Member]
Fair Value Measurements [Abstract]
Fair value of plan assets	0	0
U.S. Pension Plans [Member] \| Level 1 [Member] \| Fixed Income Securities [Member]
Fair Value Measurements [Abstract]
Fair value of plan assets		0
U.S. Pension Plans [Member] \| Level 1 [Member] \| Pooled Equity Funds [Member]
Fair Value Measurements [Abstract]
Fair value of plan assets	34.9	40.4
U.S. Pension Plans [Member] \| Level 1 [Member] \| U.S. Government and Agency Securities [Member]
Fair Value Measurements [Abstract]
Fair value of plan assets		0
U.S. Pension Plans [Member] \| Level 1 [Member] \| Other [Member]
Fair Value Measurements [Abstract]
Fair value of plan assets	0	0.1
U.S. Pension Plans [Member] \| Level 2 [Member]
Fair Value Measurements [Abstract]
Fair value of plan assets	2.3	24.5
U.S. Pension Plans [Member] \| Level 2 [Member] \| Money Market Investments [Member]
Fair Value Measurements [Abstract]
Fair value of plan assets	1.9	2.2
U.S. Pension Plans [Member] \| Level 2 [Member] \| Fixed Income Securities [Member]
Fair Value Measurements [Abstract]
Fair value of plan assets		9.1
U.S. Pension Plans [Member] \| Level 2 [Member] \| Pooled Equity Funds [Member]
Fair Value Measurements [Abstract]
Fair value of plan assets	0	0
U.S. Pension Plans [Member] \| Level 2 [Member] \| U.S. Government and Agency Securities [Member]
Fair Value Measurements [Abstract]
Fair value of plan assets		11.8
U.S. Pension Plans [Member] \| Level 2 [Member] \| Other [Member]
Fair Value Measurements [Abstract]
Fair value of plan assets	0.4	1.4
U.S. Pension Plans [Member] \| Level 3 [Member]
Fair Value Measurements [Abstract]
Fair value of plan assets	0	0
U.S. Pension Plans [Member] \| Net Asset Value [Member]
Fair Value Measurements [Abstract]
Fair value of plan assets	$ 116.1	$ 114.9

Stock-Based Compensation, Incen

Stock-Based Compensation, Incentive Compensation Plan (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Stock-Based Compensation [Abstract]
Stock-based compensation expense	$ 6.6	$ 5.7	$ 6.3
2020 Incentive Compensation Plan [Member]
Stock-Based Compensation [Abstract]
Number of shares available for grant (in shares)	2.2

Stock-Based Compensation, Stock

Stock-Based Compensation, Stock Options (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Compensation Expense [Abstract]
Stock-based compensation expense	$ 6.6	$ 5.7	$ 6.3
Stock Options [Member]
Compensation Expense [Abstract]
Stock-based compensation expense	1.2	1.1	0.9
Fair value of awards vesting	1	$ 0.9	$ 1.3
Unrecognized compensation costs	$ 2.3
Weighted average period recognized	2 years 1 month 6 days
Assumptions for Stock Awards Granted [Abstract]
Fair value of options (in dollars per share)	$ 6.99	$ 8.79	$ 3.46
Expected life of awards in years	6 years	6 years 1 month 6 days	6 years 1 month 6 days
Risk-free interest rate	3%	1.10%	0.40%
Expected volatility of the Company's stock	57.80%	56.50%	54.10%
Expected dividend yield on the Company's stock	0%	0%	0%
Award vesting period	3 years	4 years
Stock Options Activity [Rollforward]
Outstanding, beginning of year (in shares)	1
Granted (in shares)	0.2
Exercised (in shares)	(0.2)
Forfeited or expired (in shares)	(0.1)
Outstanding, end of year (in shares)	0.9	1
Exercisable, end of year (in shares)	0.4
Weighted Average Exercise Price [Rollforward]
Outstanding, beginning of year (in dollars per share)	$ 12.12
Granted (in dollars per share)	12.4
Exercised (in dollars per share)	11.77
Forfeited or expired (in dollars per share)	12.26
Outstanding, end of year (in dollars per share)	12.28	$ 12.12
Exercisable, end of year (in dollars per share)	$ 12.46
Weighted-Average Remaining Contractual Term [Abstract]
Weighted average remaining contractual term, outstanding at end of year	7 years 1 month 6 days
Weighted average remaining contractual term, exercisable at end of year	5 years 6 months
Aggregate Intrinsic Value [Abstract]
Aggregate intrinsic value, outstanding at end of year	$ 9.6
Aggregate intrinsic value, exercisable at end of year	4.3
Additional Information Related to Stock Options Exercised [Abstract]
Intrinsic value of stock options exercised	1.5	$ 0.1	$ 1.4
Proceeds from stock options exercised	$ 2.9	$ 1.4	$ 4.1
Stock Options [Member] \| Maximum [Member]
Assumptions for Stock Awards Granted [Abstract]
Stock option term	10 years
Stock Options [Member] \| Tranche One [Member]
Assumptions for Stock Awards Granted [Abstract]
Annual vesting percentage	33%	25%
Stock Options [Member] \| Tranche Two [Member]
Assumptions for Stock Awards Granted [Abstract]
Annual vesting percentage	33%	25%
Stock Options [Member] \| Tranche Three [Member]
Assumptions for Stock Awards Granted [Abstract]
Annual vesting percentage	34%	25%
Stock Options [Member] \| Tranche Four [Member]
Assumptions for Stock Awards Granted [Abstract]
Annual vesting percentage		25%

Stock-Based Compensation, Restr

Stock-Based Compensation, Restricted Stock (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Compensation Expense [Abstract]
Stock-based compensation expense (benefit)	$ 6.6	$ 5.7	$ 6.3
Restricted Stock [Member]
Compensation Expense [Abstract]
Stock-based compensation expense (benefit)	5.4	5	4.3
Fair value of awards vesting	4.7	$ 4.4	4.5
Unrecognized compensation costs	$ 6.4
Weighted average period recognized	1 year 9 months 18 days
Restricted Stock Activity [Roll Forward]
Non-vested balance, beginning of year (in shares)	0.7
Granted (in shares)	0.5
Vested (in shares)	(0.3)
Forfeited (in shares)	(0.1)
Non-vested balance, end of year (in shares)	0.8	0.7
Weighted Average Price [Rollforward]
Non-vested balance, beginning of year (in dollars per share)	$ 11.61
Granted (in dollars per share)	13.6
Vested (in dollars per share)	11.85
Forfeited (in dollars per share)	10.58
Non-vested balance, end of year (in dollars per share)	$ 12.95	$ 11.61
Restricted Stock [Member] \| Awards Granted in Fiscal 2023 [Member]
Assumptions for Stock Awards Granted [Abstract]
Award vesting period	3 years
Restricted Stock [Member] \| Awards Granted in Fiscal 2023 [Member] \| Tranche One [Member]
Assumptions for Stock Awards Granted [Abstract]
Annual vesting percentage	33%
Restricted Stock [Member] \| Awards Granted in Fiscal 2023 [Member] \| Tranche Two [Member]
Assumptions for Stock Awards Granted [Abstract]
Annual vesting percentage	33%
Restricted Stock [Member] \| Awards Granted in Fiscal 2023 [Member] \| Tranche Three [Member]
Assumptions for Stock Awards Granted [Abstract]
Annual vesting percentage	34%
Restricted Stock [Member] \| Awards Granted Prior to Fiscal 2023 [Member]
Assumptions for Stock Awards Granted [Abstract]
Award vesting period	4 years
Restricted Stock [Member] \| Awards Granted Prior to Fiscal 2023 [Member] \| Tranche One [Member]
Assumptions for Stock Awards Granted [Abstract]
Annual vesting percentage	25%
Restricted Stock [Member] \| Awards Granted Prior to Fiscal 2023 [Member] \| Tranche Two [Member]
Assumptions for Stock Awards Granted [Abstract]
Annual vesting percentage	25%
Restricted Stock [Member] \| Awards Granted Prior to Fiscal 2023 [Member] \| Tranche Three [Member]
Assumptions for Stock Awards Granted [Abstract]
Annual vesting percentage	25%
Restricted Stock [Member] \| Awards Granted Prior to Fiscal 2023 [Member] \| Tranche Four [Member]
Assumptions for Stock Awards Granted [Abstract]
Annual vesting percentage	25%
Performance Stock Awards [Member]
Compensation Expense [Abstract]
Stock-based compensation expense (benefit)		$ (0.4)	$ 1.1
Unrecognized compensation costs	$ 0
Assumptions for Stock Awards Granted [Abstract]
Award vesting period	3 years
Weighted Average Price [Rollforward]
Performance period	3 years
Period of time to average cash flow return on invested capital	3 years
Period of time to average revenue growth	3 years
Period of time to average EBITDA growth	3 years

Restructuring Activities (Detai

Restructuring Activities (Details) - USD ($) $ in Millions	12 Months Ended
Restructuring Activities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Restructuring and Repositioning Expenses [Abstract]
Employee severance and related benefits	$ 3.5	$ 22.1	$ 11.7
Other restructuring and repositioning expenses	1.5	2	1.7
Total	5	24.1	13.4
Changes in Accrued Severance [Roll Forward]
Beginning balance	20.2	4
Additions	3.5	22.1
Payments	(12.4)	(5.7)
Reclassified from held for sale	0	0.4
Effect of exchange rate changes	(0.7)	(0.6)
Ending balance	10.6	20.2	4
Impairment charges (reversals) - net	$ 0	(55.7)	166.8
Climate Solutions [Member]
Restructuring and Repositioning Expenses [Abstract]
Employee severance and related benefits			3.7
Changes in Accrued Severance [Roll Forward]
Impairment charges (reversals) - net		0.3
Performance Technologies [Member]
Restructuring and Repositioning Expenses [Abstract]
Employee severance and related benefits		20.3
Changes in Accrued Severance [Roll Forward]
Impairment charges (reversals) - net		$ (56)	$ 166.8

Other Income and Expense (Detai

Other Income and Expense (Details) - USD ($) $ in Millions		12 Months Ended
Other Income and Expense (Details) - USD ($) $ in Millions		Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Other Income and Expense [Abstract]
Interest income		$ 1.3	$ 0.4	$ 0.5
Foreign currency transactions	[1]	(3.7)	(1.4)	0.6
Net periodic benefit cost	[2]	(2)	(1.1)	(3.3)
Total other expense - net		$ (4.4)	$ (2.1)	$ (2.2)

[1]Foreign currency transactions primarily consist of foreign currency transaction gains and losses on the re-measurement or settlement of foreign currency-denominated assets and liabilities, including transactions denominated in a foreign currency and intercompany loans

Income Taxes, Earnings (Loss) B

Income Taxes, Earnings (Loss) Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Earnings (Loss) Before Income Taxes [Abstract]
United States	$ 12.5	$ 0.4	$ (48.7)
Foreign	112.8	101.1	(70.6)
Earnings (loss) before income taxes	$ 125.3	$ 101.5	$ (119.3)

Income Taxes, Income Tax (Benef

Income Taxes, Income Tax (Benefit) Provision (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Federal [Abstract]
Current	$ 1.5	$ 0.1	$ (0.1)
Deferred	(47.5)	0	58.3
State [Abstract]
Current	2.3	1.1	0.4
Deferred	(11.4)	0	9.2
Foreign [Abstract]
Current	27.5	17.8	22
Deferred	(0.7)	(3.8)	0.4
Total income tax (benefit) provision	$ (28.3)	$ 15.2	$ 90.2

Income Taxes, Reconciliation of

Income Taxes, Reconciliation of U.S. Federal Statutory Rate to Effective Tax Rate (Details)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Reconciliation of federal statutory income tax rate to company's effective income tax rate [Abstract]
Statutory federal tax	21%	21%	21%
State taxes, net of federal benefit	(0.10%)	1.40%	0.90%
Taxes on non-U.S. earnings and losses	5.80%	3.50%	(9.10%)
Valuation allowances	(42.90%)	(8.80%)	(92.90%)
Tax credits	(4.50%)	(3.40%)	2.20%
Compensation	0.70%	0.60%	(1.30%)
Tax rate or law changes	(0.20%)	0.60%	(0.20%)
Uncertain tax positions, net of settlements	0.40%	(0.20%)	0.10%
Notional interest deductions	(1.70%)	(2.70%)	1.30%
Dividends and taxable foreign inclusions	0.90%	1.60%	3%
Other	(2.00%)	1.40%	(0.60%)
Effective tax rate	(22.60%)	15%	(75.60%)

Income Taxes, Unrecognized Tax

Income Taxes, Unrecognized Tax Benefits and Deferred Tax Asset Valuation Allowances (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Income Taxes [Abstract]
Term of cumulative income position		3 years
Income tax benefit from allocation of income tax provision				$ 9.3
Valuation allowances	$ 61.6	$ 61.6	$ 112.2
U.S. [Member]
Income Taxes [Abstract]
Income tax expense (benefit) related to change in deferred tax asset valuation allowance	(57.3)
Term of cumulative loss position		3 years
Valuation allowances	33.9	$ 33.9
Foreign Jurisdictions [Member]
Income Taxes [Abstract]
Income tax expense (benefit) related to change in deferred tax asset valuation allowance			(11.4)
Term of cumulative loss position		3 years
Valuation allowances	$ 27.7	$ 27.7
Certain Foreign Jurisdictions [Member]
Income Taxes [Abstract]
Income tax expense (benefit) related to change in deferred tax asset valuation allowance			(13)
Foreign Jurisdiction [Member]
Income Taxes [Abstract]
Income tax expense (benefit) related to change in deferred tax asset valuation allowance			1.6
Deferred Tax Assets for Charges Recorded [Member]
Income Taxes [Abstract]
Increase (decrease) in deferred tax asset valuation allowances				116.5
Deferred Tax Assets for Charges Recorded [Member] \| U.S. [Member]
Income Taxes [Abstract]
Increase (decrease) in deferred tax asset valuation allowances				103.3
Deferred Tax Assets for Charges Recorded [Member] \| Foreign Jurisdictions [Member]
Income Taxes [Abstract]
Increase (decrease) in deferred tax asset valuation allowances				13.2
Other Deferred Tax Assets [Member]
Income Taxes [Abstract]
Increase (decrease) in deferred tax asset valuation allowances		$ 3.6	$ 2.5	$ 22

Income Taxes, Deferred Tax Asse

Income Taxes, Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Deferred tax assets [Abstract]
Accounts receivable	$ 0.9	$ 0.8
Inventories	6	6.5
Plant and equipment	17.2	19.9
Lease liabilities	15.9	13.5
Pension and employee benefits	24.1	27.5
Net operating and capital losses	55.4	53.9
Credit carryforwards	49	48.5
Research and experimental expenditures	8	0
Other, principally accrued liabilities	13.2	13.5
Total gross deferred tax assets	189.7	184.1
Less: valuation allowances	(61.6)	(112.2)
Net deferred tax assets	128.1	71.9
Deferred tax liabilities [Abstract]
Plant and equipment	7.5	8.6
Lease assets	15.7	13.2
Goodwill	4.8	4.9
Intangible assets	20.1	22.4
Other	1.1	1.5
Total gross deferred tax liabilities	49.2	50.6
Net deferred tax assets	$ 78.9	$ 21.3

Income Taxes, Unrecognized Ta_2

Income Taxes, Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 9.7	$ 9.3	$ 9.6
Gross increases - tax positions in prior period		0.2	0.1
Gross decreases - tax positions in prior period		(0.1)	(0.2)
Gross increases - tax positions in current period		0.9	1
Lapse of statute of limitations		(0.6)	(1.2)
Ending balance		9.7	9.3
Unrecognized tax benefits that would impact effective tax rate		7.8
Unrecognized tax benefits accrued interest and penalties		$ 0.8	$ 0.7
Forecast [Member]
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Lapse of statute of limitations	$ (2)

Income Taxes, Tax Years Subject

Income Taxes, Tax Years Subject to Examination, Tax Credits and Tax Carryforwards (Details) $ in Millions	12 Months Ended
	Mar. 31, 2023 USD ($)
Income Taxes [Abstract]
Unrecognized foreign withholding taxes and deferred tax liabilities	$ 12
Federal and State [Member]
Income Taxes [Abstract]
Tax credit carryforward	$ 60.4
Federal and State [Member] \| Minimum [Member]
Income Taxes [Abstract]
Tax credit carryforward, expiration date	Mar. 31, 2024
Federal and State [Member] \| Maximum [Member]
Income Taxes [Abstract]
Tax credit carryforward, expiration date	Mar. 31, 2043
Germany [Member] \| Earliest Tax Year [Member]
Income Taxes [Abstract]
Tax year subject to examination	2017
Germany [Member] \| Latest Tax Year [Member]
Income Taxes [Abstract]
Tax year subject to examination	2022
Italy [Member] \| Earliest Tax Year [Member]
Income Taxes [Abstract]
Tax year subject to examination	2018
Italy [Member] \| Latest Tax Year [Member]
Income Taxes [Abstract]
Tax year subject to examination	2022
United States [Member] \| Earliest Tax Year [Member]
Income Taxes [Abstract]
Tax year subject to examination	2020
United States [Member] \| Latest Tax Year [Member]
Income Taxes [Abstract]
Tax year subject to examination	2022
Foreign Tax Jurisdictions [Member]
Income Taxes [Abstract]
Tax loss carryforwards	$ 285
Tax losses subject to expiration	54.9
Tax losses not subject to expiration	$ 230.1
Foreign Tax Jurisdictions [Member] \| Minimum [Member]
Income Taxes [Abstract]
Tax loss carryforwards, expiration date	Mar. 31, 2024
Foreign Tax Jurisdictions [Member] \| Maximum [Member]
Income Taxes [Abstract]
Tax loss carryforwards, expiration date	Mar. 31, 2034
State and Local [Member]
Income Taxes [Abstract]
Tax loss carryforwards	$ 136.7
State and Local [Member] \| Minimum [Member]
Income Taxes [Abstract]
Tax loss carryforwards, expiration date	Mar. 31, 2024
State and Local [Member] \| Maximum [Member]
Income Taxes [Abstract]
Tax loss carryforwards, expiration date	Mar. 31, 2042

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Basic Earnings Per Share [Abstract]
Net earnings (loss) attributable to Modine	$ 153.1	$ 85.2	$ (210.7)
Weighted-average shares outstanding - basic (in shares)	52.3	52	51.3
Net earnings (loss) per share - basic (in dollars per share)	$ 2.93	$ 1.64	$ (4.11)
Diluted Earnings Per Share [Abstract]
Net earnings (loss) attributable to Modine	$ 153.1	$ 85.2	$ (210.7)
Weighted-average shares outstanding - basic (in shares)	52.3	52	51.3
Effect of dilutive securities (in shares)	0.5	0.5	0
Weighted-average shares outstanding - diluted (in shares)	52.8	52.5	51.3
Net earnings (loss) per share - diluted (in dollars per share)	$ 2.9	$ 1.62	$ (4.11)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract]
Potentially dilutive securities not included in computation of diluted net loss per share (in shares)			0.2
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	0.5	0.5	1
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	0.2	0.2	0.4

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash and cash equivalents	$ 67.1	$ 45.2
Restricted cash	0.1	0.2
Total cash, cash equivalents and restricted cash	$ 67.2	$ 45.4	$ 46.1	$ 71.3

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Inventories [Abstract]
Raw materials	$ 218.3	$ 186.7
Work in process	49.9	55.1
Finished goods	56.7	39.4
Total inventories	$ 324.9	$ 281.2

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 1,274.8	$ 1,278.2
Less: accumulated depreciation	(960.3)	(962.8)
Net property, plant and equipment	314.5	315.4
Depreciation expense	46.5	46.4	$ 60.1
Gain (loss) from disposition of property, plant and equipment	(0.1)	0.1	$ (0.7)
Land [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment	16.4	16.8
Buildings and Improvements [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 264	264.6
Buildings and Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, depreciable lives	10 years
Buildings and Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, depreciable lives	40 years
Machinery and Equipment [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 853.3	869.4
Machinery and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, depreciable lives	3 years
Machinery and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, depreciable lives	15 years
Office Equipment [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 93.6	96.2
Office Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, depreciable lives	3 years
Office Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, depreciable lives	10 years
Construction in Progress [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 47.5	$ 31.2

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Intangible Assets [Abstract]
Gross carrying value	$ 133	$ 135.1
Accumulated amortization	(51.9)	(44.8)
Net intangible assets	81.1	90.3
Amortization expense	8	8.4	$ 8.5
Estimated Future Amortization Expense [Abstract]
Fiscal 2024	8
Fiscal 2025	8
Fiscal 2026	8
Fiscal 2027	8
Fiscal 2028	8
Customer Relationships [Member]
Intangible Assets [Abstract]
Gross carrying value	60.3	61.2
Accumulated amortization	(23.4)	(20.1)
Net intangible assets	36.9	41.1
Trade Names [Member]
Intangible Assets [Abstract]
Gross carrying value	50.1	50.8
Accumulated amortization	(15.9)	(13.8)
Net intangible assets	34.2	37
Acquired Technology [Member]
Intangible Assets [Abstract]
Gross carrying value	22.6	23.1
Accumulated amortization	(12.6)	(10.9)
Net intangible assets	$ 10	$ 12.2

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
Goodwill (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Goodwill [Roll Forward]
Beginning balance	$ 168.1	$ 170.7
Effect of exchange rate changes	(2.5)	(2.6)
Ending balance	165.6	168.1
Climate Solutions [Member]
Goodwill [Roll Forward]
Beginning balance	108.1	110.5
Effect of exchange rate changes	(2.4)	(2.4)
Ending balance	105.7	108.1
Performance Technologies [Member]
Goodwill [Roll Forward]
Beginning balance	60	60.2
Effect of exchange rate changes	(0.1)	(0.2)
Ending balance	59.9	60
Accumulated impairment losses	$ 40.8	$ 40.8

Product Warranties and Other _3

Product Warranties and Other Commitments (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accrued Warranty Costs [Roll Forward]
Beginning balance	$ 6.3	$ 5.2
Warranties recorded at time of sale	5.4	5.5
Adjustments to pre-existing warranties	0.9	(1.3)
Settlements	(5.6)	(4.4)
Reclassified from held for sale	0	1.3
Effect of exchange rate changes	(0.1)	0
Ending balance	$ 6.9	$ 6.3
Minimum [Member]
Product Warranties [Abstract]
Product warranty period	1 year
Indemnification Agreements [Abstract]
Indemnification period	1 year
Maximum [Member]
Product Warranties [Abstract]
Product warranty period	5 years
Indemnification Agreements [Abstract]
Indemnification period	15 years
Capital Expenditures [Member]
Commitments [Abstract]
Commitment amount	$ 25.3

Leases (Details)

Leases (Details) - USD ($) $ in Millions		12 Months Ended
Leases (Details) - USD ($) $ in Millions		Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Lease Assets and Liabilities [Abstract]
Operating lease ROU assets		$ 59.1	$ 52.1
Operating lease ROU assets, Statement of Financial Position [Extensible List]		Other Assets, Noncurrent	Other Assets, Noncurrent
Finance lease ROU assets	[1]	$ 7.1	$ 7.7
Finance lease ROU assets, Statement of Financial Position [Extensible List]		Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Operating lease liabilities, current		$ 11.8	$ 12.7
Operating lease liabilities, current, Statement of Financial Position [Extensible List]		Other Liabilities, Current	Other Liabilities, Current
Operating lease liabilities, noncurrent		$ 48.9	$ 41.2
Operating lease liabilities, noncurrent, Statement of Financial Position [Extensible List]		Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Finance lease liabilities, current		$ 0.4	$ 0.4
Finance lease liabilities, current, Statement of Financial Position [Extensible List]		Long-Term Debt and Lease Obligation, Current	Long-Term Debt and Lease Obligation, Current
Finance lease liabilities, noncurrent		$ 2.3	$ 2.8
Finance lease liabilities, noncurrent, Statement of Financial Position [Extensible List]		Long-Term Debt and Lease Obligation	Long-Term Debt and Lease Obligation
Accumulated amortization		$ 3.2	$ 2.8
Components of Lease Expense [Abstract]
Operating lease expense	[2]	21.9	20	$ 19.5
Finance lease expense [Abstract]
Depreciation of ROU assets		0.5	0.5	0.5
Interest on lease liabilities		0.1	0.2	0.2
Total lease expense		22.5	20.7	20.2
Short-term lease expense		5.7	4.2	3.5
Cash paid for amounts included in measurement of lease liabilities [Abstract]
Operating cash flows for operating leases		14.6	15.7	14.2
Financing cash flows for finance leases		0.5	0.6	0.6
ROU assets obtained in exchange for lease liabilities [Abstract]
Operating leases		21.2	7.8	9.8
Finance leases		$ 0	$ 0.1	$ 0.1
Weighted-average remaining lease term [Abstract]
Operating leases		8 years 3 months 18 days	8 years 6 months
Finance leases		5 years 9 months 18 days	6 years 9 months 18 days
Weighted-average discount rate [Abstract]
Operating leases		3.70%	3.40%
Finance leases		4.60%	4.60%
Maturity of Operating Lease Liabilities [Abstract]
Fiscal 2024		$ 13.8
Fiscal 2025		11.5
Fiscal 2026		10.1
Fiscal 2027		8.4
Fiscal 2028		7.3
Fiscal 2029 and beyond		19.2
Total lease payments		70.3
Less: Interest		(9.6)
Present value of lease liabilities		60.7
Maturities of Finance Lease Liabilities [Abstract]
Fiscal 2024		0.5
Fiscal 2025		0.5
Fiscal 2026		0.5
Fiscal 2027		0.5
Fiscal 2028		0.5
Fiscal 2029 and beyond		0.6
Total lease payments		3.1
Less: Interest		(0.4)
Present value of lease liabilities		$ 2.7
Minimum [Member]
Significant Accounting Policy [Abstract]
Remaining lease term		1 year
Maximum [Member]
Significant Accounting Policy [Abstract]
Remaining lease term		11 years

[1]Finance lease ROU assets were recorded net of accumulated amortization of $3.2 million and $2.8 million as of March 31, 2023 and 2022, respectively.[2]In fiscal 2023, 2022, and 2021 operating lease expense included short-term lease expense of $5.7 million, $4.2 million, and $3.5 million respectively. Variable lease expense was not significant.

Indebtedness (Details)

Indebtedness (Details) $ in Millions		12 Months Ended
Indebtedness (Details) $ in Millions		Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)
Indebtedness [Abstract]
Payment of debt issuance costs		$ 0.6	$ 0.2	$ 0.8
Long-Term Debt [Abstract]
Long-term debt		351.7	373.5
Less: current portion		(19.7)	(21.7)
Less: unamortized debt issuance costs		(2.7)	(3.4)
Total long-term debt		329.3	348.4
Maturities of Long-Term Debt [Abstract]
Fiscal 2024		19.7
Fiscal 2025		19.7
Fiscal 2026		44.7
Fiscal 2027		44.7
Fiscal 2028		197.4
Fiscal 2029 and beyond		25.5
Long-term debt		351.7	373.5
Indebtedness [Abstract]
Short-term debt		$ 3.7	7.7
Maximum [Member]
Indebtedness [Abstract]
Leverage ratio		3.25
Minimum [Member]
Indebtedness [Abstract]
Interest coverage ratio		3
Level 2 [Member]
Indebtedness [Abstract]
Fair value of long-term debt		$ 125.9	138.9
Credit Agreement [Member]
Indebtedness [Abstract]
Debt issuance costs incurred		2.2
Debt issuance costs deferred		1.5
Payment of debt issuance costs		0.6
Indebtedness [Abstract]
Letters of credit outstanding		5.4
Credit Agreement [Member] \| Interest Expense [Member]
Indebtedness [Abstract]
Debt issuance costs expensed		0.7
Term Loans [Member]
Long-Term Debt [Abstract]
Long-term debt		$ 215.7	163.7
Fiscal year of maturity		2028
Maturities of Long-Term Debt [Abstract]
Long-term debt		$ 215.7	163.7
Indebtedness [Abstract]
Weighted-average interest rate for variable rate borrowings		6%
Revolving Credit Facility [Member]
Indebtedness [Abstract]
Maximum borrowing capacity		$ 275			$ 250
Long-Term Debt [Abstract]
Long-term debt		$ 0	64.9
Fiscal year of maturity		2028
Maturities of Long-Term Debt [Abstract]
Long-term debt		$ 0	64.9
Indebtedness [Abstract]
Available borrowing capacity		269.6
Swingline Loans [Member]
Indebtedness [Abstract]
Short-term debt			7
5.9% Senior Notes [Member]
Long-Term Debt [Abstract]
Long-term debt		$ 100	100
Interest rate percentage		5.90%
Fiscal year of maturity		2029
Maturities of Long-Term Debt [Abstract]
Long-term debt		$ 100	100
5.8% Senior Notes [Member]
Long-Term Debt [Abstract]
Long-term debt		$ 33.3	41.7
Interest rate percentage		5.80%
Fiscal year of maturity		2027
Maturities of Long-Term Debt [Abstract]
Long-term debt		$ 33.3	41.7
Other [Member]
Long-Term Debt [Abstract]
Long-term debt	[1]	2.7	3.2
Maturities of Long-Term Debt [Abstract]
Long-term debt	[1]	2.7	3.2
Foreign Credit Agreements [Member]
Indebtedness [Abstract]
Short-term debt		$ 3.7	$ 0.7

[1]Other long-term debt primarily includes finance lease obligations.

Pension and Employee Benefit _3

Pension and Employee Benefit Plans, Defined Contribution Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Pension and Employee Benefit Plans [Abstract]
Defined contribution plan cost recognized	$ 6.9	$ 6.4	$ 3
Maximum [Member]
Pension and Employee Benefit Plans [Abstract]
Company match	4.50%

Pension and Employee Benefit _4

Pension and Employee Benefit Plans, Defined Benefit Employee Benefit Plans (Details) - USD ($) $ in Millions		12 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Employer Contributions [Abstract]
Net periodic benefit cost (income)	[1]	$ 2	$ 1.1	$ 3.3
Pension Plans [Member]
Employer Contributions [Abstract]
Employer contributions		1.5	5
Net periodic benefit cost (income)		2.4	1.6	3.9
Pension Plans [Member] \| U.S. Plans [Member]
Employer Contributions [Abstract]
Employer contributions		0	3.5	19.3
Pension Plans [Member] \| Non-U.S Plans [Member]
Employer Contributions [Abstract]
Employer contributions		1.5	1.5	2.2
Postretirement Plans [Member]
Employer Contributions [Abstract]
Net periodic benefit cost (income)		$ (0.3)	$ (0.3)	$ (0.3)

[1]Net periodic benefit cost for the Company’s pension and postretirement plans is exclusive of service cost.

Pension and Employee Benefit _5

Pension and Employee Benefit Plans, Changes in Benefit Obligations, Plan Assets and Funded Status (Details) - Pension Plans [Member] - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Change in Benefit Obligation [Roll Forward]
Benefit obligation at beginning of year	$ 228.6	$ 260.6
Service cost	0.2	0.3	$ 0.4
Interest cost	8.1	7.3	7.9
Actuarial gain	(25.8)	(16.5)
Benefits paid	(16.1)	(16)
Disposition of air-cooled automotive business	0	(5.5)
Effect of exchange rate changes	(0.1)	(1.6)
Benefit obligation at end of year	194.9	228.6	260.6
Change in Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	179.9	183.3
Actual return on plan assets	(12)	7.6
Benefits paid	(16.1)	(16)
Employer contributions	1.5	5
Fair value of plan assets at end of year	153.3	179.9	183.3
Funded status at end of year	(41.6)	(48.7)
Amounts Recognized in the Consolidated Balance Sheets [Abstract]
Current liability	(1.4)	(1.5)
Noncurrent liability	(40.2)	(47.2)
Total liability	(41.6)	(48.7)
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract]
Accumulated benefit obligation	194.4	228.1
Amounts Recognized in Accumulated Other Comprehensive Loss [Abstract]
Net actuarial loss (gain)	123.5	131.5
Non-U.S Plans [Member]
Change in Benefit Obligation [Roll Forward]
Benefit obligation at beginning of year	26.5	36.4
Actuarial gain	(4.4)	(1.9)
Benefits paid	(1.5)	(1.5)
Disposition of air-cooled automotive business		(5.5)
Effect of exchange rate changes		(1.6)
Service and interest cost	0.7	0.6
Increase (decrease) in benefit obligation	(5.3)	(9.9)
Benefit obligation at end of year	21.2	26.5	36.4
Change in Plan Assets [Roll Forward]
Employer contributions	$ 1.5	$ 1.5	$ 2.2

Pension and Employee Benefit _6

Pension and Employee Benefit Plans, Cost Components of Pension Plans (Details) - USD ($) $ in Millions		12 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Net Periodic Benefit Cost [Abstract]
Net periodic benefit cost	[1]	$ 2	$ 1.1	$ 3.3
Austrian Air-Cooled Automotive Business [Member]
Other Changes in Benefit Obligation Recognized in Other Comprehensive Income [Abstract]
Write-off of net actuarial losses			1.7
Pension Plans [Member]
Net Periodic Benefit Cost [Abstract]
Service cost		0.2	0.3	0.4
Interest cost		8.1	7.3	7.9
Expected return on plan assets		(11.6)	(12.9)	(11.5)
Amortization of net actuarial loss		5.7	6.9	6.9
Settlements	[2]	0	0	0.2
Net periodic benefit cost		2.4	1.6	3.9
Other Changes in Benefit Obligation Recognized in Other Comprehensive Income [Abstract]
Net actuarial gain		2.1	11.4	33.8
Amortization of net actuarial loss	[3]	5.7	8.6	7.1
Total recognized in other comprehensive income		7.8	20	40.9
Pension Plans [Member] \| Austrian Air-Cooled Automotive Business [Member]
Other Changes in Benefit Obligation Recognized in Other Comprehensive Income [Abstract]
Write-off of net actuarial losses			1.7
Pension Plans [Member] \| Non-U.S Plans [Member] \| Maximum [Member]
Net Periodic Benefit Cost [Abstract]
Amortization of net actuarial loss		$ 1	$ 1	$ 1

[1]Net periodic benefit cost for the Company’s pension and postretirement plans is exclusive of service cost.[2]The settlement charges resulted from activity associated with the Company’s non-U.S. pension plans.[3]The fiscal 2022 amount includes $1.7 million of net actuarial losses written-off as a result of the sale of the Austrian air-cooled automotive business. See Note 1 for additional information.

Pension and Employee Benefit _7

Pension and Employee Benefit Plans, Valuation Assumptions (Details) - Pension Plans [Member]	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
U.S. Plans [Member]
Assumptions Used in Pension Plan Calculations [Abstract]
Weighted average discount rate used to determine benefit obligations	5.20%	3.90%
Weighted average discount rate used to determine costs	3.90%	3.20%	3.40%
Non-U.S Plans [Member]
Assumptions Used in Pension Plan Calculations [Abstract]
Weighted average discount rate used to determine benefit obligations	3.80%	1.80%
Weighted average discount rate used to determine costs	2.90%	1.60%	1.40%

Pension and Employee Benefit _8

Pension and Employee Benefit Plans, Weighted-average Asset Allocations (Details) - Pension Plans [Member]	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Weighted Average Asset Allocations [Abstract]
Target allocation		100%
Plan assets		100%	100%
Equity Securities [Member]
Weighted Average Asset Allocations [Abstract]
Target allocation		76%
Plan assets		76%	74%
Debt Securities [Member]
Weighted Average Asset Allocations [Abstract]
Target allocation		18%
Plan assets		15%	17%
Real Estate Investments [Member]
Weighted Average Asset Allocations [Abstract]
Target allocation		5%
Plan assets		8%	8%
Cash and Cash Equivalents [Member]
Weighted Average Asset Allocations [Abstract]
Target allocation		1%
Plan assets		1%	1%
U.S. Plans [Member]
Weighted Average Asset Allocations [Abstract]
Expected return on plan assets		7%	7.50%	7.50%
U.S. Plans [Member] \| Forecast [Member]
Weighted Average Asset Allocations [Abstract]
Expected return on plan assets	6.50%

Pension and Employee Benefit _9

Pension and Employee Benefit Plans, Estimated Pension Benefit Payments (Details) - Pension Plans [Member] $ in Millions	Mar. 31, 2023 USD ($)
Estimated Pension Benefit Payments [Abstract]
Fiscal 2024	$ 15.5
Fiscal 2025	15.7
Fiscal 2026	15.6
Fiscal 2027	15.5
Fiscal 2028	15.4
Fiscal 2029-2033	$ 72.4

Derivative Instruments, Recorde

Derivative Instruments, Recorded in Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Commodity Derivatives [Member] \| Derivatives Designated as Hedges [Member] \| Other Current Assets [Member]
Derivative Instruments [Abstract]
Derivative asset	$ 0	$ 0.5
Foreign Exchange Contracts [Member] \| Derivatives Designated as Hedges [Member] \| Other Current Assets [Member]
Derivative Instruments [Abstract]
Derivative asset	1.3	0.3
Foreign Exchange Contracts [Member] \| Derivatives not Designated as Hedges [Member] \| Other Current Liabilities [Member]
Derivative Instruments [Abstract]
Derivative liability	$ 0.2	$ 0.3

Derivative Instruments, Gains (

Derivative Instruments, Gains (Losses) Recognized (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Designated [Member]
Derivative Instruments [Abstract]
Gain (loss) reclassified from AOCI	$ 0.3	$ 1.6	$ (0.1)
Non-Designated Derivative [Member]
Derivative Instruments [Abstract]
Gain (loss) recognized	(3.1)	(1.4)	0.6
Other Comprehensive Income [Member] \| Designated [Member]
Derivative Instruments [Abstract]
Gain (loss) recognized	0.4	1.7	2.1
Commodity Derivatives [Member] \| Other Comprehensive Income [Member] \| Designated [Member]
Derivative Instruments [Abstract]
Gain (loss) recognized	(1.6)	1.1	2.2
Commodity Derivatives [Member] \| Cost of Sales [Member] \| Designated [Member]
Derivative Instruments [Abstract]
Gain (loss) reclassified from AOCI	(1)	1.2	0
Foreign Exchange Contracts [Member] \| Cost of Sales [Member] \| Designated [Member]
Derivative Instruments [Abstract]
Gain (loss) reclassified from AOCI	0.7	0.4	(0.1)
Foreign Exchange Contracts [Member] \| Cost of Sales [Member] \| Other Comprehensive Income [Member] \| Designated [Member]
Derivative Instruments [Abstract]
Gain (loss) recognized	0.4	0.6	(0.1)
Foreign Exchange Contracts [Member] \| Net Sales [Member] \| Designated [Member]
Derivative Instruments [Abstract]
Gain (loss) reclassified from AOCI	0.6	0	0
Foreign Exchange Contracts [Member] \| Net Sales [Member] \| Non-Designated Derivative [Member]
Derivative Instruments [Abstract]
Gain (loss) recognized	(0.5)	(0.6)	0
Foreign Exchange Contracts [Member] \| Net Sales [Member] \| Other Comprehensive Income [Member] \| Designated [Member]
Derivative Instruments [Abstract]
Gain (loss) recognized	1.6	0	0
Foreign Exchange Contracts [Member] \| Other Income (Expense) - Net [Member] \| Non-Designated Derivative [Member]
Derivative Instruments [Abstract]
Gain (loss) recognized	$ (2.6)	$ (0.8)	$ 0.6

Risks, Uncertainties, Conting_2

Risks, Uncertainties, Contingencies and Litigation (Details) $ in Millions	12 Months Ended
	Mar. 31, 2023 USD ($) Customer	Mar. 31, 2022 USD ($) Customer	Mar. 31, 2021 Customer
Environmental Loss Contingencies [Abstract]
Accruals for environmental matters \| $	$ 17.6	$ 18.2
Environmental Loss Contingency, Statement of Financial Position, Extensible Enumeration Not Disclosed Flag	true
Increase in remediation accrual related to former manufacturing facility \| $	$ 1	$ 3.4
Sales [Member] \| Customer Concentration Risk [Member] \| Top Ten Customers [Member]
Credit Risk [Abstract]
Concentration risk, percentage	39%	39%	43%
Accounts Receivable [Member] \| Credit Concentration Risk [Member]
Credit Risk [Abstract]
Number of top customers \| Customer	10
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| Top Ten Customers [Member]
Credit Risk [Abstract]
Concentration risk, percentage	37%	29%
Vehicular [Member]
Credit Risk [Abstract]
Number of major customers \| Customer	0	0	1

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions		12 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Changes in Accumulated Other Comprehensive Loss [Abstract]
Balance		$ 450.7
Other comprehensive income (loss) before reclassifications		(15.5)	$ 5.1
Reclassification from accumulated other comprehensive loss for unrecognized net pension loss in disposed business	[1]		1.7
Income taxes		(1.1)	0
Total other comprehensive income (loss)		(11.6)	11.7
Balance		592.8	450.7
Austrian Air-Cooled Automotive Business [Member]
Changes in Accumulated Other Comprehensive Loss [Abstract]
Write-off of net actuarial losses			1.7
Accumulated Other Comprehensive Loss [Member]
Changes in Accumulated Other Comprehensive Loss [Abstract]
Balance		(149.5)	(161.2)
Balance		(161.1)	(149.5)
Foreign Currency Translation [Member]
Changes in Accumulated Other Comprehensive Loss [Abstract]
Balance		(39.1)	(31)
Other comprehensive income (loss) before reclassifications		(18.4)	(8.1)
Income taxes		0	0
Total other comprehensive income (loss)		(18.4)	(8.1)
Balance		(57.5)	(39.1)
Defined Benefit Plans [Member]
Changes in Accumulated Other Comprehensive Loss [Abstract]
Balance		(111.1)	(130.8)
Other comprehensive income (loss) before reclassifications		2.5	11.5
Reclassification from accumulated other comprehensive income (loss)	[2]	5.3	6.5
Reclassification from accumulated other comprehensive loss for unrecognized net pension loss in disposed business	[1]		1.7
Income taxes		(1.1)	0
Total other comprehensive income (loss)		6.7	19.7
Balance		(104.4)	(111.1)
Cash Flow Hedges [Member]
Changes in Accumulated Other Comprehensive Loss [Abstract]
Balance		0.7	0.6
Other comprehensive income (loss) before reclassifications		0.4	1.7
Reclassification from accumulated other comprehensive income (loss)	[3]	(0.3)	(1.6)
Income taxes		0	0
Total other comprehensive income (loss)		0.1	0.1
Balance		$ 0.8	$ 0.7

[1] As a result of the sale of the Austrian air-cooled automotive business, the Company wrote-off $1.7 million of net actuarial losses related to its pension plan as a component of the loss on sale recorded during fiscal 2022. See Note 1 for additional information. Amounts represent net gains and losses associated with cash flow hedges that were reclassified to net earnings. See Note 19 for additional information regarding derivative instruments.

Segment and Geographic Inform_3

Segment and Geographic Information, Net Sales, Gross Profit, and Operating Income by Segment (Details) $ in Millions		12 Months Ended
		Mar. 31, 2023 USD ($) Segment	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)
Segment Information [Abstract]
Number of operating segments \| Segment		2
Net sales		$ 2,297.9	$ 2,050.1	$ 1,808.4
Gross profit		$ 389.4	$ 309.3	$ 293.4
Gross profit (% of sales)		16.90%	15.10%	16.20%
Operating income		$ 150.4	$ 119.2	$ (97.7)
Climate Solutions [Member]
Segment Information [Abstract]
Net sales		1,011.5	910.1	731.1
Performance Technologies [Member]
Segment Information [Abstract]
Net sales		1,286.4	1,140	1,077.3
Operating Segments [Member]
Segment Information [Abstract]
Net sales		2,328.1	2,082.9	1,840
Gross profit		$ 389.7	$ 308.5	$ 293.7
Gross profit (% of sales)		16.70%	14.80%	16%
Operating income		$ 189.7	$ 150.8	$ (59.2)
Operating Segments [Member] \| Climate Solutions [Member]
Segment Information [Abstract]
Net sales		1,011.9	910.5	731.2
Gross profit		$ 223.6	$ 166.3	$ 136.6
Gross profit (% of sales)		22.10%	18.30%	18.70%
Operating income		$ 124.1	$ 73.4	$ 49.9
Operating Segments [Member] \| Performance Technologies [Member]
Segment Information [Abstract]
Net sales		1,316.2	1,172.4	1,108.8
Gross profit		$ 166.1	$ 142.2	$ 157.1
Gross profit (% of sales)		12.60%	12.10%	14.20%
Operating income		$ 65.6	$ 77.4	$ (109.1)
Inter-segment Sales [Member]
Segment Information [Abstract]
Net sales		(30.2)	(32.8)	(31.6)
Inter-segment Sales [Member] \| Climate Solutions [Member]
Segment Information [Abstract]
Net sales		(0.4)	(0.4)	(0.1)
Inter-segment Sales [Member] \| Performance Technologies [Member]
Segment Information [Abstract]
Net sales		(29.8)	(32.4)	(31.5)
Corporate and Eliminations [Member]
Segment Information [Abstract]
Gross profit		$ (0.3)	$ 0.8	$ (0.3)
Gross profit (% of sales)		0%	0%	0%
Operating income	[1]	$ (39.3)	$ (31.6)	$ (38.5)

[1] The operating loss for Corporate includes certain research and development costs, legal, finance and other general corporate and central services expenses, and other costs that are either not directly attributable to an operating segment or not considered when management evaluates segment performance.

Segment and Geographic Inform_4

Segment and Geographic Information, Assets by Segment (Details) - USD ($) $ in Millions		Mar. 31, 2023	Mar. 31, 2022
Segment and Geographic Information [Abstract]
Total assets		$ 1,565.9	$ 1,427
Other [Member]
Segment and Geographic Information [Abstract]
Total assets	[1]	843	778.3
Operating Segments [Member] \| Climate Solutions [Member]
Segment and Geographic Information [Abstract]
Total assets		334.8	291.7
Operating Segments [Member] \| Performance Technologies [Member]
Segment and Geographic Information [Abstract]
Total assets		$ 388.1	$ 357

[1] Represents cash and cash equivalents, other current assets, property plant and equipment, intangible assets, goodwill, deferred income taxes, and other noncurrent assets for the Climate Solutions and Performance Technologies segments and Corporate.

Segment and Geographic Inform_5

Segment and Geographic Information, Capital Expenditures and Depreciation and Amortization Expense by Segment (Details) - USD ($) $ in Millions		12 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Segment and Geographic Information [Abstract]
Capital expenditures		$ 50.7	$ 40.3	$ 32.7
Depreciation and amortization		54.5	54.8	68.6
Operating Segments [Member] \| Climate Solutions [Member]
Segment and Geographic Information [Abstract]
Capital expenditures		24.2	9.9	7.2
Depreciation and amortization		21.7	23.6	24.9
Operating Segments [Member] \| Performance Technologies [Member]
Segment and Geographic Information [Abstract]
Capital expenditures		25.2	29.2	25
Depreciation and amortization	[1]	31.8	29.9	42.1
Corporate [Member]
Segment and Geographic Information [Abstract]
Capital expenditures		1.3	1.2	0.5
Depreciation and amortization		$ 1	$ 1.3	$ 1.6

[1]During fiscal 2021, upon classifying the liquid- and air-cooled automotive businesses as held for sale, the Company ceased depreciating the long-lived assets within the disposal groups. In fiscal 2022, the Company resumed depreciating the long-lived assets within the liquid-cooled automotive business when it no longer met the requirements to be classified as held for sale. See Note 2 for additional information.

Segment and Geographic Inform_6

Segment and Geographic Information, Net Sales by Geographic Area (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Segment and Geographic Information [Abstract]
Net sales	$ 2,297.9	$ 2,050.1	$ 1,808.4
Reportable Geographical Component [Member] \| United States [Member]
Segment and Geographic Information [Abstract]
Net sales	1,139.3	949.6	765.7
Reportable Geographical Component [Member] \| Italy [Member]
Segment and Geographic Information [Abstract]
Net sales	249.5	232	188.6
Reportable Geographical Component [Member] \| Hungary [Member]
Segment and Geographic Information [Abstract]
Net sales	210.7	185.2	153.7
Reportable Geographical Component [Member] \| China [Member]
Segment and Geographic Information [Abstract]
Net sales	151.6	166	217.6
Reportable Geographical Component [Member] \| Brazil [Member]
Segment and Geographic Information [Abstract]
Net sales	103.6	81.2	48.5
Reportable Geographical Component [Member] \| United Kingdom [Member]
Segment and Geographic Information [Abstract]
Net sales	93.6	118.6	96.4
Reportable Geographical Component [Member] \| Other [Member]
Segment and Geographic Information [Abstract]
Net sales	$ 349.6	$ 317.5	$ 337.9

Segment and Geographic Inform_7

Segment and Geographic Information, Property, Plant and Equipment by Geographic Area (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Segment and Geographic Information [Abstract]
Property, plant and equipment	$ 314.5	$ 315.4
Reportable Geographical Component [Member] \| United States [Member]
Segment and Geographic Information [Abstract]
Property, plant and equipment	96.4	83.6
Reportable Geographical Component [Member] \| Hungary [Member]
Segment and Geographic Information [Abstract]
Property, plant and equipment	40.8	44
Reportable Geographical Component [Member] \| China [Member]
Segment and Geographic Information [Abstract]
Property, plant and equipment	40.2	45.6
Reportable Geographical Component [Member] \| Mexico [Member]
Segment and Geographic Information [Abstract]
Property, plant and equipment	34	38.5
Reportable Geographical Component [Member] \| Italy [Member]
Segment and Geographic Information [Abstract]
Property, plant and equipment	32.8	33.2
Reportable Geographical Component [Member] \| Other [Member]
Segment and Geographic Information [Abstract]
Property, plant and equipment	$ 70.3	$ 70.5

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - Valuation Allowance for Deferred Tax Assets [Member] - USD ($) $ in Millions		12 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Valuation and Qualifying Accounts [Roll Forward]
Balance at beginning of period		$ 112.2	$ 90.7	$ 46.9
Additions charged (benefit) to costs and expenses		(49.7)	(4.6)	86.2
Additions charged to other accounts	[1]	(0.9)	(1)	2.8
Reclassified as held for sale		0	27.1	(45.2)
Balance at end of period		$ 61.6	$ 112.2	$ 90.7

[1]Foreign currency translation and other adjustments.